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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

  • #86,221
  • Jan 18, 2011 3:26pm Jan 18, 2011 3:26pm
Quoting Tedge UK
Hi guys,what are the advantages of this broker (chart)?
it just means that poeple who use oanda as there broker can now trade directly from there charts rather than using an mt4 chart to analyze and swapping to oanda to place an order.
a great improvement imo.

jon
PATIENCE... DISCIPLINE
  • #86,222
  • Jan 18, 2011 3:30pm Jan 18, 2011 3:30pm
Is anyone watching the pin bar forming on USD/CHF daily. How does it look in your opinion? It is at 50 fib retracement level as well as previous support.
What is any ocean but a multitude of drops?
  • #86,223
  • Jan 18, 2011 3:31pm Jan 18, 2011 3:31pm
EU , GU are at their strong daily resistance. UCHF might be good for a touch long trade at the blue area with tight stop below it. There is also strong BUOB on the H4 tf aswell . Signals are there ....lets see if tomorrow building permits will add some fuel.
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  • #86,224
  • Jan 18, 2011 3:50pm Jan 18, 2011 3:50pm
Quoting Xhale12
Is anyone watching the pin bar forming on USD/CHF daily. How does it look in your opinion? It is at 50 fib retracement level as well as previous support.
Ive got order in at break of bar and stop underneath. fta 0.9725
  • #86,225
  • Jan 18, 2011 3:55pm Jan 18, 2011 3:55pm
Quoting lallous
Hello everyone,

Here is a trade which I would have considered if I hadn't been at work during the time of occurrence.

I'd love to hear what everyone thinks of it.

This trade might also appear to be a triangle breakout (please correct me if I'm wrong). It also shows zones transforming from support to resistance and vice versa.
Hey Lallous

I think zoomed in it feels a bit more important then if you zoom out there isn't a whole lot to it. It is a buob near a minor swing low but at least with the current recent strong uptrend. I wouldn't say your analysis is wrong I can see that "wedge" but I think the wedge looks and can be more important on a lower timeframe where on the 4hr it is so small it is basically played out once the buob occurs. So of course nothing wrong, we can still play out where price is likely to go, but I would prefer that setup lower near the "box" and round number.

Best
Mike
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  • #86,226
  • Jan 18, 2011 4:08pm Jan 18, 2011 4:08pm
Quoting ppfx
Interesting thing is that it found support on the last swing high. Its gonna be interesting to see how the things will evolve.

Attachment Attachment
you only get pay if you take the risk.

so whats gone be a rebound and a resume of the current trend or a reversal is in developing. try to feel the market pulse.

the line of least resistence is to the upside,isn't so? but not forget about nature cycle, what goes up at some time must come down. But an object in motion will tend to continue in motion until a major event takes place that would cause it to change its direction. How do you take up on this dilemma

so where price comes from and where is heading into?

The possibilities of the of the bear attack is not gonna come from how the tops will be tested, but how the bulls support behaves, do you get it?

you're wise beyond your ears

do you think is wise to give it a try?

all the best!!

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  • #86,227
  • Jan 18, 2011 4:13pm Jan 18, 2011 4:13pm
Quoting mbqb11
Hey Lallous

I think zoomed in it feels a bit more important then if you zoom out there isn't a whole lot to it....
Thanks Mike,
That makes perfect sense
  • #86,228
  • Jan 18, 2011 4:36pm Jan 18, 2011 4:36pm
Quoting mbqb11
Hey Pub

I think this is a very unconvincing pinbar. It would barely be closing within the prior bar and has a very large body. Don't let a long wick fool you into thinking it is a strong reversal. This too me looks like price hit the BRN and bounced. As opposed to a strong selling(which a strong close would have shown us). Now imagine price closed down near where it opened? It could change the entire look.

