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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

  • #21,281
  • Feb 12, 2009 7:01pm Feb 12, 2009 7:01pm
Quoting raczekfx
e/j, dj - daily pins? we'll see.

It's worth waiting and saving your capital for days like today
Could it be reversal on dow and e/j? let's see.
If interested, here is a little doc with my today's trades (aggressive, yet planned very carefully).

Dow closed above ppz, so I will look forward for dozens PA entries from a daily perspective.

Happy trading.
.


Too much for my little newby brain....
  • #21,282
  • Feb 12, 2009 7:13pm Feb 12, 2009 7:13pm
Hi,

Can anyone help me to confirm the following 2 Pinbar are both in traffic and not great place to trade?

Just learning to filter more trades out Many thanks again to u guys
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  • #21,283
  • Feb 12, 2009 7:29pm Feb 12, 2009 7:29pm
Quoting Piproo
Hi,

Can anyone help me to confirm the following 2 Pinbar are both in traffic and not great place to trade?

Just learning to filter more trades out Many thanks again to u guys
Yep you got it Pip. When you look immediately to the left of a price bar and there is consolidation/sideways action. If not trade in the right spot/area this can be very problematic for a trade to follow through. IMO when first learning this material avoiding problem areas and looking for those big obvious PA bars, is the one of the best ways towards success.

Take care
Mike
  • #21,284
  • Feb 12, 2009 7:44pm Feb 12, 2009 7:44pm
Quoting mbqb11
Yep you got it Pip. When you look immediately to the left of a price bar and there is consolidation/sideways action. If not trade in the right spot/area this can be very problematic for a trade to follow through. IMO when first learning this material avoiding problem areas and looking for those big obvious PA bars, is the one of the best ways towards success.

Take care
Mike
I LOVE U BUDDY! thanks so much for ur helps. Ur "apple pattern" explanation in the PF guest video also explains this.

So G/J daily can possible be the only Pinbar u interested as clear support and reasonable space for an apple. Hope im right here

BTW, what's IMO?

Many thanks to u again, Mike.


PS: I also found Jarro's comments regarding G/J

Quoting jarroo
That was a classic J16 "A" trade in my book Jim. I made some solid pips off that one.

At what point did you realize that Price was going to reach that strong resistence level? Or was there a point after the break of the BUOB that told you that level of strong resistence would be reached?

Jim
  • #21,285
  • Feb 12, 2009 7:59pm Feb 12, 2009 7:59pm
Quoting Piproo

BTW, what's IMO?
In My Opinion
  • #21,286
  • Feb 12, 2009 7:59pm Feb 12, 2009 7:59pm
Quoting Piproo
I LOVE U BUDDY! thanks so much for ur helps. Ur "apple pattern" explanation in the PF guest video also explains this.

So G/J daily can possible be the only Pinbar u interested as clear support and reasonable space for an apple. Hope im right here

BTW, what's IMO?

Many thanks to u again, Mike.


PS: I also found Jarro's comments regarding G/J
Hey Piproo,

IMO = In my opinion
IMHO= In my honest(humble) opinion

At least that's what I know them to mean, if that's not what Mike meant, I'm sure he'll correct me.

P.S. Willf is too quick, haha.

Trublu
  • #21,287
  • Edited 8:27pm Feb 12, 2009 8:12pm | Edited 8:27pm
Quoting trublu
Hey Piproo,

IMO = In my opinion
IMHO= In my honest(humble) opinion

At least that's what I know them to mean, if that's not what Mike meant, I'm sure he'll correct me.

P.S. Willf is too quick, haha.

Trublu
THX, Willf and Trublu. this worth 10 pips
  • #21,288
  • Feb 12, 2009 8:38pm Feb 12, 2009 8:38pm
Gbp/Jpy PB Break. (Sorry can't post a chart right now, not at home)

To the moon baby!! ( just kidding )

Responsibile targets must be taken.
Indicators show the past. Price Action "Indicates" the future.
  • #21,289
  • Feb 12, 2009 9:11pm Feb 12, 2009 9:11pm
Broke the 91 level, anyone think this is playable?


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Oh well I am in, my TP is at 92.5
My S/L is at 90.90
  • #21,290
  • Feb 12, 2009 9:14pm Feb 12, 2009 9:14pm
Quoting jarroo
Gbp/Jpy PB Break. (Sorry can't post a chart right now, not at home)

To the moon baby!! ( just kidding )

Responsibile targets must be taken.
Thanks Jarroo

Since u cant post chart now, I think it's a chance for newbies to practice the ppz and target projection. Please correct me if im wrong.

132.00 is first target as a ppz and a cloesest round number. action needed here. (BE or partial TP)
135.60 is second target.
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  • #21,291
  • Feb 12, 2009 9:19pm Feb 12, 2009 9:19pm
Quoting Jlr
Broke the 92 level, anyone think this is playable?


Attachment

Oh well I am in, my TP is at 92.5
My S/L is at 90.90
My trading mate and I took a retrace and break entry for Wedesday's PB.
Hope mike can comment on this one too
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  • #21,292
  • Feb 12, 2009 9:23pm Feb 12, 2009 9:23pm
Quoting Piproo
My trading mate and I took a retrace and break entry for Wedesday's PB.
Hope mike can comment on this one too
Hey Pip

The gbp/jpy is the nicest of all the bars I have seen posted recently. It doesn't have a ton of space but is off a very nice level.

