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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

  • #122,861
  • Jan 29, 2013 7:42am Jan 29, 2013 7:42am
USD/CAD daily pinbar?
  • #122,862
  • Jan 29, 2013 8:03am Jan 29, 2013 8:03am
sell on cable broken double level test... continuation trade to the next level down. main target ~1.5500 or so.
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all is eternal - this is good news for people who loves bad news
  • #122,863
  • Jan 29, 2013 10:47am Jan 29, 2013 10:47am
those bulls pretty aggressive today lol ... but as a bear i should stick to downside
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all is eternal - this is good news for people who loves bad news
  • #122,864
  • Jan 29, 2013 11:49am Jan 29, 2013 11:49am
Hi Jim,
I'm new to trading and have started a mini account since a few years ago. I took an online course and researched the forum to get tips on how to look for a good trade. My performance is not impressive, I should say, as I'm only on break even (with the online course fee paid off from the trading). I got a blessing from my better half to continue focusing on sharpening my trading skills and so I landed on your thread. However, I'm not a very active trader as I have a demanding job which allows little time for everything else.

I'm following your advise on post 1 in order to understand your method and have looked into several charts to identify a good setup for trading. As a first step, I opened daily chart on several pairs to look for the double bars and pin bar and compare with your charts you posted on the first few pages of this thread - on this note, I have a question concerning the double bars: do they have to be at the same price or can they be several pips apart (2-4 pips max)?

Some examples are attached (I can't insert the picture into this post).

Your comment is highly appreciated.

(I hope you're still monitoring this thread as I see you last post was about 6-7 months ago)

All the best to you,
Tony
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  • #122,865
  • Jan 29, 2013 1:21pm Jan 29, 2013 1:21pm
-26 pips... half closed other part running till the Daily candle close.
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all is eternal - this is good news for people who loves bad news
  • #122,866
  • Jan 29, 2013 1:41pm Jan 29, 2013 1:41pm
Watching Eurusd pair, if it closes like we see now, i will take long instantly with stops below daily candle, also add buy limit order at 1.3460 +- with the same stop.
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  • #122,867
  • Jan 29, 2013 1:45pm Jan 29, 2013 1:45pm
Quoting A-Mode
Watching Eurusd pair, if it closes like we see now, i will take long instantly with stops below daily candle, also add buy limit order at 1.3460 +- with the same stop.
Attachment
Attachment
I am watching this one too...
all is eternal - this is good news for people who loves bad news
  • #122,868
  • Jan 29, 2013 2:12pm Jan 29, 2013 2:12pm
Quoting meshka
I am watching this one too...
I am watching also, i was also looking for a touch at 1.33846 too.
The Eyes Believe What They See And The Ears Believe What Others Say.
  • #122,869
  • Jan 29, 2013 2:57pm Jan 29, 2013 2:57pm
Hey, Mike. Doesn't this picture look like price accumulates its power to go up further through BRN 95, but not reverse? Preaty clear resistance and price is attacking it intensevely. Whats your thoughts?
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If not up, then down, otherwise sideways :-)
  • #122,870
  • Jan 29, 2013 3:08pm Jan 29, 2013 3:08pm
Hi guys what do you think of this one ?

PBT&CB, MA 365 Ma 150
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  • #122,871
  • Jan 29, 2013 3:50pm Jan 29, 2013 3:50pm
Quoting rolo1128
I am watching also, i was also looking for a touch at 1.33846 too.
Why are you looking for a touch at 1.33846? My HCR is 1,37740
  • #122,872
  • Edited 5:24pm Jan 29, 2013 5:05pm | Edited 5:24pm
Quoting long2339
Why are you looking for a touch at 1.33846? My HCR is 1,37740
Sorry Long, Should have put a chart up, it was busy at work today. I was looking for a touch on the top of the daily box. This is just my view and im still learning/watching these areas. Also if you look at the monthly chart the 1.33846 area is part of a monthly PPZ. I think we might come back down to this area sometime. Heres what i was looking at;


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Rolo
The Eyes Believe What They See And The Ears Believe What Others Say.
  • #122,873
  • Jan 29, 2013 5:15pm Jan 29, 2013 5:15pm
Quoting ghous
There is some hefty confluence on that one.

I have the 150 EMA + trend line + 1.04 RN - that is a brilliant combo of confluence.

And despite being in a sideways market it seems it has at least some space to maneuver through as well.

