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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

  • #29,161
  • May 4, 2009 4:28pm May 4, 2009 4:28pm
Quoting gorubin
I see a nice 2-day Pin on USD/JPY which is also pierced the 61.8 Fib level and was rejected in favor of the down move. The break below of 98.50 (if it happens) will also coincide with the break of the 50 Fib level so this might make for a nice move to the downside.

I really like this trade, the only negatives I see is that it's not at a complete swing high and the first resistance area is not too far around the 38.2 Fib and multiple bar lows. I will be watching this one...

Any opinions?

Rubin.
hello rubin
be careful wit dis one, its more of tmh( two matching high) which signals trend continuation.....best to watch it as it unfolds ....imo
cheers

no reasonable pa on the dailies/weeklies for me
Simplicity is the key to success
  • #29,162
  • May 4, 2009 4:34pm May 4, 2009 4:34pm
Quoting squeezy
no reasonable pa on the dailies/weeklies for me
Nope, me neither.

Cheers
When in doubt, sit on your hands...
  • #29,163
  • May 4, 2009 4:36pm May 4, 2009 4:36pm
Quoting gorubin
I see a nice 2-day Pin on USD/JPY which is also pierced the 61.8 Fib level and was rejected in favor of the down move. The break below of 98.50 (if it happens) will also coincide with the break of the 50 Fib level so this might make for a nice move to the downside.

I really like this trade, the only negatives I see is that it's not at a complete swing high and the first resistance area is not too far around the 38.2 Fib and multiple bar lows. I will be watching this one...

Any opinions?

Rubin.
yeah careful here, this doesn't really jump out as much. It is an inside bar. Today is a slow day, and pushing it to be a 2bar pin is a bit of a stretch. Be patient something will tip its hand

Mike
  • #29,164
  • May 4, 2009 4:42pm May 4, 2009 4:42pm
Quoting markmm
Hi guys,

Nothing much out there on daily, a few pin bars on EUR/CAD AUD but in heavy traffic and looks like a plastic surgeon has performed on their noses. I see a BUOB on EUR/USD but as the previous bar is a Sunday bar and its at swing high Im not sure, therefore no trades for me tonight.
Hi markmm,

I was looking at the BUOB on E/U tonight... I see it engulfing Friday's bar (Sunday's don't show up on my feed). Are you sure that it's not engulfing Friday's on your chart (looks similar to mine)?

If it closes as a BUOB then it closes above 1.3300 which seems like an important level to me (and above a downward trendline and the 50% fib level as shown). If it works out I wouldn't be surprised if we see it reach 1.3650 next - depending on news this week (some big announcements coming up!). What do you think?

Regards,

Dan
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 13 KB
  • #29,165
  • May 4, 2009 5:00pm May 4, 2009 5:00pm
Quoting gorubin
I see a nice 2-day Pin on USD/JPY which is also pierced the 61.8 Fib level and was rejected in favor of the down move. The break below of 98.50 (if it happens) will also coincide with the break of the 50 Fib level so this might make for a nice move to the downside.

I really like this trade, the only negatives I see is that it's not at a complete swing high and the first resistance area is not too far around the 38.2 Fib and multiple bar lows. I will be watching this one...

Any opinions?

Rubin.
It would have a short nose if it was a pin bar compared to the last few bars imo.
  • #29,166
  • May 4, 2009 5:16pm May 4, 2009 5:16pm
A couple of you have mentioned the eur/cad daily pin, but it doesn't seem to be generating much excitement. It's a double bottom and a bounce off some pretty solid support. There is some traffic to work through, though. Am I missing something else?
"A is A"
  • #29,167
  • May 4, 2009 5:24pm May 4, 2009 5:24pm
Quoting catiron
A couple of you have mentioned the eur/cad daily pin, but it doesn't seem to be generating much excitement. It's a double bottom and a bounce off some pretty solid support. There is some traffic to work through, though. Am I missing something else?
Look at how small and tiny and insignificant the bar looks. The good ones will jump out much better at you. Today really seemed like a very slow pause type day

Best
Mike
  • #29,168
  • May 4, 2009 5:36pm May 4, 2009 5:36pm
Quoting toyboy tramp
Anyone still short on the loony? It sliced through the 200 SMA and 38.2 Monthly Fib like they weren't even there, now pushing hard on the inner lower channel...oil is making highs and the $ index is making lows...I'm building longs.

