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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

  • #86,601
  • Jan 21, 2011 4:16am Jan 21, 2011 4:16am
Interesting. Was that EURUSD tradable?
It looks worse than eurchf to me. More traffic, stronger bullish bars before it.
What makes EURUSD better than EURCHF that failed?
Interesting to hear any ideas, thanks!

http://cdn.forexfactory.com/attachme...1&d=1295504506
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_21jan.gif Size: 17 KB
  • #86,602
  • Jan 21, 2011 4:17am Jan 21, 2011 4:17am
Quoting belekas
Much respect to Jim. Mike and Ryanmcd and the crew. I trade different style/methodology for a living. I trade swing mostly so waiting for my edge is very boring as whole game. So I decided to try 5m trading Ryanmcd and Jankone style for perhaps a few % here and there. Took the break of 5m OB with bear div at swing high back into the trend. Risk 10, profit 15 pips after 2 bars. Quite impressed I can say. Anyone else took it?
Hi Belekas, nice setup a Ryan classic.I dont know of anyone trading his method on here, and not many of us drop to such a small TF.
Good luck with it though.

jon

p.s. nice idea to twitter. i will be keeping my eye on that.
PATIENCE... DISCIPLINE
  • #86,603
  • Jan 21, 2011 4:19am Jan 21, 2011 4:19am
Quoting Adilius07
Interesting. Was that EURUSD tradable?
It looks worse than eurchf to me. More traffic, stronger bullish bars before it.
What makes EURUSD better than EURCHF that failed?
Interesting to hear any ideas, thanks!

http://cdn.forexfactory.com/attachme...1&d=1295504506
its all probability my friend..

just to add like jarroo mentioned look at the two bars prior to that pin in eur/chf.that level had some credibility so that reversed e/c
Trading is a test match not a Twenty20.
  • #86,604
  • Jan 21, 2011 4:20am Jan 21, 2011 4:20am
Quoting Adilius07
In my humble opinion.... we have to be honest with ourselves. And accept that sometimes even J16 setups will fail. Trying to justify every trade and find a reason why it was a bad trade, of course possible, but will not serve any good for a trader imho...

And also if you (anyone) look for the reason why it was wiser not to take that trade after the loss, you should also look for the same reasons with your every win. Right? Becuase if you took a stupid trade and it went into your direction it doesn't mean you are a good trader (price can go up...
On my chart,I have only 2 S/R levels:1.2868(monthly) and 1.2772(weekly).The upward momentum was so strong that we had strong closes only above these levels,the rest were only re-touches of S/R.The PB barely closed below ppz(5 pips)compared with the previous buob,with start from weekly ppz and has a stronger close above monthly ppz.Despite my analyze after the facts,I fully agree with your quoted post and let's don't forget that the risk is our job. I have never heard about a trader with no loss.The loss is part of what we are doing.
P.S. My father was always said to me:IF YOU DON'T KNOW TO LOSE,YOU WILL NEVER WIN !
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf.gif Size: 39 KB
Nothing personal,just business
  • #86,605
  • Jan 21, 2011 4:22am Jan 21, 2011 4:22am
Quoting g_j_hook@yah
Hi Belekas, nice setup a Ryan classic.I dont know of anyone trading his method on here, and not many of us drop to such a small TF.
Good luck with it though.

jon

p.s. nice idea to twitter. i will be keeping my eye on that.
Thanks mate. Will open fresh Oanda account next week and see where I'm at after 100 trades. I'm glad you find it useful. Cheers.
  • #86,606
  • Jan 21, 2011 4:33am Jan 21, 2011 4:33am
Quoting decentchap
its all probability my friend..

just to add like jarroo mentioned look at the two bars prior to that pin in eur/chf.that level had some credibility so that reversed e/c
Hey DC, I agree about probabilities. But if you happend to see them both in real time what would you do? I.e. trade them both, trade neither, trade eur/usd only?
  • #86,607
  • Jan 21, 2011 4:34am Jan 21, 2011 4:34am
Quoting fxgroup
On my chart,I have only 2 S/R levels:1.2868(monthly) and 1.2772(weekly).The upward momentum was so strong that we had strong closes only above these levels,the rest were only re-touches of S/R.The PB barely closed below ppz(5 pips)compared with the previous buob,with start from weekly ppz and has a stronger close above monthly ppz.Despite my analyze after the facts,I fully agree with your quoted post and let's don't forget that the risk is our job. I have never heard about a trader with no loss.The loss is part of what we are doing.
P.S. My father...
Thanks Fxgroup Little different as I see it, but I get the point, thanks.
  • #86,608
  • Jan 21, 2011 4:52am Jan 21, 2011 4:52am
The way i see the market is moving current times.

All pannants or flags are signs of exhaustion and market needs to correct and energize for the nex move! UP or DOWN.

We are at a very interesting juncture with this pair .Today may not tell the story but next week the eyes should be on this very pennant .

Reason being it is taking place at a very nice fib and ppz zones.

So wait is the answer for the time being .Now I will be posting the next chart zoom version in to hourly ..

Cheers vito
Attached Image (click to enlarge)
Click to Enlarge Name: euro usd jan21.jpg Size: 86 KB
  • #86,609
  • Jan 21, 2011 4:54am Jan 21, 2011 4:54am
Quoting Adilius07
Interesting. Was that EURUSD tradable?
It looks worse than eurchf to me. More traffic, stronger bullish bars before it.
What makes EURUSD better than EURCHF that failed?
Interesting to hear any ideas, thanks!

http://cdn.forexfactory.com/attachme...1&d=1295504506
IMHO the pin setup on EUCHF was a 'cleaner' setup with more space - but nothing in trading comes with a guarantee as crap setups can work well sometimes!!
  • #86,610
  • Jan 21, 2011 5:01am Jan 21, 2011 5:01am
Quoting Kalbar
IMHO the pin setup on EUCHF was a 'cleaner' setup with more space - but nothing in trading comes with a guarantee as crap setups can work well sometimes!!
Honestly I think the same. So maybe this one just failed, that's all.
Or I should really add like "Pinbar must be not smaller in range than any preceeding bar.." That will however make almost ever Pinbar not tradable...

