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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

  • #67,561
  • Jun 28, 2010 8:04am Jun 28, 2010 8:04am
Quoting antgal23
Hi everyone

firstly, thanks to Jim and all the seniors for the PA thread , i am learning loads, not with much success but im still here


ok, been looking at this for a while, praying for PA to give me an entry,

given the pbs close is equal to or higher than the open i have the following reasons to take it

1. Long nose
2. Off a 4.5 year low
3. Off a PPZ
4. Close to 365 MA
5. Off a SW low
6. In space

Trouble Areas

1. 1.25000
2. 1.28065


Whats your thoughts?
Looks good to me although still a few days. The overall pin vs the large bearish bars are very small so one HAS to be aware of the first trouble areas. IMO if it can't close above 1.25 that would be another sign of not as much strength. But if ones say buy order went above 1.25 and then look towards 1.28 that seems more then logical to me.

Best
Mike
  • #67,562
  • Jun 28, 2010 8:05am Jun 28, 2010 8:05am
@SupremeChaos

I use IBFX. To deal with the issues raised I've setup a partial profit taking as so: 2 out of 5 lots at 15 pips (first resistance) another 2 lots at 40 pips ( near 0.9195 ) and BE at the same time, and the last lot free to move.
  • #67,563
  • Jun 28, 2010 8:11am Jun 28, 2010 8:11am
mordre,
i see.. interesting.
so, buy stop at 0.9050?
will u be monitoring this trade once it gets activated?
Let's see how it goes...
Good luck!
  • #67,564
  • Jun 28, 2010 8:18am Jun 28, 2010 8:18am
Quoting supremeChaos
mordre,
i see.. interesting.
so, buy stop at 0.9050?
will u be monitoring this trade once it gets activated?
Let's see how it goes...
Good luck!
Buy stop at 0.9053 (spread included +3 pips from pin high)
I'll post updates as targets get hit.
  • #67,565
  • Jun 28, 2010 9:07am Jun 28, 2010 9:07am
cheers Mike

im still looking for those cherries you keep talking about
  • #67,566
  • Jun 28, 2010 9:09am Jun 28, 2010 9:09am
Quoting antgal23
cheers Mike

im still looking for those cherries you keep talking about
Don't pull your hair out

There are different degrees of cherries which in my book get different degrees of trade mgmt and how we want to see them play out. The one thing I see that most people make the mistake off is try to expect too much out of a trade, or even when a trade does more then what it is supposed to do they continue to hold and hope instead of cutting out and waiting for that next trade

Keep at it!
Mike
  • #67,567
  • Jun 28, 2010 9:29am Jun 28, 2010 9:29am
Quoting mbqb11
Don't pull your hair out

There are different degrees of cherries which in my book get different degrees of trade mgmt and how we want to see them play out. The one thing I see that most people make the mistake off is try to expect too much out of a trade, or even when a trade does more then what it is supposed to do they continue to hold and hope instead of cutting out and waiting for that next trade

Keep at it!
Mike
My man Mike is right. Just keep your head on, wait for solid setups, and then trade it as if there were no money involved. Trade the setups as if you were just trying to trade in the most consistent gaining manner possible. Believe me when I say there are more than enough.

What's happenin big Mike?!
I dream, therefore I become.
  • #67,568
  • Jun 28, 2010 9:32am Jun 28, 2010 9:32am
Quoting mike w
My man Mike is right. Just keep your head on, wait for solid setups, and then trade it as if there were no money involved. Trade the setups as if you were just trying to trade in the most consistent gaining manner possible. Believe me when I say there are more than enough.

What's happenin big Mike?!
what's up my man!
  • #67,569
  • Jun 28, 2010 9:36am Jun 28, 2010 9:36am
Quoting mbqb11
what's up my man!
Not a thing brother, just watching the price action before I hit the beach for the day. Two things I really love in this world, the beach and good PA lol
I dream, therefore I become.
  • #67,570
  • Jun 28, 2010 10:16am Jun 28, 2010 10:16am
Quoting mike w
Not a thing brother, just watching the price action before I hit the beach for the day. Two things I really love in this world, the beach and good PA lol
LOL! My list is slightly longer and includes consumables, the opposite sex and compounding.

