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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

  • #38,761
  • Jul 23, 2009 9:11pm Jul 23, 2009 9:11pm
Quoting pipmyride
Cmon guys - as Jim said - back to trading ...
Not Pure J16 but does have some basis.

Currently Long.
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  • #38,762
  • Jul 23, 2009 9:28pm Jul 23, 2009 9:28pm
Quoting pipmyride
Anyone get on this - not the greatest pin, but confluence of trendline, 618 fib, and strong level - only thing is i wasnt around to get onboard !


Maybe see if a pullback is high enough to get in late...
Dude... that sucks, what do you mean a pullback to get in late? surely with PA right? if it's any consolation, it's not even a pin on my feed

Cheers.

Marcel
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  • #38,763
  • Jul 23, 2009 9:37pm Jul 23, 2009 9:37pm
Quoting Bemac
Not Pure J16 but does have some basis.

Currently Long.
Attachment
OMG Mr.B... it's M15 charts, is that the famous ICCE? I have no clue whatsoever on what's going on there... are the descending trendlines fib channels? and what are the basis J16 applied there?

I think it's some kind of a short term breakout strategy? looks for consolidation / wedges and trade the pure breakouts off the PA? (if any)
  • #38,764
  • Jul 23, 2009 10:11pm Jul 23, 2009 10:11pm
Hello everyone,

Im thinking to buy this in 5 years time easy for me to meet everyone in this forum. lol.
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  • #38,765
  • Edited 11:04pm Jul 23, 2009 10:30pm | Edited 11:04pm
I'm papertrading some of the softs at the moment, just to get an idea of how they move and what works in those markets.

Sugar made a nice bounce off support today, with a good bullish(ish) bar. Normally, I would try and enter on a nice hard break of the high, or an intraday retrace and/or bounce from this support line... but what works here? Interesting one to watch.

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When you have to shoot, shoot. Dont talk.
  • #38,766
  • Jul 23, 2009 10:36pm Jul 23, 2009 10:36pm
Just wanted to share a trade with you all I had placed yesterday and it played out during the night. Bare with me it is my first post of an actual trade. Feed ITFX.

A pin bar developed on the daily gbpaud on 07-22-09.

Reasons for taking the trade:
1) Minor bullish divergence on the MACD
2) Swing low
3) crossed between round numbers 0.02100 and 0.0200
4) closed above the previous bar close

I placed a pending bid on the break of the pins high at 0.0233. 11pips above the pin bar high + spread.

Target...First take profit at 0.0311....one pip above the open of the previous bar of the pin bar.

I moved my stoploss to breakeven after 50 pips around 0.0275-80 area but never took profit and set a 50 pips trail. This was due to what I thought was the first resistance area. My take profit the second resistance area.

First take profit was filled at 0.0311 and the high of that bar was 0.0314.

I eventually got stopped out at 0.0264 due to the 50 pip trail.

Overall I am happy with this trade because it played out exactly like I had planned. Even for a newbie and just from learning from what I have learn't here........like it has been said before....this stuff really works!!
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  • #38,767
  • Jul 23, 2009 11:06pm Jul 23, 2009 11:06pm
Quoting Nofx
Hi all,
First post to the thread. I'm a lurker - haven't posted much for awhile anywhere on this forum.....
Finally, came out of his lurking cave.
Your posts would be appreciated here.


Quoting joelcf
...Although they generally arent in this thread - too much work involved!...
I believe i have 1.5x - 2x those indicators in my demo/live accounts before, like 2-4yrs ago.


Quoting Bemac
Not Pure J16 but does have some basis.
Currently Long.
marcelnyo,
yes the ICCE.
I'm slowly keeping abreast of it too.
from the little that "know".... based on personally-chosen ranges, fib calculations are derived (plotting 61.8, 50.0, etc) which in turn become price targets. sort of creating a future Fib projection via a current price range/consolidation.
The diagonal lines are sort of turning points as well.
check out the ICCE thread (2 distinct threads btw).
  • #38,768
  • Jul 23, 2009 11:16pm Jul 23, 2009 11:16pm
Quoting joelcf
I'm papertrading some of the softs at the moment, just to get an idea of how they move and what works in those markets.

Sugar made a nice bounce off support today, with a good bullish(ish) bar. Normally, I would try and enter on a nice hard break of the high, or an intraday retrace and/or bounce from this support line... but what works here? Interesting one to watch.
that is a simple upside breakout (based on previous bar) &/or a double/triple bar high breakout.
breakout trade. but seems to have no immediate resistance. hence, i wont use sugar in my coffee anymore lol (any chart on Coffee? )


Quoting Punky
Just wanted to share a trade with you all I had placed yesterday and it played out during the night. Bare with me it is my first post of an actual trade. Feed ITFX.
A pin bar developed on the daily gbpaud on 07-22-09.

