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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

  • #24,241
  • Mar 19, 2009 12:44pm Mar 19, 2009 12:44pm
hey guys, is this a good wkly chart analysis of the gbp/usd? are my fibs drawn correctly? have i identified the right round number s/r ppz areas? is there div from 2/09? is there other confluence i should look for like ma's etc? should i now drop down to daily or maybe even 4h to look for pa at ~.4700? i am thinking that overall the gbp/usd is still in downtrend, so i am looking for bearish pa. but if price breaks thru .4700 area, then i should look for retrace & "old resistance to become new support". thx.
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  • #24,242
  • Mar 19, 2009 12:55pm Mar 19, 2009 12:55pm
Quoting dkmb92
so fundamentally as far as u.s. trade balance/deficit goes: it is better when u.s. exports more goods/services than it imports & worse vice-versa. this is probably common knowledge, i just want to confirm. is there any other market besides u.s. that purchases goods/services? i know oil can only be purchased w/ usd. so how does the usd being the world reserve currency factor into all this? i think it is best idea to only trade from what you see on the charts, but i also want to keep up w/ the fundies as much as i can too. thx.
A market is the collective individuals purchasing goods and services. This is a little beyond the scope of the thread, but if you are to trade on fundies, you need to find a way to analyze (BY INFLUENCE AT THAT TIME) the changes in those other world markets. Easier said than done.
  • #24,243
  • Mar 19, 2009 12:57pm Mar 19, 2009 12:57pm
Quoting raczekfx
why? this not las vegas

we still have at least 100ps to go.
Hey Rac, would you not consider 3850 to hold more significance?
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  • #24,244
  • Mar 19, 2009 1:15pm Mar 19, 2009 1:15pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Mike, the lesson is well recieved. I found myself learn the thing more difficult than any other members here. so, will do it a bit by bit. thank you very much, Mike !


Quoting mbqb11
Hey Krue

Be careful here, the first bar isn't a pinabr as the open and close are not within the previous bar. The second bar now is a pin, but again you are on the 1hr chart, and the nose hardly protrudes(which would mean a very poor pin to me D grade). Remember it is the location of these bars and the 1hr charts are very difficult. Remember to follow James requirements in post 1 they are VERY VERY important.

Take care

Mike
  • #24,245
  • Mar 19, 2009 1:18pm Mar 19, 2009 1:18pm
Quoting mbqb11
an update

j16 > all
Hi Mike, yes, I saw you posted that one too, but I haven't trained myself to play outside bars yet, although I'm quite sure that silver BUOB is at a swing low. That was a really good example though, I'll keep an eye on those kinds in the future, I'm not sure I'll find it myself if you didn't put it out in the forum.

I want to ask your opinion about the one in GU? what I saw and taken was a BUOB on the Gold chart, which breaks for 1200 pips up, it's working on a weekly BUOB on Gold too.

I was thinking about taking the GU BUOB, but lack of sleep let me dozed the day off.
it's off a PPZ, but not exactly at a swing low, but it has a lot of resistance on its way, so not really a good play IMO, but it turns out as a nice one, breaks straight thru all the resistances.

Cheers.

Marcel
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  • #24,246
  • Mar 19, 2009 1:24pm Mar 19, 2009 1:24pm
Quoting G550
Hey Rac, would you not consider 3850 to hold more significance?

My charts have a zone marked between 1.3780 and 1.3830. Then I just wait for PA.

It is for the trained eye to mark a zone by the pip (or almost)...

Rac is well ahead on the game..
  • #24,247
  • Mar 19, 2009 1:26pm Mar 19, 2009 1:26pm
Quoting G550
Hey Rac, would you not consider 3850 to hold more significance?
don't know. i had my limit sell set at 3760, but price hit 3740 and quickly reversed 100ps. next
.
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  • #24,248
  • Mar 19, 2009 1:29pm Mar 19, 2009 1:29pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
ghous, sorry to interrupt you, are you saying you wanted to trade this mysterious in opposite manner against its conventional approach? do you plan to trade it at the first sight of its closure, or after the second bar breaking its low in this case? how about the bottom one, it seems in its
bullish location for the bearish Pinbar. or do I miss anything in between?
thanks for sharing this, particually your saying about the bearish/bullish composition for their corresponding opposite implication, this understanding seems very insightful and a very good substantiation of Yin/Yang logic, I would say.





Quoting ghous
And here's that mysterious bar again,

I've watched abt 6 of these bars in live action and not one failed, they had to do a lot with solid location too just like any other PA bar. i am still in the process of figuring out though, but my guess (since I am still obviously not 100% sure till i can see through another 15 to 20 of these on different time frames) is a bullish Pin bar at a swing high has a bearish composition and a bearish Pin bar at a swing low has a bullish composition. Again a lot has to do with the location of the...
  • #24,249
  • Mar 19, 2009 1:34pm Mar 19, 2009 1:34pm
Can I get some people's opinion on the 4H Pin bar near major resistance AND 38 fib???

I like the look, but not sure if the bull run is over - I was burned by yesterdays.

