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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

  • #39,001
  • Edited 7:33am Jul 27, 2009 7:18am | Edited 7:33am
Quoting benji533
Hello everyone. I am new to this business (but don't worry, I learn fast )

Guys, I am new for all this. I thought about this plan only after I saw all the videos in the J16 guest area. So even if I said dumb things, I will appreciate if you will explain why I was wrong, so I will prevent it in the future.
Now it's time for me to make mistakes when I am trading the demo.
I will take Jim's advice and save money until I master the demo along a few months in a row.
Ben
Personally, I will wait for todays close above the 0.8917 resistance level (wishful thinking)...Then contemplate taking a long position on break of todays high (if close is above 0.8917). I would place my SL below 0.8793 or even below the converging 150/365ema's... (see post# 38989)

Your analysis looks reasonable though....welcome aboard the J16 train.

GregB
  • #39,002
  • Jul 27, 2009 8:07am Jul 27, 2009 8:07am
Quoting benji533
Hello everyone. I am new to this business (but don't worry, I learn fast )

Now If we zoom into the daily chart, we have a Doji. Can I treat it as a bullish pin bar?
Daily chart:


Ben

Hey Ben Welcome to the thread

We treat dojis as neutral bars, or indecision bars not as pinbars. These types of bars show us that there in indecision in the market place but we do not use these as signals to enter. Not standard james16 at least. Although your logic is still sound, the actual bar itself would be a bar to show us to wait for more information and see what happens from here.

Again welcome and keep posting with any questions along the way

Best
Mike
  • #39,003
  • Jul 27, 2009 8:17am Jul 27, 2009 8:17am
Quoting batesmotel
Personally, I will wait for todays close above the 0.8917 resistance level (wishful thinking)...Then contemplate taking a long position on break of todays high (if close is above 0.8917). I would place my SL below 0.8793 or even below the converging 150/365ema's... (see post# 38989)

Your analysis looks reasonable though....welcome aboard the J16 train.

GregB
Hi GregB!
Thanks for the welcome and the reply.

I think we are in the same mind. I have based my PPZ on 0.8900 instead of 0.8917 because it is a round number (Psycho level). I think that's ok.
For me a good place to enter is always a few pips above the high of the breaking candle wick's (of bar high).
As I said before, good chance we will have trouble at the previous bar highs...lets say around 0.9010 I would like to lock up profits or get out of the trade...that's 70-90 pips gain. What do you think?


By the way, are you guys usually trade those PBs? I know Mike and Jim are very picky with there PBs...they take A or A+. There is also a lot of traffic here, Mike usually seeks for space (That what I have learned from your videos Mike).
On the other hand Jim, you have said that if I can't trade a sideways market, there is ZERO chance to I can succeed in this business....Mike, Jim - different minds or just differed trading styles?

If I will be that picky I will get maybe 1 trade in a month or two.

Ben
  • #39,004
  • Jul 27, 2009 8:21am Jul 27, 2009 8:21am
Quoting mbqb11
Hey Ben Welcome to the thread

We treat dojis as neutral bars, or indecision bars not as pinbars. These types of bars show us that there in indecision in the market place but we do not use these as signals to enter. Not standard james16 at least. Although your logic is still sound, the actual bar itself would be a bar to show us to wait for more information and see what happens from here.

Again welcome and keep posting with any questions along the way

Best
Mike
Hi Mike,

Thanks for you reply (:

Thant makes sense. Do you trade only PBs (combined with other factors of course)?

No PB = No trade for you?

Ben
  • #39,005
  • Jul 27, 2009 8:29am Jul 27, 2009 8:29am
Quoting benji533
Hi GregB!
Thanks for the welcome and the reply.

I think we are in the same mind. I have based my PPZ on 0.8900 instead of 0.8917 because it is a round number (Psycho level). I think that's ok.
For me a good place to enter is always a few pips above the high of the breaking candle wick's (of bar high).
As I said before, good chance we will have trouble at the previous bar highs...lets say around 0.9010 I would like to lock up profits or get out of the trade...that's 70-90 pips gain. What do you think?

If I will be that picky I will get maybe 1...
Perhaps you can take some profit at +90 pips and move SL to BE.

GregB
  • #39,006
  • Edited 8:48am Jul 27, 2009 8:35am | Edited 8:48am
Another tool I sometimes use is correlation trades....As you can see, the USDCHF is almost a perfect mirror image of EURUSD.

The EURUSD has formed an IB and seems like she wants to pop the 1.4289 resistance, likewise the USDCHF (blue candles) has formed an IB perhaps breaking south.

If one breaks out, there is a very high probability that the other will also...Conversely, if the EURUSD fails to break the 1.4289 resistance level, I would never consider shorting the USDCHF.

Something to think about...

GregB
Attached Image (click to enlarge)
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  • #39,007
  • Jul 27, 2009 9:13am Jul 27, 2009 9:13am
Quoting benji533

If I will be that picky I will get maybe 1 trade in a month or two.

Ben
Across 20 pairs or so the trade counter for trades on daily and above normally does exceed to more than 1 for any given month.

But then again if you're not under capitalized 1 trade could be all that you need.

Welcome to the thread Ben,

Enjoy your stay

Ghous.
I believe . . .
  • #39,008
  • Jul 27, 2009 9:14am Jul 27, 2009 9:14am
this has looked like it needed a strong PA setup to go long? h4 pin off strong ppz combined with the daily tblhc ... any thoughts for or against? ?
Attached Image
  • #39,009
  • Jul 27, 2009 9:18am Jul 27, 2009 9:18am
Quoting salisa
this has looked like it needed a strong PA setup to go long? h4 pin off strong ppz combined with the daily tblhc ... any thoughts for or against? ?
Looks like a nice setup, but did you not wait for the break of the PB high?

