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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

  • #68,401
  • Jul 12, 2010 2:25am Jul 12, 2010 2:25am
Thx Mike. Here's another Chart I'm looking at for practice. I'm assuming you wouldn't have taken pb #1 as it would be trading into traffic as you say? Cheers SR
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  • #68,402
  • Jul 12, 2010 2:58am Jul 12, 2010 2:58am
Pinbar that looks like a nice pinbar could be forming there. However I'd plot the trendline and fib lines slightly differently as you did. I attached my chart. Why did you plot them that way (don't want to be offensive in any way. I'm new in all this and would like to learn ).

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  • #68,403
  • Jul 12, 2010 3:13am Jul 12, 2010 3:13am
eurusd could this be the end of the short?

usdeur near 0.7950
  • #68,404
  • Jul 12, 2010 4:09am Jul 12, 2010 4:09am
I had a BE on my eur/usd short, it may continue lower or go up I don't care. I try to get used to the idea that BE is a GOOD thing and it is a WINNER. I like this idea so much, it makes it all much less stressful I think!
  • #68,405
  • Jul 12, 2010 4:16am Jul 12, 2010 4:16am
cadchf
  • #68,406
  • Jul 12, 2010 4:22am Jul 12, 2010 4:22am
Quoting Adilius07
I had a BE on my eur/usd short, it may continue lower or go up I don't care. I try to get used to the idea that BE is a GOOD thing and it is a WINNER. I like this idea so much, it makes it all much less stressful I think!
Im still short at present, however got stopped out at breakeven 12700 initially. I watched it and got in again as it came off, at 12696. Breakeven trades have made my life much easier though ! I dont normally reenter once im stopped out but essentially it was the same trade again in this case.
  • #68,407
  • Jul 12, 2010 4:27am Jul 12, 2010 4:27am
Quoting mihazupan1
Pinbar that looks like a nice pinbar could be forming there. However I'd plot the trendline and fib lines slightly differently as you did. I attached my chart. Why did you plot them that way (don't want to be offensive in any way. I'm new in all this and would like to learn ).

Attachment
Hi, & welcome.

No, you are not being offensive at all, I am glad someone is asking a question, it makes me think about what I am doing. LoL

Well, for the fibs I took the closest significant high after the retrace and then I also plotted the next significant high.

The trend line was drawn like that because I am using these more like diagonal PPZ than regular trend lines. This way we get 2 significant lows that held as support and we can see that this pinbar seems to have found resistance at the diagonal PPZ. Hope that makes sense.

Your TL is fine for the long term but it doesn't really help us where price is right now.
By the time price gets down to your TL, this move will probably be all over.
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  • #68,408
  • Jul 12, 2010 4:28am Jul 12, 2010 4:28am
Quoting FiveEights
Im still short at present, however got stopped out at breakeven 12700 initially. I watched it and got in again as it came off, at 12696. Breakeven trades have made my life much easier though ! I dont normally reenter once im stopped out but essentially it was the same trade again in this case.
FiveEights, I was also thinking if it is ok to re-enter? Would need to think about it, for now it is not in my plan. And also what I think a lot about: Is it ok to take a Daily signal if/when the Weekly is showing kind of opposite price formation. Like now in eur/usd we have a Weekly BUOB from 06/27 isn't it still in play? Going short on daily is kind of "fading" this weekly bar?
  • #68,409
  • Jul 12, 2010 6:20am Jul 12, 2010 6:20am
GBP/USD long setup a with nice potential

5 Hour chart
Pinbar
1.5 BRN

Not a HUGE pin but relative to the previous bars it does look quite significant, and is at at a very nice level
(just my opinions of course )

Edit: If it dips back below 1.5 I will probably close out for a very small loss
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  • #68,410
  • Jul 12, 2010 6:23am Jul 12, 2010 6:23am
Quoting Adilius07
FiveEights, I was also thinking if it is ok to re-enter? Would need to think about it, for now it is not in my plan. And also what I think a lot about: Is it ok to take a Daily signal if/when the Weekly is showing kind of opposite price formation. Like now in eur/usd we have a Weekly BUOB from 06/27 isn't it still in play? Going short on daily is kind of "fading" this weekly bar?
Hey Adilius,

Re-entering is ok if the setup still has potential. So how do you gauge that? Look to enter again at a pin bar which has bounced off the FTA and has taken you out for BE? NO!

A great pin bar located brilliantly is a safe shot to the FTA, whatever it does after that has nothing to do with it's validity. Re-entering on a PA setup which has done it's thing (hit the FTA) just because you feel it's going to go down/up in your perceived direction may not be enough to pull a conservative trigger.

As for your second question, I tend to keep time frames separate. What's going on on a higher time frame is on my mind but it never pushes me to pull the trigger on a trade, or for that matter keep me from taking the trade. Every time frame has it's own trend, price action and market rhythm - but then again if it's a great weekly BEOB vs a feeble 4H bullish Pin bar, then the time frames need to be considered simultaneously. (Just the way I do things, may not necessarily be the only way)

g.
I believe . . .
  • #68,411
  • Jul 12, 2010 6:43am Jul 12, 2010 6:43am
Quoting ghous
Hey Adilius,

Re-entering is ok if the setup still has potential. So how do you gauge that? Look to enter again at a pin bar which has bounced off the FTA and has taken you out for BE? NO!

