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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

  • #50,781
  • Jan 5, 2010 10:56am Jan 5, 2010 10:56am
Are the GBPCHF and EURGBP exact opposites? They seem to be a mirror image (vertical) of each other. Would shorting one and longing the other be exposing you to increased risk?
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  • #50,782
  • Jan 5, 2010 11:04am Jan 5, 2010 11:04am
Quoting Treefingers
Reason I ask about Aussie is more to do with the fact that I only get a couple of hours in the evening i.e now 8pm to 10ishpm. Like many others I imagine I do long hours in my day job & have 2 young children so don't get much time to myself. I can barely keep my eyes open these days past 10.30pm so was just kind of wondering how others in similar position manage it. From what I can see most of the action goes on here while I am sleeping and I guess its the same on the PF...

btw: I am actually a Londoner, been dragged out here by the wife.
Hi Tree F;
I think you may have the wrong impression of what the J16 PF is about.

It's not a contest & there are no exams. It's about learning to Understand Naked Charts & where they might be headed.

Niether does it expect you to be "On Call" 24/7 to reap any benifits.

It is about assimilating how to recognize horizons.
  • #50,783
  • Jan 5, 2010 11:10am Jan 5, 2010 11:10am
Another one of my kindergarden questions:

Different pairs have different no. of decimals points.
Is a pip always the last decimal point?

P
  • #50,784
  • Jan 5, 2010 11:14am Jan 5, 2010 11:14am
Quoting PeterPan
Another one of my kindergarden questions:

Different pairs have different no. of decimals points.
Is a pip always the last decimal point?

P
Hey P

No for some pairs they track to another decimal for fractions.

Pairs like euro 1.4555 format the last is the pip. But if you ever see 5 decimals that last place is a fraction of a pip to give more accuracy to where price is. So if price has gone from 1.4555 to 1.4556 it went up 1 pip.

So then for a pair like usd/jpy 90.55, the 5 in that would be the "pip". But if it is 90.556 the 6 is a fraction and the 5 is still your pip. Basically the 4th decimal or the second after the period . So 90.55 to 90.56 is up 1 pip.

Mike
  • #50,785
  • Jan 5, 2010 11:25am Jan 5, 2010 11:25am
Quoting mbqb11
Hey P

No for some pairs they track to another decimal for fractions...
The way I try to remember in my simple brain is:

2 or 4 decimals = PIP
3 or 5 decimals = PIP Fraction

At least this is for the majors I look at.

-- Danny
  • #50,786
  • Jan 5, 2010 11:43am Jan 5, 2010 11:43am
here is what I'm looking at the moment

On the audjpy we approach at an ideal zone double top with spotted divergente, and if we could get there some PA this is for sure the best setup that you will ever take as james say's.

I don't know if we could get the price higher than it's now.

the same it's with audchf where we have triple top+divergente

Tomorrow will be a big day

Some big news will be released, hope to get enough fuel for the $$$$$

wish you the best!

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  • #50,787
  • Jan 5, 2010 11:49am Jan 5, 2010 11:49am
Quoting bluetrader
The way I try to remember in my simple brain is:

2 or 4 decimals = PIP
3 or 5 decimals = PIP Fraction
My brain must be even simpler - 4th decimal, unless it's a yen pair

...although, technically, i think the convention is (or was, it was an ooooold book I was reading) 4 decimal places, unless the quote is over 20 (3 dp) or over 80 (2dp)... it just happens that the yen is the only major that matches these criteria, unless you are trading exotics. which you shouldnt. so stop it.
When you have to shoot, shoot. Dont talk.
  • #50,788
  • Jan 5, 2010 11:56am Jan 5, 2010 11:56am
wouldn't that have to have a lower close on the second bar? as in dbhlc


Quoting Hova
look how these 2 last bars formed a "two day pinbar"
Backtest this pattern and you'll see it works
  • #50,789
  • Jan 5, 2010 12:00pm Jan 5, 2010 12:00pm
Quoting PeterPan
Are the GBPCHF and EURGBP exact opposites? They seem to be a mirror image (vertical) of each other. Would shorting one and longing the other be exposing you to increased risk?
Yes we could say so, because you are in both cases buying or selling GBP ... And is the same in some other circumstances. For example if you go short or long EU and GU at the same time it is not always, but is possible that they will go in the same direction.

Oh and be careful with the EURGBP because around .9050 is a quite strong resistance.
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  • #50,790
  • Jan 5, 2010 12:02pm Jan 5, 2010 12:02pm
Quoting joelcf
My brain must be even simpler - 4th decimal, unless it's a yen pair
Even better joel...

