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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

  • #99,421
  • Jul 28, 2011 7:30am Jul 28, 2011 7:30am
BEOB + Breakout
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  • #99,422
  • Jul 28, 2011 7:38am Jul 28, 2011 7:38am
Quoting vbmark
Wow, that is a great line



Is it because it is one of those special numbers ending in 00 or 50?



Why did you choose this point?

Thank you very much for your reply!
First trouble areas can be diffrent based on diffrent scenarios. For me in this trade I determined the FTA by fibs and ppz confluence and 1.4250 seem to be the first area, again these are zones - so could be off by few pips.
I choose 1.4 as that is where the price has bounced back from for last few months.
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Trading is a test match not a Twenty20.
  • #99,423
  • Jul 28, 2011 7:59am Jul 28, 2011 7:59am
Quoting Chelski
So a nice BUOB that tests 1.43 and closes 1.455 or so for continuation!
yep now you are thinking

Price did hit FTA off the BEOB, now what? Up to the market
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  • #99,424
  • Jul 28, 2011 8:10am Jul 28, 2011 8:10am
Quoting kruger
+ S/R rejection @1.0490
+ BRN rejection @1.0500
+ swing high

- big up trend
- relatively small pin (but IMO in good location)

What do you think guys?
Hey Kruger

The strength of a BRN can often give moves off even a small bar but be VERY careful . That short term VERY strong uptrend vs such a small bar can be VERY tricky. Often you can get a slight bounce before another move higher. Just be very cautious with these especially on the lower timeframes like 4hr

Best
Mike
  • #99,425
  • Jul 28, 2011 8:36am Jul 28, 2011 8:36am
Quoting mbqb11
That short term VERY strong uptrend vs such a small bar can be VERY tricky.
Mike, I totally agree. At 4hr (and lower), things are going much more faster and amount of pips are slightly smaller. I am just watching it to practice PA and S/R recognition.

My question is, what determines good PA in this case. Size of PB only? I know that in other situations we look for confluence, but what in case of BP at historical highs or lows?


BTW, price has reached FTA
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  • #99,426
  • Jul 28, 2011 8:48am Jul 28, 2011 8:48am
Quoting kruger
Mike, I totally agree. At 4hr (and lower), things are going much more faster and amount of pips are slightly smaller. I am just watching it to practice PA and S/R recognition.

My question is, what determines good PA in this case. Size of PB only? I know that in other situations we look for confluence, but what in case of BP at historical highs or lows?


BTW, price has reached FTA
In a case where price is shooting just straight up, for me size of bar is pretty much the main factor. I won't short back into a massive move on a small bar. Some will and if you watch FTA and are quick to b/e that is fine(case in point above), but it's a dangerous thing as people start(in general) taking any old small bar counter a huge move and it's much easier to get burned

Best
Mike
  • #99,427
  • Jul 28, 2011 9:39am Jul 28, 2011 9:39am
I passed on the EURUSD 2 day pinbar, due to the recent action and the fact the only thing that will move the markets strongly in either direction is probably the debt ceiling decision in the USA on Aug. 2nd.

But it is rewarding to see price do exactly what you expect. That is to break the pinbar and go straight to the FTA, which is the 1.43 level.

I just believed that playing a break of the bar straight up (getting in around 1.434) and then having to get my stops up to break even 20 to 40 pips later wasn't worth the risk, especially in not such a sideways market.

For those who took it, I hope your stops are up to break even at least. I don't think there will be strength to push down much further until at least next week. Though I have certainly been wrong before.

With this said, I think next Tuesday will be huge and borderline historic in the markets. If we default on our debt, the markets could flash crash in historic fashion. If a deal is reached, then it will probably be back to the normal "game on" routine. And that routine is often choppy and dead for the month of August.
  • #99,428
  • Edited 9:58am Jul 28, 2011 9:41am | Edited 9:58am
Quoting kruger
Mike, I totally agree. At 4hr (and lower), things are going much more faster and amount of pips are slightly smaller. I am just watching it to practice PA and S/R recognition.

