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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

  • #69,601
  • Jul 24, 2010 2:04am Jul 24, 2010 2:04am
[quote=Dan Gilbert;3895342]they're very discretionary.

Those two I4b trades I took this week were my best performing trades.

Dan, what is the squeeze alert you always refer to?
  • #69,602
  • Jul 24, 2010 2:34am Jul 24, 2010 2:34am
Quoting fx_heaven
Hello mistersimple,

NZD/USD and EUR/USD may take some time to go south - if and when they do.

I'm short NZD/USD myself due to the Weekly PB, and as of yet we have not yet had a big enough reversal signal for the EUR/USD - I was expecting it to move a little higher first myself, or it may form some other pattern yet, so lets see what happens.
I was short on NZDUSD on the 4H TF. Entry below the 2 PB on 4H TF. SL above PB and same was hit and Trade lost. Looks like last weeks PB has been negated by this weeks bull move.

FX where is your SL for the short entry?

Cheers
Novice 198
  • #69,603
  • Jul 24, 2010 4:29am Jul 24, 2010 4:29am
Quoting mpalmerbio
Hey everyone,

First post with a question:

1) I am going to be tracking my trades and management on a personal website. I wanted to reference this thread because the majority of what I use/know I learned here. How should I do this? Hyperlink? I am just learning how to make a website, so if anyone could direct a lay-person to the rules I'd be very grateful.

Thanks Jim! You've taught me so much and hopefully set me on the road being able to retire some day. I can't say thanks enough, that goes for Jaro, Mbqb and everyone. After saving up...
I would contact Jim directly about this.
Ask him if he is ok with you using the J16 Group images.
I have always found him extremely helpful and welcoming.
If he is OK, you could hyperlink the J16 image to this thread.

You don't say what sort of system you are using, whether it is a traditional html coding system or you use a content management system like Joomla, Drupal etc, but the basic coding would be:

<a href="http://www.forexfactory.com/showthread.php?t=2331"><img src="http://www.mysite.com/images/J16-image.gif"></a>

you will no doubt know the coding bit anyway but best to touch base with James first.
  • #69,604
  • Jul 24, 2010 6:03am Jul 24, 2010 6:03am
Quoting supremeChaos
i think Adilius07 & several others would LOVE this.
Changing TFs of all open charts to a single TF simultaneously..... it just recently became possible!
(click -->) Thanks to zznbrm!

Hello Supreme! I have installed it, but can't get to understand how it works.
It has to be applyed as EA? Did that but still don't get how it works
  • #69,605
  • Edited 6:46am Jul 24, 2010 6:08am | Edited 6:46am
Quoting Dan Gilbert
nah.....

One of my rules is "manage weekly trades on a weekly chart, manage daily trades on a daily chart, manage H4 trades on an H4 chart, and manage H1 trades on an H1 chart"

You will see here, I think my full take profit targets were well placed. (the emboldened red horizontal line at 0.83254 for E/G and 1.04105 for U/C)
Yes the target levels were great for that time frame and in principal your rules are working for you.

However, it is possible to blend a shorter time frame entry with a longer time frame entry/setup, when you see the time frames aligning together, they are showing you their hand so to speak. But of course it depends on how / where you got in, in the first place.

Its a bit more complex, but its a great way to get onto big waves with small initial risk, but its more complex to manage.
In retrospect we learn. In perspective we earn.
  • #69,606
  • Edited 8:02am Jul 24, 2010 6:31am | Edited 8:02am
Quoting novice198
I was short on NZDUSD on the 4H TF. Entry below the 2 PB on 4H TF. SL above PB and same was hit and Trade lost. Looks like last weeks PB has been negated by this weeks bull move.

FX where is your SL for the short entry?

Cheers
Novice 198
Hello Novice 198,

The NZD/USD Weekly pin has a high of 0.7299 (on my feed), so my S/L was placed approx 10 pips beyond that and as you can see the brakes have been slammed onto that bull price move (for now) some 20 PIP's or so away and price appears to be moving sideways. So at the moment my trade is still open.

Yes I see the PB's you used on the H4. Well this is a tricky area because as you can see (if you zoom out to the weekly) there is a huge collide between buyers and sellers occurring at these levels which is trapping price into a very tight range. Those PB's on the H4 are small in comparison to what the weekly is telling us.

This can and will often kill the effectiveness of lower time frame signals at these levels and it is why the guys recommend not taking small signals off big levels because of this very reason, they can essentially be fakes, formed due to the ensuing price battle and not a true representation of what may be likely to happen.

