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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

  • #60,841
  • Apr 14, 2010 11:32am Apr 14, 2010 11:32am
Quoting chartergas
I'm trying to work out the right timing to move break even
Twice I have moved up my stop loss to BE but then it hits and then takes off
At the moment I have played two pinbars been up approx 100 pips and then move up SL and then get stopped out

I'm trading one pinbar in D1 should I run a two bar stop to prevent thiis
And one in H1 as well !

What's the best timing to move to BE?????
yeah trade mgmt is a very personal thing and the hardest thing to get down IMO. It's about knowing the situation you are involved in and having a game plan(that often changes during that trade). But as you get more experience under your belt of what works vs doesn't you can build off that.

HEre is a very general post on some of the things I look at when dealing with exits
http://www.forexfactory.com/showpost...ostcount=36491

Again just how I do things though

Mike
  • #60,842
  • Apr 14, 2010 11:58am Apr 14, 2010 11:58am
Quoting jarroo
I thought I would show this interesting Daily IPB on the Gbp/Usd.

As we know, Bullish IPB, like any other Bullish PA, are best played at swing Lows, at a great location.

That being said, IPB could can also be played as a continuation setup or a break out pull back PA. There is a Monthly PB on the Gbp/Usd, sure the size is nothing to write home about but you gotta love the confluenced location it is sitting on. Monthly PPZ and 61.8 fib / 50% ret levels.

The entry on the Daily IPB is the Close which is 1.5379. The High of the Monthly PB is...
im not ghous but i think its beautiful ive been waiting for a break of 1.5350 and finally got it right now i closed a part of my position and put my stops to BE and im waiting for some more pips lets see if it can go up to 1.5800
  • #60,843
  • Apr 14, 2010 12:10pm Apr 14, 2010 12:10pm
Hello everyone, I have 1 question and its about how you guys would deal with a level retrace.

The trend move that goes up like stairs instead of a zigzag.

Attached Image


Price does start to move back up again, but the James16 method states that heavy traffic is a NO NO, but then again I see these types of retrace all the time where there is no movement down. Is this something better ignored and me just being greedy? or is there some way of telling that the price will continue to move up or break back down thats clear?
  • #60,844
  • Apr 14, 2010 12:16pm Apr 14, 2010 12:16pm
Quoting mbqb11
Hey Jeurre

Welcome to the thread....
yup very good size bar, im sure Mike didnt take this but i did....came out with be as soon as it hit my 1st trouble area which was about 20pips away
on to the next one
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Simplicity is the key to success
  • #60,845
  • Apr 14, 2010 12:46pm Apr 14, 2010 12:46pm
Quoting Jonners67

Trying to be picky as hell at solid ppz's.
J67
Hi Jonners67,

I just noticed something on your post and wanted to comment. I'm not sure how long you've been trading with this method, so if you already knew this please forgive me and realize this post is to help newer traders.

The bar you traded here is not a pinbar, because the close is not withing the previous bar. It is easy to mistake a bar that looks like a pinbar, for a pinbar, if we are not careful to make sure that it meets all of the requirements (open and close within previous bar, nose protrudes from previous bar, etc.).

The close is, for me, the most important part of a pinbar or outside bar formation. I really like bars that close above their open for bullish bars, and the opposite for bearish ones.

This is all just my opinion of course.

Cheers,

Cory
  • #60,846
  • Apr 14, 2010 1:07pm Apr 14, 2010 1:07pm
Not for everyone...but some intraday setups...PA @ resistance areas.
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  • #60,847
  • Apr 14, 2010 2:08pm Apr 14, 2010 2:08pm
Quoting lovejoy80
Not for everyone...but some intraday setups...PA @ resistance areas.
Thanks for posting Lovey-
i was in tune with 2 out of 4 of those signals
it reinforces the my "light is on" --I'm getting it
Sincerely,
Bill
  • #60,848
  • Apr 14, 2010 2:08pm Apr 14, 2010 2:08pm
I liked this pair more......PB with the trend and u knew exactly wea it wud have rouble......nice nice........works perfect with the trend

Quoting lovejoy80
Not for everyone...but some intraday setups...PA @ resistance areas.
  • #60,849
  • Apr 14, 2010 2:39pm Apr 14, 2010 2:39pm
Quoting ghous
Looks like you're having fun with your IPBs Jim.

I didn't take this because like you said they are best played at swing lows and major pull backs to up trends. This wasn't quite there for me,

You with all your experience rode a brilliant move.

g.

Yeah I'm having alot of fun with these IPBs. This one was on demo. My IPB demo account is going through the roof. lol.

Being strict in structure, form and location is very important as you have mention. This is making a difference on my IPB demo acc.

