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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

  • #60,701
  • Apr 12, 2010 3:31pm Apr 12, 2010 3:31pm
AUDUSD feedback. Watch out for the trend lines on the attached chart.


Quoting Hova
what do you think about AUD/USD and GBP/USD today ?

AUD/USD
nice bearish engulfing(BEOB) + rsi divergence + ppz +slow stoch OB zone
1st target = bottom of channel / probably 9170

GBP/USD
and bearish counter attack + 50 fib + ppz +slow stoch OB zone
1st target = 5150

sure we need to wait for the close but i wanted to ask in advance

thx for reviewing
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  • #60,702
  • Apr 12, 2010 3:33pm Apr 12, 2010 3:33pm
Quoting Hova
what do you think about AUD/USD and GBP/USD today ?

AUD/USD
nice bearish engulfing(BEOB) + rsi divergence + ppz +slow stoch OB zone
1st target = bottom of channel / probably 9170

GBP/USD
and bearish counter attack + 50 fib + ppz +slow stoch OB zone
1st target = 5150

sure we need to wait for the close but i wanted to ask in advance

thx for reviewing
I saw the AUD/USD BEOB, i like it but it would be better if it closed below the previous bar.
G/U is not a PA or do i miss something ?
  • #60,703
  • Apr 12, 2010 3:40pm Apr 12, 2010 3:40pm
Quoting djmanu
I saw the AUD/USD BEOB, i like it but it would be better if it closed below the previous bar.
G/U is not a PA or do i miss something ?
its something steve nison teaches, gu going up then gapping up the next day and go back to the previous day close, really bearish.
Never whishing, always trading.
  • #60,704
  • Apr 12, 2010 4:04pm Apr 12, 2010 4:04pm
I've narrowed it down to AJ or AU daily ............going with AJ
  • #60,705
  • Apr 12, 2010 4:39pm Apr 12, 2010 4:39pm
Big BEOB about to close on aud/usd. There is definately a lot of traffic ahead (1st target) so I would limit my risk there.
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  • #60,706
  • Apr 12, 2010 5:45pm Apr 12, 2010 5:45pm
Quoting artov
Big BEOB about to close on aud/usd. There is definately a lot of traffic ahead (1st target) so I would limit my risk there.
looked at this BEOB but not an A+ in my opinioin as there is not much room for it to move, so a bit too risky and poor RR
PA is where its at!!
  • #60,707
  • Apr 12, 2010 5:48pm Apr 12, 2010 5:48pm
Quoting Dan Gilbert
am I the only one who cheated on the GBPCHF pin and got in on the retrace???

This thing was just way too A+ for me to miss it. Probably the best pin bar I have seen since discovering J16
Hey Dan - I traded the gap to close and then reversed on a limit sell. Now just trying to be patient Here's my post on it from last night and my trade plan. Given how fast price moved today, I've actually moved my stop to above the left eye since we may get a bounce before heading lower and I'm happy to risk getting taken out for a small loss for the chance of moving lower.

Cheers
Simon

Quoting AnimalHungry
Understood, thanks Mike. My thinking, for what it's worth, is that we're in a down trend and price formed a decent (but not brilliant) PB off a daily PPZ/BRN, descending TL and 50 fib. Then price moves over the weekend (forming the "gap") and hits the first minor support area, then now rebounds to tests Friday's low. As you said, either new sellers come in and push price lower or they don't and price continues on to test the 1.65 level again.

I've done a fair amount of looking at gaps and would like to see (as often happens) a close of the gap...
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  • #60,708
  • Apr 12, 2010 5:51pm Apr 12, 2010 5:51pm
Quoting Cbh123
I just caught up on all the posts over the weekend, and wanted to throw out some advice for any newer traders who are wise enough to listen to it. There is a ton of information in this thread, and it can be overwhelming. Even just getting all the abbreviations can take some time.

If you want to understand this material as quickly as possible, take things one step at a time. It seems counter intuitive, but I can tell you from experience that if you will just learn the basics first, without getting distracted by more advanced strategies,...
cory

well sauid man.......I am sure that James16 himself would be proud to put his name to your post. This is a marathon, not a sprint. If you read 'Trading in the Zone' by Mark douglas he stresses that attitude, patience and discipline are far more imoportant in the longer term than 'price bars' etc.
Great advice for newbies here man, well done.
PA is where its at!!
  • #60,709
  • Edited 7:59pm Apr 12, 2010 6:38pm | Edited 7:59pm
Quoting bertie123
you read 'Trading in the Zone' by Mark douglas he stresses that attitude, patience and discipline are far more imoportant in the longer term than 'price bars' etc.
While that sounds nice, all the happy thoughts and discipline in the world arent going to make you a cent unless you know how to trade.

Trading in the Zone is pretty overrated imo.

Quoting artov
Big BEOB about to close on aud/usd. There is definately a lot of traffic ahead (1st target) so I would limit my risk there.
Not saying you are wrong, but thats alot of risk for very little reward.