Hope that helps
Mike
Thanks Mike!
You are definitely more convincing that the pin from the chart!
IT WAS USEFUL.
  • #86,229
  • Jan 18, 2011 4:42pm Jan 18, 2011 4:42pm
Can we count this one as pinbar by proxy?
I mean the last one, ignore my previous chart notes.
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  • #86,230
  • Jan 18, 2011 4:48pm Jan 18, 2011 4:48pm
Quoting triger88990
you only get pay if you take the risk.

so whats gone be a rebound and a resume of the current trend or a reversal is in developing. try to feel the market pulse.

the line of least resistence is to the upside,isn't so? but not forget about nature cycle, what goes up at some time must come down. But an object in motion will tend to continue in motion until a major event takes place that would cause it to change its direction. How do you take up on this dilemma

so where price comes from and where is heading into?

The possibilities of the of...
Awesome post triger. I really enjoyed reading it. You're posts are really amazing.
I still cant figure it out why did you sold it there. I dont see any major ppzs or anything. What am i missing?

all the best to you too,
ppfx
  • #86,231
  • Edited Jan 19, 2011 2:14am Jan 18, 2011 4:58pm | Edited Jan 19, 2011 2:14am
Quoting Publius
Can we count this one as pinbar by proxy?
I mean the last one, ignore my previous chart notes.
Imho is better to look for perfect pinbars like the one marked dark blue. Why risking the money with a pb that doesnt have great shape. If it doesnt stand out than its a pass in my book. You know the story behind the pinbars is that one side is trying to prevail and it almost does, but then the other part takes control and the price go back the way it was before and so it creates a long nose. And this means the longer the nose the better. The same means for where it closes. The closer the close is with the open the better. Thats why the 'dark blue' pinbar is much better. (i tried to explain it simple, but i think i wrote a mess :/ LoL ) Hope you understand what i meant to say.
  • #86,232
  • Jan 18, 2011 5:11pm Jan 18, 2011 5:11pm
Quoting triger88990
The possibilities of the of the bear attack is not gonna come..
I would say that the possibilities of the bear attack are going to come from the fact that Cable is up for eight days in a row.

It's done more than that before.

It's managed nine.

Once.

In 15 years.

I'm hoping for a push into 1.6105 to get short. That's probably too optimistic.

Chances are tomorrow is a down day.
  • #86,233
  • Jan 18, 2011 5:42pm Jan 18, 2011 5:42pm
Quoting decentchap
This is immensely helpful Mike and really clears up a lot for me. I really thank you and fellow posters for patiently answering my questions. It feels so good to get the questions out of my chest. I shall take on all the info onboard and learn.
I'm with you there DecentChap. "sometimes I feel I am on right track but sometimes I feel as if I don't know anything"

I feel that I can 'understand' the story, but I fall apart when it comes to reading A+ price actions.

I found myself entering the market on STRONG R/S levels. It's been working o.k but I'm wanting to tighten my trading strategy using Price Action signals that James16 and the other fellas hear teach. I'm still working the Pin Bar before graduating onto the others.

I'm also trading with a very small account (and I do mean micro units), which as James16 stated in his earlier material, leads to over trading.

A big thanks you to all the Senior Members who still have the patience with the newbies.
  • #86,234
  • Jan 18, 2011 6:11pm Jan 18, 2011 6:11pm
Quoting g_j_hook@yah
it just means that poeple who use oanda as there broker can now trade directly from there charts rather than using an mt4 chart to analyze and swapping to oanda to place an order.
a great improvement imo.

jon
But how do the daily charts look? Oanda Java closes it's daily's at 00:00 NYC as opposed to NY market close. Gives very different candle formations.

I assume Oanda MT4 is still PC based? Stink!

Shame about the larger trade size.
  • #86,235
  • Jan 18, 2011 6:29pm Jan 18, 2011 6:29pm
The USDCHF looks to have a good looking PB today on the daily. However am I wrong in my assessment that I will not be taking this bar?

