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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

  • #37,721
  • Jul 16, 2009 8:06am Jul 16, 2009 8:06am
Quoting joelcf
to be honest, if it wasnt 11pm and after a longass day, I would consider playing this one for a short term bounce down to 74.80, stop to b/e and then trail as per above.
lucky nno work for me tomoz, boss has swine flu... ill take it, its off a nice area for me, then again I could be dead wrong
Grabbing the bull by the horns!
  • #37,722
  • Edited 10:27am Jul 16, 2009 8:35am | Edited 10:27am
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Quoting maheshbohir
I am just confirming whether I am wrong or not? Yes, I agree that bigger pix is the key always. Now for this DBLHC on cable-H4 is in sync with daily chart as there is nice bullish pin bar three days back.
Please, let me know if I'm wrong.

P.S. My English skills are poor. So sometimes I could not convey properly what I want to say.
No problem Mahesh. I am saying that to trade the DBLHC we need a break above the high(1.647) however that area is the 61.8 retrace from the previous move down, triggered by the bearish PB on June 30. And the 1.65 round number

I'd use this DBLHC to move my stop below it (1.6355) if I was STILL in the PB trade 3 days ago (July 13), which is the 50% retracement from the previous move down.
  • #37,723
  • Jul 16, 2009 8:38am Jul 16, 2009 8:38am
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Quoting supremeChaos
,

2mas,
that's it, 1 post at a time. I know u can do it, Sir
... there's an ongoing conspiracy within the 'frequent posters circle', which is not to post at all, so u can 'do your thing' here.
Yes Sir.
  • #37,724
  • Jul 16, 2009 9:11am Jul 16, 2009 9:11am
Quoting whitegoodman
lucky nno work for me tomoz, boss has swine flu... ill take it, its off a nice area for me, then again I could be dead wrong
I'm out with 30 pip profit. Wall St is too schizo this morning for me to have any faith in the aussie breaking 80c...and stayin there. this one probably needs more trade management than i am willing to put in.

If it goes BEOB on the 4hr I might get back in.

This is also why I shouldnt trade the hourly. Or crosses >:/

Good luck!
When you have to shoot, shoot. Dont talk.
  • #37,725
  • Edited 9:23am Jul 16, 2009 9:17am | Edited 9:23am
Quoting joelcf
I'm out with 30 pip profit. Wall St is too schizo this morning for me to have any faith in the aussie breaking 80c...and stayin there. this one probably needs more trade management than i am willing to put in.

If it goes BEOB on the 4hr I might get back in.

This is also why I shouldnt trade the hourly. Or crosses >:/

Good luck!
All the same very nice work. appreciate reading your analysis, it helps my learning curve to see such solid work.

Also, i must say reading this thread is a breath of fresh air, after reading other threads on FF.

cheers
  • #37,726
  • Jul 16, 2009 9:31am Jul 16, 2009 9:31am
Quoting joelcf
Niceish pin forming on the AUDJPY 1h/4h.

double con: I think AUDUSD looks tastier. Longer pin, roundtrip through ppz, less traffic.

And has a tighter spread, since it isnt a stupid cross.
Attachment
Not sure about your PB, but this BUOVB looks interesting...appears to be bouncing off of a major support level for a continuation of rally.
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  • #37,727
  • Jul 16, 2009 10:10am Jul 16, 2009 10:10am
Quoting maheshbohir
First trade
Hi Mahesh,

Congrats on your first trade,

Just as a brotherly advice try looking for the really good ones for the first few months you're at it. The ones with that are real big compared to the bars beside them and have long distinct noses pointing away from the vicinity of PA, the stand out ones.

This is important because earlier on you need to build your confidence and start believing in these bars, reading is one thing experiencing it live is another, and this can be done only when you can prove to be consistently good with these. Since you don't have the experience needed to tackle such moderate PA bars it is strictly recommended that you stick to the obvious setups,

swing highs/lows, heavy confluence zones, deep pull backs in a established trend, all can be great locations to tradet good pin bars.

