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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

  • #135,601
  • Jul 3, 2015 2:32am Jul 3, 2015 2:32am
Got in on this pinbar on the USD/JPY, I realised that is was not an ideal setup but decided to trade it with a 10 cent lot size. Would have posted it earlier but have been so busy.

Stop at break even and am 30 odd pips to the good on the trade. Looking for a push beyond 123.200 again as with yesterday and will see how things go from there.
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  • #135,602
  • Jul 3, 2015 3:35am Jul 3, 2015 3:35am
Keeping an eye on the USD/CAD, price was rejected from resistance but felt the candle wasn't strong enough to get in the trade straight away.

Thinking price could move back up and test again the resistance and then look to sell depending on PA. The highs of the end of May could cause issues on the way down.
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  • #135,603
  • Jul 3, 2015 3:52am Jul 3, 2015 3:52am
Quoting Guitarbloke
GBP/USD D1 PB off support. Hey Inco. There is a thread 'summary' of some core posts you might find interesting. It is on page 1 post 1 about a third of the way down the page. Click on the link directly below the following words on page 1....... 'below are some posts that i feel should not get lost in this very large thread. if you know of one not listed here please let me know.' and it'll take you to a bit of a summary circa a few years ago, but still relevant today. Rawk on. GB {image} AUD/JPY H4. BEOVB. Took 1OO pips before market just took out...
Good job GB. My AUD trades on daily, almost there.

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  • #135,604
  • Jul 3, 2015 4:54am Jul 3, 2015 4:54am
Quoting Bladerunn3r
Got in on this pinbar on the USD/JPY, I realised that is was not an ideal setup but decided to trade it with a 10 cent lot size. Would have posted it earlier but have been so busy. Stop at break even and am 30 odd pips to the good on the trade. Looking for a push beyond 123.200 again as with yesterday and will see how things go from there. {image}
Looks like a bearish pin bar formed on 2nd July rejecting the PPZ area around 123.75 and the bearish trend line drawn from the high of 5th June. My gut feel is that price will move downwards again in the short term. Maybe you should lock in your profits now instead of looking for a further push above 123.20?
  • #135,605
  • Jul 3, 2015 4:55am Jul 3, 2015 4:55am
Quoting Guitarbloke
GBP/USD D1 PB off support. Hey Inco. There is a thread 'summary' of some core posts you might find interesting. It is on page 1 post 1 about a third of the way down the page. Click on the link directly below the following words on page 1....... 'below are some posts that i feel should not get lost in this very large thread. if you know of one not listed here please let me know.' and it'll take you to a bit of a summary circa a few years ago, but still relevant today. Rawk on. GB {image} AUD/JPY H4. BEOVB. Took 1OO pips before market just took out...
Hey GB, I just bookmarked that. I will go through some of it this weekend. Thanks! I also placed an order to buy Sterling at the PB ret but it looks like the bus has left without me. I’m not going to hop on at the breakout though. It’s not worth the risk considering the amount of trouble just ahead. Oh well.
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Well done on your 100 point winner BTW. I'll drink to that!
  • #135,606
  • Jul 3, 2015 5:12am Jul 3, 2015 5:12am
Quoting antisystem
Hi, guys! It's my first post here! I'm happy to find this thread and get a lot of new useful info! Thanks a lot everybody! Now I'm in process of reading from the beginning. Incognito, maybe this post will help : http://www.forexfactory.com/showthre...99#post2585699. Besides membership in j16group can be a good motivation for your trading Also I'd like to remind of a referendum in Greece this Sunday, so take care about your EUR positions, if you have them. Besides, can you give me some advise about pinbar on daily USDJPY?...
Hey Anti, thanks for the link. Yeah I dont have intentions of holding any positions over the weekend. I dont even have an open trade today to be honest.

Regarding the USDJPY daily pin bar: Im only looking for buying opportunities on this pair so Im not taking any shorting signals. Besides its really close to support so if you are taking it, be sure to move your stop to BE ASAP as Bladerunner did.
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  • #135,607
  • Jul 3, 2015 5:28am Jul 3, 2015 5:28am
Quoting oble
{quote} Looks like a bearish pin bar formed on 2nd July rejecting the PPZ area around 123.75 and the bearish trend line drawn from the high of 5th June. My gut feel is that price will move downwards again in the short term. Maybe you should lock in your profits now instead of looking for a further push above 123.20?
Hi Oble, you are right there was a big move down at what looked to be around the US open, i was at work so only saw it later. As incognito said,buys on this pair are safer and the fact that I am break even I am happy to let the trade run.

  • #135,608
  • Jul 3, 2015 5:34am Jul 3, 2015 5:34am
If i may ask a general question, how many pairs do you guys monitor for potential setups?
  • #135,609
  • Jul 3, 2015 5:46am Jul 3, 2015 5:46am
AUD/CAD H1 PB off resistance coming in to land any second. Noice.

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'Fail to plan, plan to fail'
  • #135,610
  • Jul 3, 2015 5:49am Jul 3, 2015 5:49am
Quoting Bladerunn3r
If i may ask a general question, how many pairs do you guys monitor for potential setups?
Hey Blade, I can answer for myself: 31 pairs.

