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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

  • #120,301
  • Nov 3, 2012 3:14pm Nov 3, 2012 3:14pm
EURUSD may continue down... if we get rejected at 1.2850 I will short it to the 1.2700.
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all is eternal - this is good news for people who loves bad news
  • #120,302
  • Nov 3, 2012 3:27pm Nov 3, 2012 3:27pm
Quoting meshka
EURUSD may continue down... if we get rejected at 1.2850 I will short it to the 1.2700.
The way I see EU daily

Wedge, lower trendline, RN, LCS

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  • #120,303
  • Nov 3, 2012 3:27pm Nov 3, 2012 3:27pm
last one. GBPNZD broke down out of the box... expecting nice move next week.
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all is eternal - this is good news for people who loves bad news
  • #120,304
  • Nov 3, 2012 3:32pm Nov 3, 2012 3:32pm
Quoting dan89
The way I see EU daily

Wedge, lower trendline, RN, LCS

Attachment
Yes it is valid scenario too. therefore I will put stop above 1.2900 level.
all is eternal - this is good news for people who loves bad news
  • #120,305
  • Edited 1:45am Nov 4, 2012 1:29am | Edited 1:45am
Hi Last Coke
Theres a nice long term tl here also which has been respected
im thinking we will open through rising tl

air on bearish side imo


Quoting TheLastCoke
EUR/AUD See what happend last time 200SMA was tested but I dont like the double top that is already confirmed. Kind of a mixed scenario here where CL may act as Resistance.

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Click to Enlarge Name: eur cad 4-11-12 2 week.png Size: 31 KB
Click to Enlarge Name: eur cad d1 4-11-12.png Size: 32 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #120,306
  • Nov 4, 2012 2:24am Nov 4, 2012 2:24am
Quoting meshka
potential trade for Monday
It's great to see, that someone is also looking at this one - I understand you gonna sell at retrace, but could you tell me, why at this lvl?

May I also know your opinion about audjpy?

thanks in advance
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  • #120,307
  • Nov 4, 2012 2:49am Nov 4, 2012 2:49am
Hi All JAMES16 - any thoughts or is anyone watching the NZD.YEN
Reasons for a short
PINBAR - not a very long nose
SPACE
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  • #120,308
  • Nov 4, 2012 3:03am Nov 4, 2012 3:03am
Quoting Bones
Hi Last Coke
Theres a nice long term tl here also which has been respected
im thinking we will open through rising tl

air on bearish side imo
Hi Bones,

I love your charts!

I would agree with you on a continuation of the bearish move started recently with the D1 pinbar. There is a BEOB on the weekly ( FxPro feed, can't post any chart right now unfortunately...).

take care,
Slow & steady
  • #120,309
  • Nov 4, 2012 3:17am Nov 4, 2012 3:17am
hey thanks P

its not full bodied like J16 likes but I like in connection with previous week ,I dont want gap up please no gap up above support lol

gap down = bearish
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #120,310
  • Nov 4, 2012 4:10am Nov 4, 2012 4:10am
Quoting TheLastCoke
EUR/AUD See what happend last time 200SMA was tested but I dont like the double top that is already confirmed. Kind of a mixed scenario here where CL may act as Resistance.

Attachment
Hi TheLastCoke,

Thanks for your answer. My mistake is that I did not consider this CL.
However I have question : when I look your graph your PPZ is (as on mine) at 1.277, but you are using the CL at 1.28. Why then not to put directly the PPZ on 1.28 ?

This is maybe a basic question, but learning where to put the S/R lines is the most crucial thing to learn.
  • #120,311
  • Nov 4, 2012 4:59am Nov 4, 2012 4:59am
Quoting Bones
hey thanks P

its not full bodied like J16 likes but I like in connection with previous week ,I dont want gap up please no gap up above support lol

gap down = bearish
Yep, would have love a W1 close below the TL...
there was a significant D1 move after the pinbar so I would accept a 50% retrace before the BEOB breaks, but an immediate move down would be great
Slow & steady
  • #120,312
  • Nov 4, 2012 6:32am Nov 4, 2012 6:32am
Quoting rafstraszek
It's great to see, that someone is also looking at this one - I understand you gonna sell at retrace, but could you tell me, why at this lvl?

May I also know your opinion about audjpy?

thanks in advance
AUDUSD - I m just planing to sell it around previous candle low. will check how it will open after weekend of course...

AUDJPY not so clear picture for me... It depends on what will USDJPY do.. both sits at their resistances. will it reject it or break up? let see....
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all is eternal - this is good news for people who loves bad news
  • #120,313
  • Nov 4, 2012 7:25am Nov 4, 2012 7:25am
I think the $ will be strong ,but I wonder about this bar ,


Quoting meshka
potential trade for Monday
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #120,314
  • Nov 4, 2012 9:59am Nov 4, 2012 9:59am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Hi,

Anyone else looking for a close above 81.00 on cad/jpy? We've been boxed in since mid August, with the 80.00 BRN acting as a pivot inside the consolidation box. Obviously price could break above or below the the consolidation area, but i fancy a break up, could be wrong, but I feel its an area to watch

Kind Regards
Sanil
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  • #120,315
  • Nov 4, 2012 12:06pm Nov 4, 2012 12:06pm
Quoting sg_1988
Hi,

Anyone else looking for a close above 81.00 on cad/jpy? We've been boxed in since mid August, with the 80.00 BRN acting as a pivot inside the consolidation box. Obviously price could break above or below the the consolidation area, but i fancy a break up, could be wrong, but I feel its an area to watch

Kind Regards
Sanil
Its close to a (weekly) trendline which got respeted till know. Just be mindfull of that.
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Thoughts are things
  • #120,316
  • Nov 4, 2012 12:16pm Nov 4, 2012 12:16pm
Hello,

BIG thanks to everyone especially J16 & Mike (mbqb11) for your inspiring teachings, I love this thread!!