Quoting ghous
I saw this and this was an easy pass for me. Honest to God I am not even sure why I did this.

As I look at it, I see it nicely sitting at your blue ppz and the tail's long enough...a high higher than the previous bar's high would probably have made it a better sight as Mike suggested.

If I really dig myself deep I think what held me from the trade was the fact that the IPB did not form at a decent pull back to the recent down trend. I love them at 50 and 61.8 fibs when they line up with MA's and BRNs, such a region is close by on the pair and...
On the Eur/Gbp Daily IPB that we talked about (post above) I did take this one. A lot of good things going for it but it didn't work out . What was the loss . . . -12 pips !! lol No hanging on to long drawn out draw downs on these IPBs.


On the Daily Gbp/Usd IPB:

Notice the retrace/retest to the entry on the 4 hour. This not only confirms the entry for me but more importantly that the IPB is a legitamite Price Action formation in my book. I would rather have it break or move in my direction without looking back, of course.
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Indicators show the past. Price Action "Indicates" the future.
  • #60,850
  • Apr 14, 2010 2:46pm Apr 14, 2010 2:46pm
Quoting Danku
I liked this pair more......PB with the trend and u knew exactly wea it wud have rouble......nice nice........works perfect with the trend
yup , liked this one too but saw it late...dont know why i didnt flip to my uj....had the support & resistance marked out since like forever waiting for pa at either end or a break out with some explosion and then pullback with pa...anyways it seems i missed the first part but would wait for the latter.
nice one to whoever caught this
cheers
Squeezy
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Simplicity is the key to success
  • #60,851
  • Apr 14, 2010 3:22pm Apr 14, 2010 3:22pm
Thanks, Mike. I was stopped out for the short position, closed the long at BE by noticing the momentum looked weak,bad luck. by the way, what type of style do you think of yourself, reversal player or trend follower?

I read the #1 post, yes, will follow the instruction, start from daily and give myself 3 month to demo

jeurre

Quoting mbqb11
Hey Jeurre

Welcome to the thread. This is a great example of a trade that will trick us and eventually you'll learn what to do with these. Firstly make sure to read the first post by James about starting on higher timeframes. It is tough to make decision properly on the 1hr when new to this stuff.

But notice how tiny that pinbar is and it was just "starting" to approach this former high area. This tiny bar really shows price just saying "listen last time we got near this area price dropped". But notice this time the selling was not that...
  • #60,852
  • Apr 14, 2010 3:24pm Apr 14, 2010 3:24pm
Hi, squeezy, mind telling me where is your first trouble area, please? thank you

jeurre


Quoting squeezy
yup very good size bar, im sure Mike didnt take this but i did....came out with be as soon as it hit my 1st trouble area which was about 20pips away
on to the next one
  • #60,853
  • Apr 14, 2010 3:25pm Apr 14, 2010 3:25pm
I was in the private group for 1 month, and I can say that the thing I miss the most was Jim's blurbs on politics ..... Interesting times, these are.
Many choose unhappiness over uncertainty.
  • #60,854
  • Apr 14, 2010 3:26pm Apr 14, 2010 3:26pm
Hi, supermeChaos

good advise, I will definitely look into more reasons

jeurre

Quoting supremeChaos
Hello jeurre,
-zoom out your H1 chart. your zoomed out chart is not enough.
zoom your chart out at least 1 notch higher --anything less than this is less informative, imho.
-does that pinbar get your attention/'jump out at you'?
that pinbar is pretty small for price to reverse (go in your trade's favor) convincingly.
-a pinbar & a double top are not enough for you to take a trade. u should look at other possible reasons (if there are any). if u take double tops, at least have another confluence like divergence.
-check out the higher...
  • #60,855
  • Apr 14, 2010 3:31pm Apr 14, 2010 3:31pm
Hi, bertie123, congratulations ! how did you manage your "waiting patienly" mode? I tend to pull trigger, I hate this, but, no idea how to control the impulse to take a trade. 4 trades in two weeks, that's phenominal.

jeurre

Quoting bertie123
Have had 4 winning trades (all pins) between this week and last week and now in the 'waiting patiently' mode for the next A+ setup. I am starting to believe in the power of the J16 methods and for the first time in ages I am optimistic about my trading.
  • #60,856
  • Apr 14, 2010 3:41pm Apr 14, 2010 3:41pm
Well, I am going to update shotgun demo trades. I said I would a while ago but became too involved in recreational activities to do so.

Here we go.

out of the 6 trades, only 3 are still open.

