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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

  • #33,001
  • Jun 10, 2009 1:08am Jun 10, 2009 1:08am
Quoting Tipers
Plot a hoz line at 1.56350 and scroll back in time a little. Seems to be a fairly strong resitance/support. Zoom out to weekly and you'll see it also is strong there too. T1 = 1.56350, T2 = 365 expo ma ~ 1.57500

Looks like bullish divergence forming on daily. Pin bar has broken and is in a retrace so you could look for a possible entry at a fib, giving you a tighter stop
Very well said Tipers.
Indicators show the past. Price Action "Indicates" the future.
  • #33,002
  • Jun 10, 2009 1:09am Jun 10, 2009 1:09am
I was looking at this pair also, 4hr looks bearish, Daily looks good for long.
Could that pin bar, be a pinocchio?

Need more experienced chart reading eyes to comment pls.
Attached Images
non si dimentichi mai
  • #33,003
  • Jun 10, 2009 1:18am Jun 10, 2009 1:18am
Quoting Tipers
Plot a hoz line at 1.56350 and scroll back in time a little. Seems to be a fairly strong resitance/support. Zoom out to weekly and you'll see it also is strong there too. T1 = 1.56350, T2 = 365 expo ma ~ 1.57500

Looks like bullish divergence forming on daily. Pin bar has broken and is in a retrace so you could look for a possible entry at a fib, giving you a tighter stop

EDIT: Wow I'm slow at posting, jarroo showed what i was talking about with the chart.
Hi Tipers
At which fib level would you put in an entry?
Are you bothered by the wide spread of this pair?
  • #33,004
  • Jun 10, 2009 1:21am Jun 10, 2009 1:21am
Quoting plus50
I was looking at this pair also, 4hr looks bearish, Daily looks good for long.
Could that pin bar, be a pinocchio?

Need more experienced chart reading eyes to comment pls.
Put a daily horizontal line on left PB eye.After that wait on 4h chart to see some price action on daily horizontal line to enter on possible long position.
Sorry for my english!
  • #33,005
  • Jun 10, 2009 1:32am Jun 10, 2009 1:32am
Quoting oltciter
Put a daily horizontal line on left PB eye.After that wait on 4h chart to see some price action on daily horizontal line to enter on possible long position.
Sorry for my english!
Thank you, that helps the learning process.
non si dimentichi mai
  • #33,006
  • Edited 1:39am Jun 10, 2009 1:36am | Edited 1:39am
Quoting the novice
Hi Tipers
At which fib level would you put in an entry?
Are you bothered by the wide spread of this pair?
I tend to look mainly at the 50 and if i see it close past the 61.8 I usually am rethinking my position. If you plot the fib on this pb you'll see its tested the 23.6 and is heading back up to the top of the pin.

I'm only demoing atm but I'm long at the break, first target of 1.56350 then the stop goes up to BE. Second target of 365 ema.

I'm not too fussed with the spread as this should be a decent size move.
  • #33,007
  • Jun 10, 2009 1:43am Jun 10, 2009 1:43am
Quoting Tipers
I tend to look mainly at the 50 and if i see it close past the 61.8 I usually am rethinking my position. If you plot the fib on this pb you'll see its tested the 23.6 and is heading back up to the top of the pin.

I'm only demoing atm but I'm long at the break, first target of 1.56350 then the stop goes up to BE. Second target of 365 ema.

I'm not too fussed with the spread as this should be a decent size move.

Thank you.
  • #33,008
  • Edited 2:04am Jun 10, 2009 1:43am | Edited 2:04am
gorubin,
my answers are in black to your previous post.

-----------
That's a really good point supremeChaos, and one that I'm trying to figure out how to handle personally.

In time, u'll just get used to it. I'm pretty sure trade confidence (due to years of practice & experience) & consistency will just take care of it.
Obviously we all have different personalities and loss thresholds but I think for most of us there is a $ amount that is "too much" money. Sometimes this is not a large % in terms of your account i.e. you might have a $100K account so $1K is only 1% of your account...but still $1K might feel like a lot of money to you.

Yes, different traders, different goals, different risk profiles.
A general advice/suggestion on this is: let's strive to continue to diminish/reduce our risk per trade & use discretion & knowledge (j16 method etc) in our trades.

So the point is will you be uncomfortable if you are $1K in drawdown? I know I would especially if the drawdown is for an extended period of time...say you're holding something for days/weeks. On the other hand I think a lot of people would be completely okay being in a $100 drawdown with a $10K account.