Yes, I will remain short until price dictates otherwise; if one were lomg term bullish, then perhaps a reversal is in order at support. Honestly, I see no evidence from today's action.
  • #29,169
  • Edited 5:54pm May 4, 2009 5:43pm | Edited 5:54pm
Quoting DanUK
Hi markmm,

I was looking at the BUOB on E/U tonight... I see it engulfing Friday's bar (Sunday's don't show up on my feed). Are you sure that it's not engulfing Friday's on your chart (looks similar to mine)?

If it closes as a BUOB then it closes above 1.3300 which seems like an important level to me (and above a downward trendline and the 50% fib level as shown). If it works out I wouldn't be surprised if we see it reach 1.3650 next - depending on news this week (some big announcements coming up!). What do you think?

Regards,

Dan...
Hi Dan,

My mistake, I thought that FXDD included sunday bars, but you are right it is a BUOB with Fridays. One thing though is it closed just below a pivot zone 3420-3500, doesn't have much room to move.

Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #29,170
  • May 4, 2009 5:55pm May 4, 2009 5:55pm
I have yet to trade any IBs live but the one on EURGBP looks like it might be good. It has the smallest range of many bars back. It is right off the 150 ema and .8900.

There are some bar highs that line up at .8988 though. No space and in traffic so I don't think I will take it.

What do you more experienced guys think?
  • #29,171
  • May 4, 2009 5:59pm May 4, 2009 5:59pm
In the process of returning emails from over the weekend (an all day job on mondays) and got to this one.

these always bring a smile to an email weary face.

i applaud those of you that accomplish this. i wonder a lot how many actually follow the minimum requirement outline.



"Just thought i'd send you a quick email to say thanks for all your hours of work helping people you've put in, it really is appreciated. Karma defiantly owes you one!
I've done my 3 months successful consecutive demoing and today I finished my 3 months successful small live account trading so its on to the next step for me.
I hope all is well with you and your family and wish all of you all the best.
Once again thanks for all your help, from a long time thread lurker, thanks!"



THIS PERSON NOW KNOWS THEY CAN DO THIS AND IM NOT SURE WHY BUT I GET A LITTLE CHOKED UP EVERYTIME I SEE IT HAPPEN.



  • #29,172
  • May 4, 2009 6:47pm May 4, 2009 6:47pm
Quoting gorubin
I see a nice 2-day Pin on USD/JPY which is also pierced the 61.8 Fib level and was rejected in favor of the down move. The break below of 98.50 (if it happens) will also coincide with the break of the 50 Fib level so this might make for a nice move to the downside.

I really like this trade, the only negatives I see is that it's not at a complete swing high and the first resistance area is not too far around the 38.2 Fib and multiple bar lows. I will be watching this one...

Any opinions?

Rubin.
The one hour chart has an RSI Positive Reversal (circle). This is true on the daily chart also. The hourly RSI is in an ascending channel meaning the USDJPY is bearish overall but may see a pop to the upside before continuing down. The chart shows the start of the reversal. If the RSI goes through the bottom of the thin red line you should exit and look for a new entry. If RSI continues up, look to exit when RSI hits the top green line. If RSI breaks the upper green line and goes through the heavy red line we may be looking at a new trend.
Paul
You Learn Forex
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY 050309c Entry.jpg Size: 149 KB
  • #29,173
  • May 4, 2009 7:32pm May 4, 2009 7:32pm
Quoting Denarii
I have yet to trade any IBs live but the one on EURGBP looks like it might be good. It has the smallest range of many bars back. It is right off the 150 ema and .8900.

