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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #20,901
  • Feb 10, 2009 5:39am Feb 10, 2009 5:39am
Hi guys!

Is anybody watching USD/CHF, recently formed a pin bar on H4 (CHART1) and now forming on daily (CHART2), both of them are forming on daily trendline pullback. Waiting for the daily pin bar, I think it could make some pips, any comments?
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  • #20,902
  • Feb 10, 2009 5:54am Feb 10, 2009 5:54am
Quoting datogio
Hi guys!

Is anybody watching USD/CHF, recently formed a pin bar on H4 (CHART1) and now forming on daily (CHART2), both of them are forming on daily trendline pullback. Waiting for the daily pin bar, I think it could make some pips, any comments?
I'd rather like a daily BEOB for a confirmation of a break of the 1.16 ppz. the 4H Pb was good but looked like in a bit of traffic, also the Nose was'nt long enough nor was it located in "empty space" that I often look for a pin bar to do,

But I am watching this and as already mentioned a BEOB n the daily would be nice...

I may also add that nothing else but a BEOB would help me enter into a daily trade...a Pb (say a close exactly how the bar is at the moment) for me would'nt be a great indication of a breakout of the 1.16 unles ofcaorse the lower tfs can assist me finding an entry...
Regards,
Ghous.
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I believe . . .
  • #20,903
  • Feb 10, 2009 6:00am Feb 10, 2009 6:00am
Quoting ghous
I'd rather like a daily BEOB for a confirmation of a break of the 1.16 ppz. the 4H Pb was good but looked like in a bit of traffic, also the Nose was'nt long enough nor was it located in "empty space" that I often look for a pin bar to do,

But I am watching this and as already mentioned a BEOB n the daily would be nice...

I may also add that nothing else but a BEOB would help me enter into a daily trade...a Pb (say a close exactly how the bar is at the moment) for me would'nt be a great indication of a breakout of the 1.16...
Yup, daily BEOB closed below 1.1400 would be the great confirmation
  • #20,904
  • Feb 10, 2009 6:07am Feb 10, 2009 6:07am
Quoting datogio
Yup, daily BEOB closed below 1.1400 would be the great confirmation
Would only need to be under 1.1500 for me. But still 8 hours to daily close.
  • #20,905
  • Feb 10, 2009 8:25am Feb 10, 2009 8:25am
Quoting ghous
I'd rather like a daily BEOB for a confirmation of a break of the 1.16 ppz. the 4H Pb was good but looked like in a bit of traffic, also the Nose was'nt long enough nor was it located in "empty space" that I often look for a pin bar to do,

But I am watching this and as already mentioned a BEOB n the daily would be nice...

I may also add that nothing else but a BEOB would help me enter into a daily trade...a Pb (say a close exactly how the bar is at the moment) for me would'nt be a great indication of a breakout of the 1.16...
exactly..... nice thought process G,

When you look at the way the daily bar is now its just not that exciting is it? & there is 8 hrs to go.. If it closed down there strongly in the afternoon before days end it might be more interesting but as it is now it doesn't give a strong signal. Some more clarifying signals on lower tf's & other US$ pairs might help add to the picture..

2 senarios I would like to see on the 1hr for an indication of a move lower
are....1 a move from here lower to the low box, test it, then break low with a retest as res.

2 a move higher from here to the upper box & a good rejection (with nice pa) to the lower with a brief test then break lower.

I'm not saying this is what will happen but when you start to look at different alternatives, using what you have seen before it starts to get easier to react & trade when that happens. If it doesnt pan out the way you expect, then back to the drawing board....
Do this with a few pairs & eventually it looks like you can predict the future....... It all looks random to most, but to traders who know it just keeps on repeating. This is why James waits all month for 2,3 or maybe 4 trades with his big acc. Cause he has all the confidence in the world of knowing what will happen, enough for him to make good profit.
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  • #20,906
  • Feb 10, 2009 8:43am Feb 10, 2009 8:43am
Quoting ghous
I'd rather like a daily BEOB for a confirmation of a break of the 1.16 ppz. the 4H Pb was good but looked like in a bit of traffic, also the Nose was'nt long enough nor was it located in "empty space" that I often look for a pin bar to do,

But I am watching this and as already mentioned a BEOB n the daily would be nice...

