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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

  • #122,981
  • Feb 2, 2013 4:02pm Feb 2, 2013 4:02pm
Quoting ghous
Hey Dan,

He uses the 150 and the 365 EMAs as sources of additonal confluence. in addition to this he probably uses a macd to spot divergence. Thats all. Here at the James16 group we are not big on indicators.



g.

Thank you most kindly. Just noticed your blog, and currently having a read, seems interesting.

Dan
  • #122,982
  • Feb 2, 2013 4:33pm Feb 2, 2013 4:33pm
have u seen this doc:
Inserted Video


these guys wherent big on indicators (or charts at all lol)

Quoting ghous
Hey Dan,

He uses the 150 and the 365 EMAs as sources of additonal confluence. in addition to this he probably uses a macd to spot divergence. Thats all. Here at the James16 group we are not big on indicators.



g.
my name is tom and i like crayons
  • #122,983
  • Feb 2, 2013 5:58pm Feb 2, 2013 5:58pm
hello quick question if i may, if i was trading long on this bar it looks like its going straight into a box.. so would my FTA really be the mid point of the box? as it is a like a mini ppz?

many thanks,
tom
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my name is tom and i like crayons
  • #122,984
  • Feb 2, 2013 11:47pm Feb 2, 2013 11:47pm
Just had to share this.
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If you can't tell what the herd is doing...you probably are the herd.
  • #122,985
  • Feb 3, 2013 12:16am Feb 3, 2013 12:16am
Quoting tc640
hello quick question if i may, if i was trading long on this bar it looks like its going straight into a box.. so would my FTA really be the mid point of the box? as it is a like a mini ppz?

many thanks,
tom
hey Tom,

Your first and major trouble area would be the lower boundary of the box i.e the 0.915 area. Importantly it's almost immediately in the way of the pin bar break to the long side which will make managing the trade difficult and very tricky.

g.
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I believe . . .
  • #122,986
  • Feb 3, 2013 1:35am Feb 3, 2013 1:35am
Quoting ghous
Hey Kenny,

Taking a trade straight into a consolidation box is killing yourself for space. Like the release of a coiled spring, breakout from consolidation boxes can be forceful and strong. Given that we have broken out, you might as well want to align yourself with the breakout rather than bet against it based off a mediocre looking bearish pin bar.

My advice to you would be to wait for bullish PA at the pull back to the consolidation box.

g.
Hi Ghous,

Thank you for taking time to reply my post. However, I think that you have misunderstood what I said, sorry for my bad English.

What I mean is, in the H4 chart, there is a bullish pin bar that is with the trend. My concern is that the tail touches only the high of the false breakout (144.846) but not the top of the box (144.285). So, is the high of a false breakout a strong resistance and is it a signal for you to go long?

Thank you and have a happy weekend

Kenny.

PS: Here's a chart in case my explanation is not good enough:
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  • #122,987
  • Feb 3, 2013 2:29am Feb 3, 2013 2:29am
Quoting ken.b
Hi Ghous,

Thank you for taking time to reply my post. However, I think that you have misunderstood what I said, sorry for my bad English.

What I mean is, in the H4 chart, there is a bullish pin bar that is with the trend. My concern is that the tail touches only the high of the false breakout (144.846) but not the top of the box (144.285). So, is the high of a false breakout a strong resistance and is it a signal for you to go long?

Thank you and have a happy weekend

Kenny.

PS: Here's a chart in case my explanation is not good enough:
hey,

Sorry for misconstruing your post,

So as this case goes, I'd prefer a move down to 144 RN level first before looking for bullish PA.

Round numbers attract a lot of order flow and the market likes to react around them, meaning that say a bullish pin bar appears at the 144 level which would also be a more "meaty" test of resistance around that area, then that's a better more stronger setup than the one you're currently looking at.



g.
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I believe . . .
  • #122,988
  • Feb 3, 2013 2:38am Feb 3, 2013 2:38am
Quoting tc640
have u seen this doc:
https://www.youtube.com/watch?v=Jyx7seZhG0E

these guys wherent big on indicators (or charts at all lol)
We're lucky to be living in this age.

Some people from this very group only, have seen times when you actually had to draw the day's bar using a ruler, pencil and a graph paper.

