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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

  • #67,441
  • Jun 25, 2010 10:57am Jun 25, 2010 10:57am
Quoting forexben
You really have gotta love this thread. Having posted on the 2+2 poker forums for years, I think it's really refreshing how the J16 forum is so constructive for all posters, no matter whether you've been trading for 5 years or 5 weeks. Unlike on 2+2 when a newbie posts something incorrect or asks a simple question, the next five posts in the thread are like 'lolz you fuc*ing retard!' I guess we haven't got a bunch of 19 year old wanna-be ballers here

I've only been seriously been reading this thread for a few weeks now. If I had some...
Nice i'll add that to my reading list

Currently looking at DIBS, Jacko, J16 and BillyRayValentine. I have a constant headache trying to get this stuff sunk in
  • #67,442
  • Jun 25, 2010 11:13am Jun 25, 2010 11:13am
Quoting mbqb11
Enjoy dude!

cheers mate
  • #67,443
  • Jun 25, 2010 11:44am Jun 25, 2010 11:44am
GPB just hit 1.50. Looking for PA here.....
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  • #67,444
  • Jun 25, 2010 1:04pm Jun 25, 2010 1:04pm
Quoting jarroo
I wouldn't even look at those in that way Pb, it can be very misleading. We always wait for the Close . . . always wait for the Close.
Yeah, wait for the close.... the close.

We will get some very nice gaps on multiple currency crosses when the market opens on Sunday.... very nice....
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  • #67,445
  • Jun 25, 2010 2:27pm Jun 25, 2010 2:27pm
Quoting six gun
Looks like GBP/USD is having another run at 1.5.

Just can't see Britannia breaking this barrier.

There is the
1) BRN
2) 61.8% retracement from last swing high
3) Bearish Trendline touching all three previous significant swing highs since November 2009 - it coincides with this point.

I bet the boys have run the price up to this point just to do it - just to make it coincide with all of them and then it will get smashed down mercilessly.
Over the 1.5 hurdle but she, Britannia, has got her skirts caught in the 61.8%
  • #67,446
  • Jun 25, 2010 3:24pm Jun 25, 2010 3:24pm
I am taking a fondness to this weekly IPB chf/jpy

short off RN
off 61.8
off PPZ

cons--bub (but look at those monster down bars several weeks ago, gap over the wknd...can i get in where it closed or is it to doji like for you taste?
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  • #67,447
  • Jun 25, 2010 3:27pm Jun 25, 2010 3:27pm
Quoting six gun
Over the 1.5 hurdle but she, Britannia, has got her skirts caught in the 61.8%
So you expect a gap down over the weekend? I think its only a matter of time before GBPUSD break's upwards, holding longs since last week.
The greatest force on earth is compound interest.
  • #67,448
  • Jun 25, 2010 3:28pm Jun 25, 2010 3:28pm
Quoting Atc
I am taking a fondness to this weekly IPB chf/jpy

short off RN
off 61.8
off PPZ

cons--bub (but look at those monster down bars several weeks ago, gap over the wknd...can i get in where it closed or is it to doji like for you taste?
I am not a IPB guy, but to me that would just be a neutral bar, you want more of a tail and the open and close near the top hanging up there as opposed to into the middle with such a higher wick to the upside. If that makes sense

Have a nice weekend all, I know Jim is with the Texas Rangers kicking tail. And of course go USA, lots of beer for that one!

Mike
  • #67,449
  • Jun 25, 2010 3:29pm Jun 25, 2010 3:29pm
What a finish on the eur/usd ! that set up worked out nicely ! unfortunatly i cut out of half my stake at 12300 and the rest at 12346. even though i stumbled upon it by accident... will now add pinbar IB to my amoury. Roll on next week... have a great weekend all.
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  • #67,450
  • Jun 25, 2010 4:09pm Jun 25, 2010 4:09pm
Quoting sebastionay
So you expect a gap down over the weekend? I think its only a matter of time before GBPUSD break's upwards, holding longs since last week.
I discussed GBP/USD with a couple of traders who concentrate on the pair.
Their view was that Sterling was relatively strong especially against the dollar.

