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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

  • #66,841
  • Jun 21, 2010 8:19am Jun 21, 2010 8:19am
Quoting Shanetrader
Hi Guys,

Im new to this forum, really love it and learning all the time. Just wanted to bring some input to the table. Below is a trade im waiting to line up, i would be keen for others opinions. Just waiting for the price action to fall into place. Shanetrader.......

Im looking for a long trade on the USD/CHF,

Reasons,
1. Uptrend retracement approaching 61% fib level.
2. Retracement lining up with 365ema
3. Retracement also lining up with weekly trendline shown.
4. Strong Resistance at the 1.0900 region

Obviously wait for the correct...
Hey Shane

Welcome to the thread glad you are liking it.

I would agree into this region is a nice area to potentially watch for a trade. We have been falling pretty hard as of late so the PA has to be significant enough against this current move. But I think your zone to be watching is fine. I would be careful with already pre-determining what your reward is going to be. In my view we need to take into account the PA we execute off and what is possibly in the way after that happens(if we get any good PA).

Again welcome

Mike
  • #66,842
  • Jun 21, 2010 8:29am Jun 21, 2010 8:29am
Quoting ghous
Maybe not entirely.

The fact that it was right off 1.1 was a superb plus point to it...again it wasn't near the RN it was bang on top of it.

To me though it just looked like the market gapped down this morning and then looked to fill it up but lost momentum quickly and fell back to close near the open...bar wise yes that's a valid IPB but again in the "context" sure wasn't a real good bullish sign, if instead of the gap we had a bearish bar with a tail touching the 1.1 RN and then this IPb then it was sure would ave been a beautiful trade setup.

As...

thanks Ghous
  • #66,843
  • Jun 21, 2010 8:33am Jun 21, 2010 8:33am
is the chart attached now, sorry just learning how to post a chart...must be an easier way.. Shane
Attached Image (click to enlarge)
Click to Enlarge Name: USD_CHF Spot.png Size: 15 KB
  • #66,844
  • Jun 21, 2010 8:43am Jun 21, 2010 8:43am
Quoting mbqb11
Hey Shane

Welcome to the thread glad you are liking it.

I would agree into this region is a nice area to potentially watch for a trade. We have been falling pretty hard as of late so the PA has to be significant enough against this current move. But I think your zone to be watching is fine. I would be careful with already pre-determining what your reward is going to be. In my view we need to take into account the PA we execute off and what is possibly in the way after that happens(if we get any good PA).

Again welcome

Mike

Hi Mike,

Couldnt agree more, Lets just sit on our hands til we get some confirmation. Yes if we are fortunate enough to see a confirming price action entry(off the day chart ideally) then all systems go.

I agree re rew:risk let the PA tell us when the trade has run out of steam

looking forward to some further posts
Shane
  • #66,845
  • Jun 21, 2010 8:53am Jun 21, 2010 8:53am
Hello all -

I've been studying James 16 off and on for the past year. After lots of failed attempts at other methods for the past 2 years in forex, I'm coming back to what I believe now is the best way to eventually make it in this business.

With that in mind, I'm beginning the 3 month demo process. Here's a trade on the CADJPY daily I took last night for review/critique. Just because I'm in profit doesn't mean a hill of beans if the foundational criteria aren't sound.

Why I took this trade:

1) Ok-looking pinbar on the daily just formed.
2) Several prior rejections off of the 365 and 200 EMAs and 88.00 price level.
3) With the current trend.
4) I thought the price would logically be able to at least get to the 89.60 level where I could move my stop to break even.
5) Confluence with the 50% and 61.8% fib levels, although I added this after the taking the trade, so these don't count except for hindsight.

Since the 89.60 / 61.8% fib level has been broken, I moved my stop beneath some support I saw on the 4h/1h charts in anticipation of a move to the next resistance level of 91.00. Price got wound out in the channel, so I think there is a decent chance of a big move from this trade.

