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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

  • #124,001
  • Mar 21, 2013 12:34pm Mar 21, 2013 12:34pm
Quoting dervel
Got it!Actually the resistance being so close was the reason I didn't take the trade.
In a hypothetical scenario that the resistance is 60-70 pips away, is it unreasonable to expect the price to go up those 60 pips because of the bar formation, hitting the resistance and then going back down?Would a trade like that make sense (even if it was less than 1:1) or do you always look only for the best setups with a good amount of space for a runner?

Thanks again Mike, your help as well as Jarroo's and other senior members' is greatly appreciated!...
Hey D

The problem is really that we don't want to just assume price will go to that area if it is 60 pips away based on just the bar. At least not in this type of story. The basis to take a bar should always be WHY. So what is the confluence/reasons etc. This is what you hear me refer to as the story. So we don't want to generalize too much as that will lead us to over trading cause every bar formation we might just make that assumption and that's usually where traders struggle. So the R:R isn't ever the problem for me, just understanding the situation.

I take quick hitter traders and because of the nature take profit quick or get to b/e, as well as trades in space that I may allow to run more if the story is correct

Hope that makes sense
Mike
  • #124,002
  • Mar 21, 2013 1:24pm Mar 21, 2013 1:24pm
Hi Mike

Thank you for your last reply.
Do you know of an indicator that would text msgs to a smart phone on Pin Bar, Engulfing bar creation? I live in a horrible time zone for Forex, Pacific US.
  • #124,003
  • Mar 21, 2013 3:08pm Mar 21, 2013 3:08pm
Quoting makwana
My opinion (and always happy to be corrected)

Market: GBP/USD, Method: Jarroor

Price has broken HCR from the 5th March and if price closed above we will set out order trigger to the the HCR line. The stop loss I estimate to be the low of the previous days doji and our first target level would be the high of the pin bar which was created a few days back.

Market: USD/JPY, Method: James16 (IB)

Price is within yesterdays candle as as the prevailing trend is up we are looking to enter long if todays candle stays within yerterdays...
Hi Krunal,

I was switching between reading posts here and looking at my G/U chart.
I saw your "potential PBT&CA" 2 seconds prior to reading your post, but just a little different.

My HCR is close to a LCS from before the market seemed to begin reversing; making this a zone of support turned resistance.
By the way, did you see the massive monthly PB that might be in the making?
I added the monthly chart aswell.


As for the possible IB forming on U/J, IB's are entered on a break-out, whichever side that might be.

I'm still in the learning process myself, so you might want to hang in for the view of the seniors involved with Jarroo's mathod.

Hope this makes sense .

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It's a sport, an artform and a science.
  • #124,004
  • Mar 21, 2013 3:54pm Mar 21, 2013 3:54pm
Quoting inditrader
Hi Stephen,

Since you have asked , here we go. Its purely a price action setup with confluence factors. I will take the case of EJ and all Yen pairs had the same type of setups in different versions. If you understand the charts below you can do the homework on rest of them as well.

We have 2 charts below.

First one is a 4 hourly and red line is a trendline joining the cones of each high during its previous downmove .

On 25th Feb we had a big fall and as one can expect a huge consolidation leading to upmove. As far as first chart goes...
Thank you
It's all psychology...
  • #124,005
  • Mar 21, 2013 4:13pm Mar 21, 2013 4:13pm
Quoting ping-ping
Ouch i have misunderstanding about dblhlc or is it to consecutives highs as jim mention on early chart he posted ? Thx pin bar for your input

No problem, that chart explains them all.
  • #124,006
  • Mar 21, 2013 4:19pm Mar 21, 2013 4:19pm
Quoting bwaltner
Pinbar
Could we be using the highlighted area as an HCR for the next level? It corresponds to the 1.5250 area as well as previous lows.

Walt

Attachment

We could but, what lines up with it historically?
I prefer this area because of that spike hanging in space.
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  • #124,007
  • Mar 21, 2013 4:47pm Mar 21, 2013 4:47pm
Quoting meshka
Sorrry for late reaction... I just pay more attention to the most recent swings. and if price fly in space with no recent swings on left then i go deeper to the past to search for most significant swings. I dont know what else to say really nothing complicated... I think You heard about thousand times already

Thanks Meshka

Are you working mainly on the Daily tf, then finding weekly levels that line up with the daily ones, or only looking at the daily tf then, going down to a lower tf?

Always so simple, unlike my way of looking at them.

Would you do me a favor and show me your AUD/JPY chart, and explain why you chose those levels?

Thanks in advance
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  • #124,008
  • Mar 21, 2013 5:02pm Mar 21, 2013 5:02pm
Quoting ashag28
Hi Mike

Thank you for your last reply.
Do you know of an indicator that would text msgs to a smart phone on Pin Bar, Engulfing bar creation? I live in a horrible time zone for Forex, Pacific US.
Hey Ashag

Sorry I don't know anything like that. I am a very manual person. I only set price alerts myself

Best
mike
  • #124,009
  • Mar 21, 2013 5:11pm Mar 21, 2013 5:11pm
Quoting mbqb11
Hey D

...

