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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

  • #61,981
  • Apr 27, 2010 5:23am Apr 27, 2010 5:23am
Quoting jarroo
Well, its not at a swing high or low that we want them to be. Nor at a pullback. It was up against a nice Daily PPZ level, 134.00, trading away from the PPZ is what made it work.

Have you checkout ghous posts and chart examples of these IPBs? If not, I would review them. Not bad, but the location of IPBs are very important.
lol yeah was just getting to the negatives, not at swing high and lot of traffic to the left. will chec out those post's thanks
  • #61,982
  • Apr 27, 2010 5:25am Apr 27, 2010 5:25am
Quoting Trndsurfer
positives- off the 400 brn and 38 fib, ipb bigger tha previous bar, target 300brn and 23.6 fib WITH TREND
Is the previous bar a Sunday bar? If so they don't count.

With the trend help it as well.
Indicators show the past. Price Action "Indicates" the future.
  • #61,983
  • Apr 27, 2010 5:49am Apr 27, 2010 5:49am
Quoting jarroo
Is the previous bar a Sunday bar? If so they don't count.

With the trend help it as well.
oh, the market opens with this broker 11am nz time thats sunday night uk time, so is that a sunday baa?
  • #61,984
  • Apr 27, 2010 6:26am Apr 27, 2010 6:26am
Quoting jarroo
Let's take a trade on the 4 hour bullish PB and find out . . . shall we.

On the break, of course.
For example NZD/USD-----On a 4h chart when we see a good setup---at the close of the 4h bar and we place an order for the break of that bar long above that bar.

For some reason I am confused....I thought I have heard or read or seen in a J16 webinar that we want to see a break or confirmation in the direction of our trade.

Does this mean we should see it happen in the first 30 mins., 1 hr., 2 hr., etc. of a 4 hr bar. ????

Or if it does not happen in a certain time period we should cancel the order ...because what we anticapted would happen ....did not?

In other words how long do we wait before cancelling the order? (I know this could be personal, but what are your thoughts)?

Thanks in advance,
Bill
  • #61,985
  • Apr 27, 2010 6:39am Apr 27, 2010 6:39am
Quoting Trndsurfer
ok IPB on daily eu, short from 1.3364, took half off ay 1.3320, stop to be.

what think you?
Me thinks the IPB looks good in terms of shape, but clearly sucks given that it is almost at a swing low...Shorting thiz IPB means you're heading straight into the triple bottom Eu set for it self so nicely.

I like to trade them at swings or at pull backs to major trends.

g.

EDIT: I see jarroo already covered a good bit of what I said in my post above, he needs a break and I keep telling him that, he just won't listen. :nerd:

...
I believe . . .
  • #61,986
  • Apr 27, 2010 6:50am Apr 27, 2010 6:50am
Quoting Atc
For example NZD/USD-----On a 4h chart when we see a good setup---at the close of the 4h bar and we place an order for the break of that bar long above that bar.

For some reason I am confused....I thought I have heard or read or seen in a J16 webinar that we want to see a break or confirmation in the direction of our trade.

Does this mean we should see it happen in the first 30 mins., 1 hr., 2 hr., etc. of a 4 hr bar. ????

Or if it does not happen in a certain time period we should cancel the order ...because what we anticapted would happen...
Hi Bill,

I am not senior, but if I may try to share...

I think it depends on which timeframe you're looking at/basing your setup on, say if we spot this setup from 4H chart, we should wait for PA from the next 4H bar (ie, wait for the next 4 hrs) to be broken. If this setup is later also present in the D1 timeframe, then a break of PA from the next D1 bar will be even more powerful (higher probablity trade).

However, if the next bar (of whatever timeframe you're looking at) doesn't break, some people may cancel the order (I remember Mike does that) due to lack of momentum; there are also some people who will keep the order as long as it's not in-validated (ie, the other end of the PA bar is broken).

