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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

  • #87,481
  • Jan 31, 2011 4:29pm Jan 31, 2011 4:29pm
may I ask if anyone is looking at those pairs for possible setups? will post what I think I see in a few
  • #87,482
  • Jan 31, 2011 5:45pm Jan 31, 2011 5:45pm
[quote=gejordan;4359705]
Quoting AvanishDemo
Hey Ghous,
Its an USDCHF Chart...

I went ahead and took the aggressive entry off the not so great 4h pinbar and multiple support. I felt good about the 40 pip trip back to the top of the candle prior to the pinbar, based on the strong support, but I had to move down a bunch of timeframes to take it and stay in it.

Just took half off as it broke the prior candle as I typed this.

We'll see what this second half can do, if anything. I'll take an additional position based on the daily if it closes as it is right now...

Could you post charts with your comments, this is what people usually do.
It helps to make clear what we are talking about.
  • #87,483
  • Jan 31, 2011 5:47pm Jan 31, 2011 5:47pm
Quoting Adilius07
Well the day is almost over and I moved my SL to BE.
So whatever happens this is the winner, right
If runner happens oh I will hold it forever I promise....
Glad it worked out for you Adi.
  • #87,484
  • Edited 6:03pm Jan 31, 2011 5:51pm | Edited 6:03pm
The 15 pip buffer on the EJ weekly PB kept me out of this substantial drawn down. Hail the buffer.

5 Mins left till this Monthly BUEOB closes.

EDIT: Just closed

Obviously, the monthly PA overrides the weekly PB, now.
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  • #87,485
  • Jan 31, 2011 6:02pm Jan 31, 2011 6:02pm
Quoting Pinbar
The 15 pip buffer on the EJ weekly PB kept me out of this substantial drawn down. Hail the buffer.

5 Mins left till this Monthly BUEOB closes.

EDIT: Just closed
I would like to see step by step how you plan to trade or not to trade that pin bar
  • #87,486
  • Jan 31, 2011 6:07pm Jan 31, 2011 6:07pm
Quoting Patrick.
I would like to see step by step how you plan to trade or not to trade that pin bar
Not against a monthly BUOB, I think Pinbar is saying
  • #87,487
  • Jan 31, 2011 6:08pm Jan 31, 2011 6:08pm
Quoting Patrick.
may I ask if anyone is looking at those pairs for possible setups? will post what I think I see in a few
Hi Patrick , Tomek here...

I'm by no means an expert but I've been looking at the AUD/CAD pair too:

I'd personally like to see a strong PA rejection from the 1.000 BRN which is also at 61.8% fibs retracement of recent high and lower low. However, I'm concerned that this might bring the price back into the high traffic area of the past x2 weeks.

Price has shown a lot of respect at the 0.9900 S/R level too recently, (despite closing above and below on three occassions). I won't be surprised if this support level keeps price above 0.9900.

What are your thoughts Patrick?
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  • #87,488
  • Jan 31, 2011 6:16pm Jan 31, 2011 6:16pm
Quoting Patrick.
I would like to see step by step how you plan to trade or not to trade that pin bar
As IF said, we don't trade a lower TF setup against a higher TF setup.

That is like, spitting in the wind.
  • #87,489
  • Jan 31, 2011 6:24pm Jan 31, 2011 6:24pm
Quoting Pinbar
As IF said, we don't trade a lower TF setup against a higher TF setup.

That is like, spitting in the wind.
I'll give the flip side, cause I will do that.

As long as I consider a setup valid I don't care what else is going on above/below me. That means if I deem a setup worth trading that means I handle it as its own situation and go from there. Not to say this isn't wrong, but the approach can lead to analysis paralysis, it did for me. So I stripped it down even more over the years.

Hope everyone had a nice weekend

Mike
  • #87,490
  • Jan 31, 2011 6:35pm Jan 31, 2011 6:35pm
This was my first month without losing a pip. It feels good, really good
  • #87,491
  • Jan 31, 2011 6:39pm Jan 31, 2011 6:39pm
Quoting 5.25
Hi Patrick , Tomek here...

What are your thoughts Patrick?
Tomek, not an expert either just learning.. now I traded this pair as one of my first J16 learning trades my tarde was Buy .9907 SL .9837 TP .99930 (PPZ)

why I am interested is PPZ .9947 , 50 fib of that big down move and 23.6 fib of the recent up seems to be good support.. I am crazy to think entering at 38% (which it had touched and bounced) of yesterdays candle would be a good entry and aim for next big number 1.0100 anyone else?
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  • #87,492
  • Jan 31, 2011 6:51pm Jan 31, 2011 6:51pm
Quoting Ifmyante
This was my first month without losing a pip. It feels good, really good
congrats!! hope I can say that one day
  • #87,493
  • Jan 31, 2011 6:54pm Jan 31, 2011 6:54pm
Quoting Chelski
Great Video. Thanks. I got me looking. There is a IPB on Cable daily at 1.6 24th Jan. We can see it came off but given location, and multiple bar highs failing at this level would you have traded?
Hey Chelski,

Like I mentioned in the video the ongoing story at the time matters more than anything else.

