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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

  • #60,321
  • Apr 8, 2010 6:56pm Apr 8, 2010 6:56pm
Quoting Dan Gilbert
they already have those - - - it's called "university"
yeah but what are we OLD FOLKS to do once we graduate
  • #60,322
  • Apr 8, 2010 6:56pm Apr 8, 2010 6:56pm
Quoting mike w
"I dream, therefore I become"
Brilliant! Descartes would be proud.
  • #60,323
  • Apr 8, 2010 7:07pm Apr 8, 2010 7:07pm
Quoting mbqb11
hahah make mine a beer then. Cause a cult of beer drinking. Doesn't sound too bad to me
count me in!!!!
iv had a little head start, i hope u don t mind?? just getting a bit of 'demoing' in lol

jon
PATIENCE... DISCIPLINE
  • #60,324
  • Apr 8, 2010 7:30pm Apr 8, 2010 7:30pm
Quoting 4X=0
im 28. i guess that makes me OLD
...
guess i dont need to call you 'Sir' any more
i thought u were some old guy whose 'fetish' is to be a jedi


Quoting hanover
Brilliant! Descartes would be proud.
ah... nice to see u here, Sir David.
  • #60,325
  • Apr 8, 2010 7:42pm Apr 8, 2010 7:42pm
Quoting mbqb11

Here is probably the most interesting one for me, but the large bearish moves will keep me sidelined.

Mike
That's funny I was thinking the same exact thing, if I would take one it'd be this one, but I just don't like the size of the bar enough. I'll take that as an indicator of my progress in pickiness!

Mike, thanks for sharing your charts, videos, and opinions on what good bars look like.

Cory
  • #60,326
  • Apr 8, 2010 8:37pm Apr 8, 2010 8:37pm
Quoting ertorque
Hi Whiz,

Could you teach me how to set an alert?
Is it to your cellphone or is it an alarm will trigger in your trading platform?
Thanks

CY
Sorry for my late response. Yes MT4 actually has an alert function. But I do not use only that. I also use a free service which sends alerts to my mobile phone once a certain price level is reached. I also receive quotes to my phone 3 times a day. I don't know if my posting this website on here will be looked at as spam so maybe via PM.
  • #60,327
  • Apr 8, 2010 9:30pm Apr 8, 2010 9:30pm
whizzo,
are u referring to alertfx.com?
i think it's ok to mention it, as it has been mentioned here before.
  • #60,328
  • Apr 8, 2010 9:49pm Apr 8, 2010 9:49pm
Quoting mkpkelly
Guys,
Another Newbie here.
I am seeing alot of potential pin bars here all on the daily graphs.

eur/usd, gby/jpy, gby/chf, eur/jpy, usd/jpy.

Are these the setup we look for?
Are these tradable?
They are close to what we look for.

Many are too small compared to the previous bars and the strong down move they have to over come.

Some of them could be at a deeper swing low, meaning they are not at a level that would provide Space, preferably at a 50% Ret. or Fib Ret. that is confluencing with a PPZ level. Not much Space means more traffic to fight through.

I'm not saying that they are not tradable, I'm saying they are not an A+ setups. A+ would have a much better size, confluence and location which these are lacking. Let me put it this way, a very picky J16 trader would call them untradable and move on and wait for a better setup.


That being said, out of all them I do like the Daily Eur/Jpy PB.

What is critical when thinking about taking a setup like this is James16's "This is Critical"
http://www.forexfactory.com/showpost...ostcount=15568

Which is in line what Mike had said recently :
Quoting mbqb11
Nicely done here LJ

The key I am always thinking no matter what type of bar or location is to always be trading AWAY from the PPZ rather then into them. That has saved me the most over the years. Makes it much more difficult to manage into them.

Best
Mike
The PPZ level, 125.00 BRN, is the key level.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #60,329
  • Apr 8, 2010 9:55pm Apr 8, 2010 9:55pm
Quoting mkpkelly
Guys,
eur/usd, gby/jpy, gbp/chf, eur/jpy, usd/jpy.

Are these the setup we look for?
Are these tradable?
Not sure what looking at on the Gbp/Chf. But the Weekly BUOB hit its target nicely as predicted.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchfweekly.gif Size: 26 KB
Indicators show the past. Price Action "Indicates" the future.
  • #60,330
  • Apr 8, 2010 10:03pm Apr 8, 2010 10:03pm
Quoting jarroo
They are close to what we look for.

Many are too small compared to the previous bars and the strong down move they have to over come.

Some of them could be at a deeper swing low, meaning they are not at a level that would provide Space, preferably at a 50% Ret. or Fib Ret. that is confluencing with a PPZ level. Not much Space means more traffic to fight through.

I'm not saying that they are not tradable, I'm saying they are not an A+ setups. A+ would have a much better size, confluence and location which these are lacking. Let me put it this...

Jarroo! where were u to discourage these bars earlier????


