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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

  • #31,001
  • May 26, 2009 1:14am May 26, 2009 1:14am
alpari..
XAG/USD = 10 pip spread
XAU/USD = 75

oanda..
XAG/USD = 300 pip spread!!
XAU/USD = 40 ??

is this explainable !!??
jon
PATIENCE... DISCIPLINE
  • #31,002
  • May 26, 2009 1:20am May 26, 2009 1:20am
g_j_hook@yah,
i don't comment on audcad as i don't trade it live. i do sometimes trade it on demo. in fact, i have been monitoring aud/cad a few days ago but missed a short entry around 0.8850 (via H1 chart, that is). i waited for a shorted which i didn't get into.

No charts but.... possibly, we will stay in the 0.86 - 0.89 range for sometime.
0.88 & 0.89 seem to be major roadblocks, all the way back to Aug.2005 (my XTB MT4 only has up to Dec2004 weekly &monthly data). if 0.89 breaks, i think 0.91 - 0.92 is easily on the cards. otherwise, on the downside, i feel 0.82 - 0.8550 is likely in the medium-term.
  • #31,003
  • May 26, 2009 1:22am May 26, 2009 1:22am
Quote
alpari..
XAG/USD = 10 pip spread
XAU/USD = 75

oanda..
XAG/USD = 300 pip spread!!
XAU/USD = 40 ??

is this explainable !!??

is that a regular occurence/observation?
wow.... cool...
  • #31,004
  • May 26, 2009 1:45am May 26, 2009 1:45am
Quoting jarroo
Looks Good g_j_, on the Weekly BEOB Aud/Cad. Let's see if London gives her a hard break.
Thanks Jarroo

Is this entry too agressive? .... 4h resistance entry for the weekly beob ... 2 lots sold @ break of beob: lot 1 = TP1, lot 2 = TP2 & stop moved to breakeven.
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  • #31,005
  • May 26, 2009 1:52am May 26, 2009 1:52am
adam777,
depends on your risk profile.
Do u normally this way? if yes, then it could be normal, not aggressive for your taste. if not, then it could be deemed as aggressive.

are u on demo or live? beware of possible immediate roadblock at 0.87, as your entry seems to be just pips away from it.
It's a fairly huge weekly BEOB. u might want to wait for a (possible further) retracement entry, for better price deals. In this case, it would be a better r:r ratio.
  • #31,006
  • May 26, 2009 2:02am May 26, 2009 2:02am
Quote
i don't comment on audcad as i don't trade it live. i do sometimes trade it on demo. in fact, i have been monitoring aud/cad a few days ago but missed a short entry around 0.8850 (via H1 chart, that is). i waited for a shorted which i didn't get into.
now why does that ring a bell??the reason i was looking for an entry there is because of the 87 problem area and i would have liked my stop at BE by then..(..and dare i say it...also 1h chart) lol

Quote
No charts but.... possibly, we will stay in the 0.86 - 0.89 range for sometime.
0.88 & 0.89 seem to be major roadblocks, all the way back to Aug.2005 (my XTB MT4 only has up to Dec2004 weekly &monthly data). if 0.89 breaks, i think 0.91 - 0.92 is easily on the cards. otherwise, on the downside, i feel 0.82 - 0.8550 is likely in the medium-term.
nice one, i hadnt really thought it out past 85. but i think you just discribed my chart!!..(i just added the 92 level i had failed to draw in.)
Quote
is that a regular occurence/observation?
wow.... cool...
for oanda the spread on these 2 rarely change. not something for scalping!!
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PATIENCE... DISCIPLINE
  • #31,007
  • May 26, 2009 2:08am May 26, 2009 2:08am
Hey Jaroo, i guess jim isnt around. I dont know who the senior members in charge are, I want to make my first james16 chart post. I have been watching this Pin bar since yesterday. Lots of good confluence. Can that be called a pin bar.


If i were trading purely J16 i would have taken the Retrace of the pinbar today. But then i am using the J16 method to fintune my system. Auslancos entry on the 4hr chart. What do you think?

Do you always wait for a pinochio setup with both eyes or you can enter on the nextbar after the pin, Thanks

Right now i am waiting for my entry short confirmation.
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  • #31,008
  • Edited 2:47am May 26, 2009 2:13am | Edited 2:47am
ephisi,
hmmm. another james16 lurker?
Welcome & great 1st post.

regarding the PB (pin bar), are u referring to the bullish PB, the second to the last bar/candle?

