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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

  • #80,021
  • Nov 14, 2010 5:40pm Nov 14, 2010 5:40pm
Sorry for the double posting here guys but I'd like to attach two more charts that looked interesting to me.

Hopefully Mike will see this post and recall that I talked to him about EURCHF and now it seems like a good trade.

EURCHF Chart:
Looks to me like there is some buying power there. We have a BUOB sitting perfectly at fib retracement plus a couple other rather small bars (compared to the BUOB) showing indecision(?).
Plus I saw a PPZ at 1.33 marked with red.

The first trouble area I see ahead of the trade is a PPZ at 1.35. Other than that it's 400 pips up to last major high.

Is this reasonable?

EURJPY Chart:
Nice pinbar showing good buying power here aswell. Sitting on nice support from previous bars at 112.00.
Also at fib retracement and PPZ at 112.

First trouble area 114.


Just looking to learn guys, all comments are more than welcome!
Thank you. Hope you all have a great trading week.
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  • #80,022
  • Nov 14, 2010 5:59pm Nov 14, 2010 5:59pm
Quoting Carnegie
Sorry for the double posting here guys but I'd like to attach two more charts that looked interesting to me.

Hopefully Mike will see this post and recall that I talked to him about EURCHF and now it seems like a good trade.

EURCHF Chart:
Looks to me like there is some buying power there. We have a BUOB sitting perfectly at fib retracement plus a couple other rather small bars (compared to the BUOB) showing indecision(?).
Plus I saw a PPZ at 1.33 marked with red.

The first trouble area I see ahead of the trade is a PPZ at 1.35. Other...
Hi Carnegie. On EURCHF I agree with the 1.3500 as FTA for the daily BUOB. After that I think you still need to be aware of the 1.3600 area. There are several spots in that area of support turning resistance and vice versa. There's so much "noise" in between 1.3500 and 1.3600 you could almost consider that one big ppz.
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  • #80,023
  • Nov 14, 2010 6:22pm Nov 14, 2010 6:22pm
Quoting Carnegie
Hi guys,

Loading up this AUDJPY Daily trade for you guys to look at. What do you think?

This is my reasoning:

I have learned by the senior members that I should think more about the location and PPZ than the bar setup (it still should be a good bar).

So this is how I see it: this is a big pinbar.
Off Fib retracement + off PPZ at 81.00
And also the nearest S&R (do you guys call it FTA?) is around 84 as I see it.

Anyways, just look at the picture.
Thanks!

EDIT:
That guy is always logging on and off in MSN so never mind him. It's impossible...

Hey C

Careful here, to be a pinbar remember the open and close need to be within the prior bar. So in this case we just have a bar with a tail so it can be mistaken for one.

As for eur/chf this is a much better bar, but as donkey said not one I would play personally because of trading back into the BRN of 1.35 which is something I avoid doing as they are strong PPZ areas.

Best
Mike
  • #80,024
  • Nov 14, 2010 6:27pm Nov 14, 2010 6:27pm
Quoting Bryan
NO PA???
I have a daily beob at the .6000 level (also top of weekly fib)
I have a 4hr bearish pin falling from it's retracement about to be triggered (10 pip J16 rule) and heading to the .6000 level. Looks to be good for 100 pips or so.
Hey Bryan i don't know how long you studied J 16 but that is not a good BEOB.
It may work but next time a bar like that is going to be a killer.
Ask anyone here that is not a good outside bar it is not signaling sell.
My answer as no PA came because of bad PA.
6000 level alone wont save you,and we are just falling on PPZ,more to it that bar got knocked right there.
Regards
Taz

http://img261.imageshack.us/img261/2856/93405503.gif
  • #80,025
  • Nov 14, 2010 6:29pm Nov 14, 2010 6:29pm
Quoting mbqb11
Hey C

Careful here, to be a pinbar remember the open and close need to be within the prior bar. So in this case we just have a bar with a tail so it can be mistaken for one.

As for eur/chf this is a much better bar, but as donkey said not one I would play personally because of trading back into the BRN of 1.35 which is something I avoid doing as they are strong PPZ areas.

