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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

  • #127,581
  • Aug 29, 2013 2:35am Aug 29, 2013 2:35am
Quoting gianmarco
What do you guys think about these pinbars on EURAUD and NZDUSD? {image} {image}
Like EUR/AUD pin, coz it was rejected off BRN and previous swing high. But was tempted with USD/TRY pin instead, and would like a little bit longer nose. But EUR/AUD much better progress though at least for now
If not up, then down, otherwise sideways :-)
  • #127,582
  • Aug 29, 2013 3:55am Aug 29, 2013 3:55am
Quoting Magestic
I'm also in USDTRY, but these pins that are rejected from nothing bother me. But it realy beautiful, I agree. I'll be watching the left eye to hold. MIke please tell us whats your opinion?
Can you please tell what do you mean by "I'll be watching the left eye to hold" ?
  • #127,583
  • Aug 29, 2013 4:58am Aug 29, 2013 4:58am
Quoting giggles
{quote} Can you please tell what do you mean by "I'll be watching the left eye to hold" ?
Yes, but remeber that is just my idea of the trade. Maybe i'll take a loss, and those who stay in with SL at the top of the PB will win, and will burst tomorrow...
Attached Image (click to enlarge)
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If not up, then down, otherwise sideways :-)
  • #127,584
  • Aug 29, 2013 6:34am Aug 29, 2013 6:34am
Thanks for the nice explanation. I am going to target 2.59 (EURTRY). Its so easy to do this while demoing. But when its real money, there is super pressure.
  • #127,585
  • Aug 29, 2013 6:56am Aug 29, 2013 6:56am
Quoting giggles
Thanks for the nice explanation. I am going to target 2.59 (EURTRY). Its so easy to do this while demoing. But when its real money, there is super pressure.
Hi, you can start trading only small positions (mini lots, micro lots) and when youŽll get used to that (pressure, real conditions or whatever), you can increase your position size a little and this way youŽll eventually reach your desired position size. Just my 2 cents

Mav
  • #127,586
  • Aug 29, 2013 7:20am Aug 29, 2013 7:20am
Quoting Mav13
{quote} Hi, you can start trading only small positions (mini lots, micro lots) and when youŽll get used to that (pressure, real conditions or whatever), you can increase your position size a little and this way youŽll eventually reach your desired position size. Just my 2 cents Mav
Thanks. Waiting for 3 months of profitability as James advised.
  • #127,587
  • Aug 29, 2013 7:39am Aug 29, 2013 7:39am
Hi Seniors,

I have a question with respect to the gbpcad chart.

On the daily charts, price has been in a sideways market. It repeatedly tested 1.62 and fell back in the trading range. Recently, price showed upward momentum and closed above 1.62 and a pinbar has been formed. I assume that previous resistance has now become support.

The pinbar has closed below brn 1.63. So if I place an order above the high of the pinbar, I will be trading into the brn 1.63. So does that mean that the close above 1.62 did not have any weightage and the trade should not be taken?
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  • #127,588
  • Aug 29, 2013 9:40am Aug 29, 2013 9:40am
Quoting Magestic
I'm also in USDTRY, but these pins that are rejected from nothing bother me. But it realy beautiful, I agree. I'll be watching the left eye to hold. MIke please tell us whats your opinion?

Fantastic bud I am doing the exact same thing. Greatly reduces our risk but maintains the trade

Eur/try had more confluence but usd/try more space. Guess right now I picked the wrong one, lets see what happens

Best
Mike
  • #127,589
  • Aug 29, 2013 9:50am Aug 29, 2013 9:50am
Attached Image (click to enlarge)
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  • #127,590
  • Aug 29, 2013 10:44am Aug 29, 2013 10:44am
Quoting mbqb11
{quote} Fantastic bud I am doing the exact same thing. Greatly reduces our risk but maintains the trade Eur/try had more confluence but usd/try more space. Guess right now I picked the wrong one, lets see what happens Best Mike
Yes, damn! TRY kicks EUR's ass, and someone holds this dollar
If not up, then down, otherwise sideways :-)
  • #127,591
  • Aug 29, 2013 11:07am Aug 29, 2013 11:07am
Hi folks,

This is an awesome thread thanks to james16 for offering gems on how to read the chart.

I did some quick and dirty backtests and it seems the higher timeframes (daily) are more reliable especially regarding outside/double bars. I use MT5 which has 12/8/6 hour charts and these seem to throw up a lot of outside bars. This seems to be due to one of them covering the busy sessions and the other the quieter session. They also seem to be nonstandard timeframes? Not sure if this matters?
  • #127,592
  • Aug 29, 2013 12:20pm Aug 29, 2013 12:20pm
Winner Winner Chicken Dinner!

