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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

  • #28,401
  • Apr 28, 2009 1:02pm Apr 28, 2009 1:02pm
Quoting squeezy
hey guys, was dis a valid buob
jst curious...was watching dis as it occured....& it played out nicely
Yup nice looking BUOB off 1.3

Round numbers dictate terms bro
I believe . . .
  • #28,402
  • Apr 28, 2009 1:07pm Apr 28, 2009 1:07pm
Quoting fxprocessor
Watching....
I have closed this trade as we are at a strong support area. Hope you guys got a piece of this too.

This is the only trade I have taken in the last month. I have learned the hard way that patience is key.

cheers

fxp
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  • #28,403
  • Apr 28, 2009 1:07pm Apr 28, 2009 1:07pm
Quoting ghous
Yup nice looking BUOB off 1.3

Round numbers dictate terms bro
[quote=mbqb11;2700503]yep right off the large PPZ at 1.3(my favorite)

thnx guys, i even just switched to 8hr chart ...much clearer
ps : im having so much fun...
Simplicity is the key to success
  • #28,404
  • Edited 1:36pm Apr 28, 2009 1:13pm | Edited 1:36pm
Aud/Usd long setup.
Good sized PB bounced off Fib 6.18 and rt back up through Fib 50.
Good support.
100 pip move to next major resistance.

OK guys, I'm sitting down - hit me, I can take it.
What am I missing?
Remember per the rules I'm relegated to the D1 & W1 Tf's.

D1's are Same charts - just one is Bars the other is candles.

W1's same pair

Also color scheme of ma's, is there a prefered scheme?
And what is the 365ma for? I never seem to see it.
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fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #28,405
  • Apr 28, 2009 1:14pm Apr 28, 2009 1:14pm
Quoting fxprocessor
I have closed this trade as we are at a strong support area. Hope you guys got a piece of this too.

This is the only trade I have taken in the last month. I have learned the hard way that patience is key.

cheers

fxp
Great stuff Nick,

The presence of ppl like you on this thread is a great motivation to all who find it difficult to employ the correct measure of endurance.

Well done Mate

Regards,
Ghous.
I believe . . .
  • #28,406
  • Apr 28, 2009 1:16pm Apr 28, 2009 1:16pm
[quote=squeezy;2700515]
Quoting mbqb11
yep right off the large PPZ at 1.3(my favorite)

thnx guys, i even just switched to 8hr chart ...much clearer
ps : im having so much fun...
Glad you're enjoying it buddy,

I can understand the happiness you seem to posses right now but there's lot of it still to be had...just keep up the good work

Regards,
Ghous.
I believe . . .
  • #28,407
  • Edited 2:53pm Apr 28, 2009 1:24pm | Edited 2:53pm
If this closes as a pinbar beware the trendline just above.

I personally (imho) will pass on this as the trendline has been very well respected thus far.

Just my two cents.
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  • #28,408
  • Apr 28, 2009 1:34pm Apr 28, 2009 1:34pm
and I will follow UJ with some interest.. My close inmore then 3 hours
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  • #28,409
  • Apr 28, 2009 1:41pm Apr 28, 2009 1:41pm
Quoting fxScavenger
Aud/Usd long setup.
Good sized PB bounced off Fib 6.18 and rt back up through Fib 50.
Good support.
100 pip move to next major resistance.

OK guys, I'm sitting down - hit me, I can take it.
What am I missing?

Same charts - just one is Bars the other is candles.

Also color scheme of ma's, is there a prefered scheme.
And what is the 365ma for? I never seem to see it.
Hi there,

Except that it's near a swing high Au's an acceptable bad setup. Not A+ by any means though...

I would personally watch out for the thin blue ppzs in my chart, IB still has quite some time for the daily to close and if by then the Pb makes it's way to the first ticked blue ppz I might pass it altogether...

I like my setups to form at deep pullbacks and at swings, it's a case of neither the current Au setup so make sure you're atleast aware of it's mediocrity.

That said there is no special color scheme for any particular MA, just feel free to use wny color you wish to.

Regarding the importance of the 365 MA Jim (James16) Himself recommends this MA for anyone who uses these lines, simply because it's the most important MA out there.

There's nothing much to say abt these lines they're just additional sources of support and resistance and can aid in confirming confluence zones etc. If you've gone through Jim's videos in the guest section of the PF he has talked abt MA conflunece on quite some occasions I guess. (He even has a system based entierly of PA and support/resistance at and near MA's which he has discussed at the PF)

Regards,
Ghous.
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I believe . . .
  • #28,410
  • Apr 28, 2009 1:42pm Apr 28, 2009 1:42pm
totally off track - but it had me dumbfounded

Just received an email from Rob Booker -a trader (whom I believe J16 knows) and i have read a lot of his free stuff - about a system that delivered 67000 pips in 30 days!!!!

What an amateur - - Jarroo must have made more than that yesterday


seriously though - that's a lot of pips

oh - and no i have no affiliation
  • #28,411
  • Apr 28, 2009 2:07pm Apr 28, 2009 2:07pm
Quoting ghous
Hi there,

Except that it's near a swing high Au's an acceptable bad setup. Not A+ by any means though...

I would personally watch out for the thin blue ppzs in my chart, IB still has quite some time for the daily to close and if by then the Pb makes it's way to the first ticked blue ppz I might pass it altogether...

I like my setups to form at deep pullbacks and at swings, it's a case of neither the current Au setup so make sure you're atleast aware of it's mediocrity.

That said there is no special color scheme for any particular MA, just...
Hey Ghous,

Concise and to the point as usual - no punches pulled.
I really & truly appreciate that.

I'm only a bit over half way through the thread now, but I wanted to get a progress check.

Good info on taking longs at swing lows and shorts at swing highs - (if I read you right), makes total sense now you pointed it out to me.

