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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

  • #131,001
  • May 24, 2014 12:21pm May 24, 2014 12:21pm
Quoting stockEX
{quote} Wow, this is uncanny.His posts are mirroring Mike's all the way down to how they adress people. There is no way that this guy hasn't read Mike's stuff.Former PF member? But I have to say his thread is good. Very well structred.
Yes unfortunately its not the first and wont be the last. Scummy people will always be scummy people. But i sleep just fine at night.

thanks for looking out guys
  • #131,002
  • May 24, 2014 2:16pm May 24, 2014 2:16pm
Quoting trc
{quote} Hi Armin, 1st pinbar had a weak close and did not break up. You should use a few pips buffer. 2nd bar was not a pinbar, it was beob. Regards, Peter
Hello Peter,

thank you for your opinion. Especially the first pin bar I found to be quite strong because of the resistance place and also because of the size of the wick. In the future I will try to stick to pinbars that also break up (for bullish pinbars) although many profitable trades are lost then.

Regards,
Armin
  • #131,003
  • Edited 3:25pm May 24, 2014 3:14pm | Edited 3:25pm
I think what made the pin risky could be seen on the weekly ,I think that pin was the thursday ,would be running straight into that nice outside /around swing 13711 and already bearish weekly

Quoting Myrmica
{quote} Hello Peter, thank you for your opinion. Especially the first pin bar I found to be quite strong because of the resistance place and also because of the size of the wick. In the future I will try to stick to pinbars that also break up (for bullish pinbars) although many profitable trades are lost then. Regards, Armin
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #131,004
  • May 24, 2014 5:20pm May 24, 2014 5:20pm
Quoting Bones
I think what made the pin risky could be seen on the weekly ,I think that pin was the thursday ,would be running straight into that nice outside /around swing 13711 and already bearish weekly {quote} {image}
So we should also verify with the higher timeframe? I thought when we trade the daily timeframe we only look at the daily timeframe. Still I probably would not have taken the trade had I seen the weekly direction.
  • #131,005
  • May 25, 2014 2:36am May 25, 2014 2:36am
Hey guys, I just had a scan of the charts and noticed this scenario on the EurJpy pair and on the weekly timeframe we have a small pin, not the greatest but the location of it is interesting - as it appears to be holding up after breaking the multiple highs created in 2009. On the daily TF price is showing exhaustion with a matching pin and my inclination is to wait for the break of that pin around the 139.20 area to go long whilst keeping in mind of the 140.00 psych level so will either TP just before 140.00 or go break even pretty fast. Your thoughts?

In saying that, The euro usd is showing weakness so I am aware of this as a correlation.
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  • #131,006
  • May 25, 2014 4:01am May 25, 2014 4:01am
Well as Mike says there lots of views on just about any subject ,I think whats said is that he does sometime s move around t/f for confirmation/entry other than the one for signal , ,but could be for more advanced
Its only my view but I think its essential to look one up ,



http://www.forexfactory.com/showthre...39#post7487039

Quoting Myrmica
{quote} So we should also verify with the higher timeframe? I thought when we trade the daily timeframe we only look at the daily timeframe. Still I probably would not have taken the trade had I seen the weekly direction.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #131,007
  • May 25, 2014 4:16am May 25, 2014 4:16am
like this ,is high risk set up ,


