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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

  • #50,961
  • Jan 7, 2010 8:19am Jan 7, 2010 8:19am
Still following CADJPY, it seems that a 4h nice Pinbar is forming on the weelkly PPZ strong Round NR 0.90.
  • #50,962
  • Jan 7, 2010 8:28am Jan 7, 2010 8:28am
Quoting wpbearhandz
Hi all - it has been my privilege to read through this forum for a while now.. a trade I have entered, going long on the USD/JPY, any comments?
nice trade. what kind of comment are u looking for?

Looking exclusively at your chart,
although the close was lower than the open, it's still a nice pinbar... which seems to be off of a nice PPZ (yellow line area; & 92.00? round number).
there's a lot of space in the immediate left side of price.
if price closes above 93.00, immediate roadblocks seem to be 93.50 - 96.50.
who knows, price may revisit the top on your chart 97.75ish (Aug.2009) & beyond

EDIT: dont forget to check weekly & monthly ppz's too

in behalf of all, Welcome & Keep posting!
  • #50,963
  • Jan 7, 2010 8:42am Jan 7, 2010 8:42am
Quoting supremeChaos
nice trade. what kind of comment are u looking for?

Looking exclusively at your chart,
although the close was lower than the open, it's still a nice pinbar... which seems to be off of a nice PPZ (yellow line area; & 92.00? round number).
there's a lot of space in the immediate left side of price.
if price closes above 93.00, immediate roadblocks seem to be 93.50 - 96.50.
who knows, price may revisit the top on your chart 97.75ish (Aug.2009) & beyond

EDIT: dont forget to check weekly & monthly ppz's too

in behalf of all, Welcome...

Im not seeing a PB in his chart. I thought the open and close on a bullish PB had to be higher than the close of the previous bar. Am i looking at this all wrong?
  • #50,964
  • Jan 7, 2010 8:43am Jan 7, 2010 8:43am
Anybody watching the EURAUD?

The EURAUD is hitting the great support zone that held since 2005. Waiting for PA to confirm.

btw, how do you guys upload your pictures? Its really hard for me to upload the correct ones because I always get the message that the file's too big/when uploaded, the file stretches the thread

Cheers!
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Going to go Hunt for some large pips
  • #50,965
  • Jan 7, 2010 8:53am Jan 7, 2010 8:53am
Quoting ninreznor
Im not seeing a PB in his chart. I thought the open and close on a bullish PB had to be higher than the close of the previous bar. Am i looking at this all wrong?
No u are not.
technically speaking, for a bull. pinbar u want to see the open & close within the previous bar's body, with the close higher than the open.
the "pseudo" PB i referred to is the 1st red candle from the last (red candle prior the triangle). i made sure i pointed that out in my post..
Quote
although the close was lower than the open, it's still a nice pinbar.
Apologies for not making it much more clearer.


[NOTE: if any of u are new to this method/terminologies, it's highly advisable to trade only the 'technically correct' bars/candles... avoid trading 'semi-', 'pseudo-', 'quasi' pinbars, outside bars, etc]
  • #50,966
  • Jan 7, 2010 9:02am Jan 7, 2010 9:02am
Quoting djmanu
Still following CADJPY, it seems that a 4h nice Pinbar is forming on the weelkly PPZ strong Round NR 0.90.
Careful with this one, this pair is showing a lot of strength and it might just be a pause/breath before continuing on.

Not saying don't take the trade by any means, just pointing it out.

Nathan
  • #50,967
  • Jan 7, 2010 9:08am Jan 7, 2010 9:08am
Quoting relict07
Anybody watching the EURAUD?

The EURAUD is hitting the great support zone that held since 2005. Waiting for PA to confirm.

btw, how do you guys upload your pictures? Its really hard for me to upload the correct ones because I always get the message that the file's too big/when uploaded, the file stretches the thread

Cheers!
I am definitely watching this pair.........you would normally expect a big bounce at the 1.5500 area and I will watch for price action. I have a strange feeling we could actually see price go below this level, but either way I have this one on the radar.

