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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

  • #49,081
  • Dec 2, 2009 9:49am Dec 2, 2009 9:49am
PA and retrace.
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  • #49,082
  • Dec 2, 2009 10:20am Dec 2, 2009 10:20am
The Dow has come to a significant level according to the BRV material.

So far a BEOB with double top and divergence. Trading a weekly chart off the 4hr doesn't feel comfortable at all. But this will be interesting to look at.
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  • #49,083
  • Dec 2, 2009 10:32am Dec 2, 2009 10:32am
In 2 CAD trades today.

I'm still in 4H USD/CAD pin from yesterday. Took some heat but stuck it out and now at BE. If it breaks 1.0500, I expect it to go to at least 1.0530 before moving my stop.

I'm also in the 4H CAD/JPY BEOB that broke on a pin bar. You'll see that I took a loss yesterday on an 8 hour pin/ib4. I still like the location and stuck to my plan. It's got 50-60 pips of room to go if it can break through this initial congestion.

Anyone else in on this? Your thoughts?

Thanks.
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  • #49,084
  • Dec 2, 2009 11:55am Dec 2, 2009 11:55am
Quoting Dan Gilbert
I'm anticipating the turquoise trend-line to be resistance to keep me in my trade here.

pin breakout...

so far so good..... moved my stop loss down into profit to 0.7248.
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Many choose unhappiness over uncertainty.
  • #49,085
  • Dec 2, 2009 12:37pm Dec 2, 2009 12:37pm
Thats a nice catch Dan like it!
"Whether you think you can or can't, you're right." Henry Ford
  • #49,086
  • Dec 2, 2009 2:00pm Dec 2, 2009 2:00pm
Quoting Scot Pippin'
Thats a nice catch Dan like it!
I had some strong dejavu when I saw that pin and I remembered the opportunity I saw and missed on USDCAD with almost the exact same scenario. i almost broke my computer placing that sell stop lol.
Many choose unhappiness over uncertainty.
  • #49,087
  • Dec 2, 2009 2:04pm Dec 2, 2009 2:04pm
this has probably been done before, but i cba to search for it. here's an indicator that shows an up arrow when a DBLHC forms and a down arrow when a DBHLC forms. the bandwidth is the maximum difference in either the 2 highs or the 2 lows. for example, if i wanted to find a DBLHC where the lows are within 1 pip of each other, i set the bandwidth to 10 (i'm using a 5 digit broker; if you use a 4 digit broker, you set this to 1).
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File Type: mq4 DBC.mq4   2 KB | 470 downloads
  • #49,088
  • Dec 2, 2009 2:22pm Dec 2, 2009 2:22pm
Quoting bluetrader
In 2 CAD trades today.

I'm still in 4H USD/CAD pin from yesterday. Took some heat but stuck it out and now at BE. If it breaks 1.0500, I expect it to go to at least 1.0530 before moving my stop.

I'm also in the 4H CAD/JPY BEOB that broke on a pin bar. You'll see that I took a loss yesterday on an 8 hour pin/ib4. I still like the location and stuck to my plan. It's got 50-60 pips of room to go if it can break through this initial congestion.

Anyone else in on this? Your thoughts?

Thanks.
I hope they work out for you, bluetrader. On CAD/JPY, you may want to be cautious because the trend may have changed to bullish. The current rally has broken above the down trend line (I believe this is when you got stopped out the first time) and price could be testing this trend line again before continuing above. Just one thing you may want to consider. Good luck!
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  • #49,089
  • Dec 2, 2009 2:30pm Dec 2, 2009 2:30pm
Quoting Dan Gilbert
so far so good..... moved my stop loss down into profit to 0.7248.
Hi Dan,
Great that it's working out for you I'm just wondering if you based that trade on the pin bar alone. I'm curious because that pin bar is not at a swing high. There's also a bullish pin bar 8 bars back from the pin bar you took as a signal. Did you consider placing a buy at that time? Thanks.
  • #49,090
  • Dec 2, 2009 2:31pm Dec 2, 2009 2:31pm
Quoting Dan Gilbert
I had some strong dejavu when I saw that pin and I remembered the opportunity I saw and missed on USDCAD with almost the exact same scenario. i almost broke my computer placing that sell stop lol.
Thanks for reminding me about the CAD pin.
"Whether you think you can or can't, you're right." Henry Ford
  • #49,091
  • Dec 2, 2009 2:54pm Dec 2, 2009 2:54pm
Quoting breakfastbar
Hi Dan,
Great that it's working out for you I'm just wondering if you based that trade on the pin bar alone. I'm curious because that pin bar is not at a swing high. There's also a bullish pin bar 8 bars back from the pin bar you took as a signal. Did you consider placing a buy at that time? Thanks.

I will not try to answer for Mr. Dan Gilbert (who btw is impressing the heck outta me) but I can tell you what I am thinking when I trade a pin in traffic/consolidation like the one that he traded. Many times I develop a bias based on longer TF's. Currently, the longer term PA on this pair is showing bearish signals, just take a look at the monthly chart. I am looking for reasons to short because I feel that I have a better chance of catching a longer run down than up. Simple as that for me. Great question Breakfastbar.

K.I.S.S.
  • #49,092
  • Edited 4:22pm Dec 2, 2009 4:08pm | Edited 4:22pm
Quoting breakfastbar
I am in this trade right now. Agree with your analysis: strong pivot zone, near 132.00 round number, and at the trend line from the Daily chart. Good location and the pin bar is the cherry on top

Edit: Also near the 38.2% Fibonacci retracement of the swing low that started on 26 Oct.
Ah, the EURJPY short didn't work out. I was so confident of this trade, too -- but it's the trades that I'm nervous about that usually turns into winners. Interesting that everybody and their mothers are beating up on the Yen lately. Let's wait for the next opportunity.

