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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

  • #25,521
  • Mar 31, 2009 8:28am Mar 31, 2009 8:28am
Quoting ghous
Yeah that is probably the A+sst of pin bars you'll ever see

...

EDIT: that's a spike mate, and on the negative side of the picture

Your broker needs some spanking for this.

Regards,
Ghous.
Yeah I agree! SL would be safe with that setup although R:R is not good.
Economists have forecast 9 out of the last 5 recessions
  • #25,522
  • Mar 31, 2009 8:29am Mar 31, 2009 8:29am
long eurusd so had a peak at eurcad
it was in a bearish wedge so took the breakout and retest of the wedge.

i am concerned about my earlier post of the 2bar weekly pin so have moved to BE on this one to be safe.
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  • #25,523
  • Mar 31, 2009 8:32am Mar 31, 2009 8:32am
I have noticed quite a few people on here say they use more than one feed for their charts. Is that so you can get a better idea what the market is doing and maybe not miss a nice pin bar that one broker may show you but another doesn't?
  • #25,524
  • Mar 31, 2009 8:34am Mar 31, 2009 8:34am
Quoting markmm
Hi,

I'm currently drawing up my charts with pivot point zones (I've included a PPZ legend indicator and PA Indicator I made for MT4 BTW).

One question to ask is some charts go back to the 70's, do we have to look that far back when drawing PPZ's? (I hope not for daily!) . Am I right in thinking for monthly going back to early 90's is enough, Weekly the last 10 years? I know there it no hard and fast rule but just an idea?
I second Jig here. PPZs can go back as far as you like. But don't go crazy. Shrink your chart a bit and the really obvious ones will jump out at you.

What I do is, rather than cover the charts in lines, I look for the ones near where price is now, picking only the really obvious ones on higher TFs, then I look at the TF I am taking the trade from and zoom out a bit.....that's where I really watch for PPZs. I won't let a 4h PPZ bother me if I am taking daily trades. But I am aware on weekly trades for example that a couple of bars can make a PPZ (each bar is the low across a whole week).

What's cool is to draw immediate PPZs on say the daily, then scroll back and see how price interacted with your lines over the last 20 or so years. Trust me, it's amazing!

And I would also add that it's better to always place your PPZ on a round number if possible, and be aware that especially on higher TFs, these are zones not exact pip values. Sometimes they can be 50-100 pips wide or more.

Hope that helps and isn't to patronising. If you know all that already then hopefully it's helpful to someone else....
  • #25,525
  • Mar 31, 2009 8:34am Mar 31, 2009 8:34am
iv got my eye on this pair atm,
its recently broke the daily dbhlc(2pips on my feed)((which i missed))
and has retraced back to the 50% fib which is about the dbhlc break price and an area of resistance which has been respected since oct/nov !
4 hour could close a pin bar (25 mins to go)looking pretty good imo??
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PATIENCE... DISCIPLINE
  • #25,526
  • Mar 31, 2009 8:41am Mar 31, 2009 8:41am
hi there TiaForex, nice post . one other way i found (by accident) to test your ppzs is to set up a profile of charts with the ppzs drawn in and then go back to your "working"charts and forget about them for a couple of weeks/months.I was allways suprised to see how well price reacted to them!! its great for building confidence
jon

Quote
What's cool is to draw immediate PPZs on say the daily, then scroll back and see how price interacted with your lines over the last 20 or so years. Trust me, it's amazing!
PATIENCE... DISCIPLINE
  • #25,527
  • Mar 31, 2009 8:42am Mar 31, 2009 8:42am
Quoting Jigsaw

I think that sort of thinking permeates the sub-conscious over time and then acts as a barrier to your eventual success.

Thats just my take on it anyway

Regards
Jig
Monitor your thoughts because thoughts become words. Monitor your words because words become actions. Monitor your actions because actions can become habits and habits are hard to break.

  • #25,528
  • Mar 31, 2009 8:42am Mar 31, 2009 8:42am
Quoting TiaForex
I second Jig here. PPZs can go back as far as you like. But don't go crazy. Shrink your chart a bit and the really obvious ones will jump out at you.

What I do is, rather than cover the charts in lines, I look for the ones near where price is now, picking only the really obvious ones on higher TFs, then I look at the TF I am taking the trade from and zoom out a bit.....that's where I really watch for PPZs. I won't let a 4h PPZ bother me if I am taking daily trades. But I am aware on weekly trades for example that a couple of bars can make a PPZ...
Thanks TiaForex,

Got most of that already but its worth repeating, I was a member of PF so learned a lot from the vids, just wasn't sure about how far back.

