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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

  • #71,021
  • Aug 9, 2010 9:32pm Aug 9, 2010 9:32pm
Quoting Novak
Here's an updated chart of my trade. I'm going short and it's a 4 hour view. Let me know what you guys think. Did I do good, would you guys do the trade on this type of setup, or based off of what my chart shows? Thanks.

Here's what my trade looked like about 2 hours ago on a 4 hr time frame as I was going short from an entry that I entered last night...
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Here is what it looks like now (2 hours later), and I made about $2,800 profit, or about 75 points on a 20 hour hold! (demo trade)

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Also, thanks for the tips and input along the way as I was doing this trade last night
Keep it simple stupid
  • #71,022
  • Aug 9, 2010 9:34pm Aug 9, 2010 9:34pm
Quoting Donkey
Seems to approaching a strong weekly ppz at 1.6500 with some fib confluence. Also divergence on daily. What would really be nice to see would be a climb to 1.7500, which looks to be an even stronger ppz.
very nice charts D
  • #71,023
  • Aug 9, 2010 9:43pm Aug 9, 2010 9:43pm
Quoting mbqb11
Hey Kim

Yes TBLs are like a breakout. So one could sell right on the break of the two lows, no pullback is needed as these can be quick breakouts, or even in the trend long sustained ones. I personally like Multiple bar lows(say 5-6) in a row. Those are super strong.

As for Inside bars, the James16 way is to trade a break off the inside bar, we don't focus on the mother bar really more on the confluence of the inside bar , location etc

Let us know if you have more questions
Mike

Mike, How do you trade these two pairs ?
Multiple TBH and Multiple TBL.

AUDJPY:
1)when the breakout happened upwards, do you wait for the close of the daily bar ?
2) Do you trade any bar as long as the bar is closed above the line or you expect a typical J16 bar (PB, BUOB or DBLHC) ?
3) The trend on AUDJPY is up, hence I am assuming that you will only trade long here.

EURAUD: Same questions for the reversal.

Can you please share your thought process on this one ?
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  • #71,024
  • Aug 9, 2010 9:53pm Aug 9, 2010 9:53pm
Quoting jarroo
Think of a PPZ level as a "live electrical wire" and Price as a "squirrel". When Price (the squirrel) hits the PPZ level (the live electrical wire) that Price is going to jump one way or the other.
A squirrel could sit there for a while though, not grounded won't get shockedhttp://cdn.forexfactory.com/images/icons/icon10.gif
  • #71,025
  • Aug 9, 2010 9:58pm Aug 9, 2010 9:58pm
Quoting spookie94
A squirrel could sit there for a while though, not grounded won't get shockedhttp://cdn.forexfactory.com/images/icons/icon10.gif
I guess a bunch of squirrels sitting on a wire would be called consolidation.
  • #71,026
  • Aug 9, 2010 10:01pm Aug 9, 2010 10:01pm
Quoting Donkey
I guess a bunch of squirrels sitting on a wire would be called consolidation.
When the squirrel gets shocked and leaves a burning trail, that's what we call a "pinbar". The longer the burning trail, the better the setup LOL
  • #71,027
  • Aug 9, 2010 10:09pm Aug 9, 2010 10:09pm
Quoting mbqb11
very nice charts D
Thanks Mike - I guess you recognize the color scheme, eh?

I dropped down to 4H on this pair and the 1.6200 resistance sticks out like a soar . When you mention order flow and "hunting stops", would the 1.6200 area be a place to look for "buy stops" to help push price up again. To me I'm thinking of a buy stop as a buy order for the shorts that are currently pushing price down to take profit, pushing price back up. I feel sure I'm missing something totally, or at least mixing my thoughts up somewhat.
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  • #71,028
  • Aug 9, 2010 11:00pm Aug 9, 2010 11:00pm
Donkey,
if i may...
it can be a mixture of stuff.
1.6200 can be a place where take profits ('buy stops' u mentioned) & buy orders sit. if price bounces strong off of there, then it's possible demand was greater than supply. if supply is greater than demand, then we will see price push past below 1.6200. there are several possibilities.
i maybe wrong , but that's how i see it.

depending on PA, we will trade accordingly.
  • #71,029
  • Aug 9, 2010 11:19pm Aug 9, 2010 11:19pm
Ghous, do you consider them as IPB's ?

