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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

  • #55,501
  • Feb 19, 2010 4:06pm Feb 19, 2010 4:06pm
Quoting michal7
Hi guys,

I'm doing my backtests and I found this pin bar. Here's my take on it:

+beautiful big pin bar
+off of the good support
+off of the round number (127.00)
+space

- did not close above BIG round number (130.00)
- quite solid resistances there right above that big round number

Those 2 minuses worries me a lot. This pin eventually worked out after some drawdown. But looking at that round number and trouble areas I'm not sure it is A+ setup. What do you think? Would you trade it/rate it A+??
This is an A+ setup. 130 is too far off so don't worry about that, identifying that trouble area you did is the key to everything on this one(and probably all trades).

These feed the account

Mike
  • #55,502
  • Feb 19, 2010 4:19pm Feb 19, 2010 4:19pm
Quoting mbqb11
This is an A+ setup. 130 is too far off so don't worry about that, identifying that trouble area you did is the key to everything on this one(and probably all trades).

These feed the account

Mike
Thanks for reply Mike, do you mean that trouble area most on the right? Shouldn't I worry also about those others? Or are they too far to worry about them? Because price reacted at that level and retraced to about 1/3 of that big pin. I wonder where would Jim go break even?

Sorry if I'm asking too much questions, just trying to understand the best I can.

Thank you.
Mikey
  • #55,503
  • Feb 19, 2010 4:43pm Feb 19, 2010 4:43pm
Quoting dobe_r_man
If that trendline holds you will be in good shape, my only concerns would be the following:

1) The pin is not inside the prior bar (close)
2) The pin is going against a pretty huge buob
3) I would like it better if the nose was across the 50 fib with the body below it

Just some observations!

Nathan
Hi dobe_r_man,

Thanks for your points, all good and well made.

One question I have for you. -

The nose closes dead on the 50 fib, could you explain why you say it would be better if it had passed the fib before retracing?

The other things I liked about the price was that on the last two occasions, resistance became support. Also for the last 11 candles the price has reacted to the 10ema and it is hard to ignore the potential risk reward here.

Thanks again for your comments.
Jason

Ps. As you can see pin body has since become smaller, but as you say, it is still not within the body of the privious candle.
Attached Image (click to enlarge)
Click to Enlarge Name: EURNOK-DAILY2.jpg Size: 150 KB
  • #55,504
  • Feb 19, 2010 4:44pm Feb 19, 2010 4:44pm
Quoting Riskee
Hey Bundy , wasn't checking the forum so didn't see our post .
yea , this was a good trade , however the U/J candle didn't close the way it was so didn't enter , you're right , WAITING and Patience is the key to successful trading , especially when there's a formation that's about to happen , so you got any trades in the market ??!!
Sorry Riskee, didn't look back far enough last night...

Trading the BUOB on the EURJPY 4hr...

...and I had an order on that A/U bar of yours that triggered right on the pip before reversing. lol I liked that one even though I could see the potential to reverse like that. ...Going to let it play out. If it weren't Friday I'd have probably looked for a setup to add more at .9000. ...but was supposed to go to a 30th b/day...and did.

Both are half positions. ...I've just got back to it and like to come in carefully after a big break from trading.
Has been a wise decision in the past. lol
Bundy's status today: "Waiting..."
  • #55,505
  • Feb 19, 2010 6:12pm Feb 19, 2010 6:12pm
The BUOB was at good support. The issue was that price had no room to move easily after the break. If price had 50+ pips to move, I would have placed a buy stop order. Good to hear you got your SL at BE. Looks like price reversed at the 1.0530 area (almost to the pip).

Scott

Quoting goldtrader
A free trade from now with half of position, I admit the location is not good...
  • #55,506
  • Feb 19, 2010 7:41pm Feb 19, 2010 7:41pm
Quoting ehrek
I would have ZOOMED IN, and taken it apart on a lower timeframe and looked for a 'safe' entry for a short.

Break, + kiss before i go down on you = KABOOOOM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Don't forget the big boys pay attention to all details.
If at the kiss it go up, we have an another story... i don't mean anything offense with you, it just a discussion , or i'm at level that i can't see it with my eye.
Back to the beginning ... demo
  • #55,507
  • Feb 19, 2010 9:08pm Feb 19, 2010 9:08pm
Quoting bundyraider
TOUCH TRADING.

This is really healthy that everyone is questioning the viability of this style of trading.

You can make a lot of money without this. It just adds a little versatility later on, that's all.

All of the guys that have been around a while can do this. And for one reason, ...because they know Location ,Location, Location, AND WAITING, WAITING, WAITING ,SO WELL. They have garnered...

Love this post so badly! It clear my head alot more!

Thanks!

PM
  • #55,508
  • Feb 19, 2010 10:09pm Feb 19, 2010 10:09pm
Quoting TiaForex
Hey PM,

I didn't pull the trigger on this but I was watching and let me give you my take with a couple of charts.

Firstly on the daily you can see GU broke out of the range it's been in for months. I had the bottom of that range marked as 1.58.

Then on the 4H it produced a bearish flag with two opportunities to go get in. The 4H double inside bar (Dale's Double) at the retest of the 1.58 level, and then the pinbar that was the breakout an retest of the bearish flag itself.

I am still in testing mode with double inside bars so I didn't go for...
Hello Aaron,

Thank you for your posting.

You are more describe it in 4hr flag pattern, but I saw it as triangle false breakout on 2day timeframe.

This will show things a bit different but both way telling the same story.

Do you think the way I draw the pattern and analysis is valid?

Thanks!

PM
  • #55,509
  • Feb 19, 2010 10:38pm Feb 19, 2010 10:38pm
off to post one for this.

Quoting bundyraider
TOUCH TRADING.

