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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

  • #74,581
  • Edited 1:00pm Sep 12, 2010 11:23am | Edited 1:00pm
Quoting mistersimple
i dont like GBPCHF location for daily pin.. weekly showing possible reverse... same for CADCHF .. could someone clarify .. larger tfs always prevail?
CADCHF looks better than GBPCHF since CADCHF is off/rejected from a PPZ 9950.. in case of GBPCHF, it is not really off from a PPZ.

If it breaks 9800 and sustains, 9700 can be obtained.

The things that are (edit) NOT in favor are:
Close is not below 9800
Pin is not bearish.
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  • #74,582
  • Sep 12, 2010 11:26am Sep 12, 2010 11:26am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting cprao
Newbie opinion:

Not at swing high
Running into consolidation
PIN is not formed at the end - wic left out-- does not indicate a great selling pressure
PPZ is close by 1.5500
cp, dont go pretending to be a newbie. Thats's a professional opinion if i ever saw one.
I have seen the enemy, and it is me.
  • #74,583
  • Sep 12, 2010 11:36am Sep 12, 2010 11:36am
Quoting cprao
CADCHF looks better than GBPCHF since CADCHF is off/rejected from a PPZ 9950.. in case of GBPCHF, it is not really off from a PPZ.

If it breaks 9800 and sustains, 9700 can be obtained.

The things that are in favor are:
Close is not below 9800
Pin is not bearish.
Just my view here but these pins to me are very fishy. There is no real confluence and coming of a friday profit taking day the weak close of this pin above a very strong block of s/r would have me very worried.

I marked the trouble areas from top to bottom

Happy football sunday

Mike
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  • #74,584
  • Sep 12, 2010 12:49pm Sep 12, 2010 12:49pm
Quoting supremeChaos
Thinking Trading is hard?
want to quit (any endeavor)?

here's a very inspiring video
http://www.youtube.com/watch?v=H8ZuK...ayer_embedded#
Thanks Supreme Chaos

that video was amazing and just what I needed
  • #74,585
  • Sep 12, 2010 1:02pm Sep 12, 2010 1:02pm
Quoting mbqb11
Just my view here but these pins to me are very fishy. There is no real confluence and coming of a friday profit taking day the weak close of this pin above a very strong block of s/r would have me very worried.

I marked the trouble areas from top to bottom

Happy football sunday

Mike
I agree with you Mike. it should be a pass.

I was trying to comment between GBPCHF and CADCHF.. though both are not tradable
  • #74,586
  • Sep 12, 2010 1:03pm Sep 12, 2010 1:03pm
Quoting Jey
cp, dont go pretending to be a newbie. Thats's a professional opinion if i ever saw one.
Thank you Jey.

But In fact, I am still new to this method.. Trying to understand the dynamic of price action.
  • #74,587
  • Sep 12, 2010 1:05pm Sep 12, 2010 1:05pm
Quoting packhorse
Hi Guys,

Here is my first trade for the week. Let's see how it goes. Any views?
Hi Packhorse

I am tempted to demo trade this myself. I ve marked entry around 1.5635, FTA at 1.5600 and next at 1.5560. These zones are clearer on the H1. My 2 bob worth anyway, it could equally bounce back to the 1.58 level

Anthony
  • #74,588
  • Sep 12, 2010 1:19pm Sep 12, 2010 1:19pm
Quoting antgal23
Hi Packhorse

I am tempted to demo trade this myself. I ve marked entry around 1.5635, FTA at 1.5600 and next at 1.5560. These zones are clearer on the H1. My 2 bob worth anyway, it could equally bounce back to the 1.58 level

Anthony
Thanks Anthony,

I am in for a "quick in and out." The BRN at 1.5500 is what I am after and have set a limit order. These BRNs seem to act like magnets! If it gets there I will be happy. What happens after that will be of no concern to me.
Let's see what happens,

Glynn
"Fail to prepare, prepare to fail."
  • #74,589
  • Sep 12, 2010 4:20pm Sep 12, 2010 4:20pm
Quoting bug
Update on the 10 year.
Update 2.0
Price has reached the first trouble area. With any push from risk aversion to risk seeking, we should get to our target at 29 pretty soon (actually it's 2.9% as it is the yield chart, no idea why stockcharts has shifted the point to the right).

As Joel pointed out a few charts ago (here), the downtrend for the yield is about to break out. A breakout and a retest wouldn't surprise anyone around these levels, but the real question is, is risk appetite coming back? The yen and swissy have been appreciating for quite a while now. A return of risk appetite would certainly have me on the lookout for bearish price action of both of these pairs. I know a lot of seniors here don't follow fundamentals, but I'm a bit different. I've always been interested in economics and there is no way you can keep me from reading up on the fundamentals. Well, you could lock me up with only MT4 to use, but I'd still be reading the bits coming via my broker's news feed. I'm not going to trust fundamentals over price action, to have them tell the same story, now that's something I like.

Joel, I would very be interested in hearing what you think about this.
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If you don't risk, you don't ever have to lose.
  • #74,590
  • Sep 12, 2010 4:21pm Sep 12, 2010 4:21pm
Hi Mike,

About Cad/Chf i am confused. You said no real confluence but I thought %50 fib and 0,9950 res level counted. Could you illuminate?

Best,

Quoting mbqb11
Just my view here but these pins to me are very fishy. There is no real confluence and coming of a friday profit taking day the weak close of this pin above a very strong block of s/r would have me very worried.

I marked the trouble areas from top to bottom

Happy football sunday

Mike
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  • #74,591
  • Sep 12, 2010 4:51pm Sep 12, 2010 4:51pm
Quoting PrincoPrinco
Hi Mike,

About Cad/Chf i am confused. You said no real confluence but I thought %50 fib and 0,9950 res level counted. Could you illuminate?

