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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

  • #63,901
  • Edited 9:50pm May 15, 2010 9:03pm | Edited 9:50pm
Quoting jedlanca
Thanks! Indeed, it answers my question, but I have a new one

Based on the fact that we all have different GMT times, I suppose that, in this thread, we might not be looking only for PinBars... but pairs of candlesticks that shows strong rejections, with momentum, from the key location requirements that are mentioned through all the posts. Thus, when some people might be looking at PinBars, one or two hours later (or before!) other people should be looking at engulfings, morning/evening stars at those same key locations.

If I what I said above...

That's fine. It happens all the time with different broker feeds. One will have a nice bearish PB while another will show at the same time a nice BEarish Outside Bar. Its all one of the same as long as the form or structure of the formations are correct.
Indicators show the past. Price Action "Indicates" the future.
  • #63,902
  • Edited May 16, 2010 5:15am May 15, 2010 9:10pm | Edited May 16, 2010 5:15am
Quoting Pinbar
Just getting my charts ready for next week and I came across this PB which was successful. I know it is easy to find them after the fact but, I am trying to fix in my mind the image of at least an "A" class setup.

Ignore the trend line, it is just there for next week.

We have been in a clear uptrend as we can see from the daily chart, although I am not so sure as to how we should be looking at the highs and lows on H4 or if indeed, when looking at such a PB on H4 if we should be looking at the peak and valleys of the D1 or strictly keeping...
The location looks good, but I would like the size to be bigger. Showing rejection off the 85.00. (Chart 1)

Because you know what will happen . . You'll have this not-so-great PB like we have here and then Price will make a tradable PB (Chart 2) and we will be like, "Man . . . I should have waited until the that bigger sucker presented itself instead of that little one."
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Indicators show the past. Price Action "Indicates" the future.
  • #63,903
  • May 15, 2010 9:21pm May 15, 2010 9:21pm
Thanks for the explanation Jarroo.

Yes, the PB you drew looks like a better PB. LoL

So, if I understand you correctly, you would have passed on that PB, or take it with tight SL?
  • #63,904
  • May 15, 2010 9:26pm May 15, 2010 9:26pm
Quoting Pinbar
Thanks for the explanation Jarroo.

Yes, the PB you drew looks like a better PB. LoL

So, if I understand you correctly, you would have passed on that PB, or take it with tight SL?
Yes, above the 84.00 or less, meaning if it didn't behave properly I may just cut it even quicker. But it did break hard and respected or retested the break nicely. Again if I would have decided to take it despite its size.
Indicators show the past. Price Action "Indicates" the future.
  • #63,905
  • May 16, 2010 2:06am May 16, 2010 2:06am
Quoting jarroo
Many brokers will have different closing time due to the GMT times they use. All this shows is Price being chopped up differently. What they do have in common is where Price act as Support and/or Resistance. A very important factor when trading the James16 methology.

Ghous was showing an approach he is working on utilising some of the PA formations with other key locational requirements.

Using a different broker will give signals where others will not and vise versa. They do tend to equal out in the long run.

I think I came close to answering...
Just to add to what the other guys have mentioned...

Gu presented a wonderful opportunity (in the light of the system) this Thursday,

Fxpro gave off an adorable BEOB off the 21 ema (or the middle line of the BB) with the trend while IBFX gave off a PIN BAR off the same location.

As jarroo mentioned different open/close times for bars among diff brokers only ends up chopping price a bit differently that's all. This means that at times you'll get situations like the one shown below in my charts (pa setups on both brokers) and at other times you'll get a price action trigger on one broker which isn't there on some other broker...point is this other broker will then later on give a PA setup which may not be present on the first broker....it all balances out in the end.

What no correct chopping of price can do is "efface the key locations and S/R levels"...for us J16ers location is always the real deal hence we care less what diff brokers are showing at any given time.

g.
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I believe . . .
  • #63,906
  • May 16, 2010 2:55am May 16, 2010 2:55am
Of all the IB I see on most of the pairs I think the AUDNZD looks best.

Maybe a run-up to test the trendline, coinciding with a PPZ getting ready for another leg down.

Of course, IB can run both ways, so going straight down is an option.
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  • #63,907
  • May 16, 2010 5:18am May 16, 2010 5:18am
Quoting ghous
Just to add to what the other guys have mentioned...

Gu presented a wonderful opportunity (in the light of the system) this Thursday,

Fxpro gave off an adorable BEOB off the 21 ema (or the middle line of the BB) with the trend while IBFX gave off a PIN BAR off the same location.

As jarroo mentioned different open/close times for bars among diff brokers only ends up chopping price a bit differently that's all. This means that at times you'll get situations like the one shown below in my charts (pa setups on both brokers) and at...

"in the light of the system" . . wow . . I'm going to have to take a closer look at this, g. Sounds like its becoming very spiritual. lol.