(bullish PB = the tail/nose is below & price is expected to go upward; opposite on a bearish PB)

Looking exclusively at your charts, I would respond to your post in a non-conventional manner.
it can be deemed as a PB, but some might say it's a neutral bar. also notice the size compared to the previous bar (3rd bar from the right). the PB is somewhat just 1/3 of it.

granted that we accept it's a (bullish) PB, but it was not broken to the upside as it should have. & let's not forget that some seasoned traders here say that, technically speaking, a PB is only a PB, when it is broken to the upside(for bullish)/downside(for bearish PB) & it is a failed PB if the nose have been breached convincingly.
-In the case of the chart u posted, it seems it was broken to the downside so it was a failed PB.
- also, the bullish PB was not at a very distinct swing low (an example is the apr25+ PB on that same chart)
- bearish divergence on your MACD warn of a possible/pending downmove
- if u took this PB at a retrace, then u might have taken a small loss.


Quote
Do you always wait for a pinochio setup with both eyes or you can enter on the nextbar after the pin

Normally, u wait for the top (for bullish)/bottom(for bearish PB) to break convincingly (some enter 5-20pips above/below the PB) for an entry. others enter on a retrace for a better price.

Hope i clarified some things for u. I intentionally explained in such a way as i deem u are an experienced trader already. but i still hope i made sense.
  • #31,009
  • May 26, 2009 2:15am May 26, 2009 2:15am
Watch this. 2 inside bars. Breaks to form a BEOUB. Next bar retraces to 78.6 fib ret of outside bar. Looks like james 16 PA. Right?
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  • #31,010
  • May 26, 2009 2:22am May 26, 2009 2:22am
Quote
the reason i was looking for an entry there is because of the 87 problem area and i would have liked my stop at BE by then..(..and dare i say it...also 1h chart) lol

g_j_hook@yah,
LOL. i didn't include details as this was about a 1H trade back then. The senior traders might spank my a## for that. & specifically, to avoid confusion in newer traders' minds, as we mainly talk H4, daily & up charts here.
nice foresight on the 0.87 issue. but who knows, the market may just slice through it easily.


Quote
nice one, i hadnt really thought it out past 85. but i think you just discribed my chart!!..(i just added the 92 level i had failed to draw in.

I was working on a naked chart, & i've only put lines a little earlier. after your reply, i reviewed your (May24) audcad chart & looks remarkably similar to mine. bet i unconsciously copied your lines
The possible roadblocks/prices i've mentioned in my previous posts, well.... i learned it here. hopefully, i'd get even some of the predicted scenarios &/or roadblocks correct..
  • #31,011
  • May 26, 2009 2:26am May 26, 2009 2:26am
Quoting supremeChaos
ephisi,
hmmm. another james16 lurker?
Welcome & great 1st post.

if i may, i'd respond in a few minutes (i just refreshed & saw your post, as i was about to complete my response to gj, just right above u ). i'll edit this asap...
Thanks supreme. lurker? you can say that again. lol ill be waiting for your response.
  • #31,012
  • May 26, 2009 2:27am May 26, 2009 2:27am
ephisi,
on your second chart/post, it's a BEOB. BUT, it's not at a swing high & it's in a range.
Sometimes it (this particular scenario of BEOB) is tradeable, imho. but bear in mind, BEOBs are traded at swing highs in the james16 method.


(Sorry, i had to reply to this post first, as this one entails a shorter reply. Hope i'm not taking on --several posts-- too much too soon too fast )
  • #31,013
  • May 26, 2009 2:33am May 26, 2009 2:33am
Quote
Hope i'm not taking on --several posts-- too much too soon too fast )
.....by the way..the day you guys copy my charts will be the same day i hit my bank for a BIG ASS loan!! hehe
PATIENCE... DISCIPLINE
  • #31,014
  • May 26, 2009 2:35am May 26, 2009 2:35am
Thanks, if you notices my comment the pattern started with 2 consecutive inside bars at a swing high followed by a break( on 4hr chart). Isnt 151.49 a swing high on 4hr chart. On the daily its not a swing high.

I dont trade this though, i was just pointing out the patterns for confirmation.




