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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

  • #39,661
  • Aug 2, 2009 1:43am Aug 2, 2009 1:43am
I am considering going long.
There is a very nice pin bar bouncing off a confluence of 61.8 fib ret, 365ema, 150ema, and a major PPZ on the monthly chart.

I have then zoomed into the weekly and there as well is a pin bar bouncing off confluence which IMO helping with making a smaller stop.

ok we are not on swing highlow...maybe we will be their within a couple of years lol..this is the monthly chart.

There is a strong barrier the price must pass though before going long. I have highlighted another major PPZ which is forming above the pin bar. I won't enter long until it breaks that area. If it do breaks it, high chance it will act as support and we are safe (thank you jim and mike).

I have made a several pics for doing it clearer...hope it's ok.

Now help me find reasons why NOT taking that trade! http://forums.babypips.com/images/smilies/wink.gif

Ben
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  • #39,662
  • Aug 2, 2009 2:42am Aug 2, 2009 2:42am
Quoting benji533

I have made a several pics for doing it clearer...hope it's ok.

Now help me find reasons why NOT taking that trade! http://forums.babypips.com/images/smilies/wink.gif

Ben
You'll find enough if you look carefully...

Against the trend,

50 fib in the way

BIG 91 ppz (marked in yellow on my chart)

Most important of them all..."NOT AT A SWING HIGH/LOW OR AT A MAJOR PULLBACK"

Notice how this could be a great location for a bearish pin bar...which makes me think...

If a particular location is great for a bearish pin bar could it be just as good for a bullish pin bar? ...don't think so...

Could this be looked upon as bearish IPB?...pretty much YES!

Just MY opinion on the setup...

Ghous.
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I believe . . .
  • #39,663
  • Aug 2, 2009 2:47am Aug 2, 2009 2:47am
Cad/Jpy,

Possible double top indicated by a halt bar (doji) exactly like I like it, cute and small in appearance...at a confluence with the 50 fib.


Ghous.
Attached Image
I believe . . .
  • #39,664
  • Edited 3:54am Aug 2, 2009 3:31am | Edited 3:54am
Quoting ghous
You'll find enough if you look carefully...

Against the trend,

50 fib in the way

BIG 91 ppz (marked in yellow on my chart)

Most important of them all..."NOT AT A SWING HIGH/LOW OR AT A MAJOR PULLBACK"

Notice how this could be a great location for a bearish pin bar...which makes me think...

If a particular location is great for a bearish pin bar could it be just as good for a bullish pin bar? ...don't think so...

Could this be looked upon as bearish IPB?...pretty much YES!

Just MY opinion on the setup...

Ghous....
Ghoust, your opinion is indeed important. Learning from corrections of experienced traders is a great way to improve. Thanks.

I just want to comment on your points.

1) You have pullet the fib lines from another location. In my chart is looks good.
So how do you know which one of those fib locations is better?

2) Maybe it's weird, but I see an uptrend . You say that the price just pulled back from a major downtrend. If you will look a bit back in time around 1998 on the chart...you will see that there was a large and strong historic downtrend. Latter came a strong uptrend which wasn't a kind of a pull back...but a strong uptrend (of course the price always makes pullbacks, but not such major pullbacks like it is doing currently). That makes me think it's a uptrend and not just a pullback.
But of course, we can never know....
Edit: Just edited point 2 to correct and explain myself better.

3) Maybe it's material that I am still not familiar with...but what is a IPB? are you meaning "inverted pin bar"? Sorry, I am quite new to forex (6 weeks). I will be glad if you can please explain what is the meaning of that (I mean the effect on the price). How can you just turn a pin bar and look at it as a bearish pin bar.

4) I have stressed in my previous post that I will enter long only after a breakout of the 91 PPZ ( I have even said 91.7). So I am aware of that strong PPZ. If the price will break it as I think, that PPZ will act as a strong support area. That's the reason I will enter only after a breakout of that line. Talking about pullbacks....maybe a breakout of that PPZ will confirm an uptrend instead of a pullback?
Just a newbie thought of course.

