james16 Chart Thread | Page 2869 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #57,361
  • Mar 5, 2010 1:38pm Mar 5, 2010 1:38pm
Quoting mbqb11
Hey Anthony

This whole post is throwing me for a loop since you are on the weekly chart, and talking about days

A buob is a bar the engulfs the prior bar fully and closes near the top of the range(say the top 1/4). It must have a lower low then the previous bar, and a higher high then the previous bar.

Here is a BUOB on the AUD/NZD chart you posted

Hope this helps
Mike
cheers for the reply Mike

that clears it up,

sorry for the confusion, i forgot i had posted a weekly chart!

Thanks

Anthony
  • #57,362
  • Mar 5, 2010 1:41pm Mar 5, 2010 1:41pm
Quoting KissFan
Master this "free" material and you will find yourself on a road traveled by very few people. "Free" in quotes? I did that because I wanted to make a distinction. This material is free to read and digest except the costs involved with the hardware/software and connection required to access it. Barring the afore written contention, there is no more "free" material.
I have just finished trading this week and have never finished a period more rewarding during my trading career (since Nov 10, 2009). The account grew at an astounding clip...
Well said,

And congratulations, the rewards of your hard work are paying off!!

I too am aiming to trade full time, it won't be anytime soon, but reading your post reinforces and reassures me that the many MANY hours I am spending studying, will be worth it!!!!!!!!!

I'm sure it took a lot of patience in the early stages........again WELL DONE!!!

And you get an AMEN all the way from Australia

Dave.
  • #57,363
  • Mar 5, 2010 1:49pm Mar 5, 2010 1:49pm
Quoting Dan Gilbert
I'm surprised no one has been posting updates on this!

- on live account
- S/L moved to breakeven after 30 pips
- 1/3 position closed at 90.00
- looking to close another 1/3 position at 90.50
- going to trail the last 1/3 position manually behind daily bar lows

Hey Dan

You were not alone on this one.. you know it is odd, every trade i feel like this is the one that's going to fail.. i am still getting used to the "rare loss" thing.. You know Jim i am going to have to send you over a bottle of the good stuff as a little token of my appreciation.
Attached Image (click to enlarge)
Click to Enlarge Name: trade.jpg Size: 208 KB
  • #57,364
  • Mar 5, 2010 1:51pm Mar 5, 2010 1:51pm
Quoting simjas
Ben-hope this works as i have not replied to a personal post before
I woke up this morning with a terrible hangover and a sinking feeling in my guts. For the first time in over a year the first thing I DIDN'T do was open my charts. I milled around the house and my wife and I disscussed whether this was a valid future for us in trading and maybe it was time to get 'proper' jobs. By midday I suddenly remembered my rants and first posts here and could not bear to open this thread. I was cringing. (In England we use this as a word to mean so embarrassed...
Wow.... thanks for sharing Jason.
Good luck my friend.

Ben
  • #57,365
  • Mar 5, 2010 2:02pm Mar 5, 2010 2:02pm
for the most part it means a sideways market pip.

i cant post a chart right now or i would.

jim
Quoting Pip Dawg
Hey guys...I've been looking through the thread for some time now and there is a term that I'm not getting. Can someone fill me in on what is meant by "traffic".

Much thanks ahead of time!
  • #57,366
  • Edited 2:42pm Mar 5, 2010 2:08pm | Edited 2:42pm
Quoting michal7
My SL is below round number,(it's gonna be moved above today's bar high this night) but for me this has nor relation to confluence and meaning of BRN. I might be mistaken(happens very often to me:-)) but BRN is important I think because it's a psychological level. People notice it and react to it. I don't really care if price turned 20 pips before BRN or 20 pips after(but maybe I should).
Quoting benji533
Well that's fine. I can't say you are wrong or right about this.
It is just my point of view that if the bar I am trading doesn't bounce off the round number, the BRN doesn't count as a factor.
Price has quite a good tendency attracting to BRNs. Not gonna go deep into orderflow now, but that's what I personally found. If the RBN is above your SL order, you are not "protected" by it. And many times price won't rest till it hits the number.
Again, no one it wrong or right. It is just how I do things.
Hey Mikey,

This is a great example of what I have pointed out a few posts ago. Bold in my quote above.

Look at the chart below. You can see price never rested till it hit the big round number. That's what I meant when I said "price has a tendency attracting to big round numbers". Many times it's because the big players use them as targets. But mainly lets say orderflow (I myself am not an expert about how the orderflow in the market really works, so I do not wanna just talk nonsense. But btw I do not care either because that doesn't matter to me. All I see is patterns).
The thing about BRN is that they are exact lines, and not zones like PPZs. So to get their "effect", you next them exactly.

