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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

  • #71,681
  • Aug 15, 2010 8:46am Aug 15, 2010 8:46am
Quoting packhorse
Thanks Bill,

I really feel both are worth taking, the decision I want to reach is whether one is better than the other. Based on your criteria above, the one that sticks out to me would be the USDCAD because of the pivot bounce.

Regards,
Also be aware that technically speaking that is not a pin on U/C as price did not close within the prior bar. Goes back to the post Ghous made yesterday about closes.

Take care
mike
  • #71,682
  • Aug 15, 2010 8:53am Aug 15, 2010 8:53am
Quoting mbqb11
I think these are more just bars rather then confluenced bars at good areas.

Eur/chf is trading right into the prior low which means 1.33 you would have to watch out for....
Thanks Mike for your comment. Now I realize that they are price bars without the support of strong confluences. Will take note next time.
  • #71,683
  • Aug 15, 2010 8:58am Aug 15, 2010 8:58am
Quoting nycc
Thanks Mike for your comment. Now I realize that they are price bars without the support of strong confluences. Will take note next time.
go check out the free videos on the james16 website. that should give you a good starting point.
Many choose unhappiness over uncertainty.
  • #71,684
  • Aug 15, 2010 9:01am Aug 15, 2010 9:01am
Quoting nycc
Thanks Mike for your comment. Now I realize that they are price bars without the support of strong confluences. Will take note next time.
Also I really want to drive home that there is some confluence there but certainly not what I would term as ideal. But if you like to manage your trades closely these setups can become much more attractive b/c you know exactly where to look

Hope you had a nice weekend
Mike
  • #71,685
  • Aug 15, 2010 10:15am Aug 15, 2010 10:15am
Quoting packhorse
Thanks Bill,

I really feel both are worth taking, the decision I want to reach is whether one is better than the other. Based on your criteria above, the one that sticks out to me would be the USDCAD because of the pivot bounce.

Regards,
Trying to help...my feed shows a PB with a higher close ...yet is this a swing low or a continuation PB? I marked in blue what i see as Mon/wkly ppz in blue and daily in another color... the pin seems to have bounced off the38.2 fib (but i only really watch the 50 and 61.8)

________________________________________
My criteria I ask myself

Location and where is the trend on that time frame i'm trading and what is the higher TF telling me

Is the PA bar a perfect shape

Is it at a swing hi/lo

Is it banging into a ppz

What are the confluences (fibs,div.,ema,tl)

Does the trade have room to move........what Mike calls space

Also, I very often I don't trade the Sunday open or Friday late session(just me) and I do watch for important news events coming up in the wk. (again just me)

Also, as James says and many of the other seniors..."be picky"

Please don't get me wrong i'm not saying you shouldn't trade it ...it's probabilities and may work out very well

I don't know if I heard this here...but something I remember reading...before you take a trade see yourself in a large auditorium and in the audience there are the best traders in the world and you must convince them why you and they should take this trade and substantiate all your reasons why
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  • #71,686
  • Aug 15, 2010 10:22am Aug 15, 2010 10:22am
Quoting Atc
Trying to help...my feed shows a PB with a higher close ...yet is this a swing low or a continuation PB? I marked in blue what i see as Mon/wkly ppz in blue and daily in another color... the pin seems to have bounced off the38.2 fib (but i only really watch the 50 and 61.8)

________________________________________
My criteria I ask myself

Location and where is the trend on that time frame i'm trading and what is the higher TF telling me

Is the PA bar a perfect shape

Is it at a swing hi/lo

Is it banging into...
Great reply. Thanks.
"Fail to prepare, prepare to fail."
  • #71,687
  • Aug 15, 2010 11:01am Aug 15, 2010 11:01am
My pick for next week.

DBHLC to the pip (double top?)
weekly/monthly fib confluence
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  • #71,688
  • Aug 15, 2010 11:11am Aug 15, 2010 11:11am
Bryan at a first glance it looks like a great pick. Will check it more in details later when I get back at my computer.
  • #71,689
  • Aug 15, 2010 12:30pm Aug 15, 2010 12:30pm
can someone tell me how to draw the PPZ？？？
  • #71,690
  • Aug 15, 2010 12:33pm Aug 15, 2010 12:33pm
Quoting lucas101
can someone tell me how to draw the PPZ？？？

Here is a good starting point Lucas

http://www.forexfactory.com/showpost...ostcount=14084

Best
Mike
  • #71,691
  • Aug 15, 2010 3:45pm Aug 15, 2010 3:45pm
Quoting Adilius07
[color=Red][color=Black]Besides the PA I like the...
Where to set a SL when trading outside bars? So far I've only came across information regarding setting stop loss when trading pinbars.
  • #71,692
  • Aug 15, 2010 3:47pm Aug 15, 2010 3:47pm
Quoting Adilius07
Thanks for the input! Yes I also worry that it is against the major trend, so I will try to be quick if I see any price stall, looks good to me, I will give it a try. Thanks
You're welcome.