Any thoughts would be greatly appreciated
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  • #24,250
  • Mar 19, 2009 1:39pm Mar 19, 2009 1:39pm
Quoting simoncs
and just to add to this - -the important factor is the bar afterwards - it can go higher (not too far) but it must make good ground against the pin looking bar. ie showing a reversal
Quoting g_j_hook@yah
hi ghous, what you have there un candle stick land is a hangin man(the bearish pin at a swing high) or a hammer,(at a swing low) and are indead recognized reversal candles. they are srongest if they gap above /below price
Interesting
I believe . . .
  • #24,251
  • Mar 19, 2009 1:40pm Mar 19, 2009 1:40pm
Quoting raczekfx
don't know. i had my limit sell set at 3760, but price hit 3740 and quickly reversed 100ps. next
.
Are you not trading candlestick confirmations at all mate?

Nice little IB/proxy pin setting up on Oanda's 3H chart if you're interested.

A lot of my friends trade like you, but I sh*t myself everytime if I try hehe, how d'you determine your stops?
  • #24,252
  • Mar 19, 2009 1:47pm Mar 19, 2009 1:47pm
Was 38.2 really that important? Hmm....
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  • #24,253
  • Mar 19, 2009 2:04pm Mar 19, 2009 2:04pm
Quoting scott087
I was looking at this also on the daily. It looks to me like it could form a nice 2 day pin, although I would prefer to see the close of the first bar a little bit lower. I've never traded a 2 day pin but this one looks pretty good to me.
patience
  • #24,254
  • Mar 19, 2009 2:06pm Mar 19, 2009 2:06pm
Quoting bgin2end
Can I get some people's opinion on the 4H Pin bar near major resistance AND 38 fib???

I like the look, but not sure if the bull run is over - I was burned by yesterdays.

Any thoughts would be greatly appreciated
It's not a pin in my feed... but then again, I've never traded H4 Yet... ><
  • #24,255
  • Edited 2:41pm Mar 19, 2009 2:07pm | Edited 2:41pm
Quoting jlmac27
Hello Ghous,
Do you perfer to enter on the break of the first bar in the BEOB,as you showed here?If so can you give a small explanation why.Thanks
Hi Jlmac,

I had a pending order 20 pips below the low of the BEOB,

Another entry which was also valid in this case was a retrace entry as price hit the 61.8 ret and formed a pin bar/BEOB on the 4H,

Due to time constraints I am sticking to the more conservative ways of entry and exit and trading on higher time frames only. And if you really have a tough routine that would not allow you ample screen time to trade/fine tune entries on the lower tfs, nothing beats the conventional "waiting for the break of the bar high/low" way of doing it

Regards,
Ghous.
I believe . . .
  • #24,256
  • Mar 19, 2009 2:09pm Mar 19, 2009 2:09pm
Oh well,

back to the waiting game...

LOL!
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I believe . . .
  • #24,257
  • Mar 19, 2009 2:12pm Mar 19, 2009 2:12pm
Quoting mbqb11
an update

j16 > all
Nice nice...
I believe . . .
  • #24,258
  • Mar 19, 2009 2:19pm Mar 19, 2009 2:19pm
Quoting unlv_tj
I think the hardest part is realizing that in this business you will lose
Something I read recently, I think from Trading in the Zone, said look at your losses as the cost of doing business. I think this is excellent and when thinking like this you won't feel that losses are a failure and then you won't feel negative about it thereby keeping confidence levels up.
  • #24,259
  • Edited 2:43pm Mar 19, 2009 2:28pm | Edited 2:43pm
Quoting krue
Hi, Mike, the lesson is well recieved. I found myself learn the thing more difficult than any other members here. so, will do it a bit by bit. thank you very much, Mike !
Don't worry abt that Krue, did you read abt the number of live accounts Jim blew away when he first descided he wanted to master this? We are all humans and have our strengths and weaknesses,

it's true that some will get to tune up thier attitudes sooner than others, but given that you do justice to the due diligence the long term's ditto for both the parties, if you don't believe me think abt Jim, or the light bulb that's lighting your room. Thomas Edison found 200 ways to not make a light bulb before he made one.

Quoting krue
ghous, sorry to interrupt you, are you saying you wanted to trade this mysterious in opposite manner against its conventional approach? do you plan to trade it at the first sight of its closure, or after the second bar breaking its low in this case? how about the bottom one, it seems in its
bullish location for the bearish Pinbar. or do I miss anything in between?
thanks for sharing this, particually your saying about the bearish/bullish composition for their corresponding opposite implication, this understanding seems very insightful and a very...
I am not ready to play this RPB (Reverse Pin Bar, I might as well add this is'nt it's official name, I was late in reading Simon and Jon's post abt it being a hammer, I had already named it lol!) yet.

I am just looking at it each time it appears and imagining I am in a trade. What I've noticed is that a trade at the close of the bar with a stop loss above the high/low of the bar (i.e the one on the opposite side of the long tail) and first take profit at the end of it's tail (high/low) or at a significant ppz or a round number somewhere before we approach the tail's end may be a good way of doing it...

This is'nt a recommendation in any way, it's just the way i am carving my thought process and i repeat I have'nt yet traded this PA bar...EVER.

Regards,
Ghous.
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I believe . . .
  • #24,260
  • Mar 19, 2009 2:37pm Mar 19, 2009 2:37pm
Quoting HipsterPipster
Was 38.2 really that important? Hmm....
I'd love it to somehow make it to 1.38, that would be super cool!

problem is this beast really doesn't always grant you with what you dearly want, some negotiation may have to be done
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I believe . . .
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