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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

  • #22,641
  • Feb 26, 2009 5:24pm Feb 26, 2009 5:24pm
Quoting jarroo
An important point to remember is that if one is going to venture down in the 4 Hour/Hourly time frames your Price targets would obviously be looked for on those time frames (4 Hour/Hourly). But the key point is the Location and PPZs should be based on the Daily and Weekly time frames. imo.

Jim
That clear things up. I thought, if one venture down in lower TF, the target would still based on higher PPZ. I mean everything based on higher PPZ. I still stick on the daily currently, no clear PA signal yet on the daily. Almost 2 weeks I think.

Do you play breakout like Mike? Cause I see we have consolidation on pairs like E/CHF and U/CHF. Based on my experience (only a year), we will usually have tremendous move like what happened in U/J. Sorry if I sound noob cause I totally separate my other method with J16 for the time being.
  • #22,642
  • Feb 26, 2009 5:29pm Feb 26, 2009 5:29pm
Quoting arcus
That clear things up. I thought, if one venture down in lower TF, the target would still based on higher PPZ. I mean everything based on higher PPZ. I still stick on the daily currently, no clear PA signal yet on the daily. Almost 2 weeks I think.
If trading is getting boring for anyone I suggest backtesting years gone by, looking at more currencies. . Backtesting and looking at PA in the past is honestly the best thing ever. I STILL have not enough hours in the day to backtest everything.

The solutions to the future are sown in the past, eventhough we cannot predict the future. Barack Obama should take some of that on board.

If you do have a look at lower timeframes then have the PPZ / Fibonacci's or whatever already drawn so that when the PA comes you don't even have to think about it it's just trade.

I never draw Fibs on anything lower than Daily.


If we talk about the J16 sniper rifle . .

Location (Where you plot PPZ, Fibs, round numbers) - Is where you load up your rifle, prepare and ready yourself and set your sights on where you want to shoot.

Price Action - Is pulling the trigger.


just my two cents
  • #22,643
  • Feb 26, 2009 5:31pm Feb 26, 2009 5:31pm
Quoting stoli7188
finally a nice daily set up. i took this one on demo because I am not sure how to position size gold properly.

great pin with trend right off the 950 ppz, 4hr chart looks good too (FXDD feed)
I don't now or have I ever traded gold live yet but I will be putting in a demo order on that one
  • #22,644
  • Edited 5:50pm Feb 26, 2009 5:36pm | Edited 5:50pm
Quoting Jigsaw
...

If we talk about the J16 sniper rifle . .

Location (Where you plot PPZ, Fibs, round numbers) - Is where you load up your rifle, prepare and ready yourself and set your sights on where you want to shoot.

Price Action - Is pulling the trigger.


just my two cents
I like this one Sort of sum up everything. Anyway, don't worry Jig, I won't give up on this J16 stuff, cause I know it works. I've been through 6 months of devastation when I first starts trading and I know the only key to success is - not to give up =)
  • #22,645
  • Feb 26, 2009 6:11pm Feb 26, 2009 6:11pm
Quoting arcus
That clear things up. I thought, if one venture down in lower TF, the target would still based on higher PPZ. I mean everything based on higher PPZ. I still stick on the daily currently, no clear PA signal yet on the daily. Almost 2 weeks I think.

Do you play breakout like Mike? Cause I see we have consolidation on pairs like E/CHF and U/CHF. Based on my experience (only a year), we will usually have tremendous move like what happened in U/J. Sorry if I sound noob cause I totally separate my other method with J16 for the time being.
The Price Target can evenually be hit on the higher time frame, that's what the breakeven half of the position would be looking for.

Breakout trades; I'm not as thorough as Mike but if one catches my eye I'll take a second look. Breakout trades are still based on PA set-ups.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #22,646
  • Feb 26, 2009 6:13pm Feb 26, 2009 6:13pm
Quoting Jigsaw


If we talk about the J16 sniper rifle . .

Location (Where you plot PPZ, Fibs, round numbers) - Is where you load up your rifle, prepare and ready yourself and set your sights on where you want to shoot.

Price Action - Is pulling the trigger.


just my two cents
Nice analogy Jig. lol
Indicators show the past. Price Action "Indicates" the future.
  • #22,647
  • Feb 26, 2009 6:38pm Feb 26, 2009 6:38pm
Anyone notice this IB on the H4 of the EURJPY. It looks good to me as there is a resistance above the IB. I took it on the break of the IB. intend to close most of my position at 124.00. GBPJPY also formed an IB on the previous last H4 candle.
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  • #22,648
  • Feb 26, 2009 6:56pm Feb 26, 2009 6:56pm
Quoting Ray_1
Anyone notice this IB on the H4 of the EURJPY. It looks good to me as there is a resistance above the IB. I took it on the break of the IB. intend to close most of my position at 124.00. GBPJPY also formed an IB on the previous last H4 candle.
On the IBFX feed, it was a pinbar.......

