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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

  • #132,421
  • Sep 26, 2014 3:13pm Sep 26, 2014 3:13pm
Quoting Kouroushi
Hey everybody, Though it's a bad time in late Friday, I went short on USD/JPY H1 because of the rejection seen through a pinbar at top of the box. What do you think? {image}
Hi Kouroushi. My advice would be to take caution when trading intraday candles towards NY close on a Friday as pinbars here may represent profit taking by institutional traders winding up positions prior to the market close. A naked trading author actually nick-names these intraday end of week candles "sucker candles" for this reason.

Personally, Fridays are generally a half day for me!

Another thing you should consider is whether you want to hold an intraday (especially 1 hour) pinbar over the weekend and expose yourself to possible market gaps by monday.

Quoting mbqb11
{quote} Hey V Yep here is the 1hr you can see which bars I aggregated and I entered on the open of the next hourly bar last night. The 87/50 pivot i've been watching for awhile and not found anything I liked. My timing was just a bit off on the last few trades but kept those losses small and this one was just a beauty Hope that helps Mike {image}
Lovely trade Mike. I had the same TL on my charts waiting for a break but missed the move. This one was a beauty. It just dropped!
Follow me on twitter @FxLester
  • #132,422
  • Sep 26, 2014 3:20pm Sep 26, 2014 3:20pm
Quoting flash4
{quote} hi doerpn you may want to hear an experienced traders opinion (not me!) but personally i would do nothing unless i got some entry signal (bars), i understand it broke a good level but unless i get the signal i am starting to learn to move on the next opportunity. i am not good enough to make a move unless i get a really strong indicator to do so, and if i dont get one then i dont make a move. but i think the experienced guys may way well do what your second option suggests.
Hi flash, I understand your attitude very well....on the other side I monitored very often strong moves without comeback....mmmhhhmmm.
Probably the experienced traders will tell us about the situations where these strong breakouts are fake outs in the end. And the other problem may be: where to put the stop? Strong breakout=wide stopp loss
Have a nice day
  • #132,423
  • Sep 26, 2014 3:55pm Sep 26, 2014 3:55pm
Quoting FxLester
{quote} Hi Kouroushi. My advice would be to take caution when trading intraday candles towards NY close on a Friday as pinbars here may represent profit taking by institutional traders winding up positions prior to the market close. A naked trading author actually nick-names these intraday end of week candles "sucker candles" for this reason. Personally, Fridays are generally a half day for me! Another thing you should consider is whether you want to hold an intraday (especially 1 hour) pinbar over the weekend and expose yourself to possible market...
Lester,
Thank you for your advice,
I wanted to be quick on this as I almost am right now, I'm near breakeven with some little profit. I'll probably keep the rest till Monday
  • #132,424
  • Sep 27, 2014 3:44am Sep 27, 2014 3:44am
Quoting Magestic
One mor setup I wanted to share. Watching it already for a long time. {image}
I see that you use FXpro, i do to but i dont find EURSEK, i have only 30 different currencies/equities. All the pairs are available in their webtrader but not when i download the desktop client.
  • #132,425
  • Sep 27, 2014 11:55am Sep 27, 2014 11:55am
Planning to go long CHFJPY next week.

N
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  • #132,426
  • Sep 28, 2014 12:50am Sep 28, 2014 12:50am
Guys, I am planning to go long EURNZD. Please read the charts and my logic and tell me whether it is the right way to go.

Thanks,

N
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  • #132,427
  • Sep 28, 2014 5:25am Sep 28, 2014 5:25am
I am not specialist, but if you look at it it can be breakout or just a resistance point that used to be support, so from this point price can go either way imo
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On my way to financial independence - if others can do it - I can do it
  • #132,428
  • Sep 28, 2014 5:28am Sep 28, 2014 5:28am
and again - this type of triangle don't specify the direction of chart in future - it can go both ways
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On my way to financial independence - if others can do it - I can do it
  • #132,429
  • Edited 5:56am Sep 28, 2014 5:32am | Edited 5:56am
this kind of triangle I just drew (ascending) usually (nothing is for sure) means the price will go up.
the triangle you spotted - called symmetric indicates it will go up or down so it indicates nothing
but yes, you are right about the entry point - should be once price will get out from triangle range with s/l just few pips below triangle


