james16 Chart Thread

Quoting Adilius07

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Hey Cprao. May I ask why this:

1) The PB closed above the blue box. - It is actually good for PB, no?? The box provide support. Why do you think otherwise? Just asking, because usually I view it as support so if it closed above the box I consider it is good...

EDIT: You meant within the box? Looks so..

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Quoting cprao

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Adi,

It's my mistake.. I was to write " PB is NOT closed above the box".

I changed my post now..

I do see the same you do.. if PB is closed above the box.. I would consider that as a support to hide SL..

I would still not trade this since it is heading into BRN 1.4

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Quoting Adilius07

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Ok let me post the chart, maybe it was easy as I see all had no problems with it. However, again the bar itself looked really good to me. So the truth is really location is the king... location!

http://cdn.forexfactory.com/attachme...1&d=1290951893

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Quoting Adilius07

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Hey Jarroo, that is regarding that particular chart. Why in my view the price went down from there. Here is the chart I made with some examples.
I saw it works a lot of time. So this is a valid level for me to look for a setup too. Like minor pivotal s/r something like this.

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Quoting Adilius07

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Here, the ones that stand out. Sometimes it would not even come close, sometimes it is spot on. Like everything else I guess. But I think knowing this, should help me.

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Quoting cprao

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I didn't even reach the FTA, I expected.

It did break the PB though (though not the immediate next bar)..

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Quoting jarroo

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Looks real interesting Adilius. They do look like an area to look for S/R at swing points. But they do seem to fall in line with the simply premise of Support turning into Resistance (and vice versa) once Price breaks through and closes below (or above).

It would explain how a PA setup at a swing point tends to follow through with its Bullish or Bearish indication.

I like it , Adi. . .

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Quoting novice198

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Hi Jarroo, Any reason why some other Hi / Lo levels are being ignored as shown by me.
Cheers
Novice 198

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Quoting Adilius07

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Thank you Jarroo for reply, I think I can use this just as another confluence factor for me... sometimes I eveb think that whole bar (the fractal hi/low) acts as one S/R zone. Like if we have a PB and have our SL behind it the price would often retrace into the PB's range then find its support and shoot from there... so can whole bar be a S/R? if so then it is logical - this level is like a beginning of that S/R bar...

Oh I think I said too much really, lol, I need to spend more time with my charts...

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Quoting Adilius07

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But see the one before is also against BRN, but worked out perfectly. I'm afraid that in real life I would take a PB like that for sure, for a full loss.. because really we can see that there is still some room to go to BRN and think we could move to BE fast, well at least my thinking is this now. I need to seriously review my trading plan..

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Quoting Pinbar

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EG, BUEOB.


I know it is still below the BRN, but let's ignore that for now.


EDIT:

Finished.....
Well, we knew from the BRN alone this was a NO No trade but, I think the other reasons are probably equally as valid.

This is the sort of thing, I intend to try in a more spontaneous manner.


Any opinions both good or bad, greatly welcome.

EDIT: The other more obvious story looking at the daily alone.

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Quoting ghous

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A PPZ which is obvious is a strong one

A PPZ that hosts plenty of solid evidences of S/R is a strong one

A PPZ that initiates aggressive bounces/rejections is a strong one

A PPZ that is not frequently visited is a strong one

A PPZ that lines up with round numbers is a strong one

Just a few characteristics of a strong PPZ (from the top of my head).

Obviousness is of course important. What makes a price level worthy of watching is the number of eye balls watching it, and that is directly depending on...

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Hi Gang,

Generally, I think that J16 teaches us to put our initial stop just above or below the PA bar that we are playing. So, for example, if I'm taking a pin bar short, my initial stop would go just above the high of that bar.

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On the other hand, I've frequently read in this thread that folks don't (or rarely) take full bar losses (which I assume means allowing price to retrace all the way from the entry point to the initial stop). I find this a little confusing. If we're not going to take full bar losses, why put the initial stop a full bar away?

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I understand that putting the initial stop above the PA bar gives the trade room to "breathe", and if price in fact does retrace all the way to the far end of the bar that is a very clear indication that the initial analysis was wrong. But at what point before a full bar loss happens does one move the stop closer, assuming that the trade is going against one?

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If the trade is going in my favor, then moving stops as PPZs are hit (to BE or to protect profit) seems very logical. But suppose I short that pinbar; price then rises to the 38.2 retrace of the pinbar; would most folks exit there? At the 50? At the 68.2? Or is it based on one's money management rules: exit when .5%, 1%, 2% of account is lost, no matter where this happens to fall on the pinbar? And if I use a clear rule like this (fibos or MM rules, that is), why put the initial stop a full bar away at all?

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I find this to be the most confusing aspect of trading; in my initial demoing I frequently took full bar losses. In fact, most of my demo losses have been full bar losses, since I never knew when to close the trade before that initial stop was hit. Is this an example of the old trap of saying "It's got to turn around soon!", as the account size dwindles off into the distance?

Quoting jarroo

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Will the 1.0000 act as Support since Price broke through Resistance and closed above on the Weekly Usd/Chf? Bullish PA at the 1.0000 would be a good confirmation. We shall see.

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Quoting HanSolo

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Ladies and gentlemen, screen time and dedication pay out once again: PB and ATC are right. This pinocchio bar is lying big time. As PB noticed it did not close above the PPZ and under the BRN. A very bad sign despite this great bar.

I think I will post some more straightforward examples next time. Those exceptions are important to know but they are not the rule and probably don't build the confidence needed when totally new to this.

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Quoting mbqb11

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yummy area

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Quoting jarroo

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I do like these exercises . .they can be very fun and helpful.

But for me, I need to know what's going on . on the higher TFs to get a clearer picture from these setups. (chart)

I do not want to take away from these exercises . . maybe we can show part of the time frame that's just above it ?

No close above the 1.6000, no trade . . .good one . . .


Jim

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Quoting summerplace

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Hello:

Do you know if any members of the James16 Group trade through Oanda?

Thank you

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