Hope that makes sense
Mike
It very well does! Thanks Mike, you 've been really helpfull
  • #124,010
  • Mar 21, 2013 7:31pm Mar 21, 2013 7:31pm
Hi guys,

Just taken a short on this. All looks well for now.
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  • #124,011
  • Mar 21, 2013 11:45pm Mar 21, 2013 11:45pm
Pin or pillar at 5200? For me it is the latter.

In the process of reducing the risk for this trade.

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Regards Inditrader
  • #124,012
  • Mar 21, 2013 11:49pm Mar 21, 2013 11:49pm
Back to bad? ( good!) old circle

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Regards Inditrader
  • #124,013
  • Mar 21, 2013 11:54pm Mar 21, 2013 11:54pm
David? or Goliath?


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Regards Inditrader
  • #124,014
  • Mar 22, 2013 2:37am Mar 22, 2013 2:37am
What do you guys think of this pinbar? It's on the USD/CAD. If the next bar breaks the pin, I think it could go to 1.03000.
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  • #124,015
  • Mar 22, 2013 2:52am Mar 22, 2013 2:52am
Found another one on NZD/JYP that closed below 79.000. Could this be a quick trade to 78.000? If we get past that point then 77.000 seems to be the next resistance. The pink lines are a round number indicator that I am playing around with.
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  • #124,016
  • Mar 22, 2013 3:42am Mar 22, 2013 3:42am
Quoting Red1324
What do you guys think of this pinbar? It's on the USD/CAD. If the next bar breaks the pin, I think it could go to 1.03000.
Hi Red,
personally I would not trade this pin bar. Here is what I see. I think that right now we´re in sideways market (green box) and we´re playing this pin bar in traffic (remember as Mike and James often say we want to see bar like this on swing low, especially when we´re beginning). Also I tried to mark where price had some difficulties in past (orange line) so it might repeat. I don´t say that price won´t hit your target, it still might but I think we can find better setups. But please take this just as my personal opinion as a newbie

Mav
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  • #124,017
  • Mar 22, 2013 4:21am Mar 22, 2013 4:21am
Hi guys, first time poster here. I was hoping to get a critique on a pin bar trade I put on yesterday.

http://www.mql5.com/en/charts/96438/...-alpari-uk-ltd

Do we have enough confluence to enter this trade, I see that the pin bar low rejected a support level, and put in the trade.

Thanks, Also I have been working my way thru this thread and Nial Fuller's articles, who I understand got most of his stuff from here, are there any important differences between the two.

Thanks again.
  • #124,018
  • Mar 22, 2013 5:43am Mar 22, 2013 5:43am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting jaypatel33
Hi guys, first time poster here. I was hoping to get a critique on a pin bar trade I put on yesterday.

http://www.mql5.com/en/charts/96438/...-alpari-uk-ltd

Do we have enough confluence to enter this trade, I see that the pin bar low rejected a support level, and put in the trade.

Thanks, Also I have been working my way thru this thread and Nial Fuller's articles, who I understand got most of his stuff from here, are there any important differences between the two.

Thanks again.
Hi,
Jay

I got a very weak close on my feed on that bar which is a pin bar on your feed, I've edited your chart to show the consolidation box we were in identified by the blue box. Also you would have been trading right into the flip point of the consolidation box marked with the red line. Also trading the break of the pin you would have been trading right into the traffic of the bar high/lows which created the flip point.

Did the pin bar break by 10 pips? I can't tell if it did, if it did I would have had a stop below the consolidation box initially but cut out for a small loss if the bar lows didn't hold at the orange line - that's how I would have managed the trade personally.

Hope that kinda makes sense, still a newbie myself, but that's my view.

Kind Regards
Sanil
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  • #124,019
  • Mar 22, 2013 6:31am Mar 22, 2013 6:31am
Quoting Donaciello
I was switching between reading posts here and looking at my G/U chart.
I saw your "potential PBT&CA" 2 seconds prior to reading your post, but just a little different.
My HCR is close to a LCS from before the market seemed to begin reversing; making this a zone of support turned resistance.
Hi Donaciello,

Cheers for your feedback, your charts makes sense and as the market is still in a downward motion, it does make sense to go short than long. However another question is that - is a HCR valid regardless of how many times price has bounced off it, thus giving numerous entries into the trade at different times. For instance this HCR mentioned by yourself has been 'touched' twice so far and has just been touched again for a short.

Quoting Donaciello
By the way, did you see the massive monthly PB that might be in the making?
Wow that is a super pin bar didn't know that until your mentioned it! Cheers for that
  • #124,020
  • Mar 22, 2013 6:39am Mar 22, 2013 6:39am
My opinion (and always happy to be corrected)

Market: EUR/GBP, Method: Jarroor

Price has broken 0.853, with a S/L at the open of the PBT&CB candle (could be wrong with s/l, please correct if it is wrong).
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