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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

  • #124,621
  • Apr 10, 2013 7:29am Apr 10, 2013 7:29am
Positive Short Trade.
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Price Is The Best Indicator Itself.
  • #124,622
  • Apr 10, 2013 7:29am Apr 10, 2013 7:29am
Quoting yaki
hi , Where I was wrong, I saw the PINBAR at the end of the move then appeared Dogi supposed to strengthen the end of the the move and the third candle reversed, where I went wrong? {image}
Hey Y

I posted my answer just above over here

http://www.forexfactory.com/showthre...97#post6589597


It's just a very small pinbar in relationship to that stronger move up. Don't think of the bars as having to do something but try to understand what we think is happening here. In this case price bounces off a good resistance area and BRN but notice the bounce is very subdued. I'd like a bigger bar to show the true strength.

We in turn got a much better continuation breakout buob at this area, but I missed that one myself

Best
Mike
  • #124,623
  • Apr 10, 2013 7:43am Apr 10, 2013 7:43am
Quoting Flamegs23
From what I have read so far, this area has been tested many times and that pin bar is weak and because it has been tested many times this might be a breakout to the upside.
good job F, its not a surprise price to bounce here it's a good area(or even for potential shorts). But the bar gives us that extra info to say were the sellers really that strong? By the structure and size of the bar my answer would be no as well

Mike
  • #124,624
  • Apr 10, 2013 7:53am Apr 10, 2013 7:53am
Quoting Starfish
Thank you very much for the answer, but why the NY time close, becouse its the most popular? Thats the only reason?
Hi Starfish,

yep, sort of self-fulfilling prophecy: if everyone looks at the same chart then moves are amplified.
And also because it marks the end of the NY session. The european session is already closed (London, Frankfurt). And the asian session volumes are lower.
As far as I could understand

take care,
Slow & steady
  • #124,625
  • Apr 10, 2013 8:15am Apr 10, 2013 8:15am
Quoting ralf86
Hi to all my pipmates ^^ well here we go, thats my first chart, so be even more rude to me so I can reach & continue with you even faster ^^. EUS/USD (Daily of course) I found (screenshot attached) what I think is some confluence. 150 & 365 emas, fibb at 38.2 lvl, also a VBRN that acted as resistance recently. So I suppose that now I should wait for some PA-Setup to happen to confirm a enter, right? For example i could: - Go short if price does not manage to close above our PPZ (i put my blue rectangle around the VBRN and 32,8 Fib) AND forms a nice...
Hey Ralf

Nice to see you post your first chart. While much of what you say makes sense I would like to see you keep things more basic when starting out. For example the BUOB that already formed a few days back would be the best trade on this chart. Nice clean BUOB at a nice swing low. Then use your MAs and pivots for management of the trade.

I took this one myself
http://www.forexfactory.com/showthre...19#post6578519

Try sticking to the more basic PA formations in the areas James teaches us to find them first. It will make your life a lot easier.

Best
Mike
  • #124,626
  • Apr 10, 2013 9:55am Apr 10, 2013 9:55am
Hey Mike,

Do you like this BUOB on EUR/AUD weekly chart? At a swing low and just about closed above the BRN (1.2500). We've got the retrace, but I'm in two minds. Also a question related to this: The weekly closed just above the BRN but the daily has closed under the BRN for the last two days and probably will do today also. Would that be a concern or would you just ignore it and only look at what's on the weekly?

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Update on NZD/CHF trade from yesterday: Closed for full profit as it was approaching an RN.
  • #124,627
  • Apr 10, 2013 10:28am Apr 10, 2013 10:28am
Quoting Hiten123
Hey Mike, Do you like this BUOB on EUR/AUD weekly chart? At a swing low and just about closed above the BRN (1.2500). We've got the retrace, but I'm in two minds. Also a question related to this: The weekly closed just above the BRN but the daily has closed under the BRN for the last two days and probably will do today also. Would that be a concern or would you just ignore it and only look at what's on the weekly? {image} Update on NZD/CHF trade from yesterday: Closed for full profit as it was approaching an RN.
Hey H

I am not a huge fan of this one. It's sort of lacking enough of a story for me. I would say that I would have preferred a close above that gap from a few weeks back. This does have an interesting support area but with a lack of space here it makes for a tricky trade.

As for the daily, I would always focus just on the weekly in this case though myself.

Best
Mike
  • #124,628
  • Apr 10, 2013 11:35am Apr 10, 2013 11:35am
Quoting mbqb11
Hey H I am not a huge fan of this one. It's sort of lacking enough of a story for me. I would say that I would have preferred a close above that gap from a few weeks back. This does have an interesting support area but with a lack of space here it makes for a tricky trade. As for the daily, I would always focus just on the weekly in this case though myself. Best Mike
Thanks Mike, sorry for all the questions but could you explain what you mean by lack of space? I'm not seeing much traffic so just want to know where I'm seeing the chart wrong.
  • #124,629
  • Apr 10, 2013 12:15pm Apr 10, 2013 12:15pm
Quoting Hiten123
Thanks Mike, sorry for all the questions but could you explain what you mean by lack of space? I'm not seeing much traffic so just want to know where I'm seeing the chart wrong.
Hey H

No bother at all bud

For me I see price boxing on top of boxes. So if we look towards the midpoint of our boxes as I teach these are almost always minor but strong PPZs. This is sort of right above the break of the BUOB and puts us in a tough spot with such a sideways market. It's just one that I would be uncomfortable dealing with.

