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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

  • #32,261
  • Edited 3:52pm Jun 4, 2009 2:28pm | Edited 3:52pm
Quoting mbqb11
, i did place this trade on my phone though after seeing all your charts here! Thanks guys!
hey mike,just wanted to let you know how bad a habbit this is mate!!i thought you were past this stage!!
...we re crap!! hehe(only joking,were damn GOOD here on this thread)
p.s. let me know when i can take the tongue out of my cheek!!lol
jon
PATIENCE... DISCIPLINE
  • #32,262
  • Jun 4, 2009 3:05pm Jun 4, 2009 3:05pm
Has SupremeChaos posted since some of us (guilty), complained about his colourful text? Hope he hasnt taken it personally. Apologies SC dont stop posting altogether.
Economists have forecast 9 out of the last 5 recessions
  • #32,263
  • Jun 4, 2009 3:13pm Jun 4, 2009 3:13pm
Quoting markmm
Has SupremeChaos posted since some of us (guilty), complained about his colourful text? Hope he hasnt taken it personally. Apologies SC dont stop posting altogether.
i hope not!! i personally liked the colour he brought to the thread!!
EDIT: BRINGS!!!
PATIENCE... DISCIPLINE
  • #32,264
  • Jun 4, 2009 3:18pm Jun 4, 2009 3:18pm
Hey just curious what you guys think. Would you consider the previous Daily Bar on the EUR/JPY chart a BEOB or just a Pin Bar or both?

I don't see much talk about this setup, but to me it looks wonderful! 137.00 is great S/R on the weekly and the daily and price has stalled at this level...it has even given us multiple signals on the 4h and Daily!

I would like to hear everyone's take on this. Currently I am short at 137.03 with stop placed above 138.
  • #32,265
  • Jun 4, 2009 3:27pm Jun 4, 2009 3:27pm
Quoting nebuman213
Hey just curious what you guys think. Would you consider the previous Daily Bar on the EUR/JPY chart a BEOB or just a Pin Bar or both?

I don't see much talk about this setup, but to me it looks wonderful! 137.00 is great S/R on the weekly and the daily and price has stalled at this level...it has even given us multiple signals on the 4h and Daily!

I would like to hear everyone's take on this. Currently I am short at 137.03 with stop placed above 138.
it is a BEOB, but doesn't really have any space to travel. Compare the E/J BEOB versus the G/U and you can see the difference in the spacing. But if you are playing the trade by the book at the break of the bar, you'd have to get your stop to BE ASAP. I do like the 4 hour pin bar off the previous resistance, but I've still got another 18 days before I am done with my 3 months of just daily bars.
  • #32,266
  • Jun 4, 2009 3:42pm Jun 4, 2009 3:42pm
Quoting mbqb11
at my brothers graduation and seeing some friends in boston, i did place this trade on my phone though after seeing all your charts here! Thanks guys!
Mike, this thread is not a signal service, Ok.

I knew you wouldn't miss that one.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #32,267
  • Jun 4, 2009 3:52pm Jun 4, 2009 3:52pm
interesting pinbars setting up on the Kiwi and Aussie crosses
  • #32,268
  • Jun 4, 2009 4:03pm Jun 4, 2009 4:03pm
Quoting nebuman213
Hey just curious what you guys think. Would you consider the previous Daily Bar on the EUR/JPY chart a BEOB or just a Pin Bar or both?

I don't see much talk about this setup, but to me it looks wonderful! 137.00 is great S/R on the weekly and the daily and price has stalled at this level...it has even given us multiple signals on the 4h and Daily!

I would like to hear everyone's take on this. Currently I am short at 137.03 with stop placed above 138.
Got a chart?

I know people like to get input on their setups and others like to give a "heads up" of a potential setup. But its hard to get a clear picture of what your seeing if we can't see it.

This is of course, the James16 Chart Thread.

Thanks,

Jim

(also because I can't see my regular charts right now. lol)
Indicators show the past. Price Action "Indicates" the future.
  • #32,269
  • Jun 4, 2009 4:08pm Jun 4, 2009 4:08pm
Quoting jarroo
Mike, this thread is not a signal service, Ok.

I knew you wouldn't miss that one.

Jim
hahahh whichever pairs got the most buzz then i checked some charts

  • #32,270
  • Jun 4, 2009 4:21pm Jun 4, 2009 4:21pm
Hey guys took the GBP/USD trade last night at 1% risk , stop above BEOB. I was going to be away from the computer on my commute to work and dont leave my computer on at home so I couldnt have my BE EA so I set a TP at 130 pips aways and it was hit. Didnt think it would. Now I am out of a potentially great trade, maybe a reversal. What are your thoughts on renentering , maybe on a retrace, or do I just say take the profit and wait for next tade, becasu there will be more to come?

What are your thoughts?
  • #32,271
  • Edited 4:51pm Jun 4, 2009 4:36pm | Edited 4:51pm
Quoting datogio
I lost it on demo account where i'm testing 40 pips stop loss with 2% risk. stop was 1.4129, I usually lock in break even after 20 pips in profit and thought this trade had enough room to give me such an opportunity.
datogia, you got it buddy. But there is no thinking in this. Once the break gave up some pips (which was about 30 pips I believe) you got to stick to your guns on the break even placement, even if Price touches it to the pip and then runs for a 1000 pips after that. Its tough, I know.