Man, I think too much lately, head is hurting really...
Thanks God it's friday and I can get me one of this finally and **** forex for 2 days

http://i461.photobucket.com/albums/q...02/henessy.jpg
  • #86,611
  • Jan 21, 2011 5:07am Jan 21, 2011 5:07am
This an ENDING DIAGONAL at work friends. So much trickier they can be but absolute sign of exhaustion of current move. Participants keep falling into trap of prices going higher.Instead disappointment sets in and prices go the other way .

So meaningful reversal or retracement level is near.This is my story I keep an eye on . Diagonals can and does have the potential to turn into consolidaton boxes.Be aware once again PATIENCE will pay for your reward.

Do not I repeat, Jim's take ( THIS IS CRITICAL! ) , DO NOT TAKE YOUR EYES OFF RECENT SOLID PPZ ZONES AND RELATIVE PA OVER THIS ZONE.

What ya think Jim ? And Thanks SC , I keep sharpening my tools. After all I need them all as sharp as I can to swim in the shark infested waters ))

Cheers Vito!
Attached Image (click to enlarge)
Click to Enlarge Name: euro usd jan21-2.jpg Size: 82 KB
  • #86,612
  • Jan 21, 2011 5:12am Jan 21, 2011 5:12am
Quoting Adilius07
Hey DC, I agree about probabilities. But if you happend to see them both in real time what would you do? I.e. trade them both, trade neither, trade eur/usd only?
lol, i may have taken both since i am your typical overtrading newbie!

I would have taken the Eur/USD as its showing clear rejection of 1.34.

In fact for Eur/Chf i was looking at the bullish bar which engulfed the previous bar as some sort of continuation set up.

I have attached the chart i posted that day. if I took that i may have come out b/e from eur/chf.
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf.gif Size: 17 KB
Trading is a test match not a Twenty20.
  • #86,613
  • Jan 21, 2011 5:17am Jan 21, 2011 5:17am
Quoting decentchap
lol, i may have taken both since i am your typical overtrading newbie!

I would have taken the Eur/USD as its showing clear rejection of 1.34.

In fact for Eur/Chf i was looking at the bullish bar which engulfed the previous bar as some sort of continuation set up.

I have attached the chart i posted that day. if I took that i may have come out b/e from eur/chf.
So you would have made money on eur/usd and BE on eur/chf
  • #86,614
  • Jan 21, 2011 5:21am Jan 21, 2011 5:21am
Quoting Adilius07
So you would have made money on eur/usd and BE on eur/chf
ideally
Trading is a test match not a Twenty20.
  • #86,615
  • Jan 21, 2011 5:25am Jan 21, 2011 5:25am
Quoting decentchap
ideally
yep, how cool those history charts are, right?
  • #86,616
  • Jan 21, 2011 5:27am Jan 21, 2011 5:27am
Quoting Adilius07
Honestly I think the same. So maybe this one just failed, that's all.
Or I should really add like "Pinbar must be not smaller in range than any preceeding bar.." That will however make almost ever Pinbar not tradable...

Man, I think too much lately, head is hurting really...
Thanks God it's friday and I can get me one of this finally and **** forex for 2 days

http://i461.photobucket.com/albums/q...02/henessy.jpg
Hey Ad

have one for me please as I am off the stuff until March.......trying to keep a clear head for this mystery we call FX!! Enjoy!

Kal
  • #86,617
  • Jan 21, 2011 5:31am Jan 21, 2011 5:31am
Quoting Kalbar
Hey Ad

have one for me please as I am off the stuff until March.......trying to keep a clear head for this mystery we call FX!! Enjoy!

Kal
LOL, oh man, scary to think how much you will finally get for yourself the 1 st of March
A few drinks will not hurt much, imho
  • #86,618
  • Jan 21, 2011 5:58am Jan 21, 2011 5:58am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting Kalbar
If you zoom out you will see that overall trend is down and the pin could have been viewed as a turning point after a retracement. However there was strong bullish moves a few days before and as you say it could have been the result of profit=taking.
Well, I just tried my luck thinking like one of the seniors here.
Who knows with more practice I might become one
I have seen the enemy, and it is me.
  • #86,619
  • Jan 21, 2011 6:07am Jan 21, 2011 6:07am
Quoting Adilius07
Interesting. Was that EURUSD tradable?
It looks worse than eurchf to me. More traffic, stronger bullish bars before it.
What makes EURUSD better than EURCHF that failed?
Interesting to hear any ideas, thanks!

http://cdn.forexfactory.com/attachme...1&d=1295504506
EU Pin was backed by strong PPZ. Price broke to the upside , triggered stop losses / breakout buy stops and went back to the range and triggered stops below that level from breakout players and those stops just added momentum to that move. There was a lot of ways to play that pb , you could play the break or wait for the retrace to the resistance where price formed right shoulder. Those moves need liquidity so you need to ask yourself where are the stops , limit orders , breakout orders. Once you will start digesting that , your perception of market will probably change.
All the best. G.
  • #86,620
  • Jan 21, 2011 6:15am Jan 21, 2011 6:15am
I think this pretty much sums it all up…


CURRENT WEATHER MAP FOR AUSTRALIA.


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