One is at Swing High (absolute) - AUDNZD - Daily
One is at swong low (absolute) - EURCHF - Weekly

Comments, please ?
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  • #71,030
  • Edited 11:34pm Aug 9, 2010 11:21pm | Edited 11:34pm
.. just checked my platforms to see my gbpusd shorts went ok & hit my conservative targets during my sleep.
Here are 2 charts showing what i see

First chart
daily chart where i plot PPZs
light blue lines are 1.6000 &1.5000.
violet lines are daily PPZs (1.5830, 1.5530, 1.5350, 1.5200, 1.5100)

Second chart (zoomed in for clarity; H4 chart)
this shows the reasons for trading short.
PB off of 1.6000 followed shortly by a BEOB (1st & second arrow). 3rd arrow shows an IB. i had my entries on this bar too. (in terms of location, this was not at an ideal swing high position, but location & PA in general gave me the go sngal to trade this short)
MACD bearish divergence
price exhaustion & failure to reach & breach 1.6000 BRN. see the 3 upper wicks i highlighted (green rectangle)
violet lines - Daily PPZ (i retained these lines for comparison/perspective)
light blue & blue lines are H4 PPZs

Third chart
shows my specific entries (seen as a yellow triangle) & exits (blue triangle & 2 green circles). (NOTE: entries are not exactly/strictly J16 entries; newbies should first try to master & stick with the 'usual' J16 entries)


depending on PA, i intend to reenter shorts somewhere in the vicinity of 1.5800. so far price broke 1.5800 & pulled back.
near-term, i see possibility of price going to 1.5200 - 1.5500
Let's see
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  • #71,031
  • Aug 9, 2010 11:28pm Aug 9, 2010 11:28pm
Quoting ts63
Maybe this IPB
that is not an IPB.
we want a small body with a long wick. same qualities we look for a PB but inverted.

Quoting cprao
Ghous, do you consider them as IPB's ?
....
if i may...
IMHO
first chart is not an IPB. that is actually a PB.
second chart shows an IPB but is not an ideal form/shape. like PBs, unideal IPBs work sometimes. i think location helped here.


people, i think u should try to master PB's first. only then should u venture into checking out the IPB. just my view
  • #71,032
  • Aug 9, 2010 11:46pm Aug 9, 2010 11:46pm
Quoting supremeChaos

people, i think u should try to master PB's first. only then should u venture into checking out the IPB. just my view
I am with you. Playing with the charts to see PB's. spotted these two and looked like IPB's.,

Just out of curiosity - posed the question.
  • #71,033
  • Aug 10, 2010 12:26am Aug 10, 2010 12:26am
Not a bad one in my opinion. Any suggestion?

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  • #71,034
  • Aug 10, 2010 12:33am Aug 10, 2010 12:33am
Quoting supremeChaos
that is not an IPB.
we want a small body with a long wick. same qualities we look for a PB but inverted.


if i may...
IMHO
first chart is not an IPB. that is actually a PB.
second chart shows an IPB but is not an ideal form/shape. like PBs, unideal IPBs work sometimes. i think location helped here.


people, i think u should try to master PB's first. only then should u venture into checking out the IPB. just my view
Ditto!
I believe . . .
  • #71,035
  • Aug 10, 2010 12:42am Aug 10, 2010 12:42am
Hello The Lord,
pretty small PB. close was not above the open. near the swing high (ideally, bullish PB should be at a swing low; u can argue though that this is at a higher swing low).
Let's see if location will play a role here.

not an enticing trade, personally
  • #71,036
  • Aug 10, 2010 12:44am Aug 10, 2010 12:44am
Stay far, far away. I pulled up the same feed and would place the PPZ at 1.3575. A PPZ denotes flips of support and resistance. Where you placed it, I see the previous resistance but do not see the previous support (the flip). Also, the candle did not close as a pinbar. The close was not within the previous candle. Hope this helps.

Scott

Quoting The Lord
Not a bad one in my opinion. Any suggestion?

Attachment
  • #71,037
  • Aug 10, 2010 12:55am Aug 10, 2010 12:55am
Quoting phpscott
Stay far, far away. I pulled up the same feed and would place the PPZ at 1.3575. A PPZ denotes flips of support and resistance. Where you placed it, I see the previous resistance but do not see the previous support (the flip). Also, the candle did not close as a pinbar. The close was not within the previous candle. Hope this helps.

Scott
Thanks for the reply. I will keep it on the demo.
  • #71,038
  • Aug 10, 2010 1:01am Aug 10, 2010 1:01am
No time for chart, but just FYI Guys, GBP/NZD is giving us a GREAT sell signal here.
Dr. C
  • #71,039
  • Aug 10, 2010 1:01am Aug 10, 2010 1:01am
Quoting aserbfx
and here an example with a pinbar which closed above a ppz (52usd)...
Yeah . . a classic consolidation breakout. Look for a retest of that consolidation with a possible continuation upward, with a bullish PA for confirmation . .of course.

If that potential PB closed within the consolidation (Chart), I would be looking for more downward movement . .for sure.
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Indicators show the past. Price Action "Indicates" the future.
  • #71,040
  • Aug 10, 2010 1:02am Aug 10, 2010 1:02am
Rising wedge worked well. Stop at BE.
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