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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

  • #39,641
  • Aug 1, 2009 8:42am Aug 1, 2009 8:42am
Quoting jarroo
Yes I see where the 38.2 came from now. My bad.

Very nice. There's is nothing like mulitple confluences at given level. I'm liking this one more and more.

Boy, that Nov 07 BEOB was A++.
Jarroo, can I ask you to say something on first areas of trouble, using this bar as an example? It's something I'd like your opinion on.

We are all by now familiar with Jim's 'this is criticial' post, but often when I see his charts he seems to not pay much attention to the very first PPZ if the trigger bar is super close to it. It's almost as if the bar itself is "off" that PPZ.

There are a few ways to deal with this. Your style from what I can see is to have a greatly reduced stop on a pinbar, looking for a hard break, so a break even/partial profit at the green area (on your chart) would be a sizeable profit. For a full bar stop that would offer very little and more often than not when the first area is that close price bounces from it, returns to test our entry and moves down.

It seems to me that some kind of first trouble area is always very close and something I am finessing in my trading is which areas to pay more attention towards.

I hope that makes sense. Saturday afternoon ramble...
  • #39,642
  • Aug 1, 2009 9:23am Aug 1, 2009 9:23am
Quoting TiaForex
The broker bases his charts on one price, usually the bid. Which is the sell price. So when putting in a sell order I don't need to factor in spread. But when putting in a buy order (which is also a take profit/stop loss on a sell order) then I do need to factor in spread on entry.

For example, if the top of my pin bar is 1.6755 and I am buying on the breach plus a ten pip buffer, then my entry goes in at 1.6755 plus 10 pip buffer plus...
thnx Aaron
ur input is very well appreciated
ive enabled it....until i put in an order probably tomorrow before i can actually see it
i think that would actually make sense for pairs whose spread is about 10pips
so im not triggered early, enjoy the rest of ur weekend
cheers
Simplicity is the key to success
  • #39,643
  • Aug 1, 2009 11:13am Aug 1, 2009 11:13am
Quoting ghous
I am looking at the Euro IPB myself...

If 1.4 can give way 1.38 isn't improbable ...

Ghous.
Ghous, how do you play those? is it like any other PB, ie a break of the high low, in the case the low?

Or do you tend to get in earlier?
  • #39,644
  • Aug 1, 2009 11:33am Aug 1, 2009 11:33am
a small pb on weekly, and a beob on daily....


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Attached Image (click to enlarge)
Click to Enlarge Name: 08-01-09 eurchf d1 beob.gif Size: 13 KB
skype: ststroud. let's talk trading.
  • #39,645
  • Aug 1, 2009 11:36am Aug 1, 2009 11:36am
Quoting verno
Ghous, how do you play those? is it like any other PB, ie a break of the high low, in the case the low?

Or do you tend to get in earlier?
hey verno,
im not ghous but just wanted to pitch in, i believe ghous enters on the close and places his stop loss just above the previous bars high when playing a short. ( or rather,above the highest bar's high)
1st target is the low of the ipb....
hope i got that ghous???
cheers
Simplicity is the key to success
  • #39,646
  • Aug 1, 2009 12:58pm Aug 1, 2009 12:58pm
Quote
Are you sure you don't have any more questions JamesL?

Just kidding . . . don't answer that. lol

LOL OK, I wont.

Come to think of it, there will be some points when i go back again and re-read the replies....

One thing I had wondered in the meantime.. how does the knife system work - just an outline if someone would - timeframes, tools used, entries, exits etc in brief..

Also, I wondered what live daily discussion there is in there about the individual markets (each fx pair, gold etc) as the charts are unfolding, what positions might be taken when the next bar closes in 30 mins - aggressive, conservative options etc -, which are actually taken by fellow members & instructors, and the trade management as the story unfolds - bit like a daily trading thread with instructor involvement. Retrospective demos are obviously not the same (even i could do that lol), I'm talking about experiencing commentary and thoughts from consistently profitable traders before the action takes place.

And, if someone consumes all the info within the first month, what is offered there that keeps them in, rather than retiring back to, say, this thread?

Also, how active and timely is the support there? If i demo trade off, say, 1 hour timeframe just to get the experience (done it before on much lower so want to try higher ones too), can i get timely advice from an instructor within the hour-ish... or 2,3,4 hours for 4 hour bars? and so on.

many thanks. Will have to get started soon i reckon. Waded through the thread up to page 900 of over 2600 so far, and it's very difficult picking our the posts to read - huge job, so concentrated info would be better.... are you sure it wouldn't all fit in an e-book plus some vids lol

Looking forward to joining all of you..
Cheers folks.

ps pm facility not enable yet, it seems. Only jioned Forex Factory a few days ago.
  • #39,647
  • Edited 8:07pm Aug 1, 2009 4:39pm | Edited 8:07pm
Quoting jarroo
Bundy made some great points about the close. The PB is rather small compared to the 2 weeks of a strong down move.

