james16 Chart Thread | Page 4005 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #80,081
  • Nov 15, 2010 7:25am Nov 15, 2010 7:25am
Quoting Pinbar
LoL.....That really cracks me up.

You think this is still a bullish PB in anyone's style?

Sure, the people that blow their accounts in under a month.


Hey, maybe we should ask Jim to revise the PA basics.

You certainly are expanding the concept of Pin Bars.

Don't you think it would be better to get the basic PA down before you start expanding any concepts?
Clearly you haven't looked in to it very much pinbar, maybe THAT particular one is not a pinbar, but Mike sure as hell got the idea about what I was talking about.

Pinbars don't HAVE TO open and close within the prior bar, they just have to show rejection 2-3X the BODY.

Some of the pinbars you guys show here, or atleast in the beginning of the thread are more like dojis and spinning tops. And you don't put into account that there are different feeds that maybe show that "pin" like a spinning top.
James has his way of playing pins and I'm trying to learn it, and while doing so I am also trying to contribute.
Both you and I know very well I'm not the one that should expand the horizons about what we agree on as pinbars or any other candle; however, both you and I know that anyone that has an idea and researched even a small bit about it can contribue with an idea and if it's good. It will make all of us moer profitable.

That said, I am not saying this particular idea was a smart one, I was just wondering IF it was possible. Because I have read in other places that THESE TYPES OF PINBARS ALSO WORK.

Once again I will say this, I have no hard feelings at all when writing this. You have to understand, I am just trying to learn it all! We all know you guys know more about trading than I do, so please understand, what I am writing (ideas) are only attempts to contribute, not to change.

BTW. Thank you very much Mike for helping me out here and also, you were right about my charts from yesterday.

Thanks!
  • #80,082
  • Nov 15, 2010 7:42am Nov 15, 2010 7:42am
Quoting packhorse
I have got my eye on this one for later.

 

  1. With the trend
  2. Nice space
  3. Hopefully, a good pinbar
  4. Fibo 23.6 and monthly S2 pivot
  5. Target 1.7500 RN

Any thoughts?

Hey, yep itīs a difficult setup like jarroo already said but iīve been watching that buob/dblhc up instead I like the confluence, BRN and space (thereīs also hidden divergence). FTA has been already reached with a good rejection though.. All in all it has potential imo, not decided yet am I taking it or not, choppy pair - choppy movement expected
Attached Image (click to enlarge)
Click to Enlarge Name: en11152010.gif Size: 24 KB
  • #80,083
  • Nov 15, 2010 8:12am Nov 15, 2010 8:12am
Quoting Carnegie
Clearly you haven't looked in to it very much pinbar, maybe THAT particular one is not a pinbar, but Mike sure as hell got the idea about what I was talking about.

Pinbars don't HAVE TO open and close within the prior bar, they just have to show rejection 2-3X the BODY. ......


Thanks!
Hey C, I think you must have read the book of Steve Nison. In his book he mentions hammer bar formations, this is a ONE bar formation with some restrictions concerning only the length of its lower tail in comparison with its real body and also a relatively small or zero upper tail. Here at this thread we now add another restriction concerning the previous bar, that is: the real body of the hammer bar must fall within the high/low range of the previous bar. This hammer bar with the added restriction is what we call a (bullish) PB at this thread. This added restriction makes the original hammer bar somewhat more bullish because the close is above the previous bar low, which was resistance and could now act as support. The same reasoning could be applied to a bearish PB or what Steve Nison would call a shooting star. Personally I would trade a hammer bar just as well without the extra restriction that makes it a bullish PB.
Pipcrawler
  • #80,084
  • Nov 15, 2010 8:28am Nov 15, 2010 8:28am
Quoting xmzhang
Hey C, I think you must have read the book of Steve Nison. In his book he mentions hammer bar formations, this is a ONE bar formation with some restrictions concerning only the length of its lower tail in comparison with its real body and also a relatively small or zero upper tail. Here at this thread we now add another restriction concerning the previous bar, that is: the real body of the hammer bar must fall within the high/low range of the previous bar. This hammer bar with the added restriction is what we call a (bullish) PB at this thread....

