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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

  • #7,121
  • Oct 19, 2007 12:16pm Oct 19, 2007 12:16pm
Bear flag.
http://www.forexfactory.com/attachme...1&d=1192813737
  • #7,122
  • Oct 19, 2007 12:21pm Oct 19, 2007 12:21pm
Quoting banzai
Bear flag.
http://www.forexfactory.com/attachme...1&d=1192813737
That looks like it could be a very nice setup Banzai. For now, however, would you think of buying on the dips at or towards the bottoms of the channel? I, myself would, once I get a solid sentiment of the market through price action. These flags are not bearish until they are broken to the downside. Yes, they are bearish for the longer term, but until it is broken I would play it out as a channel. This could be a great buying opportunity for a bit of pips before the top of the chanel is hit. What do you think about this?
I dream, therefore I become.
  • #7,123
  • Oct 19, 2007 12:45pm Oct 19, 2007 12:45pm
Quoting mike w
Yes, they are bearish for the longer term, but until it is broken I would play it out as a channel. This could be a great buying opportunity for a bit of pips before the top of the chanel is hit. What do you think about this?
Nice channel Banzai =)

I have a similiar one

I am soooooo looking forward to the weekly bars on most pairs =)
Trust price. Know yourself.
  • #7,124
  • Oct 19, 2007 1:30pm Oct 19, 2007 1:30pm
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  • #7,125
  • Oct 19, 2007 3:16pm Oct 19, 2007 3:16pm
Update on yesterdays bund trade.

1hr pin bar now returning a reward of over 9 times the risk.
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  • #7,126
  • Oct 21, 2007 8:56am Oct 21, 2007 8:56am
Quoting the_wizard
Update on yesterdays bund trade.

1hr pin bar now returning a reward of over 9 times the risk.
Nice...
  • #7,127
  • Oct 21, 2007 10:58am Oct 21, 2007 10:58am
This pair closed Friday with a BUB above the temporary channel... is this the first sign we are starting up the second half of the flagpole ???
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  • #7,128
  • Oct 21, 2007 1:02pm Oct 21, 2007 1:02pm
Quoting Tiki Trader
This pair closed Friday with a BUB above the temporary channel... is this the first sign we are starting up the second half of the flagpole ???
I'd be more comfortable if it took out its multi-year highs at 2.0652.
  • #7,129
  • Oct 21, 2007 2:10pm Oct 21, 2007 2:10pm
[quote=the_wizard;1667953]I'd be more comfortable if it took out its multi-year highs at 2.0652.[/quote
If it continues, I would expect it to retest the .0500 before really going north. But, hey, just my opinion.
  • #7,130
  • Oct 21, 2007 2:21pm Oct 21, 2007 2:21pm
But price already closed above 0500 on Firday !!!

[quote=HipsterPipster;1668037]
Quoting the_wizard
I'd be more comfortable if it took out its multi-year highs at 2.0652.[/quote
If it continues, I would expect it to retest the .0500 before really going north. But, hey, just my opinion.
  • #7,131
  • Oct 21, 2007 2:57pm Oct 21, 2007 2:57pm
[quote=Tiki Trader;1668048]But price already closed above 0500 on Firday !!!



Yes but a test of that level from above would be a good thing to see if you are anticipating entering long.

Be aware this will most likely only happen on the lower timeframes though.
  • #7,132
  • Oct 21, 2007 3:11pm Oct 21, 2007 3:11pm
[quote=Tiki Trader;1668048]But price already closed above 0500 on Firday !!!


I mean, break out above the .0500 PZ and do this.
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  • #7,133
  • Oct 21, 2007 3:12pm Oct 21, 2007 3:12pm
OK Ya YaA gotya on that !!!

[quote=the_wizard;1668097]
Quoting Tiki Trader
But price already closed above 0500 on Firday !!!



Yes but a test of that level from above would be a good thing to see if you are anticipating entering long.

Be aware this will most likely only happen on the lower timeframes though.
  • #7,134
  • Oct 21, 2007 4:19pm Oct 21, 2007 4:19pm
what is the thread to start? reading the first post looks like there is anothers. i cant find it.

and one more question: when there is for example the pattern two matching highs with low close the entry at the close of the second bar or at the next bar when it breaks that close?

thanks and sorry for my english.
  • #7,135
  • Oct 21, 2007 5:00pm Oct 21, 2007 5:00pm
Quoting giraia_br
what is the thread to start? reading the first post looks like there is anothers. i cant find it.

and one more question: when there is for example the pattern two matching highs with low close the entry at the close of the second bar or at the next bar when it breaks that close?

thanks and sorry for my english.
Not sure if I understand you correctly. From time to time you may get the feeling you are missing something if people have responded to posts and then the original posts are deleted, however everything you need to follow the J16 strategy can be found on this thread and then there is more in the Private Forum (PF). The PF is an extension of everything that can be found here but there is also a huge amount of extra information. There is a charge for becoming a member.

To answer your second question: A conservative trader would play the pattern by entering on the third bar. So firstly you will look for the two matching highs with the second bar closing lower than the low of the first bar. Then the trader would wait to see a break below this second bar which may or may not happen on the third bar.

I would post an example but I am on my girlfriends Apple Mac and I fear it may take me all night to work out how to do it.

If you are in doubt let me know and I will post one tomorrow or I am sure Mike or Seeking or one of the other very helpful folk will
  • #7,136
  • Oct 21, 2007 5:07pm Oct 21, 2007 5:07pm
OMG

GBP/JPY...
  • #7,137
  • Oct 21, 2007 5:49pm Oct 21, 2007 5:49pm
Quoting giraia_br
what is the thread to start? reading the first post looks like there is anothers. i cant find it.

and one more question: when there is for example the pattern two matching highs with low close the entry at the close of the second bar or at the next bar when it breaks that close?

thanks and sorry for my english.
A current trade. This is not an A trade.
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  • #7,138
  • Oct 21, 2007 6:07pm Oct 21, 2007 6:07pm
USD/JPY Aug 07. As you can see you need to have a stop loss that allows the trade to breath on your time frame. Some people will wait for a small retrace before entering. This is a better trade set up. You can see that the R:R worked out very well.
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  • #7,139
  • Oct 21, 2007 7:46pm Oct 21, 2007 7:46pm
Quoting HipsterPipster
A current trade. This is not an A trade.
how big needs to be this breakout? 1 pip?

and if it break the HIGH? Long?

thanks for you and Wizard.
  • #7,140
  • Oct 21, 2007 8:09pm Oct 21, 2007 8:09pm
Quoting giraia_br
how big needs to be this breakout? 1 pip?

and if it break the HIGH? Long?

thanks for you and Wizard.
What you are reading when you look at candles and bars is the action of the price. So, when we see a DBHL, we see that at the top price was resisted from going higher. The second time price reached that high area, it was rejected down and closed even lower. When we see this, we can determine two things. 1. Price was rejected twice at the high. 2. Price closed lower than the first bar opened.
When we see that price has indeed dropped below the DBHL, we then determine if we want to enter the market. You need to determine for yourself, your rules for entering. You may consider that on a large time frame, 1 pip may not be enough to indicate a breakout. Other people may risk losing the trade and wait for price to move higher on the 3rd bar to enter.
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