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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

  • #123,441
  • Feb 26, 2013 2:07am Feb 26, 2013 2:07am
Quoting mbqb11
Hey A

We are fighting a mighty strong down trend and price doesn't have a lot of confluence(factors to support a buy). So instead we have not much to go on BUT the bar. Now that isn't wrong but we need to finish the story. About where is price going. Is this bar big enough to be a huge reversal of a major down move that recently broke out of a major long term wedge(see my previous charts and video).

Here was the chart I posted in the Private forum for someone asking about this one and about where I think price is going

Hope it helps...
Thanks Mike, Im actually one of the ones who took the full bar loss and was scratching my head (and posted here to ask) hehehe... learning a lot
  • #123,442
  • Feb 26, 2013 8:55am Feb 26, 2013 8:55am
Quoting fascist
EURUSD engulfing off the two EMAs on the daily chart.

Attachment

looks sweet to me.
be careful with this beobs at swing lows. Just remember traditionally James teaches us to take them at swing highs. Continuation bars are great when you get a hang of them, in this case though the BRN is looming just under us and makes it more tricky in my opinion

Best
Mike
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  • #123,443
  • Feb 26, 2013 9:03am Feb 26, 2013 9:03am
Quoting jackforex
Thanks Mike, What can you say about this 4H pinbar on USDJPY? I've traded it and lost a little profit What I did wrong, and what I've forgot?
Thanks for your reply!
Hey Jack

As Pinbar said be careful on the lower timeframes when starting out. That bar is a pinbar but it closed very weak just barely closing within the prior bar.

A few things can keep you out of a bar like this. Firstly what is the confluence here? Why should price go higher? If we zoom out a bit we can see not much is going on but rather price broke out strong yesterday as well as the yen got VERY strong across the board. The bounce also occurred later in the day which makes me think profit taking as well as I don't want to be trading intraday that late for that reason.

Next is we are trading back INTO the breakout that occurred. This is a good area for sellers to come in. For example See the attached chart where sellers came in. Finally a buffer. If you had a decent buy stop buffer above the high I don't think your order will trigger.

But step one is always looking for confluence. You can see price closed weak , closed under the pattern and also the last minor swing low(FTA)

Hope that helps
Mike
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  • #123,444
  • Feb 26, 2013 9:04am Feb 26, 2013 9:04am
Quoting Flamegs23
I have a real quick answer. The bar you are describing is technically not a pin bar. Needs to close above where it opened. Im sure Mike has more input.
Hey F

It actually is a pinbar as the open and close were contained within the previous bar. It was a weak closing bar and because of where it closed + being a weak close we can avoid those

Best
Mike
  • #123,445
  • Feb 26, 2013 9:30am Feb 26, 2013 9:30am
Quoting Armagedoom
Thanks Mike, Im actually one of the ones who took the full bar loss and was scratching my head (and posted here to ask) hehehe... learning a lot
glad to hear you are learning A, that's what it's all about

Best
Mike
  • #123,446
  • Feb 26, 2013 9:52am Feb 26, 2013 9:52am
all the xxx/jpy talk

Here is my trade. Took a retrace to the beautiful PPZ at the BRN of 95 which is a retrace of the massive beob on daily

i'm at b/e now

pretty classic j16 stuff
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  • #123,447
  • Edited 1:08pm Feb 26, 2013 10:08am | Edited 1:08pm
Hello guys,

after reading this thread for months and months I finally decided to sign up and take part actively. This is by far the best thread I have found on forexfactory. Looking forward to exchanging ideas with you and pick your brains

I would like to share my trade from today. BEOB on the D1 and some nice break and retest on the 4H.
Edit: Closed out for a little profit after this move back up. The previous lows seem to hold.
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Price is what you pay. Value is what you get.
  • #123,448
  • Feb 26, 2013 10:24am Feb 26, 2013 10:24am
Quoting mbqb11
Hey F

It actually is a pinbar as the open and close were contained within the previous bar. It was a weak closing bar and because of where it closed + being a weak close we can avoid those

Best
Mike
Ahhh gotcha. Thanks for correcting me.
  • #123,449
  • Feb 26, 2013 12:04pm Feb 26, 2013 12:04pm
Quoting mbqb11
Hey Jack

As Pinbar said be careful on the lower timeframes when starting out. That bar is a pinbar but it closed very weak just barely closing within the prior bar.

A few things can keep you out of a bar like this. Firstly what is the confluence here? Why should price go higher? If we zoom out a bit we can see not much is going on but rather price broke out strong yesterday as well as the yen got VERY strong across the board. The bounce also occurred later in the day which makes me think profit taking as well as I don't want to be trading...
Thanks a lot Mike! It will be very helpful for my future trades. But there is difference between yours and my feeds, look at my chart please. My broker is IBFX. Is this bad?
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  • #123,450
  • Feb 26, 2013 1:18pm Feb 26, 2013 1:18pm
Quoting jackforex
Thanks a lot Mike! It will be very helpful for my future trades. But there is difference between yours and my feeds, look at my chart please. My broker is IBFX. Is this bad?
Hey Jack

FX is not a centralized market so for that reason their is no start and close time like a centralized market. For this reason brokers tend to base their close times on their own timezones and you get a variety of closes based on this. Ultimately price is still price, the only difference is how you see that aggregation of price.

