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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

  • #43,181
  • Sep 5, 2009 9:30pm Sep 5, 2009 9:30pm
Wanted to see what everyone thinks of this setup. If I am reading it correctly, there are 5 items of confluence that support a long move, but I am new and still (always) learning. My thought was to place a sell stop slightly above (10 pips) the top of the PB long and try to ride it back to the swing high. Again, still learning so any thoughts would be much appreciated.
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  • #43,182
  • Sep 5, 2009 9:47pm Sep 5, 2009 9:47pm
Quoting hellcat
Wanted to see what everyone thinks of this setup. If I am reading it correctly, there are 5 items of confluence that support a long move, but I am new and still (always) learning. My thought was to place a sell stop slightly above (10 pips) the top of the PB long and try to ride it back to the swing high. Again, still learning so any thoughts would be much appreciated.
Hi Hellcat,

That's not a pin bar. It's a neutral bar. ...The close price is pretty much in the middle of it's range.

A lot of newcomers make the same mistake.

A good pin bar will have the open and close price right up one end of the bar with the rest of it's range jutting out significantly from all the preceding bars.

Take your bar again and pretend that the close price was above that open price. You should be able to picture it. That would be better. Not the best pin. , but better.
Bundy's status today: "Waiting..."
  • #43,183
  • Sep 5, 2009 9:59pm Sep 5, 2009 9:59pm
Price is heading into an area that could prove to be solid support. The bar formation you are asking about is weak. I would like to see price move a bit lower yet and give a solid PA setup. If the nose was longer, I would probably take it.

Scott

Quoting hellcat
Wanted to see what everyone thinks of this setup. If I am reading it correctly, there are 5 items of confluence that support a long move, but I am new and still (always) learning. My thought was to place a sell stop slightly above (10 pips) the top of the PB long and try to ride it back to the swing high. Again, still learning so any thoughts would be much appreciated.
  • #43,184
  • Sep 5, 2009 10:17pm Sep 5, 2009 10:17pm
Thanks for the feedback. Just signed up to J16 private last weekend and can't stop reading and looking for PA in backtests. I had ditched indicators and EA's a while back for trendlines and S/R. Never could bring it all together until now with PA. Still have a lot to read and study but looking forward to it. I'll be talking with you guys a lot more. Thanks again!
  • #43,185
  • Sep 6, 2009 5:19am Sep 6, 2009 5:19am
Hi éclipse!
I was planning to enter a buy stop order on this one as well, and thought 28.00
could be a good level. What are your plans?

Quoting Eclipse
Oct. 09 Natural Gas Future
Patience is magic
  • #43,186
  • Sep 6, 2009 5:41am Sep 6, 2009 5:41am
Quoting muntu ntu
Hi éclipse!
I was planning to enter a buy stop order on this one as well, and thought 28.00
could be a good level. What are your plans?
Yes, i will put a buy stop @ 2.8, stop loss 50 ticks, potential tp @ 3.2, breakeven @ +30 because it's a huge CT trade, but i like very much the rejection from 2.5 level.
This decorrelation with crude has to end...

Bye
  • #43,187
  • Sep 6, 2009 5:52am Sep 6, 2009 5:52am
Quoting Eclipse
This decorrelation with crude has to end...

Bye
No it doesn't have to. That's like the famous "Can't possibly go any higher!" line.
Bundy's status today: "Waiting..."
  • #43,188
  • Sep 6, 2009 6:14am Sep 6, 2009 6:14am
Hi all,

I am new to FOREX trading and here too. I just want to thank you for all your work and I think this thread is really great - James, your work is great! It is already a good feeling that I know how easy to loose money is and this is not a gambling. You, with this thread, contributed to this.

So I am trying to post something here, I hope it will work out. Funny, I am not even sure how to post charts properly as Thumbnails. Could anyone suggest me that please?

