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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

  • #119,521
  • Oct 7, 2012 12:11pm Oct 7, 2012 12:11pm
Quoting dan89
Here is the same level on the same chat. Price has dropped very fast from the long trade I took. Now looking for a short. Chart:

Edit: Another chart on AU this time. Hope it makes some sense.

Edit: another chart on GU this time. 2 options depending on what happens at the level

Edit: Added another area im looking at on EU

Mike, would really apprecaite your opinion on each of these levels.

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Thank you
Dan
Hey Dan

I like your aud/usd and nzd/usd charts best. Clearly the most established and stronger levels.

Gbp/usd I see more as a flag pattern(see chart) so we have to wait and see if this pattern holds, Certainly your chart makes sense but it's not as strong as the above

Eur/usd I would be more interested in the previous swing high then anythign right now. Need more information would want to see levels establish a bit better. Again your level is certainly one to watch but without more information it would only be a level to watch for me

Best
Mike
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  • #119,522
  • Oct 7, 2012 12:13pm Oct 7, 2012 12:13pm
Quoting Martin600
Mike Iīm trying to learn new entry signals. I would like to ask you if on my chart is DBHLC ? How much exact the high or low of the second bar should be? And do you think that it was a great trade on my chart? It was 50% retrace, ppz and BRN. I noticed that you donīt devote to it here too much. Can I ask if you show in private group more advanced techniques(like touch entries) or you show only the basics like here?

Thanks for help
Martin
Hey Martin

Absolutely that's a great entry and DBHLC, nice swing point. They don't have to be exact there is no set number, but the closer the better.

I use many entry techniques. Mostly trade on the break. I do touch trade, take retracements. Of course this thread we show a LOT but I like to focus it more for the new traders since we get so many views and it's just one long thread. I am more detailed in my teaching in the PF where i have better tools to do that.

Each trader will develop what they are more comfortable with. I think of things as tools in a tool box and depending on a situation decide the best course of action

Hope that helps
Mike
  • #119,523
  • Oct 7, 2012 12:36pm Oct 7, 2012 12:36pm
Hello Everyone,
I just discovered this thread yesterday and currently on page 8 . I have a question which I am hoping one of you experienced traders can answer. When James talks about DBHLC , does he mean that both bars should have equal highs, ( does it include the wicks of candles) and the second bar closes below the close of the first bar? What about the fact that if the second bar opens lower than the close of the first bar and closes lower than the close of the first bar, is the set up still valid. The reverse question of course for DBLHC.

Also I am trying to figure out what he menas by the left and right eye of a pin bar..is it the close and open of a bar chart? How does that relate to a candle chart?

Many Thanks in anticipation
  • #119,524
  • Oct 7, 2012 1:11pm Oct 7, 2012 1:11pm
Quoting Praveensuri
Hello Everyone,
I just discovered this thread yesterday and currently on page 8 . I have a question which I am hoping one of you experienced traders can answer. When James talks about DBHLC , does he mean that both bars should have equal highs, ( does it include the wicks of candles) and the second bar closes below the close of the first bar? What about the fact that if the second bar opens lower than the close of the first bar and closes lower than the close of the first bar, is the set up still valid. The reverse question of course for DBLHC....
Hey P

Welcome to the thread hope it helps you

A DBHLC must have matching highs(this means the highs of the bar) and the close must be lower then the previous bars LOW

Here is a quick summary of the bar types that Pinbar made for you guys
http://www.forexfactory.com/showthre...03#post6054503

Best
Mike
  • #119,525
  • Oct 7, 2012 1:56pm Oct 7, 2012 1:56pm
Mike, I'm just looking at page one with some of J16's early posts. Do you guys still use the two bar matching low / high trend breakout patterns?

Also I rarely see fibs on your charts. Do you ever use them to factor in confluence?
  • #119,526
  • Oct 7, 2012 2:00pm Oct 7, 2012 2:00pm
Quoting C-12
Mike, I'm just looking at page one with some of J16's early posts. Do you guys still use the two bar matching low / high trend breakout patterns?

