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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

  • #39,761
  • Aug 3, 2009 7:43am Aug 3, 2009 7:43am
Quoting supremeChaos
From what i know, IBFX, & many others, do not.
u might have overlooked Forex UA i mentioned in that post.
so far, from what i know, only Forex UA & Broco MT4 have USDX. while Sig MT4 has USDLFX not USDX.
see my post back in April for the URLs/websites.
Nice...works great...thanx. GregB
  • #39,762
  • Aug 3, 2009 7:57am Aug 3, 2009 7:57am
Quoting salisa
what is the thinking on a bar like this... I would steer clear due to the traffic and the position but it looks very pinnish - would anyone play this and why?
Good eye salisa!
ideally we want PA setups at extreme swing highs/lows.
but imho, i can look at this PB to be at a lower swing high (on weekly chart; i say lower swing high since i'm expecting a further downmove).
looking at usdchf charts, it seems it has been in a range since Late May/early june. if $ bearishness continues, this may initially revisit 1.0250 - 1.05 area. possibly stops &/or sell stops around 1.0550 - 1.06 will trigger the possible fall. (the low of this May-July range in IBFX is 1.0589)

since i'm on a small account, i can't take this weekly PB on live. i'll try it on demo. but if i get a chance at an entry on M30-H4 charts, then i'll take this live. it'll also be great if i can short this at a better price, around 1.07 - 1.09 area.
Thanks, i'll try & monitor this pair.

(btw, on IBFX, monthly chart, there's a 2-bar PB too. possibly a continuation PB, that is a downtrend continuation PB)
  • #39,763
  • Aug 3, 2009 8:01am Aug 3, 2009 8:01am
Quoting salisa
what is the thinking on a bar like this... I would steer clear due to the traffic and the position but it looks very pinnish - would anyone play this and why?
Technically, this is a bearish pin bar, not one that I would play though because it is at a swing low. J16 method teaches us to play bearishPBs at swing highs and bullish PBs at swing lows. Althought you don't want to take a position based on this PB, you can use the price action as information to what way the USD/CHF is going to break.

Ross
  • #39,764
  • Aug 3, 2009 9:26am Aug 3, 2009 9:26am
For those that are learning a more advanced method - where you have PA on daily/weekly and use intraday PA to enter on retrace:

Pinbar on hourly after 61FIB and hourly ppz. Using weekly Pinbar to give reason to consider it... I did not take this trade as I am still in the early stages of learning to trade intraday...This is an advanced way to trade this method and should not be considered until one has proven abilities on daily/weekly timeframes.

Josh

EDIT:
- first chart is weekly... second is 1hr.
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  • #39,765
  • Aug 3, 2009 9:40am Aug 3, 2009 9:40am
Haha! I missed the Rac style trade. Makes me wonder if he nailed this one. I had a short entry at 95.40. Oh well! Next!

K.I.S.S.
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  • #39,766
  • Aug 3, 2009 10:08am Aug 3, 2009 10:08am
Quoting supremeChaos
Good eye salisa!
ideally we want PA setups at extreme swing highs/lows.
but imho, i can look at this PB to be at a lower swing high (on weekly chart; i say lower swing high since i'm expecting a further downmove).
looking at usdchf charts, it seems it has been in a range since Late May/early june. if $ bearishness continues, this may initially revisit 1.0250 - 1.05 area. possibly stops &/or sell stops around 1.0550 - 1.06 will trigger the possible fall. ...

thanks supreme for the feedback
looking quite interesting now.... but still not sure how I would have set up the trade if I had wanted to get in earlier today!
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  • #39,767
  • Aug 3, 2009 10:13am Aug 3, 2009 10:13am
Quoting KissFan
Haha! I missed the Rac style trade. Makes me wonder if he nailed this one. I had a short entry at 95.40. Oh well! Next!

K.I.S.S.
Hi Kiss

How do u get them gartley patterns on your charts, u have an indicator that does them automatically or something ?
  • #39,768
  • Aug 3, 2009 10:33am Aug 3, 2009 10:33am
Quoting Billy73
Hi Kiss

How do u get them gartley patterns on your charts, u have an indicator that does them automatically or something ?
Just sent you a PM.

K.I.S.S.
  • #39,769
  • Aug 3, 2009 10:38am Aug 3, 2009 10:38am
Quoting KissFan
I have said this before but will make the observation again for the newer traders here....
great post kiss hope others don't miss it so here is a bump!
  • #39,770
  • Aug 3, 2009 10:48am Aug 3, 2009 10:48am
Quoting mbqb11
great post kiss hope others don't miss it so here is a bump!

Yo Mikey! Thanks for the compliment. Coming from you it means a great deal to me. Just trying to give back when I can. I've already "been there-lost money" . It's my attempt to keep the pain level low here on J16.