Best
Mike
Mike correct me here.
Bryan has a query, am i the only person feeling bad about that GU beob he is talking about.
Regards
Taz
  • #80,026
  • Nov 14, 2010 6:33pm Nov 14, 2010 6:33pm
Quoting 666Doom
Mike correct me here.
Bryan has a query, am i the only person feeling bad about that GU beob he is talking about.
Regards
Taz
Hey Taz

You are correct for a beob we want the close to be near the lower 1/4 portion of the bar. That bar could be deemed one of ghous IPB type bars but in a lot of chop. I would continue to watch the 1.6 area and see which way price wants to breakout away from here

Best
Mike
  • #80,027
  • Nov 14, 2010 6:41pm Nov 14, 2010 6:41pm
Quoting mbqb11
Hey C

Careful here, to be a pinbar remember the open and close need to be within the prior bar. So in this case we just have a bar with a tail so it can be mistaken for one.

As for eur/chf this is a much better bar, but as donkey said not one I would play personally because of trading back into the BRN of 1.35 which is something I avoid doing as they are strong PPZ areas.

Best
Mike
Man, I never seem to find a good trade. I hate this.

And Mike another thing, I don't look at pinbars as you guys do (with all respect we all know that you are allot more enlightened than I) and this is because I have tested pinbars so much.
And by pinbar I mean that it doesn't really matter how the BODY is, rather the tail being 2-3X bigger than the body. That's how I see it and that's why I said that was a pin, but thanks for the heads up. Maybe your idea of pin is 'safer' than mine.

And how about that last chart? EURJPY

Donkey: Thanks man, learned a new thing there! Didn't really see that area as a major area. Did you look at past swingpoints or only 'tails'?
  • #80,028
  • Nov 14, 2010 6:47pm Nov 14, 2010 6:47pm
Quoting Adilius07
This one is my lucky winner for the next week

http://cdn.forexfactory.com/attachme...1&d=1289754493


Hey Adi....what about the BRN having confluence with the 50 fibo and the PPZ?
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  • #80,029
  • Edited 7:51pm Nov 14, 2010 6:52pm | Edited 7:51pm
Hi Carnegie,

Im a newbie on this thread but just wanted to give you my opinion,

EUR/CHF, we have 50 pips above the 1.35 BRN, i know its at 50% ret + BUOB but I personally would avoid it.

EUR/JPY, check the 113 level, thats a veryyy strong level, see that price didnt manage to close above it (at least in fxpro) another i would avoid.

I might be wrong.. just my opinion.

Quoting Carnegie
Sorry for the double posting here guys but I'd like to attach two more charts that looked interesting to me.

Hopefully Mike will see this post and recall that I talked to him about EURCHF and now it seems like a good trade.

EURCHF Chart:
Looks to me like there is some buying power there. We have a BUOB sitting perfectly at fib retracement plus a couple other rather small bars (compared to the BUOB) showing indecision(?).
Plus I saw a PPZ at 1.33 marked with red.

The first trouble area I see ahead of the trade is a PPZ at 1.35. Other...
Trade Smart
  • #80,030
  • Nov 14, 2010 6:58pm Nov 14, 2010 6:58pm
Quoting Carnegie
Man, I never seem to find a good trade. I hate this.

And Mike another thing, I don't look at pinbars as you guys do (with all respect we all know that you are allot more enlightened than I) and this is because I have tested pinbars so much.
And by pinbar I mean that it doesn't really matter how the BODY is, rather the tail being 2-3X bigger than the body. That's how I see it and that's why I said that was a pin, but thanks for the heads up. Maybe your idea of pin is 'safer' than mine.



I think you are making a big mistake with this statement, Mike is telling you that is NOT a PB and it isn't a PB and giving you reasons for it not being so.

Making an error in choosing a PA bar is fine, everyone has done that, including me, many times.

However, then going to to justify it still being sort of ok, is the first step to doom! This kind of thinking will lead to ruin faster than a bat out of hell.

If you find out a PA bar has a certain criteria and that the one you chose does not fit that criteria, it would serve you better to then change your basic idea of what a Pin Bar is and is not, ASAP. Or else you are going to fortify an error in your analysis. We want to correct our errors not strengthen them.

EDIT: I think this is the problem, "Maybe your idea of pin is 'safer' than mine".

This implies that the PB you mentioned is still safe, it isn't.
  • #80,031
  • Nov 14, 2010 7:00pm Nov 14, 2010 7:00pm
Quoting Carnegie
Man, I never seem to find a good trade. I hate this.

