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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

  • #26,161
  • Apr 5, 2009 12:45pm Apr 5, 2009 12:45pm
Hey Dave,

I had a look through your post history and see that you're very experienced, so I hope my answer didn't come across as patronising. Hopefully it'll be useful to someone looking over the thread.

It seems your question is whether on the breach of the bar at a breakout level we wait for a retrace to that level before getting in. The simple answer is, in general, no. Once the highs and buffer are broken, the trade is on. There is often retrace/drawdown especially on outside bars and if you wanted you could finesse an entry there using fibs and SR levels on lower timeframes.

I think that may have been more what you were looking for.....
  • #26,162
  • Edited Apr 6, 2009 4:16am Apr 5, 2009 1:55pm | Edited Apr 6, 2009 4:16am
Quoting Nanook438
Hey group-
I see a pin bar on the EURGBP H-4 poking down through a 50% fib from a higher time frame. (See chart if it attached correctly.)
Enter long @.9103
SL= .9065
1/2 out @ first S/R level of .9165
Daily & weekly trend looks down so this would be a counter trend trade and short lived.
Any thoughts/ comments / what did I miss so far?
TIA
Quoting mbqb11
Hey Tia

Careful here, that isn't a pin that is a neutral bar. When the open and close are near the middle of the bar(you can tell when you have noses of equal length sticking out also). That shows indecision and can often be mistaken for a pin.

-Mike
Mike beat me to it. Those neutral bars can be misleading. Mike has pointed this out to me a few times in my earlier posts on this thread. God bless him and hope he's feeling better. IBFX shows more of a PB on the 4 hour but its way to small.

More interesting is on the Daily where Price looks to be heading back to the .9000. I'm very sure Mike is looking for some confirming PA at this level.

Seekinglight (Patrick) has a great post showing how all of this developed.

http://www.forexfactory.com/showpost...ostcount=25323


Note: At the blue check, where the double barrel PA setup broke, moving to break even quickly (on the DBLHC, it's not exact but pretty close) would have never been hit.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #26,163
  • Apr 5, 2009 2:02pm Apr 5, 2009 2:02pm
Quoting ghous
You're oozing diligence Josh

WIsh you all the best!

Regards,
Ghous.
Thanks for the praise guys. It's always nice hearing we're on the right path from those who have walked down the road before us.

Josh
  • #26,164
  • Apr 5, 2009 2:16pm Apr 5, 2009 2:16pm
Hi Tia
Many thanks for your very helpful reply and please rest assured that I do not feel in the least bit patronised. As you quite rightly say, there is no room for ego in trading and we are all learning no matter how experienced we are. For my part I have been quite successful playing break-outs but I am still trying to refine the best way to get aboard new trends without too many blobs along the way.
The J16 method is clearly very sophisticated with lots of little (but important) subtleties and the ability to make money during the ranging periods is the great adavantage of this method
Thanks again
  • #26,165
  • Apr 5, 2009 2:17pm Apr 5, 2009 2:17pm
Quoting mbqb11
Aaron gave you great advice....
Thanks Mike

I'm repeatedly struck by the quality of the advice given to complete strangers. If you wanted this kind of advice anywhere else, you'd pay the moon. I guess I'm building up a debt that I'll repay (forward) when I become more successful.

Your comment about "feeling it as I go" is so true. I do understand about having a plan and I have one, but it's still just a collection of things that I have gleaned from the thread. It's probably a good plan, but I can see I don't have faith in it yet, because it's not proven. How do I do that? ... Backtest it, as TiaForex said (The pennies are starting to drop ).

Thanks again
Jellybean
  • #26,166
  • Apr 5, 2009 2:28pm Apr 5, 2009 2:28pm
Quoting TiaForex
Hey Dave,

I had a look through your post history and see that you're very experienced, so I hope my answer didn't come across as patronising. Hopefully it'll be useful to someone looking over the thread.

It seems your question is whether on the breach of the bar at a breakout level we wait for a retrace to that level before getting in. The simple answer is, in general, no. Once the highs and buffer are broken, the trade is on. There is often retrace/drawdown especially on outside bars and if you wanted you could finesse an entry there using...
Some great posts from you TiaFx.

Absolutely, the best play on Outside Bars are at swing High/Lows.