7 majors: GBPUSD, EURUSD, AUDUSD, USDJPY, USDCAD, USDCHF, NZDUSD.
21 crosses: GBPJYP, GBPAUD, GBPCHF, GBPCAD, GBPNZD; EURBGP, EURJPY, EURCHF, EURAUD, EURCAD, EURNZD; AUDJPY, AUDCAD, AUDCHF, AUDNZD; CADJPY, CADCHF; NZDCAD,NZDCHF, NZDJPY; CHFJPY.
3 exotics: USDZAR, GBPZAR, EURZAR.
  • #135,611
  • Jul 3, 2015 5:54am Jul 3, 2015 5:54am
Quoting Guitarbloke
AUD/CAD H1 PB off resistance coming in to land any second. Noice. {image}
Nice work GB
  • #135,612
  • Jul 3, 2015 6:04am Jul 3, 2015 6:04am
Quoting incognito517
{quote} Hey Blade, I can answer for myself: 31 pairs. 7 majors: GBPUSD, EURUSD, AUDUSD, USDJPY, USDCAD, USDCHF, NZDUSD. 21 crosses: GBPJYP, GBPAUD, GBPCHF, GBPCAD, GBPNZD; EURBGP, EURJPY, EURCHF, EURAUD, EURCAD, EURNZD; AUDJPY, AUDCAD, AUDCHF, AUDNZD; CADJPY, CADCHF; NZDCAD,NZDCHF, NZDJPY; CHFJPY. 3 exotics: USDZAR, GBPZAR, EURZAR.
Thanks incognito, that is a lot of pairs but i can see you trade the daily which must make it easier to monitor them. I too trade the daily but have 13 pairs open, its a difficult balance to try to achieve in not missing any strong trading opportunities but also not sending yourself mental by having so much to monitor.
  • #135,613
  • Jul 3, 2015 6:18am Jul 3, 2015 6:18am
Thanks Inco.

Anti. USD/JPY Bearish PB is counter trend so less of a probability but may well send price down. (having said that, if it breaks out lower from 123.000 I may look to short it down to support). I will look to buy when/if price comes back down to around 122.000 area support. Or short it if it breaks through and heads south.

Blader, i'm watching USD/CAD too. If it returns to 1.24000 area i'll look to buy. Depends on PA at the time. Right now I don't know what it wants to do. lol. I look at as many pairs as I can really. Just watch the spread. But WTI Oil and Gold can be quick and crazy.
'Fail to plan, plan to fail'
  • #135,614
  • Jul 3, 2015 6:24am Jul 3, 2015 6:24am
Quoting Bladerunn3r
{quote} Thanks incognito, that is a lot of pairs but i can see you trade the daily which must make it easier to monitor them. I too trade the daily but have 13 pairs open, its a difficult balance to try to achieve in not missing any strong trading opportunities but also not sending yourself mental by having so much to monitor.
Yeah it's quite easy to manage when you're trading just the daily charts. I have a daily routine, everyday at New York close I scan each pair for my 5 favourite setups. If any of them are present and they meet my conditions I simply record them in my trading journal. So when I'm done, I calculate how much I'm comfortable risking (RR scenarios) and place my orders. It takes 30 minutes or so to do on 31 pairs. It's really quite easy to manage. Intraday trading is a burden that I don't have to carry, no siree!
  • #135,615
  • Jul 3, 2015 8:54am Jul 3, 2015 8:54am
Short GBP/JPY, pinbar off former support.
TP hit near RR 1:1 around weekly low.
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  • #135,616
  • Jul 3, 2015 9:02am Jul 3, 2015 9:02am
Also short USD-JPY, D1 pinbar off a swing high.
Took profit before weekend at first trouble area at 122.60.
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  • #135,617
  • Jul 3, 2015 9:03am Jul 3, 2015 9:03am
Quoting Guitarbloke
Thanks Inco. Anti. USD/JPY Bearish PB is counter trend so less of a probability but may well send price down. (having said that, if it breaks out lower from 123.000 I may look to short it down to support).
USD/JPY D1 PB. CT trade but Bearish PA story and broke through BRN and 150 ema on H1 and tight stop/low risk as confluence enough for me to take it.

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'Fail to plan, plan to fail'
  • #135,618
  • Jul 3, 2015 9:10am Jul 3, 2015 9:10am
Quoting Kershey
Short GBP/JPY, pinbar off former support. TP hit near RR 1:1 around weekly low. {image}
Good job on those trades Kershey. I've been trying to get short on this pair for awhile, but missed this recent opportunity. I knew it was heading south. Will watch for a pullback and reassess PA.
'Fail to plan, plan to fail'
  • #135,619
  • Jul 3, 2015 9:54am Jul 3, 2015 9:54am
Man! I feel so left out today. Seems like GB, Zamfir, Kershey, Blade and just about everybody made money today except me. Well done you guys!
  • #135,620
  • Edited 12:15pm Jul 3, 2015 12:12pm | Edited 12:15pm
Quoting incognito517
Man! I feel so left out today. Seems like GB, Zamfir, Kershey, Blade and just about everybody made money today except me. Well done you guys!
I was stopped out on my trade UJ trade at break even, although a small pin has just formed on AUD/JPY, its at support and a BRN on the H4.

Don't feel left out, I am demoing so its all ethereal money at the moment. The Ferrari is on hold for a while but to make myself feel better i make car noises whilst riding around on my BMX
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