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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

  • #86,541
  • Jan 20, 2011 4:08pm Jan 20, 2011 4:08pm
Quoting Atc
That is my point I don't see a ppz that it cut through....it was more of a touch trade....back into an area I thought it would consolidate more after the big up move...however didn't... and once again the prior wkly bar was fighting the direction of the PB ....in other words I didn't think that the PB could force a trend move against the wkly BUB.....strength goes to the Weekly as is panning out.
Here it is, for me at least
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  • #86,542
  • Jan 20, 2011 4:15pm Jan 20, 2011 4:15pm
#1) Thank you Ghous, I will look into LiteForex tonight for the USD futures chart.

#2) EURCHF pin. I have actually been too picky lately. I have 0 trades so far this year. I just have not seen anything that caught my attention. I love Mike's explanation of why the EURCHF trade did not work correctly, being it was still closed higher than the previous low, as if price had moved bullishly up and was retesting this area before moving higher (creating the pin).

I didn't trade this bar because it just barely missed the 1.300 area, and I figured I would wake up early to see if I could get into a retrace of the pin on the 4 hour. There was no P/A on the retrace on 4H, so I didn't get into the trade at all.

With that said, I didn't see the previous low Mike pointed out, so I really SHOULD have taken this trade, but I was being too conservative. Yes, being "too conservative" kept me from losing money this time, but you have to lose money in this BUSINESS to make money. And I gotta stop being so damn uptight.

Personally, I wish I had taken a small amount on the break, then woke up to saw no more P/A and eventually get stopped out for a small loss (say .5%) and then not let it bother me at all.
  • #86,543
  • Jan 20, 2011 4:45pm Jan 20, 2011 4:45pm
Quoting unlv_tj

I didn't trade this bar because it just barely missed the 1.300 area, and I figured I would wake up early to see if I could get into a retrace of the pin on the 4 hour. There was no P/A on the retrace on 4H, so I didn't get into the trade at all.
Hey TJ,
I was also looking for an oppertunity to take a shot @ that PB, entry on a pullback as usual, my keylevel was the RNB @ 12900 which had some confluence with a 38.2 fib. to look for a sell PA on the lower TF. Price first broke that daily PB and then started to retrace back to 12900, but price generated a BUY trigger instead via a beautifull 1H-BUOB closing strongly above the 12900 ............ could've reversed my initial intentions to go long instead, but I didn't.
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Pipcrawler
  • #86,544
  • Jan 20, 2011 4:49pm Jan 20, 2011 4:49pm
Well, I was somewhat correct (more like lucky) with my post on 1/14 and my expected targets. Just failed to capitalize on them.

Touch trade I took, back at the 110.00 closed at BE after I chicken'ed out and moved the BE to quick. Started with a 16 pip SL.

The Break of the Weekly BUOB also closed at pretty much BE after I again moved to BE to quickly.

To the upside, no losses..
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  • #86,545
  • Jan 20, 2011 4:51pm Jan 20, 2011 4:51pm
Quoting xmzhang
Hey TJ,
I was also looking for an oppertunity to take a shot @ that PB, entry on a pullback as usual, my keylevel was the RNB @ 12900 which had some confluence with a 38.2 fib. to look for a sell PA on the lower TF. Price first broke that daily PB and then started to retrace back to 12900, but price generated a BUY trigger instead via a beautifull 1H-BUOB closing strongly above the 12900 ............ could've reversed my initial intentions to go long instead, but I didn't.
I should have included "I wanted to be like xmz and play the retrace", but I still have a long ways to go to get as good as you at that

You certainly have expanded my mind of how to view the markets and I hope you keep sharing your trades/ideas here
  • #86,546
  • Jan 20, 2011 4:53pm Jan 20, 2011 4:53pm
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  • #86,547
  • Jan 20, 2011 5:11pm Jan 20, 2011 5:11pm
Quoting unlv_tj
I should have included "I wanted to be like xmz and play the retrace", but I still have a long ways to go to get as good as you at that