Refer to Mike's earlier post where a breakout of a wedge formation was confirmed with BUOB. This BUOB is not at a swing Low, but what gave it supportive strength was the breakout.

http://www.forexfactory.com/showpost...ostcount=25904
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Indicators show the past. Price Action "Indicates" the future.
  • #26,167
  • Apr 5, 2009 2:52pm Apr 5, 2009 2:52pm
thanks, nothing, the poor mod will remove my together, the guy is adding on more posts... 11 posts now

Quoting jarroo
Make sure you delete your captured part of fx-p's post.
  • #26,168
  • Apr 5, 2009 2:54pm Apr 5, 2009 2:54pm
Quoting jarroo
Mike beat me to it. Those neutral bars can be misleading. Mike has pointed this out to me a few times in my earlier posts on this thread. God bless him and hope he's feeling better. IBFX shows more of a PB on the 4 hour but its way to small.

More interesting is on the Daily where Price looks to be heading back to the .9000. I'm very sure Mike is looking for some confirming PA at this level.

Seekinglight (Patrick) has a great post showing how all of this developed.

http://www.forexfactory.com/showpost...ostcount=25323...

Thanks for the critique Jim! That helps me a lot :-)
  • #26,169
  • Apr 5, 2009 3:48pm Apr 5, 2009 3:48pm
hello!
im a newbie here but have been reading alot lately from this thread and learning even more!!just wanted to compliment all the seniors for all the explaining and hard work!! i was watching usdcad weekly is this a pinbar? and how do my ppz look?would be glad for any response!thanks in advance!

sorry if my english is bad
maklla
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  • #26,170
  • Apr 5, 2009 4:46pm Apr 5, 2009 4:46pm
I'm looking at the following setups. Anyone else?

EUR/PLN - Weekly Bearish Outside Bar
EUR/HUF - Weekly Bearish Outside Bar
GBP/USD - Bullish Outside bar
NZD/USD - The monthly Bullish Outside bar has broken to the upside already

The first 2 seem very correlated so I would take the EUR/PLN if I take any of them.

NZD/USD will probably have resistance around 0.5950 and 0.6000 round number...this is probably a no play as well.

The GBP/USD is not at a complete swing low.

Any opinions?

Rubin.
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  • #26,171
  • Apr 5, 2009 5:04pm Apr 5, 2009 5:04pm
Quoting gorubin
I'm looking at the following setups. Anyone else?

EUR/PLN - Weekly Bearish Outside Bar
EUR/HUF - Weekly Bearish Outside Bar
GBP/USD - Bullish Outside bar
NZD/USD - The monthly Bullish Outside bar has broken to the upside already

The first 2 seem very correlated so I would take the EUR/PLN if I take any of them.

NZD/USD will probably have resistance around 0.5950 and 0.6000 round number...this is probably a no play as well.

The GBP/USD is not at a complete swing low.

Any opinions?

Rubin.
it's sure to workout fine....nice pairs i kinda like the eur setups
Respect a man, and he will do all the more.
  • #26,172
  • Apr 5, 2009 5:13pm Apr 5, 2009 5:13pm
Quoting TiaForex
Hey there,

In general, with every price action bar, the stop goes at the other end of the bar and the order goes at the breach of the bar with a small buffer to signal it's completely broken. The bigger the timeframe the bigger the buffer. There are more aggressive ways to play these involving a more aggressive entry on the retrace into the bar, or a reduced stop size, but it's not a good idea to try those until you're comfortable with the other way.

just like big jarroo,
u have made me realize more way to approach my setups. Thanks Tia for your wonderful post.
Respect a man, and he will do all the more.
  • #26,173
  • Apr 5, 2009 5:14pm Apr 5, 2009 5:14pm
Hi Maklla,

Yes what you have in your chart of USD/CAD weekly does qualify as a Pin. But notice how its nose doesn't stick out from previous prices, that's a negative. Also as most people here will tell you it's location is not so great. It is in the middle of a sideways consolidation and NOT at a swing high. Your PPZs seem okay and you'll notice that it doesn't have that long to go before it will find resistance in the 1.2180 area and it might bounce back. You should be aware of this if you decide to play it.

