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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

  • #82,961
  • Dec 18, 2010 10:00am Dec 18, 2010 10:00am
Quoting forex0908
Hi Mike / Jarroo (Jim) / Pinbar / Ghous,

We have a 2 Weekly bullish Pinbar followed by a 1 Weekly Pinbar on the USDJPY.

1. First, am I right in mixing the two time frames in the above analysis?

2. If it's okay to mix, should we look for some bullish PA next week?

Thanks
0908

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Hey FX

Be careful here this is not a pinbar. A pinbar must have the open and close within the prior bar and also you want the nose to protrude far away from the previous low. Since this bar is stuck towards a high here essentially we are completely sideways. Same thing would go with the 2day one you were trying to point out. I marked off an example of a bullish pinbar here with what we want to see. If you are still confused about them I did a video in the guest section called pinbar introduction long ago with the very very basics.

Either way I will be watching 85 mark on this pair

Best
Mike
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  • #82,962
  • Dec 18, 2010 11:11am Dec 18, 2010 11:11am
Quoting Be Cool
Hi aserbfx
I am just curious, applying J16 stuff to trading stocks - how much different is it from trading forex? Is it harder or just the opposite? Also have you been doing this for long?
thank you
a long time. it's the same because all markets were made by human.
what sucks most are the gaps...
meine augen sind die sterne
  • #82,963
  • Dec 18, 2010 12:01pm Dec 18, 2010 12:01pm
Quoting geniusztc
ghous,you are right. it is weak momentum and it is in a box. if i turn to daily chart, i will get more support lines so that i have little profit zone.
thank you .
i am agree you that we just win on the probability and we should trade better opportunities.

some other thinking: i just find that EU and AU like brothers. when we wath them on the low time frame just like 5 min, we will always see they moving in the same style. isn't it ?
Here's my perspective on AU at the moment. Monthly chart shows that Oct, Nov, and so far Dec were stopped in their tracks at BRN 9500. I'm pretty much going to have to have a pretty strong close on daily below 9500 to short in that area.

On daily you can see where I've plotted november highs and lows and last week's (yesterday's close) highs and lows. Until PA shows me other wise I see the weekly and monthly highs as areas to look for shorts and the lows as areas to look for longs on the daily and 4H charts next week. Once these lows and highs are broken convincingly we can expect from what we learn for the resistance to turn support and vice versa.

I marked up several pairs like this last night to watch this week. J16 use of bar lows and highs in WIPG and recent charts and Jarroo's use of BEOB retrace to previous bar high low and entering on lower time frame got me looking at the charts this way. When I plotted these lines on a pair, I realized that you basically have the the major areas of recent s/r to trade from.

Take a look at the 4H chart (I show one scenario I'd love to see). I see plenty of areas to target for trades and also plenty of areas to target for exits/management with these lines. If I'm pressed for time, and I've got these lines plotted, I can quickly scan several pairs and pick out which ones I need to look at further.
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  • #82,964
  • Dec 18, 2010 2:00pm Dec 18, 2010 2:00pm
Hey all

Here are my trades for the last week:
10 winners, 1 loser.

Things got tough for me with a larger account. But now after cutting my risk back to 0.5% per trade this week went smooth. Now climbing up to 0.75% after Christmas and we shall see what's going on...

James and the rest of you rich guys I don't have a clue how you can kip doing it but my hat goes off for you that's for sure.

Happy holiday time for ya all
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  • #82,965
  • Dec 18, 2010 2:01pm Dec 18, 2010 2:01pm
Quoting benji533
Hey all

Here are my trades for the last week:
10 winners, 1 loser.

Things got tough for me with a larger account. But now after cutting my risk back to 0.5% per trade this week went smooth. Now climbing up to 0.75% after Christmas and we shall see what's going on...

James and the rest of you rich guys I don't have a clue how you can kip doing it but my hat goes off for you that's for sure.

Happy holiday time for ya all
.
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  • #82,966
  • Edited 2:34pm Dec 18, 2010 2:11pm | Edited 2:34pm
How I'm looking at PA....waiting for stronger signal...no trade for me here

Daily and 4h charts

(notice PA btwn 86.50-87.50 on the 4h)
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  • #82,967
  • Edited 4:29pm Dec 18, 2010 3:14pm | Edited 4:29pm
Would anyone consider taking this H4 Pinbar?
There is not a whole lot of room for it to the upside.
What do you guys think? It could cover its risk atleast 3 times.

http://s5.directupload.net/images/101218/nyydlzw6.png
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  • #82,968
  • Dec 18, 2010 4:49pm Dec 18, 2010 4:49pm
can someone please take a look at gbp-chf and tell me if its a pin bar on daily?
  • #82,969
  • Dec 18, 2010 4:53pm Dec 18, 2010 4:53pm
Yes that is a pinbar. Sufficient wick into new terretory and also closed inside
the body of the previous candel. Hope that helped.
  • #82,970
  • Dec 18, 2010 5:40pm Dec 18, 2010 5:40pm
Wow great trading man!