Anyway, this is daily GU. I can recognize any PA patterns here, if not the bottom reversal, which could be sort of unclear pin bar too.
My question is that there is a bottom reversal but the trend seems to be down. We are touching the TL (is that correct at all?) and 1.6400 - some round number . I do not predict anything but I see that the least resistance for prices is down.
Am I reasoning well? What did I miss? How should I have approached?
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Kind Regards zol
  • #43,189
  • Sep 6, 2009 6:22am Sep 6, 2009 6:22am
Quoting zoli
Hi all,

I am new to FOREX trading and here too. I just want to thank you for all your work and I think this thread is really great - James, your work is great! It is already a good feeling that I know how easy to loose money is and this is not a gambling. You, with this thread, contributed to this.

So I am trying to post something here, I hope it will work out. Funny, I am not even sure how to post charts properly as Thumbnails. Could anyone suggest me that please?

Anyway, this is daily GU. I can recognize any PA patterns here, if not...
Hi Zoli AKA Zol,

Quote
Am I reasoning well? What did I miss? How should I have approached?
You're missing something for sure - - PA.

i.e a price action signal, so although you may expect it to go down make sure you don't short unless you get a PA signal. (This is what we do here, wait for PA)

Now what exactly is a 'PA signal' you'll need to go through the first few hundred pages to divulge that for you

All the best,

and let us know if we can be of any further assistance to you.

g.
I believe . . .
  • #43,190
  • Sep 6, 2009 6:33am Sep 6, 2009 6:33am
GJ
I think for GJ similar might apply. There is not even a Bottom Reversal noted by me. Also on GJ there are 2 pin bars noted 6-7 bars ago. One of these suggest a trend reversal, the following is the opposite. I understood that pin bars, if they are quality set ups, should happen at trend reversals. So for me the second killed the trade right away, which should not have been a problem to me because I would have pullet to BE after some 40 pips.

Now, how could one see that th first pin bar was not a winner?

EU
This looks like a mess, but I read from you guys that it is a potential set up for a bullish move. I took the pin bar indicated to some 25 pips profit to my half position and BE to the rest (DEMO). I know that this was not a quality trade, no down trend in the background, but I am still trying to be able to trade in consolidation. There is just so much of those.
So If the set up fails is it reasonable to assume exactly the opposite? I mean if it does not go down would it not go up after?
Thanks on this too.




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Continue,
Kind Regards zol
  • #43,191
  • Sep 6, 2009 6:37am Sep 6, 2009 6:37am
[quote=ghous;3027184]Hi Zoli AKA Zol,

You're missing something for sure - - PA.

i.e a price action signal, so although you may expect it to go down make sure you don't short unless you get a PA signal. (This is what we do here, wait for PA)

Now what exactly is a 'PA signal' you'll need to go through the first few hundred pages to divulge that for you

All the best,

and let us know if we can be of any further assistance to you.

Thanks for help, really appreciate it. I missed out a word before...lol
I actually wanted to say that I can NOT recognize any PA set up. I am not taking anything unless I can see something similar to all that 1000000 posts behind for sure. Even so, only DEMO, and backed up with advice. So nice to learn here!
Kind Regards zol
  • #43,192
  • Sep 6, 2009 6:59am Sep 6, 2009 6:59am
Quoting bundyraider
No it doesn't have to. That's like the famous "Can't possibly go any higher!" line.
The divergence between oil and natural gas is quite clear and fundamentally (or historically) speaking it shouldn't be like that. With this being said I'm looking to some objective signals which can help me to spot a potential reversal of the current trend. If this doesn't happen tomorrow, my money management protects my ass, looking for the next opportunity.

Have a nice day.
  • #43,193
  • Sep 6, 2009 7:06am Sep 6, 2009 7:06am
USDCAD

My question here is on the chart visually. We were around 38.2 ret level of a bigger won swing, and also on the resistance line of the bigger down move, better seen on the W TF. There is even a 3 Top like formation on the chart. I would have looked for set up in this area and there appear to be a small pin bar - not that perfect though. IF this happen, I mean area of potential turn with a not high quality pin bar, is it risky to take or the area adds to the probability in our favor?