Attached Image (click to enlarge)
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  • #127,593
  • Aug 29, 2013 4:11pm Aug 29, 2013 4:11pm
Quoting Magestic
{quote} Like EUR/AUD pin, coz it was rejected off BRN and previous swing high. But was tempted with USD/TRY pin instead, and would like a little bit longer nose. But EUR/AUD much better progress though at least for now
I entered the NZDUSD instead for a quick profit; unfortunately the price didn't go beyond 0.78386 while my TP was at 0.78391! Only 5 pips
  • #127,594
  • Aug 29, 2013 6:48pm Aug 29, 2013 6:48pm
Quoting Bullet
Hi folks, This is an awesome thread thanks to james16 for offering gems on how to read the chart. I did some quick and dirty backtests and it seems the higher timeframes (daily) are more reliable especially regarding outside/double bars. I use MT5 which has 12/8/6 hour charts and these seem to throw up a lot of outside bars. This seems to be due to one of them covering the busy sessions and the other the quieter session. They also seem to be nonstandard timeframes? Not sure if this matters?
Hey Bullet

Welcome to the thread

Generally really one timeframe isn't more reliable over the other from my experience. THe better part about the higher timeframe is usually the ability to take in the information and not have to make rash decisions. PA is pretty universal though and I think the beauty of it is that. I treat a 4hr pretty much the same as a weekly etc. I don't really aggregate to some of the lesser used timeframes like 6hours but from time to time certainly will use an 2day bar or 8hour bar etc. The MOST important thing is the confluence or story as I call it. PA is often the "trigger" into the story.

Again welcome to the thread and hope you learn a ton
Mike
  • #127,595
  • Aug 29, 2013 8:53pm Aug 29, 2013 8:53pm
Looking at GBPUSD daily: pinbar rejecting 21 and 150 EMA and S/R line around 1.543 BUT really near to the 365 EMA which by the way happens to be on a resistance area tested on may (heavily) and early august...
Anyone looking at this setup?
It's just that 365 EMA that's worrying me otherwise I would take the trade.
Hope to hear your thoughts about this
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD daily.png Size: 21 KB
  • #127,596
  • Aug 30, 2013 3:11am Aug 30, 2013 3:11am
Quoting mbqb11
{quote} Hey Bullet Welcome to the thread Generally really one timeframe isn't more reliable over the other from my experience. THe better part about the higher timeframe is usually the ability to take in the information and not have to make rash decisions. PA is pretty universal though and I think the beauty of it is that. I treat a 4hr pretty much the same as a weekly etc. I don't really aggregate to some of the lesser used timeframes like 6hours but from time to time certainly will use an 2day bar or 8hour bar etc. The MOST important thing...
Hi Mike,

Thanks for replying, good to know that this works on all timeframes although as per the first post I will start out on daily/weekly. Checked the charts last night and nothing I see worth trading.

Sorry another more practical question about charts, do you guys have all your charts open with areas marked or just open each chart then worry about areas when there is a signal bar?
  • #127,597
  • Aug 30, 2013 6:05am Aug 30, 2013 6:05am
Hi Mike , hi everybody...
after a good vacation i found a good setup on WTI Oil.

Price has gone back into the box...we'll see.

BTW i'm not that good at reducing risk yet.
Attached Image (click to enlarge)
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  • #127,598
  • Aug 30, 2013 7:19am Aug 30, 2013 7:19am
Quoting aioico
Hi Mike , hi everybody... after a good vacation i found a good setup on WTI Oil. Price has gone back into the box...we'll see. BTW i'm not that good at reducing risk yet. {image}
hey aioco, the pinbar closed outside the left eye so it's not a pinbar technically according to J16 PA. however if it had i would have taken the trade while looking for the left eye to hold upon the breaking of the pinbar to head into the ppz below. just my 2pips.
Attached Image (click to enlarge)
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  • #127,599
  • Aug 30, 2013 9:20am Aug 30, 2013 9:20am
Hey Mike, initially I also prefered the upper trendline but I was concerned that if price did break out to the upside there would be a lot of trendline touches/traffic for price to break though. Anyone of these points could reverse price back to our entry. Question, how important is traffic / trendline touches within a pattern after price has broken out ? (if that makes sense )

Cheers
Dan
  • #127,600
  • Aug 30, 2013 10:10am Aug 30, 2013 10:10am
Hello, I am quite new on this thread, I am now studying on the start of this thread, post by post...and I am pretty enthusiastic about this.
Can please somebody comment me this situation? I will be very greatful

What I see...I see "double top formation" on the round number 1.50000 and 38.2 fibo lvl and small pinbar on the second top of "double top formation" which looks like a good entry for me.

Attached Image (click to enlarge)
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