Reasons for taking the trade:
1) Minor bullish divergence on the MACD
Nice clean chart!
what is the broker timezone of that? GMT + ?

btw, it's a hidden (not regular/normal) bullish div.
in a regular bullish div, price makes a lower low, indi makes a higher low.
your chart shows the opposite situation.
Thanks
Quote
Overall I am happy with this trade because it played out exactly like I had planned.
Awesome.
Wash, rinse, repeat
  • #38,769
  • Jul 23, 2009 11:33pm Jul 23, 2009 11:33pm
Hi Supreme
I noticed that divergence mistake as soon as I posted it. Thanks for the correction.
Cheers

Punky

PS. Broker InvestTechFX.....GMT +1

Quote:
Originally Posted by Punky http://static.forexfactory.com/forex...s/viewpost.gif
Just wanted to share a trade with you all I had placed yesterday and it played out during the night. Bare with me it is my first post of an actual trade. Feed ITFX.
A pin bar developed on the daily gbpaud on 07-22-09.

Reasons for taking the trade:
1) Minor bullish divergence on the MACD

Nice clean chart!
what is the broker timezone of that? GMT + ?

btw, it's a hidden (not regular/normal) bullish div.
in a regular bullish div, price makes a lower low, indi makes a higher low.
your chart shows the opposite situation.
Thanks
  • #38,770
  • Jul 24, 2009 12:00am Jul 24, 2009 12:00am
Quoting supremeChaos
that is a simple upside breakout (based on previous bar) &/or a double/triple bar high breakout.
breakout trade. but seems to have no immediate resistance. hence, i wont use sugar in my coffee anymore lol (any chart on Coffee? )
It isnt looking good

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When you have to shoot, shoot. Dont talk.
  • #38,771
  • Jul 24, 2009 12:07am Jul 24, 2009 12:07am
Hi ya Everyone,

Could someone please point out if i am correct on my stop losses and also my Buy/sell placements please as i see a few failure trades that I would like to be clear on that i was right in my thinking or if i was wrong..
There may be a few extras in there you think should be added or maybe i should have left out a few please point out to me..

thanks,
Adrian
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  • #38,772
  • Edited 1:04am Jul 24, 2009 12:24am | Edited 1:04am
Quoting aarangio
Hi ya Everyone,

Could someone please point out if i am correct on my stop losses and also my Buy/sell placements please as i see a few failure trades that I would like to be clear on that i was right in my thinking or if i was wrong..
There may be a few extras in there you think should be added or maybe i should have left out a few please point out to me..

thanks,
Adrian
Amatuer opinion, pretty sure the experienced guys will be able to expand...

(if you want really good feedback from Mike/James et al, you should probably explain what you saw in each setup so they can go through it)

1. Are you playing the break of the previous IB? Because, if so, you want your trade where the bar was broken, not at the bottom of the next bar. Either that, or it was a pretty good BEOB that never broke.

I dont see any other trade here, it is a double bar low but didnt even come close to making a higher close.

2. Break of an BUOB, pure bar looks good to me but this is a dodgy setup that needs to be at a shitton of confluence. I see is it heading straight into resistance and the MA, but it is also off some decent support at a swing low with divergence. Probably pass on it though.

3. I assume this one is a BUOB? With all the traffic at the top (a 'this is critical' situation), I would wait for it to break the resistance... which is kinda where your green line. Dangerous trade though - again, ranging market can kill you with these bars unless you are really good at trading them.

4. It looks kinda like a DBHLC *squints*, at a swing high. At least a kinda bearish bar. Didnt really break the lows by enough to have taken it, plus the low close was pretty suspect. Pass.

5. Nice BUOB off support and the MA. Again, didnt really break. Personally, I avoid these in consolidating markets, but maybe I am just a big girl.

6. I assume you meant this as a pin, but it wasnt really. Bottom broke the previous bar(s), nose wasnt too long, though it did bounce off resistance. Headed straight into major traffic. Even so, you would want to enter a lil below the break of the pin. Has some divergence goin on, but I only ever use that for confirmation of some PA (not as badass as rac..yet)

To be honest, I would rate 1 as a good inside bar break, and maybe a hard break on 2 above the MA. Maybe.

Too much ranging for my likin

*edit*
I'm bored, and all I have is MS paint...



