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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

  • #27,021
  • Apr 15, 2009 3:55am Apr 15, 2009 3:55am
Quoting Gov
Just throwing a chart up with my view. happy for any responses.
My first chart attachment so hopefully it works out.

I'm seeing a 2 day pin come IB piercing through the high of .7270.
If my lines etc are correct I figure there is up to 90 pips on offer from the break at .7180 to the area of confluence (ppz, 365ema and 23.6 fib) around .7090.

Not trading this just watching and testing.

Gov

Well there's a lesson well learnt!!
Take the 30 pips on offer early, move stop to BE, closed out, look for another trade.
Text book J16.
All theoretical of course.
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  • #27,022
  • Apr 15, 2009 4:06am Apr 15, 2009 4:06am
Quoting jarroo
I thought I would revisit this post I did on March 19th on the 4 hour Gbp/Jpy of this year. It was a quick summary of rating these PBs at the time.

The B- set up would be an "A" if you followed #4 of James16's "This is Critical".

But the A+ trade really stands out.

Question? Is there any other trades that you can find on the Gbp/Jpy, 4 hour time frame from the beginning of the year that stands out like this A+ setup?
I found maybe 3.
Great trade - i took it based on the H1 i posted earlier, and thankfully stop was placed properly under the support zone and kept me in until the H4 showed itself ...

What are your targets ? I'm already out based on this busy area but not sure it was the right play - only cos its been such a bearish day in syd/tokyo and early euro ...
  • #27,023
  • Apr 15, 2009 4:12am Apr 15, 2009 4:12am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting jarroo
I thought I would revisit this post I did on March 19th on the 4 hour Gbp/Jpy of this year. It was a quick summary of rating these PBs at the time.

The B- set up would be an "A" if you followed #4 of James16's "This is Critical".

But the A+ trade really stands out.

Question? Is there any other trades that you can find on the Gbp/Jpy, 4 hour time frame from the beginning of the year that stands out like this A+ setup?
I found maybe 3.
it's not jumping out at me and my feed shows different Bars

buts heres my take on it - good or bad

Attached Image (click to enlarge)
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  • #27,024
  • Apr 15, 2009 4:15am Apr 15, 2009 4:15am
Quoting Gov
Well there's a lesson well learnt!!
Take the 30 pips on offer early, move stop to BE, closed out, look for another trade.
Text book J16.
All theoretical of course.
Why would you take 30 pips out off the trade if your level is another 60 pips lower? Theoretically it looks nice, but in reality you can not expect to pick exact bottom, and if you consider the spread and your entry position 10-15 pips below the low of the entry bar you you wouldn't take more then 20 pips {if you are lucky and pick the bottom}.
The question is if you always take 20 pips off the table, and what do you use next S/R level for.
alter
  • #27,025
  • Apr 15, 2009 4:18am Apr 15, 2009 4:18am
Quoting MPP
it's not jumping out at me and my feed shows different Bars

buts heres my take on it - good or bad
I like that April 6th PB as well MPP, but would you put it in the same league as the March 12th PB? Probably not. But you get the idea.
Indicators show the past. Price Action "Indicates" the future.
  • #27,026
  • Apr 15, 2009 4:24am Apr 15, 2009 4:24am
looking at this 4h BUOB.
it looks like a false break of the trading range its been in recently. price bounced nicely of the .8700 area (this years earlier high), and the 50% fib.
bullish divergence completes the picture for me.
first problem area i see is the .88-.8820 zone.
35 mins till close on my feed
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PATIENCE... DISCIPLINE
  • #27,027
  • Apr 15, 2009 4:24am Apr 15, 2009 4:24am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting jarroo
I like that April 6th PB as well MPP, but would you put it in the same league as the March 12th PB? Probably not. But you get the idea.
No but i do think it was better than the b- and c- trades, here's my feed not a real good PB within a body.

