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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

  • #136,781
  • Sep 2, 2015 3:05am Sep 2, 2015 3:05am
Quoting contrails
CADCHF short {image}
morning guys.

doesn't the weekly chart disagree with this?

or are you just looking for a smallish retracement back to 0.70000-ish before possibly going long again?
  • #136,782
  • Edited 4:36am Sep 2, 2015 4:20am | Edited 4:36am
Quoting Adhavan
{quote} Hi Kershey,Just I would like to share my view of EURJPY ..I hope Price still within channel.. {image}
Hello Adhavan,
whats most interesting for me is, that yesterdays D1 candle closed below last weeks low and took out the low of August.
Currently Im short this and are waiting if it can take out yesterdays low.
  • #136,783
  • Sep 2, 2015 4:21am Sep 2, 2015 4:21am
Was watching this pair since 8 trading days for an entry.
Now trading USD/TRY D1 range or IB breakout long into 3.0000.
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  • #136,784
  • Sep 2, 2015 4:41am Sep 2, 2015 4:41am
Quoting djbenny1
{quote} morning guys. doesn't the weekly chart disagree with this? or are you just looking for a smallish retracement back to 0.70000-ish before possibly going long again?
250 pips is smallish! my first TP is 75pips

The last week is another one of the many pins/hammers all over the place. The trend is downward, the breakout level is (price pivot) is significant enough for me to trade
  • #136,785
  • Sep 2, 2015 5:00am Sep 2, 2015 5:00am
Quoting Kershey
Was watching this pair since 8 trading days for an entry. Now trading USD/TRY D1 range or IB breakout long into 3.0000. {image}
Nice one Kershey. I am in it at 2.9500, classical flag breakout + bounce off the ascending trend line. Hopefully we rocket to 3.0 and beyond
  • #136,786
  • Edited 8:43am Sep 2, 2015 8:32am | Edited 8:43am
OIL H4 IB. Profit locked. 500 + pips on 2 trades with this pair in the last 2 days plus 100 locked in here. I'll take it while it's giving it. Might be heading for another 300 on this 3rd trade today. Some big moves this week to capitalise on.

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'Fail to plan, plan to fail'
  • #136,787
  • Sep 2, 2015 9:33am Sep 2, 2015 9:33am
Quoting contrails
{quote} 250 pips is smallish! my first TP is 75pips The last week is another one of the many pins/hammers all over the place. The trend is downward, the breakout level is (price pivot) is significant enough for me to trade
Thanks for the reply.

You don't think you'll go long on the weekly pin then?
  • #136,788
  • Sep 2, 2015 2:15pm Sep 2, 2015 2:15pm
Quoting mbqb11
{quote} was a lot of these wicks or badly closed almost pinbars across the board. I spoke earlier this weekend how suspicious I was off the sharp reversals we saw I shorted sgd/jpy sunday and i've been short teh SP500 since last week. If we slide off again things could go quick {image} {image}
Hey Mike, i'm a bit confused when you say you were short the SP- looking at the weekly chart there appears to be a strong pin bar , and I was actually considering taking it long as it closed above support at 1970 ish. Based on the weekly chart alone, would there be a reason not to take this long?

Secondly, I understand that as traders we need to watch out for s/r levels and should avoid taking trades were levels are close by, but is there ever a scenario were we should disregard a s/r level based on the strength of the signal? For example I've attached EURCAD weekly, which looks like a really strong pin (though it could protrude more, as its body is a good bit inside the previous candle, but overall not bad), but with nearby support. I'm taking very small position sizes at the moment and trading weeklies only, so i'm prepared to be patient!

Thanks,

TG
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  • #136,789
  • Sep 2, 2015 5:39pm Sep 2, 2015 5:39pm
thats a 500 pip wick eur cad
there is such a thing in Japanese candles bearish/bullish in the neck ,(or j16 =wick play) , honestly thinking this is not it
its a tricky pattern

