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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

  • #76,181
  • Oct 1, 2010 5:13am Oct 1, 2010 5:13am
Quoting supremeChaos
u missed his earlier post

of course, we try to bite a few chunks off of the trend while trying to stay in it as much as we can.

Thanks SC, been busy bleeding my eyes.

So, James is scaling out.

Sounds like a good idea to do that and still be in the trade with a little, in case it really goes to the moon.
  • #76,182
  • Oct 1, 2010 5:32am Oct 1, 2010 5:32am
Hi everybody,

It's my first post at this forum. I'm learning James16 and I want to post this possible short.
What do you think about it? USD/JPY 30min

Feel free to correct me

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  • #76,183
  • Oct 1, 2010 5:52am Oct 1, 2010 5:52am
Quoting supremeChaos

simple answer would be: Trend. (PA setups are Countertrend)
Does this means that you guys are trading only countertrends so if we are in a long uptrend you are shorting BEOB and if a BUOB comes in the uptrend you would pass it?
  • #76,184
  • Oct 1, 2010 5:56am Oct 1, 2010 5:56am
Quoting john225
Does this means that you guys are trading only countertrends so if we are in a long uptrend you are shorting BEOB and if a BUOB comes in the uptrend you would pass it?
sorry, i failed to clarify.
i was referring to the 2 setups mentioned (the 2 setups were Countertrend, imho)

i just edited that post.

for newer traders, it's better & easier to trade pro-trend setups.
  • #76,185
  • Oct 1, 2010 6:00am Oct 1, 2010 6:00am
Interesting scenario on the GBP/JPY 2 Hour Chart
Looks messy though as it's trading into a bigger zone
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  • #76,186
  • Oct 1, 2010 6:00am Oct 1, 2010 6:00am
Quoting john225
Does this means that you guys are trading only countertrends so if we are in a long uptrend you are shorting BEOB and if a BUOB comes in the uptrend you would pass it?
Hi John,

It normally comes down to the individual set up, the timescale you are looking at and so on.

The "classic" approach, for want of a better word, is a reversal set up, but this could be a pull back in the direction of the overall trend, or a straightforward counter-trend move.

You just have to be aware of common-sense stuff like that tiny pin is probably more likely to be pause rather than the thing that shows you the two year trend has reversed. If you want to take it that's OK, just make sure you play it accordingly (for example by taking profit or moving your stop up to break even at the first trouble area).

There are plenty of trend continuation plays as well, but most people find these harder to identify I think.

Overall, the trend is perhaps a somewhat secondary consideration compared to the set up itself, but of course it is something that you might consider when assessing the context of your proposed trade.
  • #76,187
  • Oct 1, 2010 6:08am Oct 1, 2010 6:08am
Quoting supremeChaos
slowly, u are sounding (& typing) like joel

more lengthy posts to read &study
It's the job bro. heh. Least it's kinda related to trading... like Joel's. Maybe tt's why we sound "similar" (other than falling far short of his amazing wit)
One Mind, Any Market
  • #76,188
  • Oct 1, 2010 6:10am Oct 1, 2010 6:10am
Quoting supremeChaos
sorry, i failed to clarify.
i was referring to the 2 setups mentioned (the 2 setups were Countertrend, imho)

i just edited that post.

for newer traders, it's better & easier to trade pro-trend setups.
Ok thanks now i got it ^^
  • #76,189
  • Oct 1, 2010 7:35am Oct 1, 2010 7:35am
i missed this pin (4-5 bars back), it was a good bearish pin. in line with trend. bounced off prev PPZ, bounced off BRN. nice shape
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  • #76,190
  • Oct 1, 2010 7:59am Oct 1, 2010 7:59am
Hey Guys,
This thread is in an explosion mode,the page numbers are growing rapidly.
Looks like a lot of work to do.
I am busy reading this thread again,i guess i missed something.
And Mike what is your buffer in case of playing a breakout trade.
Say a breakout above a RN,or a BRN,i heard you were taught by darkstar,about the orders and all, do you think,an order at 1.2515 will be safe if a breakout is going to happen,because i believe if big boys were really pushing the price up the order will be safe there.
Or you always trade in the direction of trend and you know the breakout is with trend so you place your order surely at 1.2508 or something.
Regards
Taz
  • #76,191
  • Oct 1, 2010 8:14am Oct 1, 2010 8:14am
Quoting geomink
a) USD/CHF > BUOB Daily at a swing low > Retracement > Entered long > Fast loss by now;

b) GBP/USD > BEOB Daily at a swing high > Retracement > Entered short > Fast loss by now

What's wrong?