A great pin bar located brilliantly is a safe shot to the FTA, whatever it does after that has nothing to do with it's validity. Re-entering on a PA setup which has done it's thing (hit the FTA) just because you feel it's going to go down/up in your perceived direction may not be enough to pull a conservative trigger.

As for your second...

Ghous, thank you very much for your explanation and advice. I will include this in my plan now: I may re-enter if first target was not yet reached and the odds for good setups are still there. FTA = First target right? Ok. Sometimes I still have trouble assigning first and second target - trying to do it objectively, but sometimes there are quite a few zones that look as Price may stall there. I guess that will come from experience later.

Regarding higher TF, that makes sense to me yes. Well I also thought, if I set my stop at BE everytime, maybe yes I can pay less attention to higher TF, BE by itself is a saving mechanism in many cases as I see the charts now...Will stick to daily for now.
  • #68,412
  • Jul 12, 2010 6:46am Jul 12, 2010 6:46am
Quoting Jonnyislost
GBP/USD long setup a with nice potential

5 Hour chart
Pinbar
1.5 BRN
Stop loss to Breakeven,
Playing with the house's money now
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  • #68,413
  • Jul 12, 2010 6:51am Jul 12, 2010 6:51am
Quoting Adilius07
Ghous, thank you very much for your explanation and advice. I will include this in my plan now: I may re-enter if first target was not yet reached and the odds for good setups are still there. FTA = First target right? Ok. Sometimes I still have trouble assigning first and second target - trying to do it objectively, but sometimes there are quite a few zones that look as Price may stall there. I guess that will come from experience later.

Regarding higher TF, that makes sense to me yes. Well I also thought, if I set my stop at BE everytime,...
If the FTA (First trouble area) isn't obvious, this is the first real indication that you're trading into "traffic" or "lack of space" and that alone should keep you from taking the trade. Normally an upright and confident setup has a very clear FTA that a kid could spot, and it's these opps that are the most safest.

g.
I believe . . .
  • #68,414
  • Jul 12, 2010 6:52am Jul 12, 2010 6:52am
Quoting jarroo
The I4+Bs (in green) on the Gbp/Jpy Monthly have proved successful, even for the R:R guys.

Also, RL4+Bs (in purple): Range is Lower then the previous 4 or more Bars, they are not Inside Bars. The smaller the better as with I4+Bs.
You're going to make me piss my pants Jim. I'm going to go over this and do some testing on the prior I4Bs and see how the weeklies afterwards played out. I'm going to see if we get an initial fakeout like we do with the dailies and 4 hour bars.
I dream, therefore I become.
  • #68,415
  • Jul 12, 2010 6:52am Jul 12, 2010 6:52am
Quoting Jonnyislost
Stop loss to Breakeven,
Playing with the house's money now
Wooww!!
I believe . . .
  • #68,416
  • Edited 7:38am Jul 12, 2010 6:54am | Edited 7:38am
I have this one in trouble, initially was trying to short at the break of valley, unfortunately the minor trendline steps in, precise fib 61.8 level too, which I didn't draw here. previously, tried dozens of fib level and trendline conflu, rarelly successful, nonetheless, it surprises you as always.

my problem is what I should do now, kill it or give it enough of breathe before hitting my stoploss hide above the preceeding peak? the reason I am thinking of killing it is the fib and TL conflu which I didn't realise but just noticed it now. here is an occassion that I guess need directional judgement? so, what is the solution?

my current belief is to trade what you see not what you think. if this is the case, what you guys see from my chart? or ,can you tell me who is in the control of the price action? I am asking this is because I lost my objectivity in reading the chart after having so much conflicting message out of above analysis.

jeurre

Edit : this is demo acc, so, free comment is welcome. thanks
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  • #68,417
  • Jul 12, 2010 7:08am Jul 12, 2010 7:08am
Quoting ghous
If the FTA (First trouble area) isn't obvious, this is the first real indication that you're trading into "traffic" or "lack of space" and that alone should keep you from taking the trade. Normally an upright and confident setup has a very clear FTA that a kid could spot, and it's these opps that are the most safest.

g.
Thanks Ghous!! Super valuable info, I am taking notes here too! Will always keep this in my mind
  • #68,418
  • Jul 12, 2010 7:23am Jul 12, 2010 7:23am
Hi Guys

Look what discovered while surfing in the net.

This guy is actually is doing James 16 stuff as far as I see.

http://www.learntotradethemarket.com/
  • #68,419
  • Jul 12, 2010 7:29am Jul 12, 2010 7:29am
now, i see something stupid
  • #68,420
  • Jul 12, 2010 7:30am Jul 12, 2010 7:30am
Quoting Asmodeus8
Hi Guys

Look what discovered while surfing in the net.

This guy is actually is doing James 16 stuff as far as I see.

http://www.learntotradethemarket.com/

I found him long time ago, tried to contact via facebook, got a little disaponted and just discontinued following, not that is not good or something, just as many business educational services, did not stand out for me...

As I read on the net he came much after J16 first appeared. So he is may be a successful follower of this method?
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