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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

  • #11,841
  • Jul 20, 2008 5:51pm Jul 20, 2008 5:51pm
EU at major Res zone now. lots of bullish pins on 4hr, that didnt break at all really.
its only going north though unless we see a close below 1.58

Hopefully another daily pin or 4hr to allow a bullish entry again...
  • #11,842
  • Jul 20, 2008 6:05pm Jul 20, 2008 6:05pm
Quoting james16
YOU NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.
just to clarify, is this a 2% aggregate on the account or literally, 2% per trade ... i.e., i find 3 set-ups ... can i risk 2% per set-up or should i split the 2% into 3, risking no more than that for the account?

i'm just trying to make sure about this point, b/c james16 repeats this several times throughout this thread and would like to adhere to rule no. 2 (see above) as i follow rule no. 1 (demo trade first).

thanks. happy PB trading to all this week.
"Believe nothing you hear and half of what you see." Proverb
  • #11,843
  • Jul 20, 2008 6:11pm Jul 20, 2008 6:11pm
Quoting fxgrinder
just to clarify, is this a 2% aggregate on the account or literally, 2% per trade ... i.e., i find 3 set-ups ... can i risk 2% per set-up or should i split the 2% into 3, risking no more than that for the account?

i'm just trying to make sure about this point, b/c james16 repeats this several times throughout this thread and would like to adhere to rule no. 2 (see above) as i follow rule no. 1 (demo trade first).

thanks. happy PB trading to all this week.
No way am I qualified to speak on Jim's behalf but I can tell you not to risk more than 2% on any one pair at a time. If you are new, even less. I keep my risk around 1%. If you trade well, your account will grow nicely.
  • #11,844
  • Jul 20, 2008 6:29pm Jul 20, 2008 6:29pm
Quoting fxgrinder
just to clarify, is this a 2% aggregate on the account or literally, 2% per trade ... i.e., i find 3 set-ups ... can i risk 2% per set-up or should i split the 2% into 3, risking no more than that for the account?
Just be aware of correlation risks...
Kiss'n all the way to the top!
  • #11,845
  • Jul 20, 2008 8:18pm Jul 20, 2008 8:18pm
Quoting Clauticeo
Just be aware of correlation risks...
Very good point that I overlooked. Thank you.
  • #11,846
  • Jul 20, 2008 10:58pm Jul 20, 2008 10:58pm
Quoting james16
New Chart
Hello James! I am new to this great thread.

I have a question on trading the TWO CONSECUTIVE MATCHING LOWS or HIGHS breakout. In a downtrend, can we enter the trade as soon as we see the price is lower than the two consecutive matching lows or must we wait until the close of the bar following the two matching lows to see if it is closed below the two matching lows?
  • #11,847
  • Jul 21, 2008 1:40am Jul 21, 2008 1:40am
Quoting KissFan
No way am I qualified to speak on Jim's behalf but I can tell you not to risk more than 2% on any one pair at a time. If you are new, even less. I keep my risk around 1%. If you trade well, your account will grow nicely.
you've got it worng there bro, 2% is not on any one pair that you trade, it's a total of 2% on an account that means if you get 2 trades you divide it equally by 1% and 1% or if one is a stronger trade then maybe 2% and 1% so the total goes to 3%...something like that. generally i think risking a total of 3-5% of the account should be fine provided that you're not overtrading and that the setups are good.

so if you get 3 setups maybe go for 1% on each or use more common sense by realizing the weight in each of the three trades.
I believe . . .
  • #11,848
  • Jul 21, 2008 2:47am Jul 21, 2008 2:47am
i am long usd/cad from 1.0064, just waiting on Au and aud/jpy to show some breaish signs on the lower tfs (see how i use the lower tfs Cliff), Gj too looks good for a long on the weekly after that inverse SHS but still not takable

Regards,
Ghous
I believe . . .
  • #11,849
  • Jul 21, 2008 2:50am Jul 21, 2008 2:50am
Hi traders,

just wanted an opinion on Uj, the last week closed on a heavy bullish momentum but the trendline (providing resistance) is looking to pull the price back down since the bull run occured off a nice pin bar don't know if i can trust a short at the moment, what do you think?
I believe . . .
  • #11,850
  • Jul 21, 2008 4:58am Jul 21, 2008 4:58am
Quoting ghous
i am long usd/cad from 1.0064, just waiting on Au and aud/jpy to show some breaish signs on the lower tfs (see how i use the lower tfs Cliff), Gj too looks good for a long on the weekly after that inverse SHS but still not takable

Regards,
Ghous
ummm, not entily sure, unless you went long off the BuOB on the 1 hour chart or the ib before it(think that's the lowest t/f you would use), but then that candle wouldn't have closed before you entered so that can't be it.
just seems to be (imo) lots of confluence to get through from there. glad you know what your doin' mate.
can you say what you've used to take that trade so i can learn from it please mate?