I like to use a 5pm et close as that's close to the official NY close which is notoriously considered the end of the trading day in markets. But at the end of the day we just tell people to trade what they see and if you are comfortable with your feed no need to change it. The analysis of the chart doesn't change too much and bar closes are only a piece of the puzzle

Best
Mike
  • #123,451
  • Feb 26, 2013 1:22pm Feb 26, 2013 1:22pm
Quoting Helius
Hello guys,

after reading this thread for months and months I finally decided to sign up and take part actively. This is by far the best thread I have found on forexfactory. Looking forward to exchanging ideas with you and pick your brains

I would like to share my trade from today. BEOB on the D1 and some nice break and retest on the 4H.
Edit: Closed out for a little profit after this move back up. The previous lows seem to hold.
Attachment
welcome to the thread Helius
  • #123,452
  • Feb 26, 2013 4:45pm Feb 26, 2013 4:45pm
  •  Hummar
  • | Joined Sep 2012 | Status: May the price action be with you | 27 Posts
A breakout on NZD USD? Theres is a nice divergence on daily chart. I am not sure about this. I am going to wait for PA at retracement (green lines) or break of the bar. Mike, what do you think?
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  • #123,453
  • Feb 26, 2013 11:26pm Feb 26, 2013 11:26pm
EUR/USD a bullish divergence, and also forming a double bottom.
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  • #123,454
  • Feb 26, 2013 11:26pm Feb 26, 2013 11:26pm
Quoting Hummar
A breakout on NZD USD? Theres is a nice divergence on daily chart. I am not sure about this. I am going to wait for PA at retracement (green lines) or break of the bar. Mike, what do you think?
if u refer to the divergence shown in red at your chart this shouldnt be any indication for a bearish breakout. This divergence did even play out...
better search for a resistance turned area after a bearish breakout to sell again and follow the major trend to increase your performance.


best,
Jonas
Hero calls followed by margin calls...
  • #123,455
  • Feb 26, 2013 11:27pm Feb 26, 2013 11:27pm
Quoting ping-ping
EUR/USD a bullish divergence, and also forming a double bottom.
a double bottom isnt a double bottom unless it's not confirmed :-p .... but 1.3000 area proved to be a good turning area in the past.... so watch out to buy this baby around there...

take care,
Jonas
Hero calls followed by margin calls...
  • #123,456
  • Feb 26, 2013 11:38pm Feb 26, 2013 11:38pm
Quoting mbqb11
Hey Jack

FX is not a centralized market so for that reason their is no start and close time like a centralized market. For this reason brokers tend to base their close times on their own timezones and you get a variety of closes based on this. Ultimately price is still price, the only difference is how you see that aggregation of price.

I like to use a 5pm et close as that's close to the official NY close which is notoriously considered the end of the trading day in markets. But at the end of the day we just tell people to trade what they...
Thanks Mike! Your opinion is very important for us! Please post more of your charts about your trades based on James16 thread. Thanks a lot from all new to PA traders!
  • #123,457
  • Feb 27, 2013 12:13am Feb 27, 2013 12:13am
Quoting inditrader
There seems to be a great trade waiting us at 5200 on GBPUSD.

Regards
Inditrader

GBP/USD does as expected at 5200 levels. 80 Pips on my side and stop brought to breakeven. Whenever I trade confluence, my success rate remains phenomenal. Now I wonder why I used to trade all those rat/cat moves in my earlier days?

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Hi Mike,

What is your opinion on this pair? I feel it is weak as the retest at weekly/daily PPZ ( break of multiple swing lows both on daily and weekly) was successful.

Though BRN 5000 remains a big barrier, Don't you think it has the potential to move further down in to 4000 levels?

Love to hear from you.
Regards Inditrader
  • #123,458
  • Feb 27, 2013 12:23am Feb 27, 2013 12:23am
Quoting ping-ping
EUR/USD a bullish divergence, and also forming a double bottom.
I dont think we can call that double bottom at all, because we look for double bottom at the bottom of a down trend. This is not a down trend at all.
If not up, then down, otherwise sideways :-)
  • #123,459
  • Feb 27, 2013 12:47am Feb 27, 2013 12:47am
  •  Hummar
  • | Joined Sep 2012 | Status: May the price action be with you | 27 Posts
Quoting PhAnTi'
if u refer to the divergence shown in red at your chart this shouldnt be any indication for a bearish breakout. This divergence did even play out...
better search for a resistance turned area after a bearish breakout to sell again and follow the major trend to increase your performance.


best,
Jonas

The red red line indicates divergence in the last stage of the up trend. I thought about divergence which is shown by the whole move - price tried to made new HHs but without succes (the last one was HH actually but very weak).

Thanks for answer,
Hummar
  • #123,460
  • Feb 27, 2013 12:57am Feb 27, 2013 12:57am
Quoting PhAnTi'
a double bottom isnt a double bottom unless it's not confirmed :-p .... but 1.3000 area proved to be a good turning area in the past.... so watch out to buy this baby around there...

take care,
Jonas
Hi PhAnTi'
I am still learning. thanks for your input, so it's confirmed until it's pull back up? how about the divergence, can we also play that?
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