I don't like the way the IPB is really just a small part of an ongoing consolidation. Being an IB its again not at a swing high but rather tucked up inside the previous bar and is the 5th bar that has consecutively tested the 1.6.

Don't get me wrong, price doesn't always bounce off by the pip each time of a BRN. In fact its got this habit to consolidate and go sideways (box) more often thn reversing straight away. Problem is you never know which side's ultimately going to be the direction the market sentiment agrees upon.

The consolidation box here could as easily have broken to the upside here. In a way you can say that, the small IPB got dwarfed by the ongoing story on the GU for me. Again had it been long and nice just like we like our pin bars to be, the odds would have been in our favor and we could have been more confident in expecting a breakout to the downside.

Hope this helps.

g.
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I believe . . .
  • #87,494
  • Jan 31, 2011 6:56pm Jan 31, 2011 6:56pm
Quoting Patrick.
congrats!! hope I can say that one day
Thanks mate. You're in the right place then
  • #87,495
  • Jan 31, 2011 7:09pm Jan 31, 2011 7:09pm
Quoting AvanishDemo
Hey Ghous,
Its an USDCHF Chart...

As it is there isn't much of movement in market when it nears the end of the day,so lets check the Monthly Chart...
I see the IPb formation with a Bullish close @ 0.93(Swing Low)..its close to that level..but if u see accurately,there is still "19 Pip Gap" between the low of IPb and 0.93..but since its monthly chart can we neglect that "19 Pip Gap" ? cos its almost AT that 0.93 level.

Now switch to H4 chart:
I see a nice Protruding Pinbar..but behind it there is Long Consolidation phase ..but wat I'm thinking...
Hey Avanish,

I like to keep my time frames separate at all times to keep away from taking things for granted. That is I will never use a higher TF setup as a confluence or heads up to a mediocre lower TF setup.

While the IPB looks to be at a good location (swing low) and has a really good bullish close, notice we are not cleared up to the IPB high. 9600 is in fact the FTA and a real strong one at that. thumbs down on the space department...

As for the 4H pin bar (which I'll look at strictly with its own merit rather than borrowing any from the monthly TF) the catch jumps out to me rather instantly. Its headed straight back into a tight consolidation box. Notice where price bounced on this. I would consider this job done for a pin bar that size, with that bearish close and with such spatial issues attached with it.

You see my point with not exchanging information between TFs? For me the pin bar on the 4H has done what I would have expected of the bar at best. For me there is no point in pushing in on things and hoping that this very pin bar should take us even to the 9600 area if not the IPB high.

hope this helps.

g.
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I believe . . .
  • #87,496
  • Jan 31, 2011 7:13pm Jan 31, 2011 7:13pm
[quote=gejordan;4359705]
Quoting AvanishDemo
Hey Ghous,
Its an USDCHF Chart...

I went ahead and took the aggressive entry off the not so great 4h pinbar and multiple support. I felt good about the 40 pip trip back to the top of the candle prior to the pinbar, based on the strong support, but I had to move down a bunch of timeframes to take it and stay in it.

Just took half off as it broke the prior candle as I typed this.

We'll see what this second half can do, if anything. I'll take an additional position based on the daily if it closes as it is right now...
Jordan's not been posting much, but he's ben listening all the way.

The break on the PB was always headed for that prior bar high.

You're taking up the "star" status pretty quickly for me Jordan.

g.
I believe . . .
  • #87,497
  • Jan 31, 2011 7:15pm Jan 31, 2011 7:15pm
Quoting Adilius07
Well the day is almost over and I moved my SL to BE.
So whatever happens this is the winner, right
If runner happens oh I will hold it forever I promise....
HAHAHA! That really made me laugh out loud. Don't we all want to hold our runners forever...

does 8500 hit you Ad?

g.
I believe . . .
  • #87,498
  • Jan 31, 2011 7:18pm Jan 31, 2011 7:18pm
Quoting Patrick.
congrats!! hope I can say that one day
keep at it and you'll be saying that very soon

g.
I believe . . .
  • #87,499
  • Jan 31, 2011 7:26pm Jan 31, 2011 7:26pm
Great video Ghous.

Can we have some more?
  • #87,500
  • Jan 31, 2011 7:32pm Jan 31, 2011 7:32pm
Quoting mbqb11
I'll give the flip side, cause I will do that.

As long as I consider a setup valid I don't care what else is going on above/below me. That means if I deem a setup worth trading that means I handle it as its own situation and go from there. Not to say this isn't wrong, but the approach can lead to analysis paralysis, it did for me. So I stripped it down even more over the years.

Hope everyone had a nice weekend

Mike

Thanks for the info Mike.

Could you explain using this EJ chart, under what circumstances you would trade that weekly bearish PB against the Monthly BUEOB?

I put the fibo on the monthly BUEOB as I am wondering if you would trade it if the 61.8 of the BUEOB broke. or something like that.
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