P.S. - What is the best way to post charts?
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy chart.jpg Size: 238 KB
  • #66,846
  • Jun 21, 2010 9:01am Jun 21, 2010 9:01am
Quoting Possmer
Hello all -

I've been studying James 16 off and on for the past year....
Hey Poss

I think your analysis is sound except be careful that is not a pinbar. Although the shape may look like one this is simply an Inside Bar. But it is an IB at a very nice location and your analysis is sound about where price is likely to go (which is if anything the more important part). I think we could see a bounce around 90 before a move higher but that is all up to you as a trader and you have yourself protected now.

As for posting charts mt4 makes it easier if you right click and do save picture as. Then check the box that says as is. And then just upload that saved file

Best
Mike
  • #66,847
  • Jun 21, 2010 9:03am Jun 21, 2010 9:03am
Quoting ghous
I am honestly trying my best to get this concept straight and that too to only ppl who have been doing this for a while, it worries me to see a newbie who in one post asks a beginner question and in the next post posts an IPB setup, honestly I get spooked out at this, feel like throwing up
Hopefully it doesnt stop you posting, really like reading your analysis on them. The way you approach them has definitely made me rethink not only these, but some other setups too (like 'traditional' pin bars) and how/why/if they work. Maybe you just need a big disclaimer in your sig

Also, I propose naming these back to 'Ghous bars'. If Keltner, Bollinger, Donchian, Chaikin, Williams and Fibbonacci can do it...
When you have to shoot, shoot. Dont talk.
  • #66,848
  • Jun 21, 2010 9:14am Jun 21, 2010 9:14am
Quoting joelcf
Also, I propose naming these back to 'Ghous bars'. If Keltner, Bollinger, Donchian, Chaikin, Williams and Fibbonacci can do it...
I like this proposal - "Ghous bars" .
  • #66,849
  • Jun 21, 2010 9:15am Jun 21, 2010 9:15am
Quoting Possmer
Hello all -
Here's a trade on the CADJPY daily I took last night for review/critique.

How did you manage to take that trade Last night?

Isn't the market closed on Sunday evening?
  • #66,850
  • Jun 21, 2010 9:17am Jun 21, 2010 9:17am
Quoting joelcf
Hopefully it doesnt stop you posting, really like reading your analysis on them. The way you approach them has definitely made me rethink not only these, but some other setups too (like 'traditional' pin bars) and how/why/if they work. Maybe you just need a big disclaimer in your sig

Also, I propose naming these back to 'Ghous bars'. If Keltner, Bollinger, Donchian, Chaikin, Williams and Fibbonacci can do it...

yes, I like the Ghous bar better, when I first read Inverted pin Bar, I was like, Huuuu. I mean, a PB can be either up or down so I could not work out how they can possibly be inverted.
  • #66,851
  • Jun 21, 2010 9:20am Jun 21, 2010 9:20am
Quoting Possmer
P.S. - What is the best way to post charts?
Right click on the chart, select 'save picture as':
1) active workspace - saves the full chart along with the borders
2) active chart (as is) - saves the full chart
3) active chart - you can choose the size in pixels

I suggest you test all three options so you know which one you like best.
If you don't risk, you don't ever have to lose.
  • #66,852
  • Jun 21, 2010 9:20am Jun 21, 2010 9:20am
Quoting joelcf
Hopefully it doesnt stop you posting, really like reading your analysis on them. The way you approach them has definitely made me rethink not only these, but some other setups too (like 'traditional' pin bars) and how/why/if they work. Maybe you just need a big disclaimer in your sig

Also, I propose naming these back to 'Ghous bars'. If Keltner, Bollinger, Donchian, Chaikin, Williams and Fibbonacci can do it...
yeah I agree but with that we need atach that mp3 to how pronounce "Ghous".

Hey Joel I was going have a go at this book by Ashraf Laidi "Currency Trading and Intermarket Analysis." Have you read it,..... any thoughts?
Thanks
  • #66,853
  • Jun 21, 2010 9:23am Jun 21, 2010 9:23am
Quoting mbqb11
Hey Poss

I think your analysis is sound except be careful that is not a pinbar...
Best
Mike
Thanks for the feedback, Mike.

