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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

  • #28,061
  • Apr 25, 2009 7:44am Apr 25, 2009 7:44am
hey guys,
hope u guys r using the weekend to rest a bit.....
was watching the weekly pin on eurjpy
imo, not sure about the space to the left, the shape isnt all dat great, didnt quite close inside the previous (but close enough)
i like the location though, its bouncing off 128ppz & 38.2 fibo
wanted to know wat u guys think of dis
hav a similar scenario on the nzdusd weekly ( i prefer the shape here)
want to kno wat u guys think about these charts.....
cheers
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Simplicity is the key to success
  • #28,062
  • Apr 25, 2009 8:10am Apr 25, 2009 8:10am
Thanks for the detailed explanations supremeChaos and jarroo.
  • #28,063
  • Apr 25, 2009 9:15am Apr 25, 2009 9:15am
Bakko,

I like the charts that you post. They look like charts an experienced member of this thread would post.

I agree that there are no obvious A+ setups this weekend.

On the USD/CAD weekly chart you posted the bearish pinbar does not occur at a swing high. The NZD/USD is in traffic (as you mentioned). The CHF/JPY pinbar is small compared to the previous bars (as you mentioned).

Those reasons are enough for me to sit and wait for better opportunities, even though I think there is a good chance that you know where price is going with all three pairs. Of course, that is just my rookie opinion.

Quoting bakko85
Here is my view for the next week: there are some interesting setups, but i don't think they are A+, maybe A- or B.
I'd like to read your ideas about these setups (there is also a weekly pin on eur/jpy but i don't like it very much).
  • #28,064
  • Edited 9:51am Apr 25, 2009 9:32am | Edited 9:51am
Quoting jarroo
Interesting ghous. Do you play the break of these IPB?

Can you show an example of an A++ IPB setup?
Quote
Do you play the break of these IPB?
Entry on the close of the bar, with an SL above or below the shorter wick and the first take profit just before the high/low of the other longer wick. There could be more ways to play it but thus far this strategy has yielded nice results on the IPB's I've looked at from this particular perspective.

Quote
Can you show an example of an A++ IPB setup?
Ummm, let's see...

In the chart I posted above that of the Eur/Nzd, the first IPB was certainly in the A catagory, and I'll put the other one in the B catagory as the bar was small relative to the ones before it...

Here's an A+ setup IMO. Gu daily.

That was one swwwweeeeetttt IPB.

Regards,
Ghous.
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I believe . . .
  • #28,065
  • Apr 25, 2009 9:44am Apr 25, 2009 9:44am
Quoting squeezy
hey guys,
hope u guys r using the weekend to rest a bit.....
was watching the weekly pin on eurjpy
imo, not sure about the space to the left, the shape isnt all dat great, didnt quite close inside the previous (but close enough)
i like the location though, its bouncing off 128ppz & 38.2 fibo
wanted to know wat u guys think of dis
hav a similar scenario on the nzdusd weekly
cheers
Was going to ask same question about eur/jpy ,Seems to me we going Up,Are't we?
Will be great if some one explain the class of this pinBar

PS: Mostly i notice eur/usd move in same direction eur/jpy and if this pair going up that mean eur/usd will breaking 1.33 strong R!
Thanks in Advance
  • #28,066
  • Apr 25, 2009 9:55am Apr 25, 2009 9:55am
Quoting egkid
Was going to ask same question about eur/jpy ,Seems to me we going Up,Are't we?
Will be great if some one explain the class of this pinBar

PS: Mostly i notice eur/usd move in same direction eur/jpy and if this pair going up that mean eur/usd will breaking 1.33 strong R!
Thanks in Advance
well, i believe we should be heading north(up) but imo dnt think its an A+ trade, maybe B or so simply bcos of the traffic ( which isnt heavy )
is dis a trade i would want to trade with real money?, dnt think so
i really like the location though, waiting for more experienced traders to give us their insight on this trade
Simplicity is the key to success
  • #28,067
  • Apr 25, 2009 10:08am Apr 25, 2009 10:08am
Quoting squeezy
hey guys,
hope u guys r using the weekend to rest a bit.....
was watching the weekly pin on eurjpy
imo, not sure about the space to the left, the shape isnt all dat great, didnt quite close inside the previous (but close enough)
i like the location though, its bouncing off 128ppz & 38.2 fibo
wanted to know wat u guys think of dis
hav a similar scenario on the nzdusd weekly ( i prefer the shape here)
want to kno wat u guys think about these charts.....
cheers
Hey Squeezy,

You do realize the many odds that go against this one. IMO you should be waiting for the more obvious ones...

Remember you don't have to force your trades, you don't have to desperately look to be in a trade. the correct attitude would be to try your best to stay out.

Think abt it this way...Whenever you go for a trade, that is your done with your thought process and are abt to hit the buy/sell tab...just before you do it always ask yourself one question..."If you do God forbid end up loosing on the trade will you have anything to blame the setup with" If your answer is a yes common sense should tell you to stop,

I can see that you probably want to go for it given that it did occur off a ppz and yeah the 38 fib too but if you do end up loosing on the trade would you come out here to declare a trade which was PERFECT and yet failed...I can bet Mike's gonna come down with a tonne of bricks on you.

All the best buddy

On a sidenote here's a chart to help you give another reason to keep you out which I felt you missed...perhaps...

