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james16 Chart Thread
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Sep 17, 2010 10:47am
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J16 Senior Member cczar
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Quote:
Originally Posted by Cyrus
Post summaries by the seniors. If there's anyone you think should be in that I missed out, let me know please. I don't track this great thread page by page anymore so I'm abit dated in who else posts good stuff.
If I may give my 2cents (I'm gonna give it anyway. LOL), for the newer folk, learn as much as you can, then simplify as much as you can. Then, ensure that you are trading your OWN style/expression of what James/Mike/Jarroo/Kiss etc are showing you. Stay within this material until you "get it" before venturing too far out lest...
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Wow . .what a great post
. . .not just for your continuous contributions of putting these posts together in an orderly fashion (no idea how you do that) .
. . .but for the content you have here in this post . ."learn as much as you can, then simplify as much as you can". . .great stuff . .
I should just but quotes on the whole post and repost it.
Rant on, brother . . .rant on . .  1st post material, for sure.
Jim
5000 . . .Rules 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 17, 2010 11:20am
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J16 Senior Member cczar
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Quote:
Originally Posted by jarroo
Interesting where Price was caught between on the DJIA30 through all of last week. Between the previous bar Low of the Weekly BEOB and the previous bar High of the Weekly DBLHC, which barely broke through.
More to upside this week on the DJIA30 if the Weekly DBLHC plays out and finds the 10500 to act as strong Support, breakout - pullback style.
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No surprise where the Weekly DBLHC was going on the DJIA30 . . 1st target hit earlier this week.
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Indicators show the past. Price Action "Indicates" the future.
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Sep 17, 2010 11:36am
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J16 Senior Member cczar
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Quote:
Originally Posted by Jonnyislost
Saw an interesting short setup on the on the EUR/AUD last night, but it doesn't comply with my usual style so I just played it on demo.
EUR/AUD 4 Hour
Strong Downtrend
Retracement to;
Descending trendline
1.4000 BRN
Price flip
Bearish Pinbar.
The Pinbar was tiny and badly formed but considering all the added confluence here I think it was an high probability trade
Jonny
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Classic . . . 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 17, 2010 11:46am
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J16 Senior Member cczar
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Quote:
Originally Posted by Dan Gilbert
in a Jarroo free trade now.
i4b straddling VBRN... I have not been taking many trades at all this past month.... feels boring but all the best trades have been happening on 4hr at about 5-7 AM mountain time.... no way I can catch those lol....
edit: my stop loss was initially under the low of the I4B
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Darn . .I saw this one too but missed it . . .well done sir. 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 17, 2010 11:58am
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J16 Senior Member cczar
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Quote:
Originally Posted by Dan Gilbert
Not a horrible one to skip, the bar wasn't exactly small... just barely an I4B. But these work too well to miss anymore. I did miss the USDCHF earlier this week 
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I saw that the I4B and its previous bar, closed was above the 1.6000, Resistance turning back into Support of the 1.6000 PPZ level.
But many times this type of analysis gets in the way of these I4B+BRNs .. . lol . . .if it broke the other way it would probably have been equally as good. 
__________________
Indicators show the past. Price Action "Indicates" the future.
Last edited by jarroo, Sep 17, 2010 12:09pm
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Sep 17, 2010 1:24pm
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J16 Senior Member cczar
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Quote:
Originally Posted by melvin87
Hi everyone,
I was doing some backtesting and had some problems on a pin on USD/CAD during the june 2010 period which didn't quite really work out but i'm not too sure why.
Would appreciate if you guys could critique my thought process:
- Bullish divergence in the march/april period
- Bullish Pin on 14/6/2010 with 61.8 fib and PPZ confluence
It wasn't clear to me at that point of time that the market would start trading sideways since i was doing the backtesting 1 bar at a time.
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Hey Mel.
Its great that you're back testing PA . .its a great exercise and one that I still do all the time. .
You will find that just looking for PA formatons is not the complete story of your back testing. You'll hear again and again through out this thread, that it is the Location and its suporting confluences that is the key to what makes Price Action work.
So take into account the PPZ levels, BRNs, retracement levels, divergence and other confluences is your back testing search. I say this only because I see no other "parts of the story" in your chart . . just PA.
Looking at the Usd/Cad weekly time frame the 1.0300 is a strong PPZ level. The analogy of a PPZ level can act as hot electrical wire then this is one of them.
On the Daily, the PB in June, it lines up nicely with the 1.0300 and a 61.8 fib . . a nice confluence. So the locational confluence of this PB is very good, imo.
Next we look at the Space or Traffic, Size, Structure. Structure looks good, Open and Close within the previous bar. Size could be much bigger compared to the previous move down. Space: We like to have some good Space to see if it has room to run or at least cover our risk. This where the Swing High or Low comes into play. These swing points give this much needed Space.
