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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

Quoting michal9
{quote} Indeed, to the pip! Ability to often spot a level where the price is likely to turn - how to turn this into a profitable trades? You would not put a limit order at a likely reversal point, would you? So we are using power zones as a filter to pass on trades that would have to bust through?
I do that quite often, Michal. Actually a good example is this GE (stock) trade I'm in. But it has to be an A+ setup where everything lines up. Confluence is key. But yes it definitely has its role as a management tool for identifying where the trouble areas are. Then it's a matter of determining whether the probabilities of it being a nasty trouble area is worth putting on the risk, or, possibly, taking the other side.

The key I've found is to look and identify recent setups that I myself would have been interested in taking, that didn't work. If I was interested in them, it's likely other professionals were interested in them too and are still in them. Those are the things you don't want to ignore.
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If you can't tell what the herd is doing...you probably are the herd.
Interesting beob forming on CAD/JPY monthly at a confluence of monthly pivot, ppz, 50% fib retracement on a long term downtrend. Break of box could possibilly be a good trade in the next month. Would love your comments.
Regards, Aziz
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Quoting azizk20
Interesting beob forming on CAD/JPY monthly at a confluence of monthly pivot, ppz, 50% fib retracement on a long term downtrend. Break of box could possibilly be a good trade in the next month. Would love your comments. Regards, Aziz {image}
A break of the box could lead to some selling come in, I agree with you, but I would not discount the box or the 90 BRN PPZ straight underneath.

g.
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I believe . . .
EURAUD

Another 2 hours or so until this daily bar is finished, but if a better pinbar forms, what are thoughts on a long here? We're with the trend, and the pin is bouncing of a weekly S/R and 38.2 fib.

Great to hear anyone's thoughts - my first chart posting!

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Edit- thinking about it, what I should really be saying is not "if a better pinbar forms", but "if a pinbar forms", as technically, we haven't got a pinbar unless the close happens within the previous bar...
We are what we repeatedly do. Excellence, then, is not an act, but a habit
Quoting PhAnTi'
{image} Best, Jonas PS: Bit offtopic: Is there any tool,excel or indicator that tells me how much I am able to trade (in units) when I for example place a stoploss of 400 pips? In other words: A tool that contains 4 variables 1. stoploss in pips, 2.account equity, 3.traded leverage, 4.margin of broker and If Example: I have 10.000 $ in my trading account and want to trade silver. I use a 1:100 leverage and want to set a 400 pip stoploss and risk 30% of my balance, how much units should I trade? I know that I can do this calculation for myself, just...
On MT4 I place my orders with these scripts. You can set your SL, the % you want to risk and the number of orders you want to open.
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File Type: mq4 Multiple Buy.mq4   2 KB | 247 downloads
File Type: mq4 Multiple Sell.mq4   2 KB | 249 downloads
Quoting Beserker
EURAUD Another 2 hours or so until this daily bar is finished, but if a better pinbar forms, what are thoughts on a long here? We're with the trend, and the pin is bouncing of a weekly S/R and 38.2 fib. Great to hear anyone's thoughts - my first chart posting! {image} Edit- thinking about it, what I should really be saying is not "if a better pinbar forms", but "if a pinbar forms", as technically, we haven't got a pinbar unless the close happens within the previous bar...
Hi Berserker,
congarts to your first chart here. Hereīs what I see (letīs assume, that today bar is really pinbar). As you said we are in uptrend, so youīre right that you would be trading with the trend and not against it. The bar also tested 1.5 BRN (although Iīd like to see its nose protrude more under it) and previous consolidation (marked orange). But I would not still trade it. Hereīs why. This pin bar should be traded at swing low but here we would trade it as a continuation bar and we would trade right against previous swing high (market green). Donīt get me wrong outside bars and pin bars can be traded as continuation bars but itīs more tricky (trust me I got burned a lot of time) and it needs some practice (still working on it). Still just my opinion as a beginner. Hope this helps you somehow.

Mav
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Quoting mbqb11
{quote} Hey M No official date, but we are very far along. We are actually wrapping it up with the design team tomorrow. I am as excited as anyone will make teaching a lot easier for me. So hang in there Best Mike
This is really silly but - I sure am going to miss that blue background with those big gold buttons Feeling nostalgic already. lol
If you can't tell what the herd is doing...you probably are the herd.
Quoting Mav13
{quote} Hi Berserker, congarts to your first chart here. Hereīs what I see (letīs assume, that today bar is really pinbar). As you said we are in uptrend, so youīre right that you would be trading with the trend and not against it. The bar also tested 1.5 BRN (although Iīd like to see its nose protrude more under it) and previous consolidation (marked orange). But I would not still trade it. Hereīs why. This pin bar should be traded at swing low but here we would trade it as a continuation bar and we would trade right against previous...
Thanks for the response Mav, really appreciated

Ok - I have a question on your response if you wouldn't mind sparing another 10 minutes!

