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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

  • #90,281
  • Feb 27, 2011 1:07pm Feb 27, 2011 1:07pm
Quoting DBallerz
im not looking for an indicator since my pc isn't on all the time
so u r looking for a signal provider?
Hero calls followed by margin calls...
  • #90,282
  • Feb 27, 2011 1:15pm Feb 27, 2011 1:15pm
Quoting DBallerz
im not looking for an indicator since my pc isn't on all the time
Hey,
I use this one for sms alerts , works fine so far.

http://www.dailyfx.com/charts/mobile_price_alerts/
Anything can happen - You never know
  • #90,283
  • Feb 27, 2011 1:17pm Feb 27, 2011 1:17pm
Quoting tj-tabby
Just a quick question. If the next bar following a PA bar does not confirm do we ignore the PA bar, if that makes sence! i.e. on the chart below NZD/JPY the bar following the pin bar doesn't break the pin high, (although it equals it so i guess it in its self is classed as a PA bar DTLC if I am correct?) does this invalidate the pin or can we look at the next bar for a break? And would you take trading day into account, ie was the friday bar which, (assuming trading is thinner on Friday?) didnt have the momentum to break the pin high. Sorry for...
Hey Tim

It depends on ones rules. Many will wait till it validates even if it takes 2-3 bars after(as long as it doesn't invalidate it). I use the breaking or validation of the bar as a measure of momentum, so I will cancel my order if the next bar doesn't break about 95% of the time

Best
MIke
  • #90,284
  • Feb 27, 2011 1:37pm Feb 27, 2011 1:37pm
I was curious if this would be a viable pinbar on the GBDUSD? My thought was to enter on the break of the bar, about 6170, take 1/2 off about 6200 and move stop to b/e. Then see what pa is telling me around 6270. I'd appreciate thoughts on it, especially concerns about it.
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  • #90,285
  • Feb 27, 2011 1:44pm Feb 27, 2011 1:44pm
Quoting mbqb11
Hey Tim

It depends on ones rules. Many will wait till it validates even if it takes 2-3 bars after(as long as it doesn't invalidate it). I use the breaking or validation of the bar as a measure of momentum, so I will cancel my order if the next bar doesn't break about 95% of the time

Best
MIke
Thx Mike, Can see where your comming from, if its not got the guts to push past and do what it should do then the chances are you could be stuck struggling to make BE, the only exception in my mind I guess would be a very strong S/R level or VBRN etc where once through could take off like a train.

Would momentum once past the break to the FTA make you look at your TP areas or would you trade the play exactly to your plan regardless. In many respects I am in favour of the 'plan your trade, trade your plan' way of doing things as this removes emotions from the equation.

Thx for the insights.

Tim.
  • #90,286
  • Feb 27, 2011 4:28pm Feb 27, 2011 4:28pm
Quoting ksganesh100
Does anyone think this as a worthwhile watch for tomorrow? Would love to hear others' opinions on this.
I've got my eye on this one, but won't long until 1.0196 then I'm in
  • #90,287
  • Feb 27, 2011 4:34pm Feb 27, 2011 4:34pm
Is it worth me reading this whole thread from start to finish? Im currently on page 25. If its worth it I will do it, what I have read so far has been incredibly inciteful.

Maybe someone who has followed it from near the start can tell me?

I will definately be subscribing to James's site in the next week or so.

Dave
  • #90,288
  • Feb 27, 2011 4:48pm Feb 27, 2011 4:48pm
Quoting dfred
I was curious if this would be a viable pinbar on the GBDUSD? My thought was to enter on the break of the bar, about 6170, take 1/2 off about 6200 and move stop to b/e. Then see what pa is telling me around 6270. I'd appreciate thoughts on it, especially concerns about it.
My concerns are the close below its open, its size, and trading into traffic (put a line at 1.6182 on the daily or 4h). You intend to manage it tightly, but still questionable imo (which isn't worth much!). Another thing to consider is whether the pin was formed just as a result of profit taking late on Fri (look at the 1h rally late in the NY session).
Cheers
  • #90,289
  • Feb 27, 2011 4:51pm Feb 27, 2011 4:51pm
Quoting dfred
I was curious if this would be a viable pinbar on the GBDUSD? My thought was to enter on the break of the bar, about 6170, take 1/2 off about 6200 and move stop to b/e. Then see what pa is telling me around 6270. I'd appreciate thoughts on it, especially concerns about it.
Hey Fred

From a technical standpoint it is a pinbar, meaning it meets the requirements. But we really want to see these bars at a better swing low. You can see we are stuck tightly in the box. BUT you did a great job knowing this by your exit plan. Since we are stuck so tightly in a range and price could not make a good swing low and create space that FTA is very close as you identified and that is a very important part

Best
Mike
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  • #90,290
  • Feb 27, 2011 5:53pm Feb 27, 2011 5:53pm
Quoting jarroo
Nice job, 5.25 . good catch on the top of the Weekly consolidation . .


