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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

  • #72,541
  • Aug 23, 2010 8:05am Aug 23, 2010 8:05am
Quoting Chris P
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

Thank you. BTW reading the whole thread does not just "seem" like a daunting task, when the terse summary alone is longer than whole other trading systems.
  • #72,542
  • Aug 23, 2010 8:20am Aug 23, 2010 8:20am
Quoting xmzhang
On the 1H-TF price just generated a PB at my entry-level, this should give me more confidence that this trade is going my way. I've also moved my SL towards a few pips above my entry point at 13190 near BE. There is no pressure anymore on this trade, from now on it will only cost me time to watch this trade, go baby, go baby, go down.
Got stopped out for a small profit of 41 pip on my last position (my swingtrade position). Profit on the first position, my daytrade position, which I closed last friday was 42 pip. So in total 83 pips of profit on this (demo)trade. Unfortunately price came just 8 pips short to my final target of 13100 before it turned around and stopped me out. Well this sh*t happens.

May the force be with you.
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Pipcrawler
  • #72,543
  • Aug 23, 2010 8:49am Aug 23, 2010 8:49am
Quoting ghous
I respect your insight N,

What's A+ for one trader may not be A+ for another.

g.
Hi Ghous,

I can understand when a newbie like me says that a particular trade setup is A+ and the seniors downgrade it to A / B or maybe C. If you say that the last setup as A+ then I better believe that as you are making money (real plus demo) and not me.

Cheers
Novice 198
  • #72,544
  • Aug 23, 2010 8:57am Aug 23, 2010 8:57am
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 D

Let me know if this chart helps.
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  • #72,545
  • Aug 23, 2010 8:57am Aug 23, 2010 8:57am
Quoting ppfx
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)
slow market days = slow public thread days. Give it a day and people will be back to saying this thread moves to fast. That's how we got to 8billion posts LOL
  • #72,546
  • Aug 23, 2010 9:02am Aug 23, 2010 9:02am
Quoting Colie
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
Hey Colie

I would just be very careful with the size of the bar vs the strong move down. I would want to see much more conviction from the bulls before hopping on personally.

Take care
Mike
  • #72,547
  • Aug 23, 2010 9:18am Aug 23, 2010 9:18am
Quoting ghous
That's the 42.6 FTA novice was talking about, it was the FTA true and it was on my mind for sure, but then like I mentioned in the previous post price did break through the FTA like butter.

Let's take a closer look at the "broke through like butter phenomena":

Below is a chart that shows the action on the 5 minute. The first red line is the entry point, the other lower one is the 42.6 area that you guys are talking about.

A very obvious characteristic of an A+ setup is that it normally get's backed up by decent order flow - i.e it breaks...

Great chart and example g.

__________________________________________

I'm having some computer problems as of late . . time for a new one. (about time lol)
Indicators show the past. Price Action "Indicates" the future.
  • #72,548
  • Aug 23, 2010 9:35am Aug 23, 2010 9:35am
Quoting The Lord
Let this addiction happen to me soon. Oh god, please!

Once you remove your anxiousness to trade, the feeling that you have to be in a trade . these hurried thoughts of "I got to trade! I got to make it" . . . once these are gone . .it puts you in a better place . . then add the simplicities of the James16 method and it really becomes . . .fun.

I'm not saying this is you, The Lord, just how it was and is for me.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #72,549
  • Aug 23, 2010 9:38am Aug 23, 2010 9:38am
Quoting novice198
Hi Ghous,

I can understand when a newbie like me says that a particular trade setup is A+ and the seniors downgrade it to A / B or maybe C. If you say that the last setup as A+ then I better believe that as you are making money (real plus demo) and not me.

Cheers
Novice 198
That kind of a thought process is the last thing you want to be having N,

Nobody is completely right or completely wrong when it comes grading trade setups. Like I said it was more than ok that you felt the cad/Yen setup was not A+, what is not ok is to kill that gut feeling because somebody who's been posting at the J16 thread for some time thinks otherwise.



g.
I believe . . .
  • #72,550
  • Aug 23, 2010 9:38am Aug 23, 2010 9:38am
Some nice bars on the E-G 4H-TF. Firstly a BEOB, 5 previous bars were engulfed by the engulfing bar. BEOB closed below the 8200, pulled back to low of one the engulfed bars to the pip. FTA at the 8180-ish, very close to the close of the BEOB, so one could have entered via a touch trade at the pullback around the 8200 (Jarroo performed this same technique on the weekly DBHLC of the G-U last week). After the break price made a double bottom pattern, price continued the downtrend by breaking the double bottom. FTA would be at the 8160. I didn't trade this one, just like it to mention in hindsight.
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Pipcrawler
  • #72,551
  • Aug 23, 2010 9:46am Aug 23, 2010 9:46am
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.
Mike is one of those few blessed people who can put anything in the most simplistic way possible, but since you are still wondering about entries and exits and how to choose your trades, here's a quick video I did for you.