Let us know if we can assist you further,

Regards,
Ghous.
I believe . . .
  • #37,728
  • Jul 16, 2009 10:12am Jul 16, 2009 10:12am
Quoting maheshbohir
Just curious about it.
If you're talking abt pin bar retracments, no this is not.

I've attatched a chart illustarting how we look at this "Pin bar retracment" phenomena.

Clearly the phrase refers to price movement within the range (high and low) of the pin bar.

Regards,
Ghous.
Attached Image
I believe . . .
  • #37,729
  • Jul 16, 2009 10:36am Jul 16, 2009 10:36am
25 mins to close this double (possible) and i reeeeaaallly need to go to bed ....
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  • #37,730
  • Jul 16, 2009 11:06am Jul 16, 2009 11:06am
Yes Sir
Quoting ghous
Hi Mahesh,

Congrats on your first trade,

Just as a brotherly advice try looking for the really good ones for the first few months you're at it. The ones with that are real big compared to the bars beside them and have long distinct noses pointing away from the vicinity of PA, the stand out ones.

This is important because earlier on you need to build your confidence and start believing in these bars, reading is one thing experiencing it live is another, and this can be done only when you can prove to be consistently good with these. Since you...
  • #37,731
  • Jul 16, 2009 11:07am Jul 16, 2009 11:07am
Very Clear. THanx

Quoting ghous
If you're talking abt pin bar retracments, no this is not.

I've attatched a chart illustarting how we look at this "Pin bar retracment" phenomena.

Clearly the phrase refers to price movement within the range (high and low) of the pin bar.

Regards,
Ghous.
  • #37,732
  • Jul 16, 2009 11:17am Jul 16, 2009 11:17am
Hello Jim,

I would like to thank you for putting your heart (and ˝guts˝) out and opening this great thread to teach us your way of trading and thinking. I am tired of listening that song that goes - I am back down to zero-! Now I have tuned my radio to the song:

JIM YOU ARE MY HERO!!!

Thank you


Rok
  • #37,733
  • Jul 16, 2009 11:23am Jul 16, 2009 11:23am
Quoting jarroo
Not a strict PB in the way we trade them, Open and Close not within the previous bar. But Mr. Pring would say "looks good".

You can combine any number of bars, in any way you want. You would be surprised what you will see. J16 PA turns up in many different combos.
Thanks Jarroo.
Thought so. Just needed confirmation.
The GBPJPY (GY) pic you posted (e one i circled) looked like a pin bar if squished together. =)

Incidentally, I'm VERY big on MTF.
Daily GY showed nice pinbar as well, however the pic indicated a short on rejection of confluence of resistance...
Was wondering the whole day if it would be a gd short...well...

My observation after checking out today's price action is to T/P quickly if fading the direction of a bigger timeframe.
(fade daily in this case, in the 4hr)
Sounds quite "captain obvious!", but well, the thing is that it pulls more $$ from the market, and at the end of the pullback, you have high conviction to can go long again in the direction of the daily.

Thoughts please?
One Mind, Any Market
  • #37,734
  • Jul 16, 2009 12:51pm Jul 16, 2009 12:51pm
Has anyone compiled a list and their anticipated results for things like dblhc's, dbhlc's, beovb's, buovb's, etc (if any)? I haven't seen one here or otherwise online.

Best I've seen is a brief mention of their meanings (ie. "double low high close") in the very beginning of the thread by Jim.

It could be a good thing to add to the list of links on the OP?
  • #37,735
  • Jul 16, 2009 1:10pm Jul 16, 2009 1:10pm
Ok... I am in a trade (demo account,) Long on the GBPUSD Pair.

Entry at 1.6442
S/L at 1.6390
T/P at 1.6545

Please any comments/critiques are requested, I want to learn!!