Hope that helps
Mike
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  • #124,630
  • Apr 10, 2013 12:29pm Apr 10, 2013 12:29pm
Quoting mbqb11
Hey H No bother at all bud For me I see price boxing on top of boxes. So if we look towards the midpoint of our boxes as I teach these are almost always minor but strong PPZs. This is sort of right above the break of the BUOB and puts us in a tough spot with such a sideways market. It's just one that I would be uncomfortable dealing with. Hope that helps Mike {image}
cool, I see what you mean now, Mike.
  • #124,631
  • Apr 10, 2013 12:31pm Apr 10, 2013 12:31pm
Hi all

I want to start to read the thread
So I start only one method at this time and see how jim works only with pinbar but I need to search through all the links ...........
Is it possible to find a summaries of the method or someone direct me how to work correctly and not get lost in all the stuff in here
Thank you
Yaki
דרך אגב , יש פה מישהו שדובר עברית?
  • #124,632
  • Apr 10, 2013 12:39pm Apr 10, 2013 12:39pm
Quoting Moly_Cam5
hi mbqb11, what you see in GBP/Aud long ?
Hey Moly

What timeframe were you wanting me to check out anything in particular?

Thanks
Mike
  • #124,633
  • Apr 10, 2013 1:19pm Apr 10, 2013 1:19pm
On USDCHF Daily, there is a candle due to close in 40 min. If closes like it looks now, it looks to me like a Pin Bar. I was thinking about placing a pending buy stop above it (once closed and confirmed as a PB). It is sitting at a nice confluence from 50% Fib ret, PPZ and 0.9300 RN. What do you think about this one ?
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  • #124,634
  • Apr 10, 2013 2:20pm Apr 10, 2013 2:20pm
Quoting sandrutza
On USDCHF Daily, there is a candle due to close in 40 min. If closes like it looks now, it looks to me like a Pin Bar. I was thinking about placing a pending buy stop above it (once closed and confirmed as a PB). It is sitting at a nice confluence from 50% Fib ret, PPZ and 0.9300 RN. What do you think about this one ? {image}
I originally dismissed this PB, abut after I saw you match it with 50fib and on top recent support, it looks good. Here is a question though, the dollar index has a bearish pinbar and has generally been weak, should we take this into consideration with all $pairs? Or should we not really look into it as at any given time the dollar may be stronger than x, but weaker than y.
  • #124,635
  • Apr 10, 2013 2:21pm Apr 10, 2013 2:21pm
sandrutza

365 ma is close and could become resistance


just my 2 bobs worth
  • #124,636
  • Apr 10, 2013 2:24pm Apr 10, 2013 2:24pm
Quoting jaypatel33
I originally dismissed this PB, abut after I saw you match it with 50fib and on top recent support, it looks good. Here is a question though, the dollar index has a bearish pinbar and has generally been weak, should we take this into consideration with all $pairs? Or should we not really look into it as at any given time the dollar may be stronger than x, but weaker than y.
I would wait for a answer from the senior members... I have just started to trade PA with the J16 method, so I was looking for a nanswer myself. I was wondering if the nose of the pinbar was protruding the previous candle enough... what do you think ?
  • #124,637
  • Apr 10, 2013 2:34pm Apr 10, 2013 2:34pm
Quoting sandrutza
I would wait for a answer from the senior members... I have just started to trade PA with the J16 method, so I was looking for a nanswer myself. I was wondering if the nose of the pinbar was protruding the previous candle enough... what do you think ?
I hope a senior will answer that for you, they will have better judgement than me, but if I were to say, the wick is by no mean long, I would consider it weak, and as for the protrusion, it's not clean. But the confluence may make up for that. Just my 2 cents.
  • #124,638
  • Apr 10, 2013 2:38pm Apr 10, 2013 2:38pm
Quoting jaypatel33
I originally dismissed this PB, abut after I saw you match it with 50fib and on top recent support, it looks good. Here is a question though, the dollar index has a bearish pinbar and has generally been weak, should we take this into consideration with all $pairs? Or should we not really look into it as at any given time the dollar may be stronger than x, but weaker than y.

If you look at the Daily USD index chart, you can see it recently bounced up from the 38.2 % fib and also from a ppz zone (check the circled areas). It looks like it is about to make lower highs... I could be wrong of course...
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  • #124,639
  • Edited 3:13pm Apr 10, 2013 2:39pm | Edited 3:13pm
I'll be very surprised if price doesn't get reaction off this level.
SP500
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  • #124,640
  • Apr 10, 2013 4:06pm Apr 10, 2013 4:06pm
Quoting jaypatel33
I hope a senior will answer that for you, they will have better judgement than me, but if I were to say, the wick is by no mean long, I would consider it weak, and as for the protrusion, it's not clean. But the confluence may make up for that. Just my 2 cents.
Hey Jay

Yep be very careful here this is a very very small bar with a very small wick. It's hard to gauge the strength of the bounce here coming off a much strong down move. Think like the aud/usd many were posting before and wondering why. These then become difficult to manage because of their size and hard to really tell. These tend to give new traders trouble. Look for those bigger bars or as james calls them "pitbull" pinbars

Best
Mike
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