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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

  • #38,001
  • Jul 19, 2009 9:42pm Jul 19, 2009 9:42pm
I like the looks of this EJ 2 week PB...Buy Stop on break of 134.30

Seems like we have a bounce off of the 130.95 monthly support in conflunce with the 38.2% - 50% fib retrace on swing low of minor bull trend (does that make sense to you?). Also, seems like we have a 679 pip window of opportunity to long the EJ with 1st Target at the 140.92 monthly resistance level, which just happens to be a 50% fib retrace of swing high on major bear trend...

Of course all critiques are welcome...(but I really like this 2 week PB).

GregB
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  • #38,002
  • Jul 19, 2009 10:29pm Jul 19, 2009 10:29pm
Quoting batesmotel
That's easy!

Solution: Move to Uruguay...set up an FX company in the Isle of Man (Free Port)...pay 10% tax....and Bob's your Uncle!! Simple really....

GregB

PS Don't forget to pay "cash" for everything in Uruguay...also, make sure you rub shoulders with the Uruguayan politicians (it may be necessary to grease a few palms..$$)...and whatever you do....DON'T sleep with the President's daughter!!

Not that easy to just up in move, if it was lots of people would be doing it. I pay about 28% in taxes after my CPA and my business I trade through, not too bad really. And to the people who said just setup a offshore company and trade with it good luck with that. Do you really think the IRS and such is that stupid?
Keep taking CT trades, I need more money
  • #38,003
  • Jul 19, 2009 10:30pm Jul 19, 2009 10:30pm
Hate these early Monday mornings...

Price just seems to flow through a vacuum.

Failed IPBs on all yen crosses.

One reason I never take any trades early on a Monday except on the weekly, where your stops can accommodate this early buffoonery...

Ghous.
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I believe . . .
  • #38,004
  • Jul 19, 2009 10:34pm Jul 19, 2009 10:34pm
Quoting Ryanmcd
Not that easy to just up in move, if it was lots of people would be doing it. I pay about 28% in taxes after my CPA and my business I trade through, not too bad really. And to the people who said just setup a offshore company and trade with it good luck with that. Do you really think the IRS and such is that stupid?
Who says that you must remain a US citizen? The IRS can stick it where the sun don't shine. "Incognito" is my middle name...

GregB
  • #38,005
  • Jul 19, 2009 10:36pm Jul 19, 2009 10:36pm
Quoting ghous
Hate these early Monday mornings...

Price just seems to flow through a vacuum.

Failed IPBs on all yen crosses.

One reason I never take any trades early on a Monday except on the weekly, where your stops can accommodate this early buffoonery...

Ghous.
Does that mean you got stopped out? happens to the best of us (especially me).

GregB
  • #38,006
  • Jul 19, 2009 10:45pm Jul 19, 2009 10:45pm
Quoting ghous
Hate these early Monday mornings...

Price just seems to flow through a vacuum.

Failed IPBs on all yen crosses.

One reason I never take any trades early on a Monday except on the weekly, where your stops can accommodate this early buffoonery...

Ghous.
Isn't it a bank holiday in Japan? That might be a consideration.
  • #38,007
  • Jul 19, 2009 10:48pm Jul 19, 2009 10:48pm
Quoting Lou
Isn't it a bank holiday in Japan? That might be a consideration.
Is it?

lol!
I believe . . .
  • #38,008
  • Jul 19, 2009 10:57pm Jul 19, 2009 10:57pm
Quoting ghous
Is it?

lol!
Yes, I heard they're observing Marine day?
Ghost Rider - WWTBMD?
  • #38,009
  • Jul 19, 2009 11:01pm Jul 19, 2009 11:01pm
Here is a quick 'day-trading-off-the-daily' trade (as Jim calls it) I took. Two pin bars off a big round number after a break of the round number. Took full profit at the first resistance area-- roughly +45pips.
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  • #38,010
  • Jul 19, 2009 11:04pm Jul 19, 2009 11:04pm
Quoting vijay s.
Here is a quick 'day-trading-off-the-daily' trade (as Jim calls it) I took. Two pin bars off a big round number after a break of the round number. Took full profit at the first resistance area-- roughly +45pips.
Hey Vijay

Well done, but just to clarify for yourself and others, this is actually two consecutive insidebars. This shows price consolidating up so a breakout is usually a good bet. They are both in the shape of a pin, but technically speaking not pins. Often times though the look of a pin can help indicate potential breakout. Just wanted to clarify for those that are new.

