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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

  • #67,421
  • Jun 25, 2010 7:58am Jun 25, 2010 7:58am
euro/nz, good DHLC or BEOB forming
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  • #67,422
  • Jun 25, 2010 7:59am Jun 25, 2010 7:59am
Quoting jarroo
I wouldn't even look at those in that way Pb, it can be very misleading. We always wait for the Close . . . always wait for the Close.

I know what you mean Jarroo, and I am not looking at them like that.

If we pretend that it is Monday of next week and we are waiting for the next candle to appear, would having a Daily PB and a weekly PB be more of a bullish sentiment.
  • #67,423
  • Jun 25, 2010 8:04am Jun 25, 2010 8:04am
Quoting Rosentrade
pinbar on the daily... I don't know about anyone else but I'll run with it - going with the trend and the end of the nose close to a previously bounced off level - it's good enough for me still in demo trading! Anyone else see it the way I do? Comments?
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Bar is too small.

Location is a bit iffy, I personally have no PPZ drawn at that location either.

Have you entered before the close also or is that from another trade ?

Pass for me, I would be interested if there was some nice Pa at the green rectangular area I shaded in.

Don't get me wrong it will probably run to the first PPZ at least but it's just not at the best location that it could be at.

Quoting Rosentrade
I'm just starting out in this... but tonight is the first time I've noticed these PBs come up while I'm watching - trades I've actually felt confident in taking! I don't know how I'll get to sleep.
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I like this area lot better, probably a breakout and pullback to the daily trendline helping this one too. I was waiting to go long on the 1HR but the bar didn't close as the BUOB that I wanted.

I would be looking out for a reaction at the 1.50 level.
  • #67,424
  • Jun 25, 2010 8:14am Jun 25, 2010 8:14am
Quoting FiveEights
Hi GUys,
Ive been avidly reading this thread for months now, this is my first post, so was just wondering if what anyone thought of the following. Its on the Eur/USD 15 min... looks like a nice double pinbar. I went long at 2271 after the second pin and have pulled my stop up to 71 once the price hit 89... hopefully we get a nice run.
Hey 58

Welcome to the thread. First I have to say it cause that is what it is all about here. But please read post 1 from James again if you have not. We really want to see the new people take it slow and James recommends starting on the daily/weekly this will help give you the tools necessary in the beginning before playing the faster timeframes(you may never want to leave the higher ones).

As for the setup, the first bar is a pinbar, and the next bar is an insidebar(even though it has a pin look it is only an inside bar). Good location at the swing low, but coming off a pretty strong move. I don't think that first pin is strong enough in my book, not a ton of confluence. I like it a bit better actually with that inside bar after as things are slowing down and you can see if it breaks hard.

Again welcome and don't forget that first post

Mike
  • #67,425
  • Jun 25, 2010 8:21am Jun 25, 2010 8:21am
Quoting Jigsaw
Attachment

Bar is too small.

Location is a bit iffy, I personally have no PPZ drawn at that location either....
Good to have you hanging around again Saw man
  • #67,426
  • Jun 25, 2010 8:22am Jun 25, 2010 8:22am
Quoting fxprocessor
I think this is also worthy of FTA status
Nailed it! Nice Nick!. Would love to see us get above the last highs on 1.5, and then see what price wants to do. Too bad it is friday(did I just say that).


Mike
  • #67,427
  • Jun 25, 2010 8:25am Jun 25, 2010 8:25am
Quoting mbqb11
Nailed it! Nice Nick!. Would love to see us get above the last highs on 1.5, and then see what price wants to do. Too bad it is friday(did I just say that).