Looks like you're a Nison student aswell. You're spot on there zhang. This is exactly what I was talking about but I didn't want to use the terms 'hammer' and 'shooting star' as many here maybe haven't read Nison.

What I was trying to say is that THESE setups or should I say these kinds of bars ALSO work and could be added into the J16 way.
It was merely an idea, nothing more.

Thanks for adding, you are very correct in your comment zhang.
  • #80,085
  • Nov 15, 2010 8:40am Nov 15, 2010 8:40am
Quoting Pinbar
Hey Adi....what about the BRN having confluence with the 50 fibo and the PPZ?
Hey PB, sorry missed it. Well yeah it was going to be my FTA. But as I see the trade already I might just get stopped out... I thought a lot on this setup, really PB is kinda week + we have a multi month downtrend, but I liked this 2bottom on weekly.... Well ok I am in the trade, so all I can do is hope for it to give me a chance to BE... AND be more picky next time.
  • #80,086
  • Nov 15, 2010 8:44am Nov 15, 2010 8:44am
Quoting ppfx
nice trade you found there i added a little story on my charts below if you dont mind ...
Hello Ppfx, thanks for your analysis!!! this is really interesting way to see the "depth". I usually go to the higher TF's instead. Thanks. Well I'm in this trade already, with many doubts, but I try to keep my emotions away and just wait for it to let me set my stop to BE
  • #80,087
  • Nov 15, 2010 8:48am Nov 15, 2010 8:48am
Quoting joelcf
I had dinner with a friend on Friday who works as a dealer for a CFD house. So, in between copious amounts of sake and shochu, we got to talking about trading, and the stupid things we have seen people do. On the way home (edit: the next day. late, late the next day), thanks to weather delays, I had plenty of time to think about things and got to typing.

This year has easily been my most profitable ever. The part I devote to straight PA trades has had a total return of 112% over the past 12 months. My entries and exits in...
Awesome post, thank you!
  • #80,088
  • Nov 15, 2010 9:13am Nov 15, 2010 9:13am
Hi all

Ive been away from the thread for 3 weeks as I needed to reread James' charts / demo

Ive spent like 3 hours trying to catch up with the thread. I wanna thank the contributions from Mike, Pinbar, Jaroo , Ghous and Joel for opening my eyes.

It is unreal how much we forget to look at when we demo / live trade i.e. BUOB retrace trades, boxing consolidation as a way to see PPZ and S and R, WIPLTG?

Speak soon

Anthony
  • #80,089
  • Nov 15, 2010 9:40am Nov 15, 2010 9:40am
Price wasn't able to break the high of the weekly PB, as seen on the 4H-TF, price generated a 4H-PB and is now pulling back. I didn't like the close which was a few pips above the RNB @ 13900. Switching to a lower TF to optimize my entry I saw that on the 30m-TF the 4H-PB closed as a 30m-PB. So in this special case we get our lower TF entry PA right after the close of the higher TF PA. Entry on the break of the 30m-PB below RNB 13900. FTA would be a 4H-PPZ @ 13825-ish. On the lower TF this PPZ is now acting as resistance as seen by a PB and BEOB, next target is the RNB @ 13800 which price surpassed with lots of momentum. Uptill now price has already moved more than 150 pips, its ADR at the moment is about 125 pips, normally I would close my daytrade but in this case there's still a lot of bearish momentum so I stay in the trade until this bearish momentum dissipates somewhat. I'am also waiting to see some bullish PA at RNB @ 13700 later to go long for another attempt to break the weekly PB.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: FF.jpg Size: 199 KB
Click to Enlarge Name: FF1.jpg Size: 204 KB
Pipcrawler
  • #80,090
  • Edited 10:08am Nov 15, 2010 9:47am | Edited 10:08am
Is the EURAUD Weekly PinBar not to small if we take a look on the previous bar it is much bigger.
  • #80,091
  • Nov 15, 2010 10:04am Nov 15, 2010 10:04am
Quoting plund
Hi Mike!

