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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

  • #73,081
  • Aug 27, 2010 11:58pm Aug 27, 2010 11:58pm
another jpy pin on weekly. nice closing. rejected by 75. not exactly at a nice location
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  • #73,082
  • Aug 28, 2010 12:09am Aug 28, 2010 12:09am
another weekly pin. rejected by 0.9,
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  • #73,083
  • Aug 28, 2010 12:12am Aug 28, 2010 12:12am
yet another pin on jpy,
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  • #73,084
  • Aug 28, 2010 12:15am Aug 28, 2010 12:15am
nice BUOB at swing low.
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  • #73,085
  • Aug 28, 2010 12:20am Aug 28, 2010 12:20am
i am tired of these pins on jpy pairs, but this looks the best of the lot. at swing low, nice close, above 60. no traffic till 62.5
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  • #73,086
  • Aug 28, 2010 12:24am Aug 28, 2010 12:24am
USDJPY W1 Pin bar
-At swing low
-Bullish Divergence
-Rejection of 85.00 BRN

FTA @ 88.00

Good trade on break of pin bar?
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"Instead of hoping he must fear; instead of fearing he must hope."
  • #73,087
  • Aug 28, 2010 12:33am Aug 28, 2010 12:33am
Quoting roundrock
yet another pin on jpy,
Hey Round rock,

Most of those pins are pathetically located and/or poorly shaped, for me the only bars that actually caught a bit of my attention were Ej and Uj for very simple reasons - they are both at a swing low. They also come with some divergence although these are no trades for me as when I trade off extreme swing points I like the bars to be really good sized and those pins are pretty ordinary looking.

Coming to the poor setups:

Gbp/Jpy: Caught up in a real tight triangle and heading straight into some horrible traffic. Can price use this pin bar to actually break out of the triangle? Sure it can but that's not what I'll be betting on with my money. I have been taught to to look at big bars at bigger location with biggest of empty spaces to be trading into. The fact that most of these bars "are off a RN" isn't the only thing that should sanction these setups - in my book at least.

Aud/Jpy: Again too close to a clutch of bar highs and lows and also to a swing high. Remember those posts of J16 where he advocated the existence of PA setups deep into pull backs at 50/61.8 fib rets? Trading away from swing points is one thing, trading right in to them is another.

Aud/Chf: Same cons as Aud/Jpy. Only that a poor close to the bar should be added to the list.

g.
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I believe . . .
  • #73,088
  • Aug 28, 2010 1:31am Aug 28, 2010 1:31am
CAD/JPY weekly PB at swing low off 78 BRN and 61.8 fibo.

Having trouble working out the FTA with these two weekly candle lows almost on the PB tip.
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  • #73,089
  • Aug 28, 2010 2:27am Aug 28, 2010 2:27am
So many weekly pinbars to choose from, how am I going to pick the best set up?
"Fail to prepare, prepare to fail."
  • #73,090
  • Aug 28, 2010 5:57am Aug 28, 2010 5:57am
Quoting ghous
Since Aserb's been throwing in some non fx instruments into the the mix thought I'd just go ahead and update you guys on the ECL weekly IPB Adilius mentioned.

Nothing wrong with him taking full profit at FTA but like you would expect of a nice long IPB the journey to the low was made well enough. (notice the bounce off the low of the IPB - that longer end of the wick has always served a great take profit area for me)

g.
It is amazing to see that these concepts do in fact work with stocks too!!
  • #73,091
  • Aug 28, 2010 6:04am Aug 28, 2010 6:04am
Overall, out of all the weekly pinbars...none meet my criteria...they are either not true by definition PB's, at bad locations(hitting ppz's, traffic, small relative to prior bars, or have little room to FTA(small profit potential).

As a suggestion, some people may want to go to guest area on PF and view the vids. on S/R, PPZ's, Traffic. I believe this will help. I know the feeling very well when you identify these...oh look at this one...but remember location,location,location.

This is not to say that these bars will not pan out, but I believe the seniors would say they would have to be "tightly managed." Often, I personally don't have the time to tightly manage trades and therefore this weeks PB's are not attractive to me. However and most importantly, I will refer to the weeklies when trading any of these pairs on an intraday basis.

The above I have learned from the wonderful people here along with my past experiences. I won't throw my money at setups that are iffy...stack the confluences in your favor. I will say sometimes I feel beyond picky, but this I believe has kept me in the game.