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When you have to shoot, shoot. Dont talk.
  • #38,773
  • Jul 24, 2009 12:29am Jul 24, 2009 12:29am
Quoting aarangio
Hi ya Everyone,

Could someone please point out if i am correct on my stop losses and also my Buy/sell placements please as i see a few failure trades that I would like to be clear on that i was right in my thinking or if i was wrong..
There may be a few extras in there you think should be added or maybe i should have left out a few please point out to me..

thanks,
Adrian

a few seem to be wrong... as a general rule you want to see bullish price action bars at wing lows and bearish at swing highs...
Grabbing the bull by the horns!
  • #38,774
  • Jul 24, 2009 12:32am Jul 24, 2009 12:32am
Quoting joelcf
It isnt looking good
Thanks. is that a free chart software -- futureSource?

OMG. is that coffee chart going to go up or down? please advise me
shall i hoard coffee at current prices, or shall i start planting coffee?
hmmmm.. wait, it seems to be between 38 & 50 Fib, & bumped on R turned support around 125.50 area. so it may soon go down.
I'll probably wait.... lol

Oh wait a minute, i'm sorry, i was looking for a chart of our Famously pricey civet cat coffee (here, & here), not the plain coffee...
plain coffee taste like sh*t, but civet coffee is REAL (civet) sh*t. i always go for the REAL thing
  • #38,775
  • Jul 24, 2009 12:36am Jul 24, 2009 12:36am
Hi ya Joelcf, Whitegoodman,

Thanks for both getting back to me and your in depth analysis Joelcf..

ummmmm!!..can't say much to all this except i suck!

guess back to the drawing board....seriously thanks muchly for your honesty..

Adrian
  • #38,776
  • Jul 24, 2009 12:41am Jul 24, 2009 12:41am
Quoting joelcf
Amatuer opinion, pretty sure the experienced guys will be able to expand...

(if you want really good feedback from Mike/James et al, you should probably explain what you saw in each setup so they can go through it)

1. Are you playing the break of the previous IB? Because, if so, you want your trade where the bar was broken, not at the bottom of the next bar. Either that, or it was a pretty good BEOB that never broke.

I dont see any other trade here, it is a double bar low but didnt even come close to making a higher close.

2. Break of an...
Nice work joel.

#1 is a BEOB at a swing low, so that's a no trade. Unless the trend is continuating. Tight trade management on this one, risky. If it breaks, it did by a few pips but not enough to trigger my buffer 6 to 8 pips.

#2 is a BUOB and a beauty. "A+" quality in my book. At a swing low and some divergence. Nice.

#3 BUOB at a swing high. possible Price continuation (see #1)

#4 BEOB (there is also a #4.5 BEOB can you see it) at swing highs good potential trades. Breaks were weak which shows up trend may continue or ranging period.

#5 BUOB at a swing high no trade or see #1.

# 6 ??
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Indicators show the past. Price Action "Indicates" the future.
  • #38,777
  • Jul 24, 2009 12:46am Jul 24, 2009 12:46am
Adrian,
it's normal.
1 time or another, most of us did suck.
Mind u, i still suck from time to time.
  • #38,778
  • Jul 24, 2009 12:48am Jul 24, 2009 12:48am
Quoting Punky
Just wanted to share a trade with you all I had placed yesterday and it played out during the night. Bare with me it is my first post of an actual trade. Feed ITFX.

A pin bar developed on the daily gbpaud on 07-22-09.

Reasons for taking the trade:
1) Minor bullish divergence on the MACD
2) Swing low
3) crossed between round numbers 0.02100 and 0.0200
4) closed above the previous bar close

I placed a pending bid on the break of the pins high at 0.0233. 11pips above the pin bar high + spread.

Target...First take profit at 0.0311....one pip...
I'm in the same trade albeit a day after you entered. I got in on the present retrace. My targets are similar to yours but want to be able to book some profits in the night. This leads to my ? Is there some way to put a TP on a partial portion of the trade? I sort of got that impression from your post.

Cheers
A lawn mower is not an effective tool to pick-up dog poop!
  • #38,779
  • Jul 24, 2009 12:58am Jul 24, 2009 12:58am
Hi Jaz

Yes at my first take profit I took 50% off using the Updatestops money managment EA. You can set it when to move your stoploss, when to take profits up to 3 different positions and set your percentages on how much to take off and also set a trailling stop if you like. I found it somewhere on the FF site not sure where. I am not sure if I can post it here. If I am allowed I will if you like.

Punky


Quoting Jazflyer
I'm in the same trade albeit a day after you entered. I got in on the present retrace. My targets are similar to yours but want to be able to book some profits in the night. This leads to my ? Is there some way to put a TP on a partial portion of the trade? I sort of got that impression from your post.

Cheers
  • #38,780
  • Jul 24, 2009 1:11am Jul 24, 2009 1:11am
Quoting aLLerGic
Hello everyone,

Im thinking to buy this in 5 years time easy for me to meet everyone in this forum. lol.

Why settle for a light twin when you could have one of these!
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A lawn mower is not an effective tool to pick-up dog poop!
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