You certainly have expanded my mind of how to view the markets and I hope you keep sharing your trades/ideas here
Thanx for your kind words TJ, but I almost forgot to mention another important point that should've made one to reconsider to sell that PB. Refering to my posted chart of E-C. When price broke that PB, look where price bounched of ...... YES ! right @ the 150 EMA (ie. FTB) this in combination with bullish divergence and that 1H-BUOB should've made you go long without hesitation. I believe these are the technical reasons why that PB didn't work out.
In hindsight everything seems simple ........... analyzing these aspects in realtime is a different story.
Pipcrawler
  • #86,548
  • Edited 6:39pm Jan 20, 2011 6:04pm | Edited 6:39pm
Quoting Dan Gilbert
I can't imagine I'm the only one who got nabbed here.

had my stop 15 pips above the left eye, trade went ~50 pips into profit, and retraced HARD (I had my manager set to move stop to B/E after 60 pips....)
Based on your chart, I think your trade is fine. It was a bit too choppy for me, so I avoided it, but that's just me.

In the end, you just got unlucky. You got taken out by Hildebrand's speech and the SNB, not a PPZ.
When you have to shoot, shoot. Dont talk.
  • #86,549
  • Jan 20, 2011 6:11pm Jan 20, 2011 6:11pm
Quoting mbqb11
Hey Pin

Yes those are the proper definitions by book. But the closes are always important. What zhang means is in relation to everything that is going on, not just the previous bar. It's like a pinbar(and the gbp/usd we talked about). The open and close only need to be within the prior bar, but just being a pinbar doesn't make it something worth trading.

I believe this is all zhang is really trying to say. I agree too

take care
Mike
Mike & Ghous
I think you both misunderstand my point.

Yes, I understand what you mean, we want to see the close of either bar being largely towards the direction we are looking to trade in and not towards the middle of the bar. That has always been my understanding.

As I said in the first post, the only reason I mentioned the difference between these two bars and the criteria we apply to the close. Is because, XMZ was calling that bar a BUOB. I was concerned that if he did not realize it was a DBLHC then it was highly likely, that he also was probably not aware of, how they are validated or invalidated, differently by the final position of the close.

Thanks
  • #86,550
  • Jan 20, 2011 6:23pm Jan 20, 2011 6:23pm
Quoting Adilius07
FML
Quoting Adilius07
Anyone considered this PB?
I think FTA is clear - that low of the previous BUOB...
PB
-------------------------------------------------------------------
Looks a bit too tiny compared to the bullish bars for my liking.

I would watch out for the 1.27800 area.
-------------------------------------------------------------------


Hey Adi.....Something I can't get my head around here.

You previously mentioned you have strong rules and are being very picky.
Then yesterday we were talking about that tiny PB which to be honest, personally was not appealing at all. You seemed dead set on it for some reason, I can't figure out.
  • #86,551
  • Jan 20, 2011 6:24pm Jan 20, 2011 6:24pm
Yeah g_j, the location and bar cant get any better thats true, but the thing is that the time wasn't the best and the PA is quite choppy below, the 0.9960 as we talked about made me pass.

Im pretty sure this bar will at least take us to the 0.9940 area.

Good luck with the trade

Os.

Quoting g_j_hook@yah
hi Osman, thanx for pointing out the .9960 level i had over looked that in my haste. my biggest worry is also the time of day, i have normally finished for the day by now.
but i love the location...lets face it it doesnt get much better. i like the divergence also. i think i will leave my sell stop on this one and see if we get a decent break ??just hitting my entry as i write so lets see wot happens??
thanx for your input.

jon

EDIT: if this 4h bar takes off we will get a lovely daily pin bar...??
Trade Smart
  • #86,552
  • Jan 20, 2011 7:01pm Jan 20, 2011 7:01pm
Quoting jarroo
Yo D . . .!

How's that Cad/Chf Daily BEOB doing?