K.I.S.S.
  • #67,571
  • Jun 28, 2010 11:20am Jun 28, 2010 11:20am
I thought it would be best if I removed the waiting order on AUDCAD. Just to let you guys know...
Also spotted a 4h pin on USDCHF but in a downtrend like that, I don't want to buy ( even thought the major trend is up and the pin is o a 50% ret) ...Waiting for another retest maybe ?
  • #67,572
  • Jun 28, 2010 12:18pm Jun 28, 2010 12:18pm
Quoting mordre
Hey all, I have a new trade setup on AUDCAD 4h, a pinbar on 50% ret (to the pip) from previous downtrend in the current uptrend. Waiting for feedback Just to mention that 9 out of 10 trades so far have been winning trades using james16 method. So a big thank you is in order.
Hi, pls why do you put your sl where it is? I expect the sl to be @ the low of the bar which to me will be a no trade because of traffic jam. Any comment about this small sl and why will be appreciated.
  • #67,573
  • Jun 28, 2010 12:40pm Jun 28, 2010 12:40pm
Quoting ghous
Oh well Gold just made me stop,

Don't watch gold, and just pulled it up after I saw your chart.

It's definitely a lot lot better in terms of the general flow of price (the way I see it) compared to the Nu, could have been longer still as you mentioned but I like the way how the low goes almost down to the previous bar's low.

Got to saw a nice one after quite some time.

Going to throw in a small position to see what selling gold feels like.

g.
Stop at BE.

g.
Attached Image (click to enlarge)
Click to Enlarge Name: gold IPB.png Size: 25 KB
I believe . . .
  • #67,574
  • Jun 28, 2010 12:59pm Jun 28, 2010 12:59pm
Quoting KissFan
LOL! My list is slightly longer and includes consumables, the opposite sex and compounding.

K.I.S.S.
hahah
  • #67,575
  • Jun 28, 2010 1:57pm Jun 28, 2010 1:57pm
Quoting KissFan
LOL! My list is slightly longer and includes consumables, the opposite sex and compounding.

K.I.S.S.
haha Roger, you're a man after my own heart!!
I dream, therefore I become.
  • #67,576
  • Jun 28, 2010 2:46pm Jun 28, 2010 2:46pm
How about this for a Pinbar ? The picture speaks for itself
Attached Image (click to enlarge)
Click to Enlarge Name: 280gbpchf.gif Size: 39 KB
  • #67,577
  • Jun 28, 2010 2:54pm Jun 28, 2010 2:54pm
GBPCHF Daily Pin:

I am still a noob to all this stuff. But it seems that there is a lot of congestion immediately nearby and also the 1.65 BRN stands as a possible resistance point.

Just my take on it.
-John
To see what is in front of one's nose needs a constant struggle.
  • #67,578
  • Jun 28, 2010 2:58pm Jun 28, 2010 2:58pm
Quoting kdee1
Hi, pls why do you put your sl where it is? I expect the sl to be @ the low of the bar which to me will be a no trade because of traffic jam. Any comment about this small sl and why will be appreciated.
Hi, well my SL was placed below the left eye and below the 61% ret of the pinbar. It's a bit more agressive, but when dealing with a long nose (100pips+) I prefer to use this method.

From my narrow experience with pin bars, I observed that if the next bar retraces to 50%-61% of the pin, and the fib holds as support, you have 3 things to back up that tight SL (left eye, 61% and the fact that it bounced once)

Hope I make sense... If any of the older guys has smth to comment, feel free to do so :d Were all here to learn.
  • #67,579
  • Jun 28, 2010 3:17pm Jun 28, 2010 3:17pm
Quoting Noses&Sight
GBPCHF Daily Pin:

I am still a noob to all this stuff. But it seems that there is a lot of congestion immediately nearby and also the 1.65 BRN stands as a possible resistance point.

Just my take on it.
-John
Bingo John
  • #67,580
  • Jun 28, 2010 3:20pm Jun 28, 2010 3:20pm
I just wanted an oppinion without adding my subjective view So pass ?
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