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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

  • #101,321
  • Sep 6, 2011 9:49pm Sep 6, 2011 9:49pm
Quoting thermobee
Ive never traded gold, but I would like to trade that outside bearish engulfing bar at the double top. Can someone please explain to me how the pips work for gold?
Hey Thermobee

If you are trading spot gold then the following is true if we want to look at "pips"

a move from say 1876.00 to 1876.01 would be one pip. One pip at 1 UNIT position size = .01 cents a pip roughly

so a move from say 1876 to 1877 at 1 unit would be a move of 1000 "pips" or $10

Best
Mike
  • #101,322
  • Sep 6, 2011 10:18pm Sep 6, 2011 10:18pm
Quoting mbqb11
Hey Thermobee

If you are trading spot gold then the following is true if we want to look at "pips"

a move from say 1876.00 to 1876.01 would be one pip. One pip at 1 UNIT position size = .01 cents a pip roughly

so a move from say 1876 to 1877 at 1 unit would be a move of 1000 "pips" or $10

Best
Mike
Thanks Mike. I so do not have the bankroll to trade gold right now lol. Maybe in the near future as my account grows.
  • #101,323
  • Sep 6, 2011 11:43pm Sep 6, 2011 11:43pm
gold beob, i'd say this one went where expected
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  • #101,324
  • Sep 7, 2011 12:05am Sep 7, 2011 12:05am
Quoting mbqb11
gold beob, i'd say this one went where expected
Exactly what I was looking at. A quick hitter, but I didnt want to jeopardize my account for just one trade.
  • #101,325
  • Sep 7, 2011 12:15am Sep 7, 2011 12:15am
Quoting mbqb11
gold beob, i'd say this one went where expected
I was watching this one also, but skipped it as I thought the Close was not good enough. Other than it's close everything was perfect for it in my book.
  • #101,326
  • Sep 7, 2011 1:36am Sep 7, 2011 1:36am
Quoting mbqb11
gold beob, i'd say this one went where expected
Saw this one Mike but did not take it as my capitalaccount too small at the moment!! Hope you (and others) got in and did well. Another tick for the J16 Methodology: the setup worked and went to where we would expect!

Just one question: could you explain your stop strategy on this one?

Thanks,

Kal
  • #101,327
  • Sep 7, 2011 1:44am Sep 7, 2011 1:44am
This look a nice pinbar with the resistance zone but the first PPZ is too close :s
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Plan your Trade, Trade your Plan
  • #101,328
  • Sep 7, 2011 2:14am Sep 7, 2011 2:14am
DBHC not at swing low & traffic to the left but i will trade it consider it as a breakout buy setup and probably trend reversal.
please advice
  • #101,329
  • Sep 7, 2011 4:44am Sep 7, 2011 4:44am
Hey BigJay,

I'd say that's more of a doji than a pinbar. Personally I'm waiting to see if USDCAD makes another run up to parity.

Dan

Quoting BigJay
This look a nice pinbar with the resistance zone but the first PPZ is too close :s
  • #101,330
  • Sep 7, 2011 4:54am Sep 7, 2011 4:54am
Watching EURGBP, possible PB being formed on H4
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No more DOH! trades
  • #101,331
  • Sep 7, 2011 6:31am Sep 7, 2011 6:31am
Hi all

Sold the Eur against the Aussie with the 30M Pin off a PPZ and RN as my entry along with the Daily Pin from y'day and the Bearish trend.

Although I am up a few pips it wasnt the best trade as I was trading into the blue box on the daily. But with the 133 at my back I thought the pros outweighed the cons

I still think the 132 will be an obstacle as the daily box shows there is a PPZ in there at that level.

Plan is to see how price reacts with the 132 then Ill know better what to do.

Happy trading

Anthony
  • #101,332
  • Sep 7, 2011 6:32am Sep 7, 2011 6:32am
ooops
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  • #101,333
  • Sep 7, 2011 9:22am Sep 7, 2011 9:22am
Still running.

Time to buy Physical. GOLD GUNS and GRUB!!!!

lol just kidding but secretly not.

Stuff makes me wacky sometimes.

Quoting mbqb11
gold beob, i'd say this one went where expected
  • #101,334
  • Sep 7, 2011 10:28am Sep 7, 2011 10:28am
Quoting dmc
Still running.

Time to buy Physical. GOLD GUNS and GRUB!!!!

lol just kidding but secretly not.

Stuff makes me wacky sometimes.

haha one of those days huh Dave
  • #101,335
  • Sep 7, 2011 10:30am Sep 7, 2011 10:30am
Quoting Kalbar
Saw this one Mike but did not take it as my capitalaccount too small at the moment!! Hope you (and others) got in and did well. Another tick for the J16 Methodology: the setup worked and went to where we would expect!

Just one question: could you explain your stop strategy on this one?

Thanks,

Kal
Hey Kal

I would keep it simple and either use the bar high for stop placement(this is what I do most of the time), or you could use the previous bars high.

Best
Mike
  • #101,336
  • Sep 7, 2011 10:35am Sep 7, 2011 10:35am
I'm in eur/gbp for the long haul. will take 1/2 off at FTA though
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  • #101,337
  • Sep 7, 2011 10:39am Sep 7, 2011 10:39am
i took this trade last night before i went to sleep. not exactly a pinbar but i really like the location if you zoom out in the higher time frame.

http://www.hotstockmarket.com/image/...t/700/flags/LL
  • #101,338
  • Sep 7, 2011 1:40pm Sep 7, 2011 1:40pm
ym might show some resistance at 11500. fib, s/r, rn.
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meine augen sind die sterne
  • #101,339
  • Sep 7, 2011 3:41pm Sep 7, 2011 3:41pm
Took this trade yesterday. Nice pin, swing high, or maybe more a sideways market.
Blue area was my goal.

Took the break of the pinbar, missed this afternoom my TP with 1 pip (trading with oanda). I moved my SL to BE and we can see what happend. My SL was hit.

But i do not really care about it, my analyse was right, i knew where price was likely to go, as james try to learn us

Now read from page 6628 because of my holiday.
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  • #101,340
  • Sep 7, 2011 4:20pm Sep 7, 2011 4:20pm
Howdy partners,
Have been keeping an eye on this potential trade, any else been looking at GBPJPY?

August was a Monthly BEOB/DBHLC off of 130 BRN. Weekly closed strongly below 125 for the first time since 2009, and then we get a daily BEOB/Pin off of the 125. This has been in a large downtrend since September 2007, and I think it has a good shot at hitting 120.
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Price is beautiful. A repetitive method is a competitive method.
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