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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

  • #58,981
  • Mar 24, 2010 10:39am Mar 24, 2010 10:39am
Quoting Dan Gilbert
weekly I4B straddling the 90.00 big round number on USDJPY taken on the live account for a 2% risk

- S/L moved to break-even after 30 pips into profit.

- first target hit at 91.81, 1/3 position closed.

- next target highlighted to close another 1/3 position.


EDIT: I also had sell stop orders placed below the weekly i4b - - we don't care which way it's going, but the consolidation will usually make a hard break in either direction, so I wanted to catch it regardless of what way it decided to breakout.
i had also buy and sell orders at the same time. I took half at 91.95 and gonna do the H4 two bar low stop loss.
  • #58,982
  • Mar 24, 2010 10:43am Mar 24, 2010 10:43am
Quoting Dan Gilbert
I'll be right there with you, daily PA pending... I drew some trendlines to widen perspective on the "zones"
cool just checked on the daily's and its also in line
gosh! i love when price trends, much easier/safer to follow on the pullbacks
nice i just hit 500 posts & feeling good about my trading so far....lol (thnx J16 fam)
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Simplicity is the key to success
  • #58,983
  • Mar 24, 2010 10:52am Mar 24, 2010 10:52am
Quoting squeezy
wow! 86...well from my 4hr chart which i used to base my analysis on
we consolidated & broke out strongly showing bulls have taken over (imo), so im just playing it safe & waiting for a pullback to this area.
price shouldnt pass thru the consolidation that easily without a struggle besides i believe people seeing this would already have there orders sitting here for a bounce to continue with the trend.
it all depends on how price pullbacks to this area, if it retraces smoothly...ill act accordingly but if it consolidates and makes a mess before...
If it makes an 8H pin or an IB what would you do?
Interesting is't it?
.
  • #58,984
  • Mar 24, 2010 10:53am Mar 24, 2010 10:53am
Quoting Dan Gilbert
weekly I4B straddling the 90.00 big round number on USDJPY taken on the live account for a 2% risk

- S/L moved to break-even after 30 pips into profit.

- first target hit at 91.81, 1/3 position closed.

- next target highlighted to close another 1/3 position.


EDIT: I also had sell stop orders placed below the weekly i4b - - we don't care which way it's going, but the consolidation will usually make a hard break in either direction, so I wanted to catch it regardless of what way it decided to breakout.
Wow, very nice BO trade Dan!
I am not very confident in trading IB BO trades, I've heard people saying to put stop orders at both upper & lower sides of the IB, and waiting for them to be triggered.....just like how you did it with great success.

However, I've also read from people that there are chances the price will first make a fake out in 1 way, then get back to the opposite direction and finally going in the direction of the 1st fakeout.....this way, both of the stop orders will be triggered and stopped out accordingly.....does that really happen that much?
Dreams are hard to follow, but don't let anyone, tear them away...
  • #58,985
  • Mar 24, 2010 11:00am Mar 24, 2010 11:00am
Quoting The Captain
Kristopher, EO's method of trading is great. It is a method which takes a lot of time to master. I wasn't making great money from it, but could see myself getting better all the time. After following this thread for a few weeks, I am sure that when I start trading his method again sometime in the future that I will be more profitable- I'm sure the same would go for you. The common mistake people make using it is that they ignore the higher time frame charts, hence this thread helping me out.
Hi Captain,

Thanks for your reply. Yes, I do agree with you that EO's methods are not quite easy to master, esp. to a newbie like me. And I do find that EO also has a setup which is very much like our Pin setup here at James16 PA. I feel guilty that I didn't take further time to drill into EO's stuff but jumped boat to James16 PA though....

