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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

  • #72,521
  • Aug 22, 2010 11:20pm Aug 22, 2010 11:20pm
Quoting Ace284
Point of interest. Going to watch price at 1.6140 (red arrow)
Mike, Jaroo, ghous and anyone else, let me know what you think.
Yep I am watching this area as well more into the 1.6 as we might box up again like you have shown. Good place to watch and see how the markets want to react around here.

Best
Mike
  • #72,522
  • Aug 22, 2010 11:46pm Aug 22, 2010 11:46pm
Quoting fxprocessor
The gap close trade idea was valid but if trading this way I find it better to exit as soon as the gap fills. I went long AUDUSD when my broker opened too but have exited as price came close to closing the gap on my platform.
Nice to see you booked some profit. But I couldn't do well with the gaps. Sometimes, they just open with a gap and run away from there never returning back. Experience matters afterall.
  • #72,523
  • Aug 22, 2010 11:47pm Aug 22, 2010 11:47pm
I'm currently in this trade on the EURJPY. I posted this on another thread but heres the update. Took short at 110.11 on first account. Another short at 108.81 on my second account (MT4).

The main reason I took the second trade was becasue of the retest of prior support. The pinbar is small which is why it wasn't the sole reason.
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  • #72,524
  • Edited Aug 23, 2010 12:09am Aug 22, 2010 11:56pm | Edited Aug 23, 2010 12:09am
Oh, and im short the AUDCAD. Made a video about it last week at the close of the market.
Just posted it several hours ago on my youtube page. Check it out if you want. Its currently sitting at a small profit... waiting for trade to develop

Anyone else sitting on any positions?
  • #72,525
  • Aug 23, 2010 1:38am Aug 23, 2010 1:38am
Quoting Ace284
Oh, and im short the AUDCAD. Made a video about it last week at the close of the market.
Just posted it several hours ago on my youtube page. Check it out if you want. Its currently sitting at a small profit... waiting for trade to develop

Anyone else sitting on any positions?
Thanks Ace, great video.
Do you think this trade will play out as expected even with the uncertainty of the Australian elections?

I am sitting on the sidelines cause I dont know which way the market will respond.
regards chow
  • #72,526
  • Aug 23, 2010 2:19am Aug 23, 2010 2:19am
Quote
Hey RR
Retrace entries are going to be before the bar breaks(the majority of the tmie). So this is part of the disadvantage of possibly entering a bar that never does validate.
Mike
Please excuse me, could I pretty please ask you experienced guys a BIG favor?
My English is quite mediocre, despite having seen texts and pictures about entering a pin trade I just don't get how the pieces snap together.
Could you post a picture with dumb-brain compatible text like this?
<picture> with the various parts of 1 ear + pin + 2nd ear.
Numbered sequence of how to enter, with numbers ALSO on the picture with an arrow pointing at the price to enter, like this:
1) First wait for pin bar to go here
2) Wait for price to come back up (or something)
3) On <condition> place <limit | stop order> at this price
4) If <condition> bring the SL up to BE HERE

I am sure this would give a great direction to those who are totally new about PA and those who just don't get those terse descriptions.
IE I just can't get "wait until bar is broken", what does it mean *operativity speaking*, ie in the context of the time of the trading operation? Stare at the screen? Break as in "wait for next bar"? Or is it break as in it goes above some thresold?
I read like 200 pages of this thread but this just won't enter in my wooden head.
Alternatively, if you know of a Youtube video where someone following James16 method does it and explains it, I'd be golden as well.
  • #72,527
  • Aug 23, 2010 3:24am Aug 23, 2010 3:24am
I only entered this trade as the market structure was in place to give me a good area to place my stop under the pin bar. Price was also bouncing off the 4 hour 365 ema and a superb PPZ.

Price does sometimes run away but your stop loss will take care of this. Gap trading is certainly worth demo trading until you become comfortable with it.

Quoting The Lord
Nice to see you booked some profit. But I couldn't do well with the gaps. Sometimes, they just open with a gap and run away from there never returning back. Experience matters afterall.
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  • #72,528
  • Aug 23, 2010 3:44am Aug 23, 2010 3:44am
Quoting dfumagalli
Please excuse me, could I pretty please ask you experienced guys a BIG favor?
My English is quite mediocre, despite having seen texts and pictures about entering a pin trade I just don't get how the pieces snap together.
Could you post a picture with dumb-brain compatible text like this?
<picture> with the various parts of 1 ear + pin + 2nd ear.
Numbered sequence of how to enter, with numbers ALSO on the picture with an arrow pointing at the price to enter, like this:
1) First wait for pin bar to go here
2) Wait for price to come back up (or something)
3)...
Hey there,

Did you go through the videos on the guest side of the James16 PF?