K.I.S.S.
  • #39,771
  • Aug 3, 2009 10:50am Aug 3, 2009 10:50am
Quoting KissFan
Yo Mikey! Thanks for the compliment. Coming from you it means a great deal to me. Just trying to give back when I can. I've already "been there-lost money" . It's my attempt to keep the pain level low here on J16.

K.I.S.S.
you sound like a dentist!
  • #39,772
  • Aug 3, 2009 10:53am Aug 3, 2009 10:53am
Quoting KissFan
I have said this before but will make the observation again for the newer traders here....
can i use this and ask a question abt divergence?
when does the divergence end(ie. not in effect any more)?
div. is say price made higher high, but indicator made lower high. so is it like when higher highs back in sync between price and indicator, then we can see divergence is ended? this has been bugging me long time. thanks in advance.
  • #39,773
  • Aug 3, 2009 11:06am Aug 3, 2009 11:06am
Quoting dhh
can i use this and ask a question abt divergence?
when does the divergence end(ie. not in effect any more)?
div. is say price made higher high, but indicator made lower high. so is it like when higher highs back in sync between price and indicator, then we can see divergence is ended? this has been bugging me long time. thanks in advance.
Hey Dhh

Yes that is basically it. But just b/c the peaks haven't synced back doesn't necessarily mean anything in terms of mgmt or what not. Here is just a quick chart. Purple lines are divergence, and orange is when things have synced back up more normal and there is no more divergence(price begins to turn over). Notice this doesn't mean that price won't continue one way or the other. The divergence we have now is just a pretty strong signal that we are going to see some sort of retracement to quantify that current divergence before price continues one way or the other(be it up or down).

Best
Mike
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  • #39,774
  • Aug 3, 2009 11:17am Aug 3, 2009 11:17am
Hi, I've entered this weekly one on retrce at 1.5 . there are nice fibs and price level. However it is agresive as the high is not taken out (and it is not somehow nice hammer (but it is with the trend).
Chart is reversed usdjpy.. Anyone holding short there?
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  • #39,775
  • Aug 3, 2009 12:59pm Aug 3, 2009 12:59pm
Quoting KissFan
You might even think that some of the more experienced traders here never trade at all. I used to think to myself are these guys just looking for a reason "not to trade". Well yes. You will develop your own rationale for trading based on your experience.
This is also problematic in terms of what I for example feel comfortable with posting. The EURUSD IB or GBPUSD BUOB for example we had both weren't ideal setups, but they did make a lot of sense to ME personally.
But there's no way I could "fit" them into the "normal" KISS rationale or preferably A setup format that I hope to see/post here(EURUSD had resistance overhead and GBPUSD was completely sideways and also right below resistance).

I just think "no way is this a reproduceable trade in terms of simple/good reasons".
But to me EURUSD especially screamed low pip count stop size entry into what could finally be the push for the break of 1.43 (100 pips stop for a 200 min. distance), but several other factors came into it as well. Either way, it was "my own crazy journal" material only accordingly.



Which reminds me, I wanted to ask the oldtimers whether anyone remembers a similiar situation as the EURUSD IB way back when.
Same thing of an IB sitting near/on s/r then turning around and doing quite a bit of move. Could have been USDJPY, could have been EURUSD, too.
Was 1-2 years ago and could have been someone like Bundy or similiar who posted it..either way, when I saw EURUSD I was strongly reminded of that post, but of course have no idea anymore which one/who it was back then who put it up. It did impress strongly on me because at the time I saw it and thought like nahhh, that won't go..and then it REALLY went. Could have been an identical situation of a BEOB breaking down into s/r and then the IB forming and moving back up past the BEOB actually.

Anyone have the same deja vue just then when EURUSD occured and was reminded of that situation I mean?
Trust price. Know yourself.
  • #39,776
  • Aug 3, 2009 2:26pm Aug 3, 2009 2:26pm
Hi, would someone be able to post a gbp/aud daily bar chart please Can't seem to get one through iPhone. Appreciate it.

Mark
I hear and I forget. I see and I remember. I do and I understand.
  • #39,777
  • Aug 3, 2009 2:31pm Aug 3, 2009 2:31pm
There you go Tac:


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  • #39,778
  • Aug 3, 2009 2:39pm Aug 3, 2009 2:39pm
Thanks ljr, and such a clean chart

I'm playing the 2 bar pin at 2.0 long. In at 2.0060, looking for long term trade up to 2.1000 even. Looks like it has reached the first minor s/r.
mark
I hear and I forget. I see and I remember. I do and I understand.
  • #39,779
  • Aug 3, 2009 2:48pm Aug 3, 2009 2:48pm
Question to all:
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  • #39,780
  • Aug 3, 2009 2:54pm Aug 3, 2009 2:54pm
Good Location, Overbought, Monthly R1 (Pivot), But Small Wick Due To Prior Strong Move, So PASSED !!

Regards,
Basber
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