I have a couple of newbie questions which I hope you don't think too silly...

1. I've been demo trading WEEKLY & DAILY for 3months now and found no A++ setups but plenty of what I would call B setups. This is leading me to think whilst I wait for the A++ setups I could trade the B setup Pins/Outside bars and move my stop to break even as soon as I get a close (beyond entry) off DAILY hoping to catch B trades which seem to have a bit of momentum behind them???

2. When I eventually find a retracement from a breakout would it be a good idea to look at H4 for any PA bars if there aren't any on DAILY? Does it increase the chances of finding an entry point?

Also Could anyone recommend any good books which would be helpful with J16/mbqb11 style trading... I've studied 'Price Patterns' - Martin Pring (what an excellent book!)

Glad your OK Mike! My thoughts are with everyone affected by Sandy! Your input would be much appreciated...

Thanks again.
  • #120,317
  • Nov 4, 2012 1:37pm Nov 4, 2012 1:37pm
Quoting mbqb11
Hey Zee

I put some notes on your charts. Notice the difference b/w some of them in terms of what jumps off the chart.

Also a tip on posting charts to make them viewable

Right click your chart. Click Save as picture. Then click active chart as is

Hope this helps
Mike

Hi Mike!

I want to thank you the chart instructions! These are very useful to me.
In my pictures was one or two good for newbie, like me??? If the price is in a box, is not so good for me, if i understand you correctly.

these pictures from 7 years...
  • #120,318
  • Nov 4, 2012 1:59pm Nov 4, 2012 1:59pm
Quoting moneyrunner
Hi All JAMES16 - any thoughts or is anyone watching the NZD.YEN
Reasons for a short
PINBAR - not a very long nose
SPACE
Hey MR

I'd be careful. My feed closes at 5pm et on fridays and we can see a much weaker close then yours. This is important to me because while this is a pinbar that weak close doesn't give me much confidence to sell this bar. Often times these fill back up higher before a stronger bar gives us a reversal.

I could see possibly this rising TL holding us, but if it doesn't hold right away there is a good chance this one won't work. A much stronger close would be a much better signal. These are ones I prefer to avoid because of this lack of clarity. What I like to show is that we can always game plan trades but then as traders we must individually decide if it really is worth our time and risk. Many times i have a very good idea what price is going to do but that doesn't mean I am willing to risk my money on it.

Hope this helps
Mike
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  • #120,319
  • Nov 4, 2012 2:12pm Nov 4, 2012 2:12pm
Quoting MUNkeyRO
Hello,

BIG thanks to everyone especially J16 & Mike (mbqb11) for your inspiring teachings, I love this thread!!

I have a couple of newbie questions which I hope you don't think too silly...
welcome MUNkey there are no silly questions and that's what everyone is here for. Glad you are enjoying things so far and thanks for the nice comments

Quote
1. I've been demo trading WEEKLY & DAILY for 3months now and found no A++ setups but plenty of what I would call B setups. This is leading me to think whilst I wait for the A++ setups I could trade the B setup Pins/Outside bars and move my stop to break even as soon as I get a close (beyond entry) off DAILY hoping to catch B trades which seem to have a bit of momentum behind them???

This is something you can demo, but I do also worry that this leads to poor habits. I would first personally suggest expanding the markets you watch. So if you are only watching 20 something pairs, watch 70 pairs. Watch stock charts, futures etc. I think expanding ones markets is easier then trying to expand ones tool box. At least initially. As you get better you will see there are more things that you can consider an A trade that you might not have. This comes with time. But certainly any ideas you want to test as long as you are doing it on demo are really always ok with me. No two traders will be the same.

Quote
2. When I eventually find a retracement from a breakout would it be a good idea to look at H4 for any PA bars if there aren't any on DAILY? Does it increase the chances of finding an entry point?

I think it does and it's one of the few times if ever I drop down in timeframes. For me breakouts I will look for a pattern, then watch for entries both on that timeframe as well as a timeframe lower for entries. To me this is much different then dropping down timeframes AFTER finding PA looking for a better price. With a breakout pattern your location or area is still the main focus

Quote
Also Could anyone recommend any good books which would be helpful with J16/mbqb11 style trading... I've studied 'Price Patterns' - Martin Pring (what an excellent book!)

Haven't read many books I feel worth recommending. I put some in my profile here, but in terms of technicals most are just not worth it to me.

Quote
Glad your OK Mike! My thoughts are with everyone affected by Sandy! Your input would be much appreciated...

Thanks again

Thanks so much! Spent the day gutting my girlfriends house which got 5 feet of water rushing in, destroying everything in its path. Quite scary. I am still without heat for another 7 days they are saying. But it could always be worse

Hope this helps
Mike
  • #120,320
  • Nov 4, 2012 2:13pm Nov 4, 2012 2:13pm
Thanks Mike for reply and painting the bigger picture, much appreciated....
MR
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