i've obviously still got a lot of j16 stuff to grasp, the sooner i can join the pf the better.
  • #11,851
  • Jul 21, 2008 5:56am Jul 21, 2008 5:56am
Hello everybody,

I have a question, which qualifies my as a newbie,
but itŽs a bit importend for me, so an answer would be
very nice:

I come from the candlestick corner, and IŽm able to
spot candlestick-pattern by eye, but I`am not familiar
with bar-charts. I please need a bit of "translation"
from bar-chart to candlestick pattern:

bar-chart-term: candlestick-term

- pin-bar = Hammer
- BUOVB = bullish engulfing pattern
- BEOVB = bearish engulfing pattern
- DBLHC = ??
- TBLHC = ??
- 2 Consecutive Matching Lows = ??
- ?? = Hanging man and inverted hammer

Is a "hanging man" pattern and a "inverted hammer" used by james16-friends, too ? It is not mentioned as far as I have researched this.

Thanks and happy trading all
  • #11,852
  • Jul 21, 2008 7:19am Jul 21, 2008 7:19am
Quoting cliffd18
ummm, not entily sure, unless you went long off the BuOB on the 1 hour chart or the ib before it(think that's the lowest t/f you would use), but then that candle wouldn't have closed before you entered so that can't be it.
just seems to be (imo) lots of confluence to get through from there. glad you know what your doin' mate.
can you say what you've used to take that trade so i can learn from it please mate?

i've obviously still got a lot of j16 stuff to grasp, the sooner i can join the pf the better.
Hi Cliff glad to see you again! the trade was entirely off the weekly chart, resulting fro that pin bar i posted a few posts ago...

to peaches,

Hello bro/sis, nice to see you around. hope you will learn well from this J16 stuff that is more gold than stuff actually...

umm your questions tell me that you have'nt gone through the first few posts of the thread, if yo have'nt you need to cuz that's where the heart of the thread lies, go through it and let me and everybody else here know if you still have problems,
Thankyou

Regards,
Ghous.
I believe . . .
  • #11,853
  • Jul 21, 2008 8:04am Jul 21, 2008 8:04am
Quoting ghous
Hi Cliff glad to see you again! the trade was entirely off the weekly chart, resulting fro that pin bar i posted a few posts ago...

umm your questions tell me that you have'nt gone through the first few posts of the thread, if yo have'nt you need to cuz that's where the heart of the thread lies, go through it and let me and everybody else here know if you still have problems,
Thankyou

Regards,
Ghous.
i have been through them mate, a few times. not saying i understand all of it yet.

again that weekly bar on the cad you mentioned is (imo) not a pin, for me i like to see the close if not level with the open, then above it in the direction you expect the trade to go. also requiring a longer nose and not in traffic. if i'm wrong on this then you are correct and i still have problems, but i wouldn't have traded it. but then i have been finding all sorts of reasons to not trade much at all lately.

would still like to know how and why you entered off the shorter time frame though?
thanks again for your help mate.
  • #11,854
  • Jul 21, 2008 9:19am Jul 21, 2008 9:19am
Quoting peaches
bar-chart-term: candlestick-term

- pin-bar = Hammer
- BUOVB = bullish engulfing pattern
- BEOVB = bearish engulfing pattern
- DBLHC = ??
- TBLHC = ??
- 2 Consecutive Matching Lows = ??
- ?? = Hanging man and inverted hammer

Is a "hanging man" pattern and a "inverted hammer" used by james16-friends, too ? It is not mentioned as far as I have researched this.

Thanks and happy trading all
Peaches,

I currently use bar charts, but I might be able to help a little with the translation. Anyone can jump in and correct me if I'm wrong. Pin bars on bar charts are likely seen as hammers, shooting stars, or various doji candles (dragon fly or gravestone come to mind). I don't believe that the hanging man or inverted hammer is part of James16 price action patterns unless it ends up as an outside bar formation of some kind (they're kind of upside-down pin bars at swing high or swing low). The DBHLC and DBLHC are probably best related to tweezer candle patterns (the problem is usually determining if they're reversal or continuation patterns).

Hope that helps.

Good Trading,
Brian
  • #11,855
  • Jul 21, 2008 11:04am Jul 21, 2008 11:04am
hi ghous,

I must admit, I`am a bit lazy and have only read the first 10 pages, and and 2 pdf-files with summation of this thread, but havenŽt found a
translation of candlestick-patter and bar chart. But IŽll read this thread alltogehter, because i think its worth it :-)


hi byorkFX,

so pinbars are a kind of collection of candlestick-patterns. What I have read from, the difference or lets say importend thing is, the relationship of the nose and its location (the shadow for candlestick users) to the eye (the upper/lower part of the body of a candlestick) of the candle the day before.

hm. This is new to me, IŽll think over it.