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  • #27,028
  • Apr 15, 2009 4:29am Apr 15, 2009 4:29am
Quoting jarroo
I like that April 6th PB as well MPP, but would you put it in the same league as the March 12th PB? Probably not. But you get the idea.
Jarroo, that march 18 pb that has B- grade on your scale was synthetic. If you take a closer look at it, it materialized only due to the sharp drop in usd. so true grade is F.
I was burned with couple of pin bars on the sythetic pairs. now I pay very close attention to the lower timeframes.
  • #27,029
  • Apr 15, 2009 4:31am Apr 15, 2009 4:31am
Quoting MPP
No but i do think it was better than the b- and c- trades, here's my feed not a real good PB within a body.
I agree. Location was very good. Tight stop and with a strong break was all I needed with that one.
Indicators show the past. Price Action "Indicates" the future.
  • #27,030
  • Apr 15, 2009 4:34am Apr 15, 2009 4:34am
Quoting laromanell
Jarroo, that march 18 pb that has B- grade on your scale was synthetic. If you take a closer look at it, it materialized only due to the sharp drop in usd. so true grade is F.
I was burned with couple of pin bars on the sythetic pairs. now I pay very close attention to the lower timeframes.
Would do you mean "synthetic"? I don't care how a Price Action setup is formed or why it is formed. If it meets our criteria of location and supportive confluences, its a trading opportunty.
Indicators show the past. Price Action "Indicates" the future.
  • #27,031
  • Apr 15, 2009 4:37am Apr 15, 2009 4:37am
Quoting jarroo
Would do you mean "synthetic"? I don't care how a Price Action setup is formed or why it is formed. If it meets our criteria of location and supportive confluences, its a trading opportunty.
what I mean that there was no change in underlying currencies, in this case GBP and JPY. the pair just draw the pin bar out of nowhere(basically there should be no pin bar), because they are both related through usd. check your lfx charts you'll understand what I'm talking about.
  • #27,032
  • Apr 15, 2009 4:41am Apr 15, 2009 4:41am
Quoting laromanell
what I mean that there was no change in underlying currencies, in this case GBP and JPY. the pair just draw the pin bar out of nowhere(basically there should be no pin bar), because they are both related through usd. check your lfx charts you'll understand what I'm talking about.
I'll check it out, but that PB had some weight to it. It just needed to break the 138.00 PPZ to be successful.
Indicators show the past. Price Action "Indicates" the future.
  • #27,033
  • Apr 15, 2009 4:44am Apr 15, 2009 4:44am
Quoting alter
Why would you take 30 pips out off the trade if your level is another 60 pips lower? Theoretically it looks nice, but in reality you can not expect to pick exact bottom, and if you consider the spread and your entry position 10-15 pips below the low of the entry bar you you wouldn't take more then 20 pips {if you are lucky and pick the bottom}.
The question is if you always take 20 pips off the table, and what do you use next S/R level for.
alter
Alter
My apologies for not explaining trade properly.
Low of 2 day pin bar was .7185, entry was 5 pips lower at .7180
Half position removed at 30 pips. (not about picking the bottom)
Stop moved to BE.
2nd half closed on stop.
I'm happy to be corrected but I thought James main aim was take 30 pips on offer rather than run the risk of turning a winner into a looser. Then let the remainder run out the trade to either TP or stopped out.
Btw this is all part of my learning so i'm happy for any input.

Gov
  • #27,034
  • Apr 15, 2009 4:45am Apr 15, 2009 4:45am
Quoting jarroo
Would do you mean "synthetic"? I don't care how a Price Action setup is formed or why it is formed. If it meets our criteria of location and supportive confluences, its a trading opportunty.
from what i believe the cross in the interbank world is dealt with by exchanging BOTH currencies seperately against the us: if i want yen with my gbp the gbp is first exchanged with the us then the us with the yen.this is why it is termed synthetic as it really is in the real interbank world.

thanx

jon
PATIENCE... DISCIPLINE
  • #27,035
  • Apr 15, 2009 4:52am Apr 15, 2009 4:52am
Quoting g_j_hook@yah
from what i believe the cross in the interbank world is dealt with by exchanging BOTH currencies seperately against the us: if i want yen with my gbp the gbp is first exchanged with the us then the us with the yen.this is why it is termed synthetic as it really is in the real interbank world.

thanx

jon
You expalined what I was trying to say.
So basically one pair usd/jpy in this case reacted slower than gbp/usd, and therefore we got a pin bar, which was misleadnig.
The same story happened with GBP/CAD(check out 5min chart), however there price fluctuated both direction, but in the end it came back to where it was since the base currencies rates didn't move.
So, there is an opportunity to make pips when some us news trigger the inconsistency in other synthetic pairs.
  • #27,036
  • Apr 15, 2009 4:53am Apr 15, 2009 4:53am
Yen crosses are looking interesting.....
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PATIENCE... DISCIPLINE
  • #27,037
  • Apr 15, 2009 4:53am Apr 15, 2009 4:53am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Ej 4 and Daily chart - daily has time to change it's mind and the double low is 1.5 pips different

both of the 150 ema (typical HLC/3)

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  • #27,038
  • Apr 15, 2009 4:57am Apr 15, 2009 4:57am
and my favourite....nz has been really strong today
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PATIENCE... DISCIPLINE
  • #27,039
  • Apr 15, 2009 4:58am Apr 15, 2009 4:58am
Quoting laromanell
what I mean that there was no change in underlying currencies, in this case GBP and JPY. the pair just draw the pin bar out of nowhere(basically there should be no pin bar), because they are both related through usd. check your lfx charts you'll understand what I'm talking about.
The chart represents what the market participants were willing to trade Gbp and Yen against each other at. Simple as that.

Correlations come about from a liquid market equalising and closing up any discrepancies that can be taken advantage of. The price point isn't created through a solid unchangable law of physics. It can still create an independent signature.

.
Bundy's status today: "Waiting..."
  • #27,040
  • Apr 15, 2009 5:01am Apr 15, 2009 5:01am
Quoting jarroo
? Is there any other trades that you can find on the Gbp/Jpy, 4 hour time frame from the beginning of the year that stands out like this A+ setup?
I found maybe 3.
How about those two? PB is self-explanatory (I cropped the chart, but it was off PPZ). IB was in a good trade momentum, above PPZ - but, perhaps, it was not A+ after all...
Attached Image
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