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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

  • #58,741
  • Mar 21, 2010 7:40am Mar 21, 2010 7:40am
Hi everybody,

first post for me on this thread. I have been posting in another famous thread but unfortunately it deteriorated.

I followed you guys since december and I am almost done with reading the entire thread. Notwithstanding that I feel the need to review some parts of it, so I will soon start re-reading some key parts. Beside the important technical contribution of so many talented people in here, I would like to compliment you guys for the sincere positive collaboration amongst J16 members and for your willingness to proactively help newbies.

I will post more often and I will for sure be looking for help to better understand the method.

For the moment I would like to ask you a question.
I understand that good confluence: PPZ, Round numbers, Trendlines, etc. are key element to open a trade, a good location before looking at PA. I also noticed and please correct me if I am wrong, that some members are often willing to take counter trend trades. I personally prefer to wait for a pullback and than enter in the direction of the trend. I know it could sound obvious, but the question is: purely applying J16 method what is more important in order of priority:
Location even if it is a C/T.
Being with the trend.

Thanks again to all contributors I will be honoured to join such a positive and successful family.

Cheers
Ogeid
  • #58,742
  • Mar 21, 2010 8:07am Mar 21, 2010 8:07am
Quoting mkashifk
Now my target is not to make money, my main aim is to take only the best setups only on one pair.
That's cool mkashifk
But why not watching more pairs? imo a chart is a chart and the more you watch the picker you can be and still not lose your patient.

Good luck
  • #58,743
  • Mar 21, 2010 8:08am Mar 21, 2010 8:08am
Quoting ppfx
Here is the link of the post that Chatzi made about a month ago. He posted a drawdown spreadsheet. I found it very interesting it shows you how fast can you lose your account if you dont have a proper MM.

http://www.forexfactory.com/showpost...ostcount=55234
Thanks again buddy
  • #58,744
  • Mar 21, 2010 8:10am Mar 21, 2010 8:10am
Quoting benji533
Thanks again buddy
youre welcome
  • #58,745
  • Mar 21, 2010 8:14am Mar 21, 2010 8:14am
Hello All,

Everyone talks about trading with the trend, the trend is your friend etc etc but one thing that used to confuse me was defining what the trend was. Then I went with what I considered to be the most simplest definition, if price is making higher highs and higher lows then the trend is up, if price is making lower highs and lower lows then the trend is down.

Based on this definition I am going to be looking closely with what happens with the EUR / GBP. Price is clearly making lower high's, swings 4 and 5 coming within 5 pips of each other. There is a downwards TL, price is within the realms of the 4th BEOB and we have a pin-bar (poor one but it is still there).

I'm not presenting this as a trading opportunity but simply an exercise in understanding how price behaves in certain patterns / zones.

Would be interested to know if other people view PA in the same way?

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  • #58,746
  • Mar 21, 2010 10:03am Mar 21, 2010 10:03am
Quoting benji533
That's cool mkashifk
But why not watching more pairs? imo a chart is a chart and the more you watch the picker you can be and still not lose your patient.

Good luck
Yes you are right, like I have made a plan starting with one, then if after a wk I am like patient will add another. Its like giving a present to myself

Kind regards
Mkashif
  • #58,747
  • Mar 21, 2010 10:28am Mar 21, 2010 10:28am
Quoting Jcp
Here are a couple of setups I am looking at, would love to get some of your thoughts on these. Looks like the first trouble area's on both are a bit close. On USDCAD, not sure if this is really a buob since the open is so high?

Thanks in advance for your help.

Jacob
Thanks all for the constructive feedback on these!
  • #58,748
  • Mar 21, 2010 10:28am Mar 21, 2010 10:28am
History repeating itself?
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  • #58,749
  • Mar 21, 2010 10:53am Mar 21, 2010 10:53am
Quoting Bryan
History repeating itself?
Hey Bryan, I noticed this pin too, but the nearby traffic is keeping me away from this setup. It's a nice location imo, but the nearby traffic is too close for me.

My guess is that it will get to the 88.30 zone before it runs into some trouble. This is just my take on it.

-- Danny
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  • #58,750
  • Mar 21, 2010 11:27am Mar 21, 2010 11:27am
Quoting bluetrader
Hey Bryan, I noticed this pin too, but the nearby traffic is keeping me away from this setup. It's a nice location imo, but the nearby traffic is too close for me.

My guess is that it will get to the 88.30 zone before it runs into some trouble. This is just my take on it.

-- Danny
Very good Danny You know where we are going to.

IMO this is most likely to hit the orange line on my chart once it breaks. But the location could be better.

If that pin was where I drew my pink pin, I would be taking it without thinking more than half a second. But in this case he swing point isn't really at extreme like we would like it to be, and the pin isn't sitting good enough on the BRN for my personal liking.
But if it fits your way of trading (nothing is right or wrong), than you should expect the next stop to be at the orange line.

Ben
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  • #58,751
  • Mar 21, 2010 11:30am Mar 21, 2010 11:30am
Quoting ogeid
but the question is: purely applying J16 method what is more important in order of priority:
Location even if it is a C/T.
Being with the trend.

Thanks again to all contributors I will be honoured to join such a positive and successful family.

