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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

  • #101,201
  • Sep 1, 2011 1:15pm Sep 1, 2011 1:15pm
Quoting AlanB
Looks quite good to me here on the 4hour, if this next bar can break past the top of the previous that will also create a nice big pinbar on the daily as this is the last 4hour of today forming on my chart, at a previous key Supply/Demand level and a nice round number

Any thoughts?
just be careful with these and the eur/cad for example

Price finally has broken out and quite strong. Notice the weak closes on this bar. They don't really scream buy as opposed to profit taking, weak buying. This just gives sellers opportunities to come in. I am very big on the closes.

That isn't to say it can't work, but in terms of stronger characteristics. Notice where you drew your horizontal line. Imagine that bar closed there. The story would be completely different to me

Best
Mike
  • #101,202
  • Sep 1, 2011 1:33pm Sep 1, 2011 1:33pm
Quoting AlanB
Looks quite good to me here on the 4hour, if this next bar can break past the top of the previous that will also create a nice big pinbar on the daily as this is the last 4hour of today forming on my chart, at a previous key Supply/Demand level and a nice round number

Any thoughts?

I bought at 1.424; but at 1.4315(suppose it'll break, though I'd say 85% the pin won't ever brake - you have 1.43, 50% fibo, 50MA, 100MA, downtrend, ppl. bracing for crap NFP tommmorow) you buy for what?

The easy part is gone already and at 1.4325 you start going into problems... and to break, you'd have to buy ~1.432 - right in the fta(see the 2 wicks on 25th and 26th - and they're pretty major - one stopped Jackson Hole, one stopped DAX flash crash on 25th thursday so obviously someone saw something important in 1.432 hence it'll probably act as solid resistance now).
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  • #101,203
  • Edited 2:12pm Sep 1, 2011 1:34pm | Edited 2:12pm
Quoting mbqb11
just be careful with these and the eur/cad for example

Price finally has broken out and quite strong. Notice the weak closes on this bar. They don't really scream buy as opposed to profit taking, weak buying. This just gives sellers opportunities to come in. I am very big on the closes.

That isn't to say it can't work, but in terms of stronger characteristics. Notice where you drew your horizontal line. Imagine that bar closed there. The story would be completely different to me

Best
Mike
Indeed! That's why I am going to wait for the 4hour to finish and look for the pin on the daily - I think that would be a stronger sign, depending how the daily closes. I thought it was worth a look at though. I find a lot of variation between different brokers on the 4hour bars, as well as some other 'odd' time frames so I am always wary triggering a trade from it but I like to spot things developing at different time frames to refine entry/exits

Looking over it again now though, even the pin on the daily probably wouldn't fit your criteria for a buy I imagine .. the close is important!
  • #101,204
  • Sep 1, 2011 1:46pm Sep 1, 2011 1:46pm
eur/aud might show some rejection here...
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meine augen sind die sterne
  • #101,205
  • Sep 1, 2011 3:54pm Sep 1, 2011 3:54pm
Here are two more J16 price predictions. I am 3/3 over the last two weeks, and these are not A+ trades. Going to attempt more on the daily in the future. It is pretty amazing to see what is possible with the J16 material.
Demo account, growing. Confidence, building. Love you guys, take care.
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Price is beautiful. A repetitive method is a competitive method.
  • #101,206
  • Sep 1, 2011 4:47pm Sep 1, 2011 4:47pm
This is the one that I am looking at today. Most of the NOK pairs are at the bottom of their respective consolidation boxes. So this one is EURNOK.

Things I like:
-Each time that this has made a new low in the current box we have gone on to have some sort of retrace back into the box. I see this as being a fairly large piece of the story.
-We have a proper pin off straight off of the 7.7 RN
-Pin looks to be about as good as we could hope for in the look of the bar itself.
-Pin bounced off of the previous bar lows that constitute the only real break of the box

Not so hot:
-Would ideally like to see something more in the story. IE a bounce off of a MA/BRN or some divergence
-Would like things to be a little cleaner above the trade. I would definitely be to BE once we reach ~7.7330
-Spread is 100 pips on Oanda. ATR is about 500 pips though.


