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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

  • #79,701
  • Nov 10, 2010 11:54am Nov 10, 2010 11:54am
Thank you for your help on the EURGPB. I am still WAY too picky and I am WAY too conservative, from where I think I need to be. But maybe not either.

I did trade the EURGPB based on the weekly break at .8645 and hit my TP of .8530. I believe this pair might chop around .8500, so I am going to wait for more chart information to be displayed before I try to short it any further.

Mike, Jarroo, Rac, James, Ghous, I saved much of your posted charts and the text of your posts to a folder stored on a small external hard drive. I have a lot of information saved over the years, so when I have no internet access I can study for hours on end. So don't think any of it goes to waste, it has been saved for me to look at for years.

I need to up my ante, not the amount I risk on trades, as much as I need to trust myself more and take more risky trades. I think I have reached these cross roads. I am much better at identifying set-ups, even without P/A availabe. I think this year I have taken 19 trades and made money on 16 of them (I will have to count on my journal to know for sure).

Thank you all!

T.J.
  • #79,702
  • Nov 10, 2010 12:18pm Nov 10, 2010 12:18pm
Quoting unlv_tj
Thank you for your help on the EURGPB....
So happy for you and your progress TJ, a true testament to hard work and dedication

  • #79,703
  • Nov 10, 2010 12:54pm Nov 10, 2010 12:54pm
Quoting gh0stjpy
hi and thanks mbqb11 , john225, i currently trade on Spreadbetting acc as it's nice and simple ie: £1 per pip equals £1 per pip. Today i did a SELL on EUR/USD, AUD/USD, GBP/USD, made 5 pips and got out lol! but a gain better than a loss! i only tend to trade an hour a day due to work.

i have tried a couple of CFD and Forex accounts (currently started that Alpari UK contest) but am having trouble understanding how these Forex accs work? in SB acc...
Here is a good summarie of the James16 it helped me a lot like the links on the first page it is really worth to read it all.

http://www.forexfactory.com/showthre...66#post3999966
  • #79,704
  • Nov 10, 2010 1:07pm Nov 10, 2010 1:07pm
Quoting DaveI
USDJPY, a bullish outside-bar. currently +70.
I think i should close the position around 82.80 because of a resistance.
excellent Dave!
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  • #79,705
  • Nov 10, 2010 1:10pm Nov 10, 2010 1:10pm
Seems like I was a bit too optimistic with UJ. Stopped out @15 Pips. TA was a few pips under where I expected it. Instead we might see an 8h PB.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #79,706
  • Nov 10, 2010 1:58pm Nov 10, 2010 1:58pm
I´m currently +28 with this one, pitbullish pb and nice div. Moved my stop under ppz
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  • #79,707
  • Edited 6:12pm Nov 10, 2010 4:18pm | Edited 6:12pm
I did some test on DB-bars and BU/BE OB's and how to trade them.
My first approach to them was to just buy or sell at the break.

Now that I've done some testing on a couple of charts, I have noticed that the market 'fakes-out' many, many times when using a 20 pips entry below/above the highest/lowest point (20 pips randomly chosen).

How do you guys deal with this? Is it just something we cannot do anything about or do you play retracement etc. on the same bar but lower TF?


And another question:

I was looking through a couple of daily pairs which were of some interest to me, maybe someone could point out which one of them would be interesting to you long time J16 students.

USDCHF pinbar at fib retracement. Went up to the 50 and closed below 38 (if you wonder it's not the big move down, the fib ret. should be drawn from the latest swing high).

EURAUD made two consecutive lows. I wouldn't dare to trade this, because I can't see anything more than the pattern (just the two matching lows), maybe you guys see more of a confluence to take a short here? Tell me about it!!

GBPCAD is making higher lows with pins all the time now and this last one is a pin aswell. Resistance is the same.. isn't this a triangle?

Thanks!!
  • #79,708
  • Nov 10, 2010 6:32pm Nov 10, 2010 6:32pm
Quoting Carnegie
GBPCAD is making higher lows with pins all the time now and this last one is a pin aswell. Resistance is the same.. isn't this a triangle?

Thanks!!
The only one of interest is the G/CAD ...but for my learning purposes only....i'm watching the 1H TF the flag pattern and the R as well as the fibs that are holding it down...will this pop and retrace for an entry? I don't know we shall see....regardless it is sideways pair to me...and learning to trade sideways is of interest to me..sorry i'm not much help
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  • #79,709
  • Edited 6:53pm Nov 10, 2010 6:39pm | Edited 6:53pm
Closed out the old position on AUD/NZD for a small loss.
However the short from Tuesday is still in play and has already covered the loss on the closure of the first position.
Also, I am not back in the same trade but at a better price that should enable me to better manage the trade.

Just taken one third off the table.




This is interesting as the weekly BEOB is now in play again, as price has dropped below the low that bar. Looks like the 1.29000 was the key area as Jarroo mentioned.

I think this trade has taught me that, I should wait for PA on the higher TF to show me how it wants to go on the lower tf at the pullback before jumping in.
In other words don't just jump on the weekly PA but see how it plays out on the weekly and get a chance to perhaps get in at a better price.

I am looking at the 1.27600 area to take more off the table.
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  • #79,710
  • Nov 10, 2010 6:50pm Nov 10, 2010 6:50pm
Quoting Atc
The only one of interest is the G/CAD ...but for my learning purposes only....i'm watching the 1H TF the flag pattern and the R as well as the fibs that are holding it down...will this pop and retrace for an entry? I don't know we shall see....regardless it is sideways pair to me...and learning to trade sideways is of interest to me..sorry i'm not much help
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  • #79,711
  • Nov 10, 2010 7:00pm Nov 10, 2010 7:00pm
EUR/AUD has formed a double bottom at the absolute low.