Regards,
Ghous.
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I believe . . .
  • #28,068
  • Apr 25, 2009 10:09am Apr 25, 2009 10:09am
i think, usd jpy have strong support.

so for long position possible.
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  • #28,069
  • Apr 25, 2009 10:23am Apr 25, 2009 10:23am
Quoting bakko85
Here is my view for the next week: there are some interesting setups, but i don't think they are A+, maybe A- or B.
I'd like to read your ideas about these setups (there is also a weekly pin on eur/jpy but i don't like it very much).
I personally like the Usd/cad only.

Cj pin had to do more than it did to convince me. It's so damn short. lol! A nose extending down (or better still the formation of the pin bar itself) to the area where I've placed a tick (see the chart below) would have made me drool.

I am crossed with it currently...

Nu's fighting a sideways market but could be bettable for the 5900 region, but again an easy pass for me...

Regards,
Ghous.
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I believe . . .
  • #28,070
  • Apr 25, 2009 10:46am Apr 25, 2009 10:46am
Ghous, even if the pin had reached your 'tick' would that really have been an A trade?
As someone who is still learning this method I stand to be corrected but here are my objections.
The pin is not at a swing low so purists would argue it is not in the perfect location.
Also the low three bars previously could present resistance- on the daily this is a minor PPZ.
As for the USD/CAD- serious support at 1.200 looms!
Are my objections valid?
  • #28,071
  • Apr 25, 2009 11:00am Apr 25, 2009 11:00am
Quoting ghous
Hey Squeezy,

You do realize the many odds that go against this one. IMO you should be waiting for the more obvious ones...

Remember you don't have to force your trades, you don't have to desperately look to be in a trade. the correct attitude would be to try your best to stay out.

Think abt it this way...Whenever you go for a trade, that is your done with your thought process and are abt to hit the buy/sell tab...just before you do it always ask yourself one question..."If you do God forbid end up loosing on the trade will you have anything...
thnx ghous
points taken, didnt really like the traffic & i totally forgot the ppz around 132
thnx ghous
ill patiently await a much cleaner setup that wont make me have doubts about the trade
cheers
Simplicity is the key to success
  • #28,072
  • Apr 25, 2009 1:29pm Apr 25, 2009 1:29pm
Quoting zebulon
What about this weekly PB on EUR/JPY, comfirmed by a daily PB ?

The weekly chart shows a retracement (fib level) and EUR/JPY have now good place to take off. Let's see.
It could be just me, but the first thought that came to my mind while seeing your daily chart is:
G..It looks like e/j is getting ready to break 126 level.
  • #28,073
  • Apr 25, 2009 1:34pm Apr 25, 2009 1:34pm
Quoting Digger48
Be glad to,
This one is one of the latest. 30% PAU Extra 330L. DA 50 canister setup, all Futaba Radio gear and Hitec Servo,s. Very sweet ariplane to fly.
Very nice plane.
It will take me a year or more before I will get the skills to fly it..lol
I just got my DX7 tx yesterday.
  • #28,074
  • Apr 25, 2009 1:50pm Apr 25, 2009 1:50pm
EUR/JPY Weekly isn't a pin bar on my chart (broker is IBFX). The close is not within the previous bar.
  • #28,075
  • Edited 3:09pm Apr 25, 2009 2:57pm | Edited 3:09pm
We have DBLHC on the weekly, tweezer bottoms, however volume has been declining, the big money isn't buying = divergence.

Down channel and monthly fib offer strong resistance immediately above, a break of which suggests long term up trend resumption. Fundamentally speaking Gold is heading for the moon, and a monthly close between 920-940 will give us a pin.
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Money & Pain Respect the market, protect your capital, be patient
  • #28,076
  • Apr 25, 2009 3:09pm Apr 25, 2009 3:09pm
Daily view. Bear flag has broken to the downside on increasing volume, with a BEOB on the weekly. Expected decline to stall around 83.5, strong support. Supports further decline in USD/CAD as does bullish looking oil.
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Money & Pain Respect the market, protect your capital, be patient
  • #28,077
  • Apr 25, 2009 3:18pm Apr 25, 2009 3:18pm
Pin is sitting on 23.6 fib level, definitely watching this for another run up to .59 - but not an A+ trade. Sweet looking pin though.
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Money & Pain Respect the market, protect your capital, be patient
  • #28,078
  • Apr 25, 2009 8:42pm Apr 25, 2009 8:42pm
Quoting toyboy tramp
Pin is sitting on 23.6 fib level, definitely watching this for another run up to .59 - but not an A+ trade. Sweet looking pin though.
I saw this too. Do I see divergence here as well? If I do see divergence here, have I missed the divergence trade opportunity from the candle indicated by the arrow? BTW, I know that the arrow does not indicate the best PA. I am just trying to understand the concept better. I am just starting to use MACD and am trying to get a handle on the concept. Thanks!

K.I.S.S.
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  • #28,079
  • Apr 25, 2009 8:48pm Apr 25, 2009 8:48pm
Quoting zebulon
What about this weekly PB on EUR/JPY, comfirmed by a daily PB ?

The weekly chart shows a retracement (fib level) and EUR/JPY have now good place to take off. Let's see.
Be careful. You are not looking at a pin bar by the definition as explained here on JAMES16. The close is lower than the previous weeks low.

K.I.S.S.
  • #28,080
  • Apr 25, 2009 8:50pm Apr 25, 2009 8:50pm
please , give me some advice ... Next week ,eurusd will go down again ?
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