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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

  • #33,801
  • Jun 18, 2009 3:39am Jun 18, 2009 3:39am
Quoting Tipers
Alright I got the IBFX data feed open aswell and it doens't show a good pin either...

My Apari demo shows the same as my fxcm aus charts. Could it possibly be a MT4 setting? like moving bar open/closes to australian time and altering all the feeds? (doesn't sound that likely)

Is your chart from FxPro then?
I am not aware that MT4 allows for offsetting the opening of intraday bars. The only charter that I know does this is fxaccucharts, which I still use. I can see all 4 4hr setups at the same time.

Not trying to sell anything...

Off to watch a new movie on the EUR/CAD! Gotta get some early morning popcorn too!

Josh
  • #33,802
  • Jun 18, 2009 3:53am Jun 18, 2009 3:53am
Quoting TiaForex
Jun 17 2005 10:41pm


So in answer to your question in post one James, "What does everyone think?". I think it's pretty damn remarkable.

Happy birthday James16 thread. Writing this has brought tears to my eyes.
Man, I was gonna cry too when I read the answer, awesome post aaron, it's really nice to have you here, this post was spot on, gives the chills when I realize how sincere a person can be.
  • #33,803
  • Jun 18, 2009 3:56am Jun 18, 2009 3:56am
anyone ever play 1h pa before major news release? nice looking 1h pin at 9am bst (4am est). gbp retail sales released at 9:30am bst (4:30am est), results a lot worse than expected. on the 1h tf "price went exactly where we thought it would," for +100 pips.
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  • #33,804
  • Jun 18, 2009 3:56am Jun 18, 2009 3:56am
Quoting rh674
Reading this together with Jarroo's. Now have some idea about location, swing H/L, space, with the trend, fib etc.

I'm glad I'm in this thread.
as Jim would say, dirt simple isnt it.....
Simplicity is the key to success
  • #33,805
  • Jun 18, 2009 3:57am Jun 18, 2009 3:57am
Just a quick question, as a newbie to James16 method. In the chart below, I know it's not a perfect setup- not really at a clear swing high (I didn't take this because of gbp news 20 mins ago), but is it important if there is no length at the other end of the wick to the nose ie when close is right at the bottom of the pinbar? This is called a hammer candlestick I believe. I hope that's clear enough and my chart is showing!

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There is no top. There are always further heights to reach. Jascha Heifetz
  • #33,806
  • Jun 18, 2009 4:01am Jun 18, 2009 4:01am
morning yawl,
.....and i dedicate these breaks to.....JARROO !!!!
i guess this is what you mean by a hard break??!!??
jon
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PATIENCE... DISCIPLINE
  • #33,807
  • Jun 18, 2009 4:02am Jun 18, 2009 4:02am
Ah you saw it too, DKMB! I wouldn't trade so close to news myself as I've been stopped out too many times only to have it reverse back in the original direction...
Carl
There is no top. There are always further heights to reach. Jascha Heifetz
  • #33,808
  • Jun 18, 2009 4:06am Jun 18, 2009 4:06am
Quoting Trader131
Just a quick question, as a newbie to James16 method. In the chart below, I know it's not a perfect setup- not really at a clear swing high (I didn't take this because of gbp news 20 mins ago), but is it important if there is no length at the other end of the wick to the nose ie when close is right at the bottom of the pinbar? This is called a hammer candlestick I believe. I hope that's clear enough and my chart is showing!

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imo it doesnt matter,although the seniors may have different ideas. i think of it as just the timing of the bar close. sometimes the momentum is such that no retrace will happen and price will just drop from the bar highs and keep going(as in this case)or it may break the pin and then retrace a little(which would make the pin look more"normal" if time would have chopped the bars a little different)
hope this helps
jon
PATIENCE... DISCIPLINE
  • #33,809
  • Jun 18, 2009 4:07am Jun 18, 2009 4:07am
Quoting dkmb92
anyone ever play 1h pa before major news release? nice looking 1h pin at 9am bst (4am est). gbp retail sales released at 9:30am bst (4:30am est), results a lot worse than expected. on the 1h tf "price went exactly where we thought it would," for +100 pips.
lets make that 200!!
PATIENCE... DISCIPLINE
  • #33,810
  • Jun 18, 2009 4:13am Jun 18, 2009 4:13am
Thanks Jon, that's makes good sense. Lots of momentum makes for a great pinbar.

Carl
There is no top. There are always further heights to reach. Jascha Heifetz
  • #33,811
  • Jun 18, 2009 4:27am Jun 18, 2009 4:27am
Quoting Trader131
Thanks Jon, that's makes good sense. Lots of momentum makes for a great pinbar.