There are some bar highs that line up at .8988 though. No space and in traffic so I don't think I will take it.

What do you more experienced guys think?

I am in that trade too - yes, that should suffice to tell you my opinion!

There is a monthly pin from January. If we are able to sustain that trade a while, there should be a nice weekly support line,

Remember though, Chunnel will eat you up if you are wrong, given the pip value.
  • #29,174
  • May 4, 2009 7:34pm May 4, 2009 7:34pm
Quoting pdean123
The one hour chart has an RSI Positive Reversal (circle). This is true on the daily chart also. The hourly RSI is in an ascending channel meaning the USDJPY is bearish overall but may see a pop to the upside before continuing down. The chart shows the start of the reversal. If the RSI goes through the bottom of the thin red line you should exit and look for a new entry. If RSI continues up, look to exit when RSI hits the top green line. If RSI breaks the upper green line and goes through the heavy red line we may be looking at a new trend.
Paul
You...

RSI? Ain't that one o' them there squiggly lines?
  • #29,175
  • May 4, 2009 7:43pm May 4, 2009 7:43pm
Quoting DanUK
Hi markmm,

I was looking at the BUOB on E/U tonight... I see it engulfing Friday's bar (Sunday's don't show up on my feed). Are you sure that it's not engulfing Friday's on your chart (looks similar to mine)?

If it closes as a BUOB then it closes above 1.3300 which seems like an important level to me (and above a downward trendline and the 50% fib level as shown). If it works out I wouldn't be surprised if we see it reach 1.3650 next - depending on news this week (some big announcements coming up!). What do you think?

Regards,

Dan

http://www.forexfactory.com/attachme...1&d=1241473371...
I am with u..Dan...

Sonic
  • #29,176
  • Edited 10:09pm May 4, 2009 9:43pm | Edited 10:09pm
Quoting Alexandra
RSI? Ain't that one o' them there squiggly lines?
I have been trading James method for over 3 years and have been one of his monthly members twice. RSI (not typical RSI understanding) advanced methods are much different and make a significant contribution to knowing if the price action bars are correct. If you know Positive and Negative Reversals on RSI in conjunction with divergences your price action trading will improve to where you can make 1000 pips a week.
Paul
  • #29,177
  • Edited 10:16pm May 4, 2009 9:55pm | Edited 10:16pm
Quoting pdean123
I have been trading James method for over 3 years and have been one of his monthly members twice. RSI (not typical RSI understanding) advanced methods are much different and make a significant contribution to knowing if the price action bars are correct. If you know Positive and Negative Reversals on RSI in conjunction with divergences your price action trading will improve to where you can make 1000 pips a week.
Paul
http://XXXXXXXXXXXXXXXX

LOL - I was teasing you. Thanks for the reference though!

I do agree that acting on price action does benefit from a limited bit of technical analysis; I don't agree that advanced RSI enables 1000 pips weekly, though, unless it somehow encapsulates a longer term view to your eye. As a quick contrary example, it probably cost you on the recent AUDUSD chart.

Did you seriously just refer our readers to an ebook?? (Sorry - I couldn't help clicking it)
  • #29,178
  • May 5, 2009 2:10am May 5, 2009 2:10am
Quoting sonicdeejay
I am with u..Dan...

Sonic
To clarify the reason I skipped this trade with a chart, the BUOB closed right below a pivot point to the pip,price has been rejected here in the past. Maybe placing a Buy Stop above this would have been an option.
Attached Image (click to enlarge)
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Economists have forecast 9 out of the last 5 recessions
  • #29,179
  • May 5, 2009 5:40am May 5, 2009 5:40am
Hi all...Thoughts on this Pin Bar?
Attached Image (click to enlarge)
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  • #29,180
  • May 5, 2009 6:00am May 5, 2009 6:00am
Quoting Eklavya
Hi all...Thoughts on this Pin Bar?
Very nice but there's resistance at 1.3420 area.
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