The again we think we are lucky, maybe our grand kids will call themselves lucky taking and managing trades right from their "Meta Trader 10 - high tech eye wear". They'll want to crib and cringe over the thought of having to sit in front of a medieval electronic box of a computer to trade like their grand fathers

lol

g.
I believe . . .
  • #122,989
  • Feb 3, 2013 2:53am Feb 3, 2013 2:53am
Hi!
I m not native English, sorry my bad English For a time I read this thread, here are good job! For exemple you wrote about chf-pairs, aud-chf, cad-chf, and usd-chf. I think these situations are so which we had a week ago at gbp-chf pairs, pin, but the curs went on down.
What do you mean about eur-cad on daily chart?
We have a pinbar, but against strong long trend, till 1.35000 and 1.34100 could to drop this pair. 2012 july, sept was bottom this area.
On weekly chart throught out ema 150, 1.3410 retest and go back long to 1.4100 weekly ema350?

Thanks.

Tenkan sen.
  • #122,990
  • Feb 3, 2013 4:32am Feb 3, 2013 4:32am
thanks buddy, so it might not even get into the box. not a great setup then is it, think i will either just watch it or place a very small order (theres probably better things to trade instead).

Quoting ghous
hey Tom,

Your first and major trouble area would be the lower boundary of the box i.e the 0.915 area. Importantly it's almost immediately in the way of the pin bar break to the long side which will make managing the trade difficult and very tricky.

g.
my name is tom and i like crayons
  • #122,991
  • Feb 3, 2013 5:24am Feb 3, 2013 5:24am
Quoting ghous
hey,

Sorry for misconstruing your post,

So as this case goes, I'd prefer a move down to 144 RN level first before looking for bullish PA.

Round numbers attract a lot of order flow and the market likes to react around them, meaning that say a bullish pin bar appears at the 144 level which would also be a more "meaty" test of resistance around that area, then that's a better more stronger setup than the one you're currently looking at.



g.
Thanks Ghous! I didn't notice the 144 RN until you pointed it out.

After much consideration, I've decided to wait for a pull back due to:
1. The indecision bar on the daily chart. The upper tail is longer which signal more selling pressure.
2. The RN that you've pointed out. Better order flow.
3. The size of the pin bar. It will be better if the pin bar's tail is longer.


Quoting CryAgony
Hey Zamfir,

I also noticed a similar situation on CADCHF. Confluences:
fibonacci extension of the last swing (127.1)+support rejection (better seen on weekly chart)+ mini TL+ multipivot (can be seen on weekly too)+ BRN

What I don't like about both this and usdchf setup is the weak close of the pinbar we are observing. In your setup price hardly managed to close within previous day candle and in both cases the close is bearish (ie not so ideal pinbars).

Further more, USDCHF setup has a former S and former TL very close, so in my opinion...
CryAgony

Correct me if I'm wrong. A good pin bar should open and close within the left candle. The reason for it is because closing inside the left candles signify consolidation which allow the price to go up with more momentum.

Is that rationale behind it?



Kenny
  • #122,992
  • Feb 3, 2013 6:00am Feb 3, 2013 6:00am
Quoting tc640
thanks buddy, so it might not even get into the box. not a great setup then is it, think i will either just watch it or place a very small order (theres probably better things to trade instead).
Exactly!

No need to force the issue. There will be better setups round the corner

g
I believe . . .
  • #122,993
  • Feb 3, 2013 6:11am Feb 3, 2013 6:11am
Quoting ken.b
Thanks Ghous! I didn't notice the 144 RN until you pointed it out.

After much consideration, I've decided to wait for a pull back due to:
1. The indecision bar on the daily chart. The upper tail is longer which signal more selling pressure.
2. The RN that you've pointed out. Better order flow.
3. The size of the pin bar. It will be better if the pin bar's tail is longer.




CryAgony

Correct me if I'm wrong. A good pin bar should open and close within the left candle. The reason for it is because closing inside the left candles...
Seems perfectly logical.

For your second question:

A pinbar must close within the prior bar because that signifies strength. If price tries to break through the previous bar (remember the high and low of a bar serve as the most simplified and basic version of S/R) and then fails to close beyond it than it shows a possible tilt in market sentiment and hence a possible reversal.

g.
I believe . . .
  • #122,994
  • Feb 3, 2013 6:23am Feb 3, 2013 6:23am
Quoting ken.b
CryAgony

Correct me if I'm wrong. A good pin bar should open and close within the left candle. The reason for it is because closing inside the left candles signify consolidation which allow the price to go up with more momentum.

