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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

  • #25,061
  • Mar 27, 2009 1:14pm Mar 27, 2009 1:14pm
Anybody looking at this?

Location looks good. Concerns would be its late on Friday and Bar may be a bit short in relation to the prior bars.

It is comming of a good pivot area and 38 Fib.

Any comments?

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  • #25,062
  • Mar 27, 2009 1:31pm Mar 27, 2009 1:31pm
Just stopping in for a second to post this but i will drop back in later today

i just posted a short video in the guest area on pivot zones.

btw, i did see krue's message and all i can say is this.

i got just as lucky as you did. well maybe not. LOL.

jim
  • #25,063
  • Mar 27, 2009 1:35pm Mar 27, 2009 1:35pm
anyone looking at trading the weekly pin on EUR/JPY ?
  • #25,064
  • Mar 27, 2009 1:39pm Mar 27, 2009 1:39pm
Quoting advfntrader
anyone looking at trading the weekly pin on EUR/JPY ?
I'm looking at both the EUR/JPY or AUDUSD weekly. Hopefully one looks nice once the bars finish. However I'm new so just now trying my hand at trading for real. Just playing with pennies.
  • #25,065
  • Mar 27, 2009 1:56pm Mar 27, 2009 1:56pm
Quoting raczekfx
This is exactly why most of successful traders following j16 method, ignore the news (I meant analysis) written by 'analysts'...

If they were good traders, they wouldn't have to earn a living by writing stories. When they wrong, they twist a story around and come out with a new analysis, correction theory or another b.s.
Once I realized that only 3-5% of folks make it in this business, I questioned myself, why even bother reading. Most of them are wrong anyways.....
Don't get me wrong. Reading news is fun, but use it only for entertainment...
Quote
This is exactly why Jim stresses trading on a higher TF until you get good....

If you look at the ship from up close (1 min charts), you don't know where it's heading. When you jump on a plane and look from a distance (daily tf) you know exactly where it's heading or if perhaps it's turning)

Great post razcek.
Indicators show the past. Price Action "Indicates" the future.
  • #25,066
  • Mar 27, 2009 2:35pm Mar 27, 2009 2:35pm
Quoting mooncricket
I'm looking at both the EUR/JPY or AUDUSD weekly. Hopefully one looks nice once the bars finish. However I'm new so just now trying my hand at trading for real. Just playing with pennies.

Here is what my 4hr chart looks like, but the 1W chart shows a possible bearish pinbar forming on .7000

I'm assuming the W1 has more weight?
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  • #25,067
  • Mar 27, 2009 3:21pm Mar 27, 2009 3:21pm
Quoting layton
Here is what my 4hr chart looks like, but the 1W chart shows a possible bearish pinbar forming on .7000

I'm assuming the W1 has more weight?
Your assumption is correct. The higher up you go in time frame, the more weight or strength a given PA becomes. Not only with PA but PPZs, Fibs, trendlines, triangles, etc. Why? Because the higher time frames provide more data then the lower time frames. More data is more information.

Now here's the fun part. They both, the Aud 4 Hour PB and Weekly PB depending on the quality of each setup, could be successful PA setups.
Indicators show the past. Price Action "Indicates" the future.
  • #25,068
  • Mar 27, 2009 3:43pm Mar 27, 2009 3:43pm
Quoting advfntrader
anyone looking at trading the weekly pin on EUR/JPY ?
I can't see my regular charts right now. But from what I see on the Weekly Eur/Jpy PB is . . . . it looks juicy, very juicy.
Indicators show the past. Price Action "Indicates" the future.
  • #25,069
  • Mar 27, 2009 3:46pm Mar 27, 2009 3:46pm
Could some post a Daily Eur/Jpy. Is that a DBHLC on the Daily or close to one?
Indicators show the past. Price Action "Indicates" the future.
  • #25,070
  • Mar 27, 2009 3:46pm Mar 27, 2009 3:46pm
Quoting jarroo
Your assumption is correct. The higher up you go in time frame, the more weight or strength a given PA becomes. Not only with PA but PPZs, Fibs, trendlines, triangles, etc. Why? Because the higher time frames provide more data then the lower time frames. More data is more information.