By the way I agree that it's not located on a swing low/high...I have mentioned it also myself. But if we will wait only for swings on the monthly, we will need to wait at least a few years.

Thanks again for your comments buddy and take care,

Ben
  • #39,665
  • Aug 2, 2009 4:41am Aug 2, 2009 4:41am
Ghoust, your opinion is indeed important. Learning from corrections of experienced traders is a great way to improve. Thanks.

I just want to comment on your points.

1) You have pullet the fib lines from another location. In my chart is looks good.
So how do you know which one of those fib locations is better?

Neither of us is wrong. My fibs were pointing at the recent dominant down trend and you pointed out at the overall up trend. I used the location I used because it was better lined up with the current price action...

As long as your fibs are drawn from and to a distinct Swing high/low they are always valid.

2) Maybe it's weird, but I see an uptrend . You say that the price just pulled back from a major downtrend. If you will look a bit back in time around 1998 on the chart...you will see that there was a large and strong historic downtrend. Latter came a strong uptrend which wasn't a kind of a pull back...but a strong uptrend (of course the price always makes pullbacks, but not such major pullbacks like it is doing currently). That makes me think it's a uptrend and not just a pullback.
But of course, we can never know....
 Edit: Just edited point 2 to correct and explain myself better.

Yeah I understand, but even if you consider the entire up trend and the bullish pin bar you still don't end up at a good enough location...the yellow square I marked on my chart is where this pin bar would have held some reasonable weight, and then you could have looked at it as "a bullish pin bar with the overall up trend"

3) Maybe it's material that I am still not familiar with...but what is a IPB? are you meaning "inverted pin bar"? Sorry, I am quite new to forex (6 weeks). I will be glad if you can please explain what is the meaning of that (I mean the effect on the price). How can you just turn a pin bar and look at it as a bearish pin bar.

Here you go. (A post where I introduced the IPB in great detail) let me know through pm or at the thread if you have further questions...(or you could read through my posts.

IPB Introduction

4) I have stressed in my previous post that I will enter long only after a breakout of the 91 PPZ ( I have even said 91.7). So I am aware of that strong PPZ. If the price will break it as I think, that PPZ will act as a strong support area. That's the reason I will enter only after a breakout of that line. Talking about pullbacks....maybe a breakout of that PPZ will confirm an uptrend instead of a pullback?
Just a newbie thought of course.

Right. and BTW your thought process is already very very mature for a 6 week old newbie...carry on like this and you'll be going a long long way

By the way I agree that it's not located on a swing low/high...I have mentioned it also myself. But if we will wait only for swings on the monthly, we will need to wait at least a few years.

Not exactly, Swing highs are great locations but you can also trade them (pin bars and other PA bars) at pull backs with enough supporting confluences...and then again with time you will have the added advantage of hunting the lower tfs too so you don't really have to wait for years for a trade.

In fact one of your major concerns when starting off would be the battle with over trading. trust me.

Thanks again for your comments buddy and take care,

No worries bro...happy to be of some minor assistance.

Ben

Ghous.
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I believe . . .
  • #39,666
  • Aug 2, 2009 5:48am Aug 2, 2009 5:48am
Hi Gouse,

Since following the thread, I have become more and more interested in your method of analysis and trade execution. Do you have any suggested links to a synopsis of the way you setup,analyze and execute within J16 thread or elsewhere.

If not i will continue to go through the thread picking up your golden pieces of trading wisdom!

Many many thanks................

P.S also did you get ur place at Nottingham uni? (seen from a different thread you started).