Seniors pls also feel free to share.
Dreams are hard to follow, but don't let anyone, tear them away...
  • #61,987
  • Edited 7:13am Apr 27, 2010 6:53am | Edited 7:13am
Quoting Atc
For example NZD/USD-----On a 4h chart when we see a good setup---at the close of the 4h bar and we place an order for the break of that bar long above that bar.

For some reason I am confused....I thought I have heard or read or seen in a J16 webinar that we want to see a break or confirmation in the direction of our trade.

Does this mean we should see it happen in the first 30 mins., 1 hr., 2 hr., etc. of a 4 hr bar....
hey Bill,

I take the Usdchf 4H Pin bar as an example.

To take this pin bar long you place a stop order 5-10 (for 4 hour TF) pips above the high of the pin bar, and wait for price to hit your order. Once it does you are in a conventional James16 trade, which you can then manage as per your personal trade management methods.

Abt the question regarding the time it should take to break...well honestly speaking the great setups will do what they are supposed to do in quick time mostly, I generally like to see this or else I'll just kill the trade for BE or small gain/loss (if at all my limit/stop order has been triggered). But again it's not a hard and fast rule, and an awful lot will depend on the location and the quality of setup.

The cherry shown below was right off 1.07 and at a price flip, it broke but didn't quite rocket on the very next bar. Question is would you hold the trade 4 hours after the pin bar formed seeing that it didn't have the momentum you would possibly have wanted? The answer has to be discretionary, and the correct one is often deciphered with a lot of trial and error.
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I believe . . .
  • #61,988
  • Apr 27, 2010 6:54am Apr 27, 2010 6:54am
Just an update of NZDUSD on my feed:

The H4 bar closed, but it failed to print a BuOB. Instead, it printed a kinda like IPBish bar.....(see arrow in chart).

I am not very familiar with IPB, but this bar is not at major swing low, and coming from a breakout+pullback setup like this, I am not very sure how we can play it.
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Dreams are hard to follow, but don't let anyone, tear them away...
  • #61,989
  • Apr 27, 2010 7:00am Apr 27, 2010 7:00am
Quoting s005606

I am not very familiar with IPB, but this bar is not at major swing low, and coming from a breakout+pullback setup like this, I am not very sure how we can play it.
In which case the ethos around here is sit on your hands?

I'm not a patient guy by nature but have been doing just that. The plan is to trade anything that looks bullet proof in my real account, and trade anything I'm less sure about on demo.
  • #61,990
  • Apr 27, 2010 7:12am Apr 27, 2010 7:12am
Quoting Daneel
In which case the ethos around here is sit on your hands?

I'm not a patient guy by nature but have been doing just that. The plan is to trade anything that looks bullet proof in my real account, and trade anything I'm less sure about on demo.
Yes, as many seniors said, when you're in doubt, stay out....

So I may just give it a try on demo, it's still interesting to see how it develops.
Dreams are hard to follow, but don't let anyone, tear them away...
  • #61,991
  • Apr 27, 2010 7:41am Apr 27, 2010 7:41am
Good morning everyone,

I am demo trading J16 style. I want to share this one I took last night.
E/U PB has been formed around 38.2% Fib retracement, and the price was rejected by BRN 1.3400. I entered at 1.3378. The target is around FTA 1.3300. The target has been reached this morning, +77 pips.

Thank you to James and all members who contribute to this thread.

Jason
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  • #61,992
  • Edited 11:40am Apr 27, 2010 7:45am | Edited 11:40am
Quoting Trndsurfer
lol yeah was just getting to the negatives, not at swing high and lot of traffic to the left. will chec out those post's thanks
Hi,

I'm still learning the finer points of PA, but what jumps out at me is that the last two daily bars from last week on your chart (the two big bars) are consecutive down and up bars, opening and closing in almost exactly the same place. I don't know if they would be lumped together on a two-day chart, but if they were put together they would make one heck of an impressive bullish PB. That and being essentially at the 2010 lows with a lessening of downward momentum (RSI divergence) would have given me pause about going short. But to go long, as you pointed out, is CT, and fundamentals - all the unease about the Greek situation - present a serious risk toward the downside and possibly lots of volitility. My preference is to stay out an EU trade right now and wait - looking to short a rebound - unless PA gives some bearish signs or someone convinces me otherwise.