Quoting Fonz28
Hey guys, I just had a scan of the charts and noticed this scenario on the EurJpy pair and on the weekly timeframe we have a small pin, not the greatest but the location of it is interesting - as it appears to be holding up after breaking the multiple highs created in 2009. On the daily TF price is showing exhaustion with a matching pin and my inclination is to wait for the break of that pin around the 139.20 area to go long whilst keeping in mind of the 140.00 psych level so will either TP just before 140.00 or go break even pretty fast. Your thoughts?...
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #131,008
  • May 26, 2014 1:41am May 26, 2014 1:41am
I think this is good area to check for possible PA to get back with current daily trend. Will be looking for entry on 4hr or 1hr as FTA is only 100 pips away
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  • #131,009
  • May 26, 2014 3:30am May 26, 2014 3:30am
Quoting Fonz28
Hey guys, I just had a scan of the charts and noticed this scenario on the EurJpy pair and on the weekly timeframe we have a small pin, not the greatest but the location of it is interesting - as it appears to be holding up after breaking the multiple highs created in 2009. On the daily TF price is showing exhaustion with a matching pin and my inclination is to wait for the break of that pin around the 139.20 area to go long whilst keeping in mind of the 140.00 psych level so will either TP just before 140.00 or go break even pretty fast. Your thoughts?...
Neither of the daily or weekly pinbars actually closed within the body of the previous bars, technically they're not pinbars. The open of the previous bar on the daily would be a first trouble area, which price has now reached and couldn't get past. I would also want to see some confluence to even consider a trade, it would seem very high risk.
  • #131,010
  • May 26, 2014 5:46am May 26, 2014 5:46am
Quoting stockEX
{quote} Wow, this is uncanny.His posts are mirroring Mike's all the way down to how they adress people. There is no way that this guy hasn't read Mike's stuff.Former PF member? But I have to say his thread is good. Very well structred.
Yeah. I have to give it to him. The resources there are very well organized. I believe mike is doing his best to give the pf member something fresh and a little more oomph. So keep a look out for it. In the meantime, is there anyway we can have a more structured place here? So ppl new can have a better picture of what we're discussing instead of going thru the whole giant thread. And hopefully can make this place lively like it used to be. I kinda miss those times.
  • #131,011
  • Edited 8:46am May 26, 2014 8:42am | Edited 8:46am
Hey Guys,

Got burned pretty quickly by my GBP/CHF Short recently and decided to tap out for a short while.
I made the decision to go on with it while donkey made a good point against it and so did Albus999 on my Journal thread.
I'm over it now tho , it's just another inferior decision, of which I'll most likely make another 101 during my trading endeavor.

Looking at the Russel2000 this weekend, I noticed 2 good setups that I'd like to share with you.

VASC:
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Straddling the 61.8% Fib retrace and closes above BRN 20.
I'm papertrading this one for a long entry at 20.10 (SL: 18.40 / TP: 22.00)

JBSS:
Attached Image (click to enlarge)
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Quite an agressive looking PB, closes below a big cluster of highs at 26.
This one too, I'll papertrade with a Short entry at 25.95 (SL: 27.51 / TP: 24.05) and 26.00/.20 should act as protection.

Have a good week all!

W
It's a sport, an artform and a science.
  • #131,012
  • May 26, 2014 10:30am May 26, 2014 10:30am
Quoting Donaciello
Hey Guys, Got burned pretty quickly by my GBP/CHF Short recently and decided to tap out for a short while. I made the decision to go on with it while donkey made a good point against it and so did Albus999 on my Journal thread. I'm over it now tho , it's just another inferior decision, of which I'll most likely make another 101 during my trading endeavor. Looking at the Russel2000 this weekend, I noticed 2 good setups that I'd like to share with you. VASC: {image} Straddling the 61.8% Fib retrace and closes above BRN 20. I'm papertrading this...

Nice D, these are much better charts that you are giving yourself good protection with. Those are my favorite.

I'd also mark points you are looking to get to b/e, or move your stop. So you marked off the levels that should help protect you but take it a step further in your thought process and think about the potential scenarios that may occur and how you will react.

For example 22 is very far on vasc which had a huge down move so while you might look to see if price can get there we have trouble areas before that. How will you also use your level of protection(meaning at what point will you reduce your risk etc)

Like to see what you say and i'll jump back with how I would attack it

Happy memorial day to those of you in the states

Mike
  • #131,013
  • May 26, 2014 10:34am May 26, 2014 10:34am
Quoting zohaib
I think this is good area to check for possible PA to get back with current daily trend. Will be looking for entry on 4hr or 1hr as FTA is only 100 pips away {image}
1.0 parity is always going to make for a killer location

Be careful dropping down in timeframes though Z. Make sure that if you do it's not just any old bar but has a story or bar size that is representative of that timeframe you drop down too

If I drop down I like to make sure a story is created there too with enough substance that I could trade it without having that higher timeframe behind me too. That really provides power

For example the 1hr may give us a break of a TL and if that can run into the parity level we'll have a lot of confluenced layered on(of course with PA too boot).