Revstar
  • #39,667
  • Aug 2, 2009 6:11am Aug 2, 2009 6:11am
Quote
Very nice motivation/inspiration.
better present him soon to your wife's folks back here in the Philippines http://www.forexfactory.com/t/2331/i...m/big_grin.gif

yes we are planning to go there for christmas time. Maybe even stay for the fiesta in January
  • #39,668
  • Aug 2, 2009 6:16am Aug 2, 2009 6:16am
Quote
Cad/Jpy,

Possible double top indicated by a halt bar (doji) exactly like I like it, cute and small in appearance...at a confluence with the 50 fib.

ghous i have a total newbie question for you. when you refer to a "double top" what exactly does that mean?

is it like a tbh or is it because 2 candles at differnt times made the same high?

the reason im confused is because in your cadjpy chart i see 3 bars touching that 87.80 area highlighted and if i look to the left i see another bounce off of that area.

maybe i answered my own question is a double top when price revisits an area 2 distinctively different times even if at these times more than one bar touches??

sorry for the newb question i just want to understand, thanks john


Edit: btw great lesson on ipb's
  • #39,669
  • Aug 2, 2009 6:28am Aug 2, 2009 6:28am
Quoting johnnykanoo
ghous i have a total newbie question for you. when you refer to a "double top" what exactly does that mean?

is it like a tbh or is it because 2 candles at differnt times made the same high?

the reason im confused is because in your cadjpy chart i see 3 bars touching that 87.80 area highlighted and if i...
Yes, the double top is a price pattern formed when PA cannot make a higher high from peak to peak...since it is forming right at a major Resistance level (89.08), there is a nice probability of a reversal here. Although there doesn't seem to be a candle reversal PA on the daily.

Notice the the CADJPY made a lower low on it's last swing low (compared to the previous 4 higher lows and higher highs)....this is interesting...another sign of the end of the up trend.

So, the CADJPY has already made a lower low and has possibly failed to make a higher high....a classic symptom for a change in sentiment.

GregB
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  • #39,670
  • Aug 2, 2009 6:37am Aug 2, 2009 6:37am
Quoting Revstar
Hi Gouse,

Since following the thread, I have become more and more interested in your method of analysis and trade execution. Do you have any suggested links to a synopsis of the way you setup,analyze and execute within J16 thread or elsewhere.

If not i will continue to go through the thread picking up your golden pieces of trading wisdom!

Many many thanks................

P.S also did you get ur place at Nottingham uni? (seen from a different thread you started).

Revstar
Hey,

Again, Gouse? lol

Replace the B in Boss with G and you're close to the actual pronunciation.

I am planning to launch a private forum some time next week where I'll compile all my posts and take my fan house along with me...don't worry it won't be expensive. uh oh Jim, you also don't worry you'll get the reward too, cuz guess what? I'll have your entire PF title with the link and all on the VERY first page! happy?



Jokes aside really I deserve no credit what so ever

if there's anybody out there you could thank, it has to be the Jims and Mike and Raczekfx and SL and Bemac and Wizard and and many many more seniors...From the core of my heart..."I owe my everything to them"

Sorry you'll just have to go through my posts and stuff, and thankx for respect beyond what I deserve sir.

Oh and yeah I am not at Nottingham. I was admitted there but was never able to afford it. (I am still in Pakistan with plans of studying at one of the better universities till at least my first degree)

Cheers.
Ghous.
I believe . . .
  • #39,671
  • Aug 2, 2009 6:39am Aug 2, 2009 6:39am
Quoting johnnykanoo
ghous i have a total newbie question for you. when you refer to a "double top" what exactly does that mean?

is it like a tbh or is it because 2 candles at differnt times made the same high?

the reason im confused is because in your cadjpy chart i see 3 bars touching that 87.80 area highlighted and if i look to the left i see another bounce off of that area.

maybe i answered my own question is a double top when price revisits an area 2 distinctively different times even if at these times more than one bar touches??

sorry for the newb question...
Thnx John,

I was abt to explain until I saw the post from the Motel guy.

Well said Bates

Ghous.
I believe . . .
  • #39,672
  • Aug 2, 2009 6:43am Aug 2, 2009 6:43am
Quoting ghous
Thnx John,

I was abt to explain until I saw the post from the Motel guy.

Well said Bates

Ghous.
Sorry if I stepped on your toes, I wasn't sure if you were online at your computer, so I just typed a short explanation on Double Tops...

What do you think of this setup on the CADJPY anyway? Doesn't look like there is any obvious PA to me....