May the force be with you,
Pipcrawler
  • #71,693
  • Aug 15, 2010 3:47pm Aug 15, 2010 3:47pm
Is there any material here that explains how to play continuation pins? I remember a member here talking about a webinar.
  • #71,694
  • Aug 15, 2010 3:58pm Aug 15, 2010 3:58pm
Quoting fxterrapin
Is there any material here that explains how to play continuation pins? I remember a member here talking about a webinar.
Hey Terra

Hmm I am not sure if I put on clips out on them cause I think they can be trickier to play. Generally speaking they are the same if your confluence or area is good. Mostly for me on breakout + pullback area, or preemptive breakouts of an area. I personally play bars in every kind of spot, but I think that once you can get your locations down very well or read the situation then playing bars in any location doesn't become as big of an issue. When I see new people just spotting a pin or outside bar and trading it, that is what worries me the most.

I will do some digging but I am coming off weekend brain fog

Here was a continuation buob I took out of a range. This is a preemptive breakout
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  • #71,695
  • Aug 15, 2010 5:10pm Aug 15, 2010 5:10pm
Good evening,

On the daily U-Y there is a PB at the RNB 8600 and just above a previous consolidation. Possible long trade with FTA at next RNB 8700 ?

May the force be with you,
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Pipcrawler
  • #71,696
  • Aug 15, 2010 5:12pm Aug 15, 2010 5:12pm
Quoting xmzhang
Good evening,

On the daily U-Y there is a PB at the RNB 8600 and just above a previous consolidation. Possible long trade with FTA at next RNB 8700 ?

May the force be with you,
Hey zhang

Careful here this is not a pinbar. To go long on a pinbar the low must be lower then the previous bars low and the open and close must be contained within the prior bar. So you would need to shift that whole bar down to the low of the bar so that the high was not sticking out like that.

Hope that helps
Mike
  • #71,697
  • Aug 15, 2010 5:18pm Aug 15, 2010 5:18pm
Quoting mbqb11
Hey zhang

Careful here this is not a pinbar. To go long on a pinbar the low must be lower then the previous bars low and the open and close must be contained within the prior bar. So you would need to shift that whole bar down to the low of the bar so that the high was not sticking out like that.

Hope that helps
Mike
Good evening Mike,

If that were the case, would this PA then be worth considering to trade ?

May the force be with you,
Pipcrawler
  • #71,698
  • Aug 15, 2010 5:22pm Aug 15, 2010 5:22pm
Quoting Pinbar
TJC

How come you are drawing the fibo from the swing low to the swing high while looking for a short entry?

Shouldn't you be drawing the fibo from the previous swing high to the swing low for a short entry?

Thank you Pinbar

Just a mental mistake, one of many.
  • #71,699
  • Aug 15, 2010 5:24pm Aug 15, 2010 5:24pm
Quoting xmzhang
Good evening Mike,

If that were the case, would this PA then be worth considering to trade ?

May the force be with you,
Hey zhang

If that bar were moved lower it would look a lot like the last pin from 2 days ago as well. Smaller bar that should be played with a tight eye on the first trouble areas. As this bar stands it really is more of a neutral type bar.

Best
Mike
  • #71,700
  • Aug 15, 2010 5:30pm Aug 15, 2010 5:30pm
Quoting mbqb11
Hey Urch

What PA would you want to be getting in on? That small very tiny bar on the 1hr late on a friday? Then you expect that to carry you all the way to 79.50? That is a bit of a stretch for me. I would be looking for a much bigger bar to confirm an up move coming, and then I would base my mgmt on that timeframe. Not switching back to the daily. That IMO makes it very tough to manage a trade appropriately.

Best
Mike
thanks Sir mike...switching back to "no trade" mode
Respect a man, and he will do all the more.
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