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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

  • #17,401
  • Dec 22, 2008 7:19am Dec 22, 2008 7:19am
Hi All,

I have been reading this thread from the start and i am up to page 110 - still a long way to go but a slowly catching up. I read the most recent posts to see the views with regards to the current charts and see how people are working in real time.

Thanks to every one who is helping us move in the right direction.

Ghous - I have been looking at your chart (below). Could you tell me why you selected 1.4910 as your sell point ?

Many Thanks All
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  • #17,402
  • Dec 22, 2008 7:22am Dec 22, 2008 7:22am
Quoting ghous
For some reason i don't see Gu move down as i would have liked to, One thing i know for sure is that it's not due to the Pound, GBP is still very weak and vulnerable to some nice drops.

It's the dollar weakness which has surprised me today despite the gold pin and recent bullish dollar pbs in most usd pairs, even the Uj is'nt showing any eagerness to move higher...hmmm...

NY is abt to jump into the action let's see if this session can help the $...

Like Hipster said a few posts back. This time of year is a good time to hang back a bit . Dont rush into any trades, take profit early etc.If price isnt moving like you expect, protect yourself.
Its similar to august (summer in the northern hemisphere). People are trading for different reasons than normal. Pa can reverse quickly & liquidity is low.
By all means demo trades for practise but realize what environment we are in. trades may take longer to play out.
  • #17,403
  • Dec 22, 2008 7:34am Dec 22, 2008 7:34am
Quoting Mab
Hi All,

I have been reading this thread from the start and i am up to page 110 - still a long way to go but a slowly catching up. I read the most recent posts to see the views with regards to the current charts and see how people are working in real time.

Thanks to every one who is helping us move in the right direction.

Ghous - I have been looking at your chart (below). Could you tell me why you selected 1.4910 as your sell point ?

Many Thanks All
Hey Mab this is'nt the most conventional of James16 type trades, but i had my reasons for taking this...

1) was the weekly Gu Pin bar.

2) watching the 4H I could see that the bar just below Friday close was pointing out at some correction in the down flow. When i walked on to the battlefield Today in the morning I was all ready to play it if it retraced to the 61.8 fib the price opened just below it, began to make it's way above the 61.8 fib failed and closed below it to give a SO (sort of) Pin bar. I was 10 pips late in the trade however but still got it. the other positive i had was the weekend gap which will more often than not fill when the new week opens.

Note however that the trade was never takable had there not been enough support from the weekly, the weekly Pb was actually what the trade was triggered off, i just hung around the 4H to see if i can fine tune an entry and look for a specific price to get in.

For now i would still like you to focus on the most conventional form of trades, and while you're at it for some time you'll learn how trades like these can also work.

Best of luck!

EDIT: I'll post a chart when i can, my net is'nt working properly, it won't load the image...

Regards,
Ghous.
I believe . . .
  • #17,404
  • Edited 8:19am Dec 22, 2008 7:49am | Edited 8:19am
Cheers Ghous,

Thanks for your detailed reply - helps a lot.

Are you a member of the J16 Private forum ?.

Regards

Mike

Chart would be great - thx
  • #17,405
  • Dec 22, 2008 8:33am Dec 22, 2008 8:33am
Quoting ghous

2) watching the 4H I could see that the bar just below Friday close was pointing out at some correction in the down flow. When i walked on to the battlefield Today in the morning I was all ready to play it if it retraced to the 61.8 fib the price opened just below it, began to make it's way above the 61.8 fib failed and closed below it to give a SO (sort of) Pin bar. I was 10 pips late in the trade however but still got it. the other positive i had was the weekend gap which will more often than not fill when the new week opens.
Looking forward to seeing your chart to aid in my understanding of your approach on that one.

Hmmm, nice trade it worked out to be. I was mulling this one over at the time of the 4HR Bar close as a pin bar. I really REALLY wanted to get in early on the short with a small stop as opposed to the 1000pip mega stop on weekly.

I didnt like the look of the form of the bar itself, and it didnt have much going for it in terms of the area where it bounced imho (apart from the .50 ) I could see plenty of reasons for taking it but it just didnt feel right in the end.