I think this will be relative to the size of the account & the position sizing involved in that particular trade. if we are uncomfortable of a $1K drawdown, this could mean we are still less experienced or we are not yet ready to trade with bigger risk/leverage. this is 1 way of looking at it. another way is, no amount of drawdown is too small --- we just try to minimize risk at all times.

I think psychologically larger accounts bring their own issues and benefits and we should be prepared NOW because eventually we will get there and the problems we might/will encounter will be that our trading will change BECAUSE of the large account size which will bring Large winners & losers.

Yes, i agree. psychologically larger accounts bring with them their own issues, but only if u think of it in numbers/values. what i mean is if u associate trading with the amount of $'s in your account & u get consumed by that thought. regardless of the size of the account, we should always trade the best way we can &/or the way we have always traded. for example, if we have traded profitably with a plan, say trading with 1:2 or 1:3 risk:reward on a mini account (say $2,000-10,000 capital), we should use that same plan/strategy once we graduate into a account with $50,000 - 100,000+ capital (with or without higher leverage). we also try to use the same exit & loss reducing strategy as before, or better if we improve on it.

Supreme what was your exit strategy on the USD/CAD by the way?

I have a small account & It was an intraday trade. mainly used j16 PPZs/S&R (i used them as a guide & warning), with trailing stop, while consistently checking H4 & below charts as to where price may bounce/get into trouble. i was expecting some support in the 1.0980 area (61.8 fib of June1 low - june8 high). i tightened the stop near /above this area& eventually got hit for +73pips. the 2 small losses were sell trades too (lower timeframe trades), but the very tight stops got hit (i was fighting a retracement then, lol).


I hope i made sense.
Price is testing that 61.8 fib again now, for the 3rd time (H1 chart)



EDIT:
these are some of Sir james16 post regarding/related to the "$100/pip" i mentioned (im not sure if a similar scenario was mentioned in 1 of his videos)
1
2

"If i screw up it means losing 2 to 4 thousand in seconds.
When i do it right it means gaining 10 to 15 grand in minutes.
Its an incredible feeling of accomplishment to sit down in the morning KNOWING that if i trade with a professional mindset im going to win. no ifs ands or buts about it."

"when that 270 pips is worth 27,000 or 270,000 man what a feeling that is."

higher leverage is a double-edged sword. so we should not be complacent about it. we should be well-prepared when we start to trade with it.

sorry for the lengthy post.
  • #33,009
  • Jun 10, 2009 2:14am Jun 10, 2009 2:14am
Quoting fat_tom
Dunno if you guys saw my earlier post above but I did take the trade.
I was about 130 pips at one point and then set my SL to BE....
fat_tom,
Greetings & welcome!

mibqb11 made a great response to your post.

just like to add that, i too, have a very very small acct. most probably mine is smaller than yours. so i emphatize with your situation.
i suggest u use j16 as a patience, discretion & foresight tool & at the same time use it to slowly build your account. imo, at your current situation (which is likely similar to mine), u have absolutely no reason to let 130pips slip away just like that. u could have at least taken 50-100 pips out of that 130 pips.

if u have the means, i highly suggest that u build up your account/increase the capital before u trade j16, as j16 trades are mainly H4 charts & up, which therefore entail wider stops at many occasions. of course i'm assuming u have demoed extensively before taking this suggestion on account build-up. it's extremely difficult, almost impossible, to trade j16 on lower timeframes when we are just starting out with FX trading.

Have patience, be picky, & good luck!
  • #33,010
  • Edited 3:04am Jun 10, 2009 2:55am | Edited 3:04am
after ranging for several hours, eur$ broke yesterday's highs.
eur$ H1 beob (1pip difference on the highs, Bulbrokers STS MT4; same timezone with FXPro) followed by a pending BUOB (5-6minutes before closing), pending H4 BUOB too (2.05hrs to go, 3pip difference from the lows). let's see where it goes.



on $ cad,
i mentioned in my 2nd to the last post this:
"Price is testing that 61.8 fib again now, for the 3rd time (H1 chart)"
that is 1.0980-ish. with a minor ppz at 1.0970. price is again banging/knocking at it. lol
I wonder how this day will end.
  • #33,011
  • Jun 10, 2009 3:18am Jun 10, 2009 3:18am
Quoting jarroo
Due to my crazy schedule at times, I haven't been able to trade many DIBS trades. Lining up higher time frame trends with a DIBS trades have been very rewarding as of late.

