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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

  • #21,301
  • Feb 12, 2009 10:07pm Feb 12, 2009 10:07pm
Hey Mike does this exact same entry look familar to you??

Its the exact same break of the 4 hour BUOB I took last week. The wedge breakout pull back BUOB. Coincidence? Maybe.
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Indicators show the past. Price Action "Indicates" the future.
  • #21,302
  • Feb 12, 2009 10:11pm Feb 12, 2009 10:11pm


Quoting jarroo
Hey Mike does this exact same entry look familar to you??

Quoting jarroo

Its the exact same break of the 4 hour BUOB I took last week. The wedge breakout pull back BUOB. Coincidence? Maybe.
  • #21,303
  • Feb 12, 2009 10:18pm Feb 12, 2009 10:18pm
Quoting mbqb11
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.
...

Mike
Thanks a lot Mike Don't worry bout it as I only demo J16 stuff on daily and only if I go lower, H4 would be the max. I just want to see how you implement your breakout+pullback. New stuff for me. Your feed look totally different with me (ibfx and fxpro). Anyway, thanks again Mike.
  • #21,304
  • Feb 12, 2009 10:20pm Feb 12, 2009 10:20pm
Quoting arcus
Thanks a lot Mike Don't worry bout it as I only demo J16 stuff on daily and only if I go lower, H4 would be the max. I just want to see how you implement your breakout+pullback. New stuff for me. Your feed look totally different with me (ibfx and fxpro). Anyway, thanks again Mike.
Can't look different that is the hourly chart and fxpro

That is a snapshot from when I took the trade from earlier today

Glad to hear you taking the right steps too

Mike
  • #21,305
  • Feb 12, 2009 10:21pm Feb 12, 2009 10:21pm
Quoting dmc
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
2 bar method on the 15min?!

At least use the 4 hour time frame.

Nice trade dmc.
Indicators show the past. Price Action "Indicates" the future.
  • #21,306
  • Feb 12, 2009 10:28pm Feb 12, 2009 10:28pm
Quoting mbqb11
Can't look different that is the hourly chart and fxpro

That is a snapshot from when I took the trade from earlier today

Glad to hear you taking the right steps too

Mike
My bad Mike. It's the same and I was like why on Mike's feed, the price seems to go up on straight line lol. Anyway, I zoomed out the chart and draw the same wedge as yours, very interesting and I bet it takes a lot of patience to wait for the same kind of trade. Bounce from intersection of the wedge and strong PPZ of 90.00.
  • #21,307
  • Feb 12, 2009 11:36pm Feb 12, 2009 11:36pm
Quoting jarroo
2 bar method on the 15min?!

At least use the 4 hour time frame.

Nice trade dmc.
ahahah I know I was such an idiot wasnt thinking straight...lol but all worked out well so there is no problem, now I know for next time, that's what is so great about it.
  • #21,308
  • Feb 12, 2009 11:43pm Feb 12, 2009 11:43pm
Hey folks, just wondering what others though about this potential PB here. Looks like some potential hidden divergence as well. I am raw at this, so any critique is welcome.
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  • #21,309
  • Feb 12, 2009 11:43pm Feb 12, 2009 11:43pm
Quoting dmc
ahahah I know I was such an idiot wasnt thinking straight...lol but all worked out well so there is no problem, now I know for next time, that's what is so great about it.
I always have the same problem when I was starting at trading and even now sometimes. So, I like to close my platform (meta4) and don't look until 5 minutes before the bar complete. Just make sure before that you set your stoploss and know your risk and accept the risk lol I find by doing this way, you get more pips compared when you babysit your trade because when I babysit my trades I usually closed my trades prematurely because of fear/greed (emotion factor). Hope it helps
  • #21,310
  • Edited Feb 13, 2009 12:15am Feb 12, 2009 11:53pm | Edited Feb 13, 2009 12:15am
Quoting dmc
ahahah I know I was such an idiot wasnt thinking straight...lol but all worked out well so there is no problem, now I know for next time, that's what is so great about it.
No, no, no . . you are not an idiot. I understand you want to make some profit. That's why we're here. Your target of 130.50 (previous Highs) was great. Take some off the table, move to break even and give some room to ride. I just thought the 15min time frame was to small to give the trade a chance to run.

There is nothing wrong to taking profit where you see fit. We are all learning here and I'm sure you will come to realize your own way of taking profits to best fit your style.

I apologize if I came off badly.

Your Patience would make James16, Mike, and others Proud and have them saying to themselves "that dmc gets it! "

Good job dmc.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #21,311
  • Feb 13, 2009 12:33am Feb 13, 2009 12:33am
Quoting dmc
ahahah I know I was such an idiot wasnt thinking straight...lol but all worked out well so there is no problem, now I know for next time, that's what is so great about it.

Hi, dmc, I did that for a long time then I decide to delete 15 and 30 from the mt4 force myself not looking anything of 15 and 30M, I kept 1hr on chart as still using it for enty sometime

http://clip2net.com/clip/m11384/1234506744-clip-4kb.png
  • #21,312
  • Feb 13, 2009 12:56am Feb 13, 2009 12:56am
this one jumped out at me. first one in two weeks.
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  • #21,313
  • Feb 13, 2009 1:46am Feb 13, 2009 1:46am
USD/JPY long looking good, holding bullish flag on 1h pretty nicely. Finally making a move, I guess more participants are entering around this time?
  • #21,314
  • Feb 13, 2009 1:55am Feb 13, 2009 1:55am
Big round number, clearly defined PPZ and nice daily pin. No need to make it any more complicated than this
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  • #21,315
  • Feb 13, 2009 1:56am Feb 13, 2009 1:56am
Quoting Jlr
USD/JPY long looking good, holding bullish flag on 1h pretty nicely. Finally making a move, I guess more participants are entering around this time?
Jir, is this the 3 flag u talking about? I didnt notice until u mentioned,

http://clip2net.com/clip/m11384/1234511760-clip-5kb.png
  • #21,316
  • Feb 13, 2009 1:58am Feb 13, 2009 1:58am
Not a bad place to take some off the table. (150 + pips)

Next stop, the moon. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #21,317
  • Feb 13, 2009 2:10am Feb 13, 2009 2:10am
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This is what I have drawn up. Not exactly something to be purely traded off of, but gives support to the overall picture of basically what you had drawn up earlier.

Not sure what your thing is indicating, looks fairly similar to mine... but not sure

edit: keep in mind I am the noob of this thread
  • #21,318
  • Feb 13, 2009 2:11am Feb 13, 2009 2:11am
starting to see the eurgbp making lower highs and lower lows - so gbp could start to crawl it's way back.
was looking for PA to go short but got nothing on my charts - will keep looking for shorts though.

anyone else feel this is going south and will break the last low at 86?
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  • #21,319
  • Feb 13, 2009 2:15am Feb 13, 2009 2:15am
Quoting fxprocessor
Big round number, clearly defined PPZ and nice daily pin. No need to make it any more complicated than this

hehe, luv this stuff,
  • #21,320
  • Feb 13, 2009 2:17am Feb 13, 2009 2:17am
Quoting Jlr
Attachment

This is what I have drawn up. Not exactly something to be purely traded off of, but gives support to the overall picture of basically what you had drawn up earlier.

Not sure what your thing is indicating, looks fairly similar to mine... but not sure

edit: keep in mind I am the noob of this thread
I would call this a channel instead
in my understanding, flag is the correction of the trend, in this case, u/j up trend, the flag should be down?
correct me if im wrong plz
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