You do have to like the heavy confluenced area of the PPZ level, 150 & 365 emas and the 50% retracement.

I like your style Ben.

Also . . . ."I am still confided that the 365ema will give it a nice bounce."

These tools . . MAs, Fib retracements, 50% retracements, S/R levels, Trendlines, MACD Divergence, etc. . . . have some or little strength by themselves but when they are aligned with each other, especially...
Hey Jim,

Thanks for the explanations..and yours too Ghous.

"I like your style Ben"
I am happy to hear that. The truth is that I have just saw the videos in the guest area plus read in this thread and made note of important points.

This stuff is working really well indeed.
This may be my first and last forex method


Take care,
Ben
  • #39,648
  • Aug 1, 2009 5:01pm Aug 1, 2009 5:01pm
Hmm ... Very Quiet, Even For a Weekend !

Regards,
Basber
Attached Image
Trading methods are designed to put the odds in our favor, not predicting.
  • #39,649
  • Aug 1, 2009 5:10pm Aug 1, 2009 5:10pm
Quoting Basber
Hmm ... Very Quiet, Even For a Weekend !

Regards,
Basber
since this georgeous thread was moved to the commercial forum and didn't appear anymore in the "active threads" list, the number of posts has declined a lot.
that's very sad...
meine augen sind die sterne
  • #39,650
  • Aug 1, 2009 6:36pm Aug 1, 2009 6:36pm
Quote
Lol!

Great Kid Johny http://www.forexfactory.com/t/2331/i...m/thumbsup.gif

Love that mischievous looks on him. http://www.forexfactory.com/t/2331/i.../yim/happy.gif

We hope to see him on the thread soon. http://www.forexfactory.com/t/2331/i...m/big_grin.gif

Ghous.

hey ghous thanks, you always have something nice to say and honestly you are by far the nicest person here to everyone. I really appreciate it.
also i learn alot from you too
  • #39,651
  • Edited 7:07pm Aug 1, 2009 6:44pm | Edited 7:07pm
Quoting bakko85
Hi J16 people!
I read some interesting posts about GbpJpy IPB, and other setups..
I personally like the weekly pin on CadChf (this pair was on my radar in the past weeks). But i would also pay attention to the IPB on EurUsd, weekly: attached below there is the chart.
Yes, I'm kinda liking this CADCHF short opp myself...on the weekly we have an alright PB, furthermore, on the daily, we have a nice 3 day PB. We also have some conflence on the higher weekly TF 61.8 with 38.2 swing highs.

We would appreciate some veteran analysis...

GregB
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  • #39,652
  • Aug 1, 2009 9:10pm Aug 1, 2009 9:10pm
Quoting benji533
Not sure what you have asked for....but here is a line chart with the 38.2 - hope that helps.

Take care,
Ben
I understand why you were confused about what I was asking. My fault. Wasn't asking, just suggesting you have a look at it. lol

Ghous' feelings on this are pretty close to mine. In relation to what I'm expecting to happen. ( "Expecting" doesn't stop you from making money from the Un-Expected. )

I think what he missed though was that a (decent) break through that high would be still a good chance of profit for you.

In the end I think it's worth making your own decision on. (The supporting factors you found are very sound. )
...As long as you wait for a decent break north of 5400, well into that 'northern of the %50' area. (A break with good momentum, as Jaroo would say. )
Map out where you expect trouble once in the trade. Check Jaroos chart out for a target. That's the same one that struck me.

,B
Bundy's status today: "Waiting..."
  • #39,653
  • Aug 1, 2009 9:14pm Aug 1, 2009 9:14pm
Quoting benji533
I am happy to hear that. The truth is that I have just saw the videos in the guest area plus read in this thread and made note of important points.

This stuff is working really well indeed.
This may be my first and last forex method
The good thing about this method is it is more of a solid foundation. You can build a style that suits you on top of it.
Bundy's status today: "Waiting..."
  • #39,654
  • Aug 1, 2009 9:25pm Aug 1, 2009 9:25pm
Quoting JamesL
LOL OK, I wont.

Come to think of it, there will be some points when i go back again and re-read the replies....

One thing I had wondered in the meantime.. how does the knife system work - just an outline if someone would - timeframes, tools used, entries, exits etc in brief..