Steve0001
  • #61,993
  • Apr 27, 2010 8:58am Apr 27, 2010 8:58am
Quoting s005606
Hi Bill,

I am not senior, but if I may try to share...

I think it depends on which timeframe you're looking at/basing your setup on, say if we spot this setup from 4H chart, we should wait for PA from the next 4H bar (ie, wait for the next 4 hrs) to be broken. If this setup is later also present in the D1 timeframe, then a break of PA from the next D1 bar will be even more powerful (higher probablity trade).

However, if the next bar (of whatever timeframe you're looking at) doesn't break, some people may cancel the order (I remember Mike...
Yes this is correct, thanks.

A bar setup is valid until it breaks, or invalidated when the other side breaks. How long you choose to leave your order, like most things is discretionary. I choose to measure momentum by pulling my order 95% of the time if the next bar does not break. This is just something I have grown to do, it is not a hard and fast rule and many people leave their order for much much longer.

Best
Mike
  • #61,994
  • Apr 27, 2010 10:04am Apr 27, 2010 10:04am
I think someone would like this chart, only reason is bc this is how he manage to do business here

Second chart we are back in ranging mode until she decided to break either direction you have to establish the upper and lower border and waith for the proper PA(only for confirmation if you are more conservative) and to enjoy your pips, there are plenty of good setups for a quick scalp if you like the intraday action.

all the best!!

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  • #61,995
  • Apr 27, 2010 10:27am Apr 27, 2010 10:27am
Quoting Dan Gilbert
As for going long, I have not pre-decided on those goals just yet (as I am not even sure if I want to take it counter trend).
USDCAD

took it counter trend for 1% risk (I had a sell stop order for a 2% risk), full profit take @ 1.0100 round number. lol, I just looked it's still going!

I4B's remain the most powerful form of PA in my honest opinion.
Many choose unhappiness over uncertainty.
  • #61,996
  • Apr 27, 2010 10:37am Apr 27, 2010 10:37am
Quoting Dan Gilbert
USDCAD

took it counter trend for 1% risk (I had a sell stop order for a 2% risk), full profit take @ 1.0100 round number. lol, I just looked it's still going!

I4B's remain the most powerful form of PA in my honest opinion.
Very good trade Dan.
Dreams are hard to follow, but don't let anyone, tear them away...
  • #61,997
  • Apr 27, 2010 10:41am Apr 27, 2010 10:41am
A massive drop in the commodity pairs....

I know J16 style doesn't care to know why price suddenly rises/drops, but.....
Dreams are hard to follow, but don't let anyone, tear them away...
  • #61,998
  • Apr 27, 2010 10:41am Apr 27, 2010 10:41am
Quoting ghous
Would appreciate a chart on this Dan.
It's the I4B straddling the 1.0000 we were discussing on USDCAD recently....

I was very hesitant on this one, BUT, I4B's that straddle very big round numbers fail very very very very rarely. Easily the best PA setup in J16.

counter trend risk 1%. And with just one trade, I almost have my weekly average goal of a 1% gain.


first target, move to B/E, second target T/P.
Attached Image
Many choose unhappiness over uncertainty.
  • #61,999
  • Apr 27, 2010 10:45am Apr 27, 2010 10:45am
Small pin...great gain!!
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Market is like a puzzle, YOU have to fit the pieces!!
  • #62,000
  • Apr 27, 2010 10:46am Apr 27, 2010 10:46am
Quoting Dan Gilbert
It's the I4B straddling the 1.0000 we were discussing on USDCAD recently....

I was very hesitant on this one, BUT, I4B's that straddle very big round numbers fail very very very very rarely. Easily the best PA setup in J16.

counter trend risk 1%. And with just one trade, I almost have my weekly average goal of a 1% gain.


first target, move to B/E, second target T/P.
Just for anyone who is skeptical on my recent run of trades.
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Many choose unhappiness over uncertainty.
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