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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

  • #97,201
  • Jun 23, 2011 4:33pm Jun 23, 2011 4:33pm
Would help if i read the previous posts! see this has been mentioned/discussed already. Thanks Donkey you answered my Q.
Free speech is an oxymoron
  • #97,202
  • Jun 23, 2011 4:37pm Jun 23, 2011 4:37pm
any comments for this pinbar?
thnx
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  • #97,203
  • Jun 23, 2011 4:41pm Jun 23, 2011 4:41pm
Quoting Banzaisky
Would help if i read the previous posts! see this has been mentioned/discussed already. Thanks Donkey you answered my Q.
Glad to help. Here's one that I looked at a "little" more closely today because it was off of a decent looking pivot, but passed up pretty quickly.

The 2 reasons I passed are:
1) It has "some" space but not a lot. I thought this one showed a little bit of the space concept which is why I posted it.

2)I didn't like the close - would have liked to have seen it close a little higher up toward the bar high.
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  • #97,204
  • Jun 23, 2011 4:52pm Jun 23, 2011 4:52pm
Quoting PIPtaser
Greetings, I am new here but I think I am getting a grasp of whats necessary.. Am I seeing something good here PinBar hitting it's head on a round number 1.03 @ End of day or is this dangerous?? thanks
Hey there PT,

Looking at this one this is just my thoughts. If you find this to be within your trade strategy do not let my thoughts keep you from trading this.
The biggest issue that I have with this is I find myself trying to make excuses to trade it. That has become my #1 reason not to take a trade (why make excuses when, if we wait, the great trades will come with the reasoning of it would be foolish not to take it...). The things that I see are as follows:

-It is trading back into quite a bit of traffic
-It did pin off of the 1.03, but that pin does not seem to have a close as strong as I like to see. The close seems indecisive.
-With the risk on this one I see it's tradabilty style as more of a quick TP at around the high of one of the two previous bars. I would not just make this a set it and forget it trade.

Again these are just my feelings on it. Thanks for posting. Hopefully we may get some more comments and keep on putting up charts. Welcome to the Factory. We all look forward to seeing you on in the future.

Edit* ha ha damn Starbucks internet. It somehow loaded a previous page??? Did not see the responses above...
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  • #97,205
  • Jun 23, 2011 5:02pm Jun 23, 2011 5:02pm
I am looking for some advice as i was thinking of entering my first demo trade using j16 methodology. I noticed a pin bar form today on the gbp/usd daily and four hour chart at a swing lo. would this be a valid j16 entry. And if so what would its grade be, as i am trying to relate trades based on a grade as mentioned in the forum earlier? thank you
  • #97,206
  • Jun 23, 2011 5:09pm Jun 23, 2011 5:09pm
Quoting PIPtaser
Greetings, I am new here but I think I am getting a grasp of whats necessary.. Am I seeing something good here PinBar hitting it's head on a round number 1.03 @ End of day or is this dangerous?? thanks
yes, you folks start seein' the light; aud/cad is da bomb!

That being said, I suppose all aud have pins given end US(was normal, all momentum indicators were close to 0...).

how I see it(took a short now, I'll see how it develops - might add to the short if it keeps going up, might take a small loss, but I'd hesitate to go long - bernanke just said "no more juice"). I've closed the previous short(1.033) at 1.025; I'd see this one go to 1.022(though I plan to take half off the table at 1.025 - I really skip the "let your profits run" class all the time).
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  • #97,207
  • Jun 23, 2011 5:10pm Jun 23, 2011 5:10pm
Quoting Donkey
Glad to help. Here's one that I looked at a "little" more closely today because it was off of a decent looking pivot, but passed up pretty quickly.

The 2 reasons I passed are:
1) It has "some" space but not a lot. I thought this one showed a little bit of the space concept which is why I posted it.

2)I didn't like the close - would have liked to have seen it close a little higher up toward the bar high.
Great chart, much appreciated and really useful comments - this is why i love the thread every ones happy to help.
Free speech is an oxymoron
  • #97,208
  • Jun 23, 2011 5:11pm Jun 23, 2011 5:11pm
Quoting almann400
I am looking for some advice as i was thinking of entering my first demo trade using j16 methodology. I noticed a pin bar form today on the gbp/usd daily and four hour chart at a swing lo. would this be a valid j16 entry. And if so what would its grade be, as i am trying to relate trades based on a grade as mentioned in the forum earlier? thank you
Hey almann,

Has your daily bar closed yet? I am just curious, this is an IBFX feed. If it were to close right now it would not be a true pinbar because it did not close inside the previous bar. Can you post a chart? Otherwise I think the rejection off the BRN is great. However, the GU is choppy and sideways imo.
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  • #97,209
  • Jun 23, 2011 5:18pm Jun 23, 2011 5:18pm
Quoting Donkey
Glad to help. Here's one that I looked at a "little" more closely today because it was off of a decent looking pivot, but passed up pretty quickly.