Is that rationale behind it?



Kenny
Yes that's partly correct.
To answer properly your question, you should analyze pinbars' behaviour on an intraday chart: apply the same market structure/market flow analysis you do on D1 chart to understand why it has to close within the previous candle. Further more, you'll often see that a PB on an intraday analysis is an H&S pattern in a bearish pin and a reversed H&S in a bullish pin.

Pins not only represent consolidation on an intraday analysis, but especially rejection of a level, and having the close of the day above the open (fore a bullish pin) strengthens this setup, cos It means that bulls were able to break above a level that initially started a down move (creating the H&S setup) and as you know, a H&S setup in its classical tradable way, is activated at the break of the neckline.

Just my 2 cents, maybe pros can point out deeper analysis on it

Hope It helped!
  • #122,995
  • Feb 3, 2013 7:05am Feb 3, 2013 7:05am
Hey guys,

I was reviewing charts and noticed this setup on GBPUSD. Regardless the good result of the setup, was it a good trade (Jaroo methodology) ?
I want to understand if i'm grasping his mindset or not before actively implementing it into my trading-plan.

In case of positive answer, the entry level was perfectly confluenced with 50% retr. of the main bullish swing of past months, strenghting the setup. Would it have been a good setup even without this confluence?

Many thx

EDIT: From the screen it's not seen, but zooming out you can see that the entry level served not only as HCR but also as PPZ in past months
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  • #122,996
  • Feb 3, 2013 8:40am Feb 3, 2013 8:40am
i will trade pound pairs next week
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all is eternal - this is good news for people who loves bad news
  • #122,997
  • Feb 3, 2013 10:35am Feb 3, 2013 10:35am
Quoting elekadammate
Hi!

I want to ask for help, because i am very new to trading and don't know if i made a good trade or not. The orange is a monthly trendline. I get in, because there is a hummer right in the trendline, and then there are three candles that indicates bullish market. Was it a good idea?
https://lh3.googleusercontent.com/-n...g_pattanas.jpg
Hey Elek

Welcome to the thread

As far as I can see based on what you will see us teach and do here you looked like you bought a break of an inside bar. This is a bar that is contained within the previous bar range and shows a consolidating market. If that line you drew was a strong PPZ(price pivot zone) then buying here can be a find idea as you are looking for it to hold as support.

I will say I think it will be easier for you once you see how we trade some bars like outside bars and pinbars as you progress in this thread

Again welcome
Mike
  • #122,998
  • Feb 3, 2013 10:39am Feb 3, 2013 10:39am
Quoting ken.b
Hi guys,

I need your advice on this breakout.

On the daily, there's only an indecision bar. However, in the 4 Hour chart, we can see a pinbar touching the high of the previous false breakout.

Should we trade the break of the pinbar or wait for a PA at the top of the box (144.28)?

Thank you!

Cheers
Kenny
Hey Kenny

That is something I often refer to as a wick bar on the daily. It's almost a pinbar but it's very weak as you said. These often fill up through the wick. You are better off watching the box area for buys and sells

Here was the chart I am watching that I think is going to give us a great area to watch


Best
Mike
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  • #122,999
  • Feb 3, 2013 10:45am Feb 3, 2013 10:45am
Quoting zamfir
Mike & others

Do you think we have sufficient confluence on usdchf?.

Chart attached.
Hey Z

I would like to see price trickle down lower and test the BRN of 9000 just under us

Notice the weakness on this bar as described on my attachment. If one is going to buy this be careful. If you buy say above the white dashed that area should pretty much immediately hold as support otherwise this could just be a classic flip of Support into resistance

Hope that helps
Mike
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  • #123,000
  • Feb 3, 2013 10:50am Feb 3, 2013 10:50am
Quoting felixcattus
Aretes -

Here is my take on this chart.

The point of this chart is not about whether price will go up or down on the bar after the pin bar. I personally wouldn't know whether price was going down or up after that. The point James is making (I believe) is all about a) the pin bar itself, and b) the EXTREME importance of first trouble area just below it. What James is showing is how a number of traders could have played that same pin short but one would be in a 90 pip win and another would be in 145+ pip loss (and maybe another came out...
great post dude!
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