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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

  • #54,321
  • Feb 7, 2010 6:51pm Feb 7, 2010 6:51pm
Quoting michal7
Hello guys,
just want to share some possible A setup. It's on AUDCAD daily.

...y
Hey Mikey,

I agree with everything that Joelcf said.
I would like to add some ideas.
In this cases when you have a strong move or break, for me is better wait a the retracement to go with the trend.
In this case short.
Look we have more confluences to short(fib 61.8+TL+Montly PPZ) than to go long
Try to stick with pa that have more confluences
My two cents,

regards,
Ikki
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #54,322
  • Feb 7, 2010 7:01pm Feb 7, 2010 7:01pm
Quoting joelcf
I dont even see this as an A grade trade, to be honest. The main problem I have is that nose of the bar is barely protruding the noise around it. You really want price to stretch out and bash into something and be rejected (Mike uses the example of a cherry handging from a tree) - for me, I want it to be sticking out and to be so obvious that it smacks you in the face. This one is almost hiding in the bushes.

On top of that, it is a small bar in relation to the recent move down, it backs right into a PPZ, a world of traffic and a fib (not that...
Hi Joel,
thanks for your comment. I appreciate your view, it confirms some of my worries(size of the bar) and points to something I didn't notice (nose not protruding enough). Regarding PPZ and traffic, that's why I would enter on break of that. I'm not taking this trade, as I wrote, I see it as A trade at best, but I want to trade only A+. On your scale it's not even A so now I'm less worried about being too picky... I just want to know how more experienced traders see this...

Cheers,
Mikey
  • #54,323
  • Feb 7, 2010 7:11pm Feb 7, 2010 7:11pm
Wait to load this one...
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Click to Enlarge Name: 20100208_euraud.png Size: 30 KB
Back to the beginning ... demo
  • #54,324
  • Feb 7, 2010 7:12pm Feb 7, 2010 7:12pm
Quoting ikki
Hey Mikey,

I agree with everything that Joelcf said.
I would like to add some ideas.
In this cases when you have a strong move or break, for me is better wait a the retracement to go with the trend.
In this case short.
Look we have more confluences to short(fib 61.8+TL+Montly PPZ) than to go long
Try to stick with pa that have more confluences
My two cents,

regards,
Ikki
Hi Ikki,
thanks for your comment. Your note about a break, reminds me one of the jim's videos where he said that after a break we get opposite pin bar often. About a wait for retracement and go short with a trend... I'm not sure I should do this yet, I'm still learning and demoing only swing highs/lows pin bars and outside bars, not sure if retracement and go with trend trade would be something I should do in this stage... or should I?
Cheers,
Mikey
  • #54,325
  • Feb 7, 2010 7:59pm Feb 7, 2010 7:59pm
Quoting ikki
Hey Mikey,

I agree with everything that Joelcf said.
I would like to add some ideas.
In this cases when you have a strong move or break, for me is better wait a the retracement to go with the trend.
In this case short.
Look we have more confluences to short(fib 61.8+TL+Montly PPZ) than to go long
Try to stick with pa that have more confluences
My two cents
Hi Ikki,

I do not understand how you draw the Fib in your attached daily AUD/CAD chart to say that there is a confluence at Fib 61.8. If my understandin g is correct, the 0% and 100% start points are incorrectly drawn. I think 100% should coincide with somewhere in the beginning of Nov2009 (highest point) and 0% should coincide with mid of Nov2009 (lowest point since the highest point marked as 100%). Please correct me if I have misunderstood your char.
Thanks!

CY
  • #54,326
  • Feb 7, 2010 9:09pm Feb 7, 2010 9:09pm
hey Mikey,

Jim(James16) always talks about box. When you have a box+good PPZ+hard break the prices almost always comes back to that ppz and you can wait for a PA to take your trade.
With the time you will easy identify this pattern.
Regards,
Ikki



Quoting michal7
Hi Ikki,
thanks for your comment. Your note about a break, reminds me one of the jim's videos where he said that after a break we get opposite pin bar often. About a wait for retracement and go short with a trend... I'm not sure I should do this yet, I'm still learning and demoing only swing highs/lows pin bars and outside bars, not sure if retracement and go with trend trade would be something I should do in this stage... or should I?
Cheers,
Mikey
Attached Image (click to enlarge)
Click to Enlarge Name: audcad1.png Size: 99 KB
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #54,327
  • Feb 7, 2010 9:18pm Feb 7, 2010 9:18pm
Hey ertorque,

You have reason that is our major fib. But you can draw fibs from differents points.
This an excellent post that can help you http://www.forexfactory.com/showpost...ostcount=11697



Quoting ertorque
Hi Ikki,

I do not understand how you draw the Fib in your attached daily AUD/CAD chart to say that there is a confluence at Fib 61.8. If my understandin g is correct, the 0% and 100% start points are incorrectly drawn. I think 100% should coincide with somewhere in the beginning of Nov2009 (highest point) and 0% should coincide with mid of Nov2009 (lowest point since the highest point marked as 100%). Please correct me if I have misunderstood your char.
Thanks!