This week's budget which was the harshest on public spending in the UK since WWII gained some applause from the markets.

So although the chart says down the fundamentals say something opposite.

Cable has got over 1.5 and 61.8% - so you may be right.
My guts say actually say Sterling will go up - but that isn't on the charts.
  • #67,451
  • Edited 4:43pm Jun 25, 2010 4:40pm | Edited 4:43pm
Quoting Jigsaw
Attachment

Bar is too small.

Location is a bit iffy, I personally have no PPZ drawn at that location either....
This one also worked out very nicely. Hit my target too, overnight.

So all in all I'm happy with the result while acknowledging that I lucked out with the execution. Lessons learned hey, it's a good thing.

Thanks Jigsaw for the input...

Both the trades I posted worked out by the way - something got lost in translation, first time I've quoted another post. So yep they both hit the limit while I slept. So I am stoked beyond belief. I shouldn't have entered the AUDUSD trade so early and was lucky to get away with the trade... hindsight's a wonderful thing.
  • #67,452
  • Jun 25, 2010 5:34pm Jun 25, 2010 5:34pm
Quoting mbqb11
I am not a IPB guy, but to me that would just be a neutral bar, you want more of a tail and the open and close near the top hanging up there as opposed to into the middle with such a higher wick to the upside. If that makes sense

Have a nice weekend all, I know Jim is with the Texas Rangers kicking tail. And of course go USA, lots of beer for that one!

Mike
Sorry Mike,

I agree with about almost everything you post trading wise, but its all about the Black Stars tomorrow, hahaha. Should be a good game.

Cheers
  • #67,453
  • Jun 25, 2010 5:37pm Jun 25, 2010 5:37pm
Quoting ghous
That's exactly what I was talking about related to the Gu setup. It has that "Raccy" look to it which gives the experienced eye a heads up on sound locations.

A "jarroo" can look cool taking and managing these but we know what taking these can do to a newbie right?

Reminds me of the time when I was trying to copy jarroo about a year and a half ago...eeeehhh! Scary dreadful times for sure

g.

Hey ghous . . . I should have just reposted this post from you.


Situation #3 . . Rules.

Quoting ghous
When little Pbs reverse trends they I bet are always located at a brilliant location.

Let me go over this a bit.

A j16 setup for us constitutes 2 elements.

1) PA Bar (shape etc)

2) Location (space, confluence etc)

Can a PA bar with full marks to it still create a move if the location department is inadequate? yes it can.

Can a good location with full marks to it still make a move if the bar department is inadequate? yes it can. hell that's what jarroo does day in and day out. Rac-man trades only off a good location...take that....
Indicators show the past. Price Action "Indicates" the future.
  • #67,454
  • Jun 25, 2010 5:40pm Jun 25, 2010 5:40pm
I know we still have 3 days for the close and things can change, just wanted some thoughts on the hypothetical...

Pros:
Off the 365 EMA
Off the 50% fub
Off a 1000#

Cons:
Short nose compared to prior bars
Playing into 1.25 & 125 EMA

Would play on the break after the FTA of 1.25
Initial target would be around 1.2775
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  • #67,455
  • Edited 7:34pm Jun 25, 2010 6:46pm | Edited 7:34pm
I got some PMs (many in fact) so I thought I would post my reply or comments here. Important note: These are just my views on how I see things. I welcome any comments.

I would like to expand on ghous post in review of the small Gbp/Usd PB that broke today and the Gbp/Usd BEOB on Monday .

Quoting ghous
When little Pbs reverse trends they I bet are always located at a brilliant location.

g.
"Great bars at great Locations".