Just my 2 cents,
Rubin

Quoting Maklla
hello!
im a newbie here but have been reading alot lately from this thread and learning even more!!just wanted to compliment all the seniors for all the explaining and hard work!! i was watching usdcad weekly is this a pinbar? and how do my ppz look?would be glad for any response!thanks in advance!

sorry if my english is bad
maklla
  • #26,174
  • Edited 5:37pm Apr 5, 2009 5:19pm | Edited 5:37pm
Quoting gorubin
I'm looking at the following setups. Anyone else?

EUR/PLN - Weekly Bearish Outside Bar
EUR/HUF - Weekly Bearish Outside Bar
GBP/USD - Bullish Outside bar
NZD/USD - The monthly Bullish Outside bar has broken to the upside already

The first 2 seem very correlated so I would take the EUR/PLN if I take any of them.

NZD/USD will probably have resistance around 0.5950 and 0.6000 round number...this is probably a no play as well.

The GBP/USD is not at a complete swing low.

Any opinions?

Rubin.
last one is the best of the bunch, rest are in traffic or not at swing highs/lows.


EDIT: the NZD/USD BUOB didn't break a monthly PPZ at .5900, so no go on that one either.
  • #26,175
  • Apr 5, 2009 5:34pm Apr 5, 2009 5:34pm
don't know how to thank THEM (u all) but my chart will tell of what james16 thread has done to my trading/learning life. It OPENED my eyes in so many ways that i can live to say that im "successful" TA trader.God will surely repay you all with this tireless effort to make the world a better place.


Thanks urchman
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Respect a man, and he will do all the more.
  • #26,176
  • Apr 5, 2009 6:13pm Apr 5, 2009 6:13pm
Quoting urchman
don't know how to thank THEM (u all) but my chart will tell of what james16 thread has done to my trading/learning life. It OPENED my eyes in so many ways that i can live to say that im "successful" TA trader.God will surely repay you all with this tireless effort to make the world a better place.


Thanks urchman

Very Well said urchman ! How come your IB's and Pins are of different color?
Find an Edge. Only way to succeed in this business.
  • #26,177
  • Apr 5, 2009 6:26pm Apr 5, 2009 6:26pm
...that's the question ???:nerd:
BUOB in most of the Yen pairs have been broken this night (presumably validating the entry). But as most experts already have pointed it out, location of this bars is poor. Question is, should I be married to these setups, and the answer is NO !
I have promised to Jim to take only 3-5 trades a month as my withdrawal therapy so these ones I'm passing easily

Waiting for a BIIIIIIIIIIG A trades only so to say a "penalty kick without a goalkeeper" all credits to bakko , cause it's just brilliant .

Just on the charts side, I won't be crying out if they go to the PPZ marked.
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  • #26,178
  • Apr 5, 2009 6:41pm Apr 5, 2009 6:41pm
Quoting urchman
don't know how to thank THEM (u all) but my chart will tell of what james16 thread has done to my trading/learning life. It OPENED my eyes in so many ways that i can live to say that im "successful" TA trader.God will surely repay you all with this tireless effort to make the world a better place.


Thanks urchman
Very nice chart urchman. Mike would proud of that one.
I knew there was more to that setup that gave it strength.
Indicators show the past. Price Action "Indicates" the future.
  • #26,179
  • Apr 5, 2009 6:53pm Apr 5, 2009 6:53pm
Quoting jattputt
Very Well said urchman ! How come your IB's and Pins are of different color?
i kinda customized it bar chart lil bit
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File Type: mq4 DIBSv1.0.mq4   5 KB | 673 downloads
Respect a man, and he will do all the more.
  • #26,180
  • Edited 7:51pm Apr 5, 2009 7:29pm | Edited 7:51pm
Hi folks,

I'm currently in this trade for 1 standard lot. It's going very well but as I'm just learning here (been reading and watching videos almost non stop since last Monday), I'm wondering if I just got lucky, or if this was indeed a reliable pin.

I would have felt better if this had closed higher than it opened. Is that thinking correct?

Because it closed lower I placed my entry 40 pips above it's high instead of the suggested 10 which also put it slightly above the 50 fib which I thought would be safer. I managed it all last week moving the SL at each days end deciding to let the whole trade ride. Currently I'm locked in +500 which is great but I don't want the fact that it's winning to blind me if it wasn't a really good setup.

Entry @ 4334 - SL currently @ 4834

Thanks for any corrections/tips/advice

EDIT: I should add that I believe this is likely to get stopped out soon due to the resistance areas around the last highs of Jan. 19 & Feb. 10 at around this level.
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