Now here's the fun part. They both, the Aud 4 Hour PB and Weekly PB depending on the quality of each setup, could be successful PA setups.
I would only add that traders have much more time to notice those levels and plan a trade on higher tfs like weekly/daily then m15 for example. The weekly is not closed yet and the pb still could workout but would you take H4 pinbar just before the market close?
  • #25,071
  • Mar 27, 2009 3:48pm Mar 27, 2009 3:48pm
Quoting jarroo
Could some post a Daily Eur/Jpy. Is that a DBHLC on the Daily or close to one?
EJ
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  • #25,072
  • Mar 27, 2009 3:53pm Mar 27, 2009 3:53pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting jarroo
Could some post a Daily Eur/Jpy. Is that a DBHLC on the Daily or close to one?
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  • #25,073
  • Mar 27, 2009 3:55pm Mar 27, 2009 3:55pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts


closer image - 4pip difference on my chart


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  • #25,074
  • Edited 4:07pm Mar 27, 2009 3:56pm | Edited 4:07pm
Quoting Greenhaze
I would only add that traders have much more time to notice those levels and plan a trade on higher tfs like weekly/daily then m15 for example. The weekly is not closed yet and the pb still could workout but would you take H4 pinbar just before the market close?
No, I would not take any trade just before the market closes on Friday. I usually wouldn't take any trade on Friday to hold over the weekend. If I'm in a trade with a few hundred pips under my belt, I'll hold over the weekend. I'm looking at these trades for next week.
Indicators show the past. Price Action "Indicates" the future.
  • #25,075
  • Edited 4:09pm Mar 27, 2009 3:58pm | Edited 4:09pm
Quoting jarroo
I can't see my regular charts right now. But from what I see on the Weekly Eur/Jpy PB is . . . . it looks juicy, very juicy.
Isn't there a weekly GBP/JPY pinbar as well indicating a possible down movement? I also notice on the hourly, a DBLHC indicating a possible trend upwards? Thoughts or am i looking at this incorrectly? Thanks in advance
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  • #25,076
  • Mar 27, 2009 4:03pm Mar 27, 2009 4:03pm
Thanks guys.

4-5 pips difference, not bad.
Very nice. Looks like its off a Monthly PPZ level.

Looking good. Any thing else you guys see?
Indicators show the past. Price Action "Indicates" the future.
  • #25,077
  • Mar 27, 2009 4:14pm Mar 27, 2009 4:14pm
Quoting hadleyma
Isn't there a weekly GBP/JPY pinbar as well indicating a possible down movement? I also notice on the hourly, a DBLHC indicating a possible trend upwards? Thoughts?
Yes indeed on the Weekly Gbp/Jpy. Also at a weekly PPZ level. Hourly DBLHC doesn't look to strong. Few pip difference on PA formation on higher time frames is one thing, but on lower time frames they need to be exact.
Indicators show the past. Price Action "Indicates" the future.
  • #25,078
  • Mar 27, 2009 4:19pm Mar 27, 2009 4:19pm
Quoting hadleyma
Isn't there a weekly GBP/JPY pinbar as well indicating a possible down movement? I also notice on the hourly, a DBLHC indicating a possible trend upwards? Thoughts or am i looking at this incorrectly? Thanks in advance
Those h1 bars are totally in traffic wthout giving any kind of good information. DBLHC has second bar closing higher then the bar high before in swing low position.
  • #25,079
  • Mar 27, 2009 4:31pm Mar 27, 2009 4:31pm
Also remember that if we enter a Weekly Price Acton setup and it becomes successful, meaning we bank some pips on the 1st half of our position and the 2nd half is now at break even, we want to manage our trade off the Weekly and/or Daily time frames.

If we see a reversing PB on the Hourly or 4 hour charts, this doesn't mean we end our trade. (for me at least.) It also doesn't mean that these lower time frame PBs won't work out. They may work out just fine but their life may be short lived. I can show this better with charts but I can't post them now.
Indicators show the past. Price Action "Indicates" the future.
  • #25,080
  • Mar 27, 2009 4:33pm Mar 27, 2009 4:33pm
Very nice example of head & shoulder pattern here with pretty wide neckline.
I'll wait for break of the red resistance and buy on the retest with some good pa.
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