AUDUSD

On this weekly chart the up move arrived to an area of 61.8% of the larger down trend and also 0.8500 - potentially big round number. Having seen these I am watching this and looking whether the market gives a clear indication to the down side in a form of pin bar or DBHLC. I have not set my mind though, it may as well just go up to the sky. Does this make sense or just nonsense?

NZDUSD

Hmm. In up trend but is at level 61.8% of a bigger down move and also at level 6900, trying to break out. This is the eights bar touched that level, I wounder whether it breaks through. I can see here a small pin bar set up, is this a valid signal? It is on a shaded area, which is S/R zone to me, so I would have hesitated to take it. It is in some 70 pis in the expected direction anyway.

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Kind Regards zol
  • #43,194
  • Sep 6, 2009 7:17am Sep 6, 2009 7:17am
Quoting Eclipse
The divergence between oil and natural gas is quite clear and fundamentally (or historically) speaking it shouldn't be like that. With this being said I'm looking to some objective signals which can help me to spot a potential reversal of the current trend. If this doesn't happen tomorrow, my money management protects my ass, looking for the next opportunity.

Have a nice day.

Wasn't dissing your opinion, by the way.

Oil shouldn't have kept climbing towards $150 last year either and I bet a lot of people called the top many times before it actually took place.

We can get caught up too much in 'the should' sometimes. Just tying that reminder string around your finger.
Bundy's status today: "Waiting..."
  • #43,195
  • Sep 6, 2009 7:17am Sep 6, 2009 7:17am
EURCAD

Yuhuu, I can see some pin bar looking formation on the weekly chart of this pair.
We are in a big down move since 1.7500 and the resistance area of the trend channel seems to be respected so far. So I am looking or this to short. Would this be a good PA set up to trade? I was looking on the daily chart too. there is a big pin bar looking thing but the market not responded to it right away. Should I have traded it, after 4 days paper loss of 200ish pips I would be in profit now - and BE as I would do. 4 days in paper loss seems to be not right to me though. Any suggestions?


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Kind Regards zol
  • #43,196
  • Sep 6, 2009 9:50am Sep 6, 2009 9:50am
PA is shaping up nicely
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  • #43,197
  • Sep 6, 2009 10:37am Sep 6, 2009 10:37am
Quoting Bryan
PA is shaping up nicely
iam totally new here , so tell me what do u mean ay ( PA ) ?
Winners never quit and quitters never win. Vince Lombardi
  • #43,198
  • Sep 6, 2009 10:44am Sep 6, 2009 10:44am
Quoting cristiano7
iam totally new here , so tell me what do u mean ay ( PA ) ?

Price Action..........Which is what James teaches. Price action along with a few other nuances. Start at post 1. It's well worth it.
  • #43,199
  • Sep 6, 2009 11:10am Sep 6, 2009 11:10am
Quoting TiaForex
I'm no senior Ben. I've only been doing it a little longer than you....

I play both with boxes. There's no magic to them. They are just SR levels. A second hit at the top of a box with PA is basically just PA at a double top. A retest after breaking out of a box is also just a breakout and pullback trade. It's all just different ways of looking at it.

Calling it a box is a way of defining the range so that you can play good PA at either end of the "box" and also take advantage of breakouts and pullbacks. But essentially it's just another way...
Hey Aaron, you are right about the boxes.

I am not planing to start trading a real account after an exact amount of demoing months. I will do that when I feel ready. In the meantime I'm just saving money and practicing.
It is more like a journey than a "couple of study months". So I am just making sure I enjoy what I do

When I will open the real account, I will make sure I am making my way down from the higher TFs again.

Thank you for the advice

Ben
  • #43,200
  • Sep 6, 2009 12:16pm Sep 6, 2009 12:16pm
Just scrolled back on the 4H chart and found this within one minute.

Ben
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