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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

  • #21,101
  • Feb 11, 2009 11:59am Feb 11, 2009 11:59am
Your too kind Jig really I see your doing great...love your posts.
A pin or hammer in the geppy would be nice today I'm thinking...id see that as bullish.

Tony

Quoting Jigsaw
There you have it guys, Bones = Top notch trader. I learn something new from this guy every day that I read his posts.

Cheers Tony
Jig
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #21,102
  • Edited 12:48pm Feb 11, 2009 12:30pm | Edited 12:48pm
Quoting jarroo
Is this a raczek type trade? ... Keep your stop loss small.
..
that one was only good for 100ps (58.65 :-))

Quoting raczekfx
..currently short e/j, u/j, g/j.
will close half when dow futures hit get close to 7800.
will close the rest and look for longs when dj futures approach 7500 (if?)
.
closed everything on a second test of 7800 and... reversed
...but only with a couple best looking.
We now need some PA to reach limits..., PA tomorrow ? It would depend on DJ imho
.
.
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  • #21,103
  • Feb 11, 2009 12:35pm Feb 11, 2009 12:35pm
Quoting Bones
Hi Jig I might be able to help
Well a hammer looks just like a hammer with little to no upper wick and at the top its called a Hanging man for obvious reasons. It is bearish as it indicates Bulls are loosing control.
I think Ghous has a very good point highlighting this. Though most pointed out are closer to doji s it is the same principle at the top.
[font=Calibri][size=3]I have also made the mistake that what looks like a pin bar at the...
spot on,your chart shows more than you highlighted.unlike good pins which show the CHANGE of hands from bulls to bears or visa versa,hammers spinning tops etc show the loosing of momentum more than loosing control.can well be traded imo with CONFIRMATION.
the exeption to the rule i think is when the candle,doji, hammer etc, gaps above/below the previous candle and the candle after the doji, hammer ,gaps back down/up again.this three candle pattern can show nice revesals.
jon
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PATIENCE... DISCIPLINE
  • #21,104
  • Feb 11, 2009 1:51pm Feb 11, 2009 1:51pm
Quoting raczekfx
that one was only good for 100ps (58.65 :-))



closed everything on a second test of 7800 and... reversed
...but only with a couple best looking.
We now need some PA to reach limits..., PA tomorrow ? It would depend on DJ imho
.
.

You really make this look simple rac!Thanks for the charts.
  • #21,105
  • Feb 11, 2009 2:14pm Feb 11, 2009 2:14pm
Decent looking pin on USD/JPY 1 day setting up? To me it looks pretty good. Lots of support near the 91 level, and looks like it has room to run perhaps to 95. I have my entry marked at 91.10, and will S/L at 90.80. Pin nose does not seem to be ideal an size, but still seems like an ok trade given that I don't have to allow much room for drawback, as there will be a lot of PPZ near my entry area. Perhaps am a bit off on this trade, and should get some sleep, but this fever is killing me. Let me know what you think please, and sorry I need to learn how to post a chart.
  • #21,106
  • Feb 11, 2009 2:19pm Feb 11, 2009 2:19pm
Not seeing much on the Dailys tonight all. Small pin on USD/JPY, but would be running right into 91.00 and it's not especially long.

Some small other stuff on the xxx/JPY pairs but nothing worth putting $ at risk for me.

EUR/CAD pinbar, but heading right back into the channel/traffic. No trade there either.

EUR/GBP BUOB from yesterday - now stops at B/E. TP at 0.9080.

GBP/CHF BEOB from yesterday - now stops at B/E. TP at 1.6520.

Josh
  • #21,107
  • Feb 11, 2009 2:23pm Feb 11, 2009 2:23pm
Quoting Jlr
Decent looking pin on USD/JPY 1 day setting up? To me it looks pretty good. Lots of support near the 91 level, and looks like it has room to run perhaps to 95. I have my entry marked at 91.10, and will S/L at 90.80. Pin nose does not seem to be ideal an size, but still seems like an ok trade given that I don't have to allow much room for drawback, as there will be a lot of PPZ near my entry area. Perhaps am a bit off on this trade, and should get some sleep, but this fever is killing me. Let me know what you think please, and sorry I need to learn...
I think it's wise to wait for it to break above 91.00 before entering. I have put my comments in the previous post. It could definitely run to 92ish, where we have those prior day highs. Just my 2 from a fellow newbie.