My concern though is with the size of the bar. The best way to know if your PA bar is good enough (by virtue of its shape) is to compare it with the preceding bars. Here the bullish pin bar is preceded by humungous bearish bars prior to it. In my honest opinion it does take some of the muscle off the...
great post ghous
  • #122,874
  • Jan 29, 2013 5:23pm Jan 29, 2013 5:23pm
Quoting tc640
hi guys is this a good bar?

(im still starting out really, so im just looking for easy things to demo trade lol)

thanks,
tom
your lines speak volumes on that chart. What makes it a good or bad setup is directly connected with what you do with those lines you have marked


Good job tom

Mike
  • #122,875
  • Jan 29, 2013 5:24pm Jan 29, 2013 5:24pm
Quoting tc640
thanks man - im trying to come up with reasons not to trade thing because i suffer from overtrading lol and not being able to sit still once entered a trade hahah

on weekly its looks like its flipping around that 0.85318 level which i think i got from the monthly level, i cant get how these things work its pretty amazing
The biggest reason against taking a bar like that is the market is completely sideways stuck in a box. BUT my last post is related to ghous post about the aud/usd. It comes down to you the trader. If you are over trading I would avoid a bar like that. Because most people who over trade don't react at the FTA(like the one you marked). Then price comes back and takes them out. I think you either need to avoid these bars(I would), go to b/e real quick, or take profit real quick. Some combo of never taking a full bar loss on this type of action. Will save you a lot of head and heart ache

Best
Mike
  • #122,876
  • Jan 29, 2013 6:31pm Jan 29, 2013 6:31pm
Quoting tr-hu
Hi Jim,
I'm new to trading and have started a mini account since a few years ago. I took an online course and researched the forum to get tips on how to look for a good trade. My performance is not impressive, I should say, as I'm only on break even (with the online course fee paid off from the trading). I got a blessing from my better half to continue focusing on sharpening my trading skills and so I landed on your thread. However, I'm not a very active trader as I have a demanding job which allows little time for everything else.

I'm following...
hey Tony

Welcome to the thread.

Your charts look great, nice clean and simple. My favorite is the gbp/usd pinbar you have there. I took that one too, it was as beautiful as it gets, lots of confluence. Your BUOB is good a bit small but still a James16 bar. Your TBH is also correct for a continuation(check out when you have 3, 4, or more bar highs in a row, that's powerful stuff!

As for pips apart for a DBHLC or DBHLC. Generally the closer the better. But on a weekly and daily they can be a few pips apart but still be considered a multi high/low

Having a demanding job is pretty normal for a lot of people. Just stick to those daily/weekly charts and they don't become to time consuming in the end


Again welcome to the thread here best of luck
Mike
  • #122,877
  • Jan 29, 2013 6:35pm Jan 29, 2013 6:35pm
Quoting Magestic
Hey, Mike. Doesn't this picture look like price accumulates its power to go up further through BRN 95, but not reverse? Preaty clear resistance and price is attacking it intensevely. Whats your thoughts?
Hey M

It could, but we are also suggesting a lack of momentum or divergence. Each time price makes a new high we have fallen now. We are right around the BRN of 95 and price has a squeeze too it. I'd like to see more information. I certainly won't be a buyer here since the top is showing divergence. Instead i'll see if we can squeeze more or get more information around the BRN for a potential play. If we keep breaking higher, it's no big deal for me I just let it go since I don't have enough to buy here

Best
Mike
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  • #122,878
  • Jan 29, 2013 8:56pm Jan 29, 2013 8:56pm
Quoting rolo1128
I am watching also, i was also looking for a touch at 1.33846 too.
been long since 1.32176... having a long distance ride...
  • #122,879
  • Jan 30, 2013 3:02am Jan 30, 2013 3:02am
man i love pin bars
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my name is tom and i like crayons
  • #122,880
  • Jan 30, 2013 4:14am Jan 30, 2013 4:14am
appreciate your help big time mike, i guess thats why it was not a great trade because it just ran into all that traffic didnt it.

many thanks,
tom

Quoting mbqb11
The biggest reason against taking a bar like that is the market is completely sideways stuck in a box. BUT my last post is related to ghous post about the aud/usd. It comes down to you the trader. If you are over trading I would avoid a bar like that. Because most people who over trade don't react at the FTA(like the one you marked). Then price comes back and takes them out. I think you either need to avoid these bars(I would), go to b/e real quick, or take profit real quick. Some combo of never taking a full bar loss on this type of action....
my name is tom and i like crayons
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