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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

  • #42,061
  • Aug 25, 2009 4:01pm Aug 25, 2009 4:01pm
Quoting golfer27
Guys (and girls)
Can i just clarify as to whether the 365 and 150 are simple, or ema?
On page 1 jim quotes the 365 as well as a couple of other ma's as being simple, yet somebody a few pages back mentioned a 365 ema.
So far i've had them as simple, and they work very well as an additional confluence!
Thanks.
It is EMA.

Try plotting the 365EMA and 150EMA on your charts....then scroll back and see how they act nicely as support and resistance

Ben
  • #42,062
  • Aug 25, 2009 4:01pm Aug 25, 2009 4:01pm
Quoting golfer27
Guys (and girls)
Can i just clarify as to whether the 365 and 150 are simple, or ema?
On page 1 jim quotes the 365 as well as a couple of other ma's as being simple, yet somebody a few pages back mentioned a 365 ema.
So far i've had them as simple, and they work very well as an additional confluence!
Thanks.
We use EMA's.
I'm pretty much done with all this ...
  • #42,063
  • Aug 25, 2009 4:05pm Aug 25, 2009 4:05pm
Thanks benji and storage, will adjust accordingly.
regards
  • #42,064
  • Aug 25, 2009 4:07pm Aug 25, 2009 4:07pm
Great explanation TIA definitely the explanation i was looking for.


Quoting TiaForex
That's the way I look at it. I always get something, either money or education.

Dmc,

The reason we need to be aware of spread as you mentioned is those ugly times when we get taken out even though our stop wasn't hit.

I always have a mantra in my head "Buy at the ask, sell at the bid, bid price shown". Which means my charts are based on bid price. So I am fine when selling (or taking profit on a buy order which is also a sell order). But any time I am buying, I will be buying at a price not reflected on my charts. So I need to factor that...
  • #42,065
  • Aug 25, 2009 4:31pm Aug 25, 2009 4:31pm
4HR BEOB is a breakin
  • #42,066
  • Aug 25, 2009 4:33pm Aug 25, 2009 4:33pm
Quoting Bryan
4HR BEOB is a breakin
I entered that trade about two minutes ago. Thumbs crossed. No, that implies emotion. Your honor, I move to strike that from the record!
  • #42,067
  • Aug 25, 2009 4:43pm Aug 25, 2009 4:43pm
Quoting o990l6mh
I entered that trade about two minutes ago. Thumbs crossed. No, that implies emotion. Your honor, I move to strike that from the record!
well, from what i have learned, a buob or beob should be at a swing high/low. i couldn't spot this here.
that doesn't mean that it couldn't run in your favour (and i hope it will turn in your favour).
meine augen sind die sterne
  • #42,068
  • Aug 25, 2009 4:48pm Aug 25, 2009 4:48pm
Quoting aserbfx
well, from what i have learned, a buob or beob should be at a swing high/low. i couldn't spot this here.
that doesn't mean that it couldn't run in your favour (and i hope it will turn in your favour).
I took the trade based on how price has tested the 84 and 85 levels on daily and failed over the last few weeks. I'll agree that according to the J16 style, this is probably not even a B trade, but the pins of today (not closed yet - I know) and yesterday was enough for me.

I try to pick good setups, although I have a lot of work to do before I can call myself a worthy J16 style trader.
  • #42,069
  • Aug 25, 2009 5:23pm Aug 25, 2009 5:23pm
Hey guys, sorry for all my posts lol....but I must post this for example.
I was out most of the day today...so missed many goodies.

Look at the yen pair. This is a good round number example. Not large R:R, but I would still take it.

What do you think?

Ben
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  • #42,070
  • Aug 25, 2009 5:37pm Aug 25, 2009 5:37pm
Quoting TiaForex
I always have a mantra in my head "Buy at the ask, sell at the bid, bid price shown".
Easiest wway to remember is that it is the market bidding for your shares, or asking $x for them, not what you are doing...'Bask' and 'bidS' have saved me from screwing up more than once

Quoting TiaForex
Which is a very long and convoluted way of saying... add the spread to your entries on buy orders (and SLs and TPs for your sell orders).
I found the button in MT4 to turn on the ask line, and it makes things alot easier when you are dealing with a cross with a stupid spread on a lower timeframe... everything Aussie, for instance >:/
When you have to shoot, shoot. Dont talk.
  • #42,071
  • Aug 25, 2009 5:41pm Aug 25, 2009 5:41pm
Quoting benji533
Hey guys, sorry for all my posts lol....but I must post this for example.
I was out most of the day today...so missed many goodies.

Look at the yen pair. This is a good round number example. Not large R:R, but I would still take it.

What do you think?