Need to get better at sticking to my sig.
  • #50,791
  • Jan 5, 2010 12:11pm Jan 5, 2010 12:11pm
could NFA and FOMC push it lower ...........waiting mode

tomorrow we will see

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  • #50,792
  • Jan 5, 2010 12:21pm Jan 5, 2010 12:21pm
I'm short aussie and kiwi as well but price seems to be stuck at previous day high, something it's cooking here.......

hope that tomorrow we will find out the mystery
  • #50,793
  • Jan 5, 2010 12:22pm Jan 5, 2010 12:22pm
Quoting mbqb11
Hey EST

If we combined all those bars we would get a 9hr pinbar. Many people do this, because they know that the price bars are merely the trigger and it is LOCATION that is the most important. I would caution against this in your early stages and sticking to looking for the traditional one bar patter that James teaches as the pin. This will prevent a lot of overtrading that combining all bars can lead to without a further understanding of the best areas to trade them out.

Take care
Mike
enlightning! this just made a couple of things click in my head, So thanks for the question EST... and for the answer as well!
Just this afternoon (before reading that post) I saw a beautiful 4*1h pb on EurUsd, but did not appear on 4h chart, at least nothing noticeable. For a couple of other reason (position and so on), I took the trade (short), but got scared on a minor retracement (I wasn't sure about the validity of 4*1h pb if not seen on 4h chart; my instinct was screaming it is very good trade, my head couldn't follow) and closed the position for a very small profit. Went down 40 more pips after that.
So that is a very good day: a lesson for a profit (even small, still a profit) ... I am more used to a lesson for a loss (the price to pay for learning).
  • #50,794
  • Jan 5, 2010 12:41pm Jan 5, 2010 12:41pm
Happy New Year everyone

Here is a trade I was contemplating but I doubt I am going take.
Recently I have had some good success with gaps and pins at round numbers. I am finally nearing the stage where I will not look at a pin unless it is protected by a RN and a S/R Level. When the round number is in the top or bottom third of the bar depending on going long or short it really does act as a good S/R level.

I liked the area (147) but it did not close above the 147 to use it as protection with the clear support level. Also pin isnt huge. I dont think I am totaly sold on this trade and will probably not take it. I want my first pin trade(already had a little gap trade this weekend) to be a winner this year.

Any other thought on this trade I would like to hear them.

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  • #50,795
  • Jan 5, 2010 12:42pm Jan 5, 2010 12:42pm
CAD/JPY looks to me like a good short candidate at this time. Decent PB on daily formed yesterday and I think we have divergence. This thing has been channeling up and down pretty good. Looks exhausted today as well. Looks like it could retrace back to 86 area (support) or the 50 fib at 85.

Im new to this anybody else have an opinion?

http://i45.tinypic.com/2u4nf5y.jpg
  • #50,796
  • Jan 5, 2010 12:51pm Jan 5, 2010 12:51pm
Quoting TitiX
enlightning! this just made a couple of things click in my head, So thanks for the question EST... and for the answer as well!
Just this afternoon (before reading that post) I saw a beautiful 4*1h pb on EurUsd, but did not appear on 4h chart, at least nothing noticeable. For a couple of other reason (position and so on), I took the trade (short), but got scared on a minor retracement (I wasn't sure about the validity of 4*1h pb if not seen on 4h chart; my instinct was screaming it is very good trade, my head couldn't follow) and closed the position...

hey titi, and welcome to the thread

hope that this lose was on a demo account,and you are not gambling with real money because this can be very destructive to your account.

let me give you some advice,take it slowly and steply, go and read this thread the first 100-200 pages,I'll recommende to read it all, you wouldn't imagine yourself where you will be after ......some months(that depends on you)

although this road could be painful with a lot of blood, I ensure you will not regret if you will give some dedication, and after some practice everything will be like painting,A look of visualization the charts.

wish you the best!
  • #50,797
  • Jan 5, 2010 1:01pm Jan 5, 2010 1:01pm
Any thoughts !?
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  • #50,798
  • Jan 5, 2010 1:02pm Jan 5, 2010 1:02pm
Quoting ninreznor
CAD/JPY looks to me like a good short candidate at this time. Decent PB on daily formed yesterday and I think we have divergence. This thing has been channeling up and down pretty good. Looks exhausted today as well. Looks like it could retrace back to 86 area (support) or the 50 fib at 85.

Im new to this anybody else have an opinion?
I was looking on my platform,on you picture couldn't distinguish anything, and I haven't any PB + you are looking on an pinish bar, try spot only those bar that are yelling to you, you will definitely feel the difference

if I was aware to short this pair I'm looking on 90.00-.25 where we have an established resistant.

wish you the best
  • #50,799
  • Edited 1:31pm Jan 5, 2010 1:07pm | Edited 1:31pm
I dont really have an opinion on this trade other than that it doesn stand out like I would want it to.

One tip since you are new though for charting is to right click on your chart and remove the grid, all of thos white lines can be confusin imho.

[quote=ninreznor;3341817]CAD/JPY looks to me like a good short candidate at this time. Decent PB on daily formed yesterday and I think we have divergence. This thing has been channeling up and down pretty good. Looks exhausted today as well. Looks like it could retrace back to 86 area (support) or the 50 fib at 85.

Im new to this anybody else have an opinion?
  • #50,800
  • Jan 5, 2010 1:17pm Jan 5, 2010 1:17pm
pinbar --- but always a set of bars lower level - so important angle trend
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