Curious as to your exit ? If I had of taken it I would have definately taken some profit at around .4821. Although I could have watched the lower TF's to see prices interaction with the low of the weekly pin bar which wasnt far off.
  • #17,406
  • Dec 22, 2008 10:30am Dec 22, 2008 10:30am
Quoting Mab
Cheers Ghous,

Thanks for your detailed reply - helps a lot.

Are you a member of the J16 Private forum ?.

Regards

Mike

Chart would be great - thx
No I am not. the reason is i want to do on my own as far as possible. I don't want to get everything done for me, such that i go read do it like A B C and get it right, to me it's more like a trading signal than anything else.

Once i get a good hold of my trading i will join the PF, as wierd as it sounds

Here is your chart...sorry for the delay

My Net still is'nt 100%, tried to call my LAN operator and he escapes by having his cell turned off....so had to get the file hosted online...(took 15 mins )

http://i81.photobucket.com/albums/j209/ghous/gu4h.gif

Regards,
Ghous.
I believe . . .
  • #17,407
  • Dec 22, 2008 10:35am Dec 22, 2008 10:35am
Quoting Jigsaw
Looking forward to seeing your chart to aid in my understanding of your approach on that one.

Hmmm, nice trade it worked out to be. I was mulling this one over at the time of the 4HR Bar close as a pin bar. I really REALLY wanted to get in early on the short with a small stop as opposed to the 1000pip mega stop on weekly.

I didnt like the look of the form of the bar itself, and it didnt have much going for it in terms of the area where it bounced imho (apart from the .50 ) I could see plenty of reasons for taking it but it just didnt feel...
Hi Saw! That's the winning attitude!!!

You need to have your own ways of deciding what's a good trade and what's not, as i read through your post, i was anticipating that i'll end up reading some sorrowful words cribbing over the trade missed, but i didn't, and that really made me feel happy for you.

As i mentioned earlier this trade was a not a 4H trade, it was the weekly Pb that convinced me for short you can say that the 4H was just an excuse

Just keep your analysis tight, and stand right beside it, there will always be times when you'll miss some and there will be times when you'll get some great trades.

Keep it up bro!

Regards,
Ghous.
I believe . . .
  • #17,408
  • Dec 22, 2008 10:52am Dec 22, 2008 10:52am
Quoting ghous
My Net still is'nt 100%, tried to call my LAN operator and he escapes by having his cell turned off....so had to get the file hosted online...(took 15 mins )

Heh, ever so kind of you ghous. Fifteen minutes ! thats dedication . Sneaky LAN operator trying to get away !

Ah, I think I see how it went now, so you let the pin bar break down and then caught it on the retrace at the 61 level with small stop loss ? Possibly a few pips above the .50 psyh level ?

Chart 1 - It closed as a pin bar on my feed.
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  • #17,409
  • Dec 22, 2008 10:54am Dec 22, 2008 10:54am
Good trading Ghous,http://www.forexfactory.com/images/icons/icon14.gif

How how long you have been trading ? and is it mostly built around PA / J16 method ?

Regards

Mike
  • #17,410
  • Edited 11:04am Dec 22, 2008 11:02am | Edited 11:04am
Quoting ghous
As i mentioned earlier this trade was a not a 4H trade, it was the weekly Pb that convinced me for short you can say that the 4H was just an excuse
First of all, thankyou for the kind words.

Secondly, I agree. If I did not see the weekly pin bar, there was no way in hell I would have even thought twice about said pin bar, it truly was not great both in terms of form and location. Nice trade though, enjoy the ride down
  • #17,411
  • Dec 22, 2008 11:38am Dec 22, 2008 11:38am
Just missed the first one due to not being at my PC but caught the second one. Price took off right away on both of them, the second trade was +20 (first would've easily been the same). Not as pretty as some other days but both pins off middle BB with the trend and there's a clear PPZ as well.
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  • #17,412
  • Dec 22, 2008 12:18pm Dec 22, 2008 12:18pm
Quoting jarroo
Eur/Chf - BEOB - Weekly.
Update. Nice.
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Indicators show the past. Price Action "Indicates" the future.
  • #17,413
  • Dec 22, 2008 12:49pm Dec 22, 2008 12:49pm
Quoting Mab
Good trading Ghous,http://www.forexfactory.com/images/icons/icon14.gif

How how long you have been trading ? and is it mostly built around PA / J16 method ?