Enjoy the time here at this thread, there is certainly a wealth of wisdom(and gold) here, and all the people here are very helpful and friendly.
Dreams are hard to follow, but don't let anyone, tear them away...
  • #58,986
  • Mar 24, 2010 11:10am Mar 24, 2010 11:10am
Quoting nasir.khan
If it makes an 8H pin or an IB what would you do?
Interesting is't it?
.
not sure i understand nasir, do u mean as its playing around 92 now....
looking at the previous bullish bar which is BIG`about 100pips, i would be cautious about any reversal, only if price takes a breather around 92 then makes higher high (asia shld probably slow things down giving false signals) & then some good pa to short back to my area of interest.
ive been thinking of swearing off reversals only if i get a nice BIG size & shape PA to short.
hope i wasnt off point cos i didnt really understand what you said.
holla back nasir
Simplicity is the key to success
  • #58,987
  • Mar 24, 2010 11:12am Mar 24, 2010 11:12am
Quoting s005606
Wow, very nice BO trade Dan!
I am not very confident in trading IB BO trades, I've heard people saying to put stop orders at both upper & lower sides of the IB, and waiting for them to be triggered.....just like how you did it with great success.

However, I've also read from people that there are chances the price will first make a fake out in 1 way, then get back to the opposite direction and finally going in the direction of the 1st fakeout.....this way, both of the stop orders will be triggered and stopped out accordingly.....does...
What you need to do is just analyze the situation and find the BEST setups. I would not have traded that i4b if it was not straddling a big round number.

My main thing I look for on the i4b's is the big round number. Also, if you are trying to trade the break of an inside bar, and not an inside-4-bar, then you are asking for trouble in my opinion. inside-4-bars are a much nicer setup because they display a higher level of consolidation relative to recent PA... with just a regular inside bar, you might have a very long bar within an even longer bar, and both of those bars may be larger in size than the previous 5-10 bars prior... basically that's not a good sign of consolidation. The smaller the i4b, the more consistent it is.

If you just switch your charts to weekly mode, and look for i4b's straddling big round numbers, and just backtest to see how they played out, you will be very pleased to see a good success rate.

You will also find several failing i4b's (meaning they broke on both sides before running) located at NON-BIG-ROUND-NUMBERS... This is key and I cannot stress it enough.

by big round numbers I mean on EURUSD, 1.50, 1.45, 1.40, 1.35, 1.30

on USDJPY I would be referring to 85.00, 90.00, 95.00 etc.

Every 500 pip increment. Mike always is looking to trade these areas, and you should be too. If you have to wait 2-5 weeks to catch a good weekly i4b on a big round number, then that's how long you need to wait.

Have fun going through your charts hunting for them, you will figure it out
Many choose unhappiness over uncertainty.
  • #58,988
  • Mar 24, 2010 11:21am Mar 24, 2010 11:21am
Quoting squeezy
not sure i understand nasir, do u mean as its playing around 92 now....
looking at the previous bullish bar which is BIG`about 100pips, i would be cautious about any reversal, only if price takes a breather around 92 then makes higher high (asia shld probably slow things down giving false signals) & then some good pa to short back to my area of interest.
ive been thinking of swearing off reversals only if i get a nice BIG size & shape PA to short.
hope i wasnt off point cos i didnt really understand what you said.
holla back...
Hey nothing so serious. lol

I was saying that if we get something like this (see chart). Would you take this PA? If so then would you still close you short at retracement level and buy it?
.
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  • #58,989
  • Mar 24, 2010 11:22am Mar 24, 2010 11:22am
Quoting triggerju
Hi all

My first post, new to the forum, been following J16 teachings here and I love the way it started back in 2005 as bar-formations and fib retracement teaching and now has evolved to concentrate on a better method, that is S/R and basic price action, mainly reversal bars/pins (seems fib retracement has taken a backseat to J16 price "flipzones" - which seems to be the right thing to do as fibs are a little bit "hope and pray" I feel). It's almost like everyone chipping in together over the years have managed to evolve the teachings of Jim...
Hey Trig

You are correct there is no set standard. In fact I personally recommend to stick to the same timeframe you are finding the flip on. It cuts out a lot of the extra analysis that usually leads new traders to paralysis. So you see a daily price flip, look for daily price action. But yes many people will say look for a PPZ on the monthly, and PA on the daily/weekly. Or daily ppz, and then PA on the 4hr and 1hr. It really is all what you find the most comfortable. As for confirming the entry this is what we call confluence. It can be any number of factors. Fibs/Round numbers/Moving Avgs/Divergence/breakout patterns/etc. It can be any combo of those, some , all , none. As you can see there is a lot of discretion that takes place and over time with experience you begin to find the best for the individual.

