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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

  • #81,681
  • Dec 6, 2010 3:36am Dec 6, 2010 3:36am
:"I will not be able to fulfill my 5 H4 trades that I mentioned yesterday" Any pips/trades target it will only be a negative pressure on you and on yours trade decisions folowed by bad consequences.I know that I'm new on the thread,but belive me ,I'm talking from my own experience.
Nothing personal,just business
  • #81,682
  • Dec 6, 2010 3:41am Dec 6, 2010 3:41am
Quoting g_j_hook@yah
i thought i would throw this up for comment..
us/yen weekly BEOB coming off some quite good res.
this is how i see it..
(daily chart is a bit busy..sos)
jon

EDIT: would have liked to have seen a higher high also to really test that area
Looks like that 83.00 is acting as strong Resistance.

Nice charts jono.
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Indicators show the past. Price Action "Indicates" the future.
  • #81,683
  • Dec 6, 2010 3:53am Dec 6, 2010 3:53am
Great Post on PPZs ,have stored it with my essential file
Thanks
D
  • #81,684
  • Dec 6, 2010 4:28am Dec 6, 2010 4:28am
Quoting mbqb11
Hey Pin

There really is no one right or wrong answer....

Thanks Mike....Yes, I think I understand your stance on keeping these TF separate but being aware of what is going on, on higher TF.
  • #81,685
  • Dec 6, 2010 4:36am Dec 6, 2010 4:36am
Quoting jarroo
I like it Pb .. its right at the left eye (Monthly PB).

Yes, I was thinking it may pullback to the TL before it took off.

Maybe, it will pullback at the 0.7600 area.

Let's see.
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  • #81,686
  • Dec 6, 2010 5:48am Dec 6, 2010 5:48am
I feel as if I have joined at the end of the party! This is quite an incredible thread charting an extremely good method of trading. I am now at page 100 of this thread and have found many excellent ideas. Jduester's J16 Chart Thread summary is a very good collection of relevant notes on the pin bar methodology.

I have a question for mbqb11 - your post# 1370, you talked of going long on AUD/USD, EUR/USD and short USD/CAD. Would you have traded all those pairs simultaneously knowing that the USD is the correlation link between all these pairs? In other words, would there be a strong likelihood that the pairs would move in the same direction?

Many thanks to all who started and have continued to make this thread an inviting place to come to.

All in all, a fantastic thread & I am ploughing on in the thread.
Mack
  • #81,687
  • Dec 6, 2010 5:51am Dec 6, 2010 5:51am
Hey folks

Im loving this retrace to the 1.3250 level, would be even happier for price to hang around 1.3275 with a 1.3300 + close

patience so far paying off
  • #81,688
  • Dec 6, 2010 5:55am Dec 6, 2010 5:55am
Hi Pinbar
I Like your posts on experimenting without PPZ,
I can fully understand your reasoning for this ,I have reached a similar conclusion,but can't quite let go of pre drawing a monthly ppz nearest to price , as this is like the foundation .
It is an experiment for me to not place ppzs.

I feel awkward discussing this subject because it is essential for anyone learning to trade J16 that ppzs are vital and more important to have in place already.
I have spent months drawing ppz from every conceivable way, and i will post some hopefully helpful to begginers points regarding ppzs

needless to say I consider wanting to practice without ppz drawn in advance as a progression,I have havn't had much time to fully test my beliefs about this yet so we'll.
Cheers
D
  • #81,689
  • Dec 6, 2010 5:56am Dec 6, 2010 5:56am
Timing is important.
If you are like James, me and others who love clean shots with minimal drawdowns - trading intraday out of the major sessions is a bad idea. Many times a setup will eventually hit it's target before it's SL, but it can take a bunch of bars and a deep draw down if the market is too quite.

It took me too long to recognize that when I take 1H-4H trades during London - NY sessions my trades last much shorter, and much less stress involved.

Hard breaks - they occur almost 90% of the time during the major sessions. So it is much easier to cut your risk early and enjoy the ride instead of looking at it long hours hovering around your entry.