But I am just a newbie ;-)
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On my way to financial independence - if others can do it - I can do it
  • #132,430
  • Sep 28, 2014 6:40am Sep 28, 2014 6:40am
btw - I thought it can be useful for some people: http://swing-trading-strategies.com/...ng-strategies/
quite interesting summary of some of James 16 ideas
On my way to financial independence - if others can do it - I can do it
  • #132,431
  • Sep 28, 2014 6:42am Sep 28, 2014 6:42am
does anyone watch this one
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  • #132,432
  • Sep 28, 2014 6:46am Sep 28, 2014 6:46am
Quoting Eur Usd
this kind of triangle I just drew (ascending) usually (nothing is for sure) means the price will go up. the triangle you spotted - called symmetric indicates it will go up or down so it indicates nothing but yes, you are right about the entry point - should be once price will get out from triangle range with s/l just few pips below triangle But I am just a newbie ;-) {image}
Thanks
  • #132,433
  • Sep 28, 2014 9:24am Sep 28, 2014 9:24am
Quoting Neytiri
Planning to go long CHFJPY next week. N {image}
Hi Neytiri,
On my daily chart, I see that price returned to the pennant and below BRN after breakout. If it would open close above last low, I would enter on breakout down. Let's see how this develop next week
Cheers.
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  • #132,434
  • Edited 10:02am Sep 28, 2014 9:45am | Edited 10:02am
USDNOK Continued...
I can see three bar highs at the same level and last candle near this level (soldiers in the trench at enemy line). So if the price opens below highs but not far, I will try breakout with target @ BRN.
If opens above, I could try touch trade or PA on lower TF if price retraces to highs but I think I will just sit and look.

Thank you for your comments.
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  • #132,435
  • Sep 28, 2014 10:20am Sep 28, 2014 10:20am
Quoting Eur Usd
I am not specialist, but if you look at it it can be breakout or just a resistance point that used to be support, so from this point price can go either way imo {image}
great chart eurusd

here is another view with a few more lines added with how price boxes and the highs/lows/midpoint become boundaries for future boxes
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  • #132,436
  • Sep 28, 2014 10:35am Sep 28, 2014 10:35am
Quoting mbqb11
{quote} great chart eurusd here is another view with a few more lines added with how price boxes and the highs/lows/midpoint become boundaries for future boxes {image}
Thanks
In general I'd say it will go up rather than down but I am still learning PA and do lot's of mistakes so would wait till price gets out from that triangle
On my way to financial independence - if others can do it - I can do it
  • #132,437
  • Sep 28, 2014 11:02am Sep 28, 2014 11:02am
Hi Seniors, (Mike, Zamfir, FxLester ...)

Please comment on my GBPUSD chart analysis.

Thanks,

N
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  • #132,438
  • Sep 28, 2014 11:31am Sep 28, 2014 11:31am
Hi All,
having to learn more about PA which book do you suggest to build
basic knowledge ?
Below few good example:
- Martin Pring - "On Price Patterns"
- Al Brooks - "Trading Price Actions"

Thanks a lot
Cheers
Xam
  • #132,439
  • Sep 28, 2014 11:41am Sep 28, 2014 11:41am
Quoting Xamarass
Hi All, having to learn more about PA which book do you suggest to build basic knowledge ? Below few good example: - Martin Pring - "On Price Patterns" - Al Brooks - "Trading Price Actions" Thanks a lot Cheers Xam
master these first - http://www.learntotradethemarket.com/
it's better to know less but be specialised in it then to know too much - it can be too confusing
On my way to financial independence - if others can do it - I can do it
  • #132,440
  • Sep 28, 2014 1:31pm Sep 28, 2014 1:31pm
Quoting Neytiri
Guys, I am planning to go long EURNZD. Please read the charts and my logic and tell me whether it is the right way to go. Thanks, N {image} {image}
Neytiri

This is regarding your query about EURNZD. I am not an expert but this is my analysis with my limited knowledge of the subject. It is a good location with respect to BRN and price approaching a major PPZ. So here is the point...it is approaching a MAJOR PPZ but still we dont know how is going to behave at that point. The PA we are looking at in the diagram seems like double bar low but not a compelling bullish outside bar. You have to be careful trading this and keep a tight watch on the lower time frame and as you can already see the price is consolidating on the LTF. I would wait for a clear breakout and then would baby sit this trade and move this to BREAKEVEN at FTA ......the PA has to be very compelling with respect to PPZ and there the strength is PPZ and not PA will target for FTA.....
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