PS- to attach chart, simply save the chart as a picture and then add it using the 'attachments' icon when you type your message.

Josh
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  • #21,108
  • Feb 11, 2009 2:30pm Feb 11, 2009 2:30pm
Not that you were commenting on my trade, but I do see that USD/JPY PPZ area at 91 causing problems. Perhaps an entry at 90, and a half profit to be taken at 91, and to leave the rest at B/E, would that make for a ok trade? I am thinking it could still be a ok trade, because theres also a PPZ level at 90 that would create some good support, and leave for little drawback, and a painless exit. Does not seem like a ideal trade, but seems you could get a good R/R out of it?

Ya that makes sense, thanks Josh
Oh wow you don't even have to upload it, this is a very advanced forum indeed
  • #21,109
  • Feb 11, 2009 3:14pm Feb 11, 2009 3:14pm
Attached Image (click to enlarge)
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Wondering, obviously hindsight is 20/20, but would anyone of considered a short near the top of this channel, given the bearish price action, near a very well defined channel? I know its not exactly a pin, as the first bar of what would be the pin, made a higher high then the second bar (ignore the sunday candle), but would anyone still have considered this?

edit: sorry, had to post a chart now that I figured out how to do it, and this was the only thing I saw that really sparked a interest
  • #21,110
  • Feb 11, 2009 3:43pm Feb 11, 2009 3:43pm
Quoting Jlr
Attachment

Wondering, obviously hindsight is 20/20, but would anyone of considered a short near the top of this channel, given the bearish price action, near a very well defined channel? I know its not exactly a pin, as the first bar of what would be the pin, made a higher high then the second bar (ignore the sunday candle), but would anyone still have considered this?

edit: sorry, had to post a chart now that I figured out how to do it, and this was the only thing I saw that really sparked a interest
Hi Jlr

If you are talking about the Pin from last Friday this was discussed quite a bit a couple of pages back. I'm not quite sure what you mean about the first bar making a higher high than the second bar. Maybe explain a bit more indicating which bars you are talking about.

As far as I see this it was a good Pin in a good location but did have a PPZ at the 17900 area. If anybody had orders in on this ( I did ) then they may have pulled them after the stong retrace on Monday but this doesn't make the Pin invalid as the high was not breached. The Pin was just triggered a day later and I think most people prefer the trade to trigger the next day.

I waited for it to trigger but was stopped out at BE as my first TP was missed.

Regards

Ljr (we were not very imaginative with our user names were we )
  • #21,111
  • Feb 11, 2009 3:52pm Feb 11, 2009 3:52pm
For a second there I thought there was a schizo loose conversing with himself!

Yeah ,that pin was talked about and it seemed to be a good one.

It just never broke the next day so I canceled my order.
  • #21,112
  • Feb 11, 2009 4:02pm Feb 11, 2009 4:02pm
Quoting ljr
Ljr (we were not very imaginative with our user names were we )
lol ...Glad you pointed that out. I was weirded out at you answering your own post.

There is a good PPZ at 1.8300. Not the clearest strongest one, but still a good one.

LJR,
You can use channels if you like as well, but before entering a trade, as a beginner, you'd be better off checking for other confluences as well.
At the very least some fibs, round numbers that show repeatable support/resistence flips (PPZs ) etc

Chart below: Personally I always keep an eye on my trendlines too. Yellow line is from daily close graph , Pink is from bar extremes.
...It might seem like I'm just adding more reasons to confuse the decision, but if your channel, my trendlines, and a couple of fibonacci studies line up, you'll find that bars like that Pin will have a better chance of zooming off in your direction straight away.

