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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

  • #35,521
  • Jun 30, 2009 6:16am Jun 30, 2009 6:16am
Quoting Slurpee
Thank you!

We just closed 6560 on 1HR chart and it seems to have some momentum on this timeframe...we will see:nerd:

EDIT: and right now we are back above 6580 3 minutes after close of previous 1HR bar

Yep...lol You may be in a good position but I'd get to BE asap I think. But then, I'm ALL about protecting my assets.

I have no bias ATM so I'll just wait for PA to lead the way.
Ghost Rider - WWTBMD?
  • #35,522
  • Jun 30, 2009 6:18am Jun 30, 2009 6:18am
Quoting albchr
Thank you sir and ABSOLUTELY on the stop...LOL

I get stopped out a lot at BE or better but I'm only looking for that one trade that breaks my way. Sort of a catch 22. I risk a lot without risking a LOT...LOL
Albchr,

Nice going. Minimized your losses, get on the bus early and ride it as far as you can...."wash and rinse" as Feb2865 frequently reminds us in his thread. In your case you are working with higher timeframe.....less noise. Iam rooting for you since I am also developing the a similar strategy.
Thanks for your input
Unus pro omnibus, omnes pro uno
  • #35,523
  • Jun 30, 2009 6:32am Jun 30, 2009 6:32am
Quoting moneda
Albchr,

Nice going. Minimized your losses, get on the bus early and ride it as far as you can...."wash and rinse" as Feb2865 frequently reminds us in his thread. In your case you are working with higher timeframe.....less noise. Iam rooting for you since I am also developing the a similar strategy.
Thanks for your input
Thanks moneda! I've seen your "wash, rinse & repeat" posts a lot...LOL

Yea, the 1 & 4 hour charts seem to work best for me. With a small account (although now much bigger), they give me enough information to work from without having to wait days or weeks on the daily & weekly.

As a footnote here: I'm NOT recommending new traders don't follow the path of minimum requirements in post 1 here. In fact, I HIGHLY recommend you DO. My situation is rather unique and as such, forces me to "speed things up a bit". It's a dangerous path that I both recognize and accept.
Ghost Rider - WWTBMD?
  • #35,524
  • Jun 30, 2009 6:40am Jun 30, 2009 6:40am
Quoting Ryanmcd
1hr short, time for sleep...
Sweet dreams. You'll like the results when you wake up
One Chart is Worth Ten Thousand Words.
  • #35,525
  • Jun 30, 2009 6:41am Jun 30, 2009 6:41am
Worse than expected UK GDP news, yet pound still standing. Looks like the pound death rumours were a bit premature...
One Chart is Worth Ten Thousand Words.
  • #35,526
  • Jun 30, 2009 6:58am Jun 30, 2009 6:58am
kean,
u were referring to this post of Mike/mbqb11


Quote
With reference again to your #3914 post, ......However, the third PB type in this post has now come on to my table... and it's your personal favourite!...I need to know more!!! I am seeing it as a continuation pinbar after a retracement of the overall trend, is this correct?

yes, i think u can look at it that way.

Quote
...If so, the part that I need to understand is how to judge how much space is needed in order for it to be worth trading. I am thinking that if it retraces a lot, it will just be creating it's own new swing high and if it retraces a little it could be classed as in traffic... I am just a little confused over this point. Do you have any criteria for this particular type of pinbar that you apply?

of course, the more space the better. i haven't made a numerical observation of bars in terms of/that constitute space, but maybe 10-20 bars/candles of space is ideal, more than that would be great.
An example of what i'm trying to say is pic 1 (AUD$ Daily chart) in Mike's post above. AUD$, in that chart has 8 bars prior the PB which "formed the space".
I'm not sure if this makes sense, but really, i'm having a hard time putting in words this issue which is a very visual thing.
Space is usually mentioned in Mike's videos so those i think would best explain 'space'. I'm pretty sure the concept of space will be ingrained subconsciously in u if u repeat-review Sir Mike's videos.

