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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

  • #26,581
  • Apr 8, 2009 9:17am Apr 8, 2009 9:17am
Thanks
WARNING: Don't follow me as I'm just learning
  • #26,582
  • Apr 8, 2009 9:18am Apr 8, 2009 9:18am
I look at 18 pairs from Interbank, I dont look at the obscure ones or ones with less than a screen full of weekly day. This should be enough to present a few good trades every week/day/month depending on TF and style.
Economists have forecast 9 out of the last 5 recessions
  • #26,583
  • Apr 8, 2009 9:21am Apr 8, 2009 9:21am
Quoting bigandrich
ghous, how is that pinbar different than the e/j, it doesn't appear it's open and close is within the previous. Thanks for your time
It might have been slightly different on your feed, on my chart the bar did close within the previous bar.
I believe . . .
  • #26,584
  • Apr 8, 2009 9:26am Apr 8, 2009 9:26am
When you really think about it, if you get just 1 good setup on average a month from each pair (some may give 2, some may have 0), that still adds up to 18 trades a month. That is plenty of trades.
  • #26,585
  • Apr 8, 2009 9:28am Apr 8, 2009 9:28am
Quoting moneybags
If you look closely, Ghous' pinbar did close within the previous bar.
EJ closed just a little bit lower than the previous bar's low.

Tom
You are correct, my mistake. Open is within, Close off just a bit.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #26,586
  • Apr 8, 2009 9:29am Apr 8, 2009 9:29am
Quoting markmm
Thanks Chris, I was aware of the differences, just pointing out as you mentioned with PPZ's we see were price DID move around or respect, wherase the floor traders one may or may not be respected and may or may nor line up with J16 PPZ's. Anyway I agree I like to keep my charts clean less is more.

Thanks Mark
Hi Mark,

No probs, I thought you might know the differences from your wording. Just thought I'd clarify things a bit for some readers who might not have been so sure.

Best,
Chris
  • #26,587
  • Apr 8, 2009 10:03am Apr 8, 2009 10:03am
Quoting ghous
It might have been slightly different on your feed, on my chart the bar did close within the previous bar.
thanks, and to you as well moneybags, for your replies
  • #26,588
  • Apr 8, 2009 10:16am Apr 8, 2009 10:16am
Quoting ghous
Hi again Krue,

Here is how I understand the 2:

Anticipation:

Simply a gut feeling. But again the gut feeling wasn't a revelation was it? Things like divergence and the overall trend once noticed can be good occupants of a corner of your mind. It's these that then make you "feel" the market is headed in a certain direction. Quite often I get to muster such anticipatory points upon the first look on the pair.

When I looked at the Aud/Chf setup the first thing I noticed was the bullish momentum and the smooth logical uptrend. (rythemic consolidations...
love that cad/chf chart, never traded that pair but that is a nice one to watch
  • #26,589
  • Apr 8, 2009 10:28am Apr 8, 2009 10:28am
Quoting ghous
yes it may...

you must however stay clear of what you're trying to do, are you trading the...
I see your point; thanks for your explanation.
  • #26,590
  • Apr 8, 2009 11:14am Apr 8, 2009 11:14am
Chart..i know there are still many hours to close.
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  • #26,591
  • Apr 8, 2009 11:47am Apr 8, 2009 11:47am
just to clarify the eu/yen pin closed inside the previous bar on some feeds and not on others.
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PATIENCE... DISCIPLINE
  • #26,592
  • Apr 8, 2009 3:24pm Apr 8, 2009 3:24pm
... is the perfect example how brokers are protecting their accounts from "hungry" pip hunters. Different time closure (some of them close even the trading day differently) make this happening.

