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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

  • #64,821
  • May 26, 2010 6:23am May 26, 2010 6:23am
this pinbar might be a winner.. but on the weekly there is a large beob .. so maybe thats why
  • #64,822
  • May 26, 2010 6:34am May 26, 2010 6:34am
Quoting extraneo
I do not think that the dj pinbar yesterday is good
The point I was making wasn't whether or not the dj pin bar was good, it was that a guy putting out regular videos on youtube, with his own website, with a following, was calling a clear pin bar a sort of hammer thing and felt that the wick was too long.

Even if you don't recognise the pin bar by name, which as a chartist you really should, you should have some notion of long wick patterns being potential signs of the end of a trend or turning point in the market. He did not have any idea of this. He only found it in himself to say it was "a hammer like sort of thing and anyway the wick is way too long. This (the bullish pin bar wick) has got too much selling mixed up in it".
  • #64,823
  • May 26, 2010 7:13am May 26, 2010 7:13am
I am a member of a share site forum. It has thousands of threads. Those posting on it are mainly from the UK.
I used to read it quite closely.
I pay the odd visit now.
It is pathetic, there is nothing wrong with the website, but the contributions are often very poor. You learn nothing from it other than how ignorant and stupid people are. Much of the time is spent with one side calling the other side names.
There might be the occasional bit of fundamental new.

Outside of that it mainly consists of comments like "this one is going to fly soon"

the post gets several thumbs up
next post - "pigs would sooner fly this one is going bust" the post gets several thumbs down and there is an argument.

What I like about this thread it is well run, it is like a family. Everyone is welcome to have an input and they are treated with respect.

Clearly people will do as they like, but I really value comments where the poster says, this is a good/ok/poor pin bar or outside bar because of the bars size, position, size and direction of previous trend, interaction with trendlines/pivot lines/fibs/other candles and so on.

I think it helps the poster order their own thoughts, critically assess the merits of the candle/bar, makes it clear to others why they have come to their conclusion and enables those with another point of view/superior knowledge to assist in the process of analysis.

This is not a criticism of anyone who does not do this, but I have personally found it very helpful to my learning process.
  • #64,824
  • May 26, 2010 7:19am May 26, 2010 7:19am
Quoting mbqb11
cons would be a small bar vs a very strong trending market, and trading into 1.1500. Doesn't mean it isn't playable with a tight mgmt strategy though

Best
Mike
Already in a BE position now after a short entry from the PB break.
  • #64,825
  • May 26, 2010 7:21am May 26, 2010 7:21am
This trade is getting too close to the 1.0060 RN.

Took half profit and moved SL to BE+ spread.

Now, it is comfortable to sit and watch how it plays out as a free trade that can not possibly cost me anything.


As N said, there is a lot of traffic.
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  • #64,826
  • May 26, 2010 7:23am May 26, 2010 7:23am
Hi guys

Anyone taken the Daily pin on USChf? Reason I ask is I don't see any confluence on this one so have passed on it.
PA is where its at!!
  • #64,827
  • May 26, 2010 7:24am May 26, 2010 7:24am
Hey fxeturn - that will be yesterday's USD/CHF pin bar at the top of that big up trend.

nice one.
I plotted the fibs on that one, from previous behaviour on this uptrend it should pull back for a few pips of profit even if the trend does not turn.
So a close eye on this is needed to stop the market taking back your winnings but if you are at BE already, top marks.
  • #64,828
  • May 26, 2010 7:30am May 26, 2010 7:30am
just noticed a Double bottom formation on the UJ H4 TF (ODL). It is not DBLHC but plain simple DB. Is this kind of setup playable as per the attached, or is it that I am just forcing a trade.

Comments / views/ critiques, all welcome.

Cheers
Novice198
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  • #64,829
  • May 26, 2010 7:30am May 26, 2010 7:30am
Quoting bertie123
Hi guys

Anyone taken the Daily pin on USChf? Reason I ask is I don't see any confluence on this one so have passed on it.
This pin bar is bang on the 261.8 fib retracement - price has had a minor pull back at the 161.8 and 100% fib levels during this uptrend so it is on the card for one right now.