Nathan
  • #50,968
  • Jan 7, 2010 9:13am Jan 7, 2010 9:13am
Quoting relict07
btw, how do you guys upload your pictures?
Hi Relict... Save your chart by right-clicking on the chart and selecting "Save As Picture..."

Then Upload it as usual... if the file size is too large, try changing the dimensions on mt4.

Hope this helps.

-- Danny
  • #50,969
  • Jan 7, 2010 9:26am Jan 7, 2010 9:26am
Quoting relict07
I know that this is not about forex, but wanted to throw this news in.

So a bad player made $30,000 off a world record poker tournament from Pokerstars.

Big money (not for some), but he pretty much lost all of it in a couple of days by playing people wayy above his skill level and too high of stakes.

Here's the link for the news. Scroll down to fun facts and you'll see it.


http://www.liquidpoker.net/news/838555/PokerStars_sets_World_Record_for_Largest_Tourney...

Wow, an extreme lesson, good post, I think most ppl in forex can relate to this a little bit in having lost money on trades when they should have known better, - no one here has lost $30k like that I hope though.

How long did it take to read this whole thread? I'm trying to read it now, and it feels a bit overwhelming, though am really enjoying it at the same time.
  • #50,970
  • Jan 7, 2010 9:37am Jan 7, 2010 9:37am
Quoting Pip Pride
Wow, an extreme lesson, good post, I think most ppl in forex can relate to this a little bit in having lost money on trades when they should have known better, - no one here has lost $30k like that I hope though.

How long did it take to read this whole thread? I'm trying to read it now, and it feels a bit overwhelming, though am really enjoying it at the same time.
I would just like to say the time and patience it takes to read the thread and really understand it is invaluable. It may seem very daunting at first, but taking your time and exercising patience will pay off in the long run. Otherwise I think most people new to this just start taking orders (on demo hopefully) at the first sight of any pinbar or price action with no game plan to manage or confluence to support it.

You have found a gem with this thread and more importantly some very helpful people as well. The markets are not going anywhere, so dig in, ask questions and learn how to adapt it to your style of trading.

Nathan
  • #50,971
  • Jan 7, 2010 9:55am Jan 7, 2010 9:55am
What do you guys think of EUR/NZD today ? PB on a nice Round No. 1.95
Lookin back to late 07 and early 08 this is a well respected ppz..?
I would say the nose is not as long as i would like it.

I think i try this one and move Sl to BE real fast...20-30 pips ?

hope i got that right

thx for all ya help
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Never whishing, always trading.
  • #50,972
  • Jan 7, 2010 10:04am Jan 7, 2010 10:04am
Totally agree with all you said Nathan. Trying to take it slow and steady here. I've been lurking on FF for about 6/7 months but only discovered the J16 thread about a month ago, and wish I'd come straight here 6 months ago. Cheers.
  • #50,973
  • Jan 7, 2010 10:08am Jan 7, 2010 10:08am
Quoting Hova
What do you guys think of EUR/NZD today ? PB on a nice Round No. 1.95
Lookin back to late 07 and early 08 this is a well respected ppz..?
I would say the nose is not as long as i would like it.

I think i try this one and move Sl to BE real fast...20-30 pips ?

hope i got that right

thx for all ya help
Sensei Dobe says three things:

1) Most importantly - the bar has not closed yet.
2) It is more of a neutral bar vs. a pin at this point.
3) Is there other support for this bar?

You have a 50% shot, but you want to be careful with this one. I don't think Mike would be excited about such a small neutral bar - and he is kind of the pin expert.
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  • #50,974
  • Jan 7, 2010 10:12am Jan 7, 2010 10:12am
Quoting Hova
What do you guys think of EUR/NZD today ? PB on a nice Round No. 1.95
Lookin back to late 07 and early 08 this is a well respected ppz..?
I would say the nose is not as long as i would like it.