That PB is too small to be tradable in my book, but I do like the 1.58 level, which is the bottom of the Weekly consolidation. If Price is about to break that 1.58 (Weekly consolidation bottom) . . that Weekly BEOB may be the hint.
The week prior to the latest wBEOB had a bar low of 1.5943. On the daily this area is reflected by multiple bar lows. It has acted as a PPZ since last Oct (although maybe more of a support than resistance role......is this aspect significant?). Wondering if it may provide a low risk/high reward retrace entry into the weekly BEOB.
Cheers,
John
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  • #90,291
  • Feb 27, 2011 6:00pm Feb 27, 2011 6:00pm
Looking to buy euro again with something solid in the 3680-3690 area. Looks to me like another high is in the works. A nice move up 100ish pips would very possibly put the daily charts in a overbought situation according to MACD. I gotta admit that this pair has really surprised me with this upside run. I am still extremely bearish with some fibwork targets showing multi-year lows on the horizon.

K.I.S.S.
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  • #90,292
  • Feb 27, 2011 6:03pm Feb 27, 2011 6:03pm
DBHLC on the CHFJPY. At a swing high. Weekly has a small pin-ish looking bar (in reality maybe more of a neutral bar).

If it breaks, hopefully 88.00 holds as resistance for a nice close stop.

Still demoing.

Thoughts?
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  • #90,293
  • Feb 27, 2011 6:54pm Feb 27, 2011 6:54pm
Quoting WellPlayed
DBHLC on the CHFJPY. At a swing high. Weekly has a small pin-ish looking bar (in reality maybe more of a neutral bar).

If it breaks, hopefully 88.00 holds as resistance for a nice close stop.

Still demoing.

Thoughts?
Hey WP

Good way to look at it. Often we can play bars like this if we have our line in the sand(as your 88 mark is) so if we are proven wrong we can drop out. Here was my view

http://www.forexfactory.com/showpost...ostcount=90261

and here is Jarroo

http://www.forexfactory.com/showpost...ostcount=90281

Best
Mike
  • #90,294
  • Feb 27, 2011 6:57pm Feb 27, 2011 6:57pm
Im the only one liking this setup ?

1st FTA blue zone.

Os.
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Trade Smart
  • #90,295
  • Edited 7:31pm Feb 27, 2011 7:12pm | Edited 7:31pm
I'm debating on joining the J16 forum. Can you guys give me an idea of what content is there? Is it as busy as it is here? Do you guys discuss more signals in real time?
  • #90,296
  • Feb 27, 2011 7:13pm Feb 27, 2011 7:13pm
Quoting mbqb11
Hey WP

Good way to look at it. Often we can play bars like this if we have our line in the sand(as your 88 mark is) so if we are proven wrong we can drop out. Here was my view

http://www.forexfactory.com/showpost...ostcount=90261

and here is Jarroo

http://www.forexfactory.com/showpost...ostcount=90281

Best
Mike
Thanks Mike, I figured it must have been discussed. This thread moves so fast that I end up skipping or missing things.

Those two posts helped a lot. You guys have a way of seeing the whole picture that I haven't quite mastered. Some day.

Cheers.
  • #90,297
  • Feb 27, 2011 7:53pm Feb 27, 2011 7:53pm
Quoting johoma
The week prior to the latest wBEOB had a bar low of 1.5943. On the daily this area is reflected by multiple bar lows. It has acted as a PPZ since last Oct (although maybe more of a support than resistance role......is this aspect significant?Yes). Wondering if it may provide a low risk/high reward retrace entry into the weekly BEOB.
Cheers,
John
Yes, there could be a early entry to the Weekly BEOB but we must remember that this is a Weekly BEOB is in consolidation not at a swing High where we like them.

If you look at some of Mike's and James16's charts and posts (maybe some of mine) they show that one way that Price may break away from a consolidation area is when an Outside Bar engulfs the consolidation area . .much like our Weekly BEOB on the Gbp/Aud.

I would have liked the Close of the Weekly BEOB to be below the 1.58 ..that would have be a better indication of its strength to break that consolidation.

I not saying that I don't like the story on the Daily TF with the Weekly BEOB in mind . .because the story is there .. as you pointed out . .
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Indicators show the past. Price Action "Indicates" the future.
  • #90,298
  • Feb 27, 2011 8:27pm Feb 27, 2011 8:27pm
Any thoughts on this GBP/CHF Monthly PB that is due to close today?

Let's see how the daily closes. I would like to see it close below the 61.8 which is drawn upside down as I am looking for the support areas which we want it to close below. H4 seems to be winding up, a nice H4 BEOB closing below the support would be nice.
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  • #90,299
  • Feb 27, 2011 8:28pm Feb 27, 2011 8:28pm
PBt & CB. Old support now acting as resistance. its obvious where this is going
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  • #90,300
  • Feb 27, 2011 8:56pm Feb 27, 2011 8:56pm
Quoting jarroo
Yes, there could be a early entry to the Weekly BEOB but we must remember that this is a Weekly BEOB is in consolidation not at a swing High where we like them.

If you look at some of Mike's and James16's charts and posts (maybe some of mine) they show that one way that Price may break away from a consolidation area is when an Outside Bar engulfs the consolidation area . .much like our Weekly BEOB on the Gbp/Aud.

I would have liked the Close of the Weekly BEOB to be below the 1.58 ..that would have be a better indication of its strength to...
Thanks Jim. Agreed. I'm viewing it as 2 different plays. The traditional break of a wBEOB (and the consolidation), and a daily retest of PBT & CB within the background of the wBEOB. For the wBEOB break, there are a few prior weekly bar lows (in the 1.5700's) that may act as FTA's, and in that respect the breakout boundary may need to be broadened or some of "this is critical" action may be required soon after entry. The daily retest of the 1.5840-50 area maybe a little cleaner with easier management IF it happens.
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