Mike
I hear you buddy. I'm on holiday next week so catch you guys in a week or so
  • #67,428
  • Jun 25, 2010 8:32am Jun 25, 2010 8:32am
Quoting fxprocessor
I hear you buddy. I'm on holiday next week so catch you guys in a week or so
Enjoy dude!
  • #67,429
  • Jun 25, 2010 8:44am Jun 25, 2010 8:44am
Thanks guys, cheers for the advice, and good spot on the inside bar ! i never even thought of it like that!! Ive been trading for 7 years now unfortunatly learned the hard way ( by blowing up several accounts ! - not big or clever) I left my job to go work in a sales trading role did tech analysis exams, and finally finally learned to be much more disciplined. Trading is a secondary income to me at present and obviuosly the dream is to grow that to be my main income. I'm live trading at the minute but using 0.5% risk at minute which im comfortable with, but had completed a month of demoing first. I look forward to learning from and contributing to this forum. I think its a very valuable resourse....Cheers and have a great weekend everyone !!!
  • #67,430
  • Jun 25, 2010 8:54am Jun 25, 2010 8:54am
Quoting jarroo
That's a solid hit in my book. Remember these are zones too. Just like PPZones. +/- 5 to 10 pips or more is what I use.

Hi Jarroo - I am fairly new to trading and a few days into the J16 thread. - would appreciate any comments on the profit target that I have set for the AUDCAD. PT at 0.89585. The snapshot is from earlier today - hopefully it all uploaded Ok.
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  • #67,431
  • Jun 25, 2010 9:02am Jun 25, 2010 9:02am
Quoting mbqb11
As for the setup, the first bar is a pinbar, and the next bar is an insidebar(even though it has a pin look it is only an inside bar). Good location at the swing low, but coming off a pretty strong move. I don't think that first pin is strong enough in my book, not a ton of confluence. I like it a bit better actually with that inside bar after as things are slowing down and you can see if it breaks hard.
Hey Mike,

Thanks for the welcome back brah . Just on the topic of pinbar followed by inside bar, here's the 1HR EURJPY from during the week. BRN, pin followed by an inside bar. (It's not highlighted but you probably know the one I'm talking about)

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I had an order placed for a break of the Pin but it never broke, when the inside bar came I knew it was going to break upwards but I just didn't take it.

So just wondering - what did you think of the initial pin as a setup, and then what did you think of the pin+Ib combination. If you took the inside bar had you your stop placed on the other side of the Ib or on the other side of the pin . . . if you get me.

Quoting fxprocessor
I hear you buddy. I'm on holiday next week so catch you guys in a week or so
Sweet enjoy yourself ! Where are you going ?
  • #67,432
  • Jun 25, 2010 9:05am Jun 25, 2010 9:05am
Quoting Jigsaw
Hey Mike,

Thanks for the welcome back brah . Just on the topic of pinbar followed by inside bar, here's the 1HR EURJPY from during the week. BRN, pin followed by an inside bar. (It's not highlighted but you probably know the one I'm talking about)

Attachment

I had an order placed for a break of the Pin but it never broke, when the inside bar came I knew it was going to break upwards but I just didn't take it.

So just wondering - what did you think of the initial pin as a setup, and then what did you think of the pin+Ib combination....

In that case I think it is fine to place your stop under the IB, cause at that point past there and it is probably going to break the low of the pin too. I only do the pin + IB combo if the IB closes high up and has a very bullish look(in this case).

Mike
  • #67,433
  • Jun 25, 2010 9:57am Jun 25, 2010 9:57am
Quoting datogio
Missed this one too. TL and PPZ confluence...
Whoa I didn't even spot that TL on my chart!

Looking at the daily am I right in thinking the possible bullish PB is in the wrong location. Even though it's bounced off .70 it's at the top of a channel and possible swing high with resistance at BRN .71 and the top of the candles near .7150 Oh and not forgetting it's late Friday so wouldn't be interested in opening a position.

.6850 has some nice confluence for a long but don't like the fact it would be in the middle of a channel, any thoughts.

Thx
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  • #67,434
  • Jun 25, 2010 10:15am Jun 25, 2010 10:15am
Quoting Dan-FX
Whoa I didn't even spot that TL on my chart!

Looking at the daily am I right in thinking the possible bullish PB is in the wrong location. Even though it's bounced off .70 it's at the top of a channel and possible swing high with resistance at BRN .71 and the top of the candles near .7150 Oh and not forgetting it's late Friday so wouldn't be interested in opening a position.

.6850 has some nice confluence for a long but don't like the fact it would be in the middle of a channel, any thoughts.

