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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

  • #69,321
  • Jul 21, 2010 7:20am Jul 21, 2010 7:20am
I thought it probably had been - oh well.

Had a great couple of days doin' it J16 style:

CAD/JPY - half profit taken and rest at B/E
EUR/GBP - took the 2 bar reversal on the daily down for about 50 pips that was hit before lunchtime (love those ones!)

Finished the Martin Pring book yesterday as well. Time for second read through/skim with note taking
Anything can happen.
  • #69,322
  • Jul 21, 2010 7:35am Jul 21, 2010 7:35am
Quoting Sjr
This looks like a massive BEOB on the EUR/GDP. Not sure what to make of it really? Is this something more experienced people could comment on. Cheers SR
I shorted this and it's closed at the T/P already this morning.

I took it off a daily 2 bar reversal which should (I haven't checked) look like a nice pin bar on a 2 day chart.
Anything can happen.
  • #69,323
  • Jul 21, 2010 8:23am Jul 21, 2010 8:23am
Quoting Adilius07
Yes, me too is going to take this trade.
I don't think traffic is the problem here as I see FTA @1.6164.
My entry would be 1.6100
all in correlation ...hm
  • #69,324
  • Jul 21, 2010 8:52am Jul 21, 2010 8:52am
Quoting Jey
If I went by what Jim teaches, we'd probably be better off passing that pin coz;

1. It seems to be in the midst of heavy traffic (see the left side)
2. Its not at an exact swing high / lo
3. Its probably graded as a C Pin.

Anyone disagree?
Bingo Jey I like your picky attitude
  • #69,325
  • Jul 21, 2010 8:53am Jul 21, 2010 8:53am
Quoting mihazupan1
What does a heavy traffic mean? I've been slowly reading this thread from the beginning and haven't spotted this term anywhere yet. I might know what you mean (the price has been jumping up and down before the pinbar we're talking about formed) but I'd like to get a clear definition of that.
I also made a video which I shared on here about traffic that may be helpful. It is located in this post since I have yet to get it up on the guest side

http://www.forexfactory.com/showpost...ostcount=64143
  • #69,326
  • Jul 21, 2010 8:58am Jul 21, 2010 8:58am
Quoting Sjr
This looks like a massive BEOB on the EUR/GDP. Not sure what to make of it really? Is this something more experienced people could comment on. Cheers SR
Hey SJR

This would be a beob but at a swing low. We want them at a swing high. You can play them at both but until you can trade them the traditional way that j16 teaches you guys in this thread avoid these. Notice if you take this one you are trading into a huge block of consolidation previous battle zone of supply and demand. Price comes down into this area and is rejected. Most traders would sell the beob and try to hold through this and then take some sort of a loss.

Hope that helps
Mike
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  • #69,327
  • Jul 21, 2010 9:23am Jul 21, 2010 9:23am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting mbqb11
Hey SJR

This would be a beob but at a swing low. We want them at a swing high. You can play them at both but until you can trade them the traditional way that j16 teaches you guys in this thread avoid these. Notice if you take this one you are trading into a huge block of consolidation previous battle zone of supply and demand. Price comes down into this area and is rejected. Most traders would sell the beob and try to hold through this and then take some sort of a loss.

Hope that helps
Mike
I just took profit when it reached that area.
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I have seen the enemy, and it is me.
  • #69,328
  • Jul 21, 2010 9:25am Jul 21, 2010 9:25am
Quoting Jey
I just took profit when it reached that area.
very nice! Noticing those things will go a FAR way for you

Keep up the nice work
Mike
  • #69,329
  • Jul 21, 2010 10:01am Jul 21, 2010 10:01am
Quoting Jey
I just took profit when it reached that area.
Good Trade..
  • #69,330
  • Jul 21, 2010 10:26am Jul 21, 2010 10:26am
Quoting Jey
I just took profit when it reached that area.
Hey Jey,

Did you enter on the break of the equidistance channel (in blue on your chart) rather than the break of the BEOB?

CY
  • #69,331
  • Jul 21, 2010 10:56am Jul 21, 2010 10:56am
I was drawing my PPZs on Daily cart earlier today, and as I went back in history, I ended up cluttering my chart. At this point, I want to ask something -

Does any of you draw the PPZ on a weekly chart and then trade the daily chart? Or does anyone of you draw the PPZ on the daily chart and then trade the 4H chart?
  • #69,332
  • Jul 21, 2010 11:03am Jul 21, 2010 11:03am
Quoting everydayguid
I was drawing my PPZs on Daily cart earlier today, and as I went back in history, I ended up cluttering my chart. At this point, I want to ask something -

Does any of you draw the PPZ on a weekly chart and then trade the daily chart? Or does anyone of you draw the PPZ on the daily chart and then trade the 4H chart?
You need to draw in the monthly, the weekly and the daily. You'll find many of them are the same areas. I start with the monthly, though. And here's a tip - just do those in the area of the price. Make the top and bottom ones a differnt colour from the rest, so when the price moves to one of those you can add some more.
Gone to a better place
  • #69,333
  • Jul 21, 2010 11:04am Jul 21, 2010 11:04am
mike can you please explain what jay has done because i didn't really got it.

