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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

  • #25,541
  • Mar 31, 2009 7:13am Mar 31, 2009 7:13am
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.
JMHO. This is what I think. Not an expert, yet. Comments from others are welcomed
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  • #25,542
  • Mar 31, 2009 7:22am Mar 31, 2009 7:22am
Quoting arcus
JMHO. This is what I think. Not an expert, yet. Comments from others are welcomed
Exactly how I see it, my TP on my longs is there.
  • #25,543
  • Mar 31, 2009 7:26am Mar 31, 2009 7:26am
Quoting TiaForex

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!
I'm seeing this and its almost to the pip in some cases, absolutely amazing its shows the power of PPZ. Add PA and some confluence and your done!.
Economists have forecast 9 out of the last 5 recessions
  • #25,544
  • Mar 31, 2009 7:55am Mar 31, 2009 7:55am
Quoting MPP
I don't have this pair so can't look at it for sup/res and direction - won't be trading this. but i would like to understand the method for trading the IB

it looks like it close to support so would you be looking to play this long if it breaks?



Ok i think i see it now 2 bar low of the swing low at area of support - maybe
Hi MPP,

It's not an Ib I recently got to know it's called an inverted hammer. I am still not ready to pass any thick or hard and fast comments on this PA trigger bar, but once I am ready I'll throw in some posts to elucidate you all on the conclusion, as for now I am just observing the reactions these bars are sparking.

[quote]
Quoting Jigsaw
Hey MPP,

If I may ever be so bold as to answer Ghous's question.

It's not a typical J16 setup but more of a bar Ghous has been testing out of late. It's a . . .

PA = "hanging man" (Looks like a Upside down pin)

Location = at a swing low, off of a round number.

SL = behind the round number

TP = at the next PPZ.
yeah that would be a pretty close thing,

personally I would like to...:

1) enter on the close of the bars

2) set an initial SL above the smaller wick

3) set the first tp at the end of the longer wick/nose.

I've appended a chart to demonstrate this.

Quote
Quoting MPP
just for info only

http://www.babypips.com/images/candl...oting-star.gif

The inverted hammer occurs when price has been falling suggests the possibility of a reversal. Its long upper shadow shows that buyers tried to bid the price higher. However, sellers saw what the buyers were doing, said “oh hell no” and attempted to push the price back down. Fortunately, the buyers had eaten enough of their Wheaties for breakfast and still managed to close the session near the...
fantastic stuff Marcel,

Thanks!

Regards,
Ghous.
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  • #25,545
  • Mar 31, 2009 8:04am Mar 31, 2009 8:04am
Did anyone see the Pin bar on the EUR/JPY?

I put in a sell order at 1.3045 with a TP1 of 1.3010.

Is this not a good set-up?

Thanks!
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  • #25,546
  • Mar 31, 2009 8:05am Mar 31, 2009 8:05am
Ghous, my PM. Answer it
  • #25,547
  • Mar 31, 2009 8:06am Mar 31, 2009 8:06am
hey ghous, i know it small TF but 15M CAD/JPY has a nice 'hang man,' played out quite nicely here! i think you approach would have worked on this one. thought you might be interested.

regards
  • #25,548
  • Mar 31, 2009 8:07am Mar 31, 2009 8:07am
Have you seen this volume gain moments ago , did some massive orders enetered the market or what?

Something tells me to leave my longs open bit longer
  • #25,549
  • Mar 31, 2009 8:10am Mar 31, 2009 8:10am
Quoting Jigsaw
Ghous, my PM. Answer it
Only just did it

And no it was not this post of yours that reminded me, had it lined up lol!
I believe . . .
  • #25,550
  • Mar 31, 2009 8:10am Mar 31, 2009 8:10am
[quote=unlv_tj;2640977]Did anyone see the Pin bar on the EUR/JPY?

I put in a sell order at 1.3045 with a TP1 of 1.3010.

Is this not a good set-up?

Thanks!


Id be short, but much support around the 130.70 area. if it breaks this then more down, IMO.
  • #25,551
  • Mar 31, 2009 8:15am Mar 31, 2009 8:15am
Quoting zimdonks
hey ghous, i know it small TF but 15M CAD/JPY has a nice 'hang man,' played out quite nicely here! i think you approach would have worked on this one. thought you might be interested.

regards
I haven't been looking at anything under the daily these days, but just saw it now...