CY
Attached Image (click to enlarge)
Click to Enlarge Name: audcad2.png Size: 49 KB
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #54,328
  • Feb 7, 2010 9:28pm Feb 7, 2010 9:28pm
Hey Kiss
What did you think of the Dr.Pepper commercial during the
Super Bowl !!!!
Conquer the beast with disciplined determination and intellegent control.
  • #54,329
  • Feb 7, 2010 9:46pm Feb 7, 2010 9:46pm
Quoting joelcf
I dont even see this as an A grade trade, to be honest. The main problem I have is that nose of the bar is barely protruding the noise around it. You really want price to stretch out and bash into something and be rejected (Mike uses the example of a cherry hanging from a tree) - for me, I want it to be sticking out and to be so obvious that it smacks you in the face. This one is almost hiding in the bushes.

On top of that, it is a small bar in relation to the recent move down, it backs right into a PPZ, a world of traffic and a fib (not that...

Nicely said..i also don't see any A+ setup here..anyway it is my understanding..
-happyTrading-myFx.
  • #54,330
  • Feb 7, 2010 9:56pm Feb 7, 2010 9:56pm
Quoting ikki
hey Mikey,

Jim(James16) always talks about box. When you have a box+good PPZ+hard break the prices almost always comes back to that ppz and you can wait for a PA to take your trade.
With the time you will easy identify this pattern.
Regards,
Ikki

Hello Ikki,

Good chart and very well explained.

Thanks.
-happyTrading-myFx.
  • #54,331
  • Edited 10:48pm Feb 7, 2010 10:24pm | Edited 10:48pm
Hello everyone, let's say I have no time to look at intraday. I am in Asia. I can only access my PC once in the morning, and that's at the end of the NY close; after that I am off to work. When I get off work, London has already been open for 7 hours.

Therefore, it's better to concentrate on Weekly and Monthly TF, and finetune entries on the Daily. J16 [mostly] teaches looking at daily and finetuning on 4H, which I cannot do. Would this be about right?
  • #54,332
  • Feb 7, 2010 10:54pm Feb 7, 2010 10:54pm
Hi Guys,

I'm Having My Eyes On It For a Break Down ...

Regards,
Basber
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Trading methods are designed to put the odds in our favor, not predicting.
  • #54,333
  • Feb 7, 2010 11:20pm Feb 7, 2010 11:20pm
Quoting jarroo
For Mike, he follows the "next bar break rule", meaning the next bar after the setup needs to break it, if not he closes the order. It is a good criteria to have . . .think momentum continuation.

I will usually allow more bars before the break . . .think momentum building.

These are all subject to the quality of the setup.

Jim
Hey jarroo excellent post man.
I know these, I can feel these and I trade these but now I can Name these.
hmmm yum yum MOMENTEM BUILDING .
  • #54,334
  • Feb 7, 2010 11:40pm Feb 7, 2010 11:40pm
Quoting albertsy2
Hello everyone, let's say I have no time to look at intraday. I am in Asia. I can only access my PC once in the morning, and that's at the end of the NY close; after that I am off to work. When I get off work, London has already been open for 7 hours.

Therefore, it's better to concentrate on Weekly and Monthly TF, and finetune entries on the Daily. J16 [mostly] teaches looking at daily and finetuning on 4H, which I cannot do. Would this be about right?
Hey Albertsy

Actually you don't need to fine tune anything. If you trade the daily you can make any and all decision on the same timeframe. So stick to the daily and weekly and you will be well on your way

Mike

Congrats to the Saints fans out there
  • #54,335
  • Feb 7, 2010 11:57pm Feb 7, 2010 11:57pm
Quoting goldtrader
Wait to load this one...
Hi all

Yet another question.....I try and keep these to a limit and I try to read as much as I can from this thread so I am not asking questions every 4 hr bar.

With the post by goldtrader, would the 3 and 4th bar from the right (with arrows) be considered a two day pin bar?
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What you do is a reflection of you....what I do is a reflection of me.
  • #54,336
  • Feb 8, 2010 12:23am Feb 8, 2010 12:23am
Quoting Ezzy
Hi all

Yet another question.....I try and keep these to a limit and I try to read as much as I can from this thread so I am not asking questions every 4 hr bar.

With the post by goldtrader, would the 3 and 4th bar from the right (with arrows) be considered a two day pin bar?
yep you got it bud

Mike
  • #54,337
  • Feb 8, 2010 12:25am Feb 8, 2010 12:25am
Quoting mbqb11
yep you got it bud

Mike
Cheers mate.
What you do is a reflection of you....what I do is a reflection of me.
  • #54,338
  • Feb 8, 2010 1:03am Feb 8, 2010 1:03am
Quoting ikki
hey Mikey,

Jim(James16) always talks about box. When you have a box+good PPZ+hard break the prices almost always comes back to that ppz and you can wait for a PA to take your trade.
With the time you will easy identify this pattern.
Regards,
Ikki
hey Ikki,
I do remember boxes video from Jim. Will look for that, and learn to trade it, once I'm confident with it, I'll include it in my arsenal.
Nice chart you made there! Thanks.
cheers,
mikey
  • #54,339
  • Feb 8, 2010 1:11am Feb 8, 2010 1:11am
just bought Eu at 1.3631 ( SEE LINE CHART IN 1H)
And Gu at 1.5558 ( DOUBL BOTTOM IN 1H)
  • #54,340
  • Feb 8, 2010 2:02am Feb 8, 2010 2:02am
Quoting nasir.khan
just bought Eu at 1.3631 ( SEE LINE CHART IN 1H)
And Gu at 1.5558 ( DOUBL BOTTOM IN 1H)

hello Nasir,

Other than double bottom on GU (1h), i don't see any other confluence..am I missing something here?
-happyTrading-myFx.
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