My question is, what determines good PA in this case. Size of PB only? I know that in other situations we look for confluence, but what in case of BP at historical highs or lows?


BTW, price has reached FTA
my .02$ - if you want to take such setups, take them as touch.

Trend came for 200 pips without retrace on a pair that moves(on average, in the rare situations when it actually has a direction) somewhere around 30 pips/day. You're bound to have a reaction here or at 1.055 - it's just an inflation report that came above expectation, it's not like RBA pledged to increase rates monthly for the rest of the year.

But waiting for the pin takes so much of the room, it's not worth it(~15 for the pin, 5 so you make sure the pin was broken, 3 spread in, 3 spread out - with what are you left? and you can't leave it to run too much - afterall, it's countertrend). Plus a break on retest is possible given the strength.
  • #99,429
  • Jul 28, 2011 9:46am Jul 28, 2011 9:46am
Quoting unlv_tj
I passed on the EURUSD 2 day pinbar, due to the recent action and the fact the only thing that will move the markets strongly in either direction is probably the debt ceiling decision in the USA on Aug. 2nd.

But it is rewarding to see price do exactly what you expect. That is to break the pinbar and go straight to the FTA, which is the 1.43 level.

I just believed that playing a break of the bar straight up (getting in around 1.434) and then having to get my stops up to break even 20 to 40 pips later wasn't worth the risk, especially in...
yes i hav been hearing this Debt thing abt US..n Aug2 default
so probably not the best time to buy US $ wat u think?
n will it really help to raise the debt-ceiling?i dnt think so..situation will get even more worsen later..
wat u think?
i might b wrong with my views lol.
  • #99,430
  • Jul 28, 2011 10:00am Jul 28, 2011 10:00am
Quoting AvanishDemo
yes i hav been hearing this Debt thing abt US..n Aug2 default
so probably not the best time to buy US $ wat u think?
n will it really help to raise the debt-ceiling?i dnt think so..situation will get even more worsen later..
wat u think?
i might b wrong with my views lol.
I am not sure how the EURUSD will react to the debt crisis.

The Euro is more risk adverse, so with a debt default you would think there would be a run away from the Euro. But would anyone run to a currency that just defaulted?

I would almost expect a giant whiplash effect, taking out all sorts of orders, and no true direction for a while.

But yes, our govt. needs a good cut (probably 10%) across the board, EVERYTHING.
  • #99,431
  • Jul 28, 2011 10:02am Jul 28, 2011 10:02am
Thanks for comment Mike.

Quoting snowly
my .02$ - if you want to take such setups, take them as touch.
Snowly, what is your thought process about defining stop loss level in case of touch trades?

Thanks.
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  • #99,432
  • Jul 28, 2011 10:35am Jul 28, 2011 10:35am
Quoting AvanishDemo
yes i hav been hearing this Debt thing abt US..n Aug2 default
so probably not the best time to buy US $ wat u think?
n will it really help to raise the debt-ceiling?i dnt think so..situation will get even more worsen later..
wat u think?
i might b wrong with my views lol.

that if you manage to have constant good results with charting ignore debt and fundamentals and if it's good to buy usd or not and just stick to what works. If the chart says "buy usd" and your method works, buy usd.

Just take into acct. that it's probably not the best time for trading so be cautious and that it's possible to have higher volatility so adjust your positions accordingly(i.e. - take smaller positions then usual).
  • #99,433
  • Jul 28, 2011 11:07am Jul 28, 2011 11:07am
Quoting mbqb11
Just cause I start with my stop above/below a bar doesn't mean I leave it there. In fact most times I move it up very quickly.

Many people ask why not just start with a higher/lower stop. I do that specifically so I can reduce my risk on that trade, which in turn gives an effective higher reward as a whole.
This is actually a concept I have adopted as of late....