Everybody cares about their money. As your account grows it will become tougher and tougher to pretend you do not care. That's why James trade management is like it is and not otherwise.

It helps me and I know Mike talked about this more than once in the past.

Hope it helps someone,

Ben

PS - and it relates to Christmas as well.
  • #81,690
  • Dec 6, 2010 6:08am Dec 6, 2010 6:08am
Very useful indeed Benji! Thanks

2 things i ve seen lateley is most of my daily setups have a short lifespan, when they break, they break hard and fast. they either work or they dont.

and there is lots of activity around the both the london and ny openings,

do you have any rules about opening daily positions before or in between these openings?

Anthony
  • #81,691
  • Dec 6, 2010 6:34am Dec 6, 2010 6:34am
Quoting antgal23
Very useful indeed Benji! Thanks

2 things i ve seen lateley is most of my daily setups have a short lifespan, when they break, they break hard and fast. they either work or they dont.

and there is lots of activity around the both the london and ny openings,

do you have any rules about opening daily positions before or in between these openings?

Anthony
Hey Anthony,

The dailies are a whole different story for me. I scan my daily charts at the end of the day when they close, set my pending orders at that time, and when the bar breaks it breaks.
By the nature of the daily TF each bar is equal by it's volatility. Not like the intaday TFs where different sessions take place at different times. But going back to PA - large bars with a strong close tent to break hard.

Hope that makes it clear buddy
  • #81,692
  • Dec 6, 2010 6:45am Dec 6, 2010 6:45am
fast and low risk, sounds great Benji!

Dailies / weeklies suit me now as my goal is to get my analysis and trade management tight and getting the basics right (understanding the importance of opens / closes, price range, trouble areas)

dailies and weeklies give me more time to work out what is goin on and why

seeya

Anthony
  • #81,693
  • Dec 6, 2010 7:25am Dec 6, 2010 7:25am
Quoting Oldice
Here's a question for xmzhang:

I read your explanation of how you look for confirming price action on a lower TF before entering a trade, and I get how this helps you to limit risk with tighter stops....
Hey Dave, let me take a daily setup as a example. After the close of that daily setup price may perform in general 3 actions afterwards:
1. It may break/validate the daily PA hard and then takes off
2. It may break/validate the daily PA just slightly/weakly and then pulling back into the daily PA
3. It may not break/validate the daily PA at all and pulls immediately back into the daily PA.
If (1) occurs then that's back luck for me and the most I can expect is an possible pullback to the breakaway point for an entry.
If (1) or (3) occurs, then I zoom into a lower TF to look for an entry point (PA) at some keylevels (RNB, fibs, PPZ, previous bar lows/highs) these keylevels are usually derived from the higher TF setup, in our example the daily TF. The FTA is usually the high or the low of that higher TF PA bar, for example the high of a daily BUOB or the low of a daily BEOB.
Hope this clears up your query
Pipcrawler
  • #81,694
  • Edited 12:10pm Dec 6, 2010 7:50am | Edited 12:10pm
My view on the E-U is at the moment still bearish, lemme explain: last week the weekly BEOB in november hit it's target @ 12970-ish and has been pulling back since last week. Important level last week was the 13450 (just above the high of this week PB) which coincides with the previous weekly bar low of that BEOB, confluence also with 50% retracement and an important weekly PPZ. If price would've broken this 13450 and respected that level as support then I would review my bearish outlook. As for now price is respecting the 13450 as resistance. Important level this week is the 13200 also the low of the earlier mentioned BEOB and the left eye of this week PB, if price brakes that and respects the 13200 as resistance then I believe the whole recent upmove is only a minor correction in the recent strength of the almighty Greenback.