Many Thanks

Best trading to all
Neither broke...so technically you shouldn't be in either of those trades.

Remember...a PA bar only looks like a PA bar until it's validated bu virtue of a break of the low/high of the bar itself.

Besides...

GBP/USD failed to close below 1.57...I can't even emphasize enough how important the close of a PA bar is specially when you're talking about immediate traffic. Notice all the bar highs that found resistance at 1.57 before price broke up. That difference between the low and the close of the beob speaks for itself when it comes to the "strength and muscle" analysis of the bar.

USD/CHF was more a BUOB by definition than anything else. We've been in a smooth down trend since June, and you need a really strong PA bar to be going against all those bearish achievements. Mike put's all this really simply when he talks about "the pa bar vs the trend". Notice all the BEBs and BEOBs that mark a good part of the entire move down. Do you notice how almost all of them exceed the size of the BUOB?

It takes some time and practice to get things going, but when the pieces fall into place and begin to form the correct picture it becomes "silly easy" - to commend the big man himself.

g.
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I believe . . .
  • #76,192
  • Oct 1, 2010 8:21am Oct 1, 2010 8:21am
Breakout trades a la Mike on the kiwi and ozzie.
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Pipcrawler
  • #76,193
  • Oct 1, 2010 9:13am Oct 1, 2010 9:13am
Quoting mbqb11
Hey C

I don't touch trade, it is not something I have worked with(but it is on my list to test hopefully sooner rather then later).

I would be not even bias at all. Scenarios I would look for.

Strong rejection (big beob/pin etc, manage according to what happened on the way up.

-Boxing/consolidation - watch for breakout both ways play accordingly(breakout + pullback most times).

- price stalls, then breaks through, look for pullback and 1.6 to turn to support

Best
Mike
Mike, EURAUD is consolidating/boxing for the last 6 days (daily chart). Looks like today it broke out and crossing 1.4100-4130.

So now in this case, you will wait here to retrace back to the same zone 1.4100/1.4130 and look for bullish PA bar, right ?
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  • #76,194
  • Oct 1, 2010 9:26am Oct 1, 2010 9:26am
Hi folks

Decided to jump on board the 4hr with my only Friday trade

2 BUOBs setups trading with the trend. 1.4150 level acting as a PPZ so I am expecting price to stutter there, price made a new highof 1.4165 breaking this PPZ, so I'd like it to turn to support

I got in at 1.4142 because although I was trading into the PPZ I thought with the 2 BUOBs there would be enough strength to carry the trade through.

Cheers

Anthony
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  • #76,195
  • Oct 1, 2010 9:34am Oct 1, 2010 9:34am
Quoting geomink
a) USD/CHF > BUOB Daily at a swing low > Retracement > Entered long > Fast loss by now;

b) GBP/USD > BEOB Daily at a swing high > Retracement > Entered short > Fast loss by now

What's wrong?

Many Thanks

Best trading to all
Hey Geo

We have to know that by taking retracements these bars are not confirmed so it is considered more aggressive(not wrong at all look at the recent J16 and Jarroo posts).

As for the setups, usd/chf I think we shouldn't touch with a 10 foot pole. look at that HUGE trend and this is a very very small bar. What is your additional confluence to make us want to go long?

Gbp/usd I like slightly better since the bar size, but other then that I see it very choppy and would avoid this pair personally till we see 1.6 for some better confluence.