Now if that BRN was lower, on the pin bar itself, it could "protect" your SL and push price lower like it just did, while you are still in the trade. Look it hit the RBN almost to the pip and got a hard push down.
PA is just the trigger. Location is what really matters. You want you trigger bar to be on the rejection location, not below it.

Just my opinion again
Hope that made my point a bit more clearer.

Ben
Attached Image (click to enlarge)
Click to Enlarge Name: 55598p9999999999989999.gif Size: 32 KB
  • #57,367
  • Edited 2:48pm Mar 5, 2010 2:37pm | Edited 2:48pm
Quoting Pip Dawg
Hey guys...I've been looking through the thread for some time now and there is a term that I'm not getting. Can someone fill me in on what is meant by "traffic".

Much thanks ahead of time!
Hey Pip

Check out my video in the guest section of j16 called introduction to pinbars. I go over a lot about space vs traffic. Like James said it is essential sideways markets vs non sideways markets. Of course you have degrees of everything.

Here is also a chart too. Notice the pin at a clear swing high lots of space(denoted by diagonal lines) vs the pin in a lot of traffic.

Hope that helps
Mike

I must add what sometimes looks like traffic might still be a great trade, and vice versa with a bar hanging out there. This is just to get the overall concept out there. We must still be aware of many other factors when deciding to pull or not pull the trigger
Attached Image (click to enlarge)
Click to Enlarge Name: a2.gif Size: 14 KB
  • #57,368
  • Mar 5, 2010 2:44pm Mar 5, 2010 2:44pm
Saw some posts about this. Turned out nice so far, for those who took it, what is your next plan of action? Oh and I don't think "autopilot" is acceptable
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily.png Size: 40 KB
  • #57,369
  • Mar 5, 2010 2:46pm Mar 5, 2010 2:46pm
Quoting ikki
hey michal.

You're right that BUOB was in traffic, tradable but very difficult to trail. Don't feel guilty because you miss the trade. Remember that you have to be comfortable with the PA.
You will have another trade around the corner.....
Quoting olpip
Looking at the 1H timeframe, PA did little before the NFP data came out, then gapped up from about 89.50.

Presumably different figures could have sent price the other way from there, which would have completely invalidated the BUOB.

Many don't trade much or at all on NFP days and would have avoided this trade for that reason alone.

olpip
Thanks for the feedback guys!
olpip, I didn't know about NFP at all. I'm trying not to get disturbed by fundies, but it's always good to know when is some big fundies day, if for nothing else then just to stay out of market.

ikki, nice charts! That's how I saw it. That traffic where your bottom arrows are on daily chart is exactly what was worrying me and why I didn't take the trade. (Those higher arrow are quit far so I'd be break even if it went there for sure). I don't feel guilty for not taking this trade, it was not A+ no brainer for me, but I wanted to know if it was OK to pass this setup(by basic j16 standards).

Cheers,
Mikey
  • #57,370
  • Mar 5, 2010 3:01pm Mar 5, 2010 3:01pm
Quoting benji533
Hey Mikey,

This is a great example of what I have pointed out a few posts ago. Bold in my quote above.

Look at the chart below. You can see price never rested till it hit the big round number. That's what I meant when I said "price has a tendency attracting to big round numbers". Many times it's because the big players use them as targets. But mainly lets say orderflow (I myself am not an expert about how the orderflow in the market really works, so I do not wanna just talk nonsense. But btw I do not care either because that doesn't matter...
Hey Ben,
thanks, now I know what you meant. Makes sense. But I was just thinking that maybe some traders are putting sell orders below round number(in this case) to make sure that price will not reach buy orders that are above round number. Does it make any sense?
But now I also see that if price reached round number or even protruded it a bit, it gives a bar more significance because now we know that both sellers and buyers were involved there at round number and that sellers won, because sell orders were bigger than buy orders, and also eventually those buy orders was stopped out which would mean that buyers gave up and market is bearish. Right?

BTW. Looking at a chart now, I wish this last bar was protruding more and was a bit bigger. I see B setup so I'll pass... or?