As Mike has said, the choppiness of this pair at the time gave little breathing room for this PB to move upward without hitting a lot of previous bar Highs or Lows; aka . . traffic.
So, imo, the Location was very good, but the Space (traffic) and Size was not good at all. If we are trading A+ setups only . .then this is a easy pass.
A+ setups have greatness on all sides of the equation.
. . .but is it tradable? Absolutely. . .but your trade managent is different then an A+ setup, meaning an A+ setup can be given more leeway because of its greatness-ness. My way, on this June PB (if I chose to trade it), would be a hard break, tight SL, etc.
just some thoughts,
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Last edited by jarroo, Sep 17, 2010 1:38pm
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Sep 17, 2010 1:43pm
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J16 Senior Member cczar
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Quote:
Originally Posted by stewrigh
I think I might be a bit dense but no matter how long I look at this chart I just can't see an I4B.
Can someone show me what I'm missing.
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The #4 in the "I4B" is included in the I4B.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 17, 2010 1:46pm
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J16 Senior Member cczar
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Quote:
Originally Posted by mbqb11
Hey Stew
It is an inside bar, that has a smaller range(high - low distance / size of bar) then the previous 3 bars.
Let me know if that makes sense
Mike
edit* Jarrrrrrooo = winner 
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I beat Mike . . whatt!!! . . .he must have been eating sandwich or something lol
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 17, 2010 1:50pm
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J16 Senior Member cczar
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Quote:
Originally Posted by mbqb11
hahah Halo 2
just playing you're the man
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lol my two fingers are not that fast
I thought maybe you started using your toes . .playing halo2 and posting, confirms this .. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 17, 2010 2:15pm
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J16 Senior Member cczar
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Quote:
Originally Posted by podgy
.
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Tell me more about it
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 17, 2010 2:19pm
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J16 Senior Member cczar
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Quote:
Originally Posted by podgy
in what way?
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Size, location, confluences, traffic, etc .. . a chart would help.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 10:32am
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J16 Senior Member cczar
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Quote:
Originally Posted by jarroo
No surprise where the Weekly DBLHC was going on the DJIA30 . . 1st target hit earlier this week.
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The news guys always make me laugh, like to today . ."well Larry, looks like the market likes these numbers that came out today . ."
Why can't they say something like this . . ."Well Larry, that Weekly DBLHC hit its FTA now it looks like its going for those Highs at the 10700ish"
. . "That's right Bill we should be getting a reaction there . .if not we may find new Support . .back to you Larry . . "
 lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Last edited by jarroo, Sep 20, 2010 10:43am
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Sep 20, 2010 11:01am
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J16 Senior Member cczar
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Quote:
Originally Posted by mbqb11
Hey Pack
You can use a program like logmein to access your computer if you leave it on
I think the gbp/chf is in a lot of traffic and we have a ton of bar highs under us here so I would be cautious of that area first.
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Quote:
Originally Posted by packhorse
Thanks Mike. I will have a look at logmein.
I see the traffic, but I am always on the look out for fixed targets and if the trade gets there I am out and onto the next trade. Those FTAs you have marked are enough to make money out of this.
Thanks for your advice,
All the best.
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Very understandable of the challenges in this setup.
But wow . .when the line is clear of the Support (in blue) turning into Resistance (in green) its fun to see where this big headed bearish PB retraced to, 1.5850. There is no doubt that the 1.6000 also played its role.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 11:09am
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J16 Senior Member cczar
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Quote:
Originally Posted by raczekfx
It always has been...
It pays to be early on the trade.
0.9442 was ideal entry (based on smaller TF), I wish I was awake..
Below is one of my friend's early entry on usd/chf from a couple of days ago. It takes a bit of 'preparation' to know when and how to get in, but once you're in, you are not only listening to the music.... but also playing it.. 
Some might see a falling knife and run, other simply catch the knife and throw it back... 
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Any way you could have your friend say "Hello" over here at FF?  
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 11:19am
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J16 Senior Member cczar
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Quote:
Originally Posted by raczekfx
I don't think, I do it... and it's working well most of the times. The magic word here is: 'the location'.
If you do what every one does, you'll keep walking in circles. There is a good reason, why 9 people out of 10, who look at the same pinbar lose money...
With that thought, Enjoy the weekend!
There is only one Force... 
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If there is one word that sums up the Rac trade, it is this : Location.
For those of you who study Rac charts (like myself), one thing comes to mind . . Locational Confluence. I sure there is more to it, but that's the main theme . .imo. 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 11:44am
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J16 Senior Member cczar
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Quote:
Originally Posted by Greenhaze
Charts look very good for USD and with BOJ selling yen the weekly BUOB on u/j looks even more promising. 86 is the key.