Also I rarely see fibs on your charts. Do you ever use them to factor in confluence?
Hey C

Yep TBL/TBH are some great plays. I prefer to call them multi bar highs/lows as I like when you get multiple highs and lows in a row.

here are some posts about that
http://www.forexfactory.com/showthre...ar#post5941782

http://www.forexfactory.com/showthre...ar#post5949619

http://www.forexfactory.com/showthre...ar#post5818364

http://www.forexfactory.com/showthre...ar#post3838802


I don't really use fibs, I can just see where we are. Pretty easy to know you are at a 50% or 61% etc. Generally if i put them up it's for teaching purposes as opposed to really putting them on my charts myself

Hope that helps
Mike
  • #119,527
  • Edited 2:43am Oct 8, 2012 2:21am | Edited 2:43am
I like the look of these boxes.
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  • #119,528
  • Oct 8, 2012 3:09am Oct 8, 2012 3:09am
It is a bank holiday today guys (USD,CAD,JPY). Just a reminder
  • #119,529
  • Oct 8, 2012 8:01am Oct 8, 2012 8:01am
and thats it gold 4h triple bar low am watchin
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  • #119,530
  • Oct 8, 2012 8:20am Oct 8, 2012 8:20am
Quoting HanSolo
As for your GBPAUD example I personally would not trade it as price has just touched a somewhat important area where price flipped from support to resistance (and vice versa in the past). That said price may have the potential to rise to 1.59 before turning down again. But I'm not sure.
It sure wouldn't be wrong to demo it if you believe in its upside potential.
Patapouer, are you in this trade? I hope you already took some profit or got out at BE since price may be in for some bigger turn now.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #119,531
  • Oct 8, 2012 8:38am Oct 8, 2012 8:38am
Quoting HanSolo
Patapouer, are you in this trade? I hope you already took some profit or got out at BE since price may be in for some bigger turn now.
Hi Hans,

thanks for asking!

no, I didn't take this trade. My feed (see below) doesn't give the same chart as yours, and I didn't like neither the huge gap nor the speed of the movement.
Plus I would have enter too late (10am european time... short night, short morning )

Another reason is that I hardly try to focus on the best setup.
I force myself to scan charts in a few seconds, after having drawn major PPZ & HCR/LCS. If I have to think twice about what price might be doing, then I consider the pair as no more than a "second choice" on my WL.
Trying to pick the best setups... easier said than done!
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Slow & steady
  • #119,532
  • Oct 8, 2012 8:44am Oct 8, 2012 8:44am
Anyone watching this.
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  • #119,533
  • Oct 8, 2012 8:53am Oct 8, 2012 8:53am
Quoting Winston Reed
Anyone watching this.
am watchin it but this is the third touch in the zone , so am afraid might not hold
  • #119,534
  • Oct 8, 2012 9:01am Oct 8, 2012 9:01am
Quoting Winston Reed
Anyone watching this.
Hi, yeah Iīm watching this together with AUDSGD, but my order didnīt trigger and it seems now that it wonīt trigger, so after daily close I cancel it.
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  • #119,535
  • Oct 8, 2012 9:16am Oct 8, 2012 9:16am
Quoting Winston Reed
Anyone watching this.
Just closed an intraday trade based on the daily chart

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  • #119,536
  • Oct 8, 2012 9:28am Oct 8, 2012 9:28am
Did anyone take the pin on gbpjpy?
I looked at this yesterday but decided against because of the rising trend line. However I still thought price would reach the bottom of the preceeding bar, as it has done.

Not sure what I can learn from this. Was it a trade worth taking?

Hopefully the chart has come out.
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  • #119,537
  • Oct 8, 2012 9:30am Oct 8, 2012 9:30am
My trade triggered last night. I wouldn't call this a a+ trade, so only 1% risk.
I've locked in some profit and moved my SL. Trendline was used to manage my SL. If price broke above it I would've cut my losses.
I was able to track price during the day to manage it. Waiting for price to test the 125 round number.
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  • #119,538
  • Oct 8, 2012 9:47am Oct 8, 2012 9:47am
Quoting riandouma
My trade triggered last night. I wouldn't call this a a+ trade, so only 1% risk.
I've locked in some profit and moved my SL. Trendline was used to manage my SL. If price broke above it I would've cut my losses.
I was able to track price during the day to manage it. Waiting for price to test the 125 round number.
Some thoughts on this one. Turned you to be amazing run yey !
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  • #119,539
  • Oct 8, 2012 9:54am Oct 8, 2012 9:54am
Very true about your area. SL is just above 125.5 at the moment with half off already. Offcourse I would love to see price close below 125, but lets see.
  • #119,540
  • Oct 8, 2012 10:04am Oct 8, 2012 10:04am
Quoting patapouer
Another reason is that I hardly try to focus on the best setup.
I force myself to scan charts in a few seconds, after having drawn major PPZ & HCR/LCS. If I have to think twice about what price might be doing, then I consider the pair as no more than a "second choice" on my WL.
Very good. That's how you become picky.
Thanks J16, Sam Seiden, Udine and Jacko
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