Edit: Also, mike often points out, and I agree, that things like channels, flags etc work best when they are very clear to everyone and have well respected boundaries. I wouldn't be happy with that channel you chose, to be honest.
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Bundy's status today: "Waiting..."
  • #21,113
  • Feb 11, 2009 4:06pm Feb 11, 2009 4:06pm
Quoting Greenhaze
Nice catch Luso

Now it looks good on daily aswell. It bounced 3rd time from strong weekly resistance area.
Yes, I am watching it closely. I would like to see a retrace to 1.610 (50% pin retrace and ppz) to enter. UsdCad also has a smaller pin bouncing from the last 2 weeks resistence. Seems that the loonie is strong.
regards
  • #21,114
  • Feb 11, 2009 4:09pm Feb 11, 2009 4:09pm
Attached Image (click to enlarge)
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Ok, I am so very lost haha, I think I have this trade completely backwards. To me the start of the pattern is the thumbs up, the eye is the X, and the right eye is the check mark. The first part of the pattern isn't really what comprises a pin right, I know this isn't a pin? I think what you guys were trying to do, and probably correctly so, is to play this the totally opposite way as me, I think (sorry tired + fever + massly confused) and go long? If not, and you had the same idea as me to the short side, would you of not played the right eye/check mark somewhere around 50 or 61.8 fib retrace of the middle eye, and made for a perfect trade? I don't think what I have is exactly a pin, because the thumbs up or Left eye makes a higher high then the X, or the nose of the pin.

Grr I see now that I had this totally backwards, perhaps I gave to much credit to this strong channel, and the fact that it would bounce off of it. Sorry you had read this because you are probably extremely confused now lol. And ya I am not very creative with my names

PS: I know this isn't exactly a pin, if played to the short side, but im seeing how you guys were looking to play this to the long side, as its a REAL pin in that regard, just never came to effect. I didn't even see or consider that sadly.
  • #21,115
  • Feb 11, 2009 4:20pm Feb 11, 2009 4:20pm
Quoting Jlr
Attachment

Ok, I am so very lost haha, I think I have this trade completely backwards. To me the start of the pattern is the thumbs up,
......
......
......
PS: I know this isn't exactly a pin, if played to the short side, but im seeing how you guys were looking to play this to the long side, as its a REAL pin in that regard, just never came to effect. I didn't even see or consider that sadly.
Correct. ....Your "thumbs up" bar is a 'bearish/short' pin. and a nice looking one. So if we took a trade we would want to go short on a break of its low. IF everything else is working for it in positioning and so on. Sorry if we are confusing you. lol
Bundy's status today: "Waiting..."
  • #21,116
  • Feb 11, 2009 4:25pm Feb 11, 2009 4:25pm
No no np, much rather be confused and eventually figure it out, then not figure it out at all. I appreciate all of the help from everyone, I will likely come back to these posts, as I feel completely brain dead right now, and am not sure if its all sinking in. Btw do you think I drew the channel wrong? Your channel and my channel are completely different, had I drawn your channel, I wouldn't of shown much respect to it at all and likely would not of even considered a short trade here. Very appreciative, ty.

Edit; ohhhh I get it now, and that day late part by ljr makes sense now too
  • #21,117
  • Feb 11, 2009 4:36pm Feb 11, 2009 4:36pm
Quoting Jlr
No no np, much rather be confused and eventually figure it out, then not figure it out at all. I appreciate all of the help from everyone, I will likely come back to these posts, as I feel completely brain dead right now, and am not sure if its all sinking in. Btw do you think I drew the channel wrong? Your channel and my channel are completely different, had I drawn your channel, I wouldn't of shown much respect to it at all and likely would not of even considered a short trade here. Very appreciative, ty.

Edit; ohhhh I get it now, and that...
Mines not a channel. Just trend lines.
No what I meant, was a better channel would be very very obvious to many people. I actually went to find one, but wasn't even happy with the one I quickly found, but here it is anyway since it will illustrate it a little better. lol
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: nz sub-par channel 2.gif Size: 25 KB
Bundy's status today: "Waiting..."
  • #21,118
  • Feb 11, 2009 4:40pm Feb 11, 2009 4:40pm
Understand, ty. I thought the one I had drawn up was pretty good, but yours are clearly better
  • #21,119
  • Feb 11, 2009 4:52pm Feb 11, 2009 4:52pm
Quoting Jlr
Understand, ty. I thought the one I had drawn up was pretty good, but yours are clearly better
All your line studies should be on the basis of 'the bleeding obvious'. For obvious reasons. More people will believe. ...And even better, more people will have their various stops set in a position that protects your order.
Bundy's status today: "Waiting..."
  • #21,120
  • Feb 11, 2009 5:02pm Feb 11, 2009 5:02pm
I see nothing that appealing tonight, anyone else?
Dr. C
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