Decentralisation is the name of the game.
Quoting g_j_hook@yah
just to clarify the eu/yen pin closed inside the previous bar on some feeds and not on others.
Just try to imagine what happens in the markets if every feed shows the same price action and the whole James16 thread plus associates are jumping onto one or two trades, the poor sods at brokers offices wouldn't win a pack of crisps not mentioning the bread
  • #26,593
  • Apr 8, 2009 3:38pm Apr 8, 2009 3:38pm
Is anybody want to buy EURUSD? Seems like good pin, but near strong resistance...
http://s61.radikal.ru/i173/0904/56/19c6c46062fft.jpg
  • #26,594
  • Apr 8, 2009 3:47pm Apr 8, 2009 3:47pm
hello! watching these two pictures usdcad 4h inside bar and eurcad daily pinbar what do you guys and gals think?or am i wrong about this.
thanks in advance!
maklla
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  • #26,595
  • Apr 8, 2009 4:01pm Apr 8, 2009 4:01pm
Quote
By the way, I don't know how to draw the broken lines, so sorry for leaving the long cross lines on the chart
Right click the trendline.
Click on parameters tab.
Uncheck the "ray".

This should make the lines short.
  • #26,596
  • Apr 8, 2009 4:01pm Apr 8, 2009 4:01pm
Quoting makron
Is anybody want to buy EURUSD? Seems like good pin, but near strong resistance...
http://s61.radikal.ru/i173/0904/56/19c6c46062fft.jpg
i like this pin, iv been hoping it would close as one all aft. 38%, 50 period ema, higher low than the last swing low recent uptrend.Mmm,needs to break through the resistance its lying under(where you have marked on your chart) and i think it could be profitable.
trying to stay awake to place my order!!
PATIENCE... DISCIPLINE
  • #26,597
  • Apr 8, 2009 4:11pm Apr 8, 2009 4:11pm
Quoting Maklla
hello! watching these two pictures usdcad 4h inside bar and eurcad daily pinbar what do you guys and gals think?or am i wrong about this.
thanks in advance!
maklla
I don't trade any 4 hour charts yet, so can't comment on the USD/CAD. (tentatively bearish on it, but no trade. It just looks like it wants to break south to me...)

EUR/CAD
This pinbar is tempting but it's a no-go for me. Reasons:
1. Pinbar quite small compared to last 10 bars.
2. Previous bar was a strong bearish bar. I hate trading a pinbar when it is preceded by a strong bar in the opposite direction. I had a post on this late last week.

I am thinking about the EUR/USD right now. Would have liked a longer pin, but haven't ruled it out yet. Like that it again couldn't stay under 132. Could hit a snag under those bar lows from early this week too...

See chart... forgot to add it.

Josh
Attached Image (click to enlarge)
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  • #26,598
  • Apr 8, 2009 4:14pm Apr 8, 2009 4:14pm
Quoting Maklla
hello! watching these two pictures usdcad 4h inside bar and eurcad daily pinbar what do you guys and gals think?or am i wrong about this.
thanks in advance!
maklla
i like the eu/cad pin myself,reminds me of the yen trades today...major ppz break with retrace.price bounces of the 50% fib and forms a pin bar in an uptrend,just above the ppz.seems nice to me??
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PATIENCE... DISCIPLINE
  • #26,599
  • Apr 8, 2009 4:18pm Apr 8, 2009 4:18pm
Quoting Jduester
I
2. Previous bar was a strong bearish bar. I hate trading a pinbar when it is preceded by a strong bar in the opposite direction. I had a post on this late last week.

I am thinking about the EUR/USD right now. Would have liked a longer pin, but haven't ruled it out yet. Like that it again couldn't stay under 132.

Josh
good point, i noticed this also,a pretty bearish weekly bar is forming also.but then again pin bars are about trend reversal???
i also see problems above to deal with.mabye a more experienced trader would like to offer an opinion on these pins??
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PATIENCE... DISCIPLINE
  • #26,600
  • Apr 8, 2009 4:26pm Apr 8, 2009 4:26pm
. a trade I took early in the morning...

1. rac's favorite
2. 4hr pb off nice support
2. daily weekly ppz
what else you want.... ?

I guess confidence would do.
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