Great Bars: Big in size; as they relate to previous bars or just damn Big ones. Structure; Open and Close within the previous bar (PBs), the Low is below the previous bar and/or the bars it engulfs (BEOB), the High is above the preivous bar and/or the bars it engulfs (BUOB), etc.

Great Locations: PPZ levels, BRNs and RNs, Swing High/Low, Space to limit traffic, Confluenced levels like retracement levels (Fibs, 50% ret.), Trendlines, MAs and PPZ levels. (yes, I know I said PPZ levels twice).


Great location is the most important part of this equation.
It is where Price seems to run from and where Price seems to run to. Just ask Mike about BRNs. That's what we talk about all the time, find the great location and wait for a great bar . . . why? because it works.


Next charts . . .
Indicators show the past. Price Action "Indicates" the future.
  • #67,456
  • Jun 25, 2010 7:05pm Jun 25, 2010 7:05pm
Well, after waiting for the last couple of days for the close of the GBP/USD Weekly bar, which looked like it was going to end up as a reasonable bullish PB. I get up today to see how it closed and find that it became even more bullish and broke the 1.5 area and is hovering around the 1.5059 area.

This is great but at the same time it robbed me of the weekly PB while showing us an even more bullish BUOB on the daily.
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  • #67,457
  • Jun 25, 2010 7:29pm Jun 25, 2010 7:29pm
Quoting jarroo

Next charts . . .
The Gbp/Usd small PB.

What a great location . . . BRN, 1.5000, PPZ level, 61.8 fib level, . . its what we look for when searching for great locations. Now all we need is a great bar. We don't get a great bar, we get a small PB instead. Half of the equation is incomplete. Bad bar at a great location, (not the situation #3 ghous talked about) . . .pass on this one.

If you decide to take this one, the A+ management stlye goes out the window. Manage it tightly, move to break even quickly and/or take full or partial profit at the 1st target or FTA. More likely take full profit at the 1st target.

Good break of the setup. Price tends to retrace back to the break to retest it. The Hourly shows that the Price retraced not back to the break of the setup but to the 1.4900. A good sign that the setup has momentum and that the 2nd target will get hit.

2nd target Hit. Take full or partial profits, lower stops, etc. Tight management is required because this not an A+ setup. (not situatuion #3)
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Indicators show the past. Price Action "Indicates" the future.
  • #67,458
  • Jun 25, 2010 7:30pm Jun 25, 2010 7:30pm
Quoting six gun
I discussed GBP/USD with a couple of traders who concentrate on the pair.
Their view was that Sterling was relatively strong especially against the dollar.

This week's budget which was the harshest on public spending in the UK since WWII gained some applause from the markets.

So although the chart says down the fundamentals say something opposite.

Cable has got over 1.5 and 61.8% - so you may be right.
My guts say actually say Sterling will go up - but that isn't on the charts.
Why do you charts not say it's gong up...it's been going up since middle of May on my charts??
  • #67,459
  • Edited 8:02pm Jun 25, 2010 7:44pm | Edited 8:02pm
Quoting jarroo
The Gbp/Usd small PB.

BEOB Gbp/Usd.

Not a bad bar in size and the location isn't bad, its at a swing High but no Space, alot of traffic. Pretty much in consolidation. Problems with both sides of the equation, mainly its location in terms of Space and traffic the bar size iiself not that bad although its not Great, an easy pass.

If you decide to take it, tight management required, Price come anywhere near the 1st target, take it.


Just thought I would share some thoughts on these setups.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #67,460
  • Jun 25, 2010 7:53pm Jun 25, 2010 7:53pm
Quoting raczekfx
Yeah, wait for the close.... the close.

We will get some very nice gaps on multiple currency crosses when the market opens on Sunday.... very nice....

The plane . . .the plane. lol I'll be watching.


The break . . . . the break . .always wait for the break.

Touch trades can be a bit dodgy. . .any comments on this one Rac-man?
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Indicators show the past. Price Action "Indicates" the future.
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