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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

  • #67,921
  • Jul 2, 2010 11:57pm Jul 2, 2010 11:57pm
Quoting supremeChaos
Hello cprao...
decent sized pin, but not spectacular or eye-catching, IMHO.

my concern is the downtrend.
also, i wont be surprised to see price go re-visit the pin's mid & bottom 1/3 (0.8150 - 0.8200 area or lower)*. [having said this, u can decide to enter on the pin's retracement, rather than on the pin's immediate break]
the pin's high is right before the 0.8200 RN. so yes, it would be prudent to enter like u said so or wait for 0.8200 to act as support (& wait for PA) before entering.
your blue line is indeed the...
Thank you. I like the idea of watching PA action on 8200 before comming to a trade. At this time, I would like to go with conventional method rather than entering a trade at the retracement.

I would provide more weight to this pin if 8200 holds but if the price breaks 8200, I kind of doubt the strength of the pin.

As you said, it is not a great pin ..

One good thing is I am on demo.. so I can experiment..
  • #67,922
  • Edited Jul 3, 2010 12:25am Jul 2, 2010 11:57pm | Edited Jul 3, 2010 12:25am
Sjr,
yes, that would be great -- concentrating on just 1 or a few things, & dong it well.

pinbar's with trend.
if i may suggest, u can look at BUOB/BEOB too. they are simply 2-bar PB's.
with trend, of course.

Quote
..Pin-bars that are going with the trend at the end of a pullback.
if i understand u correctly, u will be trading a 'continuation PB'.
yes, u can do that too.

just be aware of the PPZs, location & space. (identification of PPZs; good location & a lot of space) these will help a lot in giving u good trades.

Hope i answered your Q well


EDIT: 1 of the best ways to learn (on what PB'/PA setups to take) is view & review the charts/post of many seniors (like james16, mbqb11, jarroo; the others are a bit advanced, so i wnt mentin them. hahah)
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  • #67,923
  • Jul 3, 2010 12:08am Jul 3, 2010 12:08am
Quoting cprao
...
I would provide more weight to this pin if 8200 holds but if the price breaks 8200, I kind of doubt the strength of the pin.
.....
if price breaks below 0.82, yes u can say the pin is not too strong.
more likely, price is not yet ready to move up.
often, price retraces to the mid- to low part of the pin. the retracement happens in 1 bar or several bars, before price finally breaks the pin's high (bullish pin in this case) & makes a substantial upmove.

Let's see what it does next week.
  • #67,924
  • Jul 3, 2010 2:51am Jul 3, 2010 2:51am
[quote=Sjr;3848542]Thanks Supreme. I'm still learning which Pb's are best to take etc. One thing spoken of often (In forex in general) is to trade with the trend. Some Pb's are with the trend others trade directly into the prevailing trend. Would it be reasonable to think initially just trade Pin-bars that are going with the trend at the end of a pullback, vs. pb's at the very top/bottom of a recent move?/quote]


Welcome SJR from another newbie.

I have the trade simulator if you would like it, this way you can practice on trading in realtime on the weekends. That is if you are using MT4.

I am currently trading UJ daily from 1980 up to last Friday.


Shout if you would like it and I will post it ASAP.
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  • #67,925
  • Jul 3, 2010 3:22am Jul 3, 2010 3:22am
Morning all,

Just looking at the weekly charts I see there's a quite large BUOB on EUR/USD. I know it's not at a swing low but it made me look a bit closer so I zoomed into the daily and saw a reverse H&S formation which has broken the neckline.

I'm not trying to pick out a large trend reversal but I'm wondering how this could be approached. I've drawn som PPZs going back a while and can see some trouble at about 1.2700 then around 1.2900. If the reverse H&S plays out then the minimum upside objective should be around 700 pips from the break of the neckline ar around 1.2380 - which is above 1.3000.

However this is EUR/USD and my neckline might be wrong. Also I haven't really looked at any funny mentals for this pair except that after negative US data this week it's kept getting stronger.

Part of me wants to enter long at the break of the weekly BUOB and hang in for 1.2700, then 1.2900 and possibly 1.3000 +

I'm not one to pick out tops and bottoms though, maybe just watch for PA on the daily to go long?
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Anything can happen.
  • #67,926
  • Jul 3, 2010 3:23am Jul 3, 2010 3:23am
This is the chart for the daily H&S on EURUSD:
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Anything can happen.
  • #67,927
  • Jul 3, 2010 3:36am Jul 3, 2010 3:36am
What do we think of this BEOB on cotton weekly?

Quite nice location - double top ^_^

Counter trend though..
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Anything can happen.
  • #67,928
  • Jul 3, 2010 3:46am Jul 3, 2010 3:46am
Is this a BUOB or an IBP on sugar weekly?

tradeable? Not?
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Anything can happen.
  • #67,929
  • Jul 3, 2010 4:24am Jul 3, 2010 4:24am
Thanks for the offer PinBar. I'm using Gecko track and trade. I don't see anyone else using it, not sure if that's a good thing or not. I'm still trying to get my head around all the new terms and such. Essentially I paper traded futures when living in the states, but since I moved back home (NZ) the time difference etc was to much. I like forex for the trading hours. Traditionally I used to be a trend follower (on Paper) but the James 16 tread has convinced me to look more closely at individual bars to help make my decisions. I really like the Pin Bar's and as I scan my eyes over charts now, I'm starting to notice them more and more. Easy Right? LOL. Lots of study for me .....but I'm determined.
  • #67,930
  • Jul 3, 2010 5:10am Jul 3, 2010 5:10am
Quoting Sjr
Thanks for the offer PinBar. I'm using Gecko track and trade. I don't see anyone else using it, not sure if that's a good thing or not. I'm still trying to get my head around all the new terms and such. Essentially I paper traded futures when living in the states, but since I moved back home (NZ) the time difference etc was to much. I like forex for the trading hours. Traditionally I used to be a trend follower (on Paper) but the James 16 tread has convinced me to look more closely at individual bars to help make my decisions. I really like the...