Well done I like the lines on your chart
Mike
  • #38,011
  • Jul 19, 2009 11:06pm Jul 19, 2009 11:06pm
Quoting mbqb11
Hey Vijay

Well done, but just to clarify for yourself and others, this is actually two consecutive insidebars. This shows price consolidating up so a breakout is usually a good bet. They are both in the shape of a pin, but technically speaking not pins. Often times though the look of a pin can help indicate potential breakout. Just wanted to clarify for those that are new.

Well done I like the lines on your chart
Mike
Good point Mike... I didn't even view it like that. I actually pay more attention to how bars react at certain areas than the actual shape. But yes, sorry did not mean to mislead...those technically are NOT pin bars since they did not extend below the previous bar. Sorry for the confusion.
  • #38,012
  • Jul 19, 2009 11:08pm Jul 19, 2009 11:08pm
Mike is correct, also when identifying pin bars you ideally want to see them at swing highs and lows so a swing low to go long, swing high to go short...

so yeah you could have traded this as 2 IB breakout off the 95.00..

just a clarification, well done
Grabbing the bull by the horns!
  • #38,013
  • Jul 19, 2009 11:58pm Jul 19, 2009 11:58pm
well the aussie turned from a buy back to a short. 4h pin with divergence...hanging on to being a true pinbar by a pip or two.
  • #38,014
  • Edited 12:43am Jul 20, 2009 12:22am | Edited 12:43am
Hi mbqb11,

Thanks a lot for your videos on james16 site. I understand most of your material, except this one. You went against a Pinbar during a post-breakout pullback trade. And you was right that the Pinbar was not successful in making a second pullback. Personally, I find it is hard to go against a pinbar.

Do you mind explaining a bit.

Many thanks,

kk007
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  • #38,015
  • Jul 20, 2009 12:50am Jul 20, 2009 12:50am
Quoting kk007
Hi mbqb11,

Thanks a lot for your videos on james16 site. I understand most of your material, except this one. You went against a Pinbar during a post-breakout pullback trade. And you was right that the Pinbar was not successful in making a second pullback. Personally, I find it is hard to go against a pinbar.

Do you mind explaining a bit.

Many thanks,

kk007
Hey KK

Based on my picture and drawings(although i don't remember specifically this trade), it is based on my breakout trading. This is where I am waiting for price to breakout of a pattern, and upon the pullback am looking to enter the trade. So in this case the trade was to go short off that BEB looking bar. That pinbar, is the bar after I was already short, and then of course it was using my trade mgmt to exit the trade. The trade mgmt for my breakouts is usually something to let things run(since it is a breakout), a common tool I use is that volatility indicator the BAT.

Hope that helps

Mike
  • #38,016
  • Jul 20, 2009 12:58am Jul 20, 2009 12:58am
Quoting mbqb11
Hey KK

Based on my picture and drawings(although i don't remember specifically this trade), it is based on my breakout trading. This is where I am waiting for price to breakout of a pattern, and upon the pullback am looking to enter the trade. So in this case the trade was to go short off that BEB looking bar. That pinbar, is the bar after I was already short, and then of course it was using my trade mgmt to exit the trade. The trade mgmt for my breakouts is usually something to let things run(since it is a breakout), a common tool I use is that...

Thanks a lot Mike for your quick and clear reply. Now, I understand you decision process. Cheers,

kk
  • #38,017
  • Jul 20, 2009 2:38am Jul 20, 2009 2:38am
Hi guys,

Any thought on JPY? all JPY are looking juicy to go long.....
-happyTrading-myFx.
  • #38,018
  • Jul 20, 2009 2:52am Jul 20, 2009 2:52am
Quoting myfx
Hi guys,

Any thought on JPY? all JPY are looking juicy to go long.....

Yeah, all are going up but what type of entry are you looking at to go long? Do you see some PA on the lower TF's?
A lawn mower is not an effective tool to pick-up dog poop!
  • #38,019
  • Jul 20, 2009 3:07am Jul 20, 2009 3:07am
Quote
Hate these early Monday mornings...
Price just seems to flow through a vacuum.
Failed IPBs on all yen crosses.

ghous,
yes, these are several instances wherein IPBs are PBs.... meaning they are literally PBs, not IPBs. in these particular cases, these PBs are working as continuation PBs (continuation of current trend, which is up).

as with most cases, it would be best to check the overall trend when placing trades/orders.

Thanks for sharing
  • #38,020
  • Jul 20, 2009 3:09am Jul 20, 2009 3:09am
Daily Pin to short.

4hour pins to short too!
High Probty! =)
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