It is also why trading with the ensuing trend (the H4 bullish in this case) is usually the most productive position to take as you are dealing with a known quantity, until of course you near such strong levels. Switch to the Weekly and you will see that the trend is actually bearish.

When these two waves / trend collide strange things can happen, just like a wave smashing against the rocks.

PB's can form when price is consolidating - i.e. the balance of buyers and sellers appears to equalise. If they are forming on a time frame which is lower than the signal your move is planned for, then eventually the larger time frame should dictate the overall price move, of course the timing will be different.

i.e. on the GBP/CAD trade I took, price hit 15800 / 15850 and lots of PB formed on the H1 time frame. However my trade / entry was based on a Daily PB which until I see a series of H4/Daily bearish signals OR a Weekly or higher bearish signal then the Daily PB should dictate the overall outcome.

Blending signals together can give you a very different view of things but it is a complex thought process that can go wrong, so sticking to basics in the beginning is always best.

You can of course start by using different time frames above and below your reference time frame to build a better picture of what may happen and use it to determine if you take that trade or not.

Think of trading as navigating your way down a hallway lined with thief's and vagabonds where a pot of gold lies at the end. Your job is to navigate each hurdle and avoid having your pockets picked, being robbed, mugged or conned (telling of lies) on the way their and back.
In retrospect we learn. In perspective we earn.
  • #69,607
  • Jul 24, 2010 11:04am Jul 24, 2010 11:04am
Quoting Jey
Hi Mike, does using the 'J16 manager EA' as found in this thread work well with the recommended profit taking / SL trade management strategy of Jim?
Hey Jey

I have no experience with it and am not even sure what it does. I think it helps one move their stop to b/e. I do everything manually.

Mike
  • #69,608
  • Jul 24, 2010 1:47pm Jul 24, 2010 1:47pm
euraud monthly ...
mmm august shld be bullish explosive?
  • #69,609
  • Jul 24, 2010 2:26pm Jul 24, 2010 2:26pm
Quoting mistersimple
euraud monthly ...
mmm august shld be bullish explosive?
Not clear why you say EUR/AUD will explode upwards.

We are yet to see if the markets get indigestion from the phoney bank stress tests. The reading appears unconvincing and this is generally punished.
So likely this will give EUR a kicking for telling stories about its banking system.

From a chartist point of view the swing low hit the 127% fib to the pip.
An almost 7000 pip move and it hit the fib line - crazy.

We have two inside bars - however the outside bar is 1500 pips end to end - not a congestive candle even by monthly standards.
The most recent candle is bearish and has the shape of a bearish pin bar bouncing of the 1.5 level.

I am struggling to find something explosively bullish here.
What have I missed?
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD.jpg Size: 96 KB
  • #69,610
  • Jul 24, 2010 7:17pm Jul 24, 2010 7:17pm
Quoting novice198
Thanks for the clarification and the indicator. Both are great. I started about two months back on J16 and now I am again a confused man and struggling. I just don't find any trades using J16 method and as a result I look for trades using my old methods which I wanted to erase with a final result of some small wins but more big losses.

From next week I hope to start fresh.
Cheers
Novice 198
Hey Novice,

Have you been to the Gust section of the J16 Private forum?
Located here : http://www.james16group.us/Guests/guest.html

It may help with the confusion. If not, feel free to PM me. I'll do what I can to help.
  • #69,611
  • Edited 7:33pm Jul 24, 2010 7:27pm | Edited 7:33pm
Quoting Adilius07
Hello Supreme! I have installed it, but can't get to understand how it works.
It has to be applyed as EA? Did that but still don't get how it works
Hey Adilius,

I just took a look at it. It is a script. You will need to put it in the scripts folder of Mt4. Then drag it onto your chart screen and check
"allow dll imports" in the common tab. Then select the inputs tab and enter the time frame you wish to switch to and click ok.
It will then ask you once or twice if it can call back, just click yes each time. VIOLA!!!!! all charts change.

Hope this helps.

Good Trading
The other Mike
  • #69,612
  • Jul 24, 2010 11:37pm Jul 24, 2010 11:37pm
AUDCHF:

pros:
1. Swing Low but not absolute
2. close is strong
3. Bar size is relatively good
4. With order flow
Cons:
1. No room - Almost same as AUDCHF
2. Did not brake weekly ppz .9450.. stopped right over there
3. Trading into consolidation zone
4. No room

=======================================
NZDCHF:
pros:
1. Swing Low
2. close is strong
3. Hardly broke the consolidation or weekly PPZ 0.7650
4. Bar size is relatively good
5. With order flow
Cons:
1. No room - worst than GBPCHF
2. Trading into consolidation zone

=========================================

GBPCHF
Pros:
1. Swing Low
2. close is strong
3. Broke weekly PPZ 1.6100
4. Bar size is relatively good

Cons :
1. Not much room on the left
2. Daily PPZ 1.63 on the way



On comparing these three pairs, I liked GBPCHF better than other 2.
Bcoz, GBPCHF has a room to run.. broke weekly PPZ
However the drawback with this pair it is NOT with the order flow.