Ben
Hey Ben,

I took the eur/jpy on the 4hr to taht first zone. I took the 15min BEOB of the gbp/jpy, but used the 30min and 1hr as it developed with the same concepts in mind as well


Mike
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  • #42,072
  • Aug 25, 2009 5:52pm Aug 25, 2009 5:52pm
Quoting mbqb11
Hey Ben,

I took the eur/jpy on the 4hr to taht first zone. I took the 15min BEOB of the gbp/jpy, but used the 30min and 1hr as it developed with the same concepts in mind as well


Mike


I am glad you think it is good as well!...and that you made some pips
I think that maybe this kind of style won't have any giant R:R, but together the trades can provide good enough results.

The 15min BEOB is great, now I see it....that even giving a better ratio.

Do you use the 15min to spot trades? or only to find better entries and manage trades?
I personally never go lower than 1H if I do not see any good setup....firstly because I want to build my way down, if at all...and secondly because it can lead to over trading.

Ben
  • #42,073
  • Aug 25, 2009 5:53pm Aug 25, 2009 5:53pm
Hi all

I'm looking at this small pin on nzd usd and wondering whether i should place an order to sell around the 0.6820 level.

Price is at a major resistance level 0.6900 and there's some nice divergence but overall trend is up and the pin is rather small, maybe i'll put an order in but only use less than half my normal stake on this trade.
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  • #42,074
  • Aug 25, 2009 6:00pm Aug 25, 2009 6:00pm
Quoting Billy73
Hi all

I'm looking at this small pin on nzd usd and wondering whether i should place an order to sell around the 0.6820 level.

Price is at a major resistance level 0.6900 and there's some nice divergence but overall trend is up and the pin is rather small, maybe i'll put an order in but only use less than half my normal stake on this trade.
Hi Billy,

The seniors may have a better take on this, but without checking anything on my chart, only seeing your chart, I can say that personally I try to prevent taking pins that are relatively small to all the other bars in the area, especially when you are trading against the trend (very strong trend here!). You can't get a clear understanding of what price is doing only based on a short nose.
Try to find confluence of resistance factors which may support your decision.

Just my opinion of course.

Ben
  • #42,075
  • Aug 25, 2009 6:20pm Aug 25, 2009 6:20pm
Quoting Billy73
Hi all

I'm looking at this small pin on nzd usd and wondering whether i should place an order to sell around the 0.6820 level.

Price is at a major resistance level 0.6900 and there's some nice divergence but overall trend is up and the pin is rather small, maybe i'll put an order in but only use less than half my normal stake on this trade.
I'd pass on this guy.

As Ben said, location is nice but the pin is a baby in a field of bulls and bears (or, in what seems to be the current lexicon, a 'poodle bar').

But my main issue with it is the lack of protrusion from the surrounding bars - it barely breaks the previous bar. That pretty much tells us that the bar doesnt mean much one way or another - there was no firm buying pressure and then an overwhelming avalance of selling pressure to put it back down... it just kinda traded around a small range.

I'd be looking to play a bullish break of the PPZ as a breakout trade maybe, but wouldnt be shorting it based on that PA.

When you have to shoot, shoot. Dont talk.
  • #42,076
  • Aug 25, 2009 6:24pm Aug 25, 2009 6:24pm
Thanks for the replies, makes total sense what your saying, will give this one a miss, onto the next one so.
  • #42,077
  • Aug 25, 2009 6:42pm Aug 25, 2009 6:42pm
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
SP - where are you? remember this one?

Any chance you got the entry at the second red arrow?

It's fantastic watching a trade going exactly how it should.

I really like this stuff

Ben
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  • #42,078
  • Aug 25, 2009 7:20pm Aug 25, 2009 7:20pm
Quoting benji533
SP - where are you? remember this one?

Any chance you got the entry at the second red arrow?

It's fantastic watching a trade going exactly how it should.

I really like this stuff

Ben
Yessir I see it. Someday maybe I'll work on that aspect and get comfortable with it. Nice Trade.
I'm pretty much done with all this ...
  • #42,079
  • Aug 25, 2009 8:18pm Aug 25, 2009 8:18pm
Whoever it was (I can't remember at the moment) that shorted the GU off of weekly PB, nice trade!! All systems are "GO", as long as she doesn't decide to bounce off of lower channel TL....it seems that it could be a runner....if only she can break thru 1.6200...I would like to hop in on a retrace...we shall see.

GregB
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  • #42,080
  • Aug 25, 2009 8:50pm Aug 25, 2009 8:50pm
Quoting TiaForex
That's the way I look at it. I always get something, either money or education.
Lol, well said...and I've been getting quite an education lately....

GregB
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