Let me know if this was worth anything,

Doing charts obviously takes less time but I understand your willingness to let visuals help you as you not at home with English.

Language sure shouldn't come in between you and your learning of the J16 stuff.

EDIT: and there comes Mike again with a simple chart with 2 lines that should do the trick, but I'll post the video anyway

video

g.
I believe . . .
  • #72,552
  • Aug 23, 2010 9:47am Aug 23, 2010 9:47am
Quoting cprao
Jarroo, This one just caught my eye.
Edit: Retracement to previous high/low.

cprao, do you remember this post.

I don't know about your feed on that chart . . .looks a bit off.

Quoting cprao
Jarroo, A great explanation about how to read/understand retracement. Thank you !!!
Quoting jarroo
A retrace or retest of a given level is basicly a formation of a PPZ level. (hang on . .stay with me here . .) What is a PPZ level? It is where Price "flips" or a level where Price acts Support then Price breaks through the Support and then acts as Resistence. (and vice versa) A PPZ level.

Think of Price retracing to the previous high/low (generally) or to a BRN or to a PPZ level as Price retesting that level (Sup or Res) in the form of an Outside Bar.

Price breaking Support and turnng into Resistance (or vise versa) all in one Price Action...
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Indicators show the past. Price Action "Indicates" the future.
  • #72,553
  • Aug 23, 2010 10:00am Aug 23, 2010 10:00am
Hey guys, kiwi has almost generated a nice PB right off the RNB 7100, I've a sell stop pending a few pips below the PB and a SL a few pips above the 7100.
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Pipcrawler
  • #72,554
  • Aug 23, 2010 10:01am Aug 23, 2010 10:01am
Hello as a farmer that have a little knowledge of the trading system. its possible to make up to $1000 per week. Pls i need to be thorough put through.
  • #72,555
  • Aug 23, 2010 10:06am Aug 23, 2010 10:06am
My shorttrade on the kiwi has just been triggered @ 7070.
Pipcrawler
  • #72,556
  • Aug 23, 2010 10:19am Aug 23, 2010 10:19am
Quoting Kincharles
Hello as a farmer that have a little knowledge of the trading system. its possible to make up to $1000 per week. Pls i need to be thorough put through.
Hey Kin

There is no trading system here but a method that gives a logical approach to the markets. That takes time and practice to get to a point of profitability. Looking at it as can I make X$ per week is an approach that usually ends in disaster. Instead I suggest starting at post 1 and seeing if the information hits home with you and start DEMOing only. What you make out of it will be something you will see as you grow and learn the material better.

Take care
Mike
  • #72,557
  • Aug 23, 2010 10:28am Aug 23, 2010 10:28am
is this beob a good setup?

divergence. engulfing some bars, new low...
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meine augen sind die sterne
  • #72,558
  • Aug 23, 2010 10:32am Aug 23, 2010 10:32am
Quoting Ace284
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.
Both positions just hit their target.

MT4 account:

Risk = 28 pips
Reward = 107 pips

Risk:Reward = 1:4

Second account:

Risk = 45 pips
Reward = 233 pips

Risk:Reward = 1:5.2

(I didn't take the trades solely because of the good ratio, the setup was A+ in my books and the ratio just made it a solid trade)

My AUDCAD position got stopped out at BE at 0.9350...expected more but the massive gap caused a few problems.

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.
Update (Chart Below)
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  • #72,559
  • Aug 23, 2010 10:36am Aug 23, 2010 10:36am
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?

Hey Ace . . .I enjoyed your video.

You analysis of pointing out a great level of a strong confluence was very good, the .9350ish. The potential of a possible shorting opportunity was clearly there. The opening of this week clearly showed your analysis was correct, (Hourly chart showing the gap down). This is where some solid bearish PA would add additional confirmation for one to take a short at the .9350ish level.

Since no obvious bearish PA was present and Price broke through that level fairly easily, showed me that the uptrend is very strong. Strong . . because Price had to break through a strong level.

The .9350 level is still a very strong level as you pointed out and Price may again re-test it. I believe this level will now act as strong Support and bullish PA would be what I would be looking for if Price reaches this level.


Just some thoughts,

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #72,560
  • Aug 23, 2010 10:44am Aug 23, 2010 10:44am
Thanks Mike,
How do i go about all ur explanation, cos am already demo trading with alpari still is not so clear to me.
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