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I like to see the 85.00 prove itself again as strong Support, meaning a nice size Bullish PB or BUOB at that 85.00.
Also, a retracement from the recent up move, which would agree with the overall down trend, is not out of the question.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 11:54am
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J16 Senior Member cczar
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Quote:
Originally Posted by Pinbar
GU Friday small PB looks like there is some serious consolidation below, and the weekly has a strong bullish close to it with the candle coming off of the 61.8 retracement. FTA is about 40 pips but it is a pass for me with Wed & Tuesday bars being much larger in the uptrend. I feel this is just a retracemnet in the current uptrend.
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Very nice Pb . .
The 1.5500 looks good for some bullish PA.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 11:58am
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J16 Senior Member cczar
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Quote:
Originally Posted by Pinbar
Jarroo, I am up late drinking beer and watching SL's videos and reading his journal. Must have put in 15 hours solid today. It is interesting and confirms that we must swim with the big fish on large TF and seek confirmation and entries on lower TF.
It is really great how SL shows the big picture about PA rather than just a big bar at a swing high...Very interesting.
Absolutely Brilliant stuff.
Those poor souls that are throwing mud, know not what they do and that is just perfect self inflicted Karma.
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I agree PB . .. SL has some great stuff ..
Don't damn them . . just forgive them . .for they know not what they do . .
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 12:07pm
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J16 Senior Member cczar
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Quote:
Originally Posted by Dan Gilbert
Both the USDCAD BUOB off dbl bottom/last years low price and the GBPCHF bearish pin off the 1.6 look fantastic to me.
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Nice call on the Gbp/Chf, Dan . .
I like the Usd/Cad as well. That 1.0300 is still a hot wire.
Although Price is bunching up in its current consolidation.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 12:15pm
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J16 Senior Member cczar
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Quote:
Originally Posted by Cyrus
Woah. Thanks Jim, BIG compliment coming from you. =)
My biggest epiphany is that I DON'T KNOW what's going to happen. So just trust the PA when I can intuitively understand (aka "feel") what the market is doing.
I am also beginning to understand James' "It's dirt simple folks!" 
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lol . . Hey that's true . . James' " Its dirt simple folks!"
After a while the fog begins to lift.
Thanks again for your post summaries . . .and your rants . . 
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 12:20pm
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J16 Senior Member cczar
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Quote:
Originally Posted by fxtsun
A PA TV/Internet channel  What a wonderful idea
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Move over MTV, now there's . . .Mike TV. 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 2:18pm
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J16 Senior Member cczar
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Quote:
Originally Posted by grahamec
Hi jaroo
If you do not mind who is SL and where can I read ?
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Ooops .. sorry . .SeekingLight . http://www.forexfactory.com/seekinglight
He is a Senior member here at FF and in the PF.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 2:29pm
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J16 Senior Member cczar
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Quote:
Originally Posted by raczekfx
I'm sending you another present (actually only a semi present - without commentaries  )
Use it, abuse it.... DON"T ... lose it... 
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Nice . .proven Resistance. You don't foresee it turning over to prove Support . . say at the 10550?
I doesn't matter . . it should provide a nice reaction to at least cover your risk and see if she runs.
Just my take. 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 2:36pm
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J16 Senior Member cczar
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Quote:
Originally Posted by Dan Gilbert
I would say that my T/P was well placed
Because I opted to manage with a free trade (by closing half the position and riding the other half to the target), This trade added 0.5% to the account. Not a bad trade considering how quickly it became a "free trade"
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Very nice , Dan . .  . . .that 1.6200 is tough Resistance .. . the next one will go to the Moon. 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 2:46pm
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J16 Senior Member cczar
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Quote:
Originally Posted by raczekfx
don't know..  If he wishes to..
'success' is usually silent and very quiet.
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That would be nice . . just a "hello" and a chart or two .. lol
Success can be very quiet .. but it can also be loud and fun ..  lol
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 2:48pm
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J16 Senior Member cczar
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Quote:
Originally Posted by mbqb11
LOL gonna need a lot of on screen makeup
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You already have the pilot 1st season in the can, Mike. 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 2:55pm
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J16 Senior Member cczar
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Quote:
Originally Posted by Dan Gilbert
I don't need em to go to the moon....
feel like a genius lately....
played the GBPCHF on a 38.2 retracement entry and 38.2 extension exit....
USDCAD I opted to wait for the break. I will cancel at NY close today if price hasn't broken the signal bar yet.
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Well said Dan.
Are you say that the previous Support, at the 1.5850ish on the Gbp/Chf, never came into play?
