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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

  • #59,121
  • Mar 25, 2010 10:42am Mar 25, 2010 10:42am
Quoting PeterPan
I have put in a sell stop on the AUD CAD, descending triangle. Entry below support line.

Any feedback?

Just thought I start posting some of my trades and get some constructive criticism.
I think a fair amount of people are watching this chart...including myself.

Thhe danger of setting orders like that is if you get a 'false breakout' and quick retrace you could get stopped out. It is much 'safer' to wait for the breakout and then wait for price to retrace to the previous support area and the go short...but obviously it does not always retrace and then you will miss the break.

Alternatively if some PA presents itself within the range this could be a good clue as to which direction the breakout will occur.
  • #59,122
  • Mar 25, 2010 10:48am Mar 25, 2010 10:48am
Point taken, taking the trade on a retrace is probably better option.
  • #59,123
  • Mar 25, 2010 10:52am Mar 25, 2010 10:52am
If UJ hits 93.55 before the close today, I'm buying everyone a round....
Many choose unhappiness over uncertainty.
  • #59,124
  • Mar 25, 2010 11:23am Mar 25, 2010 11:23am
Quoting Cherry
Mike
Do you enter at the break of the 4th (smallest) bar? Or wait for the break of highs or lows of previous larger bars?

In fact with any IB in good location is it the break of the smaller inside bar?

I know some traders use the break of the larger preceeding bar so just wondered.

Thanks,
Cherry
You can really do either, but the j16 way is playing a break of the actual inside bar itself, this is what I do as well.

Best
Mike
  • #59,125
  • Mar 25, 2010 11:35am Mar 25, 2010 11:35am
Quoting PutaMadre
Hello guys, i'm new to this thread. I usualy trade whith a bit bifferent method, but spent some time analyzing James 16's early posted charts, whith immpresed my a lot! Today took a trade on G/J whitch looks lika a weekly pin bar to me..
There i will post few of my charts for Your judgement
Hey Putamadre

Welcome to our "little" thread. I am a bit confused on what trade you are taking, but I am guessing you are using last weeks bar and taking a trade on the retracment. I could be off here but this is not a good pinbar so instead I am going to direct you to some posts that show great pinbars.

Check these out as a start it should help

http://www.forexfactory.com/showpost...ostcount=14627
http://www.forexfactory.com/showthre...rt#post3429475
http://www.forexfactory.com/showthre...rt#post2913741
http://www.forexfactory.com/showthre...rt#post2913840

Let me know if you have more questions
Mike
  • #59,126
  • Mar 25, 2010 11:36am Mar 25, 2010 11:36am
Quoting Thierry
Hello everyone.
I'm following this threat for 2 months.
What do we think about this 4h pin? on daily we get divergence. (my opinion)
Sorry if this is not right, i'm total newby en new to this.
Thanks for a great support!
Hey Thierry another new face too welcome

I would not personally use divergence from the daily to find trades on the 4hr, but that could be a personal thing. With that said though, the move down has been REALLY strong and that bar is really small. So we don't want to try to pick the bottom with these small pins, we will get a slap in the rear many many times. Look for the bar that stands out vs the strong down moves and that is the bar that will be a high probability bar(through in some confluence and you will be just fine )

Best
Mike
  • #59,127
  • Mar 25, 2010 11:43am Mar 25, 2010 11:43am
Quoting lovejoy80
Look at weekly - we are in a consolidation box.
Hi lovejoy,

I love your clear explanation on how one could play the ppz levels. You mentioned 2 possible scenarios which adhered strictly to J16 principles.
With regards to scenario 1 where you mentioned when a breakout occurs to "look for PA to prove that the PPZ has become a resistance-turned-support level", do you know if playing it the other way around is also something that is considered J16?

What I mean is if it is standard J16 to also keep a lookout for PA to "prove that PPZ is still providing resistance" (i.e signal to go short). Maybe a BEOB off that PPZ level could be taken as a signal to enter short?

Hope I am not confusing you

CY
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  • #59,128
  • Mar 25, 2010 11:46am Mar 25, 2010 11:46am
Quoting ertorque

What I mean is if it is standard J16 to also keep a lookout for PA to "prove that PPZ is still providing resistance" (i.e signal to go short). Maybe a BEOB off that PPZ level could be taken as a signal to enter short?

