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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

  • #22,201
  • Feb 22, 2009 5:59pm Feb 22, 2009 5:59pm
Quoting jarroo
Weekly PB Eur/Usd. Looking good.
How many different feeds are showing this one. I would quess all of them.
I hope some took the break. Good for 50+ pips.
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Indicators show the past. Price Action "Indicates" the future.
  • #22,202
  • Feb 22, 2009 6:13pm Feb 22, 2009 6:13pm
Quoting jarroo
I hope some took the break. Good for 50+ pips.
I just missed this one! I really liked it as we had a weekly pin and daily buob. Also the weekly pin on the usd index looked nice. Do you think it would be a bad idea to wait for a small retracement and then enter?

edit: i was thinking of entering on a retrace to 1.2900
  • #22,203
  • Feb 22, 2009 6:21pm Feb 22, 2009 6:21pm
Quoting scott087
I just missed this one! I really liked it as we had a weekly pin and daily buob. Also the weekly pin on the usd index looked nice. Do you think it would be a bad idea to wait for a small retracement and then enter?
Its never a bad idea to wait for PA setup to develop. A convincing Bullish PA at the 1.2900 on a lower time frame may prove successful, although risky.
Indicators show the past. Price Action "Indicates" the future.
  • #22,204
  • Feb 22, 2009 6:31pm Feb 22, 2009 6:31pm
Quoting jarroo
Its never a bad idea to wait for PA setup to develop. A convincing Bullish PA at the 1.2900 on a lower time frame may prove successful, although risky.
I see a nice BUOB on the 4 hour. Also, a break of that BUOB would also take out the bar highs on the left that I outlined.
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  • #22,205
  • Edited 8:28pm Feb 22, 2009 6:33pm | Edited 8:28pm
Quoting scott087
I see a nice BUOB on the 4 hour. Also, a break of that BUOB would also take out the bar highs on the left that I outlined.
Remember that BUOB prove stronger at swing Lows. Although a BUOB break with the trend would be a good confirmation of Price continuation.
Indicators show the past. Price Action "Indicates" the future.
  • #22,206
  • Feb 22, 2009 7:00pm Feb 22, 2009 7:00pm
Quoting jarroo
I hope some took the break. Good for 50+ pips.
This is my first trade of using James16 price action method. Entered the trade when my pending order is hit at 1.2910. Stop loss placed 10 pips away from the bottom of the pinbar. I will move my stop loss when price reached 1.3000.
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  • #22,207
  • Feb 22, 2009 7:02pm Feb 22, 2009 7:02pm
Quoting jarroo
Its never a bad idea to wait for PA setup to develop. A convincing Bullish PA at the 1.2900 on a lower time frame may prove successful, although risky.
I think it is much safer to at least take entry on daily or 4hr timeframe to lower the loss-risk. We know that EU did gave us a very 'catchy' PB on the close of last week's weekly chart. Using stoploss taken based on weekly chart is quite high, unless you use low leveraging. Until then, I'll watch very close to a PA setup for EU on my 4hr/daily, or even on 1hour as long as everything looks good.
  • #22,208
  • Feb 22, 2009 7:06pm Feb 22, 2009 7:06pm
Quoting Ray_1
This is my first trade of using James16 price action method. Entered the trade when my pending order is hit at 1.2910. Stop loss placed 10 pips away from the bottom of the pinbar. I will move my stop loss when price reached 1.3000.
Classic long term J16 trade Ray. You may want to grab some pips earlier then 1.3000. Currently I took 42 pips on the 1st half of my position and the 2nd half is now at break even.
Indicators show the past. Price Action "Indicates" the future.
  • #22,209
  • Feb 22, 2009 7:10pm Feb 22, 2009 7:10pm
Quoting jarroo
Classic long term J16 trade Ray. You may want to grab some pips earlier then 1.3000. Currently I took 42 pips on the 1st half of my position and the 2nd half is now at break even.
Jarroo, if this is a weekly signal, why did you close the position?
  • #22,210
  • Feb 22, 2009 7:11pm Feb 22, 2009 7:11pm
On the EURUSD weekly setup, I saw a good pinbar formed and from my current learning(which is very limited as I am only at pg 242 of this thread) I feel it is a good A class trade, so I took the trade by placing a pending order on the top of the pin bar. I like to know if the pending order is never hit, how do we know when will the pinbar setup on the weekly become invalid, do you consider the pinbar beocme invalid when price breaks the bottom of the pinbar? Pls advise.
  • #22,211
  • Feb 22, 2009 7:12pm Feb 22, 2009 7:12pm
Quoting goldbird22
Jarroo, if this is a weekly signal, why did you close the position?
I only close half at 42 pips, the other half is at break even. I don't like drawdown. If Price takes me out, so be it.
Indicators show the past. Price Action "Indicates" the future.
  • #22,212
  • Feb 22, 2009 7:14pm Feb 22, 2009 7:14pm
Quoting Ray_1
On the EURUSD weekly setup, I saw a good pinbar formed and from my current learning(which is very limited as I am only at pg 242 of this thread) I feel it is a good A class trade, so I took the trade by placing a pending order on the top of the pin bar. I like to know if the pending order is never hit, how do we know when will the pinbar setup on the weekly become invalid, do you consider the pinbar beocme invalid when price breaks the bottom of the pinbar? Pls advise.
When Price breaks the bottom of the PB (in this case) it would be considered invalid or failed. The PB only became valid when it broke.
Indicators show the past. Price Action "Indicates" the future.
  • #22,213
  • Feb 22, 2009 7:18pm Feb 22, 2009 7:18pm
Quoting jarroo
I only close half at 42 pips, the other half is at break even. I don't like drawdown. I Price takes me out, so be it.

