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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

  • #31,021
  • May 26, 2009 3:07am May 26, 2009 3:07am
Supreme, i would never think of going long at this level. When i said pinbar i meant bearish pinbar. But yeah dis is a neutral bar. i am liking the PA at the top. I was thinking short not long. If todays candle closes like dis. ill take it( the 3 candles) as a bearish Doji. i think its caled evening star. still waiting on my confirmation to short. Thanks






Quoting supremeChaos
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.
  • #31,022
  • May 26, 2009 3:09am May 26, 2009 3:09am
Quoting supremeChaos
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 [color=red][u]is inside a 149.50...
Very good point sChaos . . . and definition.
Indicators show the past. Price Action "Indicates" the future.
  • #31,023
  • May 26, 2009 3:10am May 26, 2009 3:10am
excellent, concise post jarroo.


ephisi,
look at the 2nd chart of that post mentioned by jarroo.
the Apr5 PB & Apr27 PB (the dates may be incorrect, i just eyeballed the chart) are great examples of a distinct swing hi & low which i was referring to as against the 151.49 "swing high" which we have just discussed.
  • #31,024
  • May 26, 2009 3:20am May 26, 2009 3:20am
Quote
Very good point sChaos . . . and definition.

wow, thanks a lot jarroo.



Quote
Supreme, i would never think of going long at this level. When i said pinbar i meant bearish pinbar. But yeah dis is a neutral bar. i am liking the PA at the top. I was thinking short not long. Thanks
ephisi,
I know u wouldn't go long there, as per your system.
but the PB is bullish (but like i & jarroo said above, it can be deemed as neutral), plainly looking at it (the "lower" tail is longer than the "upper" tail). it's not a bearish one. BUT, it's tradeable to the downside just like in this particular case. this type of PB trade is unconventional, & was somehow heavily pursued/experimented on by ghous. see some of his previous post.
  • #31,025
  • May 26, 2009 3:21am May 26, 2009 3:21am
Thanks , ill take note. I am very aware we are searching for A++ trades.




Quoting jarroo
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.
  • #31,026
  • May 26, 2009 3:29am May 26, 2009 3:29am
Quote
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.

adam777,
save the best for last.
I super strongly recommend/suggest:
combine jarroo, mbqb11, raczekfx's methods
try it, get good at it & then come back here after 1 - 3 years, tell us what happened
  • #31,027
  • May 26, 2009 3:30am May 26, 2009 3:30am
Nice one supreme. im a J16 toddler. I noticed when i combine such PA at confluences with my 4hr system its very efficient. I have taken the bar as a neutral pin. If todays candle closes anywhere around or below dis levels it will make my bearish bias stronger.so im waitng for daily close to confirm.


Btw i am amazed and wonder how u guys are able to search for PA on so many different pairs. When in essence you are trying to get jsut a few nice trades monthly.

jaroo, supreme. How do you manage dis? ie not overtrading.
  • #31,028
  • May 26, 2009 3:31am May 26, 2009 3:31am
Quoting ephisi
Thanks , ill take note. I am very aware we are searching for A++ trades.

Exactly.

Here is the ideal BEOB we would like to see. More to the point of what sChaos was saying.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #31,029
  • May 26, 2009 3:33am May 26, 2009 3:33am
Quote
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.

jarroo,
specifically referring to the emboldened phrase above.... do u often trade these particular setups? i mean, it's a "non-strict" swing high (referring specifically to the chart mentioned), correct?
  • #31,030
  • May 26, 2009 3:43am May 26, 2009 3:43am
Quoting ephisi
Nice one supreme. im a J16 toddler. I noticed when i combine such PA at confluences with my 4hr system its very efficient. I have taken the bar as a neutral pin. If todays candle closes anywhere around or below dis levels it will make my bearish bias stronger.so im waitng for daily close to confirm.


Btw i am amazed and wonder how u guys are able to search for PA on so many different pairs. When in essence you are trying to get jsut a few nice trades monthly.

jaroo, supreme. How do you manage dis? ie not overtrading.
It's easier to do when your only trading the Weekly and Daily time frames. Have your key round numbers, fib levels and PPZ levels noted on your charts then just wait for the close of the day (and/or week) and wait for price to get there. You can do this on many many pairs at these time frames.
Indicators show the past. Price Action "Indicates" the future.
  • #31,031
  • May 26, 2009 3:45am May 26, 2009 3:45am
Quote
Nice one supreme. im a J16 toddler. I noticed when i combine such PA at confluences with my 4hr system its very efficient. I have taken the bar as a neutral pin. If todays candle closes anywhere around or below dis levels it will make my bearish bias stronger.so im waitng for daily close to confirm.

Btw i am amazed and wonder how u guys are able to search for PA on so many different pairs. When in essence you are trying to get jsut a few nice trades monthly.

jaroo, supreme. How do you manage dis? ie not...

c'mon ephisi (the protege of Auslanco )... seriously, if u are a J16 toddler, then that makes me a J16 blastocyst (akin to an unfertilized egg).

this james16 method is definitely something. it's really simple, yet it's great

we get to find, identify, scrutinize many PAs, but we try to be very selective, as much as we can.