Quote:
Originally Posted by jarroo
Very understandable of the challenges in this setup.
But wow . .when the line is clear of the Support (in blue) turning into Resistance (in green) its fun to see where this big headed bearish PB retraced to, 1.5850. There is no doubt that the 1.6000 also played its role.
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__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 3:18pm
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J16 Senior Member cczar
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Quote:
Originally Posted by ppfx
Yeah  I love when this guy posts his charts. Hope one day i will learn to touch trade like he does 
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PPZ levels tells a big story of the behavior of Support and Resistance.
Much like when strong Support is broken it will act as strong Resistance. . .most of the time. Add some more confluences to this level and your odds improve. . .do they work all the time? . .no. But often they allow for enough reaction to cover your risk.
Take the Gbp/Cad for example . .
The 1.6200 was a proven Resistance level . .by "proven" I mean it acted as Resistance many times and Price fell from it hard, meaning a long way down. Also like the purple check mark, where Price acted as strong Support, meaning Price reacted to the 1.6200 level hard, a long way up.
Once we have this established, we now look
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Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 4:15pm
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J16 Senior Member cczar
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Quote:
Originally Posted by jarroo
Once we have this established, we now look
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Quote:
Originally Posted by ppfx
Yeah its just that i tried, and like you said sometimes it works sometimes it doesnt. I just want to be a little more sure when entering into a trade. I know that i have to learn to walk first before trying to run  So now im trying to learn to 'walk' as best as possible and then i'd try to run. 
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Sorry about that ppfx . .I blinked out there for a minute.
Just to continue .. now look for more confluences at this level to take a touch trade or see PA at this level. Now the touch trade doesn't have to be a single line but its an area or zone (where have we heard that before) where you give it 20 or 30 pips to go in your favor. If it gets stoppped out . .so what . . you learn from it . .The Rac-man is good at it , he's been doing it for a long while.
Walking is good . .I'm showing you the right path before you run . . . so you can make a path of your own . . 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 4:20pm
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J16 Senior Member cczar
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Quote:
Originally Posted by Dan Gilbert
well actually that terminal shot was the wrong picture... I meant to post the terminal from the trade I placed last night, but I posted the G/CHF trade I took last week instead...
but the entry was to the pip, only draw down experienced was the spread. 
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I love draw downs like that . . .KaBoom.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 20, 2010 4:27pm
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J16 Senior Member cczar
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Quote:
Originally Posted by vlazaf
Never say never but I am with jar on this....due to correlation with Nasdaq and s&p eminis which seem to be leading the dow futs.
I would love to be proven wrong though...
upto 11k anyone?
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Very possible . .I would like to see those Resistance levels turn into strong Support along the way. 
__________________
Indicators show the past. Price Action "Indicates" the future.
Last edited by jarroo, Sep 21, 2010 12:52am
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Sep 20, 2010 4:32pm
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J16 Senior Member cczar
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Quote:
Originally Posted by jarroo
You already have the pilot 1st season in the can, Mike. 
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It would be on the James16 network, of course.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 21, 2010 12:52am
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J16 Senior Member cczar
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Quote:
Originally Posted by Pinbar
Morning Jarroo.
Now, I get it, Jarroo is always trading the situation, rather than the PA bar!
Way to Go, for sure. 
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Quote:
Originally Posted by Pinbar
GU Friday small PB looks like there is some serious consolidation below, and the weekly has a strong bullish close to it with the candle coming off of the 61.8 retracement. FTA is about 40 pips but it is a pass for me with Wed & Tuesday bars being much larger in the uptrend. I feel this is just a retracemnet in the current uptrend.
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You got that right Pb .. its all about the situation or story that Price is telling us. Like the GU PB . .off the 1.5700 PPZ level that acted as strong Restistance.
You previous post nailed the PB's target, previous bar low.
Look how Price is reacting within thoses targets.
Some bullish PA at the 1.5500 PPZ level, which would be acting as strong Support due to that box of consolidation, would be nice . . 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 21, 2010 12:54am
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J16 Senior Member cczar
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Quote:
Originally Posted by Pinbar
Thanks Scott, yes...Great way of thinking.
Jarroo is looking into the situation like a detective and deducing what the real deal is.
I can just hear him, "Elementary, my dear Watson".
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"It's dirt elementary folks!" .. . 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 21, 2010 12:59am
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J16 Senior Member cczar
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Hey Pb . . . have you looked at the Usd/MXN lately that we worked on in May?
Here's an update .. .