I see, Thanks, is your next PPZ 1.3095 and next 1.3315? correct me if I am wrong
  • #22,214
  • Feb 22, 2009 7:20pm Feb 22, 2009 7:20pm
Hi jarroo,

thanks for the explanation, may I know at what price you enter the EURUSD trade?
  • #22,215
  • Feb 22, 2009 7:27pm Feb 22, 2009 7:27pm
Quoting goldbird22
I see, Thanks, is your next PPZ 1.3095 and next 1.3315? correct me if I am wrong
Yes very nice goldbird. 1.3000 is a strog round number level getting past that I like the previous bar Highs, 1.3070.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #22,216
  • Feb 22, 2009 7:28pm Feb 22, 2009 7:28pm
Quoting Ray_1
Hi jarroo,

thanks for the explanation, may I know at what price you enter the EURUSD trade?
1.2895.
Indicators show the past. Price Action "Indicates" the future.
  • #22,217
  • Feb 22, 2009 7:31pm Feb 22, 2009 7:31pm
Quoting goldbird22
I see, Thanks, is your next PPZ 1.3095 and next 1.3315? correct me if I am wrong
Hey Goldbird-

For what it's worth, my PPZ's are very close to yours. About 3089 and 3330. So we are pretty much in agreement. I see 3089 as being very, very achievable, hopefully over the next day or two max. But we'll see what happens.
  • #22,218
  • Feb 22, 2009 8:06pm Feb 22, 2009 8:06pm
Quoting jarroo
1.2895.
Nice one Jim....I'm there with you from 1.2893....TP1 at 1.3000 the stops to BE on the remaining lots. Probably run a two bar trailer after that off the weekly timeframe. Good luck with the trade
  • #22,219
  • Feb 22, 2009 8:08pm Feb 22, 2009 8:08pm
Quoting jarroo
Classic long term J16 trade Ray. You may want to grab some pips earlier then 1.3000. Currently I took 42 pips on the 1st half of my position and the 2nd half is now at break even.
The quick grab for some profit, understandable, coming from the fact that no matter how good the weekly pin is. We are still in a strong down trend untill proven otherwise.

This is a trade however I am willing to risk the 1% & keep the stop where it is (at the bottom of the bar) & not take any profit till the first weekly resistance area
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  • #22,220
  • Feb 22, 2009 8:09pm Feb 22, 2009 8:09pm
Quoting tehuringa
Nice one Jim....I'm there with you from 1.2893....TP1 at 1.3000 the stops to BE on the remaining lots. Probably run a two bar trailer after that off the weekly timeframe. Good luck with the trade
Very nice Dave. Your lips to Price's ear. lol
Indicators show the past. Price Action "Indicates" the future.
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