Quoting TGpop
{quote} (though it could protrude more, G {image} {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #136,790
  • Sep 2, 2015 5:49pm Sep 2, 2015 5:49pm
Quoting TGpop
{quote} Hey Mike, i'm a bit confused when you say you were short the SP- looking at the weekly chart there appears to be a strong pin bar , and I was actually considering taking it long as it closed above support at 1970 ish. Based on the weekly chart alone, would there be a reason not to take this long? Secondly, I understand that as traders we need to watch out for s/r levels and should avoid taking trades were levels are close by, but is there ever a scenario were we should disregard a s/r level based on the strength of the signal? For example...
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  • #136,791
  • Sep 2, 2015 5:59pm Sep 2, 2015 5:59pm
I haven't got S&P ,so dow ,essentially after a huge move down a candle forms ,can be a continuation pattern
I don't think id trade against it ,without up failure
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #136,792
  • Sep 2, 2015 6:08pm Sep 2, 2015 6:08pm
eur nzd outside ,
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #136,793
  • Sep 2, 2015 7:56pm Sep 2, 2015 7:56pm
Quoting rocky
{quote} {image}
Rocky, sorry for the really noob question, but is this info (or a variation of it) applicable to trading forex? And if it is, do you have any good reference material so I can learn more about it? Thanks in advance.
  • #136,794
  • Sep 2, 2015 9:27pm Sep 2, 2015 9:27pm
Quoting TGpop
{quote} Hey Mike, i'm a bit confused when you say you were short the SP- looking at the weekly chart there appears to be a strong pin bar , and I was actually considering taking it long as it closed above support at 1970 ish. Based on the weekly chart alone, would there be a reason not to take this long? Secondly, I understand that as traders we need to watch out for s/r levels and should avoid taking trades were levels are close by, but is there ever a scenario were we should disregard a s/r level based on the strength of the signal? For example...
Hey TG

For me it all started with the entire market and how we closed the week out. I posted to the group about how suspicious everything was and how much I felt the snap back price action was not trust worthy. I found it hard to believe we have the biggest drops ever and we don't see any bears come in? I think we are left with too logical places to look for sells which is my current level and a bit higher of a retrace.

Again i've had this opinion for weeks and weeks i've been saying a sell off is coming in fact I nailed it but trade wise things didn't pan out and I wasn't able to profit off the initial huge drop. Having a trade plan that works in tandem with your trade beliefs is critical otherwise as traders we won't be consistent. Consistency is the key to trading success in my opinion. The last few weeks they have clicked more for me which is good.

I know I am not in here as much with detail so I figured i'd upload my webinar from this week for you guys. I speak a lot about the reason why I did not play those pinbars but also how to keep yourself safe even if you did

Inserted Video


Hope this helps a bit

Mike
  • #136,795
  • Sep 2, 2015 9:27pm Sep 2, 2015 9:27pm
Quoting TGpop
{quote} Hey Mike, i'm a bit confused when you say you were short the SP- looking at the weekly chart there appears to be a strong pin bar , and I was actually considering taking it long as it closed above support at 1970 ish. Based on the weekly chart alone, would there be a reason not to take this long? Secondly, I understand that as traders we need to watch out for s/r levels and should avoid taking trades were levels are close by, but is there ever a scenario were we should disregard a s/r level based on the strength of the signal? For example...
Many of the supposed "pin bars" would be trading straight into traffic and S/R levels. Look at how the right eye is reacting off the S/R levels, i.e. away from the levels and retracing up along the wick/tail of the "pin". We're more than half way through the week and none of the right eye of many of the large weekly "pins" are forming properly, so I personally would give them a pass. I remember reading somewhere (either here or J16/mbqb materials on the website) that pin bars need to be defined by the left and right eyes, otherwise it's not valid. On the other hand, if you have wick play as part of your trading strategy like Mike does, then it looks like that can be a valid play instead.
  • #136,796
  • Sep 2, 2015 11:38pm Sep 2, 2015 11:38pm
Quoting Bones
eur nzd outside , {image}
On my feed it finished as a marginal IB.
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  • #136,797
  • Sep 3, 2015 2:42am Sep 3, 2015 2:42am
Quoting rocky
{quote} {image}
Hi Rocky, great explanation with illustration! Thanks!
  • #136,798
  • Sep 3, 2015 4:10am Sep 3, 2015 4:10am
Quoting contrails
{quote} Nice one Kershey. I am in it at 2.9500, classical flag breakout + bounce off the ascending trend line. Hopefully we rocket to 3.0 and beyond
Hm, I thin 2.9500 is a bit expensive, it made also a nice retracement to 2.9350 after the outside bar.
Meanwhile, approaching 1:1 with a 4H close some pips above yesterdays high.
Maybe it will become a run to 3.0000.
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  • #136,799
  • Edited 5:19pm Sep 3, 2015 4:17am | Edited 5:19pm
Should have bought this breakout.
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  • #136,800
  • Sep 3, 2015 5:28am Sep 3, 2015 5:28am
Possible inside bar on EURGBP D1??
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