Regards

Mike
Thanks Mab,

I have'nt been trading for long and lack experience, however i have been trading for 9 - 10 months, 7 - 8 of which involve working with James stuff.

Logging of for today...
C ya guys tomorowo
TC

Regards,
ghous.
I believe . . .
  • #17,414
  • Dec 22, 2008 1:10pm Dec 22, 2008 1:10pm
Quoting jarroo
Update. Nice.
Yeah I like the look of this one Jarroo. I'm in. Not taking any short term positions at this time of the year but this is a nice longer term trade idea.
  • #17,415
  • Dec 22, 2008 1:14pm Dec 22, 2008 1:14pm
Quoting jarroo
The Weekly is obviously a lot bigger time frame and 10 pip break would be to small imo. I would look to Daily to see if any Bearish PA would gives us a hint where Price may be heading.
Understood, but what if you just want to place a limit order (say you will not be around to watch more closely)??? Is there a text book way to enter the trade, similar to the Pin Bar setups?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,416
  • Edited 4:22pm Dec 22, 2008 4:22pm | Edited 4:22pm
Just finished 60 pages and don't feel like I've even started. Any way, great stuff. I hope to learn a lot more from this thread. I am very new to Forex and so far have been looking at candle charts. It's interesting to now look at bar charts and see little to no difference. Are bars just a personal preference or is there something about them I am missing?

IS the PF still going strong? any stats on it lately?

Bob
  • #17,417
  • Dec 22, 2008 4:27pm Dec 22, 2008 4:27pm
Quoting Digger48
Just finished 60 pages and don't feel like I've even started. Any way, great stuff. I hope to learn a lot more from this thread. I am very new to Forex and so far have been looking at candle charts. It's interesting to now look at bar charts and see little to no difference. Are bars just a personal preference or is there something about them I am missing?

IS the PF still going strong? any stats on it lately?

Bob
Bars or Candles just a personal preference. PF is always going strong. Not sure on the stats.
Indicators show the past. Price Action "Indicates" the future.
  • #17,418
  • Dec 22, 2008 4:31pm Dec 22, 2008 4:31pm
Quoting LasVahGoose
Understood, but what if you just want to place a limit order (say you will not be around to watch more closely)??? Is there a text book way to enter the trade, similar to the Pin Bar setups?
You could place a sell stop with a stop loss placement with a 1st target limit order if you couldn't watch it.The same with PBs.
Indicators show the past. Price Action "Indicates" the future.
  • #17,419
  • Dec 22, 2008 4:51pm Dec 22, 2008 4:51pm
Quoting biatche
My goal is to earn money as fast as possible. From my 1 month of 'experience', I believe that, there's only 1 optimal playstyle for a given amount of _time_ a person can spend each day, the time he/she plays. I have the whole day and so I'm more leaning towards 5-15min TF. From previous responses in this thread, it is my understanding now that, I need to play daily/hourly so that I'm playing with the trend, and the big picture. I probably need experience on that. My purpose is then to obtain the important points of this method as soon as possible...
I'd recommend reading this thread through from the start, at least the first 60-70 pages. That'll answer a lot of your questions about time frames and bar formations. PA on the weekly is more reliable than PA on the daily, PA on the daily is more reliable than PA on the 4H and so on.

It's great that you have time, you'll learn everything quicker. If you get bored while playing the higher timeframes, I'd recommend using the extra time to educate yourself and backtest. Read this thread, and look over old charts. Perhaps use a backtesting program like VHands or forextester.

The quicker you can master the higher timeframes, the quicker you can move down if that's what you want. Many people stay on the daily and weekly because believe it or not they make more money that way. But it's personal preference. Just remember that your journey to your goals will take a lot longer if you lose a stack of money along the way.

Also if you're worried about how long it will take, I suggest you play around with a compound interest calculator. You'd be surprised how quickly 2%-4% a month compounded can become a huge some of money.

Good luck!
  • #17,420
  • Dec 22, 2008 5:08pm Dec 22, 2008 5:08pm
Good evening all,

Any thoughts about the daily pin on EU ?
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
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