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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

  • #68,041
  • Jul 6, 2010 1:33pm Jul 6, 2010 1:33pm
Quoting Jonnyislost
FTA hit, Stop to breakeven

Nicely done Jonnyisfound.
Indicators show the past. Price Action "Indicates" the future.
  • #68,042
  • Jul 6, 2010 1:59pm Jul 6, 2010 1:59pm
Quoting mrhb30jr
Hi jaroo,...

would you please advise of euro on the monthly TF is that the monthly PB
on the weekly chart i see reversal bar lower open higher close, is possible the reversal Price to 150 ema and 360 ema on the weekly tf price has been break 1.25.. is that the valid reversal of the long term trend ...????

cheers

The Monthly PB is pretty small compared to the previous bars and the strong move down.

The 1.25 is a great location. You can't have a clearer or stronger PPZ level at a BRN. If this goes north it will be mainly because of the 1.25 PPZ.

I would just like to see stronger PA to fit this strong level.

The Weekly BUOB may be it. The retrace to the 1.25, from the Weekly BUOB is a strong entry. Price may still test this 1.25 level so waiting for PA at this level on the Weekly and Daily is what I would be doing. Even strong bearish PA, like a BEOB, is not out of the question at this level. .
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Indicators show the past. Price Action "Indicates" the future.
  • #68,043
  • Jul 6, 2010 2:20pm Jul 6, 2010 2:20pm
Quoting bug
Jarroo,
what do you think about the Dow this time?
If the day were to close at the current level or somewhat higher, I mean. I know there is an HRN (huge round number, a Dow special variation of the BRN) at 10k and we would have to blast through that, but that's about all I can see there.

A retrace to the 10k would not surprise me or anyone. But Price did fly through it without flinching. This is a strong level and Price cuts through like butter with out a retrace . . look out below.

Closing below the 9500 could be a sign.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,044
  • Jul 6, 2010 2:49pm Jul 6, 2010 2:49pm
I went short on the low of the pin bar (still on demo though!!). Was this a proper place? I saw the pin bar being formed on a resistance above.

Any reply would be highly appreciated
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  • #68,045
  • Jul 6, 2010 2:56pm Jul 6, 2010 2:56pm
Quoting knn9413
I went short on the low of the pin bar (still on demo though!!). Was this a proper place? I saw the pin bar being formed on a resistance above.

Any reply would be highly appreciated
Hey K

The biggest issue is that the bar is rather small and it is not able to close under the 8500 round number mark. Thus you are essentially trading into the round number, and into this PPZ. And it makes trade mgmt much more difficult. You can of course see if it can push through this area and if not cut out. But I always prefer to see a close below a round number in a case like this

Best
mike
  • #68,046
  • Jul 6, 2010 3:00pm Jul 6, 2010 3:00pm
Quoting mbqb11
Hey K

The biggest issue is that the bar is rather small and it is not able to close under the 8500 round number mark. Thus you are essentially trading into the round number, and into this PPZ. And it makes trade mgmt much more difficult. You can of course see if it can push through this area and if not cut out. But I always prefer to see a close below a round number in a case like this

Best
mike
So, if I really had to go short, should I always look for pinbar closes below the round numbers that you suggest? I mean like a .0000 or .0050?
  • #68,047
  • Jul 6, 2010 3:19pm Jul 6, 2010 3:19pm
Quoting knn9413
So, if I really had to go short, should I always look for pinbar closes below the round numbers that you suggest? I mean like a .0000 or .0050?
For me it is a big thing, others do not mind if they believe in their setup. In this case though overall pretty small bar with a junk load of recent support(consolidation box -see chart). My thought process would be "is it really worth trading into this PPZ with that size bar?" That is how I go about processing things


Mike
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  • #68,048
  • Jul 6, 2010 3:24pm Jul 6, 2010 3:24pm
Quoting mbqb11
For me it is a big thing, others do not mind if they believe in their setup. In this case though overall pretty small bar with a junk load of recent support(consolidation box -see chart). My thought process would be "is it really worth trading into this PPZ with that size bar?" That is how I go about processing things


Mike
Wow !! Didn't look at it from that perspective... Thanks for pointing that out Mike.. That picture and the way you put it across made it pretty clear. Another thing that I learnt today. It never ends..
  • #68,049
  • Jul 6, 2010 4:07pm Jul 6, 2010 4:07pm
Quoting rooktrader
i am new to this thread and read the first post. going to go over some of the posts jim put on there just wondering if anyone has any other suggestions on where to start and what posts give a good insight on the method.