Best
Mike
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  • #131,014
  • May 26, 2014 1:30pm May 26, 2014 1:30pm
Quoting Donaciello
Hey Guys, Got burned pretty quickly by my GBP/CHF Short recently and decided to tap out for a short while. I made the decision to go on with it while donkey made a good point against it and so did Albus999 on my Journal thread. I'm over it now tho , it's just another inferior decision, of which I'll most likely make another 101 during my trading endeavor. Looking at the Russel2000 this weekend, I noticed 2 good setups that I'd like to share with you. VASC: {image} Straddling the 61.8% Fib retrace and closes above BRN 20. I'm papertrading this...
nice charts! thanks for them.

concerning VASC, this is my point of view:
the bar before the pinbar is very bearish. price has dropped about 30 from the high. the 20 usd broke, but price closed slightly above.
confluence is not so strong, imho.
this is a very tricky setup, because you are fighting against the recent downmove.
on the daily chart it rather seems that price is going to meet the 20usd breakout-area again.

no trade for me here. hth
meine augen sind die sterne
  • #131,015
  • May 26, 2014 3:41pm May 26, 2014 3:41pm
I miss the days when the market actually moves
  • #131,016
  • May 26, 2014 5:08pm May 26, 2014 5:08pm
Quoting gasgas
I miss the days when the market actually moves
This reminds me of the summer markets of old. When the markets could do no wrong and everyone was making money summers were dead. Everyone knew it and would talk about it. We haven't seen that in a long time.

I can't stress this enough for those of you only trading forex. Stocks have been giving great setups and times like these make me very thankful for other markets.

It will get going soon gasgas hang in there

Mike
  • #131,017
  • May 26, 2014 5:09pm May 26, 2014 5:09pm
Quoting aserbfx
{quote} nice charts! thanks for them. concerning VASC, this is my point of view: the bar before the pinbar is very bearish. price has dropped about 30 from the high. the 20 usd broke, but price closed slightly above. confluence is not so strong, imho. this is a very tricky setup, because you are fighting against the recent downmove. on the daily chart it rather seems that price is going to meet the 20usd breakout-area again. no trade for me here. hth
great points Aser

If that left eye cant hold or this thing can't break strong I would be very nervous

Mike
  • #131,018
  • May 26, 2014 7:22pm May 26, 2014 7:22pm
Quoting mbqb11
{quote} Nice D, these are much better charts that you are giving yourself good protection with. Those are my favorite. I'd also mark points you are looking to get to b/e, or move your stop. So you marked off the levels that should help protect you but take it a step further in your thought process and think about the potential scenarios that may occur and how you will react. For example 22 is very far on vasc which had a huge down move so while you might look to see if price can get there we have trouble areas before that. How will you also use...
Hey Mike,

(Also, Aserbfx, Thanks for you're comment!
Food for thought.)

I see VASC, much like you actually, as a bar that's a bit small for it's preceeding move, but the fib retr.+BRN gave it enough chance I guess.
A clean break is critical though, which is why I'm buying the breakout at 20.10.
If and when I'm in, I'm looking to exit early if price peeks below 19.40, which is the fib's location, as well as a minor PPZ I spotted.
A weekly close below 20 is no good either, so I'd close it 'early' in case that scenario materializes.

For JBSS I really want to see price pull back to the recent highs at 26 and get rejected.
If price doesn't go up that much, I'll cancel the fictional order.
If price goes beyond 26.25, I guess it's time to kill the trade, especially if the PB hasn't broken by then.

I'd like to see what your take on this one is.

W
It's a sport, an artform and a science.
  • #131,019
  • May 27, 2014 1:12am May 27, 2014 1:12am
Quoting premierpip
{quote} if you asked me.....
Hello premierpip,
Thank you for your comment.
Cheers.
  • #131,020
  • May 27, 2014 1:29am May 27, 2014 1:29am
Quoting mbqb11
{quote} This reminds me of the summer markets of old. When the markets could do no wrong and everyone was making money summers were dead. Everyone knew it and would talk about it. We haven't seen that in a long time. I can't stress this enough for those of you only trading forex. Stocks have been giving great setups and times like these make me very thankful for other markets. It will get going soon gasgas hang in there Mike
I started FX in 2011 and never saw so boring markets.
You are lucky to trade stocks with no goverment limits. CFD that provides my broker and that have the similar move with the US shares are completely dumb and useless, they dont move as well.
Markets, wake up :-).
If not up, then down, otherwise sideways :-)
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