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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

  • #75,001
  • Sep 16, 2010 10:35pm Sep 16, 2010 10:35pm
Quoting ertorque
This is one example where it highlight the perils of entering a setup when it is approaching a PPZ or BRN level, something that you don't like to do, right Mike?
PPZ = pivot point zone
BRN = ?

thanks!
  • #75,002
  • Sep 16, 2010 10:37pm Sep 16, 2010 10:37pm
Quoting dabbledave
PPZ = pivot point zone
BRN = ?

thanks!
BIG ROUND NUMBER
  • #75,003
  • Sep 16, 2010 10:46pm Sep 16, 2010 10:46pm
Quoting supremeChaos
Hello melvin87,
just a quick observation (i didnt check for confluence)
the pin in question is embedded into the prior bar (roughly 60% of the pin is embedded; the prior bar is like a giant cloud on an overcast day). we ideally want a PB that is protruding away & distinct from the surrounding bars.

talking about the form, compare this pin to the pins prior April21 (bearish pin) & May19(bullish pin) in your chart.
Hope that helps a bit
Hey Supreme, thanks for your quick reply. I was actually looking at the chart from MT4 as attached. Somehow, it seems to be more protruding (not too sure if im thinking too much on this one hahah) than the one from FXCM which didn't really make me think much about the previous bar.
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  • #75,004
  • Sep 16, 2010 10:57pm Sep 16, 2010 10:57pm
Quoting melvin87
Hey Supreme, thanks for your quick reply. I was actually looking at the chart from MT4 as attached. Somehow, it seems to be more protruding (not too sure if im thinking too much on this one hahah) than the one from FXCM which didn't really make me think much about the previous bar.
Hey Melvin

Here is my viewpoint, I could probably dig up old posts from this time that say similar

Overall at this point we can see clearly how sideways and choppy usd/cad has been. So a random pin forming isn't really unlikely. But the question is what are the real confluences to take it in such a choppy market. Notice the market coming off a few strong bearish days. Now I think this is still an avoidable trade even if the choppy mess doesn't bother you(some people don't care as much as me). Firstly confluence of reasons, second buffer. If you use any buffer like 12-15 pips(I rarely use less then that on a daily) your trade probably won't even trigger and keep you out of this. Notice your buy would then be up the 2 bar lows where price triggered. This might seem nit picky but I find these little things can go very far


Best
Mike
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  • #75,005
  • Sep 16, 2010 11:31pm Sep 16, 2010 11:31pm
Quoting mbqb11
Hey Melvin

Here is my viewpoint, I could probably dig up old posts from this time that say similar

Overall at this point we can see clearly how sideways and choppy usd/cad has been. So a random pin forming isn't really unlikely. But the question is what are the real confluences to take it in such a choppy market. Notice the market coming off a few strong bearish days. Now I think this is still an avoidable trade even if the choppy mess doesn't bother you(some people don't care as much as me). Firstly confluence of reasons, second buffer. If...
Hey Mike! thanks for the reply. Fully understand the part on the buffer.

However I still don't quite get what you mean when you said 'what are the real confluences to take it in such a choppy market. Notice the market coming off a few strong bearish days' because what occurred to me when i looked at that pin was the bearish bars leading to a relatively deep fib retracement which also happens to be at a ppz which was tested on a few occasions a few months before.
  • #75,006
  • Sep 17, 2010 12:15am Sep 17, 2010 12:15am
Quoting melvin87
Hey Mike! thanks for the reply. Fully understand the part on the buffer.

However I still don't quite get what you mean when you said 'what are the real confluences to take it in such a choppy market. Notice the market coming off a few strong bearish days' because what occurred to me when i looked at that pin was the bearish bars leading to a relatively deep fib retracement which also happens to be at a ppz which was tested on a few occasions a few months before.
Hey Melvin

When I see very choppy sideways action I don't think of that pin as true selling, i think of the market sentiment just taking over which is choppy. Those bars can work but the FTA can be killer on these . So I marked in blue the first area which in turn should either be the point where if it doesn't break you cut out for a small loss or your buy goes above that area. But overall the last few bars were strong bearish which would even more so keep me aside from this bar. When I take a reversal bar I want it to dictate that we have strong selling/buying power. In choppy market this power is less strong overall as the choppiness will more times then not take over in the case of a smaller pin. Again this is just how I view things and why you won't see me play in those types of environments much> It is not comfortable or conducive to my trade entry/mgmt style.

Hope that helps
Mike
  • #75,007
  • Sep 17, 2010 12:18am Sep 17, 2010 12:18am
Quoting Cyrus

This thread has some of the nicest pple on FF and is IMO, the most BS free.
My profile pic's BS! But I'm nice ... generally, anyway ;-)

BTW, anyone here trade Thai Baht pairs? If so, which brokers offer them?

Cheers

D
  • #75,008
  • Sep 17, 2010 1:02am Sep 17, 2010 1:02am
Quoting dabbledave
...
BTW, anyone here trade Thai Baht pairs? If so, which brokers offer them?
...
Oanda has USDTHB. several MT4 brokers offer it too (nothing comes to my mind right now, sorry,.. just try a few MT4 brokers out).
  • #75,009
  • Sep 17, 2010 1:19am Sep 17, 2010 1:19am
Quoting melvin87
... I was actually looking at the chart from MT4 as attached. Somehow, it seems to be more protruding (not too sure if im thinking too much on this one hahah) ...
yes, i believe so.
the key words are protruding & distinct.