I am going to put a traditional J16 entry on this one IE will enter on confirmation and place stop initially below the bar. Will account for the 100 pip spread in all of this as well. Also will be looking to pull risk off of the table ASAP initially, but this may change depending on how the upswing goes (or doesn't go). Initial TP is set for just below the 8/17 & 8/18 bar lows (approx 7.7500)
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  • #101,207
  • Sep 1, 2011 4:54pm Sep 1, 2011 4:54pm
Quoting gungriffin
This is the one that I am looking at today. Most of the NOK pairs are at the bottom of their respective consolidation boxes. So this one is EURNOK.

Things I like:
-Each time that this has made a new low in the current box we have gone on to have some sort of retrace back into the box. I see this as being a fairly large piece of the story.
-We have a proper pin off straight off of the 7.7 RN
-Pin looks to be about as good as we could hope for in the look of the bar itself.
-Pin bounced off of the previous bar lows that constitute the only real...
im on oanda and ur reading it wrong , yes it says 100 but like gold which says 800 pip spread, this isnt the case, eur nok on oanda is 1 pip spread at the mo and gold is 8 pip spread at the mo, open up an order and you will see when u put sl price in etc
  • #101,208
  • Sep 1, 2011 4:58pm Sep 1, 2011 4:58pm
Quoting deankenny21
im on oanda and ur reading it wrong , yes it says 100 but like gold which says 800 pip spread, this isnt the case, eur nok on oanda is 1 pip spread at the mo and gold is 8 pip spread at the mo, open up an order and you will see when u put sl price in etc
Hey there DK. I do have it open. For me it says:

Buy 7.71361 and Sell 7.70361

For me this is 100 pips and the ATR is 500 pips. If you want to call that 1 pip then the ATR would only be 5 pips. Either way on this trade when I place it the spread will account for about 20% of the trade.

Ryan
  • #101,209
  • Sep 1, 2011 5:01pm Sep 1, 2011 5:01pm
Quoting AlanB
Looks quite good to me here on the 4hour, if this next bar can break past the top of the previous that will also create a nice big pinbar on the daily as this is the last 4hour of today forming on my chart, at a previous key Supply/Demand level and a nice round number

Any thoughts?
Yep closes are super important. It's just to explain how each piece is it's own process. I am looking for as many to fit before trading.

This picture is to show what I mean(comments on this one are in addition to previous post)

Best
Mike
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  • #101,210
  • Sep 1, 2011 5:01pm Sep 1, 2011 5:01pm
Quoting gungriffin
Hey there DK. I do have it open. For me it says:

Buy 7.71361 and Sell 7.70361

For me this is 100 pips and the ATR is 500 pips. If you want to call that 1 pip then the ATR would only be 5 pips. Either way on this trade when I place it the spread will account for about 20% of the trade.

Ryan
the other day i bought gold and it said 100, 5 mins i was 3 pips up, it could never move 103 pips in 5 mins at 11pm uk time, its just the way oanda have to say it because of the decimal points
  • #101,211
  • Sep 1, 2011 5:11pm Sep 1, 2011 5:11pm
Quoting deankenny21
the other day i bought gold and it said 100, 5 mins i was 3 pips up, it could never move 103 pips in 5 mins at 11pm uk time, its just the way oanda have to say it because of the decimal points

Not trying to be to a smart ass. Just answering this as I see it. Gold does have moves of $1 or the equiv. of 100 pips very quickly. This is because it has an ATR that is 9 times larger than EURNOK. It more than likely did move 100 pips that quickly would be my guess. Gold has an ATR of 4411 pips a day at the moment. EURNOK only has an ATR of 498 pips a day right now. I believe I understand where you are coming from, but do not believe that it is correct. EURNOK is what we would consider and "exotic" cross and as a result just carries a higher transactional cost. Just want to avoid any confusion from people as they read through these posts. I went ahead and attached gold and EURNOK charts to illustrate the difference.