Maybe we are going to see a Mike special breakout pattern.
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  • #79,712
  • Nov 10, 2010 7:35pm Nov 10, 2010 7:35pm
Closed out another third for 100 pips at 1.27770 and moved my SL closer to BE.

Still giving it enough room to move if it wishes to do so but, it can not cause me a loss even though I am still not at BE because I have already taken off two thirds and left a small portion in just in case it wants to be a runner.

It is now basically a free trade.
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  • #79,713
  • Nov 10, 2010 10:21pm Nov 10, 2010 10:21pm
Let's see if it can make the 50 fibo retracement or not.


I guess the G20 meeting is keeping everyone away today.
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  • #79,714
  • Nov 10, 2010 10:56pm Nov 10, 2010 10:56pm
Quoting Pinbar
I think this trade has taught me that, I should wait for PA on the higher TF to show me how it wants to go on the lower tf at the pullback before jumping in.
In other words don't just jump on the weekly PA but see how it plays out on the weekly and get a chance to perhaps get in at a better price.

I am looking at the 1.27600 area to take more off the table.
Lookin' good PB
Would you mind explaining your thought process a bit - what the weekly BEOB had to do with that 4H PB? also in relation to the 1.2900 level

Btw, did you enter on retrace of PB? i notice your entry wasn't below PB low. Thanks
  • #79,715
  • Nov 10, 2010 11:09pm Nov 10, 2010 11:09pm
Hi Jaroo
What do you think about this chart?
I know you'll love it coz it's full of S&R
I have no idea where to draw the major PPZ. The PB sure looks good though -off Fib, TL & close above 150 ema
How would you look at this chart?
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  • #79,716
  • Nov 10, 2010 11:30pm Nov 10, 2010 11:30pm
Quoting Be Cool
Lookin' good PB
Would you mind explaining your thought process a bit - what the weekly BEOB had to do with that 4H PB? also in relation to the 1.2900 level

Btw, did you enter on retrace of PB? i notice your entry wasn't below PB low. Thanks


Well, it does and it doesn't have much to do with the weekly BEOB.

Because, I was in the weekly BEOB but, price went against me, big time.

The 4 hour PB is in the same direction as the weekly BEOB and also the tip of the H4 pb is just below the close of the weekly BEOB.

This is the thought process which led me to hold onto the H4 PB which I actually took before it closed, to get me in at a better price, as, I thought it would help me close the gap in the loss on the weekly PB retracement. It did, and also it worth noting that the daily bar yesterday closed as a BEOB.

This is sort of like the Anti hedging strategy where if price goes past your entry by 150 pips or so, you place an order in the same direction of your original order. As price drops, you are making up the loss on the original order two fold, the loss is getting less as price decreases and your win is getting more as price decreases. So, price only has to go half way to your original entry and you are back at BE.

I don't recommend this anti hedging strategy for new people, it was something Jacko taught me before he ran off with everyone's cash.
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  • #79,717
  • Nov 10, 2010 11:42pm Nov 10, 2010 11:42pm
Quoting Pinbar
Looks great...

Certainly shows us how this relates to PA and FTA.


Many thanks Jarroo.



EDIT: I totally screwed up that H4 PB yesterday and indeed the FTA of the Weekly BEOB. The H4 PB failed to make the FTA I worked out before I crashed out so, I left it open and went to bed. Big Mistake. It almost hit the FTA and bounced.



I think the weekly BEOB has already hit its FTA and we now have a turnaround starting, now I am stuck in 2 trades Short and price is going North.
I am glad these were demo trades but it still sets a...

If your asking if a setup can go beyond its 1st target due to its sheer size, quality, etc . . .I would say, "sure it can" but I going to protect myself if it doesn't. All we can expect from a quality setup is its 1st target. imo

The Aud/Nzd looks like it may have some more downward movement. We'll see how it closes at week's end.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,718
  • Nov 10, 2010 11:46pm Nov 10, 2010 11:46pm
Oh, the 1.29000 area. If we look at either side of that area we can see it has been both resistance and support.
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  • #79,719
  • Nov 10, 2010 11:49pm Nov 10, 2010 11:49pm
Quoting jarroo
If your asking if a setup can go beyond its 1st target due to its sheer size, quality, etc . . .I would say, "sure it can" but I going to protect myself if it doesn't. All we can expect from a quality setup is its 1st target. imo

The Aud/Nzd looks like it may have some more downward movement. We'll see how it closes at week's end.

Hi, Jarroo


Yes, I already took TP twice after the anti hedging short off of that H4 PB.

It made up for the loss I took on the original entry and I am now in a free trade at a much better price than previously.


EDIT: Yes, I am wondering if it can make the 50 fibo.

Yes. I thought it was possible a bad move yesterday but when I woke up this morning, it was looking like it could make it.
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  • #79,720
  • Nov 10, 2010 11:58pm Nov 10, 2010 11:58pm
Quoting Pinbar
Hi, Jarroo


Yes, I already took TP twice after the anti hedging short off of that H4 PB.

It made up for the loss I took on the original entry and I am now in a free trade at a much better price than previously.
I liked your 4 hour PB off the 1.2900, but the traffic was too much, a bit too crowded. I would have liked to have seen that at the 1.3000.
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Indicators show the past. Price Action "Indicates" the future.
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