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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

  • #70,561
  • Aug 4, 2010 2:53pm Aug 4, 2010 2:53pm
"Rac"em up
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  • #70,562
  • Aug 4, 2010 3:00pm Aug 4, 2010 3:00pm
Quoting Adilius07
Cprao, yes this is Thinkorswim.
On finviz I don't think they have a demo portfolio.
Thank you for the information.
  • #70,563
  • Aug 4, 2010 3:13pm Aug 4, 2010 3:13pm
I saw this setup today on ŁY, and I'd like to ask if it really is the right kind of setup so I can check I'm learning?

H4 trend is up
50% fib
RN 136
and T(Triple)BLHC as entry trigger

Cons?

res at 137.50 ish
MACD Div

Maybe a nice entry for the daily if price closes as a pin?

Any crits much appreciated.

Ollie
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  • #70,564
  • Aug 4, 2010 3:26pm Aug 4, 2010 3:26pm
Quoting jarroo
Edit: and to add to what Ghous said . .


A bit too small to counter that uptrend. Let me put it this way . . if that was a PB, that size, would you take it? But I do like the small loss that the IPB provides than a regular PB's, that's for sure.
Greetings Jarroo,
I wanted to refer back to the daily chart of the Aussie. You mentioned a IPB on this chart. I had my PPZ drawn at a different level which was at the 9070-ish equal to the high of the PB generated at 27 july. In my picture it was a PB with a bullish impact because here it confirms support of the 9070 level. But if you had drawn the PPZ at the 9150 level (high of the IPB) you would see a IPB instead of a PB, this would have a bearish impact on your analysis. What I want to emphesize is that in this case it is very important to draw your PPZ correctly as this influences ones analysis. I myself find it still difficult to draw the PPZ correctly, it takes a lot of practice. In hindsight price went further up, so I suppose the bar was a PB afterall and not a IPB.

May the force be with you,
Pipcrawler
  • #70,565
  • Aug 4, 2010 3:45pm Aug 4, 2010 3:45pm
Right bar, wrong location? I just need to check that I know when I am wrong umm, when the setups wrong I mean

CAD/JPY BUOB but not at swing low and not a clear PPZ either? So it could work out, but it's a pass from the Pro's?

Thanks,

Ollie
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  • #70,566
  • Aug 4, 2010 3:51pm Aug 4, 2010 3:51pm
Quoting ppfx
Hi and welcome to this thread Pipologist99. Below are some attachments that explain different J16 PA setups.

Thanks ppfx, files are of great help for a newbie like me!
  • #70,567
  • Aug 4, 2010 3:54pm Aug 4, 2010 3:54pm
Quoting xmzhang
Greetings Jarroo,
I wanted to refer back to the daily chart of the Aussie. You mentioned a IPB on this chart. I had my PPZ drawn at a different level which was at the 9070-ish equal to the high of the PB generated at 27 july. In my picture it was a PB with a bullish impact because here it confirms support of the 9070 level. But if you had drawn the PPZ at the 9150 level (high of the IPB) you would see a IPB instead of a PB, this would have a bearish impact on your analysis. What I want to emphesize is that in this case it is very important to draw...

I'd hate to ask a beginner question but can someone point me to the discussion about how this group draws its PPZ (Pivot point zone). I draw my PP's at a resistance zone formed when a bar closes higher than immediately, the next one closes down...and vice versa.

Also a reference to a discussion about the inverted pin bars would also be much appreciated thanks.
  • #70,568
  • Aug 4, 2010 3:56pm Aug 4, 2010 3:56pm
Quoting Geofract
Right bar, wrong location? I just need to check that I know when I am wrong umm, when the setups wrong I mean

CAD/JPY BUOB but not at swing low and not a clear PPZ either? So it could work out, but it's a pass from the Pro's?

Thanks,

Ollie
Hey Ollie

Yeah tons of traffic here, it could be the signal before the burst out but very tough areas trading into the 85 BRN is right above us as well.
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  • #70,569
  • Aug 4, 2010 4:00pm Aug 4, 2010 4:00pm
Quoting Pipologist99
I'd hate to ask a beginner question but can someone point me to the discussion about how this group draws its PPZ (Pivot point zone). I draw my PP's at a resistance zone formed when a bar closes higher than immediately, the next one closes down...and vice versa.

Also a reference to a discussion about the inverted pin bars would also be much appreciated thanks.
Here is some stuff on PPZ, they are just FLIPS of support and resistance. We have minor and major ones.
http://www.forexfactory.com/showpost...ostcount=14084


As for IPB I am not sure since that isn't J16 stuff so i will leave that out


Hope that helps
  • #70,570
  • Aug 4, 2010 4:15pm Aug 4, 2010 4:15pm
What do u think about this setup on USD/CAD? Is this a valid setup, what this newbie here isn´t seeing?

Pro:

PinBar with a regualr size.
Resistence Level.
Possible Divergence on MACD.

Cont:

Countertrend Trade.

http://img39.imageshack.us/img39/108...sd4hrs0408.png


Any comments appreciated

Suba
  • #70,571
  • Aug 4, 2010 4:26pm Aug 4, 2010 4:26pm
hello everybody

I can not open J16Manager, It's installed in experts/indicators folder, as any other custom ex4, do you know what I'm doing wrong
Any help is appreciated
  • #70,572
  • Aug 4, 2010 4:33pm Aug 4, 2010 4:33pm
I was analyzing my charts and found this EUR/JPY.
I liked the location, as it seems as being on the support from previous range.
But then I realized that even though it is a PB it is NOT sticking out of a couple of previous bars (only sticks out of previous bar).