I think I'm anticipating a break out of the current W1 trading range, and that was biasing my approach.

Looking for reasons to get in instead of ones to stay out.

Thanks buddy,
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #28,412
  • Apr 28, 2009 2:14pm Apr 28, 2009 2:14pm
And you young Sir

Quoting ghous
Great stuff Nick,

The presence of ppl like you on this thread is a great motivation to all who find it difficult to employ the correct measure of endurance.

Well done Mate

Regards,
Ghous.
  • #28,413
  • Apr 28, 2009 2:22pm Apr 28, 2009 2:22pm
Quoting mbqb11
yeah we want to set pending orders above the high of the actual pin....
Mike, by the break do you mean the 3rd eye needs to close below the PB's high/close or simply penetrate it to consider it broken? Thanks for your patience!
  • #28,414
  • Apr 28, 2009 2:25pm Apr 28, 2009 2:25pm
Dear all,

Having read about james' methods I figured that this would be the appropriate thread to post my question in.

My problem is basically with the whole concept of candlestick/bar patterns in essence. Lets take Forex daily charts as an example. Considering that different brokers are located in different time zones, they all have their own concept of when the 'end of the day' is thus the sometimes huge difference between daily candles in each feed (as probably most of you who follow multiple feeds have witnessed).

Knowing this fact I just can't see how any one would base their order decisions on the candlestick formations.
It does seem to me that on the daily level, candlesticks and bars are fine for stocks and futures or any centralised market for that matter, where there is a specific point in time that concurs in eack part of the world and can be called the end of the day.

For Forex, this would be the end of the week, or anything lower than 1 hour charts as these are again identical periods in each part of the world.

Not to mention that the moves on any market will most likely not coincide with the close of a given time period. By this I mean that if a pullback and a bounce from a support line on the 5m chart for instance happens just 10 seconds sooner/later, it could change the entire picture. You only need a few seconds gap to deprive you of your favorite "doji" or "monkey catching the apple" formation, causing you to be left out of the otherwise completely valid move.

I haven't seen anyone discussing this during the time I spent on forums, and it's been bugging me ever since.

I hope some of the experienced pattern analysts are willing to share some thoughts.

Kind regards
  • #28,415
  • Apr 28, 2009 2:42pm Apr 28, 2009 2:42pm
Eurjpy daily is looking like a good pin to me. Location appears ok and it bounced off the 50 fib. Any opinions on this?
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  • #28,416
  • Apr 28, 2009 2:45pm Apr 28, 2009 2:45pm
Quoting frankm7
Mike, by the break do you mean the 3rd eye needs to close below the PB's high/close or simply penetrate it to consider it broken? Thanks for your patience!
Hey Frank

Break means the bar after the pinbar breaks the high.

So on my chart #1 is the pinbar

#2 equals the bar that has to break the high of the pin

So after #1 closes that equals our pin. Then a buy stop would go above bar #1. So during the formation of bar #2(ie right when bar 1 closes) we place our buystop above the high of bar #1 which is the pin


Hope that helps

Mike
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  • #28,417
  • Apr 28, 2009 2:49pm Apr 28, 2009 2:49pm
If this bar closed as a Pin Bar, would it be worthy of going short given the fact that the major trend is down. Or would it not be smart because of the BUOB at 1.30? Any help would be appreciated.

Jim
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"Luck favors the prepared mind"
  • #28,418
  • Apr 28, 2009 2:49pm Apr 28, 2009 2:49pm
Quoting resistance
Dear all,

Having read about james' methods I figured that this would be the appropriate thread to post my question in.

My problem is basically with the whole concept of candlestick/bar patterns in essence. Lets take Forex daily charts as an example. Considering that different brokers are located in different time zones, they all have their own concept of when the 'end of the day' is thus the sometimes huge difference between daily candles in each feed (as probably most of you who follow multiple feeds have witnessed).

Knowing this fact I just...
Hey resistance,

We have spoke about it numerous times in this thread so don't worry.

Yes you are correct, forex is not a centralized market thus giving a different aggregation of what we say. But PRICE is PRICE. Period. So this is where understanding that the location of these bars, not the bars themselves trumps everything. What I mean is we are not trading based on just the bar itself. We are combining this knowledge with the knowledge of support/resistance and the other phenomenons that come along with that. So while my chart might have a pin on the 4hr and your chart doesn't, we both have the same price, just the way it is aggregated. Once you get used to knowing that it is all about location, the price bars simply become the triggers. Yes you will miss some that others have, and sometimes they will fail, but the tendency for price to react the way we believe happens over and over enough to profit.

Some people don't even use bars and just use the location. While other wait for a confirmation at the location. That is up to you. I personally always wait for a price bar to trigger. But I know what a good location is over a bad location, thus the location is simply confirmed by the bar showing up.

Hope this helps settle some of your worries. Spend some time learning what James teaches and your confidence will grow

Best
Mike
  • #28,419
  • Apr 28, 2009 2:51pm Apr 28, 2009 2:51pm
Quoting ghous
Hi there,

That said there is no special color scheme for any particular MA, just feel free to use wny color you wish to.

Regarding the importance of the 365 MA Jim (James16) Himself recommends this MA for anyone who uses these lines, simply because it's the most important MA out there.

There's nothing much to say abt these lines they're just additional sources of support and resistance and can aid in confirming confluence zones etc. If you've gone through Jim's videos in the guest section of the PF he has talked abt MA conflunece on quite...
Thanks for this info also, I'm going to check it out.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #28,420
  • Apr 28, 2009 2:51pm Apr 28, 2009 2:51pm
Quoting pipslapped
Any opinions on this?
It could go to the moon but watch out for this trendline.

http://www.forexfactory.com/showpost...ostcount=28408
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