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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

  • #45,441
  • Oct 7, 2009 10:36am Oct 7, 2009 10:36am
Quoting ezz
hey guys

many set-ups(pinbars i see on my feed )

what do u guys think of this set-up a buy stop at 1.5610
Hi ezz I spot this too but I wont take it. I think we are trading in a big mess if we enter long.
  • #45,442
  • Edited 11:24am Oct 7, 2009 11:02am | Edited 11:24am
Quoting mbqb11
Hey Nology

My take based on my methods(which is all I can ever speak of really). Is I simply trade each chart by itself. If i get a signal that lines up with what I do I take it no matter what is going on else where(for the most part). When I say for the most part there are always exceptions as most traders will tell you. So a good bar, in a good location = a good trade. I have seen situations where you should have second guessed, and ones where if you did you would have taken yourself out of a good trade. I try to just keep it as simple as possible...
Post of the day. And not just because it's Big Mike saying it either. Simple, in this business, means cash in pocket.

On another note, I've found over A LOT of time studying and "rehearsing" trades that on large BUOVBs/BEOVBs that you'll see a retrace into the bar. With that, I like waiting for 1 hour confirmation at a 50% spot of the bar itself to enter on. If nobody is getting what I'm putting down, it's reducing your risk. Instead of a 200 pip stop, you could realistically have a stop that is a quarter of that size by waiting for the market to catch up with itself; not even to mention a much better price to position in at. Time analysis is hard to desrcibe so I'll allow a chart to do it for me.

On 4 hour charts, time IS a factor in my opinion. You may see a very solid steup, but unlike the daily when momentum is already in your favor, it will take much more time to get buyers/sellers into the positions in order to push the momentum onward. Think before you act ladies and gents, and by doing so, you'll grow as a trader and so will your equity curve - that's a promise. Why is it called common sense when it's not so common? lol
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I dream, therefore I become.
  • #45,443
  • Oct 7, 2009 11:12am Oct 7, 2009 11:12am
Quoting mike w
Why is it called common sense when it's not so common? lol
If Mike's post was post of the day, then you certainly got the quote of the day!


  • #45,444
  • Oct 7, 2009 11:39am Oct 7, 2009 11:39am
I know it's early in the day but I'm seeing alot of potential daily trades for tomorrow setting up on my feed (IBFX). EurCad,GBPJPY pins
2 day pins: USDCHF,EURGBP,GBPCHF

Times like these can be difficult for me to narrow down to my favorite. It's probably a good thing right away to avoid overcorrelated pairs though. I forecast some pips being made tomorrow.
"Whether you think you can or can't, you're right." Henry Ford
  • #45,445
  • Oct 7, 2009 11:59am Oct 7, 2009 11:59am
Quoting raczekfx
Maybe, maybe, right now my focus is/was somewhere else...
Raczek, your Sell order for EU was at 1.4710; why not, say, 4720 or 4990?..

THANK YOU!
One Chart is Worth Ten Thousand Words.
  • #45,446
  • Oct 7, 2009 12:21pm Oct 7, 2009 12:21pm
Trading it, let's see what she does.
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  • #45,447
  • Oct 7, 2009 12:44pm Oct 7, 2009 12:44pm
Quoting Scot Pippin'
I know it's early in the day but I'm seeing alot of potential daily trades for tomorrow setting up on my feed (IBFX). EurCad,GBPJPY pins
2 day pins: USDCHF,EURGBP,GBPCHF

Times like these can be difficult for me to narrow down to my favorite. It's probably a good thing right away to avoid overcorrelated pairs though. I forecast some pips being made tomorrow.
Yeah there is some intresting setups out there. I like the GBP/JPY pinbar at double bottom, 50% retracement of daily fib and at big round number 140.00.
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  • #45,448
  • Oct 7, 2009 1:33pm Oct 7, 2009 1:33pm
Hello,

This pin bar is tough call. Break of this pin is running right at the strong weekly 142 level.

It is against the trend so I would stay out on this one.

Only very tight trade management, stoploss just underneath the 142 level when it breaks.

If it is not hard break like Jarroo described, I will cancel it out even it turns out a winner.

PippingM




Quoting ekling
Yeah there is some intresting setups out there. I like the GBP/JPY pinbar at double bottom, 50% retracement of daily fib and at big round number 140.00.
  • #45,449
  • Oct 7, 2009 1:33pm Oct 7, 2009 1:33pm
Quoting Forex007
Raczek, your Sell order for EU was at 1.4710
just following the rules of my system which involves those 2 1hr pbs on my chart
Quote
; why not, say, 4720
not my system
Quote
or 4990?..
because fiber is not going to get there this year or next, unless... you believe those funny people from the news page.
BTW, anyone knows why FF took out fade button from the news page...