Oh, I shorted it....and here we are.
  • #22,649
  • Feb 26, 2009 7:07pm Feb 26, 2009 7:07pm
Quoting Ray_1
Anyone notice this IB on the H4 of the EURJPY. It looks good to me as there is a resistance above the IB. I took it on the break of the IB. intend to close most of my position at 124.00. GBPJPY also formed an IB on the previous last H4 candle.
Closed majority of my position. Now stop loss at BE. A risk free trade.
  • #22,650
  • Feb 26, 2009 7:20pm Feb 26, 2009 7:20pm
Quoting ghous
I get your point thanks Mark...

Regards,
Ghous.

Some words to us newbies...
  • #22,651
  • Edited 7:39pm Feb 26, 2009 7:26pm | Edited 7:39pm
t00k my first Take profit at previous resistance, now turned support... set SL to BE and letting the rest run... hoping we get power of the yen....

I am targeting 96.00 for USD/JPY.... Weekly support and 50% fib of most recent upturn
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Dr. C
  • #22,652
  • Feb 26, 2009 7:47pm Feb 26, 2009 7:47pm
Quoting ghous
an 8 hour pin would be nice, I don't have the 4h Pb on my chart but going by your feed don't like this one much, it sure doesn't have a lot of ego abt it to throw away this mighty bull run or retrace seriosuly IMO.

Regards,
Ghous.
Do you play 2 bars PB like 8 hs 2 hrs like you play it normally?
  • #22,653
  • Feb 26, 2009 10:38pm Feb 26, 2009 10:38pm
H1 pin on GJ, but confluence ?
  • #22,654
  • Feb 26, 2009 11:30pm Feb 26, 2009 11:30pm
I hit that E/J!

Other than ODL, can anyone recommend a decent broker who offers commodities trading along with lots of currency pairs and decent spreads?
  • #22,655
  • Feb 27, 2009 12:07am Feb 27, 2009 12:07am
hey guys, I spot this one, and I believe this can be a good setup, please commets. thanks

http://clip2net.com/clip/m11384/1235714758-clip-6kb.png
  • #22,656
  • Feb 27, 2009 12:12am Feb 27, 2009 12:12am
Hi Piproo. Its at support, maybe some traffic there, but more importantly, look at how small the pin bar is in relation to the previous two bars.
  • #22,657
  • Feb 27, 2009 1:19am Feb 27, 2009 1:19am
Quoting jarroo
Looks tradable Pip. But remember this from James16:


THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter...
Hi ya Jim,

Could you please correct me but I was thinking this trade was in way to much traffic so it should be left alone??

Adrian
  • #22,658
  • Feb 27, 2009 1:29am Feb 27, 2009 1:29am
Quoting aarangio
Hi ya Jim,

Could you please correct me but I was thinking this trade was in way to much traffic so it should be left alone??

Adrian
I would have skipped it myself Adrian. You would be correct for thinking it was low grade.

Not just the traffic, you'd want something to tell you that consolidation range was broken first. You would look at it as a sign of possible direction to come.

Edit: I actually traded around there somewhere. lol ...5 minute outside bar somewhere. I remember it because I woke up to find it missed my TP by 3 pips before starting the run down it's now in.
Bundy's status today: "Waiting..."
  • #22,659
  • Feb 27, 2009 1:31am Feb 27, 2009 1:31am
Quoting trujillo1980
Do you play 2 bars PB like 8 hs 2 hrs like you play it normally?
They can be played normally, I don't trade them very often and will take em' only if they really appeal.

You just take the break of the lower low or the higher high on the 2 bars.
I believe . . .
  • #22,660
  • Feb 27, 2009 1:35am Feb 27, 2009 1:35am
Quoting cvcamper
t00k my first Take profit at previous resistance, now turned support... set SL to BE and letting the rest run... hoping we get power of the yen....

I am targeting 96.00 for USD/JPY.... Weekly support and 50% fib of most recent upturn

I have a similar target at 96.05, 38.2% Fib of the 110.65-87.15 move. Good to hear corresponding levels.
"Timing Is Everything. Really I Swear It Is"
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