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 21, 2010 1:04am
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J16 Senior Member cczar
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Quote:
Originally Posted by joelcf
Or, if they keep speaking to you, a good tax accountant 
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That's a good one, joel . . 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 21, 2010 1:23am
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J16 Senior Member cczar
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Quote:
Originally Posted by ppfx
Yeah its just that i tried, and like you said sometimes it works sometimes it doesnt. I just want to be a little more sure when entering into a trade. I know that i have to learn to walk first before trying to run So now im trying to learn to 'walk' as best as possible and then i'd try to run. 
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Quote:
Originally Posted by raczekfx
I'm sending you another present (actually only a semi present - without commentaries )
Use it, abuse it.... DON"T ... lose it... 
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Take Rac's chart for example . .he is showing us a strong resistance level on the #YMZ0. . .the 10680.
( I'm not trying to throw fire behind you as you walk ppfx . .its just an example . .  )
You could enter a short right at the 10680 with a 20-30 pip stop loss or look for some bearish PA on the lower time frame (15min BEOB) since this is a touch type trade . . I prefer the latter . . I think Rac does too . . .it depend on the situation (Pb  ) or the story Price is telling.
You now can cover your risk by moving to break even or free trade it . .and see if she runs back down as it has done in the past.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 21, 2010 5:06am
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J16 Senior Member cczar
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Quote:
Originally Posted by Pinbar
Yes, the USD/MXN from May, are you considering closing it out this week
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Your right Pb, some action should take place. It reach its target perfectly. Trade management would dictate some adjustment, either closing out the position or adjusting the stop loss, but not to be left alone.
I haven't traded this pair but I do watch it.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 21, 2010 5:32am
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J16 Senior Member cczar
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Quote:
Originally Posted by antgal23
Hi folks
Entered this BUOB at 0.8420, SL at 0.8330 with TP at 0.8450
I got out at 0.8441 with a 20 pip profit
Probably a C setup, not at a defined SWH or Low, but it was sandwiched between 2 PPZs and as the BRNs seem to act as magnets the 0.8450 level was nearby.
It was more of an experiment to test my understanding of playing this particular type of PA setup and my trade managemnt. As the Seniors say, it did need to be watched and I was lucky because I caught it 10 pips short of my TP.
Thanks J16 
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Maybe as a stand alone DBLHC setup it is not the best setup by the reasons you mentioned; not as a swing low, etc.
But as a consolidation breakout trade its up with the best of them. Especially with the DBLHC as an indication to provide that breakout, meaning the momentum it provided behind the breakout. Nice Space too.. . . I like your target as well.
Another example of this would be the breakout at the check mark, June of this year.
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 21, 2010 5:36am
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J16 Senior Member cczar
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Quote:
Originally Posted by The Lord
Attachment 546961
Hi, I just came back from a little trip and now 'back to trading'.
The pin you are describing is a blue small pin in a big falling market. Look at the red bars prior to it and compare with the size of the pin. Not convincing at all. Also, the support is not convincing (just a minor area). But still managed to hit the FTA.
Then, there is another pin (now a red one for short). This is a very good pin in a downtrend and with a resistance. The FTA is also clear in traffic regards. And it did hit the FTA. Nice one!...
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Nice analysis lord . .well done .. 
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Sep 21, 2010 8:42pm
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J16 Senior Member cczar
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Quote:
Originally Posted by antgal23
Thanks Jarroo
I have seen these little breakout DBLHC / BUOB work so many times at this precise location (after the Head + Shoulders / Triple bottom)
It was not an A setup but I was fully aware of the risk. It just looked right.
Thanks J16 
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Its all part of the story . .when the story makes sense . ."it just looked right".
It just shows how Price Action can be used to fit a certian setup or formation and bring it altogether.

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Sep 21, 2010 8:51pm
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J16 Senior Member cczar
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Quote:
Originally Posted by ppfx
Thanks a lot Jim Much appreciated.  Haha, and no your not throwing fire behind me as I walk, loll... You're just showing me the way. Thats exactly why i love this thread so much. Because of the nice people who unselfishly help others.  So thanks again.
ppfx
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Thanks ppfx . .I wouldn't be where I am today, if it weren't for those very same people.
Quote:
Originally Posted by ppfx
and another one on the GU
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Wow . . .you catch on fast, brother. . . .nice charts.
Here is some additional confluences on the GU . .Rac-man style.
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Sep 22, 2010 8:37pm
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J16 Senior Member cczar
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Quote:
Originally Posted by nasir.khan
But look who is back posting again.
A brave trader with a big heart.

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Hey nasir good to see you again.
What??? .. . no charts? .. 
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Sep 22, 2010 8:59pm
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J16 Senior Member cczar
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Quote:
Originally Posted by ppfx
Thanks  Yes you're right. I didnt see the fib confluence.