Edit: In the spirit of learning, if anybody considered taking this trade before, but decided not to, can you please share your thoughts? Thanks.
  • #49,093
  • Dec 2, 2009 4:18pm Dec 2, 2009 4:18pm
Quoting breakfastbar
Hi Dan,
Great that it's working out for you I'm just wondering if you based that trade on the pin bar alone. I'm curious because that pin bar is not at a swing high. There's also a bullish pin bar 8 bars back from the pin bar you took as a signal. Did you consider placing a buy at that time? Thanks.
Quoting KissFan
I will not try to answer for Mr. Dan Gilbert (who btw is impressing the heck outta me)http://cdn.forexfactory.com/images/s...m/thumbsup.gif but I can tell you what I am thinking when I trade a pin in traffic/consolidation like the one that he traded. Many times I develop a bias based on longer TF's. Currently, the longer term PA on this pair is showing bearish signals, just take a look at the monthly chart. I am looking for reasons to short because I feel that I have a better chance of catching a longer run down than up. Simple as that for me. Great question Breakfastbar.
Well, I made a picture explaining my bias, but I think you will see I learn from people like kissfan based on what I put together in the pic.


I have closed this trade:
I lowered my stop to .7236 after the bullish pin formed at the PPZ around 0.7210. 0.7210 was actually my first target, so when that pin formed, I figured I had to give my trade one last chance to move down by simply moving the stop in a bit tighter. It continued up, leaving me in a bit worse than 1:1 R/R. Fair enough, i think I managed it pretty well.


Here is my analysis for you guys. Enjoy! and KissFan already stole some of my answer
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Many choose unhappiness over uncertainty.
  • #49,094
  • Dec 2, 2009 4:23pm Dec 2, 2009 4:23pm
Quoting breakfastbar
I hope they work out for you, bluetrader. On CAD/JPY, you may want to be cautious because the trend may have changed to bullish...
Thanks breakfast, great point. I missed that trend line -- huge mistake! On my feed, the first trade would have been valid. The second one would have been invalid as you noted. I'm out of CAD/JPY at a loss and still in a free trade with USD/CAD.


-- Danny
  • #49,095
  • Dec 2, 2009 4:42pm Dec 2, 2009 4:42pm
Quoting Dan Gilbert
Well, I made a picture explaining my bias, but I think you will see I learn from people like kissfan based on what I put together in the pic.


I have closed this trade:
I lowered my stop to .7236 after the bullish pin formed at the PPZ around 0.7210. 0.7210 was actually my first target, so when that pin formed, I figured I had to give my trade one last chance to move down by simply moving the stop in a bit tighter. It continued up, leaving me in a bit worse than 1:1 R/R. Fair enough, i think I managed it pretty well.


Here...
Excellent expository on your trade, Dan! I am starting to collect your pictures - maybe someday we will have to get them autographed.
  • #49,096
  • Dec 2, 2009 4:59pm Dec 2, 2009 4:59pm
Quoting Wamo
Excellent expository on your trade, Dan! I am starting to collect your pictures - maybe someday we will have to get them autographed.
This is my LAST picture of the night, I promise. I had nothing to do today so I just studied my charts. all day. Although this pattern basically jumped out at me and smacked me in the face.
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Many choose unhappiness over uncertainty.
  • #49,097
  • Dec 2, 2009 6:10pm Dec 2, 2009 6:10pm
Quoting ehrek
Heres one for you TA junkies!
when will you learn TA is just a bunch of hogwash?
  • #49,098
  • Dec 2, 2009 6:26pm Dec 2, 2009 6:26pm
Quoting dengzhi
when will you learn TA is just a bunch of hogwash?
price action trading is a branch of technical analysis
When you have to shoot, shoot. Dont talk.
  • #49,099
  • Dec 2, 2009 6:57pm Dec 2, 2009 6:57pm
Quoting KissFan
I am long at the break of this 1Hr pin. It is off the trendline printed as well as the 150ema. These usually make for pretty good set-ups. I would like to add that I have spotted interesting divergence off the weekly chart. I have no longer term long bias yet but could be persuaded if we get some solid PA here.

K.I.S.S.
I just moved this trade to BE. It's currently up 60 pips. This is one of the first trades that I learned to take waaaaay back when I started learning this stuff. It is a trade straight out of Mr Fudd's playbook.

http://www.james16group.us/Guests/guestmaterial.html (see mbq11's "pinbar introduction" video)

We must be patient enough to wait for them. Not all of them are going to take off like this one. All of these can be managed to reduce the initial risk. You da man Mike!

K.I.S.S.
  • #49,100
  • Dec 2, 2009 7:10pm Dec 2, 2009 7:10pm
Quoting Dan Gilbert
Well, I made a picture explaining my bias, but I think you will see I learn from people like kissfan based on what I put together in the pic.


I have closed this trade:
I lowered my stop to .7236 after the bullish pin formed at the PPZ around 0.7210. 0.7210 was actually my first target, so when that pin formed, I figured I had to give my trade one last chance to move down by simply moving the stop in a bit tighter. It continued up, leaving me in a bit worse than 1:1 R/R. Fair enough, i think I managed it pretty well.


Here...
I am most grateful for the effort that you put into your explanations Dan. It seems to me that you have not only a gift for discerning the J16 material but you are equally as talented in the way you illustrate your thought process. Thanks so much again for your time in putting this stuff together. I just cannot help but think that there are many out there reading your stuff and trading better because of it.

You will be blessed I'm certain.

K.I.S.S.
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