This is really healthy that everyone is questioning the viability of this style of trading.

You can make a lot of money without this. It just adds a little versatility later on, that's all.

All of the guys that have been around a while can do this. And for one reason, ...because they know Location ,Location, Location, AND WAITING, WAITING, WAITING ,SO WELL. They have garnered A LOT OF CHART TIME. They don't trade a touch trade because it's...
  • #55,510
  • Edited 11:09pm Feb 19, 2010 10:57pm | Edited 11:09pm
Quoting james16
off to post one for this.
I don't know if these posts by benji should be part of post one. But . . . Man. . . they should go somewhere to be viewed often.

On second thought . . . these posts can't be missed . . . post one please.

Great work on these Ben (young grasshopper). I'm sure it took some time to do.




Quoting benji533
Ok I did not go through all possible pairs, and there are more A++ setups of the past year I won't post, but I have done my best to make you understand what we are looking for.

In general, for me A+++ trades mean A+++ bars at A+++ locations, and A+++ management skills.
You must first understand that A+ trades are different from one trader to another, based on the different management method they are using, account size, psych, and comfort zone. Not ALL my A+ trades, or jarroo's A+ trades would be Mike's A+ trades, simply because we are managing...
Quoting benji533
more.
Quoting benji533
and more.
Indicators show the past. Price Action "Indicates" the future.
  • #55,511
  • Feb 20, 2010 12:39am Feb 20, 2010 12:39am
Hi guys, I've been demo trading J16 for about 3 months now with negative results... on the daily TF.

I noticed that the 4H TF gives more profitable signals, though... however, since this is just a recent discovery I'll see what I can do with it... I don't know if 4H will really work for me because I have a day job [in Asia] and can't look at the charts every 4 hours during the night.

Thanks, everyone, I've learned a lot.
  • #55,512
  • Feb 20, 2010 12:46am Feb 20, 2010 12:46am
Quoting albertsy2
Hi guys, I've been demo trading J16 for about 3 months now with negative results... on the daily TF.
Hey al.

Can you show some of your trades that caused your "negative results" . . .it will be helpful to the thread.
Indicators show the past. Price Action "Indicates" the future.
  • #55,513
  • Feb 20, 2010 1:05am Feb 20, 2010 1:05am
Hi guys.

Do you also have a pinbar on GBP USD (daily TF) on your feeds ?

Here's my FXDD screenshot.
Attached Image
  • #55,514
  • Feb 20, 2010 1:41am Feb 20, 2010 1:41am
Quoting ts63
Hi guys.

Do you also have a pinbar on GBP USD (daily TF) on your feeds ?

Here's my FXDD screenshot.
There no solid support Zone and compare it to the previous bar, it's smaller, I guess it's just taking profit bar, OK, it's just me...
Back to the beginning ... demo
  • #55,515
  • Feb 20, 2010 1:48am Feb 20, 2010 1:48am
Quoting ts63
Hi guys.

Do you also have a pinbar on GBP USD (daily TF) on your feeds ?

Here's my FXDD screenshot.
Looks like some feeds have the same valid strucutured PB . .some better like IBFX and some worst. But here again the small size and supporting confluences are lacking. 1.5500 is the big barrier in this weak bullish PB.

Not saying it can't work out, just look at previous small PBs on this pair (in green). The A+ trade are much bigger and a no brainer. This could be a runner but the odds are against it. Let's see how she breaks.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gudaily20.gif Size: 27 KB
Click to Enlarge Name: gudaily20a.gif Size: 27 KB
Indicators show the past. Price Action "Indicates" the future.
  • #55,516
  • Feb 20, 2010 1:58am Feb 20, 2010 1:58am
hiya, does any one use 21 and something like a 50 ema for confluence or even a crossover strategy here inconjuction with pa? any thoughts if you do?
i always tinker on weekends
  • #55,517
  • Edited 2:35am Feb 20, 2010 2:06am | Edited 2:35am
Quoting supermatt
hiya, does any one use...
im sure several, like me, do. although the values maybe different (21, 50 etc).
...can be used as trend determinant &/or dynamic S/R.

have u checked out/read most of jankone's thread? there, we use 21ema, 50sma. that thread is sort of james16 thread's "little brother". [NOTE: to newbies, highly recommended to stay with this thread before 'venturing out']

tinkering as a hobby huh
  • #55,518
  • Feb 20, 2010 2:11am Feb 20, 2010 2:11am
Thank you goldtrader and jarroo, have a nice week end.
  • #55,519
  • Feb 20, 2010 2:22am Feb 20, 2010 2:22am
ouch i hate that.

it can be corrected albert. post what your doing. not part of what your doing but all of what your doing.

you can also email me.

i bet you anything its a combination of inexperience and overtrading.

lets finds out,

jim

Quoting albertsy2
Hi guys, I've been demo trading J16 for about 3 months now with negative results... on the daily TF.

I noticed that the 4H TF gives more profitable signals, though... however, since this is just a recent discovery I'll see what I can do with it... I don't know if 4H will really work for me because I have a day job [in Asia] and can't look at the charts every 4 hours during the night.

Thanks, everyone, I've learned a lot.
  • #55,520
  • Feb 20, 2010 2:25am Feb 20, 2010 2:25am
okeedokee.

the whiz kid has formally arrived.

is he old enough to be in post one?

should we get parental permission first?

just kidding my young friend.

will look at them on monday.

people need to tell me when post one quality submissions come along.

its hard to keep up,

thanks jim,

jim

Quoting jarroo
I don't know if these posts by benji should be part of post one. But . . . Man. . . they should go somewhere to be viewed often.

On second thought . . . these posts can't be missed . . . post one please.

Great work on these Ben (young grasshopper). I'm sure it took some time to do.
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