Whatever..., I'm 75% sure 4840 was the top for this move higher. There are fair size banks' (i think) orders waiting around 4780 as well, kind of like DB no touch
  • #45,450
  • Oct 7, 2009 1:45pm Oct 7, 2009 1:45pm
I ve watched James video from the Guest Section called "James16 price action video". At the end he was talking about the bearish pin bar on Usd/Chf. And when he was showing the ppz why he didnt mention the previous bullish pin bar low as a ppz but went directly to the lower ppz. Am I missing something ? I just cant get it. Please someone explain me. Thanks in advance.
  • #45,451
  • Oct 7, 2009 1:46pm Oct 7, 2009 1:46pm
Quoting raczekfx
You know me way too well...
I was late to the party (slept in), but I started buying crosses around 7am est.
I was too busy browsing the net and watching TV. Happened while I had my eye off the ball.
Bundy's status today: "Waiting..."
  • #45,452
  • Oct 7, 2009 1:49pm Oct 7, 2009 1:49pm
Quoting PippingMama
Hello,

This pin bar is tough call. Break of this pin is running right at the strong weekly 142 level.

It is against the trend so I would stay out on this one.

Only very tight trade management, stoploss just underneath the 142 level when it breaks.

If it is not hard break like Jarroo described, I will cancel it out even it turns out a winner.

PippingM
So, you're not sure I should close my long term shorts on gj..?

Harvey just said I should, fair enough, I'll do that..
Done!

Let's start some fireworks tonight. Let's push it to...., oh now, that would be telling.. lol
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  • #45,453
  • Oct 7, 2009 1:52pm Oct 7, 2009 1:52pm
Quoting dogfight
I can't speak for the rest but I never trade the counter trend. I will always wait for PA to confirm a continuation of a reversal after the reversal PA (a PB or an outside bar) before I decide if I should enter.
I do sometimes trade counter trend, but with the main difference being the exit strategy. Its nice to let with-the-trend trades run, giving it the freedom to catch a whole lot of pips. If you go counter trend however, you want to trail a stop more closely, or just bail out if price enters an area of support/resistance.
The nail that sticks out gets hammered back in
  • #45,454
  • Oct 7, 2009 1:53pm Oct 7, 2009 1:53pm
Quoting bundyraider
I was too busy browsing the net and watching TV. Happened while I had my eye off the ball.
We should exchange cell phone #s. That way we could cover entire 24hrs and not miss a single setup...
I've already got US and most Asia covered.
  • #45,455
  • Oct 7, 2009 2:42pm Oct 7, 2009 2:42pm
Quoting raczekfx
We should exchange cell phone #s. That way we could cover entire 24hrs and not miss a single setup...
I've already got US and most Asia covered.
Hey raczek, noticed you are in Toronto I'm about 50 minutes West on the 401. Burlington area.

You ever trade big ben? (london)
lowest draw down possible please.
  • #45,456
  • Oct 7, 2009 2:43pm Oct 7, 2009 2:43pm
hi..

@raczekfx: i have also noticed that pinbar formation on gbp/jpy

HOWEVER, i have a question:

in chart 1 (daily): we can see an obvious pinbar at quite a good location

in chart 2 (4HR): in this chart, there's also a pinbar formation signalling a downward direction

my question is, should we wait for that small downward trend to form first? which, i think will give us a better entry point?
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  • #45,457
  • Oct 7, 2009 2:44pm Oct 7, 2009 2:44pm
Quoting ehrek
Hey raczek, noticed you are in Toronto I'm about 50 minutes West on the 401. Burlington area.

You ever trade big ben? (london)
i'm at london time...maybe we should all trade numbers so we wont miss anything!! haha
  • #45,458
  • Oct 7, 2009 2:46pm Oct 7, 2009 2:46pm
Quoting raczekfx
That's where lot of rich folks live..
ben? very seldom, unless I get alert/alarm go off..
Haha,

Then why aren't you here? I heard through the grapevines that you are of FF's anonymous millionaires
lowest draw down possible please.
  • #45,459
  • Oct 7, 2009 2:50pm Oct 7, 2009 2:50pm
Just saw the attachment,

Yeah - I'm the funky Miamivice looking home on doulton!!! you can see my wife gardening, and I'm snorting a bunch of illegal substances trading the cable, enclosed pool...

Heheh!
lowest draw down possible please.
  • #45,460
  • Oct 7, 2009 3:02pm Oct 7, 2009 3:02pm
Quoting arthurwtm
i'm at london time...maybe we should all trade numbers so we wont miss anything!! haha
Haha,

Fortunate for you! I used trade both London, and US whenever I go on vacation to Europe.. double whammy! Morning , lunch.. US Session .. Man! I was in trading heaven..

Otherwise, I'm just up doing the US Sessions now.. I can't handle having all the responsibilities, family, and sleeping in, or feeling like a zombie staying up all night.. much rather just do the 7am-12pm (LONDON/NY overlap) and call it a day...

Hate missing out on all the great momentum swings though.. I'd set some alerts, but waking up half asleep isn't much fun, and id find it overwhelming.

I just like to get up in the morning and check my favourite traders journals (gregwilson) and see what he's up to while im dreaming, and kick myself.
lowest draw down possible please.
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