Thx
DanFx, although the bar is at a possible swing high, there seems to be a fair bit of sideways traffic to the left, with similar sized bars to the pin in question.
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  • #67,435
  • Jun 25, 2010 10:23am Jun 25, 2010 10:23am
Hi All,

Sorry if this setup has already been posted the thread moves so fast its difficult to keep track.

USDJPY H4 a BUOB off a cluster of lows. I was looking at 90 and 90.30 as targets but in hindsight think I entered right at resistance at 89.72

Am i wrong to be looking for longs on this pair with such big recent bars to the downside on the 6 and 20th May? I think possibly in hindsight again the location may have been good but the PA was not showing enough strength for a long position?

Thx
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  • #67,436
  • Jun 25, 2010 10:27am Jun 25, 2010 10:27am
Quoting forexben
DanFx, although the bar is at a possible swing high, there seems to be a fair bit of sideways traffic to the left, with similar sized bars to the pin in question.
Ahh gotcha need to look at the setup bar(s) in relation to recent price action, looking for a more powerful bar and without traffic/congestion.

Thx
  • #67,437
  • Jun 25, 2010 10:32am Jun 25, 2010 10:32am
Quoting Dan-FX
Hi All,

Sorry if this setup has already been posted the thread moves so fast its difficult to keep track.

USDJPY H4 a BUOB off a cluster of lows. I was looking at 90 and 90.30 as targets but in hindsight think I entered right at resistance at 89.72

Am i wrong to be looking for longs on this pair with such big recent bars to the downside on the 6 and 20th May? I think possibly in hindsight again the location may have been good but the PA was not showing enough strength for a long position?

Thx
Hey Dan

Is it wrong to look for longs? Not neccesarily, but in this case I would be much more cautious coming of the strong move through 90. A bar of that size just doesn't scream reversal to me, it screams maybe it will reverse and we need to watch the first trouble area. Notice it took 3 bars that is 12 hours of time to break the high. That lack of momentum against the strong downtrend screams a pass for me.

Just my 2 cents
Mike
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  • #67,438
  • Jun 25, 2010 10:36am Jun 25, 2010 10:36am
Looks like GBP/USD is having another run at 1.5.

Just can't see Britannia breaking this barrier.

There is the
1) BRN
2) 61.8% retracement from last swing high
3) Bearish Trendline touching all three previous significant swing highs since November 2009 - it coincides with this point.

I bet the boys have run the price up to this point just to do it - just to make it coincide with all of them and then it will get smashed down mercilessly.
  • #67,439
  • Jun 25, 2010 10:51am Jun 25, 2010 10:51am
You really have gotta love this thread. Having posted on the 2+2 poker forums for years, I think it's really refreshing how the J16 forum is so constructive for all posters, no matter whether you've been trading for 5 years or 5 weeks. Unlike on 2+2 when a newbie posts something incorrect or asks a simple question, the next five posts in the thread are like 'lolz you fuc*ing retard!' I guess we haven't got a bunch of 19 year old wanna-be ballers here

I've only been seriously been reading this thread for a few weeks now. If I had some advice for newer posters I'd say check out the link Cyrus made a while back here http://www.forexfactory.com/showpost...ostcount=60010

It's goes through all of the thread's veterans post's since the start of the year. After that, search for these guys attachments and analyse all of their charts. Its helped speed up the learning process for me anyways. Happy trading.
  • #67,440
  • Jun 25, 2010 10:52am Jun 25, 2010 10:52am
Quoting mbqb11
Hey Dan

Is it wrong to look for longs? Not neccesarily, but in this case I would be much more cautious coming of the strong move through 90. A bar of that size just doesn't scream reversal to me, it screams maybe it will reverse and we need to watch the first trouble area. Notice it took 3 bars that is 12 hours of time to break the high. That lack of momentum against the strong downtrend screams a pass for me.

Just my 2 cents
Mike
Nice analysis thanks Mike that makes complete sense. I'm looking for bottom and tops with the slightest bit of confirmation and I want to take it. I'm not sure if this is fear of missing the move or lack of patience. I'm so glad to be back on demo I have a lot to work on
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