james16 Chart Thread | Page 1064 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #21,261
  • Feb 12, 2009 4:01pm Feb 12, 2009 4:01pm
Quoting ghous
Yeah ok I respect that...

The chart I threw up in that post was a daily chart and was pointing out at the long term support level for the index, (it's already showing intentions of a bullish move via a possible Pin bar, again it's the daily I am talking abt )

Anyways yeah I agree with Jig we'll like to know what specific equities are you trading, and is it the conventional Jims' style or some other?

Regards,
Ghous.
I day trade the Dow, and sometimes the morning session in the FTSE if I'm awake, not my favourite market though.

My methods are very similar to James', which is why I follow this thread, I am very new to fx however.

My trading is very simple, based on volume and chart and candlestick patterns.

The advantage with trading the futures is that you can see the big money coming into the market at major levels so you can get in at the very beginning of a move, and if a trend develops with further price/candlestick confirmation you can build into a large position.

I personally think fx is very difficult to trade on lower TFs so I am talking mainly about equity indices here, but watching the markets everyday you learn to recognise rejections and reversals even with atrocious candlestick patterns - the reason for this is the time element in charting, so to be able to put bits of PA together whether based on the chart or order flow to build a picture is a valuable skill imo.

I have to say the discipline with which some people here trade with is impressive and seeing this has made me try to improve my own. No doubt you lot are better traders than me.
  • #21,262
  • Feb 12, 2009 4:15pm Feb 12, 2009 4:15pm
Quoting jlmac27
what you guys think?If it closes as a pin of course.
Well, it closed as a pin. Possible hurdle breaking from 130 and probably 132. YMH9 (DOW) also closed as a pin for me (but it wasn't really a swing low).

Pros:
- 50% FIB
- PPZ at 127
- Swing low? (only 3 bars...)
- Good nose

Cons:
- Closed in a PPZ area
- Daily range was in a traffic area (see left 1/28-2/4)

I will take trade with stop under 50% FIB. Any comments.

Josh
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY 021209_Day.GIF Size: 43 KB
  • #21,263
  • Feb 12, 2009 4:22pm Feb 12, 2009 4:22pm
Quoting G550
Thanks for sharing, Rac. I don't post much around here but I'm an avid J16 fan and your posts and always enlightening. I'm starting to think the way you and some others like RustyJeff do in taking trades as they fall into support/resistance, rather then waiting for a break of this trend line or that bar or whatever.

Once again, thanks for sharing. Really appreciate it.

-G550
welcome G550
that's correct, but the hardest job is to find SRs, which will have the greatest probability to survive the ambush and setting the stop accordingly. I'm still working on it...
  • #21,264
  • Edited 4:36pm Feb 12, 2009 4:30pm | Edited 4:36pm
Quoting Jduester
Well, it closed as a pin. Possible hurdle breaking from 130 and probably 132. YMH9 (DOW) also closed as a pin for me (but it wasn't really a swing low).

Pros:
- 50% FIB
- PPZ at 127
- Swing low? (only 3 bars...)
- Good nose

Cons:
- Closed in a PPZ area
- Daily range was in a traffic area (see left 1/28-2/4)

I will take trade with stop under 50% FIB. Any comments.

Josh
Daily range was in a traffic area

That made the decision for me...
  • #21,265
  • Feb 12, 2009 4:32pm Feb 12, 2009 4:32pm
Hey JD, is that really a Pin Bar? My understanding is that the close must be higher than the open for a bullish Pin Bar. Unless you were looking at something else. But then again i am a newbie at this price action game.
  • #21,266
  • Feb 12, 2009 4:43pm Feb 12, 2009 4:43pm
Quoting R Richards
Hey JD, is that really a Pin Bar? My understanding is that the close must be higher than the open for a bullish Pin Bar. Unless you were looking at something else. But then again i am a newbie at this price action game.
close and open just need to be within prior bar

a note that. I always prefer to see a higher close for a bullish Pinbar. and vice versa on a bearish. That is just part of the "making a better trade" thing

Mike
  • #21,267
  • Feb 12, 2009 4:53pm Feb 12, 2009 4:53pm
Quoting Jduester
Well, it closed as a pin. Possible hurdle breaking from 130 and probably 132. YMH9 (DOW) also closed as a pin for me (but it wasn't really a swing low).

Pros:
- 50% FIB
- PPZ at 127
- Swing low? (only 3 bars...)
- Good nose

Cons:
- Closed in a PPZ area
- Daily range was in a traffic area (see left 1/28-2/4)

I will take trade with stop under 50% FIB. Any comments.

Josh

I have about an hour left before close on my feed.Price is also forming a BUOB on the 4hr. First tp I think will be at about 131.50.Then I will take off half and move sl to be.We'll see what happens
  • #21,268
  • Feb 12, 2009 5:03pm Feb 12, 2009 5:03pm
Quoting raczekfx
welcome G550
that's correct, but the hardest job is to find SRs, which will have the greatest probability to survive the ambush and setting the stop accordingly. I'm still working on it...
I noticed on your charts displayed the H4 time frame. However are your SR's related to the H4 or are they dailies and/or weeklies?
  • #21,269
  • Feb 12, 2009 5:13pm Feb 12, 2009 5:13pm
Thanks MBQ, that helps me a lot. Maybe allow me more trades.
  • #21,270
  • Feb 12, 2009 5:31pm Feb 12, 2009 5:31pm
I have never set two TP's and and am wondering how to go about this... lets say my MM tells me to by .50 lots.. Do I take 2 lots of .25 and set the TP's or is there some risk I am taking on by doing this? Your guys help is alwasy appreciated.