Seems like the brokers 4 hour close has changed. Have to find a new one. Please let me know if you find one.

/plund
Hey Plund

I am using currently

MBtrading
FXpro
IBFX
Alpari UK

Best
Mike
  • #80,092
  • Nov 15, 2010 10:12am Nov 15, 2010 10:12am
This is daily chart. Current bar closes in another 8hrs.
If we ignore the short Suday bar and if current bar closes within 20 pips of 1.75 (preferably above), I think it will form a nice 2Day IPB in a nice location.
Confluences being VBRN 1.75 and TL.
What do you think guys ?
Attached Image (click to enlarge)
Click to Enlarge Name: eunz_ipb.gif Size: 19 KB
  • #80,093
  • Nov 15, 2010 10:17am Nov 15, 2010 10:17am
Quoting Psychosis
(First paragraph is long and just about me, feel free to skip it)

Hey everyone, I've been studying this thread (mostly the main posts that were linked to from the first post) and the videos in the guest section since Friday and was hoping you could give me some feedback on my chart observations. I've been studying forex mostly from this forum and a few books on and off for about a year now (Still haven't live traded and I'm not planning to for at least 6 more months). I'm just getting out of the stage where I was looking for my own super secret...
Hey psychosis

Welcome I remember the days of burning the midnight oil

Here would be my run down on the eur/usd

Firstly the Pinbar, glad you passed, it never broke the high so not valid. To me the biggest issue is the size coming off the previous 3 days of very strong bearish bars. It had more of a stall feel then a reversal. Now if price broke the high of the bar the FTA(first trouble area) is actually where you marked you would have stuck an entry. I would recommend not sticking an entry so high above a bar b/c in general an area of that distance can also be into where the FTA is and then you would be buying right at the point "price is likely to go".

As for the DBHLC, I had questions on this one, and in my eyes the Highs of those two bars are too far apart that it just looks like a bearish day. Again the interpretation of some things will come down to the individual. As for that bar and location the traditional location we want these bars are at swing highs, where this is a swing low. This is how James teaches us and although you can trade them anywhere, it is always in my opinion to learn them the way Jim teaches first to get comfortable with everything.

Your lines are all good though and you can see the "boxing" around your lines which is very important. The pinbar would be trading inside a box where the DBHLC is trading away from a box(a good thing).

Hope that helps

Mike
  • #80,094
  • Nov 15, 2010 10:20am Nov 15, 2010 10:20am
Hey Mikey! Was waiting for you to log in!

I was wondering, if it wouldn't be to private.
Could you post a couple of trades the last month or so you have been in, no pictures or nothing just Date and entry/exit.

I would like to do some research and learn from them in between the waiting for setups.
Like which trades are you in now?

If posting the last trades you have been into is too personal I understand that.

Thanks!
  • #80,095
  • Nov 15, 2010 10:21am Nov 15, 2010 10:21am
Quoting antgal23
Hi all

Ive been away from the thread for 3 weeks as I needed to reread James' charts / demo

Ive spent like 3 hours trying to catch up with the thread. I wanna thank the contributions from Mike, Pinbar, Jaroo , Ghous and Joel for opening my eyes.

It is unreal how much we forget to look at when we demo / live trade i.e. BUOB retrace trades, boxing consolidation as a way to see PPZ and S and R, WIPLTG?

Speak soon

Anthony
Hey Anthony

Good to see you around, yeah it's a process. Sometimes you get one thing, then takes awhile to get the next piece. Then you have to learn to put those pieces together. The mistakes are always going to be there, we just try to minimize so in the LONG RUN we can come out on top.