Quote
Also, given that this type of PB is neither 'swing high/low' or 'in traffic', how do you manage it with regards to your stop loss etc?

we have been taught here about swing hi/lows as the ones that are located either in the top-most/bottom-most part. those are the best/ideal locations to trade the j16 method. but there are also lower/higher swing hi/lows. U can say that this PB is at a higher swing hi (based from the May27 Hi) OR a lower swing hi (based from the May18 highs)

I'm afraid i have not addressed your concern well. but despair not as Mike would be here any minute/hour. He's been very articulate for a very long time now
  • #35,527
  • Jun 30, 2009 7:16am Jun 30, 2009 7:16am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting supremeChaos
kean,
u were referring to this post of Mike/mbqb11




yes, i think u can look at it that way.



of course, the more space the better. i haven't made a numerical observation of bars in terms of/that constitute space, but maybe 10-20 bars/candles of space is ideal, more than that would be great.
An example of what i'm trying to say is pic 1 (AUD$ Daily chart) in Mike's post above. AUD$, in that chart has 8 bars prior the PB which "formed the space".
I'm...
Thanks Supreme for trying to help me understand this. I know that this is a difficult question to answer in words but, for me at this moment, it is a hurdle that I need to get past in order to continue progressing. I need to know what I am looking at before I can decide how to deal with it.

Thanks, Kean
  • #35,528
  • Jun 30, 2009 7:22am Jun 30, 2009 7:22am
Quoting kean
Thanks Supreme for trying to help me understand this. I know that this is a difficult question to answer in words but, for me at this moment, it is a hurdle that I need to get past in order to continue progressing. I need to know what I am looking at before I can decide how to deal with it.

Thanks, Kean
Mike has some really good videos in the guest area of james16group.com where he illustrates the trades that he looks for with space. All the videos in there are exellent and I would recommend checking them out.

Ross
  • #35,529
  • Jun 30, 2009 7:27am Jun 30, 2009 7:27am
Something I am watching on GBPUSD:

2hrly - pin bar formed at PPZ
hrly - DBLHC

Question - I think that James said to trade the DBLHC on a retracement if possible. Given that the 2hrly pin bar is the same setup then should I wait for the pin break or trade the DBLHC retracement.

I guess one option is to trade the DBLHC small size and then add if the pin breaks higher?
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  • #35,530
  • Jun 30, 2009 7:32am Jun 30, 2009 7:32am
Quoting albchr
Yep...lol You may be in a good position but I'd get to BE asap I think. But then, I'm ALL about protecting my assets.

I have no bias ATM so I'll just wait for PA to lead the way.
I for sure will try to lock at BE as soon as possible
Live it or leave it!
  • #35,531
  • Jun 30, 2009 7:41am Jun 30, 2009 7:41am
Quoting verno
Something I am watching on GBPUSD:

2hrly - pin bar formed at PPZ
hrly - DBLHC

Question - I think that James said to trade the DBLHC on a retracement if possible. Given that the 2hrly pin bar is the same setup then should I wait for the pin break or trade the DBLHC retracement.

I guess one option is to trade the DBLHC small size and then add if the pin breaks higher?
I'm no expert for sure but I'm always very careful about location with these. If you look at the two "Green" arrows on this chart, you'll see that on the lower TF's, when these happen around PPZ's, they can often be misleading.

Patience is the key. Let PA tip it's hand.
Attached Image (click to enlarge)
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Ghost Rider - WWTBMD?
  • #35,532
  • Jun 30, 2009 7:42am Jun 30, 2009 7:42am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting rossbennett
Mike has some really good videos in the guest area of james16group.com where he illustrates the trades that he looks for with space. All the videos in there are exellent and I would recommend checking them out.

Ross
Thanks Ross,
I am already a member of the J16 group and have watched a lot of these videos a while ago. I will have another look through and see if I can anything, as you suggest. I know in general what to look for on a chart, its just really fine tuning and some clarification that I am looking for.