Many choose unhappiness over uncertainty.
  • #60,331
  • Apr 8, 2010 10:05pm Apr 8, 2010 10:05pm
Quoting Dan Gilbert
Jarroo! where were u to discourage these bars earlier????



Can you explain more?
Indicators show the past. Price Action "Indicates" the future.
  • #60,332
  • Apr 8, 2010 10:10pm Apr 8, 2010 10:10pm
Quoting mike w
Damn, 26! Need a new hip yet? haha I'm just playing brother. Time does fly my man.

Yeah, Benji and the crew stole all our thunder Mike. bastids.... hah
lol
I believe . . .
  • #60,333
  • Apr 8, 2010 10:17pm Apr 8, 2010 10:17pm
Quoting jarroo
Can you explain more?
I'm just saying... lots of talk about these bars today but I didn't like em much at all....
Many choose unhappiness over uncertainty.
  • #60,334
  • Apr 8, 2010 10:21pm Apr 8, 2010 10:21pm
Quoting Dan Gilbert
I'm just saying... lots of talk about these bars today but I didn't like em much at all....
I see. I'm just reading about the discussion now.

Good eye Dan.
Indicators show the past. Price Action "Indicates" the future.
  • #60,335
  • Apr 8, 2010 10:25pm Apr 8, 2010 10:25pm
Quoting ppfx
ghous, since you're the master of IPBs (we could call them ghous bars like the Dale doubles ) , what do you think about the IPB on gold IF its going to close like this? imo it has good chances to go to 1140.00 at least...

it would be nice to see it go like the one on oil from just a few days ago... i know that that one on oil had more space so it was more tradeable (hope that you dont mind if i use your word nassir )

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Hey PPfx,

A question to you here. Would you ever trade this as a pin bar at a swing low or at any other favorable bullish location?

What you must not forget is that IPBs are basically pin bar setups. So for a bar to qualify as an IPB it must first qualify as a tradeable (Nasir's rights reserved) pin bar by virtue of it's shape.

Both the bars you highlighted are mere indecision bars frequently refereed to as Dojis...you want one wick to extend far more than the other to give it that "pin barish" look.

To answer your question I wouldn't trade these for the reasons mentioned above. Gold's just poked 1140 BRN and might as a pullback to it help your bar work out but then clearly the risk on this one is beyond my appetite.

cheers.

g.
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 28 KB
I believe . . .
  • #60,336
  • Apr 8, 2010 10:25pm Apr 8, 2010 10:25pm
Quoting giotto
Hi FXNumen!

In my opinion and according my other lmt orders its pretty clear. Nice position due to fibo, 365EMA, good space - not the best but at least some possibility to manage at least BE. To my risk apetite its worth to watch it even trade it, but it depends on everyone's skills and decision. Good luck!
My 2 cents. Though I can't comment on the quality of the pin bar( leave it to Mike and other seniors), shorting here is against the daily trend.

Based on my charts as long as the price holds above 1.060, long term uptrend is in place.
Attached Image (click to enlarge)
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  • #60,337
  • Apr 8, 2010 10:25pm Apr 8, 2010 10:25pm
Quoting jarroo
I see. I'm just reading about the discussion now.

Good eye Dan.
I'm demoing them for the lols.....
Many choose unhappiness over uncertainty.
  • #60,338
  • Apr 8, 2010 10:27pm Apr 8, 2010 10:27pm
Quoting Scotty2Cues
Is this a pullback to the breakout of the double top on the daily?

Yes, its what you can look for.

A break through the 125.00 and then Price retraces back to the 125.00. We then look for bullish PA at the pullback.
Indicators show the past. Price Action "Indicates" the future.
  • #60,339
  • Edited 11:50pm Apr 8, 2010 10:31pm | Edited 11:50pm
Quoting Dan Gilbert
I'm demoing them for the lols.....

Excellent. That's how we practise.
Indicators show the past. Price Action "Indicates" the future.
  • #60,340
  • Apr 8, 2010 10:34pm Apr 8, 2010 10:34pm
Quoting nasir.khan
Ghous i was searching your IPB posts but i can't see you stating the exact size you need for an IPB comparing to it's previous bar. or is it discretionary (feeling)???

Looking at OIL daily, The size is pretty small but still the upper wick also is pretty long. There are also side to side IPB's in 4h.

P.S: How do you trade Daily bars. I mean the daily bar close very late here in our country. Do u stay awake for it?
.
I am the conventional type Nasir. I sleep early and then wake up early at about 5-6 am in the morning, take/manage trades and then go back to bed if uni's late that day or else I just take my bath and head for uni.

Abt the size of IPBs, I like'em long and big just like you'd like a pin bar. However I don't look for the longer wick to exceed the previous bar but then the IPB itself needs to be considerably large compared to the bars prior to it.

As a classic example look at the daily gold bar and compare it with the aud/chf weekly IPB I described in my "intro to IPBs" post.

g.
I believe . . .
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