I have come to believe that it's better to trade a pinbar with the trend, as otherwise I would be trying to pick a bottom or top of the trend. So does this not mean that if I am trying to trade a pinbar with the trend, it will always be a continuation bar? I see it as trading the 'swing low' of the retracement of the uptrend...

Or is there a subtle difference between trading a continuation, or a swing high/low, but both still being with the trend?

I hope my question is clear!

Cheers
We are what we repeatedly do. Excellence, then, is not an act, but a habit
Quoting Mav13
Hi, just wanted to post 2 of my recent trades. First was GBPCAD, it was DBHLC at major swing high with plenty of space, I was aiming for 1.8 BRN. Since this pair moved a lot these past few days I set wider protective barrier for my order, so my order was not triggered. It seems that it saved my skin. Second trade is on EURTRY, there was a huge BEOB at major swing high, again plenty of space. My order got trigerred so this is trade Iīm actually in right now. I hope we will get to 3.0 BRN and there I will watch what happens, I will reduce my risk...
don't get easier then that huh


Enjoy the pips

here was mine

Mike
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Quoting Beserker
{quote} Thanks for the response Mav, really appreciated Ok - I have a question on your response if you wouldn't mind sparing another 10 minutes! I have come to believe that it's better to trade a pinbar with the trend, as otherwise I would be trying to pick a bottom or top of the trend. So does this not mean that if I am trying to trade a pinbar with the trend, it will always be a continuation bar? I see it as trading the 'swing low' of the retracement of the uptrend... Or is there a subtle difference between trading a continuation, or a swing...
Hi,
Iīll do my best. First of all, you must realize that pinbars and outside bars are reversal patterns, they usually mean some kind of exhaustion (so for example in an uptrend buyers pushed the prices too high and they need rest). In order to work there must be something for them they can reverse, some trend that preceded them, this also usually means creation of space. Thatīs the traditional way they are traded. Trading pinbars (outside bars) at swing low/high doesnīt necessary mean picking bottom or top of the whole trend. The bar itself is just one piece of puzzle (just a trigger), its location and confluence of other factors (divergence, BRN, strong ppz) are very important. So not every pinbar at swing high/low will BE A+++ bar that will reverse the whole trend, some will make it only to FTA and then the trend will continue. Itīs up to us as traders to assess all information and choose adequate trade management (for example take full profit at FTA, go to BE or not take the trade at all). Trading pinbars (or outside bars) with the trend is trading them as continuation, that is more advanced and can get you into trouble more easily. For example I play them this way only in breakout trades.
Well, I donīt know if I answered you question as you wanted, like I said Iīm also pretty much still in beginner phase, maybe some other member will jump in and give you better explanation

Mav
Quoting mbqb11
{quote} don't get easier then that huh Enjoy the pips here was mine Mike {image}
Hi Mike,
thanks for the chart, youīre right. I closed this trade now, the downtrend is very steep so itīs possible there will be some retracement.

Quoting michal9
{quote} Mav, thanks for sharing. My observation for EUR/TRY, for this counter-trend short trade to work, it seems we need a central bank of Turkey intervention to be sucessfull (unless your take profit level is very close).....
Quoting Beserker
{quote} My first thought on the GBPCAD would be that I was shorting against a very strong uptrend. I would be worried that the down bar of the DBHLC would have been the only retracement I was going to get before the trend resumed - which is how it's turned out. Easy for me to say in hindsight of course!
Michal9 and Berserker, thank you both for your contributions, I appreaciate it

Mav
Please can anybody attach here DuPont (DD) shares weekly chart? Want to see if it's correlated with CFD DuPont chart.

He is CFD weekly chart.
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If not up, then down, otherwise sideways :-)
Quoting Magestic
Please can anybody attach here DuPont (DD) shares weekly chart? Want to see if it's correlated with CFD DuPont chart. He is CFD weekly chart. {image}
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Slow & steady
Quoting patapouer
{quote} {image}
Nice copy
If not up, then down, otherwise sideways :-)
Quoting Magestic
{quote} Nice copy
It sure is!

But both are the same, aren't they?

I mean, we both trade CFDs on Dupont stocks… so we both have the same chart of CFD for #DD don't we?...
I had a glance at Investopedia's pages on stock/shares and CFDs. From what I understand, CFDs are just a way to trade shares, futures or metals…

The #DD stock chart is:

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(from Market Watch)

which is definitly similar to our CFDs charts...