I was fighting the same thing on the Gbp/Usd BEOB initial break which gave about 30 pips and I move to break even right away and got stopped out. I didn't even get half at that level. I was "thinking", this is a great setup, A++ , let it go, let it go, . . . IT WILL COME BACK . . have you used those words before . . Ouch, I have.
I bit the pillow and took the break even stop out.

Also if it's a great setup, which it was, you can always reenter at a retrace or lower time frame high quality PA, etc. I reenter at the intial break.

Just some thoughts, because it sounds like you got it.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #32,272
  • Jun 4, 2009 4:39pm Jun 4, 2009 4:39pm
Quoting dmc
Hey guys took the GBP/USD trade last night at 1% risk , stop above BEOB. I was going to be away from the computer on my commute to work and dont leave my computer on at home so I couldnt have my BE EA so I set a TP at 130 pips aways and it was hit. Didnt think it would. Now I am out of a potentially great trade, maybe a reversal. What are your thoughts on renentering , maybe on a retrace, or do I just say take the profit and wait for next tade, becasu there will be more to come?

What are your thoughts?
I am, of course, a Total Newbie, so this might not be great advice. However, I would look to re-enter on a retrace using PA on a lower TF. If the trade really is potentially a great one then you could look at hitting your first TP as taking part profit and get back in for some more!

Love your signature BTW.
  • #32,273
  • Jun 4, 2009 4:40pm Jun 4, 2009 4:40pm
Quoting mbqb11
hahahh whichever pairs got the most buzz then i checked some charts

Funny thing is you could start a signal service and make tons of dough. Better yet, a hedge fund and make millions.
Indicators show the past. Price Action "Indicates" the future.
  • #32,274
  • Jun 4, 2009 4:42pm Jun 4, 2009 4:42pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I am with you, bro. the pity is I missed 50% ret entry.

Any idea what to do with UC?

I have been gready, don't believe in market don't offer me opportunity of letting the profit run. I prefer to letting the loss take place, I simply determined to see if I can swing a daily leg to see the serious profit. what do you think, bro?

Quoting jarroo
Now that's A hard Break wowow Gbp/Usd.
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  • #32,275
  • Jun 4, 2009 4:49pm Jun 4, 2009 4:49pm
Quoting krue
I am with you, bro. the pity is I missed 50% ret entry.

Any idea what to do with UC?

I have been gready, don't believe in market don't offer me opportunity of letting the profit run. I prefer to letting the loss take place, I simply determined to see if I can swing a daily leg to see the serious profit. what do you think, bro?
Are you in the UC?
Indicators show the past. Price Action "Indicates" the future.
  • #32,276
  • Jun 4, 2009 4:55pm Jun 4, 2009 4:55pm
Hi fellow traders, i just discovered this thread and its awsome. ive beeing reading through 400+pages of the threat and learning a lot. Looking foward to finish all the 2000+pages and start practicing the great james 16.
Happy piping to all.
  • #32,277
  • Jun 4, 2009 4:59pm Jun 4, 2009 4:59pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
yes, since Jun.02.09.

Quoting jarroo
Are you in the UC?
  • #32,278
  • Edited 6:07pm Jun 4, 2009 5:09pm | Edited 6:07pm
I saw a few interesting setups today and decided to short EUR/NZD on my demo account.

EDIT: This trade has been canceled. The nose if the pinbar is too short for this to be an A+ setup.

Pros:

 

  1. pinbar at swing high
  2. monthly ppz and round number at 2.2400
  3. 365 EMA
  4. 23.6 fib
  5. in a downtrend
  6. bounce off of a diagonal trend line (not 100% confident in my trend line)
  7. lots of space (next trouble spot appears to be near 2.1600)

Cons:

 

  1. pinbar is small compared to previous bar
  2. pinbar does not stick out very far
  3. bullish divergence
  4. pinbar is only 3 bars away from the swing low

I am not too concerned with the pinbar size because the pair is in a down trend.

Limit order has been placed to enter 10 pips below the low of the pinbar. Stop loss is 10 pips above the pinbar plus the big spread charged by my broker. Profit target will be 2.1650 which amounts to a R:R of about 1:1.3.

Attached Image
  • #32,279
  • Jun 4, 2009 5:14pm Jun 4, 2009 5:14pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
copper, position opened since May.22.09

I can do it with commodity, but, couldn't with forex. anyone succeed holding long term position with forex? I knew I have to be humble with the market, but, simply couldn't understand why I always fail to hold long term position with forex.
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  • #32,280
  • Jun 4, 2009 6:05pm Jun 4, 2009 6:05pm
I just went for a jog and thought about this EUR/NZD trade. This is not an A+ trade. The nose of the pinbar is too small. Still trying to learn how to be picky.

Quoting PipGator
I saw a few interesting setups today and decided to short EUR/NZD on my demo account.
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