Looking good . . .


I just wanted to note that there was no close above the previous bar Low on the Daily . .you know me with Outside Bars . .


Great setup D. . .
Tightened stop last night and put in take profit. TP was hit before today's reversal for a little over .5R return...2% risk on my tiny live account - a little over 1% Return on first trade of year.
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  • #86,553
  • Jan 20, 2011 8:12pm Jan 20, 2011 8:12pm
Quoting Donkey
Tightened stop last night and put in take profit. TP was hit before today's reversal for a little over .5R return...2% risk on my tiny live account - a little over 1% Return on first trade of year.
Nice brotha
  • #86,554
  • Jan 20, 2011 8:20pm Jan 20, 2011 8:20pm
Quoting Donkey
... a little over 1% Return on first trade of year.
Indeed D, nice trade.

Here is my first live trade (since learning j16). U/CAD parity level is strong. Let's see if price slides from here...

-- Danny
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  • #86,555
  • Jan 20, 2011 8:27pm Jan 20, 2011 8:27pm
Quoting unlv_tj
Hey guys, I was just wondering if any of you look at the USD charts to get an idea of USD strength/weakness.
If so, what broker do you use to view the chart and what is the symbol?
...
Dollar index.
MT4 brokers like WHC/Broco, Windsor, Alpari RU (Russia), Forex Ltd, among others, have it.

the one mentioned by Ghous, USDLFX, is a nice one to. but it's a synthetic/in-house index by Liteforex. FYI.
  • #86,556
  • Jan 20, 2011 8:30pm Jan 20, 2011 8:30pm
Quoting supremeChaos
Dollar index.
MT4 brokers like WHC/Broco, Windsor, Alpari RU (Russia), Forex Ltd, among others, have it.

the one mentioned by Ghous, USDLFX, is a nice one to. but it's a synthetic/in-house index by Liteforex. FYI.
Thank you SC! I actually have WHC, and I see the listing for Currencies, but all the symbols are weird, like...

6AM1
6BH1

And such.
  • #86,557
  • Jan 20, 2011 8:52pm Jan 20, 2011 8:52pm
Not sure if its been discussed, but I'm looking at this DBLHC on the EURJPY. Right smack in the middle of a daily pivot, so I'm thinking of playing a decent sized break.

Weekly on this pair has a BUOB.

Still learning/demoing here. Feedback on the setup and thought process? Is this a good spot to play a DBLHC or should it be at a swing high/low?
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  • #86,558
  • Jan 20, 2011 9:00pm Jan 20, 2011 9:00pm
Quoting Atc
took this one off the Weekly. It took 4 days to break but it worked out just like expected. Took 3/4 off at FTA and moved my SL to BE. Funny, came back 2hrs later and noticed the other 1/4 had been closed for me at the same level as the other.
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  • #86,559
  • Jan 20, 2011 9:00pm Jan 20, 2011 9:00pm
Quoting xmzhang
Thanx, it means a lot to me when you say that Mike. Since I joined this thread not only my trading skills have improved vastly, but more important I now have the confidence to enter a trade, to pull the trigger without hesitation and fear. It's not easy to pull the trigger when there's real money at stake and you don't have 200% confidence in your stategy. It's a beautifull feeling when you pull the trigger and see that your plan works out accordingly, you must know about what feeling I'am talking about ............ Raczekfx has put this nicely...
I couldn't agree more. 8-6 months of researching and demoing the bulb is starting to flicker! This thread and James16 Group's material has finally put things into perspective.

Your chart analysis has only reaffirmed the trading 'method'. Thanks for posting and sharing.
  • #86,560
  • Jan 20, 2011 9:03pm Jan 20, 2011 9:03pm
Quoting bluetrader
Indeed D, nice trade.

Here is my first live trade (since learning j16). U/CAD parity level is strong. Let's see if price slides from here...

-- Danny
went back and forth on this one too. Passed on it because the close seemed weak. Hope it works for you.
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