Cheers,
Mikey
  • #57,371
  • Mar 5, 2010 3:26pm Mar 5, 2010 3:26pm
Hi guys,

I guess we should have this pair under our eyes for the next week.
Attached Image (click to enlarge)
Click to Enlarge Name: weekly pin gbp-usd.gif Size: 9 KB
  • #57,372
  • Mar 5, 2010 3:33pm Mar 5, 2010 3:33pm
Quoting FXMaecenas
Hi guys,

I guess we should have this pair under our eyes for the next week.
Here is the daily version of that.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 35 KB
  • #57,373
  • Mar 5, 2010 3:33pm Mar 5, 2010 3:33pm
Quoting FXMaecenas
Hi guys,

I guess we should have this pair under our eyes for the next week.
looks interesting however, i think this breaks the rules of a pin bar because the close looks to be outside the prev bar. the amount of flexibility in considering this could mean it is valid. I have to say though that i have found 3 continuous months of consistency by not being flexible and sticking to the plan... it does mean more sitting on your hands but it is well worth it.
  • #57,374
  • Mar 5, 2010 4:28pm Mar 5, 2010 4:28pm
Quoting mbqb11
Hey woodstock someone asked a similar question check out my response here

http://www.forexfactory.com/showpost...ostcount=56851

Don't be in any rush though this thread should be your home for quite awhile first
Mike
Mike...thank you Sir...

woodstock
  • #57,375
  • Mar 5, 2010 4:30pm Mar 5, 2010 4:30pm
[quote=scott89;3525436]
Quoting woodstock

I'm as newbie as you here, but i can tell you that you can find some AWESOME stuff on the James16Group guests section, and i suggest you to follow those links on the first page (edit: the first page of this thread),expecially the first one that takes you to another bounch of other links.

Read all this stuff you will have a basic on what is going on here (at least it's like that to me). I suggest to stick with this for a month or two.

=)

free hug to everyone here

Scott89...thank you!

woodstock
  • #57,376
  • Mar 5, 2010 4:46pm Mar 5, 2010 4:46pm
Hey guys,
I am watching this one...
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.PNG Size: 27 KB
  • #57,377
  • Mar 5, 2010 4:59pm Mar 5, 2010 4:59pm
the open/close of the eur/gbp pin is not within the previous bar. does this invalidate the pin?
  • #57,378
  • Mar 5, 2010 5:25pm Mar 5, 2010 5:25pm
Quoting ehrek
Rac-attack! Just thinking about you buddy - Got back from Starsky's in Mississauga, and bought a bunch of 'RACZKI' sweets.. my teeth hurt.

Perhaps I have ran into you at the flamborough gliding club, my father started his flying there, and took me many times.

The plane on the left is his, We were the distributors in all of North America. Polish built.
starski sucks.. I like natural products, like whole foods market in oakville.

It's a small world, really small Irek....
nice 3x55 ultra light
Last summer I thought of taking flight training @ rainbow aviation...
I'll keep in touch, perhaps one day, I'll have extra cash, I'll visit you..
For now I'm flying one below... ultra, ultra light tiger60

Btw. is that you on the first video?

.
Inserted Video

I like final count down..
Inserted Video
Attached Images
  • #57,379
  • Mar 5, 2010 6:19pm Mar 5, 2010 6:19pm
Quoting michal7
(Those higher arrow are quit far so I'd be break even if it went there for sure). I don't feel guilty for not taking this trade, it was not A+ no brainer for me, but I wanted to know if it was OK to pass this setup(by basic j16 standards).
That's the attitude.

Just because the market proved that it was a money maker doesn't mean you were wrong to pass on it.

We don't need the trades we 'pass' on to make money. We just need the ones we know how to trade well.

(...And I didn't take it either )
Bundy's status today: "Waiting..."
  • #57,380
  • Edited 10:16pm Mar 5, 2010 8:25pm | Edited 10:16pm
Quoting mbqb11
Hey Pip

Check out my video in the guest section of j16 called introduction to pinbars. I go over a lot about space vs traffic. Like James said it is essential sideways markets vs non sideways markets. Of course you have degrees of everything.

Here is also a chart too. Notice the pin at a clear swing high lots of space(denoted by diagonal lines) vs the pin in a lot of traffic.

Hope that helps
Mike

I must add what sometimes looks like traffic might still be a great trade, and vice versa with a bar hanging out there. This is just to get the...
Mike just wanted to get your opinion on this especially since this post came up.

How'd you deal psychologically w CT pinbars at all time highs with no past data to refer to.

I'm really not a CT trader especially at all time highs which Ryan refers to as jumping in front of a freight train. the only ones i'll take are at strong PPZs or monthly support/resistances that were respected w past data

No doubt its a weekly chart which does carry more weight vs a daily but it seems to me you've a special knack of catching the ones that work. Especially when gold was on a tear then

Just wanna know your thought process when you identify a potential one.

Also any thoughts on the eur/gbp and gbp/usd weekly pin bar? i'm favouring the eur/gbp over gbp/usd for 2 reasons

1) lower volatility
2) gbp/usd is a weekly bar going against a huge downtrend. but its fairly similar to the gold chart you've posted. good confluence and BRN at 1.500 backing it.

a lot of indecision on gbp & eur vs usd.
meanwhile will sit on my hands and watch for PA on clues for further direction

Thanks
69 traders viewing now, 1 is registered:
Gainfaciles