Best
Mike
  • #80,096
  • Nov 15, 2010 10:23am Nov 15, 2010 10:23am
Quoting john225
Is the EURAUD Weekly PinBar not to small if we take a look on the previous bar it is much bigger.
Hey John

That pin is very small in my opinion vs the strong down move we are in. If it breaks it should get up towards 1.4 so it will depend on trader style. It is still smaller then that previous bearish bar too.

Again the question I always tend to ask back at people are. If you are struggling, is this bar being picky enough? (there is no right or wrong answer, but there is a better answer in my eyes personally)

Hope you all had a nice weekend(I got to grab beers with one of our members from south africa how cool!)
Mike
  • #80,097
  • Nov 15, 2010 10:24am Nov 15, 2010 10:24am
Quoting mbqb11
Hey Plund

I am using currently

MBtrading
FXpro
IBFX
Alpari UK

Best
Mike
Thanks a lot Mike!
  • #80,098
  • Nov 15, 2010 10:51am Nov 15, 2010 10:51am
Took my first loss in a while on the EURAUD. No biggie, I am trying some more aggressive methods with a very, very, very small percent of my account and going to keep seperate statistics on them to see where I am at.

I think on the Weekly/Daily with the obvious set-ups, I am good to go. I have really made great progress.

But I do not have the confidence to take some of the "surprise set-ups" (ones I didn't expect, but look good, and I don't know what to do so I stay out) and also work on cutting down my stop loss size on my original trades. I will forward test this for months, with a very small portion of my account, to know what I can and cannot expect.

With this said, my EURAUD trade looked good, even in hindsight. Dailiy BUOB on Friday (yes a Friday bar, but a nice looking BUOB) + a Weekly Pin bar + divergence + double bottom.

I set my entry at 1.3930 and my TP at 1.3970 (I expect the 1.4000 area to be a very strong resistence). I think the high on my chart was 1.3926, but with slippage that got me into the trade, and a quick loss.

No biggie, that is part of the more aggressive method. I haven't given up on going long on this pair either, just waiting for another opportunity.

We must lose in this business, even with the best of entries losses happen.
  • #80,099
  • Nov 15, 2010 11:59am Nov 15, 2010 11:59am
Hi tj,

I don't know about aggressive methods. After reading so much of the posts here from seniors (especially Mike and his picky trades), more and more it's getting to me that you don't really need to be aggressive (unless it's for entertainment...). You can just take it easy and wait for the big trades to come to you. And when they come, it's so much less stressful to deal with them.
If I don't see any "BIG" trades setups, I open some of J16 material and read and read some more.
There is always a great setup around the corner

I hope that make any sense at all.

fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur


Quoting unlv_tj
Took my first loss in a while on the EURAUD....
  • #80,100
  • Edited 1:15pm Nov 15, 2010 12:54pm | Edited 1:15pm
Mike (and all other breakout traders), I've got a question to you regarding breakout trades with retest of the TL/PPZ. I'm sure I have read the answer somewhere on this thread or have seen it on your chart multiple times but I can't remember. It goes like this:

If there is a breakout, say a trend breakout and a subsequent retest of the TL. Do you still want to see the exact same PA characteristics as you want to see at obvious swing highs/lows (e.g. PB with long sticking out noses, close below open etc.) or do you lower your expectations and would also consider something like the PB on my chart (in terms of size, less extruding...)?

I'm asking because outstanding PAs with long noses etc. seem to happen less often at retests. You rather see those tiny ones. My impression is they are still very reliable. I would like to hear your opinion.

EDIT: I've added another very recent one on GU. It's close is a few pips below the preceding bar's low, so in terms of J16 trading not a valid PB. Still a possible trade in your book?
Attached Images
Thanks J16, Sam Seiden, Udine and Jacko
38 traders viewing now