I see....Glad to hear you got your interest back in trading.
So, you are not using the MT4 platform for demo?
Doesn't really matter, I think anyway.


Wishing you all the best setups.
  • #67,931
  • Jul 3, 2010 11:28am Jul 3, 2010 11:28am
Quoting ddinnov
Is this a BUOB or an IBP on sugar weekly?

tradeable? Not?
That would be a BUOB, but I guess it may turn into an IBP if it just drops straight down

Mike
  • #67,932
  • Jul 3, 2010 11:29am Jul 3, 2010 11:29am
Quoting Sjr
Thanks for the offer PinBar. I'm using Gecko track and trade. I don't see anyone else using it, not sure if that's a good thing or not. I'm still trying to get my head around all the new terms and such. Essentially I paper traded futures when living in the states, but since I moved back home (NZ) the time difference etc was to much. I like forex for the trading hours. Traditionally I used to be a trend follower (on Paper) but the James 16 tread has convinced me to look more closely at individual bars to help make my decisions. I really like the...
Welcome Sjr, determination is a big part of it. Just demo and take things slow. Markets aren't going anywhere

Enjoy the holiday weekend for those celebrating

Mike
  • #67,933
  • Jul 3, 2010 12:03pm Jul 3, 2010 12:03pm
Hello all, good weekend!

Damn, couldnīt finish my marathon.. I think iīm just not in enough good condition. My legs were simply dead, terrible cramps

Hope my trading mental marathon goes better. Anyhow iīm full of power because of the J16

Nuc
  • #67,934
  • Jul 3, 2010 12:20pm Jul 3, 2010 12:20pm
Hope everyone has a good 4th of July weekend.

Good Trading
Mike
  • #67,935
  • Jul 3, 2010 1:11pm Jul 3, 2010 1:11pm
Quoting nuclear62
Hello all, good weekend!

Damn, couldnīt finish my marathon.. I think iīm just not in enough good condition. My legs were simply dead, terrible cramps

Hope my trading mental marathon goes better. Anyhow iīm full of power because of the J16

Nuc
That's further than I've run today - well done!

Happy holiday weekend all - off to BBQ now then got to work tomorrow On my business though so it's not that bad. Got to find a way to fund a large trading account somehow
Anything can happen.
  • #67,936
  • Jul 3, 2010 3:15pm Jul 3, 2010 3:15pm
Don't know if anybody's noticed but Euro monthly chart shows a pinbar. On july 1 price opened above the monthly pivot and shifted up quickly.

Perhaps the tone is set for the 3rd quarter of the year and onwards?
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  • #67,937
  • Jul 3, 2010 3:18pm Jul 3, 2010 3:18pm
Quoting nuclear62
Hello all, good weekend!

Damn, couldnīt finish my marathon.. I think iīm just not in enough good condition. My legs were simply dead, terrible cramps

Hope my trading mental marathon goes better. Anyhow iīm full of power because of the J16

Nuc

I understand your feeling of not reaching the goal line.. but thats ok.. next time.. there is always next time..

There are quite a few like me who never even dared to participate.
  • #67,938
  • Jul 3, 2010 6:38pm Jul 3, 2010 6:38pm
Hi Jarroo:

I am going to start demoing this week, and I want to make sure that I minimize the number of bad habits that I develop. To that end, I want to use the "hard break" as a means of validating the quality of the PA set up.

I have noticed that most of the time that you talk about the hard break your examples are from the 4-hour. Is the hard break as good an indicator of a quality set up on the daily and weekly charts as on the 4-hour?

If so, this is my understanding of what to look for: on the bar after the PA set up price will retract, then break up/down without any drawdown before it begins to go up and down.

What's a reasonable number of pips to look for after the break, and before the drawdown begins? At one point, you mentioned 30-50 pips as a signifier of a quality PA on the 4-hour. Is that true of the daily/weekly, as well.

Thanks for your willingness to help.

LOC
  • #67,939
  • Jul 4, 2010 1:43am Jul 4, 2010 1:43am
Quoting bobblong
Don't know if anybody's noticed but Euro monthly chart shows a pinbar. On july 1 price opened above the monthly pivot and shifted up quickly.

Perhaps the tone is set for the 3rd quarter of the year and onwards?
Attachment
Hello. There's a problem : June candle is red and bullish pinbars work best when close is higher than open.
  • #67,940
  • Jul 4, 2010 1:45am Jul 4, 2010 1:45am
This is totally out of topic, but I was wondering if anyone can help me figure out why my bar chart in FXCM does not look like the one in Metatrader. I mean they're connected to each other, unlike in Metatrader where there are spaces in between bars. Total newbie, sorry.
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