The 2 reasons I passed are:
1) It has "some" space but not a lot. I thought this one showed a little bit of the space concept which is why I posted it.

2)I didn't like the close - would have liked to have seen it close a little higher up toward the bar high.
I saw this one too, but it is just so sideways at the moment (and before that was a massive bearish move). Makes it so hard to figure out where the PPZs are that it will react to most. This makes a great great chart to play the James16 classic where is price headed (my favorite). In the next post down I will put up my chart in the event people want to break away and play at home
  • #97,210
  • Jun 23, 2011 5:19pm Jun 23, 2011 5:19pm
Finish of the post above:
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  • #97,211
  • Jun 23, 2011 5:20pm Jun 23, 2011 5:20pm
Quoting almann400
I am looking for some advice as i was thinking of entering my first demo trade using j16 methodology. I noticed a pin bar form today on the gbp/usd daily and four hour chart at a swing lo. would this be a valid j16 entry. And if so what would its grade be, as i am trying to relate trades based on a grade as mentioned in the forum earlier? thank you
I don't have a daily pb on my gbpusd feed. I don't normally look at 4H charts but peeked at this one. On my 4H feed I see a relatively tiny pinbar relative to the large bars that make up the down move. It is at a swing low, but doesn't have a lot of other confluence that I see. It was also below and trading into the BRN of 1.6000. Looks like the pin worked out, but for me it isn't a high probability setup. I would give it a C at best and don't think I would have looked twice at it in real time.

I do see a 4H BEOB that looks pretty sweet on this 4H chart though. It engulfed 11 bars - hindsight says that BEOB was A+.
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  • #97,212
  • Jun 23, 2011 5:26pm Jun 23, 2011 5:26pm
yes my daily bar has closed should i be using a different feed or time zone? I cannot post a chart right now b/c i am at work but as soon as i get home ill post a chart if i can i have never done it before. Ive decided not to take the trade b/c its almost the weekend and it would be a counter trend trade and that has really screwed me in the past. but i will post a chart of what i was think just to see if i was anywhere on track. thank you very much for your quick response and to take my ideas into consideration i do very much appreciate that. i am very excited about this thread.
  • #97,213
  • Jun 23, 2011 5:26pm Jun 23, 2011 5:26pm
Quoting almann400
I am looking for some advice as i was thinking of entering my first demo trade using j16 methodology. I noticed a pin bar form today on the gbp/usd daily and four hour chart at a swing lo. would this be a valid j16 entry. And if so what would its grade be, as i am trying to relate trades based on a grade as mentioned in the forum earlier? thank you

It really really helps when you post you charts and to be honest is a necessity. In order to offer assistance we have to see the chart based on what your broker feed is saying. With all brokers closing at different times the bars can look very different and this will greatly affect how we look at the analysis. Here is my feed and I not only don't have a chart, but would not ever touch this on the daily due to how the bar on my feed looks. That does not mean it would not have been playable off of your feed.
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  • #97,214
  • Edited 5:51pm Jun 23, 2011 5:31pm | Edited 5:51pm
Quoting Donkey
I don't have a daily pb on my gbpusd feed. I don't normally look at 4H charts but peeked at this one. On my 4H feed I see a relatively tiny pinbar relative to the large bars that make up the down move. It is at a swing low, but doesn't have a lot of other confluence that I see. It was also below and trading into the BRN of 1.6000. Looks like the pin worked out, but for me it isn't a high probability setup. I would give it a C at best and don't think I would have looked twice at it in real time.

I do see a 4H BEOB that looks pretty sweet on this...


Ha ha ha Donkey. You are just too darn quick on the draw with your responses today! I keep coming up about 5 minutes too slow...




Here are the charts that I am keeping a slightly closer eye on here today. Not sure what if anything will happen, but I will definitely keep a slightly closer eye on them:

AUDJPY:
Not so crazy about some of the former PPZs, but who knows what a PA bar might bring...
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AUDUSD:
Would not trade two pairs with the same currency at the same time so it would be one or the other on the AUD pairs. I much prefer the space available below on this one.
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CADJPY:
More of the same. This looks very interesting, but would be very very PA driven (with regards to the TP targets) due to some major PPZs that I see in the area. Mainly the .8000 and then right below I see the .7900.
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  • #97,215
  • Jun 23, 2011 5:34pm Jun 23, 2011 5:34pm
Quoting snowly
yes, you folks start seein' the light; aud/cad is da bomb!