GregB
  • #39,673
  • Aug 2, 2009 6:47am Aug 2, 2009 6:47am
Quoting batesmotel
Sorry if I stepped on your toes, I wasn't sure if you were online at your computer, so I just typed a short explanation on Double Tops...

What do you think of this setup on the CADJPY anyway? Doesn't look like there is any obvious PA to me....

GregB
Not any typical J16 PA,

If you follow my posts I tend to trade "price action" in general in addition to pure J16 stuff...

We don't have a pin bar or outside/inside bar but we do have what's considered a good "halt" signal in the price bar world - A DOJI.

G.
I believe . . .
  • #39,674
  • Aug 2, 2009 7:02am Aug 2, 2009 7:02am
Quoting ghous
Not any typical J16 PA,

If you follow my posts I tend to trade "price action" in general in addition to pure J16 stuff...

We don't have a pin bar or outside/inside bar but we do have what's considered a good "halt" signal in the price bar world - A DOJI.

G.
Here's an example...

When with the trend they can work out sweeettt!!
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I believe . . .
  • #39,675
  • Aug 2, 2009 7:26am Aug 2, 2009 7:26am
Embarrassed....

My apologies Ghous.... thanks for the pointers though, cant wait for your pf..


on a side note, I think uni fees for students from outside the UK are ridiculously expensive... imo..

many thanks
revstar

Quoting ghous
Hey,

Again, Gouse? lol

Replace the B in Boss with G and you're close to the actual pronunciation.

I am planning to launch a private forum some time next week where I'll compile all my posts and take my fan house along with me...don't worry it won't be expensive. uh oh Jim, you also don't worry you'll get the reward too, cuz guess what? I'll have your entire PF title with the link and all on the VERY first page! happy?



Jokes aside really I deserve no credit what so ever

if there's anybody out there you could...
  • #39,676
  • Aug 2, 2009 7:42am Aug 2, 2009 7:42am
Quoting ghous
Cad/Jpy,

Possible double top indicated by a halt bar (doji) exactly like I like it, cute and small in appearance...at a confluence with the 50 fib.


Ghous.

Ghous, how would you enter this trade? Should it be at the low of the bar which is 161 pips away from close or at the close of the bar?

Thank you.
  • #39,677
  • Aug 2, 2009 8:10am Aug 2, 2009 8:10am
Quoting nicole99
Ghous, how would you enter this trade? Should it be at the low of the bar which is 161 pips away from close or at the close of the bar?

Thank you.
I've taken a few at the doji close but quite honestly, I think waiting for the break is the safest way to play them...

Also as a reminder make sure you've done enough back testing and demoing before you risk real money with anything new...

Ghous.
I believe . . .
  • #39,678
  • Aug 2, 2009 8:11am Aug 2, 2009 8:11am
Quoting Revstar
Embarrassed....

My apologies Ghous.... thanks for the pointers though, cant wait for your pf..


on a side note, I think uni fees for students from outside the UK are ridiculously expensive... imo..

many thanks
revstar
Don't tell me you took it seriously! lol

I WAS KIDDING!

I have no intentions of opening a private paid forum, not in a million years. lol

Ghous.
I believe . . .
  • #39,679
  • Aug 2, 2009 8:40am Aug 2, 2009 8:40am
Quoting ghous
Don't tell me you took it seriously! lol

I WAS KIDDING!

I have no intentions of opening a private paid forum, not in a million years. lol

Ghous.
Oh come on buddy, I think you SHOULD open a PF. You could call it Ghous The Boss Trading or sometning like that.....

Has a nice ring to it don't ya think?...
Ghost Rider - WWTBMD?
  • #39,680
  • Aug 2, 2009 8:59am Aug 2, 2009 8:59am
Quoting albchr
Oh come on buddy, I think you SHOULD open a PF. You could call it Ghous The Boss Trading or sometning like that.....

Has a nice ring to it don't ya think?...
Damn,

That DOES have a nice ring to it doesn't it ? !


Be the Boss of the Forex markets !

Work from home at forex with Ghous the boss and be your own boss !

The Boss teaches you to be the boss !



I'd pay for stuff with those kind of taglines
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