The usd/jpy pin was very small, but off a nice level. I wouldn't play the usd/jpy pin out right. I got in on a smaller timeframe and knowing the pin was there has helped me hold it and it has since rocketed off which is nice.

Your chart on the gbp/jpy looks good, b/c of not a ton of space we have to watch that 132 area first like you have on your chart

Well done

Mike
  • #21,293
  • Feb 12, 2009 9:23pm Feb 12, 2009 9:23pm
I thought about it, but I didn't like the traffic to the far left. It sure enough battled it all day, was a big battle too, but eventually fought through it. Now wondering if its still a good play? Or has it run its course?
Good entry though imo, thats probably the place to play it if you were to play it, my entry was about 20 pips above yours, but if I had to do it again, I would of now realized why your entry was a lot better. Just my opinion
  • #21,294
  • Feb 12, 2009 9:34pm Feb 12, 2009 9:34pm
That GBP/JPY pin was my first James 16 trade on my real account after waiting the first 12 days of February without a single trade(which was hard for me), took some profit after a 40 pip move to 130.50(because of previous bar highs at that level), now I am trailing the other half with Mikes 2 bar stop method on the 15m, I know this isnt the best thing to do but I am very anxious to close out with profit. My next level is 131.50 to watch. Me trailing on the 15m is such a newb thing to do i know guys
  • #21,295
  • Feb 12, 2009 9:47pm Feb 12, 2009 9:47pm
Quoting mbqb11
Hey Pip

The gbp/jpy is the nicest of all the bars I have seen posted recently. It doesn't have a ton of space but is off a very nice level.

The usd/jpy pin was very small, but off a nice level. I wouldn't play the usd/jpy pin out right. I got in on a smaller timeframe and knowing the pin was there has helped me hold it and it has since rocketed off which is nice.

Your chart on the gbp/jpy looks good, b/c of not a ton of space we have to watch that 132 area first like you have on your chart

Well done

Mike
Mike,
If you don't mind. Can you post your entry so we can analyze how you manage/take your trade.
  • #21,296
  • Feb 12, 2009 9:51pm Feb 12, 2009 9:51pm
Quoting mbqb11
Hey Pip

The gbp/jpy is the nicest of all the bars I have seen posted recently. It doesn't have a ton of space but is off a very nice level.

The usd/jpy pin was very small, but off a nice level. I wouldn't play the usd/jpy pin out right. I got in on a smaller timeframe and knowing the pin was there has helped me hold it and it has since rocketed off which is nice.

Your chart on the gbp/jpy looks good, b/c of not a ton of space we have to watch that 132 area first like you have on your chart

Well done

Mike
Thanks, Mike

Yes, I did think what u guys whould have thought of this U/J PB. I knew u guys might have stayed away, specially u.

I took that trade as I had another not reasonable reason because I had no trade for several days already, I thought I was patient enough to wait, and u/j daily was the best setup to me in daily.

Actually, after I entered at the retrace, I realized I still wasnt patient enough for a better setup. and g/j setup is much better today, but I cant enter otherwise I will break another rule of "no 2 jpy trade at same time".

Anyway, long way for me to go to reach "patience".

@Dmc, mate, I m jealous of u cos u have so great patience

Pip
  • #21,297
  • Feb 12, 2009 9:58pm Feb 12, 2009 9:58pm
Quoting Piproo
Thanks Jarroo

Since u cant post chart now, I think it's a chance for newbies to practice the ppz and target projection. Please correct me if im wrong.

132.00 is first target as a ppz and a cloesest round number. action needed here. (BE or partial TP)
135.60 is second target.
Very nice Piproo. He's my chart and Targets in green.

Plus we got Mike confirmation. That's a very strong indicator. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #21,298
  • Feb 12, 2009 9:59pm Feb 12, 2009 9:59pm
Quoting arcus
Mike,
If you don't mind. Can you post your entry so we can analyze how you manage/take your trade.
Sure I won't do this often b/c I am apprehensive about putting up the lower timeframes on this thread. As per James recommendations(which I fully agree and stress) about higher timeframe trading I feel that can be the wrong thing to do for so many newer traders to this thread. That is my disclaimer.

Part of my intraday trading like all my trading is focused heavily on PPZs and my integration with large round numbers. As per my post(s) in my thread I had spoke about how I had been heavily watching the 90 level on usd/jpy and I had been looking to get long on if conditions presented(as it also presented a breakout + pullback conditions ala daily pin).

Here are the two pictures I posted in my thread, and I simply decided to hold this trade(stop now at b/e), as my belief coupled with PA(such as daily pin and other yen pairs showing bullish signs-yen weakness).

My entry was the BUOB with the arrow. We had one BUOB form that I passed on due to size and close, but after the next larger one, this was a good high probability area for me to get in. When the snapshot was taken is where I would have taken profit had I not had a belief we were due for a move higher. It turned out to be right and now we will see what tonight brings.


Mike
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  • #21,299
  • Feb 12, 2009 9:59pm Feb 12, 2009 9:59pm
Quoting trujillo1980
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....
nice trade, this was only trade for the week for me, looking to hold for a possible few week run, of course locking as we progress.
  • #21,300
  • Feb 12, 2009 10:03pm Feb 12, 2009 10:03pm
Quoting jarroo
Very nice Piproo. He's my chart and Targets in green.

Plus we got Mike confirmation. That's a very strong indicator. lol
LOL, is that indicator available for download ? please find me one like that
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