I may also add that nothing else but a BEOB would help me enter into a daily trade...a Pb (say a close exactly how the bar is at the moment) for me would'nt be a great indication of a breakout of the 1.16...
Ghous, question for u again: why not take yestoday's PB for long as 16000 is now support? it has a proxy eye I think.

many thanks to you again.
  • #20,907
  • Feb 10, 2009 8:52am Feb 10, 2009 8:52am
Quoting rustyjeff
exactly........
rusty,

I'm partial to the scenario wit a break higher to test that upper blue line than a rejection down just from the PA i've observed on the daily.
Patience + Humility + Study = Success
  • #20,908
  • Feb 10, 2009 9:02am Feb 10, 2009 9:02am
Quoting Piproo
Ghous, question for u again: why not take yestoday's PB for long as 16000 is now support? it has a proxy eye I think.

many thanks to you again.
Pip, you could have taken yesterdays pin bar long. BUT, it is very congested & look what it has to run into... See those bar highs to the left?
What did it do when it got there..? This is another rejection from that area which has been tested before. making a ppz.

seeing all this reaction there it may be a more probable trade to wait for a nice bearish pa off it or a break higher then a retest as support.
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  • #20,909
  • Feb 10, 2009 9:07am Feb 10, 2009 9:07am
Quoting DutchTrader
rusty,

I'm partial to the scenario wit a break higher to test that upper blue line than a rejection down just from the PA i've observed on the daily.
I like to have 2 or 3 options in my mind once I find something interesting, I think it helps with the confidence to trust what you are seeing & not hesitate when placing a trade. It also helps to eliminate some of the iffy trades if things dont look right.
Whatever happens, for me it makes the decission process easier..
  • #20,910
  • Edited 9:12am Feb 10, 2009 9:12am | Edited 9:12am
Hi guys,

What do you think about this one? Maybe some of us had already had their order in. Though it's still early to decide, but if it ends as BUOB and close above the PPZ, would make a good trade IMO. So, comment pls.

Pro: Swing low, bounce off daily PPZ.
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  • #20,911
  • Feb 10, 2009 9:13am Feb 10, 2009 9:13am
Quoting rustyjeff
Pip, you could have taken yesterdays pin bar long. BUT, it is very congested & look what it has to run into... See those bar highs to the left?
What did it do when it got there..? This is another rejection from that area which has been tested before. making a ppz.

seeing all this reaction there it may be a more probable trade to wait for a nice bearish pa off it or a break higher then a retest as support.
thx, jeff. it's makes sense now. I think another reason why ghous think BEOB to take a short is because of yesteray's PB, if we could have a BEOB, the power of that bull PB will be vanished then

Thanks again
  • #20,912
  • Feb 10, 2009 9:29am Feb 10, 2009 9:29am
Quoting arcus
Hi guys,

What do you think about this one? Maybe some of us had already had their order in. Though it's still early to decide, but if it ends as BUOB and close above the PPZ, would make a good trade IMO. So, comment pls.

Pro: Swing low, bounce off daily PPZ.
I see it as a price broke out of the 0.8828 level where it had formed a triple bottom and is now retracing back to it. It was previous support now it will become resistance and price will continue downwards, so I will be looking for shorts here. Other confluence in the area is the weekly pivot along with a trendline over the past 2 weeks which price has already punched through and retraced below. Any thoughts about my analysis? The posted chart is 4h, Thanks
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  • #20,913
  • Feb 10, 2009 9:39am Feb 10, 2009 9:39am
Quoting Piproo
thx, jeff. it's makes sense now. I think another reason why ghous think BEOB to take a short is because of yesteray's PB, if we could have a BEOB, the power of that bull PB will be vanished then

Thanks again
Yes this is one reason i.e I would like the pin bar to be diluted

but more importantly the Pin bar low lies at the 1.15 level, if say we just had a pin bar and you look to go short at it's break we would be heading straight into this level...IMO the trade will be cramped up for space, Not to to say it won't work out but honestly i give a lot of weight to "space" in my trades.

Regards,
Ghous.
I believe . . .
  • #20,914
  • Feb 10, 2009 9:45am Feb 10, 2009 9:45am
Quoting arcus
Hi guys,

What do you think about this one? Maybe some of us had already had their order in. Though it's still early to decide, but if it ends as BUOB and close above the PPZ, would make a good trade IMO. So, comment pls.

Pro: Swing low, bounce off daily PPZ.
First things first, get rid of that embaresed face...

The day when you stop feeling shaky and unsure abt the way you think abt the probability of a setup you have left the noob world far behind.

You're a good trader Arcus, you'll do even better when you realize that yourself.

Coming to the probability of the Eur/Gbp. I like the fact that it has come right off the 50 fib and some previous bar highs provide logic to the BUOB's appearance, the setup may be a valid one if IMO it breaks through the 0.88 level, the way the bulls have stepped in they might as well do it, but instead of guessing we enjoy the action from the sidelines till we get a sure signal, In this case it has to be a convinient close above the 0.88 level...

