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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

  • #41,921
  • Aug 24, 2009 9:50am Aug 24, 2009 9:50am
Quoting squeezy
hey sto,
dont u mean 135, am i right???
Yes - thanks for catching my typo
I'm pretty much done with all this ...
  • #41,922
  • Aug 24, 2009 9:53am Aug 24, 2009 9:53am
Quoting Trader100
Got long on EUR/USD cause inside bar was broken on H1 and price found support on 21 EMA.
Was this trade ok?
i got stopped @ BE on this...
Simplicity is the key to success
  • #41,923
  • Aug 24, 2009 9:54am Aug 24, 2009 9:54am
Quoting Trader100
Got long on EUR/USD cause inside bar was broken on H1 and price found support on 21 EMA.
Was this trade ok?
Not sure myself as I don't trade IB's as a matter of course.

One thing I can point out is that you'll be a lot better off sticking with PB and OB's until you learn them. IB's, to trade well requires more experience and light touch
I'm pretty much done with all this ...
  • #41,924
  • Aug 24, 2009 10:41am Aug 24, 2009 10:41am
Hi all,

After some break of FF and demoing for cause of baby boy, I am back with high willingness of getting my facts right.

I am trying to look at A+ setups but this one on EJ caught my eyes.
It is not an IB still since the bar has not close but for the sake of the arguments let's suppose it is an IB.

This is how I see things right now.

The PB is spot on the 136 PPZ. There is a lot of support/resistance so even if it has been broken I think we could consider this as a valid PPZ. Am I right or wrong?

There is a confluence with fib so I consider it as a B setup since it is in the middle of traffic.

The location tells me we will need a tight MM so I will have only 1 TP at the highs of the preceding bars in order to get a quick profit.

Does my analysis make any sense to all the senior PA guys around here?

Cheers
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  • #41,925
  • Aug 24, 2009 10:55am Aug 24, 2009 10:55am
Quoting LittleLuca
Gold: Nice PB on the last 4hrs second rejection of area... waiting for it to move down on next bar for confirmation...
I do not know why but this hit TP to almost to the point... was a tl drawn from previous lows... vry interesting... was expecting this to take a couple of days..
The winner of the rat race is still a rat.
  • #41,926
  • Aug 24, 2009 11:16am Aug 24, 2009 11:16am
Quoting benji533
Cool

Thanks squeezy. Just read all Mike and Jim posts, it's only them.
Here is one I was monitoring last week, but didn't take. It isn't the best example...I hoped it will squeeze a bit more.

Ben
Shame on me for not taking this trade (I do not really regret I followed my rules...never a bad thing to do..I guess..).
Maybe I will get another chance...only if a A++ bar will form, as I like.

This time I will get in because:

- looks like the trend is turning: higher lows and higher highs.
- Instead of diving into a round number, like the previous setup, this time I will be bouncing off a round number.
- The horizontal line is the current breakout pattern after modifying the lines.
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  • #41,927
  • Aug 24, 2009 11:29am Aug 24, 2009 11:29am
Shame on me also!! I ignored that one because of my bias for a south move!
I took the 4hr PB and when saw the reversal on 1hr... didn't want to believe it!!!
The winner of the rat race is still a rat.
  • #41,928
  • Aug 24, 2009 11:32am Aug 24, 2009 11:32am
Quoting benji533
Shame on me for not taking this trade (I do not really regret I followed my rules...never a bad thing to do..I guess..).
Maybe I will get another chance...only if a A++ bar will form, as I like.

This time I will get in because:

- looks like the trend is turning: higher lows and higher highs.
- Instead of diving into a round number, like the previous setup, this time I will be bouncing off a round number.
- The horizontal line is the current breakout pattern after modifying the lines.
I like breakouts, but unlike Mike and others, I only like the horizontal lines for a breakout. I cannot always decide where a TL should go, and it makes me uncomfortable. Trend line break guys are the smart guys around here...

In the case of this pair, Lets hope for a pullback and some solid PA to the 8700 in the next few days. But it would not be a surprise at all if price right back into the horizontal channel and stayed there for while ... Comfy and warm in there....
I'm pretty much done with all this ...
  • #41,929
  • Aug 24, 2009 11:33am Aug 24, 2009 11:33am
Quoting StoragePro
I like breakouts, but unlike Mike and others, I only like the horizontal lines for a breakout. I cannot always decide where a TL should go, and it makes me uncomfortable. Trend line break guys are the smart guys around here...

In the case of this pair, Lets hope for a pullback and some solid PA to the 8700 in the next few days. But it would not be a surprise at all if price right back into the horizontal channel and stayed there for while ... Comfy and warm in there....
you give me too much credit SP, My trendlines are usually ones my grandma could spot
  • #41,930
  • Aug 24, 2009 11:33am Aug 24, 2009 11:33am
Quoting dmc
Wondering if any of you took this. I did and and it is working out nice sitting at about 1:1 already. The way I looked at it was 1.75 was a huge huge level if you zoomed out. the overall trend was down. It broke past 1.75 pulled back and pinned (kind of small) below that level. The pin was at 61.8 Fib. Once again what I think helpe dthis trade was trading toward the least point of resistance and 1.75 was HEAVY! Let's see how it plays out.

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Hi dmc,

Nice trade, congratz

With the strong trend, and off a round number, I think it is a good location.

Didn't noticed it, but still even if I would saw it, I wouldn't take it because the length of the PB' nose is relatively very small. Just my opinion of course.