1) 90.00 is definitely a big round number that should be respected.
2) Is that bar an IB because the body is inside the prior body, or because the high/low is inside the prior high/low? I've heard it analyzed both ways.
  • #66,854
  • Jun 21, 2010 9:24am Jun 21, 2010 9:24am
Quoting Possmer
Thanks for the feedback, Mike.

1) 90.00 is definitely a big round number that should be respected.
2) Is that bar an IB because the body is inside the prior body, or because the high/low is inside the prior high/low? I've heard it analyzed both ways.
Hey P

We treat inside bars if the entire range High-Low is within the previous bars range(high to low)

Mike
  • #66,855
  • Jun 21, 2010 9:26am Jun 21, 2010 9:26am
Quoting Pinbar
How did you manage to take that trade Last night?

Isn't the market closed on Sunday evening?
Sorry for the confusion - I live in MST time - market opens on Sunday at 3 PM for me. Is it best to reference GMT time when posting?
  • #66,856
  • Jun 21, 2010 9:29am Jun 21, 2010 9:29am
Quoting Pinbar
GBP/USD looks like we may have a possibly setup forming...
I would like to see this PB close below the BRN of 1.4900.
Hi PB, thanks for pointing that out. I think you mean "...would like to see this PB close below the BRN of 1.4800", don't you? A close just below 1.49 would be above the previous bar high.
Thanks J16, Sam Seiden, Udine and Jacko
  • #66,857
  • Jun 21, 2010 9:58am Jun 21, 2010 9:58am
Quoting HanSolo
Hi PB, thanks for pointing that out. I think you mean "...would like to see this PB close below the BRN of 1.4800", don't you? A close just below 1.49 woud be above the previous bar high.

Yes, it was a typo...I would like to see it close below 1.4800 possibly around 1.4765.
  • #66,858
  • Edited 10:43am Jun 21, 2010 10:33am | Edited 10:43am
Quoting joelcf
Hopefully it doesnt stop you posting, really like reading your analysis on them. The way you approach them has definitely made me rethink not only these, but some other setups too (like 'traditional' pin bars) and how/why/if they work. Maybe you just need a big disclaimer in your sig

Also, I propose naming these back to 'Ghous bars'. If Keltner, Bollinger, Donchian, Chaikin, Williams and Fibbonacci can do it...
Like the disclaimer in sig idea.

About changing the name, I would have excepted the offer if I really was the founder of this PA setup, but it turns out it's always been there in the art of bar analysis since the beginning.

The reason I used IPB for the bar was because an IPB is basically e.g when instead of a regular bearish pin bar at a swing high you get a bullish pin bar which has bearish impacts on price then it really is an inverted regular pin bar...isn't it?



g.
I believe . . .
  • #66,859
  • Jun 21, 2010 11:18am Jun 21, 2010 11:18am
Hello!

James donīt like to think why price is moving where itīs moving, am i right? I remember he has said that "it just works". Hope iīm not totally wrong with this

I was inspired by ghousīpost, but iīm having a headache thinking why the price sometimes breaks PPZs and sometimes not. Why even some relatively tiny FTA PPZ can turn price against PAsetups on great locations. And why price sometimes only very little respects relatively strong PPZs.
  • #66,860
  • Jun 21, 2010 11:28am Jun 21, 2010 11:28am
Quoting ghous
Like the disclaimer in sig idea.

About changing the name, I would have excepted the offer if I really was the founder of this PA setup, but it turns out it's always been there in the art of bar analysis since the beginning.

The reason I used IPB for the bar was because an IPB is basically e.g when instead of a regular bearish pin bar at a swing high you get a bullish pin bar which has bearish impacts on price then it really is an inverted regular pin bar...isn't it?



g.
good disclaimer
thanks ghous
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