I doubt there are many pips in it but a few are likely to be in it.
  • #64,830
  • May 26, 2010 7:35am May 26, 2010 7:35am
I follow the rules of james: pinbar on the DJ yesterday closed below the left eye (although above the proxy bar).
and counter trend, I think it's risky.
  • #64,831
  • Edited 7:51am May 26, 2010 7:40am | Edited 7:51am
Quoting six gun
This pin bar is bang on the 261.8 fib retracement - price has had a minor pull back at the 161.8 and 100% fib levels during this uptrend so it is on the card for one right now.

I doubt there are many pips in it but a few are likely to be in it.
Yeah, and it is above a BRN.

I passed on this one till it breaks the BRN and retests it.
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  • #64,832
  • May 26, 2010 7:48am May 26, 2010 7:48am
Nice to see that other people sometimes agree with one's own analysis! Also got burned on the other recent pin on this one so more reason to stay out!!
PA is where its at!!
  • #64,833
  • May 26, 2010 7:49am May 26, 2010 7:49am
This is Gold....so may individuals, so many perspectives. I love this thread. Really unique. Pay 45 EUR a month for FXstreet ? Start here first, front row.....



MsM


Quoting KissFan
Thanks Bundy for the time that you put into this piece. This is one of those articles that I would have just scanned over 6 mos ago because of where I was in my trading journey. I suspect that many who read it today will do the same. Truly a J16 nugget. If you are new here and serious, do yourself a favor and save this one as it is going to be an issue for you in the future if you reach any level of success in your trading. I am studying the way that J16 trades in consolidating/ranging markets. He has stated on more occasions than I can...
Be like water.
  • #64,834
  • Edited 8:02am May 26, 2010 7:50am | Edited 8:02am
Stopped out for last half at BE +

As Jim says so many times "Being stopped out at BE+ is a winner"!

Slow and steady wins this race.

If we can do this and catch some of the runners the account will take care of itself.


Just my newbie observation.
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  • #64,835
  • May 26, 2010 7:52am May 26, 2010 7:52am
Quoting Chris_B
Hi guys!!

What do you think of this I4B with a pinbar shape on a BRN on EURAUD?

Looks like this I4B is working rathers nicely from that daily sighting you had Chris!
  • #64,836
  • May 26, 2010 7:58am May 26, 2010 7:58am
Anyone in the AUD/USD pinbar from yesterday.
This one triggered.
I am looking at the daily chart. Price is certainly thinking about it on this trend line.

I will watch this some more and consider entering if price closes about the upper wick of the pin bar. There are plenty of pips above this if it confirms an upwards ascent and plenty of pips underneath to get burnt by if I jump in and price takes a dive.
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  • #64,837
  • May 26, 2010 8:17am May 26, 2010 8:17am
Quoting extraneo
I follow the rules of james: pinbar on the DJ yesterday closed below the left eye (although above the proxy bar).
and counter trend, I think it's risky.
Good point extraneo.
On my feed the pin opens at 10,004 and the previous bearish candle closed at the same price.
But you can only deal with it as you see it.
  • #64,838
  • May 26, 2010 8:21am May 26, 2010 8:21am
Quoting six gun
Good point extraneo.
On my feed the pin opens at 10,004 and the previous bearish candle closed at the same price.
But you can only deal with it as you see it.

I think it is too near 10000
I believe that 10,000 is not a goal but the rebound
  • #64,839
  • May 26, 2010 8:39am May 26, 2010 8:39am
Quoting Pinbar
Stopped out for last half at BE +

As Jim says so many times "Being stopped out at BE+ is a winner"!

Slow and steady wins this race.

If we can do this and catch some of the runners the account will take care of itself.


Just my newbie observation.
PB,

I think this is a winner, as you did close partial posn on this trade.

cheers
novice198
  • #64,840
  • May 26, 2010 8:44am May 26, 2010 8:44am
Quoting six gun
I am a member of a share site forum. It has thousands of threads. Those posting on it are mainly from the UK.
I used to read it quite closely.
I pay the odd visit now.
It is pathetic, there is nothing wrong with the website, but the contributions are often very poor....

It is the strong community that we have around here that keeps this thread going day in and day out. We welcome everyone and anyone to hop on in, but if you aren't here to be NICE and learn we'll scare you off
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