To tell you the truth i didnt imagine it would hit my TP at 1.5700 . I was confident about the TP1, then i saw that because of the FOMC statement the pair was going up with a lot of momentum and i thought the best i can look out for is the TP2 @1.5620 . I closed the majority of the position at 1.5600 and since it was a free trade i went to bed without worring and i just let it go. And when i woke up i found a nice surprise-my TP at 1.5700 was hit 
Interesting comparison, and even...
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Smart trade management ppfx . . .well done sir. . . 
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Indicators show the past. Price Action "Indicates" the future.
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Sep 22, 2010 9:01pm
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J16 Senior Member cczar
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Quote:
Originally Posted by Forex007
Nah... Raczek is right...
Hi Jarroo, Raczek and the rest of the gang. It's great to see the same old crowd here.
Gotta run now... 
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lol. .. .hey 007 . .good to see you brother . . 
__________________
Indicators show the past. Price Action "Indicates" the future.
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Sep 22, 2010 9:48pm
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J16 Senior Member cczar
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Quote:
Originally Posted by bluetrader
Hey melvin,
It's best to take into consideration all bars to the left of the pin bar. We want the pin bar to protrude "in space" and close strongly inside prior highs or lows. How much takes practice, but I attached some charts to illustrate the difference.
Hope this helps,
-- Danny
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Great example Dan. Its the kind of PBs we like to see. Big PBs at swing High and Lows, which gives much needed Space to run. And a protruding or rejecting nose that takes out previous High/Lows, and/or a PPZ level.
Your 1st chart shows these characteristics with one difference . .the PB is in a consolidation. So, the Space that we like to have goes out the window. But the nose protrusion and the taking out of the previous Lows was there. Also, the PB reached its target.
I'm just pointing this out, not to take away from your great post which you have illustrated the importance of what we like to see in quality PBs.
But just to show that areas of consolidation or what James16 calls "sideways markets" can be a tradable situation, albeit a bit more advanced because of the lack of Space.
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Indicators show the past. Price Action "Indicates" the future.
Last edited by jarroo, Sep 22, 2010 10:07pm
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Sep 22, 2010 9:59pm
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J16 Senior Member cczar
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Quote:
Originally Posted by Pinbar
If we wrap the weekly chart in these extreme ranges in two different colors and then, move to a daily chart, look what we get! 
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You may have just found your own thing there, Pb.
I have always thought that when we start learning this material, we can get a better understanding of it, if we put it in our own words or format or analogies or whatever. . .it will sink in quickier.
Keep at it, Pb. 
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Indicators show the past. Price Action "Indicates" the future.
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Sep 22, 2010 10:14pm
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J16 Senior Member cczar
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Quote:
Originally Posted by Atc
Did you take this IPB? Was at a good location.
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Not an IPB . .its an Inside Bar.
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Sep 22, 2010 10:44pm
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J16 Senior Member cczar
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Quote:
Originally Posted by Fxknkw987
Complete newb here. Been reading J16 free stuff for about 2 years and still struggling.
I wanted to post my graph and share with the above poster that the bars on my graph don't at all line up to the above posters. I know the broker feeds can be different but it seemed quite a bit different.
Any explanations from the seniors?
Thank you, I will be posting more since just reading is not changing my trading account.
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Your bar formations may be difference due to when the bar closes, as Mike has mentioned, thus giving you different PA formations.
But you PPZ levels are the same . .very important.
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Sep 22, 2010 10:58pm
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J16 Senior Member cczar
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Quote:
Originally Posted by bluetrader
Thanks for clarifying Jim... great points regarding trading consolidation. The bar is just one part of the story.
-- Danny
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Absolutely.
Sometimes major . .sometimes minor . .but defintely not the whole story . . . 
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Indicators show the past. Price Action "Indicates" the future.
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Sep 22, 2010 11:22pm
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J16 Senior Member cczar
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Quote:
Originally Posted by unlv_tj
Agreed, PB typed this earlier and I had to google it and read up on it. One more trick up my sleve (if I am quick enough to catch it).
Here is another one, that I had read about years ago, but could not remember why the chart looked familiar. The GBPUSD retraced right to 1.5500 where I had expected to go long. But there was no P/A that was easy to follow at that area. I stayed out and now looking back, there was P/A that I had seen years ago, but forgot about.
On the chart I attached is the GBPUSD off the 1.5500 level. The P/A above the arrow...
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The 1.5500 level had alot of other confluences supporting a long trade, besides being just a strong BRN, PPZ level. An added confluence can make all the difference in the world to PPZ levels.
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Indicators show the past. Price Action "Indicates" the future.
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Sep 23, 2010 1:12am
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J16 Senior Member cczar
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Quote:
Originally Posted by Pinbar
Anyone watching EUR/GBP.
Looks like it has everything except PA.