I'm not very much qualified to answer your Q about overtrading. but i must say this thread/james16 method tamed the Impatience beast in me immensely. I have avoided overtrading for several months now. last week, i only had 1 small profitable trade & i feel that it was normal & unexpected. before, i would take on average 2-10+ trades per day (note i still trade 4H & below charts despite all these; on my way to trading the 4H- weekly arena very soon). Basically u answered your own question with this post:

Quote
Thanks , ill take note. I am very aware we are searching for A++ trades.
  • #31,032
  • May 26, 2009 3:47am May 26, 2009 3:47am
Quote
Exactly.
Here is the ideal BEOB we would like to see. More to the point of what sChaos was saying.

jarroo,
exactly, Sir.
thanks for the affirmation.
  • #31,033
  • May 26, 2009 3:47am May 26, 2009 3:47am
Quoting supremeChaos
jarroo,
specifically referring to the emboldened phrase above.... do u often trade these particular setups? i mean, it's a "non-strict" swing high (referring specifically to the chart mentioned), correct?

Yes. I will trade these "Non strict" setups but I will usully have many other confluences supporting them. Also, I'm a "how hard does it break" guy as well. Meaning I will gauge the break of the setup and determine if its a keeper or not.
Indicators show the past. Price Action "Indicates" the future.
  • #31,034
  • May 26, 2009 3:53am May 26, 2009 3:53am
Quoting jarroo
It's easier to do when your only trading the Weekly and Daily time frames. Have your key round numbers, fib levels and PPZ levels noted on your charts then just wait for the close of the day (and/or week) and wait for price to get there. You can do this on many many pairs at these time frames.

alright jaroo, ill demo some other pairs. im really loving d daily trading idea. From experience i have realized that daytrading kills. I feel at ease trading dis way. few trades a month.
  • #31,035
  • May 26, 2009 3:54am May 26, 2009 3:54am
Quoting g_j_hook@yah
i was tempted to short it at 88.00 yest. but with the hols n that i refrained. A nice hard break today...Mmmm.. would be nice indeed.86ish seems reasonable for the first stop..200 EMA,365 EMA on the daily TF,and the round no...??then i have 85.5 - 86.(PPZ n 50% fib)
cheers
jon
Still looking good g_j_. Although it didn't break very hard it is steady and continious. I'm in at .8768. Stop loss above the .8815.
Indicators show the past. Price Action "Indicates" the future.
  • #31,036
  • May 26, 2009 3:59am May 26, 2009 3:59am
Quote
Yes. I will trade these "Non strict" setups but I will usually have many other confluences supporting them. Also, I'm a "how hard does it break" guy as well. Meaning I will gauge the break of the setup and determine if its a keeper or not.

jarroo,
i know that fully well. I see u say that several times & it acts as a constant reminder.
Thanks for this post, it's a confirmation that i could say acts as a "boost in confidence" within me, that u (like me & several others) are sometimes "non-strict"/unconventional (with your discretion of trades) as well..
  • #31,037
  • May 26, 2009 4:11am May 26, 2009 4:11am
Quoting supremeChaos
jarroo,
i know that fully well. I see u say that several times & it acts as a constant reminder.
Thanks for this post, it's a confirmation that i could say acts as a "boost in confidence" within me, that u (like me & several others) are sometimes "non-strict"/unconventional (with your discretion of trades) as well..
Believe me, my approach becomes a whoooole lot easier when the A+ trades present themselves. So waiting patiently is the name of the game.
Indicators show the past. Price Action "Indicates" the future.
  • #31,038
  • May 26, 2009 4:22am May 26, 2009 4:22am
Quote
Believe me, my approach becomes a whoooole lot easier when the A+ trades present themselves. So waiting patiently is the name of the game.

Thanks,
perfectly agree with you here.
& patience is my new friend/pet for several months now (as opposed to my Impatience beast which very much ruled most of my life, not just in trading).
  • #31,039
  • May 26, 2009 4:26am May 26, 2009 4:26am
Quoting jarroo
Still looking good g_j_. Although it didn't break very hard it is steady and continious. I'm in at .8768. Stop loss above the .8815.
nice one jarroo...damn holidays!!...dont we get enough weekends!!??hehe
iv got my order just below yesterdays low. momentum seems to be building thats for sure. good luck
jon
EDIT just got triggered @8738.(oandas low of yest.)
PATIENCE... DISCIPLINE
  • #31,040
  • May 26, 2009 4:30am May 26, 2009 4:30am
Quoting g_j_hook@yah
nice one jarroo...damn holidays!!...dont we get enough weekends!!??hehe
iv got my order just below yesterdays low. momentum seems to be building thats for sure. good luck
jon
EDIT just got triggered @8738.(oandas low of yest.)
Looks like a keeper. I like the 8650ish level as a 1st target. (sorry can't post charts).
Indicators show the past. Price Action "Indicates" the future.
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