Ryan

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  • #101,212
  • Sep 1, 2011 5:15pm Sep 1, 2011 5:15pm
Quoting gungriffin
Not trying to be to a smart ass. Just answering this as I see it. Gold does have moves of $1 or the equiv. of 100 pips very quickly. This is because it has an ATR that is 9 times larger than EURNOK. It more than likely did move 100 pips that quickly would be my guess. Gold has an ATR of 4411 pips a day at the moment. EURNOK only has an ATR of 498 pips a day right now. I believe I understand where you are coming from, but do not believe that it is correct. EURNOK is what we would consider and "exotic" cross and as a result just carries a higher...
that does make sense, thank you
  • #101,213
  • Sep 1, 2011 5:16pm Sep 1, 2011 5:16pm
Hi All

I have attached NOKDKK (norwegian krona v. Danish Krona) daily chart x 2. Really nice PB of RN 0.97 at previous swing high. shooting for straight 1R on this one with break even set @ +0.5R. difficult to identify trouble zones.

all comments appreciated.

happy trading
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  • #101,214
  • Sep 1, 2011 5:21pm Sep 1, 2011 5:21pm
Quoting deankenny21
that does make sense, thank you
Ha ha I was honestly wondering if it was me, and had to think about it for a few minutes It took me so long to keep all of this straight. I know exactly where you are coming from. The other one that conceptually took me a while to keep straight was BID and ASK. Holy crap that took me a while to truely wrap my head around. Then again I never claimed to be that smart

Ryan

*edit*
Thinking about it further. Don't even get me started on trying to figure out order sizing with gold/silver on Oanda back when we could trade it leveraged... Whew. About makes me break out in a cold sweat...
  • #101,215
  • Sep 1, 2011 5:53pm Sep 1, 2011 5:53pm
Quoting gungriffin
This is the one that I am looking at today. Most of the NOK pairs are at the bottom of their respective consolidation boxes. So this one is EURNOK.

Things I like:
-Each time that this has made a new low in the current box we have gone on to have some sort of retrace back into the box. I see this as being a fairly large piece of the story.
-We have a proper pin off straight off of the 7.7 RN
-Pin looks to be about as good as we could hope for in the look of the bar itself.
-Pin bounced off of the previous bar lows that constitute the only real...

e/nok is the less volatile of the major/nok bunch; for good and for bad(same spread, less volatility)... Also, spread on nok pairs is bad during asia; normally you should have ~35-40 spread; asia doubles it or more. Sydney probably triples it, but then Sydney is ugly on spreads per se.
  • #101,216
  • Sep 1, 2011 6:51pm Sep 1, 2011 6:51pm
Quoting Pinbar
Looks interesting, I mean the area.

Yeah, the nights are getting cooler. Winter is cumming!
My first -30C is on its way.
your weekly chart make me see clearly .

you know ,in Chong Qing .the temperature is always above 40C. and we do not have air-conditioning in dormitory . the high temperature is 42C. lol .
A chart helps those who can read it.
  • #101,217
  • Sep 1, 2011 7:12pm Sep 1, 2011 7:12pm
Quoting geniusztc
your weekly chart make me see clearly .

you know ,in Chong Qing .the temperature is always above 40C. and we do not have air-conditioning in dormitory . the high temperature is 42C. lol .
40C??????

That is another place I do not intend to visit. LOL
  • #101,218
  • Sep 1, 2011 7:21pm Sep 1, 2011 7:21pm
Quoting Pinbar
40C??????

That is another place I do not intend to visit. LOL
this city is called burner in china . however ,i will still here 1 year .then i will go to Beijing .it will be better there . i am going to classroom now ,it has air-conditioning in classroom.
A chart helps those who can read it.
  • #101,219
  • Sep 1, 2011 10:04pm Sep 1, 2011 10:04pm
Quoting geniusztc
this city is called burner in china . however ,i will still here 1 year .then i will go to Beijing .it will be better there . i am going to classroom now ,it has air-conditioning in classroom.

I hear you.

Yeah, I am in my office in the center of Harbin right now also.

Study hard.
  • #101,220
  • Sep 2, 2011 4:40am Sep 2, 2011 4:40am
Strong support area on Usdchf. That would be prime location for h1 pinbar
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