And Mike another thing, I don't look at pinbars as you guys do (with all respect we all know that you are allot more enlightened than I) and this is because I have tested pinbars so much.
And by pinbar I mean that it doesn't really matter how the BODY is, rather the tail being 2-3X bigger than the body. That's how I see it and that's why I said that was a pin, but thanks for the heads up. Maybe your idea of pin is 'safer' than mine.

And how about that last chart? EURJPY

Donkey: Thanks...
Hey C

That is fine everyone does things a bit different, this is James take on pinbars, and then I also interpret things based on his information. As we do here though you can also have proxy pinbars which don't need to close within the prior bar. But for the most part they are easier to spot and trade from doing this and seeing others progress with it.

As for eur/jpy this is a pin, but stuck in a heavy ranging box(see chart). Thus price can chop around and be difficult to manage. It could make it to the mid point of the box, chop all the way back down but possibly make it back to the high. So too choppy for me.

Don't forget C, one persons great trade is not always another persons. That is the discretionary aspect you have to practice and see and do what works for you. WHat James shares is what works for him, what I share is what works for me. But you will see certain key concepts that people tend to exploit and look out for as you go through the material in this thread.

Best
Mike
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  • #80,032
  • Nov 14, 2010 7:02pm Nov 14, 2010 7:02pm
Sometimes trades have TONS of confluence, sometimes a bar is good enough on its own.

Here is a pitbull pinbar. No confluence here

Where is price likely to go first? 25 area on a break. Will it break and get through that? We don't EVER know for sure have to wait and see.
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  • #80,033
  • Nov 14, 2010 7:13pm Nov 14, 2010 7:13pm
Still managing that AUD/NZD short.

Maybe, I will get take out at BE+ today as there is a strong PPZ below.

Not that it matters, I only left 0.02 in just to try and keep me in if this wants to be a runner.

H4 boxing is interesting to watch, looks like we have a newly formed resistance area around the 1.28000 area.

Very interesting and it is teaching me more about boxes of consolidation.
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  • #80,034
  • Nov 14, 2010 7:21pm Nov 14, 2010 7:21pm
Quoting mbqb11
Hey C...
Hmm that's good information, I didn't really view it like a box. I viewed it more like sitting on strong support. But that's new to me, something I have to learn more about. Thanks for that one.
James has a video about learning to trade the choppy markets, isn't there a way to trade these markets?
The way I see it is to drop down a couple of timeframes. (Just wondering now, I wont do it. Promise to stay on daily).

Yeah that's what I'm thinking about also Mike. It's just that I get so frustrated that I can't find any good charts like you guys do. But it's true what you say, just have to find out what works for me.
Yes some things in the beginning of the thread while I'm reading, I have found some concepts that 'fit' my style allot but as you say, it's jsut learning learning and learning!

Quoting Osman
Hi Carnegie,

Im a newbie on this thread but just wanted to give you my opinion,

EUR/CHF, we have 50 pips above the 1.35 BRN, i know its at 50% ret + BUOB but I personally would above it.

EUR/JPY, check the 113 level, thats a veryyy strong level, see that price didnt manage to close above it (at least in fxpro) another i would avoid.

I might be wrong.. just my opinion.
Hi osman, hope it's going well for you.

Thanks for contributing! I really didn't notice that 113 level, really good that you found that one! I use oanda so I assume we have a little different feed.

Quoting Pinbar
I think you are making a big mistake with this statement, Mike is telling you that is NOT a PB and it isn't a PB and giving you reasons for it not being so.

Making an error in choosing a PA bar is fine, everyone has done that, including me, many times.

However, then going to to justify it still being sort of ok, is the first step to doom! This kind of thinking will lead to ruin faster than a bat out of hell.

If you find out a PA bar has a certain criteria and that the one you chose does not fit that criteria, it would serve you better to...
I disagree with you on that one Pinbar! Maybe it is not a pinbar in YOUR (and james type of trading), however, it COULD be a pinbar in the way other teachers look at it.

The way I see it I'm just learning and asking. I'm not justifying it by saying "oh yeah Nison say it's a pin", I'm just looking to see if I can expand the concept of pinbars a little more to fit my tradingstyle.
Mike dislikes pinbars that doesn't have the same open and close in the bar before it because he thinks it's just a bounce (as I recall Mike told me) and that's true. That's because Mikey has his style of trading and that's what fits him.

Now I hope there is no hard feelings here guys. We all know you have much more tradingknowledge than I have. And that's why I'm asking. I just want to learn it all.
And I'm not trying to justify it, by this stage, if Mike says it's wrong then I'm not going to take the trade.