Hope this helps a bit
Mike
  • #58,990
  • Mar 24, 2010 11:26am Mar 24, 2010 11:26am
Quoting bluetrader
Closed AUD/JPY pin bar. Could go higher, but a plan is a plan.




USD/CHF weekly finally broke. Looking to first area of traffic...

-- Danny
Hi Danny,

For the USD/CHF, FTA is around 1.072ish on the 4H TF. Should this be looked at as First trouble area instead of the 1.08ish on your weekly chart?

Still learning......
CY
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  • #58,991
  • Mar 24, 2010 11:28am Mar 24, 2010 11:28am
Squeezy and Nasir. The original chart posted by Squeezy was CHF/JPY. Now talking about USD/JPY? I am confused... (http://www.forexfactory.com/showpost...ostcount=58972)
Gone to a better place
  • #58,992
  • Mar 24, 2010 11:28am Mar 24, 2010 11:28am
Quoting nasir.khan
Hey nothing so serious. lol

I was saying that if we get something like this (see chart). Would you take this PA? If so then would you still close you short at retracement level and buy it?
.
nice
now thats a big big big beob.....i like
if u cld make that happen then that'll definately be a different story nasir
or wait, can u see into the future, if yes.....can i start selling now lol
Simplicity is the key to success
  • #58,993
  • Mar 24, 2010 11:32am Mar 24, 2010 11:32am
Quoting smikester
Squeezy and Nasir. The original chart posted by Squeezy was CHF/JPY. Now talking about USD/JPY? I am confused... (http://www.forexfactory.com/showpost...ostcount=58972)
http://www.forexfactory.com/showpost...ostcount=58980
  • #58,994
  • Mar 24, 2010 11:38am Mar 24, 2010 11:38am
Quoting Dan Gilbert
What you need to do is just analyze the situation and find the BEST setups....

What's an i4B?

Thanks
  • #58,995
  • Mar 24, 2010 11:41am Mar 24, 2010 11:41am
Quoting nasir.khan
If it makes an 8H pin or an IB what would you do?
Interesting is't it?
.

Hey buddy!!

It seems that you have a brand new signature, I figure out that is from the story that I have posted here recently.

just make sure that your dream will become reality

all the best!!
  • #58,996
  • Mar 24, 2010 11:41am Mar 24, 2010 11:41am
Quoting Jcp
What's an i4B?

Thanks
Here ya go JCP

http://www.forexfactory.com/showpost...ostcount=15851

http://www.forexfactory.com/showpost...ostcount=33436


Best
Mike
  • #58,997
  • Mar 24, 2010 11:45am Mar 24, 2010 11:45am
Quoting triger88990
Hey buddy!!

It seems that you have a brand new signature, I figure out that is from the story that I have posted here recently.

just make sure that your dream will become reality

all the best!!
It reminds me all the mistakes i make, every time i look at it.

Thanks.
  • #58,998
  • Mar 24, 2010 11:50am Mar 24, 2010 11:50am
Quoting The Captain
Thanks BR, but it's just another job! Pays the bills and gives me a little extra to trade.
I'm sure it is. Still another job where you can't wait for your weekends etc.

You'll have Raczekfx off in dreamland too. (Someone who's posts you'll definitely want to check out in here.)
Bundy's status today: "Waiting..."
  • #58,999
  • Mar 24, 2010 11:51am Mar 24, 2010 11:51am
It's 9.50 PM here.

And i am still in the office.

Thanks to Auditors.

Which leads me at this piont:

Why Aren't We Rich Daddy?
.
  • #59,000
  • Mar 24, 2010 11:53am Mar 24, 2010 11:53am
Quoting Jcp
What's an i4B?

Thanks
I made a pic
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Many choose unhappiness over uncertainty.
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