TRADES CLOSED:

AUDNZD:
1/3 closed @ +37 pips
2/3 closed @ -4 pips

AUDUSD:
full position closed @ -50 pips

GBPJPY:
full position closed @ -10 pips

TRADES STILL OPEN:

GBPUSD:
1/3 closed @ +66 pips
2/3 still open
next target: 1.5500

EURJPY:
1/3 closed @ +205 pips
2/3 still open
next target: 129.00

CHFJPY:
full position still open
first target: 89.20 (to close 1/3)

NOTE: stop losses are all at break even on the currently open trades
Attached Image
Many choose unhappiness over uncertainty.
  • #60,857
  • Apr 14, 2010 3:55pm Apr 14, 2010 3:55pm
Quoting Dan Gilbert
Well, I am going to update shotgun demo trades. I said I would a while ago but became too involved in recreational activities to do so.

Here we go.

out of the 6 trades, only 3 are still open.

TRADES CLOSED:

AUDNZD:
1/3 closed @ +37 pips
2/3 closed @ -4 pips

AUDUSD:
full position closed @ -50 pips

GBPJPY:
full position closed @ -10 pips

TRADES STILL OPEN:

GBPUSD:
1/3 closed @ +66 pips
2/3 still open
next target: 1.5500

EURJPY:
1/3 closed @ +205 pips
2/3 still open
next target: 129.00

CHFJPY:
full position still open
first...
Quoting Dan Gilbert
"Project shotgun" on the demo UPDATE:
What happen to the Aud/Usd and Gbp/Jpy trades? They looked like they were in profit for a good amount when they reached an obvious target.


Nice Trades Dan.
Indicators show the past. Price Action "Indicates" the future.
  • #60,858
  • Apr 14, 2010 4:16pm Apr 14, 2010 4:16pm
Quoting jarroo
What happen to the Aud/Usd and Gbp/Jpy trades? They looked like they were in profit for a good amount when they reached an obvious target.


Nice Trades Dan.
yes in hindsight i could have closed up a bit of the AUDUSD trade, but I just find it silly to close a portion of trade when you're only in 19 pips of profit lol.... I think trading a daily chart means avoiding scalping . I like the long TF trades because I can gain more pips with less work.

GBPJPY, are you suggesting I could have closed up 1/3 @ the 150 EMA?

Remember my new method of getting stops to B/E as well, that is what I have been following on these trades. That is the reason the stops weren't at B/E. I was really hoping the AUDUSD trade was going to prove me right on slowly getting stops to B/E Oh well. I like my way of doing it because I don't have to make any decisions, price does.

(in case you never saw it, here's the link: http://www.forexfactory.com/showpost...ostcount=60121 )
Many choose unhappiness over uncertainty.
  • #60,859
  • Apr 14, 2010 4:29pm Apr 14, 2010 4:29pm
Quoting jeurre
Hi, squeezy, mind telling me where is your first trouble area, please? thank you

jeurre
hey jeurre,
here goes, 1st thing 1st i zoomed out to see what was actually happening...and noticed the continuouos back to back interaction btw 93.62 & 92.83 both individually acting as support & resistance ...see chart
what i was now interested in was seeing pa to short at the resistance and pa to long at the support......
yeah! what about in btw?.....my 1st trouble area then wld have just been at the tip of the beob = 93.35 area BUT i was more interested in the location....
sure peeps might definately not think in this line but im trying to look at my charts and see the big picture/think for myself, also i cant post up every setup im about to take and ask for opinions, different views will only mess up your thinking....
anyways that was my thinking at the time.....time to get back to my movie (hurt locker) ...... lol
cheers
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Simplicity is the key to success
  • #60,860
  • Apr 14, 2010 5:35pm Apr 14, 2010 5:35pm
Quoting jeurre
Hi, bertie123, congratulations ! how did you manage your "waiting patienly" mode? I tend to pull trigger, I hate this, but, no idea how to control the impulse to take a trade. 4 trades in two weeks, that's phenominal.

jeurre
jeurre

I have been where you are! Waiting patiently is the way most of the great traders on here(james, mike, jarroo etc) developed their trading skills, so I am convinced this is the way to go, as many others here will testify. The basic requirements here are necessary to put the basics in place - I have tried umpteen systems/methods/5 min tfs etc, all without success. Keep coming back to J16 and eventually you will realise that people are not telling you about the basics for nothing. I now firmly believe that a patient and disciplined approach using the J16 basics will give you a foundation on which you can build. The one drawback to this thread is when you are having trouble spotting trades and other guys are taking trades - this is when I tend to get a bit antsy and think I should be trading because others are! You have to try and just sticjk to taking the best setups - if you are not sure ask Mbq11 or Jarroo, who are both great traders and very helpful with newbies. Take your time, its a marathon not a sprint.

best,

berti
PA is where its at!!
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