Thanks guys!
  • #80,035
  • Nov 14, 2010 7:28pm Nov 14, 2010 7:28pm
Quoting mbqb11
Sometimes trades have TONS of confluence, sometimes a bar is good enough on its own.

Here is a pitbull pinbar. No confluence here

Where is price likely to go first? 25 area on a break. Will it break and get through that? We don't EVER know for sure have to wait and see.
Hey Mike,
I was just looking at this one, my concern is that our stop is going to be quite large relative to the first trouble area. What is your thinking in this regard and do you still place you stop at the top of the PB?

Cheers
Paul
  • #80,036
  • Nov 14, 2010 7:30pm Nov 14, 2010 7:30pm
Quoting pwellsau
Hey Mike,
I was just looking at this one, my concern is that our stop is going to be quite large relative to the first trouble area. What is your thinking in this regard and do you still place you stop at the top of the PB?

Cheers
Paul
I do Paul. It's just how I have always done things. You can also have a reduced stop as I don't see any reason to hold this if it comes to much higher then say half way up the bar(if it breaks). I like to keep it up top and then reduce my stop. This then helps reduce risk and is the way I do it. Some people use tighter stops and then take some off the table. This is just not what I personally do.

Hope that helps
Mike
  • #80,037
  • Nov 14, 2010 7:36pm Nov 14, 2010 7:36pm
Quoting pwellsau
Hey Mike,
I was just looking at this one, my concern is that our stop is going to be quite large relative to the first trouble area. What is your thinking in this regard and do you still place you stop at the top of the PB?

Cheers
Paul
Hey Mike,
Here's 2 more I have the same sort of problem with. If we play the break of the bars our FTA are fairly close.
Cheers
Paul

EUR/CAD - FTA 1.4?
http://i845.photobucket.com/albums/a...d-15-11-10.gif

EUR/AUD - FTA - Not sure? Any thoughts?
http://i845.photobucket.com/albums/a...15-11-10-1.gif
  • #80,038
  • Nov 14, 2010 7:39pm Nov 14, 2010 7:39pm
Quoting Carnegie
I disagree with you on that one Pinbar! Maybe it is not a pinbar in YOUR (and james type of trading), however, it COULD be a pinbar in the way other teachers look at it.

The way I see it I'm just learning and asking. I'm not justifying it by saying "oh yeah Nison say it's a pin", I'm just looking to see if I can expand the concept of pinbars a little more to fit my tradingstyle.
Mike dislikes pinbars that doesn't have the same open and close in the bar before it because he thinks it's just a bounce (as I recall Mike told me) and that's true....
LoL.....That really cracks me up.

You think this is still a bullish PB in anyone's style?

Sure, the people that blow their accounts in under a month.


Hey, maybe we should ask Jim to revise the PA basics.

You certainly are expanding the concept of Pin Bars.

Don't you think it would be better to get the basic PA down before you start expanding any concepts?
Attached Image
  • #80,039
  • Nov 14, 2010 7:39pm Nov 14, 2010 7:39pm
Quoting pwellsau
Hey Mike,
Here's 2 more I have the same sort of problem with. If we play the break of the bars our FTA are fairly close.
Cheers
Paul

EUR/CAD - FTA 1.4?


EUR/AUD - FTA - Not sure? Any thoughts?
Hey Paul

You have identified correctly the trouble areas on both of these. Because they are trading back up into BRNs here of 1.4 they are passes for me. But often price wants to retest them and could very well make it to them no problem. Just remember they are zones though and also don't get too over exposed in my opinion. So playing both with the theme of Eur/xxx and both trading into BRNs, can be double exposure in a sense. If one works the other will most likely and likewise if they struggle.

Best
Mike
  • #80,040
  • Nov 14, 2010 7:41pm Nov 14, 2010 7:41pm
Quoting Pinbar
LoL.....That really cracks me up.

You think this is still a bullish PB in anyone's style?

Sure, the people that blow their accounts in under month.


Hey, maybe we should ask Jim to revise the PA basics.
Pin there is no need to laugh at anyone. Like Carnegie said he is learning and seeing and testing.

Technically speaking Jim also talks about proxy pins, and that could technically be a pinbar by proxy since it does have a long nose.

I think it is just easier to spot the very obvious pins and see if these work for one through testing

Were all here trying to learn the same thing, so we are all on the same side

Mike
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