Cheers
Ogeid
Hey Ogeid

There isn't really something more important then another. What I mean is that you can trade this stuff so many ways, but also mess those ways up. So location doesn't trump a C/T trade, nor does the opposite matter. It matters for that situation what things look like Someone who trades PA with the trend will get killed if they don't trade it at the right spots with the right PA. Just as someone trading C/T will get killed if they don't the same. And just the opposite is true if you do the right things at these spots. So I hope this helps. The C/T vs Trend comes up often, but I take a Great great deal of both. But I have learned what is worth trading at both of these spots vs the other.

Welcome to the thread and hope this helps
Mike
  • #58,752
  • Mar 21, 2010 11:34am Mar 21, 2010 11:34am
Quoting benji533
Very good Danny You know where we are going to.

IMO this is most likely to hit the orange line on my chart once it breaks. But the location could be better.

If that pin was where I drew my pink pin, I would be taking it without thinking more than half a second. But in this case he swing point isn't really at extreme like we would like it to be, and the pin isn't sitting good enough on the BRN for my personal liking.
But if it fits your way of trading (nothing is right or wrong), than you should expect the next stop to be at the orange line....


Yeah Ben, I don't much care for the daily pin, in traffic and not a swing high whatsoever.... but on my feed it could also be considered a two bar low. I guess in this example for me it's the location of price that I like......We'll just have to see what the next bars bring us.
  • #58,753
  • Mar 21, 2010 11:39am Mar 21, 2010 11:39am
Quoting Mp1983
Hello All,

Everyone talks about trading with the trend, the trend is your friend etc etc but one thing that used to confuse me was defining what the trend was. Then I went with what I considered to be the most simplest definition, if price is making higher highs and higher lows then the trend is up, if price is making lower highs and lower lows then the trend is down.

Based on this definition I am going to be looking closely with what happens with the EUR / GBP. Price is clearly making lower high's, swings 4 and 5 coming within 5 pips of each...
I really am in keeping the school of thought as simple as possible. I define a trend as if price is going left to right on your screen it is sideways or choppy, from bot left to top right uptrend, and from to left to bot right is a down trend

That is all I do personally

Mike
  • #58,754
  • Mar 21, 2010 11:42am Mar 21, 2010 11:42am
Quoting Bryan
Yeah Ben, I don't much care for the daily pin, in traffic and not a swing high whatsoever.... but on my feed it could also be considered a two bar low. I guess in this example for me it's the location of price that I like......We'll just have to see what the next bars bring us.
No problem Bryan.
Just one last thing. Really not trying to be an ass but just take note that James plays breaks of Two and three bar lows as a breakout in strong trend moves only. Not CT or sideways. As long as I know at least.
That's all Good luck bro!
  • #58,755
  • Mar 21, 2010 12:04pm Mar 21, 2010 12:04pm
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  • #58,756
  • Mar 21, 2010 12:36pm Mar 21, 2010 12:36pm
Quoting forexact
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hi forexact,
its a nice trend that you have spotted, but i wouldnt take the trade right away. i dont see any PA and the pair is in consolidation since 5th March. personally i would wait for the blue box to be broken and then it would be nice if we would get some retracement

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just my 2 cents
  • #58,757
  • Mar 21, 2010 12:54pm Mar 21, 2010 12:54pm
Welcome to the thread and hope this helps
Mike[/quote]

Thanks Mike, it helps understanding and I appreciate you answering the question.
I will bother you and the other gurus in the near future.

Cheers
Ogeid
  • #58,758
  • Mar 21, 2010 1:00pm Mar 21, 2010 1:00pm
Quoting benji533
No problem Bryan.
Just one last thing. Really not trying to be an ass but just take note that James plays breaks of Two and three bar lows as a breakout in strong trend moves only. Not CT or sideways. As long as I know at least.
That's all Good luck bro!
All help is welcome Ben. Thanks
  • #58,759
  • Mar 21, 2010 1:44pm Mar 21, 2010 1:44pm
Quoting mbqb11
I really am in keeping the school of thought as simple as possible. I define a trend as if price is going left to right on your screen it is sideways or choppy, from bot left to top right uptrend, and from to left to bot right is a down trend

That is all I do personally

Mike
I too am a little confused of this whole uptrend, downtrend discussion. The thing is, with your approach Mike, how many bars do you use? I could use 50, 100, 500 bars or I could be going back 2, 5, 10 months, 1, 2, 5 years. Do you have a 'default view', say 1 year in the past?

Not only you, but all who can answer, how do you specifically define a trend?

And more important, when do you expect the trend to reverse? When it goes dipping (or jumping) one way, making a major low (high), and then it does one last high, but lower than the previous (one last low, higher then the previous)/or double top (bottom). (That's one long string of sentences ) Probably like this, on heavily confluenced areas.
  • #58,760
  • Mar 21, 2010 1:46pm Mar 21, 2010 1:46pm
Quoting neutro
I too am a little confused of this whole uptrend, downtrend discussion. The thing is, with your approach Mike, how many bars do you use? I could use 50, 100, 500 bars or I could be going back 2, 5, 10 months, 1, 2, 5 years....
Hey Neutro

The way I post all my charts is the way I am viewing them also. That is about the range I am using the bars. Again trend is so relative to everything else that is going on at the time. So it depends. But basically speaking I am just looking at my chart as is to eyeball these things. It is the story as a whole that is more important then any one individual thing.

Best
Mike
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