When I'm trading a daily bar now, I base my initial position size on the entire bar I'm trading... I may have my initial S/L halfway down the bar I'm trading, which essentially puts me at half the risk right off the bat. So why not trade my initial risk based on the half-bar-stop???? Well because I don't want to take a full loss

I see that as an improvement to R/R as well (yes yes I know it's not vital, etc), but more than anything I sleep good this way. Have not taken a full loss since Feb.
Many choose unhappiness over uncertainty.
  • #99,434
  • Edited 12:42pm Jul 28, 2011 12:26pm | Edited 12:42pm
nice daily could be forming pb on euraud triple bottom at 1.2920 a close above 1.3 would get me in long aiming for FTA to take some profits at last swing low at 1.31 then move stop to be on remainder of position and just see where it goes

what do you guys think?
  • #99,435
  • Jul 28, 2011 12:49pm Jul 28, 2011 12:49pm
Quoting deankenny21
nice daily could be forming pb on euraud triple bottom at 1.2920 a close above 1.3 would get me in long aiming for FTA to take some profits at last swing low at 1.31 then move stop to be on remainder of position and just see where it goes

what do you guys think?
Good catch, I don't check the none majors often enough.

A close above 1.3 seems key to me. Fighting a long term down trend, so getting to break even by the FTA 1.31 will be key as well.

I believe if the daily bar closes above 1.3, I will be in long on a break of today's high around 1.3450
  • #99,436
  • Jul 28, 2011 1:02pm Jul 28, 2011 1:02pm
Quoting unlv_tj
Good catch, I don't check the none majors often enough.

A close above 1.3 seems key to me. Fighting a long term down trend, so getting to break even by the FTA 1.31 will be key as well.

I believe if the daily bar closes above 1.3, I will be in long on a break of today's high around 1.3450
yep same here, i dont thing it will be a long term trade at all considering over downtrend, but its nice to catch a clear counter trend sometimes, J16 wait for them to jump out at you!! dont know why but this one just does and is begging me to trade it IF it closes correctly. I think it will fall havily at 1.31 though again but it has to get there first
  • #99,437
  • Jul 28, 2011 2:07pm Jul 28, 2011 2:07pm
This is my first ever post with a chart in, hope it works.

I spotted this Pinbar on EUR NZD, entry would be at 1.6510, FTA estimated at 1.6549. I have noted the existing downtrend, although 4H is showing up as the start of an Uptrend.

Hope this provokes some discussion, my first foray into trading J16 and Pinbars. Steve.
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  • #99,438
  • Edited 2:54pm Jul 28, 2011 2:37pm | Edited 2:54pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting unlv_tj
A close above 1.3 seems key to me. Fighting a long term down trend, so getting to break even by the FTA 1.31 will be key as well.

I believe if the daily bar closes above 1.3, I will be in long on a break of today's high around 1.3450
Did you mean a break around 1.3045?
Thanks.
John
  • #99,439
  • Jul 28, 2011 2:37pm Jul 28, 2011 2:37pm
Quoting Mrgreener
This is my first ever post with a chart in, hope it works.

I spotted this Pinbar on EUR NZD, entry would be at 1.6510, FTA estimated at 1.6549. I have noted the existing downtrend, although 4H is showing up as the start of an Uptrend.

Hope this provokes some discussion, my first foray into trading J16 and Pinbars. Steve.

Hey Steve

Welcome, I put some notes on a chart for you I hope it helps

Best
Mike
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  • #99,440
  • Jul 28, 2011 3:01pm Jul 28, 2011 3:01pm
Thank you for your reply. Theres at least a 60 pip ride north to the prior lows, the close of this Daily Bar (EUR NZD) may just be within the immediate prior bar (this bar resembles a Long-legged Doji).

But I do understand your comment, I got lots to learn and hope to learn from everyone here on this thread.

Keep up the good work folks. Steve

Hope James is ok since his surgery :-)
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