Quoting benji533
.
  • #82,971
  • Dec 18, 2010 6:10pm Dec 18, 2010 6:10pm
Can someone please tell me what TF is this?

http://www.forexfactory.com/attachme...7&d=1292702439
  • #82,972
  • Dec 18, 2010 8:23pm Dec 18, 2010 8:23pm
Quoting Adilius07
Can someone please tell me what TF is this?
Looks like he used a period converter for a 7H TF maybe?
  • #82,973
  • Dec 18, 2010 8:36pm Dec 18, 2010 8:36pm
Quoting Linus78
Would anyone consider taking this H4 Pinbar?
There is not a whole lot of room for it to the upside.
What do you guys think? It could cover its risk atleast 3 times.

http://s5.directupload.net/images/101218/nyydlzw6.png
Hey Linus, it is hardly a pin bar at all, the close isn't exactly within the prior bar.

Obviously because it wasn't able to close strongly it is what you would call a weak pin bar (i.e if you want to persist considering it as a pin bar). Notice where price went, stopped and pulled back. No surprises right?

Remember you want strong bars when you have close by FTAs so the momentum can push through. Here, clearly if it plunges to the downside it would be of little surprise because it has done its thing

As traders the first thing that should come to our minds is "where is our trade likely to find trouble"? The area beyond the FTA is insignificant until price actually breaks through, so for me the 3R space that you talk about is non-existant, not because I have seen rejection off the FTA but I would rather anticipate it looking at the weak look on the pin bar. I wouldn't say "hey, it's heading into trouble but this is a sure thing if it breaks through this hurdle close by"...That is I would not depend on an "IF" factor for my well being in the market. We need to know our FTAs and learn to manage our trades in a way that we don't get surprised at a "common market phenomena"

g.
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I believe . . .
  • #82,974
  • Dec 18, 2010 8:39pm Dec 18, 2010 8:39pm
Quoting benji533
.
Lovely!

g.
I believe . . .
  • #82,975
  • Dec 18, 2010 9:45pm Dec 18, 2010 9:45pm
Quoting benji533
Hey all

Here are my trades for the last week:
10 winners, 1 loser.

Things got tough for me with a larger account. But now after cutting my risk back to 0.5% per trade this week went smooth. Now climbing up to 0.75% after Christmas and we shall see what's going on...

James and the rest of you rich guys I don't have a clue how you can kip doing it but my hat goes off for you that's for sure.

Happy holiday time for ya all
conratulations!
and , i am always confused with the money mangement.you said your per trade with 0.5% risk. but it is impossible for me ,and is 0.5% risk suited？i have a 200 dollars account(fortunately，now much more than 200 dollars),and i am allowed to trade 0.01 lots per trade at least. so i just can not risk 0.5% . i know 0.01 lot per trade is so dangerous ,but i just have to . so i must be much more careful than any other traders.
A chart helps those who can read it.
  • #82,976
  • Dec 18, 2010 9:54pm Dec 18, 2010 9:54pm
Quoting geniusztc
conratulations!
and , i am always confused with the money mangement.you said your per trade with 0.5% risk. but it is impossible for me ,and is 0.5% risk suited？i have a 200 dollars account(fortunately，now much more than 200 dollars),and i am allowed to trade 0.01 lots per trade at least. so i just can not risk 0.5% . i know 0.01 lot per trade is so dangerous ,but i just have to . so i must be much more careful than any other traders.
Hey Geniusztc

You are in a position so many are. The reality is you shouldn't be in that position. What I mean is this. With all the advantages these days you should ALWAYS be able to position size properly. You should always be trading on YOUR terms. THis is one of, if not the greatest advantage of the evolution of trading. Also my guess(and this isn't to call you or anyone out). Is that you should be demoing and saving that money in the mean time.

Let me know if this makes sense or you have questions it is important
Mike
  • #82,977
  • Dec 18, 2010 9:55pm Dec 18, 2010 9:55pm
Quoting benji533
.
way to go Benji

Be sure to PM me soon with a follow up to what we chatted about

Mike
  • #82,978
  • Dec 18, 2010 10:08pm Dec 18, 2010 10:08pm
Quoting torontobboy2
can someone please take a look at gbp-chf and tell me if its a pin bar on daily?
on the daily chart, yes,it is a pin bar .but i think if you turn to 4h chart ,then you can understand the market more clearly。
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A chart helps those who can read it.
  • #82,979
  • Dec 18, 2010 10:17pm Dec 18, 2010 10:17pm
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EU Weekly.
PB in sync with the last impulse move on the market.
FTA is the blue shaded region.
  • #82,980
  • Dec 18, 2010 10:41pm Dec 18, 2010 10:41pm
Quoting Be Cool
So in your opinion, what makes a PPZ strong is not just flips / boxes but also other confluence factors around it?

Gotta love those Outside Bars retracement

For me, yes they do. PPZ levels gain strength when other confluencing tools align with them. But I don't want to take away from the PPZ level itself as a strong level.

Take the 1.3300 on the Euro. The Weekly and Daily clearly shows this as a strong PPZ level. One of the reasons why I closed my full position from the 12/14 bearish PB.

Then a pinish looking 4 hour BEOB (IBFX) is formed at the 1.3300, a higher time frame PPZ level.

But the 1.3300 level does have a confluence with the 38.2 Fib on the 4 hour time frame . . oops . .maybe not the best example of a stand alone PPZ level.
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Indicators show the past. Price Action "Indicates" the future.
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