To me it looks to have closed under a ppz. Has a weak close. It does have a long tail and is close to the 50 fib. Though Price closed below the ppz on 1/13 and has not been able to close above it since. Also there is a small PB on the weekly from last week.

This suggests some weakness to me and I should just stay out. Thoughts?
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  • #86,236
  • Jan 18, 2011 6:34pm Jan 18, 2011 6:34pm
Quoting decentchap
Ok, thank you for your patience and time Jim.

When you say you look for weekly close when working on the daily.
You look for last Friday’s close and if you determine that it had a strong close above the PPZ you look for bullish action daily for that week and the opposite of it was closed below.
If the daily starts closing in the opposite direction you change your bias.

E.g in the attached USD/CHF example you are looking for some bullish PA atm.
Yes that basically it. What will change my bias is a strong, high quality PA setup. This is where the momentum of PA, which PA inherently possess, can break that bias on the Daily or on a lower time.

But more often than not, this CLEAR transition from Resistance to Support (or vice versa) will usualy rule the day. I emphasize the clarity of the level. The clearer, cleaner, muti-bar, etc. . the better they are respected.

You can see that this bias at the .9600 held as Support. Looks like we are caught in between two levels . . Resistance and Support or in other words . .Consolidation.

Will this current Daily PB work out? . . .Maybe, but we have to also apply the quailty of the setup . .swing Low?, Size, Space, Traffic . .etc. we know that the Support level is there.
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Indicators show the past. Price Action "Indicates" the future.
  • #86,237
  • Jan 18, 2011 6:44pm Jan 18, 2011 6:44pm
Quoting snooptym
This suggests some weakness to me and I should just stay out. Thoughts?
That isnt a very strong bar. It isnt a strong location. I think your conclusion is pretty solid

also, for plenty of other reasons, no way I am shorting francs atm.
When you have to shoot, shoot. Dont talk.
  • #86,238
  • Jan 18, 2011 6:48pm Jan 18, 2011 6:48pm
Quoting Greenhaze
Hey Jim,

I would rather look at lower timeframes because this was impulse reaction to better cpi data. There are some nice symmetrical patterns at the breakout point on m5. News traders use lower tfs hence one H1 bar wont give much information... Just my 2c.
It also shows the Price Flips pretty clearly as well, GH.

Price breaks through and close above/below turns into Sup/Res. Its all right there as clear as day.

Nice GH. .
Indicators show the past. Price Action "Indicates" the future.
  • #86,239
  • Jan 18, 2011 6:52pm Jan 18, 2011 6:52pm
Quoting xmzhang
Thanx for the quick feedback Jim and for reminding me to look at the weekly TF first for S/R ......... I nearly always forget to look at those higher TF's first
Quoting jarroo
Oh Yeah . ..if you're bring the PA from the Higher TFs down to the lower TFs . . you got to bring the Levels too and the Targets, FTAs, etc., . .


Interesting don't you think, xmz ?. . . .

Just think if the Weekly PB was of better quality.
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Indicators show the past. Price Action "Indicates" the future.
  • #86,240
  • Jan 18, 2011 6:58pm Jan 18, 2011 6:58pm
Quoting Be Cool
Not sure if anyone has posted this yet -if so my apology
Gold. Huge weekly BEOB and PB are still in play. On 4Hour found a bearish PB at 50% ret of the weekly PB, off weekly PPZ and retest of Daily BEOB previous bar low along with 365 ema. Very nice. If this 4H PB breaks i am gonna hold and see if the weekly PB also breaks
You have so many lines drawn on your chart that they are all but meaningless. Of course you are going to see price 'test' your levels if you have them every twenty points. It's one of the biggest problems people seem to run into - seeing 'levels' everywhere and assuming they all a) exist b) mean something.

You need to simplify things.

Compare and contrast your chart with one of Jim's charts.

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(i'm not trying to pick on you or anything, its pretty widespread of late)
When you have to shoot, shoot. Dont talk.
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