Regards,
Ghous.
I believe . . .
  • #20,915
  • Feb 10, 2009 9:49am Feb 10, 2009 9:49am
Quoting saskgui
Anyone holding on to yesterday's daily pin? This IB in pin format makes things look interesting.
I was also looking at this one but the bullish move up yesterday almost took out the pin so I might hold off on this one if it breaks short. Looking at todays bar low it looks like there is decent support forming at the pinbar low also.
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  • #20,916
  • Feb 10, 2009 10:28am Feb 10, 2009 10:28am
Quoting Jigsaw
Great minds think alike Chris . .

But fools never differ ?

Heres a trade I just took before.

Charts on my thought process on this one - I also had the 4Hour Bullish outside bar in my mind from my other feed.
Hi Jig, I use USD index as well but I get the info from a website. Can you plz tell me what broker your using to get it on the MT4 platform?

Thanks...Mike G
  • #20,917
  • Edited 11:15am Feb 10, 2009 10:47am | Edited 11:15am
Quoting Matrixxdg
Hi Jig, I use USD index as well but I get the info from a website. Can you plz tell me what broker your using to get it on the MT4 platform?

Thanks...Mike G
I'd also like to know where to get GBP, CAD indices etc. I use broco which has a ton of feeds and they do have the USD index.

Broco has something for every currency labeled "6C_CONT Canadian Dollar (globex)". I'm not really sure what this represents but here is the chart. It looks like a mirror image of usd/cad to me. If someone could chime in that would be helpful because broco has a lots of stocks, commodities, and futures so I'm sure they have all the different currency indices also.
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  • #20,918
  • Feb 10, 2009 10:48am Feb 10, 2009 10:48am
Quoting mrsingha
Jig,
Do you check a currency's index chart before every trade as an extra confirmation?
Yeah, exactly that.

Looking at the index never gives me a reason to ENTER a trade, ie - it never makes a borderline trade any better. But it often works as a final confirmation to "weed out" some borderline trades that I might be likely to take.

It does not . . . . Make a grade B pin bar any better.

I never trade "against" the price action occuring on the LFX charts f if you know what I mean.

I use the LFX index as a tool that Stops me trading rather than a tool that I use to trade more

Quoting ady27
Jig,

Although you were not referring to me ....
it is good to see that we're on the same page regarding the u/c as in
http://www.forexfactory.com/showpost...ostcount=20888

I'm out of that trade with +70 as 1.2300 was a hard ppz.
J16 group, thanks for teaching a sharing.

looking forward
Good trade bro,

I missed your post earlier but I was thinking the exact same, looks like you got in at a better price than me as well

I only took one intraday trade today and that was it.

Quoting Matrixxdg
Hi Jig, I use USD index as well but I get the info from a website. Can you plz tell me what broker your using to get it on the MT4 platform?

Thanks...Mike G
Yeah sure thing Mike - http://www.liteforex.org/demoaccount.php

You probably know this already but click "Market Watch" and then "View all" go get them up, they are down at the bottem.

Speaking of Dollar Index it just exploded upward in the last hour.
  • #20,919
  • Feb 10, 2009 10:53am Feb 10, 2009 10:53am
Quoting scott087
I'd also like to know where to get GBP, CAD indices etc. I use broco which has a ton of feeds and they do have the USD index.

Broco has something for every currency labeled "6C_CONT Canadian Dollar (globex)". I'm not really sure what this represents but here is the chart. If someone could chime in that would be helpful because broco has a lots of stocks, commodities, and futures so I'm sure they have all the different currency indices also.
I assume thats some sort of futures thing ? The only thing that gives me that idea is the "Globex" . . . Dunno really lol .

Answered your first question above. Careful though, like anything new backtest them in conjunction with whatever current method you are using and see where they fit in

EDIT - Matrixdogg - Check your PM's
  • #20,920
  • Feb 10, 2009 11:26am Feb 10, 2009 11:26am
Quoting ghous
First things first, get rid of that embaresed face...

The day when you stop feeling shaky and unsure abt the way you think abt the probability of a setup you have left the noob world far behind.

You're a good trader Arcus, you'll do even better when you realize that yourself.
...

Regards,
Ghous.
Thanks for the kind words Ghous. About the Eur/Gbp, it broke the 0.88 level but it's still early to determine whether it could make a good BUOB or not.

Here's another setup on Gbp/Chf. If it could close below the PPZ, would make a good BEOB IMO. Comment pls.
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