Comments, please ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Weekly-AUDCHF-07-22-2010.gif Size: 46 KB
Click to Enlarge Name: Weekly-NZDCHF-07-22-2010.gif Size: 46 KB
Click to Enlarge Name: Weekly-GBPCHF-07-22-2010.gif Size: 28 KB
  • #69,613
  • Jul 25, 2010 1:00am Jul 25, 2010 1:00am
Quoting tubguy
Hey Adilius,

I just took a look at it. It is a script. You will need to put it in the scripts folder of Mt4. Then drag it onto your chart screen and check
"allow dll imports" in the common tab. Then select the inputs tab and enter the time frame you wish to switch to and click ok.
It will then ask you once or twice if it can call back, just click yes each time. VIOLA!!!!! all charts change.

Hope this helps.

Good Trading
The other Mike
Thank Tubguy!!! I got it now. It does change all charts, but how to insert "Daily", "Weekly"? I see it works fine with any minute chart, but what about daily?
  • #69,614
  • Jul 25, 2010 1:09am Jul 25, 2010 1:09am
Quoting Adilius07
Thank Tubguy!!! I got it now. It does change all charts, but how to insert "Daily", "Weekly"? I see it works fine with any minute chart, but what about daily?
Hey, i assume you mean these things that Daily=1440min and Weekly=10080min.
Hope it works

Nuc
  • #69,615
  • Jul 25, 2010 1:26am Jul 25, 2010 1:26am
Quoting nuclear62
Hey, i assume you mean these things that Daily=1440min and Weekly=10080min.
Hope it works

Nuc
Ahhhh got it now Nuc! thanks!
  • #69,616
  • Jul 25, 2010 2:15am Jul 25, 2010 2:15am
Quoting tubguy
Hey Adilius,

I just took a look at it. It is a script. You will need to put it in the scripts folder of Mt4. Then drag it onto your chart screen and check
"allow dll imports" in the common tab. Then select the inputs tab and enter the time frame you wish to switch to and click ok.
It will then ask you once or twice if it can call back, just click yes each time. VIOLA!!!!! all charts change.

Hope this helps.

Good Trading
The other Mike
Nice script

To stop the annoying confirmation of requests for call backs deselect the confirm DLL function calls and it will work instantly.
In retrospect we learn. In perspective we earn.
  • #69,617
  • Edited 6:40am Jul 25, 2010 6:28am | Edited 6:40am
Quoting Pinbar
Hi, & welcome.

That is 4600 pages & nearly 7000 posts.

You have a lot of reading to do.


I managed it in 3 months.
Thanks for the correction (it was late, my excuse)...

Yes I have, I've also been looking at Jacko's method and am working on developing a methodology that suits me based along the lines of that and the J16 thread...

I must say that already I've experienced quite a few light bulb moments...

What could be simpler, follow the mid to long term trend and buy/sell pull-backs, we've all heard it a million times, but why do so many of us who are relatively new to the business love to over complicate things with stuff such as lagging indicators and trying to pick tops/bottoms...

I particularly like the "Anti-Hedging" re-entry method, making it psychologically much easier to allow a stop to just do it's job...
  • #69,618
  • Jul 25, 2010 6:58am Jul 25, 2010 6:58am
Quoting fx_heaven
Hello Novice 198,

The NZD/USD Weekly pin has a high of 0.7299 (on my feed), so my S/L was placed approx 10 pips beyond that and as you can see the brakes have been slammed onto that bull price move (for now) some 20 PIP's or so away and price appears to be moving sideways. So at the moment my trade is still open.........................

.............Think of trading as navigating your way down a hallway lined with thief's and vagabonds where a pot of gold lies at the end. Your job is to navigate each hurdle and avoid having your pockets picked,...
Hi fx_heaven,
Thanks for the informative analysis. Now the challenge for me is to stick to plan like this. Tomorrow is another week and I will try once again to be choosy in my trading.

Cheers
Novice 198
  • #69,619
  • Jul 25, 2010 7:19am Jul 25, 2010 7:19am
It's just starting to dawn on me how much time and effort James16 has put into this...

Much thanks & appreciation.
  • #69,620
  • Jul 25, 2010 8:03am Jul 25, 2010 8:03am
Will be watching the breakout of this area.
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