Quoting melvin87
....
However I still don't quite get what you mean when you said 'what are the real confluences to take it in such a choppy market. Notice the market coming off a few strong bearish days' because what occurred to me when i looked at that pin was the bearish bars leading to a relatively deep fib retracement which also happens to be at a ppz which was tested on a few occasions a few months before.
Quoting mbqb11
...
Here is my viewpoint....
just to add some more to mike's reply..
u seem to be concentrating on the less important aspects of discriminating potential setups.

imho, location (S/R, PPZ) & trend are the most important aspects. Fibs, which u mentioned, is just a 'confluence factor', it doesnt hold much weight like the 2 i've mentioned.

u could say that yes there was a PPZ at the PB's low. but there is a PPZ too above the PB. (mike's blue line)
PLUS, trend was down (bearish move prior the PB)
PLUS, the price environment is choppy (with a downward bias: in the context of the downmove from May).
price moves towards the path of least resistance.
in this case, trend was down, selling was stronger (the pin hardly broke upward) so price went further down, albeit slowly.
  • #75,010
  • Sep 17, 2010 2:06am Sep 17, 2010 2:06am
Saw an interesting short setup on the on the EUR/AUD last night, but it doesn't comply with my usual style so I just played it on demo.

EUR/AUD 4 Hour
Strong Downtrend

Retracement to;
Descending trendline
1.4000 BRN
Price flip

Bearish Pinbar.

The Pinbar was tiny and badly formed but considering all the added confluence here I think it was an high probability trade

Jonny
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  • #75,011
  • Sep 17, 2010 5:09am Sep 17, 2010 5:09am
I must confess that i have learnt a lot from this thread. trade start, pschology, PA, S/R... amazing amazing stuff.
mike, SC, Ghous, and the newbies like me learning the J16 style, thanks guys.

my learning process have seen me blow 3 live accounts... but i have determined to persist in the game. what i have learnt so far... HAVE PATIENCE and let the market come to you.
a typical day trader like me... working 8 to 4 and trying to day trade... i have learnt better with -$15K loss.
Looking at the weekly and daily candles, i beat myself and ask, "what am i doing with 15M chart?"

now i know better... and will have to work on my pschology.
I attach one of the trades am babysitting at the mo... just trying to see if i can take this wrecked acct to where it was initially.
1.6000 for GU? i will wait to see what happens.
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  • #75,012
  • Sep 17, 2010 5:38am Sep 17, 2010 5:38am
nice looking pin at good location, not much traffic.
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  • #75,013
  • Sep 17, 2010 5:45am Sep 17, 2010 5:45am
Quoting roundrock
nice looking pin at good location, not much traffic.
I like it too but prefer the GBP/CHF as we have the added confluence of a BRN

I'll be interested in this bar if it closes something similar to the way it looks now (15 minutes to go)
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  • #75,014
  • Sep 17, 2010 5:57am Sep 17, 2010 5:57am
Quoting 50d
I must confess that i have learnt a lot from this thread. ...
1.6000 for GU? i will wait to see what happens.
who knows? 1.60 may or may not get reached/breached

nice to hear your story.
Keep posting Sir!
  • #75,015
  • Sep 17, 2010 6:30am Sep 17, 2010 6:30am
Some potential stock market trades
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  • #75,016
  • Sep 17, 2010 6:49am Sep 17, 2010 6:49am
Preferred this one out of the CHF pairs, on AUDCHF, nice PB + clear divergence. Stop already at BE, shooting for 0.9500
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  • #75,017
  • Sep 17, 2010 7:02am Sep 17, 2010 7:02am
Quoting Chris P
Preferred this one out of the CHF pairs, on AUDCHF, nice PB + clear divergence. Stop already at BE, shooting for 0.9500
Nice Chris This must have been close to your no trades after 12pm (UK) rule

I just closed the GBP/CHF for 0.5R. There's a good chance it will run further and there is a Daily bearish pinbar forming. But it's doing battle with a very stong PPZ now and being a friday afternoon I figured I'd just TP.

Have a nice weekend
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  • #75,018
  • Sep 17, 2010 7:20am Sep 17, 2010 7:20am
Quoting roundrock
nice looking pin at good location, not much traffic.

lol. see the chart now after 30 min. 140 pips profit !!!
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  • #75,019
  • Sep 17, 2010 8:15am Sep 17, 2010 8:15am
Quoting spookie94
Did I miss out on the 5K??? Typical, missed another BRN move http://cdn.forexfactory.com/images/smilies/yim/doh.gif
Well i missed it this time

I just wanted to thank J16 and all the seniors for this great thread which helped me improve a lot as a trader. Thank you from the bottom of my heart.

And now lets open a champagne. A Don Perignon would do for this special occasion.


Quoting Cyrus
Post summaries by the seniors. If there's anyone...
Thanks a lot Cyrus. Keep up the good work.
  • #75,020
  • Sep 17, 2010 8:18am Sep 17, 2010 8:18am
Quoting roundrock
lol. see the chart now after 30 min. 140 pips profit !!!
It would be a nice trade. But look at its big brother...

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