May the force be with you.
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Pipcrawler
  • #81,695
  • Dec 6, 2010 9:07am Dec 6, 2010 9:07am
Quoting xmzhang
My view on the E-U is at the moment still bearish, lemma explain: last week the weekly BEOB in november hit it's target @ 12970-ish and has been pulling back last week. Important level last week was the 13450 (just above the high of this week PB) which coincides with the previous weekly bar low of that BEOB, confluence also with 50% retracement and important weekly. If price would've broken this 13450 and respected that level as support then I would review my bearish outlook. As for now price respects the 13450 as resistance. Important level this...
Nice zhang

I havenīt noticed the previous BEOB. Does this means that you will look for an Bearish PA on the 1.3450 high of the PB and low from the inside candle form the BEOB (i donīt know whatīs the name of the candlexD )@ the Daily and H4 chart to go short right?
  • #81,696
  • Dec 6, 2010 9:34am Dec 6, 2010 9:34am
Quoting Mack
I feel as if I have joined at the end of the party! This is quite an incredible thread charting an extremely good method of trading....
Hey Mack

Welcome to the thread firstly

It depend on the situation. Back then my risk per trade was half what it is now so I was also willing to be in more trades since my exposure was lower then. Often times I will take the best of a setup but pairs like aud/usd usd/cad eur/usd aren't all that correlated at many times(see a longer term chart to confirm that). Generally speaking these days 2-3 trades at a time is not unusual many times some has reduced risk/profit locked in so my exposure isn't has a high as 3 trades at once. But that isn't unusual for me.

Again welcome to this thread and keep plowing through
Mike
  • #81,697
  • Edited 12:12pm Dec 6, 2010 9:44am | Edited 12:12pm
Quoting john225
Nice zhang

I havenīt noticed the previous BEOB. Does this means that you will look for an Bearish PA on the 1.3450 high of the PB and low from the inside candle form the BEOB (i donīt know whatīs the name of the candlexD )@ the Daily and H4 chart to go short right?
John lemme explain in more detail my entry. First of all notice how the weekly bar closed last week at friday on the 1H-TF.......yes, like a 1H-PB, some may say it's just a friday bar and maybe some profittaking, but for me this PB tells me that it could be the starting signal for a pullback into the weekly PB, at this point my first thought was to fade that weekly PB (actually not a PB yet in the strict sense because the high still had to be validated) and score some pips on that potential pullback. But as I don't like to hold an open position during the weekend, I had to let this one go. Today price generated during the asian session, a 1H-DBHLC bar @ 13400, I missed that one because I was still in bed, but I got a second chance at a retracement via a nice 30m-PB (not a PB in the strict James sense rather a shooting star but enough for me to take a shot). So I'am still in this pullback trade and waiting for price reaction @ my keylevel @ 13200. Banked some tasty pips @ 13300 and assuming this to hold as resistance.
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Pipcrawler
  • #81,698
  • Dec 6, 2010 9:49am Dec 6, 2010 9:49am
Quoting jarroo
Looks like that 83.00 is acting as strong Resistance.

Nice charts jono.
cheers,yeah,price has been huggin that area all day. wonder which way it brakes?? oscillators have are bottoming out quickly which is usually a fairly bullish sign in my experience but we will soon see!
i took a 1h BEOB on the eu/yen last night which turned out good. banked half and have my SL in profit.
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PATIENCE... DISCIPLINE
  • #81,699
  • Dec 6, 2010 9:58am Dec 6, 2010 9:58am
Quoting xmzhang
John lemma explain in more detail my entry. First of all notice how the weekly bar closed last week at friday on the 1H-TF.......yes, like a 1H-PB, some may say it's just a friday bar and maybe some profittaking, but for me this PB tells me that it could be the starting signal for a pullback into the weekly PB, at this point my first thought was to fade that weekly PB (actually not a PB yet in the strict sense because the high still had to be validated) and score some pips on that potential pullback. But as I don't like to hold an open position...
hi,xmzhang,what's your broker in your pic???
  • #81,700
  • Dec 6, 2010 10:23am Dec 6, 2010 10:23am
Quoting lucas101
hi,xmzhang,what's your broker in your pic???
Sure looks like IG Markets to me.......... can you really trade off their charts? I couldn't...........
Canadian by birth Australian by choice
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