Hope I am not confusing you

CY
Hey CY

Yes it is both ways are valid to look for. You will find what is most comfortable for you as well as you go along here

Mike
  • #59,129
  • Mar 25, 2010 12:07pm Mar 25, 2010 12:07pm
Quoting Dan Gilbert
If UJ hits 93.55 before the close today, I'm buying everyone a round....
93.55, hmmmm
still waiting for my pullback though which would be real good %R,might happen might not but price has to take a breather
lets see how it plays out

watching this trade like a hawk, not going to be a full bar loss thats all i know
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Simplicity is the key to success
  • #59,130
  • Mar 25, 2010 12:08pm Mar 25, 2010 12:08pm
Quoting squeezy

watching this trade like a hawk, not going to be a full bar loss thats all i know
'hey me too dude
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  • #59,131
  • Mar 25, 2010 12:18pm Mar 25, 2010 12:18pm
Quoting lovejoy80
Broken out now...seems to be holding so far has retested the PPZ and is now heading up again, no PA though.
now its started taking off !!! anyone who cought that retracement ?
  • #59,132
  • Mar 25, 2010 12:26pm Mar 25, 2010 12:26pm
Quoting mbqb11
Hey Putamadre

Welcome to our "little" thread....
Thanks Mike, i will study these
  • #59,133
  • Mar 25, 2010 12:29pm Mar 25, 2010 12:29pm
Mike,

thanks for reply. I understand it will come in time to us all, and we will all do it differently, but surely, just to answer your post, if you wait for a bar setup on same timeframe you see a PPZ, then you will give up way too many pips? Also, the stoploss will be so far it often leads to a rubbish risk/reward ratio (between stoploss and target profit). This is why I thought we drop down to a small frame?

Jim mentioned somewhere around the 200-post mark in this thread that he drops down and says these setups are frequent and trading drop down entries can make you rich in a few years at these PPZ levels! I believe it, but it must be case of move to breakeven asap and re-enter if stop is taken out at breakeven. Just discretion I suppose. Just practice. But I just can't see the value in trading the same frame as you see the PPZ in. Please advise?

Thanks

Trig
  • #59,134
  • Mar 25, 2010 12:30pm Mar 25, 2010 12:30pm
Quoting squeezy
93.55, hmmmm
still waiting for my pullback though which would be real good %R,might happen might not but price has to take a breather
lets see how it plays out

watching this trade like a hawk, not going to be a full bar loss thats all i know
that's an interesting chart you posted...

I saw this squeeze pattern, analysis is below....
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Many choose unhappiness over uncertainty.
  • #59,135
  • Mar 25, 2010 12:36pm Mar 25, 2010 12:36pm
Quoting mbqb11
'hey me too dude
actually wanted to call u out on this trade as i knew u would be all over it (BRN)...lol
did u take full profit @ 1.5905 bar lows or waiting for 1.5865 area, im sure u probably wont wait for the break.....
if it does break..its free free freeeeeeeeeeeee
Simplicity is the key to success
  • #59,136
  • Mar 25, 2010 12:38pm Mar 25, 2010 12:38pm
Quoting squeezy
actually wanted to call u out on this trade as i knew u would be all over it (BRN)...lol
did u take full profit @ 1.5905 bar lows or waiting for 1.5865 area, im sure u probably wont wait for the break.....
if it does break..its free free freeeeeeeeeeeee
The green line on my chart is where my take profit still is. Since this one is in a lot of traffic be more conservative with it here

Mike
  • #59,137
  • Mar 25, 2010 1:23pm Mar 25, 2010 1:23pm
GBPJPY is bouncing pretty hard off the trendline with a triple top on the M15.

(Sorry Jarroo you had the nicest looking charts I`ve ever seen and couldn`t help but copy them)
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Cap
  • #59,138
  • Mar 25, 2010 1:30pm Mar 25, 2010 1:30pm
Quoting The Captain
GBPJPY is bouncing pretty hard off the trendline with a triple top on the M15.

(Sorry Jarroo you had the nicest looking charts I`ve ever seen and couldn`t help but copy them)
And a bad shaped H8 pin (still a pin), off of PPZ, EMA and 61.8%. Makes you wonder where price might be heading (not definetly heading, but a higher chance of going than not going)..

Man, I wish I were a pilot..
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  • #59,139
  • Mar 25, 2010 1:46pm Mar 25, 2010 1:46pm
Here is a trade that I took earlier, it worked out but, I wanted to get some thoughts on the set up.

This is the GU on a 6H timeframe. Price is in a short and longer term down trend and is consolidating. I saw the IB and put an entry below the consolidation and a TP near the bottom of the pin the the left thinking it would be the logical place for price to go. THe top of the consolitaion is just shy of the 1.5 BRN so I had resistance there if it wanted to go against me for a while. Comments?



As a side note, anyone know how to make the boxes solid like they are in MT4? I can not seem to find hte setting in MT5.

Thanks,
Brandon
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  • #59,140
  • Mar 25, 2010 1:50pm Mar 25, 2010 1:50pm
Quoting mbqb11
The green line on my chart is where my take profit still is. Since this one is in a lot of traffic be more conservative with it here

Mike
aha! bingo
knew u were going to say that Mike
stepped out briefly but moved to 16025 just incase
cheers
Simplicity is the key to success
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