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Looks good Pb. The .8600 is a strong level indeed. Looks even better on the Monthly.
Also the 113.50 on the Eur/Jpy is looking good.
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Sep 23, 2010 1:35am
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J16 Senior Member cczar
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Quote:
Originally Posted by dabbledave
MM = Money management
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FTA = First Trouble Area
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Sep 23, 2010 2:00am
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J16 Senior Member cczar
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Quote:
Originally Posted by Pinbar
Hi, Jarroo
Yes, looks like we have the left shoulder and head of a R-H&S starting to form at the swing low.
Now, I understand that price is one large range getting smaller and testing its confines before breaking out to test the next confine, I am trying to keep it elementary dirt simple.
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I see. Price sure cut through that 110.00 like butter. It may go back to retest the 110.00 and fullfill your R-H&S. Just need some strong bearish PA at the 113.50 to confirm it. 
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Indicators show the past. Price Action "Indicates" the future.
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Sep 23, 2010 2:09am
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J16 Senior Member cczar
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Quote:
Originally Posted by Pinbar
I hear you.
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There is also the other side.
If we get a strong Weekly close above the 113.50, we can now look for it to act as strong Support, meaning looking for some bullish PA at the 113.50.
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Indicators show the past. Price Action "Indicates" the future.
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Sep 23, 2010 5:34pm
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J16 Senior Member cczar
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Quote:
Originally Posted by slade1986
Would the setup on the E/G be considered a 2 day pin bar?
If so, off the 365 ema, close below 85 and the break would be below the 150 ema.
Looking at possibly shorting on the break of the 84.50 and the first FTA around 84.00
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Absolutely . . . 
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Sep 23, 2010 5:45pm
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J16 Senior Member cczar
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Quote:
Originally Posted by ppfx
Thanks Jim. It means a lot to me when said from a senior like you.  oh and im not a sir, im just a 20 y.o. boy 
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20???  . . .  . . . keep progressing like the way you've been going and you'll always be a "Sir" to me. . . 
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Indicators show the past. Price Action "Indicates" the future.
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Sep 23, 2010 6:04pm
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J16 Senior Member cczar
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Quote:
Originally Posted by ddinnov
I'm struggling to find much wrong with tnis one..
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Swing low of that bullish PB could be much lower . . think Space . .. traffic..
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Sep 23, 2010 6:12pm
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J16 Senior Member cczar
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Quote:
Originally Posted by ppfx
some bullish PA on the 4h...
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The Daily PPZ level, 133.00 on the Eur/Usd, looks to be turning in to Support again. Very clear PPZ level.
Moving down to lower times frames, this is a good bit of info to know.
On the 4 hour I see your looking for some other confluences to fit that 133.00 PPZ level which broke previous Resistance (early Aug) and now could be turning into Support. The stronger the confluence that would support that level to go long . . the better.
The 4 hour PB is a bit small but as a locational trade not to bad. . . it did hit its target or FTA. . .tight management is still required . . .move to break even or free trade it.
Not bad ppfx .. 
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Last edited by jarroo, Sep 23, 2010 6:49pm
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Sep 23, 2010 6:32pm
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J16 Senior Member cczar
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Quote:
Originally Posted by Atc
More of BEB
I am finding the shape of that bar does not have to be perfect....PB's are not all perfectly shaped and as you know many still work ...even the A shaped PB's fail....but location,location,location in conjunction with any other confluences give the signal...but I know I am not saying anything new to you.
Regards---Bill
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Looks more like a neutral bar . . indecision . . .I would like to have seen the body a bit more to the top (chart), which would give it a longer nose.
Location was good and important . . but structure is also equally important . . ghous is pretty strict which IPB . .as well we should be.
Looks like it work out nicely . .Bill.
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Sep 23, 2010 6:46pm
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J16 Senior Member cczar
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Quote:
Originally Posted by nasir.khan
Was on a break Sir.
Dont remember what it was like then,...
BTW why some people are taking trades without pa?
Hope u can help me learn back some stuff. 
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lol . . I'm sure you'll get back into the "swing" of things (pun intended) with no problems.
Yes, there has been some talk and charts about touch trades or locational trades without PA.
As long as people Demo and backtest the hell out of it . . . its not a bad exercise that helps fine tune looking for strong locational confluence at a given level.
Once one gets good at that exercise and then throws in great PA confirmation . . . it will only help in the long run.
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Sep 23, 2010 7:14pm
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J16 Senior Member cczar
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Quote:
Originally Posted by xmzhang
Any thoughts about this daily PB of the C-C for a rangeplay ?
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Very weak close for a bullish PB . .it barely closed within the previous bar.
I do like the .9500 BRN .. now if the Monthly could close just where it is right now . . .we would see a nice IPB . .still a week to go. 