I missed this one rt, Welcome. The 1st post is the best place to start. The links there are great to give better insight and overview of the J16 method.

Also the guest section has some great videos from James16, Mike (mbqb11) and other info.

http://www.james16group.us/Guests/guestmaterial.html
Indicators show the past. Price Action "Indicates" the future.
  • #68,050
  • Jul 6, 2010 4:36pm Jul 6, 2010 4:36pm
Quoting Atc
This is what I get for sleeping!!! Please somebody hit me

4hr BEOB swing high off BRN 1.5

8 H PB off swing high BRN 1.5

Daily off 150 ema at 1.5

Nice one Atc. I saw that one too.

The Daily BEOB doesn't look too bad. A bit of traffic.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,051
  • Jul 6, 2010 4:56pm Jul 6, 2010 4:56pm
Watching the Aud/Usd BUOB, nice size, at the .8500 and at a retracement level.

You can see why we like these at swing lows. The June 8th BUOB was a nice one especially at a retracement level entry.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,052
  • Jul 6, 2010 5:01pm Jul 6, 2010 5:01pm
Quoting jarroo
Nicely done Jonnyisfound.
Thx Jim,

Price had problems passing that area so I closed out for 0.35R
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  • #68,053
  • Jul 6, 2010 5:15pm Jul 6, 2010 5:15pm
hi, benji533, as always, your posts attract people's attention, me too, wish catch up as much insight out of them. just a bit of difficult to understand well with precision for me, so, please help with further if you don't mind and your pardon to my jump into your conversation.

my questions are quoted in the color below. thank you


jeurre

Quoting benji533
Hey Jonny,

Here are my thoughts if it's ok..

First of all when trading Mike's breakouts, you would like to take them during strong trends, and with the trend. Doing that would greatly higher the odds of a runner IMO. In addition, I personally like to see a real good squeeze of price [what is a squeeze of price? are you describing situations like wedge and triangle where price actions are converging into a point? ] before taking any trade. BO trades for me simple are a sing of a pause [color=magenta][what is a sing of...
  • #68,054
  • Jul 6, 2010 5:18pm Jul 6, 2010 5:18pm
Quoting jeurre
hi, benji533, as always, your posts attract people's attention, me too, wish catch up as much insight out of them. just a bit of difficult to understand well with precision for me, so, please help with further if you don't mind and your pardon to my jump into your conversation.

my questions are quoted in the color below. thank you


jeurre
Yep this is correct Jeurre, squeeze of price is just when it consolidates down in some strong manner

Best
Mike
  • #68,055
  • Jul 6, 2010 5:20pm Jul 6, 2010 5:20pm
Quoting Jonnyislost
Thx Jim,

Price had problems passing that area so I closed out for 0.35R
You got to like that size of that bar. The 1.7800 was a good target Jon. Nice trade.

Looks like the Daily closed below the 1.7800, could now act as Resistance.

You might of gotten out a bit early, nothing wrong with a profitable trade.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,056
  • Jul 6, 2010 5:27pm Jul 6, 2010 5:27pm
thanks, mike. I think the quote missed majority of my questions. I re-put them as below. I am very grateful, if you can also help understand.

Quote+++
Quoting benji533
Hey Jonny,

Here are my thoughts if it's ok..

First of all when trading Mike's breakouts, you would like to take them during strong trends, and with the trend. Doing that would greatly higher the odds of a runner IMO. In addition, I personally like to see a real good squeeze of price [what is a squeeze of price? are you describing situations like wedge and triangle where price actions are converging into a point? ] before taking any trade. BO trades for me simple are a sing of a pause [color=magenta][ what is sing of pause?...
++++++++++++++++++++++++++++++++++++
Quoting mbqb11
Yep this is correct Jeurre, squeeze of price is just when it consolidates down in some strong manner

Best
Mike
  • #68,057
  • Jul 6, 2010 5:28pm Jul 6, 2010 5:28pm
oops, sorry, again here

++++++++++++++++++++++++++++++

Here are my thoughts if it's ok..