So my question is would you take such a setup?
Is the setup valid J16?
Of course you may not take it due to some other considirations.
But as a bar formation, is it valid?
Thanks.
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  • #70,573
  • Aug 4, 2010 4:38pm Aug 4, 2010 4:38pm
Quoting mbqb11
Hey Ollie

Yeah tons of traffic here, it could be the signal before the burst out but very tough areas trading into the 85 BRN is right above us as well.
Hi Mike,

I see it now, i'd be trading right into a ppz at 85.35 (if price got past RN 85) - think I need to tidy up my charts a little, it probably would be clearer then. Nice triangle, so defo better to wait for that to break before imho.

Thanks for the feedback.

Ollie
  • #70,574
  • Aug 4, 2010 4:41pm Aug 4, 2010 4:41pm
Quoting Suba
What do u think about this setup on USD/CAD? Is this a valid setup, what this newbie here isn´t seeing?

Pro:

PinBar with a regualr size.
Resistence Level.
Possible Divergence on MACD.

Cont:

Countertrend Trade.




Any comments appreciated

Suba
Hey Suba

Yes this would be heavily countertrend. Price finally got some legs downwards today so that super tiny pinbar this late in the day is very tricky and usually will get run over.

Best
Mike
  • #70,575
  • Aug 4, 2010 5:28pm Aug 4, 2010 5:28pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Any thoughts on this one?

Pros: Nice shape, decent wick. Overall trend is up. It fell through 136 BRN then bounced back. Fell through 135.90 PPZ and bounced back.

Cons: Trafficky area. Not at swing low. No Fib confluence.
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  • #70,576
  • Aug 4, 2010 5:54pm Aug 4, 2010 5:54pm
Quoting Adilius07
I was analyzing my charts and found this EUR/JPY.
I liked the location, as it seems as being on the support from previous range.
But then I realized that even though it is a PB it is NOT sticking out of a couple of previous bars (only sticks out of previous bar).

So my question is would you take such a setup?
Is the setup valid J16?
Of course you may not take it due to some other considirations.
But as a bar formation, is it valid?
Thanks.
Adilius07, while it may not be an A+ set-up, it is certainly playable. I think it is a good spot. A lot of trafic, and the pin isn't the largest, so you will want to get to BE ASAP if you trade this.

I personally like the USDJPY Daily Pinbar better. Near all time lows, MACD divergence, and decent size. I put an order above it at 86.50.

It is only a game of probabilities, and I like the probabilities of the USDJPY better. I guess we will see.
  • #70,577
  • Aug 4, 2010 5:57pm Aug 4, 2010 5:57pm
Quoting jdl
Any thoughts on this one?

Pros: Nice shape, decent wick. Overall trend is up. It fell through 136 BRN then bounced back. Fell through 135.90 PPZ and bounced back.

Cons: Trafficky area. Not at swing low. No Fib confluence.
Yep JDL you have this correct, the CONS are much stronger in my opinion. The problem is you are essentially trading right into the first trouble area since it is at a swing high and in a lot of traffic. It doesn't make it unplayable, but if you choose to play them at this location you have to be fully aware of that negative(which in my eyes is too high to make it worth trading).

Mike
  • #70,578
  • Aug 4, 2010 6:05pm Aug 4, 2010 6:05pm
Quoting eswap0
Many thanks to both.
The IPB failed indeed, so another trade in the "still to learn" basket.
Actually the ipb did it's thing. U could see how it move to 0.91 and bounced off there. And since entry was 0.9130ish, it didn't make sense to take the trade for the little space available.
  • #70,579
  • Aug 4, 2010 8:26pm Aug 4, 2010 8:26pm
Quoting jdl
Any thoughts on this one?

Pros: Nice shape, decent wick. Overall trend is up. It fell through 136 BRN then bounced back. Fell through 135.90 PPZ and bounced back.

Cons: Trafficky area. Not at swing low. No Fib confluence.
hey J,

Not sure if you already follow this but always keep your charts zoomed out (2 X the scaling of your chart in the attached image) that way you get to look at your trigger bar amongst the on going price action and then you are better able to compare it's size with preceding bars etc.

You are trying to play a continuation Pin bar which is not at a decent pull back which can always be tricky.

Now looking at a zoomed out chart, the Pb no longer looks to have that longish look we like it to have and clearly the FTA which was very close is already hit.

Of course we have broken out of a consolidation box here, and the "spring effect" may take price further up (though we have had a fake breakout earlier) and beyond the FTA of the pin bar,but in terms of the validity of the pin bar itself, IMO it's just a little shady and well short of the A+ caliber.

g.
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I believe . . .
  • #70,580
  • Aug 4, 2010 8:42pm Aug 4, 2010 8:42pm
Quoting Oskar
.....
I can not open J16Manager, It's installed in experts/indicators folder, as any other custom ex4....
Hello Oskar,
J16 Manager is an EA, not an indicator.
so it should go to experts folder (not experts/indicators folder)

not all .ex4 files are indicators.
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