GregB
  • #39,010
  • Jul 27, 2009 9:28am Jul 27, 2009 9:28am
Quoting batesmotel
Looks like a nice setup, but did you not wait for the break of the PB high?

GregB
I think that the chart he posted shows the entry.

K.I.S.S.
  • #39,011
  • Jul 27, 2009 9:28am Jul 27, 2009 9:28am
Quoting salisa
this has looked like it needed a strong PA setup to go long? h4 pin off strong ppz combined with the daily tblhc ... any thoughts for or against? ?
I don't see a lot going wrong with that Salisa, good one.

Nice long nose, and one of those Pb's you can feel more safe when trading in a choppy rangy market.

What's more we were sanctioned of the validity with a quick break of the pin.

i would watch the yellow ppz on my chart as a possible first profit target/stall area.

Ghous.
Attached Image
I believe . . .
  • #39,012
  • Jul 27, 2009 9:30am Jul 27, 2009 9:30am
Quoting batesmotel
Looks like a nice setup, but did you not wait for the break of the PB high?

GregB
Spread can make that happen at times I guess...
I believe . . .
  • #39,013
  • Jul 27, 2009 9:38am Jul 27, 2009 9:38am
Quoting salisa
this has looked like it needed a strong PA setup to go long? h4 pin off strong ppz combined with the daily tblhc ... any thoughts for or against? ?
Here is an 8hr view as well. I like what I see as far as a 4hr/8hr pin at a round #. I would closely watch how price acts around this bar low area. Your long position may be challenged here as it leaves the gate.

K.I.S.S.
Attached Image (click to enlarge)
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  • #39,014
  • Jul 27, 2009 9:48am Jul 27, 2009 9:48am
hi thanks for all the feedback... it hadn't triggered at the point of posting... it has now! nice hard break so far lets see what happens.... !
  • #39,015
  • Jul 27, 2009 9:48am Jul 27, 2009 9:48am
Quoting deepdish
Any thoughts on this setup? Weekly and Daily graphs are attached in this post. A 4 hourly graph is attached in the next post.

I put in a buy order at 1.0784 and it hit this morning, with the SL at 1.0744. But I am a bit in the dark regarding Target Price. Maybe set half the position near the 50% retracement and the next at the 38.2%?
Attached Image (click to enlarge)
Click to Enlarge Name: USD CAD Weekly 2.jpg Size: 248 KB
  • #39,016
  • Jul 27, 2009 9:50am Jul 27, 2009 9:50am
Quoting KissFan
I think that the chart he posted shows the entry.

K.I.S.S.
Right, it looks like the entry was made before the break....maybe I'm wrong...

GregB
  • #39,017
  • Jul 27, 2009 9:56am Jul 27, 2009 9:56am
Quoting deepdish
I put in a buy order at 1.0784 and it hit this morning, with the SL at 1.0744. But I am a bit in the dark regarding Target Price. Maybe set half the position near the 50% retracement and the next at the 38.2%?
Hi Deepdish. I can see why you picked the area that you did for entry, however I can't see the PA associated with your choice to enter. If you could enlighten me or the others hereas to what triggered your long entry, I would more likely be able to comment in a helpful way. Thanks bro!

K.I.S.S.
  • #39,018
  • Jul 27, 2009 9:59am Jul 27, 2009 9:59am
Quoting batesmotel
Right, it looks like the entry was made before the break....maybe I'm wrong...

GregB
It looks to me like the buy was just at the break. Nevertheless, your point was timely and possible helpful to the poster.

K.I.S.S.
  • #39,019
  • Jul 27, 2009 10:31am Jul 27, 2009 10:31am
Hello Ben,

The initial break of the 0.89 is tough (highly confluenced area), I would rather wait for stronger signal or buy above this area. As you can see the price is struggle to pop through this area.


PippingM


Quoting benji533
Hello everyone. I am new to this business (but don't worry, I learn fast )
Basically I am one month learning forex only from the internet and forums. I spend a lot of time each day. This stuff is extremely the thing for me. I am enjoying it...at least till now.
I have also saw all the posts and videos in the James16 guest area. Mike and Jim, I want to thank you two personally. The videos of you two are fantastic! I have learned so much. After seeing all the videos in a row I went to my daily charts and just felt like I know the reason for every...
  • #39,020
  • Jul 27, 2009 10:33am Jul 27, 2009 10:33am
Quoting KissFan
Hi Deepdish. I can see why you picked the area that you did for entry, however I can't see the PA associated with your choice to enter. If you could enlighten me or the others hereas to what triggered your long entry, I would more likely be able to comment in a helpful way. Thanks bro!

K.I.S.S.
Well, that is why I joined this place. I am a totally newbie in Forex trading and have started out with a demo account. I try to make a chart and get the reasons for why I want to make the trades I make before I do them (I want to make sure i have an acceptable winning trades percentage before I start with the real cash).

This trade, I ideally though that I should let the price hit the S/R line at 1.0784 and take the trade after it had bounced off the line, maybe after a retracement. But due to the fact that I can't follow the market closely, I decided to just put an order near the S/R line.

The execution of the trades and the management is the things that I have to learn. Bankroll management will be no problem, since I was playing on line poker with strict bankroll management in three years, so I know what the "boring" grinding to increase the roll slowly is all about.
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