You say losses, but if you are taking on retrace where have you placed your stop loss. And if all the above does not bother you(which is fine of course) then you take your losses and move on . But again don't think bar think, location THEN bar. It will keep you out of a lot of trades that are so-so

Hope that helps
Mike
  • #76,196
  • Oct 1, 2010 9:41am Oct 1, 2010 9:41am
Quoting salvador1gr
Hi everybody,

It's my first post at this forum. I'm learning James16 and I want to post this possible short.
What do you think about it? USD/JPY 30min

Feel free to correct me

Attachment
Welcome Sal to the thread

Firstly I have to say it as we preach it for those who are new. Before going down to these lower timeframes read post 1 from James about sticking to higher timfreames daily/weekly. It may be completely uncomfortable but it is a good way to approach this business from a conservative standpoint as you grasp the material.

This 30 min bar would be a pinbar but not at a swing high. This is a deep swing low and we want to see bearish pinbars at swing highs, and bullish pinbars at swing lows.

Here are some posts from James on better locations
http://www.forexfactory.com/showthre...rt#post2752349
http://www.forexfactory.com/showthre...rt#post2800138

here is one with a similar location as yours(but yours is very tiny tiny definitely a no trade)
http://www.forexfactory.com/showthre...rt#post2819063

Best
Mike
  • #76,197
  • Oct 1, 2010 9:50am Oct 1, 2010 9:50am
Quoting 666Doom
Hey Guys,
This thread is in an explosion mode,the page numbers are growing rapidly.
Looks like a lot of work to do.
I am busy reading this thread again,i guess i missed something.
And Mike what is your buffer in case of playing a breakout trade.
Say a breakout above a RN,or a BRN,i heard you were taught by darkstar,about the orders and all, do you think,an order at 1.2515 will be safe if a breakout is going to happen,because i believe if big boys were really pushing the price up the order will be safe there.
Or you always trade in the direction...
Hey Taz my buffers are no different no matter what I am playing here is a recent post on them

http://www.forexfactory.com/showthre...27#post4058527

Best
Mike
  • #76,198
  • Oct 1, 2010 9:52am Oct 1, 2010 9:52am
Quoting cprao
Mike, EURAUD is consolidating/boxing for the last 6 days (daily chart). Looks like today it broke out and crossing 1.4100-4130.

So now in this case, you will wait here to retrace back to the same zone 1.4100/1.4130 and look for bullish PA bar, right ?
Hey C

I look for bigger more concrete patterns. TO me this is just a small box of consolidation /range not enough for me to personally trade off(doesn't mean you can't), I just try to be picky with everything

Best
Mike
  • #76,199
  • Oct 1, 2010 10:02am Oct 1, 2010 10:02am
Quoting mbqb11
But again don't think bar think, location THEN bar. It will keep you out of a lot of trades that are so-so

Hope that helps
Mike
Mike, since you are one of my heroes and you got in the topic about location vs bar: I have seen many examples of wannabe pin bars (low pin bar but with the close NOT higher than open or high pin with close not lower than open) that end up being fantastic trades because they were at the extreme of a swing and with no FTA nor traffic nearby.
Would you discard those wannabe pins if you see them, because they close "wrong" or would you take them because everything else looks good?
  • #76,200
  • Oct 1, 2010 10:10am Oct 1, 2010 10:10am
Quoting dfumagalli
Mike, since you are one of my heroes and you got in the topic about location vs bar: I have seen many examples of wannabe pin bars (low pin bar but with the close NOT higher than open or high pin with close not lower than open) that end up being fantastic trades because they were at the extreme of a swing and with no FTA nor traffic nearby.
Would you discard those wannabe pins if you see them, because they close "wrong" or would you take them because everything else looks good?
Hey D

Depends on the situation would need examples to tell you better. Sometimes one thing can be slightly off but the trade is fine. I don't have a set rule to always do something. But if a pin works out fantastic and I found something wrong with it I don't care what it does, b/c it isn't about that single individual trade about my overall rules for the long run

If you have any examples I would be glad to evaluate my perspective
Mike
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