First of all when trading Mike's breakouts, you would like to take them during strong trends, and with the trend. Doing that would greatly higher the odds of a runner IMO. In addition, I personally like to see a real good squeeze of price [what is a squeeze of price? are you describing situations like wedge and triangle where price actions are converging into a point? ] before taking any trade. BO trades for me simple are a sing of a pause [ what is sing of pause? do you mean by sigh of pause ?] in a trend, and a very tight squeeze in price that most likely is going to explode hard. What's really important through, is that the pattern [pattern of wedge, flag, triangle,rectagular formation, for instance?] will just be very clear so everybody can spot it right away, and not just those that try very hard to see things. Also, for a TL to be valid, look for at least 3 or more conservative touches of price and rejection. In your chart above I can see only 2 points connection your lower TL. The third did not reject price which just cut through lower. [a bit hard to digest this. are you saying, if one wish to trade the retest of a broken trendline, which also is one edge of the pattern you described, you'd better see at least three touches and rejections before the breakout of that trendline or pattern ? ]
On top of all that, my personal preference regarding the pullback bars is to go back at least half way trough the broken TL, test the consolidation area and reject it hard closing outside of it [what is "half way" , can you give some visual example? closing outside of the broken TL?]. But that's just me.

These are easy to spot and not that rare at all during trends. If you will be picky enough and manage them right, it's pure gold.

Here are some examples of good patterns IMO

[quote=jeurre;3855024]thanks, mike. I think the quote missed majority of my questions. I re-put them as below. I am very grateful, if you can also help understand.



++++++++++++++++++++++++++++++++++++
  • #68,058
  • Jul 6, 2010 5:32pm Jul 6, 2010 5:32pm
Quoting jeurre
oops, sorry, again here
"BO trades for me simple are a sign of a pause ". .I believe that's a mistype.

If not, I want to hear that tune. . .
Indicators show the past. Price Action "Indicates" the future.
  • #68,059
  • Jul 6, 2010 5:39pm Jul 6, 2010 5:39pm
Quoting jeurre
oops, sorry, again here

++++++++++++++++++++++++++++++

Here are my thoughts if it's ok..

[what is a squeeze of price? are you describing situations like wedge and triangle where price actions are converging into a point? ]
Yes squeeze is just what we see as a breakout pattern like consolidation/wedge/flag etc

Quote
[ what is sing of pause? do you mean by sigh of pause ?]

This is as Jarroo said. Price is simply taking a breather, consolidation these are all the same name and terms. Remember price spends much more time consolidating/pausing/resting then it does trending


Quote
[a bit hard to digest this. are you saying, if one wish to trade the retest of a broken trendline, which also is one edge of the pattern you described, you'd better see at least three touches and rejections before the breakout of that trendline or pattern ? ]

IMO the more touches the better, it is going to give validity to a pattern. Liek anything in trading you have degrees of obvious. Take a big huge obvious pinbar that you can't miss. This is obvious and much easier to trade, then some small so-so poor closing pinbar. Are they both potentially tradeable? Sure. But is it worth it?(only you can answer this). Same goes with breakout patterns. Some people require X amount of touches, some don't care as long as they visually see something. I am in the camp of the more obvious something the easier to trade.
  • #68,060
  • Jul 6, 2010 5:39pm Jul 6, 2010 5:39pm
Quoting jarroo
You got to like that size of that bar. The 1.7800 was a good target Jon. Nice trade.

Looks like the Daily closed below the 1.7800, could now act as Resistance.

You might of gotten out a bit early, nothing wrong with a profitable trade.
Yeah the Daily actually closed nicely in the end, but there was quite a big retracement at the tail end of the London session so I decided to call it a day, was happy with my small-ish profit
Thx again Jim
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