We have some great introductory videos from the big guys there:

Take a look, and let us know if they weren't sufficient enough

videos

g.
I believe . . .
  • #72,529
  • Aug 23, 2010 4:09am Aug 23, 2010 4:09am
Quoting KissFan
I am following up from my post #71444. Here is one of my favorite set ups with ALL criteria for trading. (A James16 Package Deal in a neat little Box)I know that I speak of bar formation set ups quite a bit. It is because they are most interesting to me. However exits in my book are more important. (I'll start posting more on exits) In the scenario presented, I will wait for two consecutive and opposing pins to print on any timeframe. When this happens, I will fib the range and when price breaks the range, I will look for a retracement move back...
hi kissfan,

thanks for the stratgy. how do you calculate the pivot ? is it the midpoint of the range ? in the chart whats FIX ?
  • #72,530
  • Aug 23, 2010 5:12am Aug 23, 2010 5:12am
Quoting roundrock
hi kissfan,

thanks for the stratgy. how do you calculate the pivot ? is it the midpoint of the range ? in the chart whats FIX ?
The "FIX" is either the inner .382 or the .618. I use the fib for different looks and another variation of my method. The pivot is the 50. I use the names instead of numbers so that I can pull and reverse the tol without confusing myself.

K.I.S.S.
  • #72,531
  • Aug 23, 2010 5:25am Aug 23, 2010 5:25am
Quoting cprao
Interesting !! But Kiss, how long or how many bars you will wait for the retracement bar to hit the pivot point in order to hit your order ?

In this specific case,
1) the first bar after two pin bars, hit the long strike point.
2) But the 2nd bar, did not retrace enough to hit the pivot point.
3) now, how long this setup is valid ?
cprao-

I consider the trade over once price hits the 382 ext on either side. So, by default as price stays within the range of the 382 ext on either side the set up is valid. This example ended as a "no trade" per the strictest of criteria. Look back through your charts and play around with these. They are not 100% (what is?) but another high probability good RR set up.

K.I.S.S.
  • #72,532
  • Aug 23, 2010 5:56am Aug 23, 2010 5:56am
Hi Guys

I cant send the chart because it is on another PC but what do you think abouy EURGBP bullish 4 hr engulfing green. I have a good week pinbar from a while ago. I have an impulsive move by a corrective wedge.

I also have EU with cloud support here and nothing to hold GU

Thanks in advance
  • #72,533
  • Aug 23, 2010 6:03am Aug 23, 2010 6:03am
Quoting ghous
Hey there,

Did you go through the videos on the guest side of the James16 PF?

We have some great introductory videos from the big guys there:

Take a look, and let us know if they weren't sufficient enough

videos

g.
I watched them with great satisfaction and indeed learned a TON. But still, maybe because I just don't understand what they say well enough, I am still at a loss about the precise temporal sequence of placing a pin trade in action. A step by step approach, ie "place limit (or stop? Boh) order HERE but only after THIS and THAT" happened.
  • #72,534
  • Edited 6:42am Aug 23, 2010 6:24am | Edited 6:42am
Watching NZD/USD

A nice push up to the 61.8 followed by a close below the 38.2 would be nice.

EDIT: This is part of my working on PA size and being Picky!
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  • #72,535
  • Aug 23, 2010 6:25am Aug 23, 2010 6:25am
Quoting dfumagalli
I watched them with great satisfaction and indeed learned a TON. But still, maybe because I just don't understand what they say well enough, I am still at a loss about the precise temporal sequence of placing a pin trade in action. A step by step approach, ie "place limit (or stop? Boh) order HERE but only after THIS and THAT" happened.
Hi DF,

Reading the whole thread may seem like a daunting task, but it will help you no end in your quest to become successful in this business. One of the contributors, Josh, did however take a lot of time in putting together this summary, which you may find useful as a starting point:

http://www.forexfactory.com/showpost...ostcount=23250

This should guide you through most of your questions.

Best,
Chris
  • #72,536
  • Aug 23, 2010 6:46am Aug 23, 2010 6:46am
It seems that the support area near 1.2735 has turned into resistance. Am i right? Or is it too soon to tell?
Maybe now the big weekly BEOB will have the chance to prove itself.

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  • #72,537
  • Aug 23, 2010 6:58am Aug 23, 2010 6:58am
Quoting ppfx
It seems that the support area near 1.2735 has turned into resistance. Am i right? Or is it too soon to tell?
Maybe now the big weekly BEOB will have the chance to prove itself.
...see this same way

http://img836.imageshack.us/img836/4955/eurweekly.png
  • #72,538
  • Aug 23, 2010 7:19am Aug 23, 2010 7:19am
Quoting ppfx
It seems that the support area near 1.2735 has turned into resistance. Am i right? Or is it too soon to tell?
Maybe now the big weekly BEOB will have the chance to prove itself.

Attachment Attachment

Attachment

There is no weekly BEOB.

There is 27 pips difference in the high of those candles.

Any more than 2 pips difference invalidates the bar as a BEOB.
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  • #72,539
  • Aug 23, 2010 7:24am Aug 23, 2010 7:24am
Quoting giotto
...see this same way

http://img836.imageshack.us/img836/4955/eurweekly.png
Glad to see that even the big boys see it the same way. This means that the trade i was looking for has more chances to succeed


BTW is today some kind of holiday or something, cause the thread is pretty much dead? Or did you guys went out drinking with Mike and now you have a hangover? (Im just joking, dont take this personal Mike)

Quoting mbqb11
..

tonight's beers will be for Argentina
  • #72,540
  • Aug 23, 2010 7:27am Aug 23, 2010 7:27am
Quoting Pinbar
There is no weekly BEOB.

There is 27 pips difference in the high of those candles.

Any more than 2 pips difference invalidates the bar as a BEOB.
Yeah you're right. I wasnt looking very carefully. On the weekly the difference didnt seemed so big.
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