I think i try this one and move Sl to BE real fast...20-30 pips ?

hope i got that right

thx for all ya help
Im new here as well Nova so take my advice with a Big grain of salt. since we're new to the PB, convergence, PA theories I would be more prone to wait for the PB to close and confrim that it is indeed a PB. Maybe you are on a different chart server time than me and it is close to closing then I would think it would be more acceptable. I would rather wait for it to confirm to be a PB and make entry after price rises above the high of the PB on the next daily candle and get a good more amount of Pips. Im trying to get away from being a scalper and play the daily, weekly, and occasional 4h.
  • #50,975
  • Jan 7, 2010 10:15am Jan 7, 2010 10:15am
Quoting Hova
What do you guys think of EUR/NZD today ? PB on a nice Round No. 1.95
Lookin back to late 07 and early 08 this is a well respected ppz..?
I would say the nose is not as long as i would like it.

I think i try this one and move Sl to BE real fast...20-30 pips ?

hope i got that right

thx for all ya help
Hi Hova,

We want our pin bars to be nice and prominent, when scrutinizing pin bars always compare the size of the pin bar with the preceding bars. For the pin bar to be of any real value it must at least be as long as the preceding bars.

You can clearly see those large BEBs formulating that bear run, we want a super super good pin bar to convince us to beat the odds of going against such a dominant trend, and any such bar will have to be sufficiently bigger then the bar you pointed out.

cheers.

EDIT: chart 1: real chart

chart 2: as should have been for potential long trade.

Ghous.
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I believe . . .
  • #50,976
  • Jan 7, 2010 10:26am Jan 7, 2010 10:26am
Quoting ghous
Hi Hova,

We want our pin bars to be nice and prominent, when scrutinizing pin bars always compare the size of the pin bar with the preceding bars. For the pin bar to be of any real value it must at least be as long as the preceding bars.

You can clearly see those large BEBs formulating that bear run, we want a super super good pin bar to convince us to beat the odds of going against such a dominant trend, and any such bar will have to be sufficiently bigger then the bar you pointed out.

cheers.

EDIT: chart 1: real chart...

Nice thx ! Now that cleared my mind. I definitely learn best by watchin charts.
As you know im new to this, thus my mind wants to take all Pb's...
I read all that stuff about sniping and not shotgunnin trades and i will read it over and over again until i dream of this stuff

edit: i knew the bar wasn't closed at that moment, i just wanted to ask
Never whishing, always trading.
  • #50,977
  • Jan 7, 2010 10:28am Jan 7, 2010 10:28am
Quoting Hova
Nice thx ! Now that cleared my mind. I definitely learn best by watchin charts.
As you know im new to this, thus my mind wants to take all Pb's...
I read all that stuff about sniping and not shotgunnin trades and i will read it over and over again until i dream of this stuff

edit: i knew the bar wasn't closed at that moment, i just wanted to ask
We all began here and you are no exception,

Just keep at it and exercise patience as much as you possibly can...you'll grow out of it

g.
I believe . . .
  • #50,978
  • Jan 7, 2010 10:29am Jan 7, 2010 10:29am
so many opportunities today.... this has been a really nice week.... y'all agree?
Many choose unhappiness over uncertainty.
  • #50,979
  • Jan 7, 2010 10:37am Jan 7, 2010 10:37am
Quoting Dan Gilbert
so many opportunities today.... this has been a really nice week.... y'all agree?
Hey Dan, great job on those touch trades lately.

I've taken one trade all week on the Dailies and Weeklies for 1R. Just keeping my powder dry.

Of interest to me are the locations of the CAD pairs. Looking for some PA on these.

-- Danny
  • #50,980
  • Jan 7, 2010 10:52am Jan 7, 2010 10:52am
Now that would have taken me out if had set my stop at exactly BE.(See last post GBPCHF)

But i saw several bar high/low and a big round number just above so i gave it a chance and it worked (for now) making a BEOB in 1H.

but now its exactly at BE and i wont move it at all cause if it is a good valid move it should't come back.
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