Carl
while were on the subject i would just add that its the upper shadow that is important (as you know) for me its important to have a long shadow above(assuming a bearish pinbar), as that means price has been pushed high enough to see there is no more bulls coming into the market and the fact that this range is reversed in the same bar(making the shadow) confirms the lack of orders at those prices.I think of it like the game we used to play as kids where we would all line up and pretend to start a race but nobody,but the unsuspecting few, would bother to start running when the start was called.that left most of us laughing at the few who took of madly down the road lol. ( i dont know why we found this funny but it still makes me smile hehe)Therefore to me the shorter the shadow the less convincing the reversal/retrace as we are getting less and less info. This is why the location is so important, it makes the retrace viable. hope this makes sense??
cheers
jon
PATIENCE... DISCIPLINE
  • #33,812
  • Jun 18, 2009 4:42am Jun 18, 2009 4:42am
Quoting dkmb92
anyone ever play 1h pa before major news release? nice looking 1h pin at 9am bst (4am est). gbp retail sales released at 9:30am bst (4:30am est), results a lot worse than expected. on the 1h tf "price went exactly where we thought it would," for +100 pips.
dkmb92,
if u know what u are doing (knowing J16 gives one a big advantage), if u are prepared (mentally; trade-plan wise) prior that news release, if u got fast hands & brain, if u got a reliable broker to trade with, i see no problem trading it.
Although in general, it's better to refrain from news-trading to avoid the risk of whipsaw.
  • #33,813
  • Jun 18, 2009 4:53am Jun 18, 2009 4:53am
Quoting Trader131
Just a quick question, as a newbie to James16 method. In the chart below, I know it's not a perfect setup- not really at a clear swing high (I didn't take this because of gbp news 20 mins ago), but is it important if there is no length at the other end of the wick to the nose ie when close is right at the bottom of the pinbar? This is called a hammer candlestick I believe. I hope that's clear enough and my chart is showing!
Trader131,
looking exclusively at your H1 chart, price is in a range, but the PB is near the highs.
Regarding your concern above, i believe it's a better PB if it has no wick below/close is right at the bottom. closing right at the bottom means sellers brought price down & won til that bar closed (u can check M30 chart to see how this exactly unfolded) --- very bearish omen(for that bar at least). as u saw, the next bar was a huge drop, a continuation selling.

If u would also put a down-sloping trendline starting from the June11 highs, u will see price had breached that trendline, a HEAD-FAKE/FAKE-OUT (probably some buyers buying ahead of the news release but overcome & met with a lot of sellers), followed by the huge downmove (news release pessimists & sellers, several of whom i believe are lurkers here & one person is named g_j_hook@yah ).

Hope this helps.
  • #33,814
  • Jun 18, 2009 4:57am Jun 18, 2009 4:57am
Quoting g_j_hook@yah
morning yawl,
.....and i dedicate these breaks to.....JARROO !!!!
i guess this is what you mean by a hard break??!!??
jon
what can i say, jon.
No need to zoom in on your chart. it's so bloody red!

if u also noticed in your H1 chart, there were 17 very small H1 bars, almost always an omen of a storm brewing (possible pending breakout), which eventually u took advantage of. Nice
  • #33,815
  • Jun 18, 2009 5:01am Jun 18, 2009 5:01am
Quoting supremeChaos
Trader131,
looking exclusively at your H1 chart, price is in a range, but the PB is near the highs.
Regarding your concern above, i believe it's a better PB if it has no wick below/close is right at the bottom. closing right at the bottom means sellers brought price down & won til that bar closed (u can check M30 chart to see how this exactly unfolded) --- very bearish omen(for that bar at least). as u saw, the next bar was a huge drop, a continuation selling.

If u would also put a down-sloping trendline starting from the June11 highs,...
lol..
thats actually how i played them .for me they were a kinda false break setup
jon
PATIENCE... DISCIPLINE
  • #33,816
  • Jun 18, 2009 5:13am Jun 18, 2009 5:13am
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  • #33,817
  • Jun 18, 2009 5:18am Jun 18, 2009 5:18am
Quoting rh674
Warm feeling overwhelmed me.
Thank you, Gov! Gov's answer, I had printed out and trying to chew it and digest it so as to not to enter a trade within traffic.
Also notice 4fun's chart.
Want to thank Jarroo. Jarroo had iilustrated the point that I totally missed out...
SupremeChaos: I must thank you because I found when I post I learn faster and better than just read. Big smiling...
rh674,
Glad i egged u on to post more here.
Now u see why it's beneficial.

when u post, with or without a chart (better with a chart), u think & analyze more carefully --- u tend to focus more. so in effect, like u said u learn more & faster. the lurkers & other readers learn too.
  • #33,818
  • Jun 18, 2009 5:33am Jun 18, 2009 5:33am
I am curious if you guys see the last hours pin bar (at the low) on the GU hourly as a good Buy signal

OR

Since we just had a pin bar at the high 3 hours ago (and a huge move down) this new pin bar is invalidated?
  • #33,819
  • Jun 18, 2009 5:36am Jun 18, 2009 5:36am
Quoting C_g
I am curious if you guys see the last hours pin bar (at the low) on the GU hourly as a good Buy signal

OR

Since we just had a pin bar at the high 3 hours ago (and a huge move down) this new pin bar is invalidated?
Just be careful with this one. The nose of it is very very small compared to the previous bear bar and may just act as a slight stall. Having said that I haven't traded around news times as of yet and I'm not sure if that should effect the analysis
  • #33,820
  • Edited 6:00am Jun 18, 2009 5:41am | Edited 6:00am
Quoting C_g
I am curious if you guys see the last hours pin bar (at the low) on the GU hourly as a good Buy signal

OR

Since we just had a pin bar at the high 3 hours ago (and a huge move down) this new pin bar is invalidated?
iv been watching these 1h pins fail all week and one or two have been posted here.In my experience after a strong down/up swing ,even of a few bars, price will take a few bars to actually reverse on this time frame(if it is going to!) often (too often)you will see a bar like this break for a few pips and reverse past its highs/lows only to see another pin form a bar or two later which would have payed off(news or no news). this is a real time example of why the higher TFs rule.one bar on the daily or even 4h TF eats all this noise in its stride and gives a much more reliable set-up. just mo
jon
PATIENCE... DISCIPLINE
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