Or did I mixed everything up once again??

Anyway, let's see how it unfolds
Slow & steady
Quoting Mav13
{quote} Hi, Iīll do my best. First of all, you must realize that pinbars and outside bars are reversal patterns, they usually mean some kind of exhaustion (so for example in an uptrend buyers pushed the prices too high and they need rest). In order to work there must be something for them they can reverse, some trend that preceded them, this also usually means creation of space. Thatīs the traditional way they are traded. Trading pinbars (outside bars) at swing low/high doesnīt necessary mean picking bottom or top of the whole trend. The bar itself...

Hi Mav,

Big thank you again for taking time out to try and explain things to me - much appreciated!

So far the most success I have had in trading pinbars is in a sideways market where we have price bouncing between an upper and lower S/R over large swings - I will play a pinbar or outside bar on the S/R on the reversal back to the opposing S/R. Now that I stop to think about it, I don't think I've played either of these bars at the bottom of the retracement of a trend - as I was mooting in the trade we've been discussing. I didn't realise I hadn't done this, and that this was a different scenario to the one I have been playing until you pointed it out to me.

To be honest, I'm still struggling to see the difference - except maybe in a retracement we don't have as large a run up to the creation of the pin or OB, so the signal will be a bit more iffy?

As I've mentioned previously - the over riding rules of playing james16 price action seem quite straightforward - it's the subtlety and finesse of the plays once I'm on the coalface that takes time to understand!

By the way - the example I used that started this discussion has bombed Although it is beginning to form another pinbar... !

Thanks again Mav.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
Quoting Beserker
{quote} Now that I stop to think about it, I don't think I've played either of these bars at the bottom of the retracement of a trend - as I was mooting in the trade we've been discussing. I didn't realise I hadn't done this, and that this was a different scenario to the one I have been playing until you pointed it out to me. To be honest, I'm still struggling to see the difference - except maybe in a retracement we don't have as large a run up to the creation of the pin or OB, so the signal will be a bit more iffy? A.
Just a few of J16 must read:
http://www.forexfactory.com/showthre...7972#post17972
http://www.forexfactory.com/showthre...34#post5472634
http://www.forexfactory.com/showthre...15#post5449815
http://www.forexfactory.com/showthre...47#post5444447
http://www.forexfactory.com/showthre...02#post5435702
Slow & steady
Quoting patapouer
{quote} Just a few of J16 must read: http://www.forexfactory.com/showthre...7972#post17972 http://www.forexfactory.com/showthre...34#post5472634 http://www.forexfactory.com/showthre...15#post5449815 http://www.forexfactory.com/showthre...47#post5444447 http://www.forexfactory.com/showthre...02#post5435702
Thanks a lot Patapouer for taking the time to dig out those great examples. I think what I should be noticing is the 'swing' into the pin? If this is the case, then yeah, I get it

I have a question over one of your examples though - 'rocket ship time' - http://www.forexfactory.com/showthre...47#post5444447

This one to me looks like a pin forming on the retracement of a trend, which I think was what I was trying to play before. Sorry, not trying to catch anyone out, just trying to really get to grips with what I'm seeing, and I apologise for banging on about it! I think Mav was saying that these trend plays are valid set-ups, but more difficult to play. It's the clearer 'swings' into a pin or outside bar ( on confluence ) that are that top set-ups to take?

Thank y'all for your patience and help in helping me to understand!

Cheers
We are what we repeatedly do. Excellence, then, is not an act, but a habit
Quoting Beserker
{quote} Thanks a lot Patapouer for taking the time to dig out those great examples. I think what I should be noticing is the 'swing' into the pin? If this is the case, then yeah, I get it I have a question over one of your examples though - 'rocket ship time' - http://www.forexfactory.com/showthre...47#post5444447 This one to me looks like a pin forming on the retracement of a trend, which I think was what I was trying to play before. Sorry, not trying to catch anyone...


Not sure I fully get what you mean...

Go visit http://www.james16group.us/Guests/guestmaterial.html and take the time to watch Mike's video. There is one about cherry-picking the pinbar which is worth a lot of pips. Can't remember which one though so you'll have to watch them all
Slow & steady
Hi Guys, Hi Mike!
I was discussing what will happen tonight with a friend of mine. My HTF analysis clearly say that if we get a break of 3800 (EURUSD), will be break of monthly and weekly levels, we are going into SPACE of 1000 pips. On weekly we had already big BUOB last week. One of the biggest bullish bars lately.
My Daily analysis is on the chart. My assumtion is that big boy are waiting some big news event like FOMC or NFP to load their milion lots.
Please let me know if it makes sense to you.
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