I hope this sounds sincere...not like I know it all.

Bill
  • #73,092
  • Aug 28, 2010 7:32am Aug 28, 2010 7:32am
Quoting Adilius07
It is amazing to see that these concepts do in fact work with stocks too!!
I noticed another IPB today, I liked the long nose and location being at the swing high & major 2-3 top (if I can say that). However, was still a skip for me as this kinda choppy traffic below spooked me.
Might still work, would keep my eye on it, interesting.
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  • #73,093
  • Aug 28, 2010 8:03am Aug 28, 2010 8:03am
Quoting pwellsau
Hi all, my first post in this thread ...
hey pwell

Welcome 1200 pages man this thing got big! Kudos to you for working your way through. By 1200 pages that is a lot of info

Yes I agree this pin is small and it would have been much more nice a bit lower at the 1.25. Also the pullback was pretty sharp so it didn't create much space. That + the size of the pin always makes me think first trouble area(small blue box) on my chart. We can see how it breaks into that area. But I would have liked a much larger nose on this one(doesn't mean it isn't playable but watch that first area).

Best
Mike
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  • #73,094
  • Aug 28, 2010 8:04am Aug 28, 2010 8:04am
Quoting Pinbar
Mike, is this a scenario in which, you will take a BUOB at a swing high because of the range and breakout probability?

I was under the impression that you generally waited for a pullback with PA in a breakout scenario?
Yes I don't talk about continuation bars as much here b/c they are more difficult in my opinion

But I play breakouts of ranges with PA indicating the breakout (like both the cad/chf daily beob and that nzd/jpy). If price wants to BREAK hard these bars can give you that indication and you might not even get that pullback.

So in short I play bars in all ways

Hope you are having a nice weekend
Mike
  • #73,095
  • Aug 28, 2010 8:55am Aug 28, 2010 8:55am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Mike, how do I look in my avatar?
I have seen the enemy, and it is me.
  • #73,096
  • Aug 28, 2010 10:05am Aug 28, 2010 10:05am
Hi Guys.
This is the only thead I read here on FF,Thanks for all the great info, you're all great!
I'm liking the BEOB on the EURAUD weekly (also on daily).
What do you think?
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  • #73,097
  • Aug 28, 2010 10:45am Aug 28, 2010 10:45am
Quoting DaTrader
Hi Guys.
This is the only thead I read here on FF,Thanks for all the great info, you're all great!
I'm liking the BEOB on the EURAUD weekly (also on daily).
What do you think?
Hey Da how goes it ?

Real tough pair to trade right now , really ranging hard on the longer time frame(obviously the lower the timeframe is different). I am glad you are taking note that the very first low here could bounce us though

Best
Mike
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  • #73,098
  • Aug 28, 2010 10:46am Aug 28, 2010 10:46am
Quoting DaTrader
Hi Guys.
This is the only thead I read here on FF,Thanks for all the great info, you're all great!
I'm liking the BEOB on the EURAUD weekly (also on daily).
What do you think?
Hello DaTrader, IMHO may work as a continuation play. But they are strongest when found at the swing hi/lo. So best BEOB would be coming of swing high. In your example it is instead at the swing low ( so you may also look at it as if bearish move down may be over soon..) So too risky for me. Just a skip.


EDIT: oh, I was late with this comment lol
  • #73,099
  • Aug 28, 2010 10:57am Aug 28, 2010 10:57am
Quoting mistersimple
jaroo so how do they trade without charts?

Quoting Bollocks
they dont need charts, their trading is very different to ours based on order flows on the exchange floors and on dealing floors based on commission.
I don't know how they do it without charts. lol

I guess they are just looking a big over flow, trying to find out what the big dogs are doing, then jump on their orders or ahead of their orders.

If they didn't have charting service, I would have a couple of guys plotting the OHLC on graph paper in the back room to see if a Big Daily PB just broke.


In Part c, at around the 4:50 time mark . .they talk about pushing Price up so they can sell it hard . . .isn't that a PB? . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #73,100
  • Aug 28, 2010 11:13am Aug 28, 2010 11:13am
This may be my next trade. If it was some forex pair I think I would like the setup. Looks like it is a strong setup. MA's are 50 and 150.
Strong bar, 2bottom, room to move to FTA...
Do you think could work?
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