That being said, I suppose all aud have pins given end US(was normal, all momentum indicators were close to 0...).

how I see it(took a short now, I'll see how it develops - might add to the short if it keeps going up, might take a small loss, but I'd hesitate to go long - bernanke just said "no more juice"). I've closed the previous short(1.033) at 1.025; I'd see this one go to 1.022(though I plan to take half off the table at 1.025 - I really skip the "let your profits run" class...
What triggered your short - straight support/resistance? I don't pay attention to news, but I just don't have enough info to make heads or tails of AUDCAD right now. I'm inclined to agree that I expect to see 1.0200 and some consolidation there before it moves. Or it may well get back above 1.0300 in most recent consolidation box. So basically on this pair, I'm , so I'm sitting on the sidelines (on all pairs really at the moment).
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  • #97,216
  • Jun 23, 2011 5:39pm Jun 23, 2011 5:39pm
is there a suggested time zone and feed to use? i would like my charts to look like the majority so the PA will behave as expected. hard for me to make sense out of getting two different signals from two different feeds and still being profitable but im sure im wrong as that is just an assumption and i know im not supposed to do that ......haha

And yes i understand the importance of posting a chart as i normally skip thru peoples posts with out a chart so from now on unless i have a general question i will make sure to post a chart......which means i have to wait to post until i get home from work.
  • #97,217
  • Jun 23, 2011 5:46pm Jun 23, 2011 5:46pm
Quoting almann400
yes my daily bar has closed should i be using a different feed or time zone? I cannot post a chart right now b/c i am at work but as soon as i get home ill post a chart if i can i have never done it before. Ive decided not to take the trade b/c its almost the weekend and it would be a counter trend trade and that has really screwed me in the past. but i will post a chart of what i was think just to see if i was anywhere on track. thank you very much for your quick response and to take my ideas into consideration i do very much appreciate that. i...
If you need help at posting charts, have a look at this link

http://www.forexfactory.com/showthre...13#post4696113

Otherwise IMO you should trade your ideas from your own feed (trade what you see). You can get good feedback from the guys here, but you will ultimately have to trade what you see. Almost any chart you post here will get 10 different replies telling you why you shouldn't take a trade. People are just trying to point out what they are concerned about. At the end of the day we are all just guessing trying to win the probability game. I try to have each of my trade ideas tell a story, like Mike talks about. If it tells me a really good story, I am taking the trade regardless of what others say.
  • #97,218
  • Jun 23, 2011 5:50pm Jun 23, 2011 5:50pm
Just puked 1.0304, Lesson learned. Seeing chunky seller 100 lots 1.0308 Ticking down thru 1.305.. (IdealPro), Thanks for help guys.
  • #97,219
  • Jun 23, 2011 5:54pm Jun 23, 2011 5:54pm
Quoting Donkey
What triggered your short - straight support/resistance? I don't pay attention to news, but I just don't have enough info to make heads or tails of AUDCAD right now. I'm inclined to agree that I expect to see 1.0200 and some consolidation there before it moves. Or it may well get back above 1.0300 in most recent consolidation box. So basically on this pair, I'm , so I'm sitting on the sidelines (on all pairs really at the moment).
it has an ugly head and shoulders look to me. So I would say it's going down but not before it goes up and then down again. I would definitely sell it and buy it at the same time
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  • #97,220
  • Jun 23, 2011 6:23pm Jun 23, 2011 6:23pm
Quoting Donkey
What triggered your short - straight support/resistance? I don't pay attention to news, but I just don't have enough info to make heads or tails of AUDCAD right now. I'm inclined to agree that I expect to see 1.0200 and some consolidation there before it moves. Or it may well get back above 1.0300 in most recent consolidation box. So basically on this pair, I'm , so I'm sitting on the sidelines (on all pairs really at the moment).
no PA; straight confluence resistance(with the downtrend line), the willingness to scale in(and allowing for large room to move up), semi-scalping the pair for the last 3 weeks so getting a decent feel for it(no clue why I'm scalping with that spread... just got used to it and it got sorta... beer cash or something to do when I lack trades) and it's pretty friendly with moves.

And that downtrend line makes some fundamental sense - I'm more bearish on aud then cad short term(aud is better econ. wise, no doubt, but seems inflated and gold seems more inflated then oil short term though here things are abit asymetric).

it's a two commodities pair. It hardly does wild swings... as long as you don't use large positions and you scale, playing whatever range you see should be pretty safe(so I accept getting a poor r:r in this case - it's only fair, there ain't no free lunches, though the rollover fee is annoying)...

anyway, my point is that - it's a very mediocre setup imho and of the two ugly possibilities, short seems less ugly then long. Not that short is a good setup; more like long seems worse then short.

p.s. - and the fact that I got both yesterday and the day before yesterday pretty flawless on all my moves and I'm getting abit overconfident(which is another reason why I wouldn't recommend shorting either - sidelines is probably wisest. I chosed the 2nd wisest option - small position).
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