Also, I wondered what live daily discussion there is in there about the individual markets (each fx pair, gold etc) as the charts are unfolding, what positions might be taken when the next bar closes in 30 mins - aggressive, conservative options etc -, which are...
Knife is a proprietary system so no information can be disclosed here without copyright violation. It's based on the Vegas Tunnel System which you can search FF for.

It's entirely your choice whether you stay in PF for a month or longer. Personally I think it doesn't work best that way (staying in a month) and I think you'll think that way once you're in there.

Most importantly, there is very little live trade advice in there. You won't get everyone weighing in on bars and whether they will trade them. A little happens on the daily TF but just as much happens here. But if you're looking for a "trade along with us" approach you won't find it in there. The focus is on education rather than live trade advice. Instructors will get back to you, but trading a lower TF it will almost certainly be after the bar close.

Once you have assimilated and demoed the information, you won't need advice on unfolding markets and IMO it can actually hinder the learning curve rather than help. Best to demo and make your own mistakes then evaluate what you're doing wrong. The danger with live advice is that things move towards more of a signal service and you don't end up learning.
  • #39,655
  • Aug 1, 2009 10:17pm Aug 1, 2009 10:17pm
Quoting verno
Ghous, how do you play those? is it like any other PB, ie a break of the high low, in the case the low?

Or do you tend to get in earlier?
Look at these posts...

http://www.forexfactory.com/t/2331/p...ml#post2857836

http://www.forexfactory.com/t/2331/p_2866377__highlight_ipb%20entry/james16-chart-thread-2475.html#post2866377

http://www.forexfactory.com/t/2331/p...ml#post2829099

Ghous.
I believe . . .
  • #39,656
  • Edited 10:57pm Aug 1, 2009 10:20pm | Edited 10:57pm
Quoting squeezy
hey verno,
im not ghous but just wanted to pitch in, i believe ghous enters on the close and places his stop loss just above the previous bars high when playing a short. ( or rather,above the highest bar's high)
1st target is the low of the ipb....
hope i got that ghous???
cheers
You nailed it well squeezy,

Usually my SL is above the IPB high but in times when the previou bar high is lined up with the IPB high, I don't think twice abt moving the SL a few pips more above the high of the previous bar if this bar's high does exceed the IPB high...



G.
Attached Images
I believe . . .
  • #39,657
  • Edited Aug 2, 2009 5:41am Aug 1, 2009 10:25pm | Edited Aug 2, 2009 5:41am
Quoting Basber
Hmm ... Very Quiet, Even For a Weekend !

Regards,
Basber
The "Interactive discussion" section is by far the most active of em' all...

Threads like the Gu update and Eu update received new posts by the second...literally by the second on any given week day,

By virtue of the huge numbers of member visitors and non-member visitors The J16 thread was also flourishing,

We can just hope twee will fix it all

Ghous.
I believe . . .
  • #39,658
  • Edited Aug 2, 2009 12:02am Aug 1, 2009 10:29pm | Edited Aug 2, 2009 12:02am
Quoting johnnykanoo
hey ghous thanks, you always have something nice to say and honestly you are by far the nicest person here to everyone. I really appreciate it.
also i learn alot from you too
My turn to say thanks.
I believe . . .
  • #39,659
  • Aug 1, 2009 10:53pm Aug 1, 2009 10:53pm
Quoting jarroo
Interesting warta. A nice down move maybe in the works.
I've seen this pattern many times (forgot what it was called). A reversing and then continuation pattern.
(another example that is currently underway, on the Weekly Eur/Gbp.)
jarroo,
is it possibly "bearish flag" or "falling three methods"?



Quoting johnnykanoo
hey guys it is a slow saturday so i thought i would post a picture of my motivation
Very nice motivation/inspiration.
better present him soon to your wife's folks back here in the Philippines
  • #39,660
  • Aug 1, 2009 11:43pm Aug 1, 2009 11:43pm
Quoting bundyraider
I understand why you were confused about what I was asking. My fault....

Well, I have decided to leave it for now. I will think again on going long if I see the price breaking the 1.55 (the weekly pivot point).
I prefer to be picky and have as much as possible high win rate (as the j16 advices). But it can be a good trade if the price will breakout with momentum.
BTW, the first trouble area I have in my chart maches Jaroo's area. If a breakout of the 1/55 will form, there ia a good chance for an easy bunch of 200 pips.
My first target will be moving by stop to BE though...mainly because it's a area with very heavy traffic...I'll give B to that PB?

I wanted to ask you...where would you place you stop in this case? the if of the nose is around 1.515...that means 400 pips from the entry...quite a big stop....what about placing it a bit under the eye (lef eye of course) which is a major PPZ as well? That will give me a smaller stop of about 200 pips.

Thank you bundy and Jaroo for the help, most appreciated guys

Ben
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