Like all PA setups these have been doing great or clear ppz zones, just like this cadjpy setup Zimdonks,

Some decent textbook stuff

Thnx for the reference.

Regards,
Ghous.
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  • #25,552
  • Mar 31, 2009 8:17am Mar 31, 2009 8:17am
Holy buckets, never mind. Within 1 hour and 15 minutes of the new 4 hour bar, it zipped off and got within 1 pip of the top of the Pin Bar.

I am canceling my short orders for now.

Wow, was I off!
  • #25,553
  • Mar 31, 2009 8:18am Mar 31, 2009 8:18am
Quoting Greenhaze
Have you seen this volume gain moments ago , did some massive orders enetered the market or what?

Something tells me to leave my longs open bit longer
these markets...I tell you...

Well get used to it is all I can say

Since we are messing around the world's biggest financial market with a $2 trillion turnover every trading day, expect anything from the masses. Ask Mark (Razcekfx) lol!
I believe . . .
  • #25,554
  • Mar 31, 2009 8:20am Mar 31, 2009 8:20am
Quoting MPP
Wassup Mike, like the new wheels was this another drive by pip hunt.

Attachment
HAHAHA thanks for the laugh
  • #25,555
  • Mar 31, 2009 8:26am Mar 31, 2009 8:26am
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?
Hey Pip

A lot of people will watch a couple feeds to see the aggregation of the bars different. For example 2 different daily feeds, or 4hour feeds. Price is never changing but the way the bars are aggregated dude to the time close will look different giving some different views. I like to stick mostly to one, sometimes looking over at another if I really like an area. Up to you, I think it is easier to just stick to the one you are comfortable with

Best
Mike
  • #25,556
  • Mar 31, 2009 8:27am Mar 31, 2009 8:27am
Caught a nice setup on the Usd/Chf today...

so it wasn't the best of pin bars was it? To many this should appeal more as an indecision bar, and it's exactly that!

What matters more here though is the tonne of resistance and the recent bearish momentum...oh well an indecision bar would do the job...

Just an example of how important the element of location can be for a trade,

(Not suggesting anything to the newbies except that it's worth spending some time with this stuff )

Regards,
Ghous.
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  • #25,557
  • Mar 31, 2009 8:38am Mar 31, 2009 8:38am
Quoting albchr
There ya go Scott. I'm curious, your trigger was 4302 and it topped at 4338, did you take a partial profit at like 20 or 30 pips before moving your stop like the "good book" on pins suggests?
I was planning on taking profit around 1.4350 so when it hit 1.4335 I moved my stops to break even. Unfortunately I was stopped out at break even, and it looks like price just hit 1.4350 this morning. However, sometimes I will take half profit very quickly, depending on the setup.
  • #25,558
  • Mar 31, 2009 9:25am Mar 31, 2009 9:25am
potentially a daily pin on EUR/CAD....in traffic,is it decent??
  • #25,559
  • Edited 9:59am Mar 31, 2009 9:30am | Edited 9:59am
Quoting KissFan
I agree that this is a high probability trade. I am placing a long position at 1.4312. Here is my reasoning.
1. Pin Bar off 1.4200 area.
2. Pin Bar is of similar range as previous candles.
3. [font=Calibri][size=3]Body of pin bar is off 50% fib area. Nose is off of the golden...
This trade has given up some profit (35 pips)and I have taken half of my position off the table at 1.4347. I have also moved my SL to 1.4312(BE). My ultimate TP for this trade is the 1.4407 area. Update: This trade has ended. Stopped out for a total profit of 35 pips.
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  • #25,560
  • Mar 31, 2009 10:13am Mar 31, 2009 10:13am
Quoting KissFan
This trade has given up some profit (35 pips)and I have taken half of my position off the table at 1.4347. I have also moved my SL to 1.4312(BE). My ultimate TP for this trade is the 1.4407 area. Update: This trade has ended. Stopped out for a total profit of 35 pips.
I am constantly eying the 144 region, I get a feeling this has to be tested first, if it does I'll move my stop to BE or else I get stopped out for a loss...

I like being a bit aggressive

Regards,
Ghous.
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