Dave
  • #21,271
  • Feb 12, 2009 5:33pm Feb 12, 2009 5:33pm
Quoting jlmac27
I have about an hour left before close on my feed.Price is also forming a BUOB on the 4hr. First tp I think will be at about 131.50.Then I will take off half and move sl to be.We'll see what happens
Looking at this setup again maybe it would be wise to take half off and set sl at be at 130.50,what you think?
  • #21,272
  • Feb 12, 2009 5:35pm Feb 12, 2009 5:35pm
Quoting jlmac27
Looking at this setup again maybe it would be wise to take half off and set sl at be at 130.50,what you think?
I was thinking the same take half off and let other half run at that area because of those few bar highs immediately to the left...Hopefuly it has potential to run up afterward tho
  • #21,273
  • Feb 12, 2009 5:36pm Feb 12, 2009 5:36pm
Anybody watching this.

The Daily shows a BUOB or a DBLHC if you prefer ( 1 pip difference of the low)

The 12420 level it is comming off looks like a good PPZ but you will have to zoom out quite a lot.

What is interesting is the Weekly (from last week) is an IB and this week it broke lower and was rejected at 12420. Could that have been a false break down and now it is going to resume up if it breaks the Daily high?

Any comments?

Attached Image (click to enlarge)
Click to Enlarge Name: AudNzd_D.JPG Size: 102 KB


Attached Image (click to enlarge)
Click to Enlarge Name: AudNzd_W.JPG Size: 99 KB
  • #21,274
  • Feb 12, 2009 5:38pm Feb 12, 2009 5:38pm
Quoting dmc
I have never set two TP's and and am wondering how to go about this... lets say my MM tells me to by .50 lots.. Do I take 2 lots of .25 and set the TP's or is there some risk I am taking on by doing this? Your guys help is alwasy appreciated.

Dave
James16 style,you should always take some off the table once you get into a profit.But james ingnores much of MM.His style as I understand relies more on the % of trades win to loss.He picks the "BEST" and takes profit once it shows itself.then will let some of the trade run with a stop at breakeven.Therefore creating a free trade.
  • #21,275
  • Feb 12, 2009 5:43pm Feb 12, 2009 5:43pm
Quoting dmc
I was thinking the same take half off and let other half run at that area because of those few bar highs immediately to the left...Hopefuly it has potential to run up afterward tho

Have also been looking at this but depending on where you enter taking half off at 13050 and moving stop to BE is going to be about 20 pips away?
The high on my chart is 13022 so was thinking of entering at 13035. May be best to only entering above the 13050 area.

What do you guys think?
  • #21,276
  • Feb 12, 2009 5:50pm Feb 12, 2009 5:50pm
Quoting ljr
Have also been looking at this but depending on where you enter taking half off at 13050 and moving stop to BE is going to be about 20 pips away?
The high on my chart is 13022 so was thinking of entering at 13035. May be best to only entering above the 13050 area.

What do you guys think?

The more I am looking at this the less I am interested in it.I think I am just too anxiuos to get in a trade.Sticking with daily and weekly pin bars (good pins) will really help a guys patience factor lately.I must say I have been patient.gbp to me looks weak across the board.Any comments from the older guys is welcomed!!!!!
  • #21,277
  • Feb 12, 2009 6:07pm Feb 12, 2009 6:07pm
Quoting ljr
Anybody watching this.

The Daily shows a BUOB or a DBLHC if you prefer ( 1 pip difference of the low)

The 12420 level it is comming off looks like a good PPZ but you will have to zoom out quite a lot.

What is interesting is the Weekly (from last week) is an IB and this week it broke lower and was rejected at 12420. Could that have been a false break down and now it is going to resume up if it breaks the Daily high?

Any comments?

Attachment

Attachment
I find it will be running right back into the range it just got out of if we take this BUOB... Instead, maybe look for PA in the short direction, on a test of 1.26... Just my 2.

Josh
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD 021209_day.GIF Size: 44 KB
  • #21,278
  • Feb 12, 2009 6:10pm Feb 12, 2009 6:10pm
Quoting jlmac27
The more I am looking at this the less I am interested in it.I think I am just too anxiuos to get in a trade.Sticking with daily and weekly pin bars (good pins) will really help a guys patience factor lately.I must say I have been patient.gbp to me looks weak across the board.Any comments from the older guys is welcomed!!!!!
When in doubt...stay out. I also have found that I'm more patient only trading the days/weeks. Granted, I don't think I've even hit the tip of the iceberg on my development (as might be evident on this trade ), but I have seen improvement from my first posts... and that's encouraging.

Night all...

Josh
  • #21,279
  • Feb 12, 2009 6:11pm Feb 12, 2009 6:11pm
Quoting Jduester
I find it will be running right back into the range it just got out of if we take this BUOB... Instead, maybe look for PA in the short direction, on a test of 1.26... Just my 2.

Josh
Yes good point. Maybe too much traffic to the left and not enough space?
  • #21,280
  • Feb 12, 2009 6:49pm Feb 12, 2009 6:49pm
Quoting ljr
Yes good point. Maybe too much traffic to the left and not enough space?

IMO if it brake 130 it will go for 132...I set my entry few pips above 130. TP1 around 131.70 (last bar high); move S/L to BE and next TP could be around 134 or 135....

Only time tells....
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjy 02-12-09 d1.jpg Size: 174 KB
52 traders viewing now