Oh, tweezer candles, thank you.

If I trust an indicator, i have found here most frequently patterns are
BUOVB, BEOVB, IB and Pins, so iŽll concentrate on this, not tweezers.

Thank you both for your answers.

Nice trading to you
Attached Image
  • #11,856
  • Jul 21, 2008 11:18am Jul 21, 2008 11:18am
Quoting cliffd18
would still like to know how and why you entered off the shorter time frame though?
hey cliff,

i think that entering off shorter time frames is more of an intermediate/advanced type of trade. like you, i am new to james16 and still on my second read of the thread. just yesterday i came across one of james16's posts where he advises mastering trading off one TF (like the daily or weekly chart) ... i.e., just using your daily chart to plan entries and exits. if i can find it again, i'll reference the post for you.
"Believe nothing you hear and half of what you see." Proverb
  • #11,857
  • Jul 21, 2008 12:23pm Jul 21, 2008 12:23pm
Quoting ghous
Hi traders,

just wanted an opinion on Uj, the last week closed on a heavy bullish momentum but the trendline (providing resistance) is looking to pull the price back down since the bull run occured off a nice pin bar don't know if i can trust a short at the moment, what do you think?
it is a dilemma indeed ... are you noticing anything other than the TL resistance that makes you think it might be a short? from the daily standpoint, price seems to be stuck b/w 2 PPZ's and testing 200sma ...
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 31 KB
"Believe nothing you hear and half of what you see." Proverb
  • #11,858
  • Jul 21, 2008 12:26pm Jul 21, 2008 12:26pm
Quoting cliffd18
i have been through them mate, a few times. not saying i understand all of it yet.

again that weekly bar on the cad you mentioned is (imo) not a pin, for me i like to see the close if not level with the open, then above it in the direction you expect the trade to go. also requiring a longer nose and not in traffic. if i'm wrong on this then you are correct and i still have problems, but i wouldn't have traded it. but then i have been finding all sorts of reasons to not trade much at all lately.

would still like to know how and why you entered off the shorter time frame though?
thanks again for your help mate.

hi there Cliff i think you are missing the entire point here, PA is'nt a system in itself, it's like an indicator, it's like an analysing tool ppl interpret it in diff ways, i did'nt find that statment correct "if i am arong on this then you are correct and i still have problems" if i am right that does'nt mean you are wrong and that you are not getting it correct, nor do i have any problems if the setup fails and i end up with a loss, profit and loss is all part of the big game if you an't afford to loose forex is'nt for you. i can see that you;'re trading with rules which means you have a definition on every pin bar you look to enter and that is great a great thumbs up for that you seem to be on the way to be a great trader!

now i may totally be wrong but the setup exists only on the weekly, don't know if you trade/belive in trendlines this was a pin bar with a confluence with the support line which could well mean that the price bounces off it, i agree the time was not yet tirght perhaps as i am -40 with it at the moment but i am too busy this week to look for confirmations on lower tfs you did a great job when you tried to wonder how the heck did i get the trade on the shorter tfs (GREAT!! so you now understand when a good PA setup occurs ) besides -40 for a weekly trader is no big deal, and that's where the trick lies perhaps in trading mutliple time frames you need to know when to worry on the 4H and when to worry on the weekly so i am pretty fine, but really if it's only abt you proving the skills to yourself by contradicting my thoughst i wish that i end up loosing! i know how good it can feel to be on the right side of the picture...

happy trading and congrats on your success so far!

Regards,
ghous.

ps ps looks like nobody intersted in a Uj trade at the moment...hmmm...that's fine i guess too much indescion there
I believe . . .
  • #11,859
  • Jul 21, 2008 12:29pm Jul 21, 2008 12:29pm
Quoting fxgrinder
hey cliff,

i think that entering off shorter time frames is more of an intermediate/advanced type of trade. like you, i am new to james16 and still on my second read of the thread. just yesterday i came across one of james16's posts where he advises mastering trading off one TF (like the daily or weekly chart) ... i.e., just using your daily chart to plan entries and exits. if i can find it again, i'll reference the post for you.
this is one major reason why i am sticking to the hgiher tfs as much as possible, we newbies need to stick to basics!
I believe . . .
  • #11,860
  • Jul 21, 2008 12:31pm Jul 21, 2008 12:31pm
Quoting fxgrinder
it is a dilemma indeed ... are you noticing anything other than the TL resistance that makes you think it might be a short? from the daily standpoint, price seems to be stuck b/w 2 PPZ's and testing 200sma ...
can't say anything bro i don't use MA's so can;t comment on that but i gues you are right there is some need of some kind of a PA setup to determine direction so far the bulls still seem to dominate the proceedings though...
I believe . . .
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