Quoting supremeChaos
ephisi,
on your second chart/post, it's a BEOB. BUT, it's not at a swing high & it's in a range.
Sometimes it (this particular scenario of BEOB) is tradeable, imho. but bear in mind, BEOBs are traded at swing highs in the james16 method.thanks


(Sorry, i had to reply to this post first, as this one entails a shorter reply. Hope i'm not taking on --several posts-- too much too soon too fast )
  • #31,015
  • May 26, 2009 2:39am May 26, 2009 2:39am
Quoting ephisi
Hey Jaroo, i guess jim isnt around. I dont know who the senior members in charge are, I want to make my first james16 chart post. I have been watching this Pin bar since yesterday. Lots of good confluence. Can that be called a pin bar.


If i were trading purely J16 i would have taken the Retrace of the pinbar today. But then i am using the J16 method to fintune my system. Auslancos entry on the 4hr chart. What do you think?

Do you always wait for a pinochio setup with both eyes or you can enter on the nextbar after the pin, Thanks

Right...
Hey ephisi, I remember you from the Auslanco thread.

Thoses would not be defined as Pin Bars. They are more like neutral, indecsion bars. We want are PBs to have a long nose, off of High/Lows and/or PPZ levels (S/R).

Sorry I can't posts charts, but check out these James16 charts (and all of his charts) for good examples of PBs.

http://www.forexfactory.com/showpost...ostcount=28665
Indicators show the past. Price Action "Indicates" the future.
  • #31,016
  • May 26, 2009 2:42am May 26, 2009 2:42am
Quoting supremeChaos
adam777,
depends on your risk profile.
Do u normally this way? if yes, then it could be normal, not aggressive for your taste. if not, then it could be deemed as aggressive.

are u on demo or live? beware of possible immediate roadblock at 0.87, as your entry seems to be just pips away from it.
It's a fairly huge weekly BEOB. u might want to wait for a (possible further) retracement entry, for better price deals. In this case, it would be a better r:r ratio.
Hi SupremeC

Still on demo and never approached weekly PA. Still finding my way through the different methods here to find what suits me best: Jarroo plays the end of the PA bar to the closest resistance levels aggressively, then moves stop to BE and trails, depending on resistance; whereas Mike at the other end of the spectrum trails behind price for the larger moves.
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  • #31,017
  • May 26, 2009 2:49am May 26, 2009 2:49am
ephisi,
just finished the post above.
just noticed jarroo already had a reply on. I'm saved. thanks jarroo

i see him on the Auslanco thread too.
  • #31,018
  • May 26, 2009 3:03am May 26, 2009 3:03am
Quote
Thanks, if you notices my comment the pattern started with 2 consecutive inside bars at a swing high followed by a break( on 4hr chart). Isnt 151.49 a swing high on 4hr chart. On the daily its not a swing high.

I dont trade this though, i was just pointing out the patterns for confirmation.

ephisi,
I can definitely understand why u deem 151.49 as a swing high. but here in this thread, swing highs & lows are only called swing highs & lows if the price is distinctly apart from other bars/candles, that is, the bar/candle is distinctly above/on top of or below/at the bottom of several other bars/candles. To simplify, again the best example of a swing is the swing low g/j PB on apr25+ on your post above (in this case, it's a swing low).

the 151.49 high on the 4hr chart is inside a 149.50 -151.50 range. u could say that, the latest 10-11 bars are collectively in that range. so, in this thread's terms, it's not at a swing high.
  • #31,019
  • May 26, 2009 3:05am May 26, 2009 3:05am
Quoting ephisi
Watch this. 2 inside bars. Breaks to form a BEOB. Next bar retraces to 78.6 fib ret of outside bar. Looks like james 16 PA. Right?
This is more correct ephisi. We have BEOB at a swing high, below a strong round number, 150.00. But we have to remember why these small bars (inside bars) were formed. It was due the holiday, which is like a Sunday bar, so we ignore them.

But you are getting the jest of it. It looks like it already hit its target.
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Indicators show the past. Price Action "Indicates" the future.
  • #31,020
  • May 26, 2009 3:05am May 26, 2009 3:05am
Quote
.....by the way..the day you guys copy my charts will be the same day i hit my bank for a BIG ASS loan!! hehe

i usually take on several things at a time, that i end up doing nothing productively. usual jack of all trades

Hey, your charts are great. simple, clean lines, easy to interpret
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