Assuming you have a standard 10pip trigger on it and an 8 pip spread, thats like 20 pips profit. Maybe. But lets be generous and say 30 (edit: or, not assume a retarded spread!). We probably dont want to assume we are going to get a runner here - as you rightly point out, it is stuck in the middle of traffic city.

Your risk is what, 140pips or so?

So, at the base level, you pretty much need to believe that this setup is around 85% certain to get to that first level. And that was being optimistic. Being more realistic bumps it up to 90%ish.

That's a pretty big call.
When you have to shoot, shoot. Dont talk.
  • #60,710
  • Apr 12, 2010 6:41pm Apr 12, 2010 6:41pm
Quoting joelcf
and an 8 pip spread,
whoa Joel, we gotta talk about where you are trading!
  • #60,711
  • Apr 12, 2010 6:48pm Apr 12, 2010 6:48pm
Quoting mbqb11
whoa Joel, we gotta talk about where you are trading!
lol, now you mention it that does sound pretty bad. Mine hovers around 1pip. I just pulled up the last chart I had saved from the thread and it had a 6 pip spread, so I added a couple for the time. Oanda tells me that it is about 2 pips, which sounds alot better.
When you have to shoot, shoot. Dont talk.
  • #60,712
  • Apr 12, 2010 6:48pm Apr 12, 2010 6:48pm
Quoting joelcf
lol, now you mention it that does sound pretty bad. Mine hovers around 1pip. I just pulled up the last chart I had saved from the thread and it had a 6 pip spread, so I added a couple for the time.
hahah phew
  • #60,713
  • Apr 12, 2010 7:10pm Apr 12, 2010 7:10pm
Thoughts on the eur/chf pin off the gap yesterday?
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  • #60,714
  • Apr 12, 2010 7:46pm Apr 12, 2010 7:46pm
Quoting AnimalHungry
Hey Dan - I traded the gap to close and then reversed on a limit sell. Now just trying to be patient Here's my post on it from last night and my trade plan. Given how fast price moved today, I've actually moved my stop to above the left eye since we may get a bounce before heading lower and I'm happy to risk getting taken out for a small loss for the chance of moving lower.

Cheers
Simon
I get in on the retrace, closed half soon to free my risk, then this morning (my country) i closed the remain half, i have plan to re-enter by sell stop and limit, but i see it's not much room for sell stop...

Anyway, you trade the gap well, i don't feel comfortable to trade it even i read about it a lot
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Back to the beginning ... demo
  • #60,715
  • Apr 12, 2010 7:59pm Apr 12, 2010 7:59pm
Quoting optimuss
Thoughts on the eur/chf pin off the gap yesterday?
It is trading into a fairly trafficky area, but with a prevailing trend. Price has a memory, and I'd expect some chopping around again. If you take it, I'd be looking to reduce my risk. Check out the PPZ on the weekly. Patience could possibly pay off.
I'm pretty much done with all this ...
  • #60,716
  • Apr 12, 2010 8:29pm Apr 12, 2010 8:29pm
managing this trade on the live account.

Moved stop to above todays bar high. (using my new technique of getting stop to B/E)

First target has not yet been hit (blue highlighted area)

I will close 1/3 of the position at that level.


edit: I will update you guys on project shotgun later tonight . Most stops are at B/E now
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Many choose unhappiness over uncertainty.
  • #60,717
  • Apr 12, 2010 9:23pm Apr 12, 2010 9:23pm
there any indicator that can send an alert when a bar is going to be a pinbar or an OB X minutes befores it closes? Plus with the possibility to choose bearish or bullish?

thanks for any help
  • #60,718
  • Apr 12, 2010 10:40pm Apr 12, 2010 10:40pm
Quoting ppfx
yes true, since i have put my SL to BE on friday this was a free trade and i didnt had to worry about it, and with the TP hit, lets say this was a bonus

man i love this quote i have put it in my signature, hope TiaForex dont mind it (if he does i will remove it)
I'm sure Aaron (TiaForex) won't mind. He's a great guy.

It is an excellent signature.
Indicators show the past. Price Action "Indicates" the future.
  • #60,719
  • Apr 12, 2010 11:06pm Apr 12, 2010 11:06pm
Any thoughts on the Pinbar on the EUR/USD Daily?

Its on the previous swing high/lows 61.8 fib, and some confluence with other bigger swings from this year.

I'm tempted but passing on it just because its formed off a failed attempt to make a lower low, and on a higher high. So thats scaring me off from shorting it.
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  • #60,720
  • Apr 12, 2010 11:10pm Apr 12, 2010 11:10pm
Quoting Delfino
Any thoughts on the Pinbar on the EUR/USD Daily?

Its on the previous swing high/lows 61.8 fib, and some confluence with other bigger swings from this year.

I'm tempted but passing on it just because its formed off a failed attempt to make a lower low, and on a higher high. So thats scaring me off from shorting it.
things a bit misaligned with the gaps. But it would be a pretty good indication for the gap to close here. But if you notice the gap occurred right at the 1.35. Not only are gaps like windows as James says they like to be closed, but they often act as a S/R as well. 1.35 now looks juicer then ever for me


Mike
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