aside from this i wanted to make a statement. james16 forum is like an academy of trading; no bullshit. do you ever wonder what will happen when all this material will be in a book and many people will enter positions like you do and when you do? in my mind that is a good thing because it will make things go you're way more rapidly and more fermly (either sell or buy). is this correct? in the first pages of this forum james said that he was a little afraid that when he will disclose the info something will go wrong from that moment on. what's his piece of mind now regarding this subject? i'm asking you this because i have already seen some seminars made by outsiders based on pinbars (i've seen a very funny one where the guy said that pin bars are called that way because in his mind it resembled a pin )) and it will not be long till this info will get into a book this time written by a professional. maybe large institutions will also follow. i'll say that in max 5 years time some institution will go ahead with james16 method. and then...what? good luck hunting rabbits :d
  • #69,334
  • Jul 21, 2010 11:06am Jul 21, 2010 11:06am
Quoting mbqb11
I also made a video which I shared on here about traffic that may be helpful. It is located in this post since I have yet to get it up on the guest side

http://www.forexfactory.com/showpost...ostcount=64143
Great and educational! Made it perfectly clear
  • #69,335
  • Jul 21, 2010 11:35am Jul 21, 2010 11:35am
Quoting deltatrade
mike can you please explain what jay has done because i didn't really got it.

aside from this i wanted to make a statement. james16 forum is like an academy of trading; no bullshit. do you ever wonder what will happen when all this material will be in a book and many people will enter positions like you do and when you do? in my mind that is a good thing because it will make things go you're way more rapidly and more fermly (either sell or buy). is this correct? in the first pages of this forum james said that he was a little afraid that when...
deltatrade, most of the trading ideas are not unique to james16, however they are put together and communicated well

for example Martin Pring discusses Pin Bars in his book “Pring on Price Patterns” and I believe Pin Bars are classified as a Japanese candle stick formation - its how they are interpreted and used that matters
In retrospect we learn. In perspective we earn.
  • #69,336
  • Jul 21, 2010 12:43pm Jul 21, 2010 12:43pm
Quoting deltatrade
mike can you please explain what jay has done because i didn't really got it.

aside from this i wanted to make a statement. james16 forum is like an academy of trading; no bullshit. do you ever wonder what will happen when all this material will be in a book and many people will enter positions like you do and when you do? in my mind that is a good thing because it will make things go you're way more rapidly and more fermly (either sell or buy). is this correct? in the first pages of this forum james said that he was a little afraid that when...
Hey Delta

What jey did is recognize that he was trading right into the block of consolidation I posted here

http://www.forexfactory.com/showthre...94#post3889594

Most people will not notice it or be so focused on the bar itself(which is such a small part and will be part of my answer about players in the market) that they will ignore that area. Then price bounces and stops them out in some way. Once you are at the point where you can notice these important things you will really improve your odds of success in the long run.

As for your question, yes many people already have gone ahead and packaged up what James has graciously taught in the way he teaches it(I am not saying TA is new but the way James presented it certainly was his own) and they are doing that. Others have been members and then left to start their own courses etc. It's just life and I don't think about it much. In terms of the effect on future market conditions, firstly the forex market is so insanely huge that one need not worry much about it. There are so many players trading for their own reasons(forget about the countries and corporations that need it for business - its main reason for existing). It is much more difficult if someone wants to drop in a HUGE order at the break of a pinbar, it isn't as logical as a smaller player who would. Yes in terms of TA if more people trade it, it will work better. But there are many caveats with that. B/c if it ever got to the point that it was become to big then someone would start taking the other side(which people do now in terms of a bar at a wrong location someone thinks is good but they are trading into a trap- sort of like that beob above).

The good new is , that the bar is only a small part and you have to continuously learn and trade to get the experience about locations, ext strategies etc. It is the last thing I worry about, put it that way

I hope this post helps
Mike
  • #69,337
  • Jul 21, 2010 1:06pm Jul 21, 2010 1:06pm
My last two trades??
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  • #69,338
  • Jul 21, 2010 1:33pm Jul 21, 2010 1:33pm
Quoting NoBread
My last two trades??
Hello NoBread,

OK, what was your entry, stop/loss and exit plan on those ? Their is a reason for everything.
In retrospect we learn. In perspective we earn.
  • #69,339
  • Jul 21, 2010 1:33pm Jul 21, 2010 1:33pm
This was my simple way to trade daily eurusd.
50 pips to the pocket with half position @FTA, moved to BE and now wait and see.
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Trading: the skill of avoiding trades
  • #69,340
  • Edited 2:49pm Jul 21, 2010 2:47pm | Edited 2:49pm
Hey All,

Haven't been around much as I've gone back to lurking mode but how about this one? Looks like a bit of a Ghous special to my unskilled eye!

Pro's:

Below the 200MA
Inside bar
Inverted Pin Bar
BRN - 9,200
PPZ

Con's:

FTA is at the weekly pivot so may need to be watched carefully.

Comments please!

Manya1983

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