Thanks,
Casey
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  • #37,736
  • Jul 16, 2009 1:11pm Jul 16, 2009 1:11pm
Quoting alyehoud
Has anyone compiled a list and their anticipated results for things like dblhc's, dbhlc's, beovb's, buovb's, etc (if any)? I haven't seen one here or otherwise online.
In order to anticipate results one must know the context (ppz's, trend, etc..) of the PA.

All price action does is give us an entry, the rest of the chart must be read and understood at that moment in order to formulate a trade plan with any kind of target (anticipated result?)
  • #37,737
  • Jul 16, 2009 1:31pm Jul 16, 2009 1:31pm
Quoting joebryce
In order to anticipate results one must know the context (ppz's, trend, etc..) of the PA.

All price action does is give us an entry, the rest of the chart must be read and understood at that moment in order to formulate a trade plan with any kind of target (anticipated result?)
I understand. So, for example, what then would a dblhc sitting right on a weekly support line with a confluence of Fibs in an up trend tell you? It's likely to bounce (continue up) in the direction of the trend, or break the strong support level (down) and retrace/change general trend direction?

Does that make sense?
  • #37,738
  • Jul 16, 2009 1:32pm Jul 16, 2009 1:32pm
Quoting caseyjw
Ok... I am in a trade (demo account,) Long on the GBPUSD Pair.

Entry at 1.6442
S/L at 1.6390
T/P at 1.6545

Please any comments/critiques are requested, I want to learn!!

Thanks,
Casey
Hey Casey

I assume you are trying to trade the DBLHC on your chart? If so a few things. Firstly for a DBLHC the close is very low on it even though it is still above, but b/c of its poor look on a 4hr timeframe this makes it tough to want to trade. The lower the timeframe we move the strong our signals should be. Also we want to see these bars at swing lows points, this is at a swing high point. Especially when you are new to this material stick to the prime location it teaches a lot about trade mgmt that these bars at swing highs are tough to grasp. The problem with trading this bar at the swing high is you are now trading into the most recent swing high point. So at this point price might find resistance and come back down(or resistance coming into 1.65.) This would need a quick move to b/e at best.

So my basic comments would be to firstly follow the j16 rules to start on the daily. OF course I can't reinforce that with more then words, so my second general comment would be to all the lower the timeframe the stricter your entry criteria should get.

Hope that helps, let me know if you h ave more questions
Mike
  • #37,739
  • Jul 16, 2009 1:34pm Jul 16, 2009 1:34pm
Quoting caseyjw
Ok... I am in a trade (demo account,) Long on the GBPUSD Pair.

Entry at 1.6442
S/L at 1.6390
T/P at 1.6545

Please any comments/critiques are requested, I want to learn!!

Thanks,
Casey

Hi Casey,

Be very careful with trading off lower timeframes until you're used to spotting S/R and PPZ's. If you look at the past few weeks you'll see that there is actually some strong resistance around the 1.6450 area (marked in blue). A better way to approach these types of trades is to wait for price to break through this zone, then wait for a re-test. You might see it in the form of price action on a lower timeframe.

Hope this helps...

Mark.
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Time for a new chapter
  • #37,740
  • Jul 16, 2009 1:44pm Jul 16, 2009 1:44pm
Hey guys, Sorry I wasn't quite clear with what I was doing here.

I was trading off of the daily charts, if you look at the daily chart that I posed I saw, from the low of June 8, 2009@ 1.580 drawing a fib to the high of 1.6740 on June 30, 2009, price retraced and formed a bullish pinbar on July 8 which poked through the 23.6.

Then on the 13th of June price retested that point and formed a Bullish outside bar, and 3 days later broke the 61.8 and found new support there.

I only looked at the H4 and H1 to time my entry, and got more positive confluence from the bars there.

Price, from the big high of a year ago to the lowest low back in Jan, if you draw a fib there then price is right now on the 38.2 coming up from that low... which happens to reside on that same 23.6 from the more recent swing high/low.


Anyway I closed my position at a 15 pip profit, I'll watch this one from the sidelines...

Seemed good areas of confluence to me....

Thanks,
Casey
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