Mainly the higher time frame picky PA setups (which Rules, by the way lol) have been my first love and more intuned with my current schedule.
Ryan trades IBs with a totally different approach. DIBS "founding father" (Peter Crown) mentioned that there is more to trading IBs than just the rules he described. That's why many people failed with DIBS - purely mechanical approach does not work well.

Perhaps, Ryan's approach can add the angle which could make IBs more profitable (this is off-topic as far as J16 is concerned!!): read his post carefully as he described well what he is looking for with IBs.

DIBS seems to be similar to something called "Big Ben" or "London breakout" - those concept also rotate around (one way or another) London's open price (or period prior to LO).
One Chart is Worth Ten Thousand Words.
  • #33,012
  • Jun 10, 2009 4:04am Jun 10, 2009 4:04am
Quoting plus50
I was looking at this pair also, 4hr looks bearish, Daily looks good for long.
Could that pin bar, be a pinocchio?

Need more experienced chart reading eyes to comment pls.
Of course I am not giving trade advice here, but from a conservative point of view, price has been falling quite hard, and now we have a pin that although near a swing low is in heavy traffic(notice the price action to the left of the pin). When there is this much traffic to me a much stronger sign is when the nose at least protrudes and makes a new low clearing out anything below. This ones make me weary at best and are one of those James16/Jarroo, kill it quick type trades if there isn't a hard break if you ask me.

Best
Mike
  • #33,013
  • Jun 10, 2009 4:08am Jun 10, 2009 4:08am
eur$ H1 & H4 (Bulbrokers STS MT4) both formed a BUOB as mentioned earlier.
on H1, price broke through 1.4100, then made a "successful test" of that round number. mbqb11 mentions this often (at least in his guest videos).
let's see if it pushes through further.

$cad broke through 1.0970 minor ppz, now knocking at 1.0940 minor ppz.
  • #33,014
  • Jun 10, 2009 4:14am Jun 10, 2009 4:14am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting oltciter
NIce PB on this pair!
Yes, I took this one...double top off the 365 EMA on my feed, just waiting now.
  • #33,015
  • Jun 10, 2009 4:17am Jun 10, 2009 4:17am
Alright the eurusd has enter the box I mentioned yesterday....I will now start seeking to look for shorts...

Attached Image (click to enlarge)
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  • #33,016
  • Jun 10, 2009 4:20am Jun 10, 2009 4:20am
Quoting Shermenator
Alright the eurusd has enter the box I mentioned yesterday....I will now start seeking to look for shorts...

Attachment
i dont understand where your getting the top zone of that box from?
Grabbing the bull by the horns!
  • #33,017
  • Jun 10, 2009 4:24am Jun 10, 2009 4:24am
Quoting whitegoodman
i dont understand where your getting the top zone of that box from?

Look at the trendline coming down look at the moment...look at the halve number...and look at the area of resistance to the left
  • #33,018
  • Jun 10, 2009 4:25am Jun 10, 2009 4:25am
Hi and good morning to all of you...
What do you think about this CADCHF possible trade?

On weekly looks like is making the same pattern as before, with the confluence of a trendline, Fibo, previous swing low....
On daily seems it has made a kind of PB forming a double top off the 200 SMA...
It looks like it has broken PB and trendline, and now it is retracing and facing 50% PB's Fibo and retesting trendline from below... There is a PPZ on the 4H chart at 0.9700 that could be a good point to take some profit and Stop to breakeven...
My next target will be a few pips above SMA 200 on 4H chart that has already hold and reject price twice...
I'm going to enter into the trade once the bottom of the trendline breakout (about 0.9746) has been broken, always when 50% Fibo and trendline hold the retest...
After that, if the Weekly channel gives way to the downside, I'm gonna be looking for more short opportunities.....

What do you think guys??
Attached Image(s) (click to enlarge)
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  • #33,019
  • Jun 10, 2009 4:30am Jun 10, 2009 4:30am
Quoting Shermenator
Look at the trendline coming down look at the moment...look at the halve number...and look at the area of resistance to the left
Guess this could be our ticket. dbtlc off the 50 & ppz

EDIT: If it closes below
Attached Image (click to enlarge)
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  • #33,020
  • Jun 10, 2009 5:05am Jun 10, 2009 5:05am
Against trend, but worth a sho(r)t ??

Retracing a bit already ...

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