Best,
Hey PP

My main concern is with the close of the bar and the inability to create any decent space away from the prior leg down. This lack of space leads us right intro traffic and a large "boxing" of consolidation(see trouble areas) directly under us. IMO price wants to retest the 1.000 parity BRN area and the weak friday closing has me weary of shorting into the prior consolidation.

Hope that helps
Mike
  • #74,592
  • Sep 12, 2010 7:25pm Sep 12, 2010 7:25pm
Packhorse.

How did that weekly UJ PB go, did you cut it loose or are you still in it?
  • #74,593
  • Sep 12, 2010 7:33pm Sep 12, 2010 7:33pm
GU is looking like it may be worth keeping an eye on.

Daily consolidation, H4 seems to have an established sideways range.
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  • #74,594
  • Sep 12, 2010 8:04pm Sep 12, 2010 8:04pm
... and break outs again ?.. and...
should we close them now or... perhaps they've already been closed ..


P.S.>

I wasted some time on this thread and had a good chuckle. No wonder, trading world is full of lost souls (lightly put). Sure, go ahead and spend $20 on trading books, written by people who made fortunes on ..... writing them .
I've been a member of j16pf since day one (for the record, I no longer post there), but if you think you can master trading by yourself without a mentor or a small 'support group' you are wrong. If you think that by reading and posting on the public forums like FF, you will master trading, you're wrong again (hint? statistics). If that was true, no one would have time to hang around FF... everyone would be busy making money or... getting a tan on the beach.
I can show you two good system and guarantee that you will fail, because human nature will cause you to cast doubts, improve and not follow the rules or complain. Trading is not for the weak hearts. It's an art, and you need a STRONG mind to master it. The fee people complained about, j16 charges for accessing the material is a small drop in the ocean of skills you will need to survived long term and I mean it. You will also need a strong mind of a monk, who has been on self discovery path his entire life, who never looks back, never complains but rather uses this precious time, he's been granted on Earth to learn, learn... learn (another hint? psychology)

Jacko? oh I know... I warned friends like Razldazl back in Jan 2008 (never mind the details). If you compare J16 to one I just mentioned, I'd say save your money and quit trading for good. You will never aquire psychology skills you need to survive in the water infested with shark... Enough said.

If you didn't understood a single word I shared with you, don't worry about it. Perhaps it's not time yet.

Cheers and Happy trading.

back to cave.
R.
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  • #74,595
  • Sep 12, 2010 8:24pm Sep 12, 2010 8:24pm
82 as a Support:
82 looks like a key PPZ.There were 5 attempts to break 82.
Finally 82 was broken on 6th attempt.

82 as a Resistance:
Now the price is testing 82 which now acting as a resistance
2 attempts were failed. Now 3rd attempt is in progress.

I am just interested to know your thoughts on this pair?
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  • #74,596
  • Sep 12, 2010 8:31pm Sep 12, 2010 8:31pm
Quoting raczekfx
....
Cheers and Happy trading.
back to cave.
R.
man, i knew someone here would be in on those breakouts.
i had very tight stops on eurjpy, eurusd (last week's trades).. i woke up early, about +/-8am, 1.5hrs ago to see they got hit (prior the upmove)
  • #74,597
  • Sep 12, 2010 9:35pm Sep 12, 2010 9:35pm
Quoting pocrel
great trade jarroo, i was watching that when it hit that level yesterday but had to go out so never got to take it, lovely price action, today looking at the chart its a nice daily pin bar, not as much room to move down but still a valid trade that i will be looking to take on sunday night if we break the bottom of the pin

You can take this ghous post on Usd/Chf and apply it to the Gbp/Chf PB. Fits well if it breaks.

Quoting ghous
Hey Novice,

I understand the reasoning behind that trade - a pretty ok trade if you realize well enough you were trading in a sideways market.

Sideways/Ranging markets are an absolute heaven to trade for someone who understands price well. Think about it, what makes a side ways market? What enables a trend - i.e a dominant imbalance in the market to diminish such that that there is no clear direction? It's when price starts holding up at more S/Rs even minor ones, heck sometimes just a single bar high/low, that we get the sideways action. In...
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Indicators show the past. Price Action "Indicates" the future.
  • #74,598
  • Sep 12, 2010 9:36pm Sep 12, 2010 9:36pm
Nice 20 pips in the bag just now in USD/CHF. I have to agree pinbar is not actually necessary. Only thing to note is there should be a rejection and the close should be below the PPZ. That's all.

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  • #74,599
  • Sep 12, 2010 9:42pm Sep 12, 2010 9:42pm
Quoting Edd Ganuelas
So what's next? Conclusion?

I have highlighted a few of the strategies in the excel sheet. I will be looking more into those. I will choose one to test for April, with the anticipation to use it for starting to trade live in May (small account).

I will choose the exit strategy with the following phrase in mind, originally posted by Jarroo:

- - - - - -

What is meant by PPZ and R:R in your excel document?

Thanks.

Ed
??
Indicators show the past. Price Action "Indicates" the future.
  • #74,600
  • Sep 12, 2010 10:00pm Sep 12, 2010 10:00pm
Quoting packhorse
Hi Guys,

Here is my first trade for the week. Let's see how it goes. Any views?
Quoting Bryan
Target= monthly double bottom at the 1.5120 area.

Nice daily bearish pin. August's BEOB still dictating.

Running into alot traffic, PB is not at a swing High . . .size looks good.

The 1.5600 is a PPZ level that could be building Support. A entry and hard break below the 1.5600 could give enough momentum to cover your risk . . .but not the ideal setup I would be looking for location-wise.

Just some thoughts,

Jim
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Indicators show the past. Price Action "Indicates" the future.
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