Thanks again,
Kean
  • #35,533
  • Jun 30, 2009 7:47am Jun 30, 2009 7:47am
kean
hope this adds up..

Quote
the part that I need to understand is how to judge how much space is needed in order for it to be worth trading. I am thinking that if it retraces a lot, it will just be creating it's own new swing high and if it retraces a little it could be classed as in traffic... I am just a little confused over this point. Do you have any criteria for this particular type of pinbar that you apply?
u can just look at it as 3 scenarios Mike has laid out. decide if u wanna trade scenario 1 & 2. the 3rd PB type, u look for them during possible retracements, another waiting game. Dont forget, that SPACE is just 1 part of the equation. u also have to look at PA shape, location, PPZs, confluences etc.
In that particular PB (pic 3 EURCHF H4), i looked back on it in my IBFX chart (i used Daily chart). apart from it stalling at/retracing back to 61.8 fib, there was a PPZ at 1.6530 area (not to mention it seemed to have stalled at 1.6550 area) --confluence for that PB short trade. indicator/s could also have formed a divergence at that time.

Quote
...Also, given that this type of PB is neither 'swing high/low' or 'in traffic', how do you manage it with regards to your stop loss etc?
stop would be 5-20pips (depends on u) above the 61.8 fib, better if it lines up with another S/R or PPZ, TL , etc. as confluence for a solid stop placement.



like rossbennett has echoed, have u checked the guest videos of Mike here? & repeatedly viewed them?
EDIT: u are a j16 PF member? why didn't u say so earlier??? lol
u have more videos to watch & learn from..
  • #35,534
  • Jun 30, 2009 7:50am Jun 30, 2009 7:50am
Quoting Slurpee
I for sure will try to lock at BE as soon as possible

Yea you disappeared there for a second...LOL

Looks like you'll get your chance. Stay with it now....

And don't be afraid to kill it if not going your way. Live to fight another day.
Ghost Rider - WWTBMD?
  • #35,535
  • Jun 30, 2009 8:02am Jun 30, 2009 8:02am
Quoting albchr
Yea you disappeared there for a second...LOL

Looks like you'll get your chance. Stay with it now....

And don't be afraid to kill it if not going your way. Live to fight another day.
Holding on tight!

Thanks for support, albchr!
Live it or leave it!
  • #35,536
  • Jun 30, 2009 8:09am Jun 30, 2009 8:09am
I just bagged 3 losses in a row by NOT following 2 of my own rules....

First, entering trades based on what I "think" is going to happen and...

Second, placing trades before 8:30 - 9:00 EST after US opens to see what PA is doing.

Stupid! Just plain Stupid!....LOL
Ghost Rider - WWTBMD?
  • #35,537
  • Jun 30, 2009 8:11am Jun 30, 2009 8:11am
It happened twice in a row to me, that I got stopped out to the PIP and than the price turned around and went
where my high probability price was supposed to go.

Any thoughts about this "getting stopped out to the PIP".

I like also to mention, that each time I entered a 4H charts and I always got stopped out late evening , like yesterday 1100PM EST

all the best
mea

PS: I listened to a webinar where the speaker told the crowd that with opening London and Frankfurt stop hunters
are very active and take out all stops close to opening price,
up to 50 PIPS.
don't know how much credibility this statement has, but it sounds pretty credible after this!
  • #35,538
  • Jun 30, 2009 8:20am Jun 30, 2009 8:20am
Quoting Slurpee
Holding on tight!

Thanks for support, albchr!
Anytime. You should be locked in for some profit now...right?
Ghost Rider - WWTBMD?
  • #35,539
  • Jun 30, 2009 8:22am Jun 30, 2009 8:22am
albchr +2 pips secured
Live it or leave it!
  • #35,540
  • Jun 30, 2009 8:23am Jun 30, 2009 8:23am
Quoting Jduester
Amazed (and a little scared) by how many more setups are available on the 4hr.

Josh
Pretty scary isn't it? In my opinion it makes structure and rules even more important. Like Mike looking specifically at big round numbers. Makes it easier to filter out trades.
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