Glad you made some pips

Ben
  • #41,931
  • Aug 24, 2009 11:35am Aug 24, 2009 11:35am
Quoting Lapin
Hi all,

After some break of FF and demoing for cause of baby boy, I am back with high willingness of getting my facts right.

I am trying to look at A+ setups but this one on EJ caught my eyes.
It is not an IB still since the bar has not close but for the sake of the arguments let's suppose it is an IB.

This is how I see things right now.

The PB is spot on the 136 PPZ. There is a lot of support/resistance so even if it has been broken I think we could consider this as a valid PPZ. Am I right or wrong?

There is a confluence with...
you went long on this one????

http://www.forexfactory.com/showpost...ostcount=41901

http://www.forexfactory.com/showpost...ostcount=41921
  • #41,932
  • Aug 24, 2009 11:46am Aug 24, 2009 11:46am
Quoting StoragePro
I like breakouts, but unlike Mike and others, I only like the horizontal lines for a breakout. I cannot always decide where a TL should go, and it makes me uncomfortable. Trend line break guys are the smart guys around here...

In the case of this pair, Lets hope for a pullback and some solid PA to the 8700 in the next few days. But it would not be a surprise at all if price right back into the horizontal channel and stayed there for while ... Comfy and warm in there....
Yea, I hope for a pullback and then any clear PA setup.
In this case, I prefer a bullish PA, but I will also take a bearish if it will be clear.
It can be traded to both sides IMO.
One can be a breakout trade, which I will give space and try to carry as far as I can, and one can be a range-Chanel trade at extreme high as we like
For me any clear PA off a round number at low TFs will be good

By the way, these lines are not a big deal, really. First thing to do is to spot a trending pair, once you have this, try to identify if it is in a pause right now, making it's way sideways, and just trap it between lines.

I personally like when the lines are pointing against price (for example, if we are trending up, the resistance trend line should be with it's angle pointing down, otherwise it isn't really a breakout lol).
Secondly, I prefer to see at least three points which connect the line, the more - the better.

You can trade also only horizontals, but IMO you will miss many good trades that way. I sure you can draw these trend lines SP

Ben
  • #41,933
  • Aug 24, 2009 11:49am Aug 24, 2009 11:49am
Quoting nasir.khan
you went long on this one????

http://www.forexfactory.com/showpost...ostcount=41901

http://www.forexfactory.com/showpost...ostcount=41921

Maybe I was not clear but I am looking for a short term bear retracement.
  • #41,934
  • Aug 24, 2009 11:52am Aug 24, 2009 11:52am
By the way, I like these breakout trades because they have a large R:R ratio. I love jim's style, but the only thing that bothers me, is that he takes very short trades. He can allow himself to do so because he has a large account I guess..unfortunately I do not have

Be aware that the win rate of these patterns are low. That means that if you want to make profit from them in the long term, it is critical to be able to hold them as far as you can.

I am wondering if there is any style that has a large win rate, and a large R:R ratio as well?...

Ben

Edit: Mike, do you care to share your average win rate and R:R of this setup only? please..?
  • #41,935
  • Aug 24, 2009 11:52am Aug 24, 2009 11:52am
Quoting Lapin
Maybe I was not clear but I am looking for a short term bear retracement.

so thats a typo i think.


Quote
so I will have only 1 TP at the highs of the preceding bars
  • #41,936
  • Aug 24, 2009 11:56am Aug 24, 2009 11:56am
Quoting benji533

I am wondering if there is any style that has a large win rate, and a large R:R ratio as well?...

Ben
hmmmm maybe that's the one.

http://www.forexfactory.com/showthread.php?t=168161

i start my week with this one.

Edit: ohhh i did not get ya. You are talking about a style within J16 PA.
  • #41,937
  • Aug 24, 2009 12:01pm Aug 24, 2009 12:01pm
Quoting nasir.khan
hmmmm maybe that's the one.

http://www.forexfactory.com/showthread.php?t=168161

i start my week with this one.
Thanks nasir, I will check it out

Ben
  • #41,938
  • Aug 24, 2009 12:07pm Aug 24, 2009 12:07pm
Quoting benji533

Edit: Mike, do you care to share your average win rate and R:R of this setup only? please..?
breakouts tend to range in the lower 60% range and a bit under 2r
  • #41,939
  • Aug 24, 2009 12:17pm Aug 24, 2009 12:17pm
Quoting Lapin
Hi all,

After some break of FF and demoing for cause of baby boy, I am back with high willingness of getting my facts right.

I am trying to look at A+ setups but this one on EJ caught my eyes.
It is not an IB still since the bar has not close but for the sake of the arguments let's suppose it is an IB.

This is how I see things right now.

The PB is spot on the 136 PPZ. There is a lot of support/resistance so even if it has been broken I think we could consider this as a valid PPZ. Am I right or wrong?

There is a confluence with fib so I...
Hey Lapin

I would just be careful here, the problem with this trade and a choppy sideways market is you run into all sorts of problems. To the downside you are essentially trading right into the 135 round number, if you look under that there is some heavy support that could come in. I marked it in blue on my chart.

Best
Mike
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  • #41,940
  • Aug 24, 2009 12:18pm Aug 24, 2009 12:18pm
Quoting mbqb11
breakouts tend to range in the lower 60% range and a bit under 2r
wow...sounds good to me.
Especially if you can get once in a few months a very long trade like you have showed in one of your guest area videos (introduction to pin bars)

Ben
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