Mark
Economists have forecast 9 out of the last 5 recessions
  • #25,529
  • Mar 31, 2009 8:48am Mar 31, 2009 8:48am
Quoting joebryce
Monitor your thoughts because thoughts become words. Monitor your words because words become actions. Monitor your actions because actions can become habits and habits are hard to break.

I've just queued downloading for all 7 eckhart tolle's audiobooks!
  • #25,530
  • Mar 31, 2009 8:51am Mar 31, 2009 8:51am
Daily Pinbar on GBP/USD not looking too healthy now...
  • #25,531
  • Mar 31, 2009 8:53am Mar 31, 2009 8:53am
Quoting markmm
Thanks TiaForex,

Got most of that already but its worth repeating, I was a member of PF so learned a lot from the vids, just wasn't sure about how far back.

Mark
Thought the name seemed familiar Mark. Sorry for rehashing stuff you already knew. Hopefully someone new to the thread will pick it up.

Take care.
  • #25,532
  • Mar 31, 2009 8:54am Mar 31, 2009 8:54am
EU h4 pinbar 6 min to close on my feed.
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  • #25,533
  • Edited 9:08am Mar 31, 2009 8:57am | Edited 9:08am
Quoting pipslapped
I have noticed quite a few people on here say they use more than one feed for their charts. Is that so you can get a better idea what the market is doing and maybe not miss a nice pin bar that one broker may show you but another doesn't?
I have . . . 4Feeds for the 4HR charts. I also have feeds for looking at the DOW and other markets etc etc

The difference on the Daily is not that much of an issue, but I am of the (Just me personally) opinion that if you are trading 4HR it is no harm in having all the feeds.

I don't trade 2HR or 8Hr but I do trade all 4HR bars. I don't give any one feed strength over another.

Just take that EURUSD trade, it was in a good location but if you looked at the other feeds there was no pinbar on them, just a pin on one feed only -

Chart explains it better than words.

EDIT - My picture wont upload
  • #25,534
  • Mar 31, 2009 9:01am Mar 31, 2009 9:01am
Quoting TiaForex
Thought the name seemed familiar Mark. Sorry for rehashing stuff you already knew. Hopefully someone new to the thread will pick it up.

Take care.
No worries. Im sure it will save a newbie repeating the question.

Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #25,535
  • Mar 31, 2009 9:02am Mar 31, 2009 9:02am
here is only the 5th trade for the month using J16 style.
And again all happened while i was asleep.
I liked the look of this one over say the gu as the location was much nicer.
there was some traffic below but far enough away to make it worth while.
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  • #25,536
  • Mar 31, 2009 9:02am Mar 31, 2009 9:02am
Quoting Greenhaze
EU h4 pinbar 6 min to close on my feed.
i like this one also. i will be quick to move my stop though, i feel it needs to break the 130 level to have a chance to run.after that i have 129.40ish as the next problem area??
jon
PATIENCE... DISCIPLINE
  • #25,537
  • Mar 31, 2009 9:02am Mar 31, 2009 9:02am
An almost pinbar off a PPZ. I am not sure what the target would be but my first assumption is that a R:R of 1:1 would be possible if SL is at the high of the pinbar. Long term target might be all the way down to swing low IMHO.
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  • #25,538
  • Mar 31, 2009 9:08am Mar 31, 2009 9:08am
Quoting artov
An almost pinbar off a PPZ. I am not sure what the target would be but my first assumption is that a R:R of 1:1 would be possible if SL is at the high of the pinbar. Long term target might be all the way down to swing low IMHO.
Hi Artov. That doesn't look like a great set up to me. First off, the bar didn't close within the prior bar. Second, the size of the bar, thus the wick isn't impressive. You want that thing to really stand out
  • #25,539
  • Mar 31, 2009 9:11am Mar 31, 2009 9:11am
Quoting Life of Pi_p
Hi Artov. That doesn't look like a great set up to me. First off, the bar didn't close within the prior bar. Second, the size of the bar, thus the wick isn't impressive. You want that thing to really stand out
Agree the size of the wick is something I am a bit concerned about. A HARD break might give us a confirmation or not. But no A+.
  • #25,540
  • Mar 31, 2009 9:11am Mar 31, 2009 9:11am
Quoting g_j_hook@yah
i like this one also. i will be quick to move my stop though, i feel it needs to break the 130 level to have a chance to run.after that i have 129.40ish as the next problem area??
jon
Hey G_J

I dont like the way it closed. IMO The close is to high and it looks really weak now so ill pass on this one. Next are of interest for me is 1.3420 if we ever get there ;]. EJ is looking interesting now , i got pin on h4 which sits exactly on the support in this case i want to see strong momentum on the possible breakout.
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