Just kidding, g. Great example.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #63,908
  • May 16, 2010 11:10am May 16, 2010 11:10am
Quoting neutro
Of all the IB I see on most of the pairs I think the AUDNZD looks best.

Maybe a run-up to test the trendline, coinciding with a PPZ getting ready for another leg down.

Of course, IB can run both ways, so going straight down is an option.
IB's dont seem to work as well on that pair.... if I were to take it (which I wouldnt), I would manage it so tight, and kill it very easily. But that's just me.
Many choose unhappiness over uncertainty.
  • #63,909
  • May 16, 2010 12:37pm May 16, 2010 12:37pm
this looks familiar. STRONG ppz at work on Corn futures.
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Many choose unhappiness over uncertainty.
  • #63,910
  • May 16, 2010 12:39pm May 16, 2010 12:39pm
GBPUSD Weekly: formed an inside bar in downward trend and in a very problematic area.
What do you think?
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  • #63,911
  • May 16, 2010 12:55pm May 16, 2010 12:55pm
Quoting extraneo
GBPUSD Weekly: formed an inside bar in downward trend and in a very problematic area.
What do you think?
I'm expecting further consolidation then a break out. It may break long, but the overall trend is very much down. I think short if it manages to get below 1.45.

(Don't listen to me, part of my development plan is to explicitly state what I think is going to happen then see how my prediction works out; then work out why I was wrong!)
  • #63,912
  • Edited 5:53pm May 16, 2010 5:05pm | Edited 5:53pm
Quoting mbqb11
As for position sizing, to me that is as simple as it gets. %R. Most effective way to take advantage of compounding and bet sizing when winning and losing.
I think this is a really important point that alot of people miss. By construction, a %R system automatically increases the position size of a winning trader and decreases the position size of a losing trader. And by choosing an appropriate R (ie, somewhere around 2%), you minimise the risk of going bankrupt due to variance* to practically zero.

Making this one change would probably save a hell of alot of people from themselves. They wont admit to it, but I bet there are a stack of people here who put an arbitary $100/30%/1 full lot/$x per pip/etc on every trade. Unless you have a good reason for doing that, you probably shouldnt be. And you probably dont have a good reason.

2%. Just do it.


*if you have a losing approach, the best MM in the world cant save you. you wont go bankrupt from variance, just from being bad.
When you have to shoot, shoot. Dont talk.
  • #63,913
  • May 16, 2010 6:06pm May 16, 2010 6:06pm
Wow. Eur-chf . ...Can anyone say brick wall? lol
Bundy's status today: "Waiting..."
  • #63,914
  • May 16, 2010 6:14pm May 16, 2010 6:14pm
Quoting bundyraider
Wow. Eur-chf . ...Can anyone say brick wall? lol
Yea it had that 'hovering' move before plunging the 1.46 and 1.43. Perhaps this time it will plunges at 1.40?
  • #63,915
  • May 16, 2010 6:26pm May 16, 2010 6:26pm
Quoting fxeturn
Yea it had that 'hovering' move before plunging the 1.46 and 1.43. Perhaps this time it will plunges at 1.40?
I get one fib expansion (161.8) at 1.3918. ...So maybe 1.3900-ish.

Another that seems to be pretty accurate that gives 1.3100-ish.

Always interesting to watch.
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Bundy's status today: "Waiting..."
  • #63,916
  • May 16, 2010 6:32pm May 16, 2010 6:32pm
Quoting bundyraider
I get one fib expansion (161.8) at 1.3918. ...So maybe 1.3900-ish.

Another that seems to be pretty accurate that gives 1.3100-ish.

Always interesting to watch.
You mean this? (Edit: Didn't see your chart just now Bundy, now I got it)
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By the way, there seems to be a lot of weekly IBs this week...any idea what the causes are?? Fundamentalists anyone??
  • #63,917
  • May 16, 2010 6:36pm May 16, 2010 6:36pm
Quoting fxeturn
By the way, there seems to be a lot of weekly IBs this week...any idea what the causes are??
Yep... ...Buyers are coming in not far from where sellers are.
Bundy's status today: "Waiting..."
  • #63,918
  • May 16, 2010 6:55pm May 16, 2010 6:55pm
Quoting bundyraider
Yep... ...Buyers are coming in not far from where sellers are.
Sounds great, and those officially in my watchlist this week are:
GBP/USD, EUR/CHF, AUD/CHF, EUR/AUD, GBP/CAD and some NZD pairs.

All of them are screaming "Hey, I'm hanging around at this BRN, watch me do something."
  • #63,919
  • May 16, 2010 7:40pm May 16, 2010 7:40pm
If tonight is any indication as to how the rest of this week is going to be
Many choose unhappiness over uncertainty.
  • #63,920
  • May 16, 2010 7:43pm May 16, 2010 7:43pm
Quoting Dan Gilbert
If tonight is any indication as to how the rest of this week is going to be

Not good your buyers. But for sellers . .
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Indicators show the past. Price Action "Indicates" the future.
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