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Sep 24, 2010 6:16am
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J16 Senior Member cczar
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Heading Up North (that's Up State to you Mike . .lol) for my anual late season golf outing ..
http://www.treetops.com/
see ya Sunday night.
Jim
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Indicators show the past. Price Action "Indicates" the future.
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Sep 27, 2010 5:16pm
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J16 Senior Member cczar
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Quote:
Originally Posted by ppfx
Thanks for the encouragement
The 1.33 is indeed a very good ppz area. I had it marked on my chart since this post .
About that EU trade. I managed to close one position at BE. And the other, i closed 1/2 at 1.3377 for about 60 pips profit and then i moved stops to BE. The second half was then closed at BE when the price went back down, i suspect because of the good news for USD regarding the housing.
Attachment 549350
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Nice one ppfx . . was that a touch trade or a PA Inside Bar off the 133.00?
Quote:
Originally Posted by ppfx
Wow a very nice golf course
I played mini golf here, once with my family when i was about fifteen. We had a lot of fun. 
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That looks like fun too, ppfx . . . 
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Indicators show the past. Price Action "Indicates" the future.
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Sep 27, 2010 5:43pm
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J16 Senior Member cczar
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Quote:
Originally Posted by slade1986
Would the setup on the E/G be considered a 2 day pin bar.
If so, off the 365 ema, close below 85 and the break would be below the 150 ema.
Looking at possibly shorting on the break of the 84.50 and the first FTA around 84.00
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Quote:
Originally Posted by jarroo
Absolutely . . . 
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A+ setups, like this 2 Day PB on the Eur/Gbp : at a swing High, off a BRN PPZ level .8500, tells alot of info even when they don't break. Good thing we wait for the break.
Since it didn't break, it doesn't qualify as a PB. But what it does tell me is that the momentum to the downside is lost and we have potential for more upside movement.
Now we have a Triple Inside Bar on the Daily or a Dale's Double Inside Bar on the 2 Day time frame all at the .8500 BRN PPZ level . . .somebody alert Dan Gilbert.
A break of either side has Stop Loss protection . .mainly from the .8500.
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Indicators show the past. Price Action "Indicates" the future.
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Sep 27, 2010 5:54pm
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J16 Senior Member cczar
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Quote:
Originally Posted by mbqb11
have fun bud! 
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It was a great time . . .big sky country up there . .
. .I think I need a vacation from my vacation . . .  
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Sep 27, 2010 6:07pm
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J16 Senior Member cczar
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Quote:
Originally Posted by jdl
Jarroo, sorry, can you explain what you meant above? Thanks.
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This straddle type Triple IB at the .8500 PPZ can be played if Price breaks on either side.
A break to the upside (in blue) and a SL below the IB (under the .8500)we have the .8500 and previous bar Highs to protect our SL.
A break to downside (in red) we have the .8500 and previous bar Lows (also the 150 ema) to protect our SL.
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Sep 27, 2010 6:11pm
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J16 Senior Member cczar
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Quote:
Originally Posted by james16
FANTASTIC!!!!
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Indicators show the past. Price Action "Indicates" the future.
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Sep 27, 2010 6:19pm
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J16 Senior Member cczar
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Quote:
Originally Posted by xmzhang
Hey Jarroo,
May I share my view on this pair with you. I think we might see a break downward and that price will revisit the bottom of the weekly channel for the third time. Also notice that price is hitting on the 365 EMA, 50% fib (not shown) which both might act as strong resistance together with the channel-resistance. In that case the 2D-PB could trigger.
May the force be with you.
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There's a lot of "forces" working on either side of this potential setup.
Price hasn't stayed around the .8500 in the past . . Price may end up staying and consolidating now at the .8500.
The .8600 (50% ret.) is a definite target to the upside as the .8400 is to the downside.
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Indicators show the past. Price Action "Indicates" the future.
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Sep 27, 2010 7:35pm
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J16 Senior Member cczar
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Quote:
Originally Posted by james16
charts
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Great charts Jim as always.
I agree . . .touch trades do take time to master. One way to start that process is following the simple rules through this great thread.
PA confirmation at strong PPZ levels is at the heart of this process. What are PPZ levels? They are proven levels where Price reacts to Support then turns into Resistance (and vice versa). It is why PPZ levels or Location is a key part of a great Price Action setup.
PA confirmation can still be a great confirmation even with a touch trade.
Notice BUOB on the 4 hour time frame (IBFX) off the 1.3300 on the Euro.
Entering a touch trade at the 1.3300, based on your chart of the 1.3300 as previous Resistance, then seeing a BUOB on the 4 hour sure would aid in your decision to stay in the trade and see if she breaks. 
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