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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

  • #82,661
  • Dec 15, 2010 11:54pm Dec 15, 2010 11:54pm
Quoting james16
A lot of you may think i dont notice you ....ahh but i do.

the years have come and gone and many many people have come and stayed and many have come and gone.

the one constant is the kind and decent nature of the people this thread seems to attract.

honestly have you spent time on other forums or even other threads at FF?

They are for the most part filled with bottom feeders. mean, nasty and vulgar people.

im so proud to have all of "you" here.
Having come and gone myself over 3 years ago, it's so refreshing to see some of the same people here doing well and making money using this SIMPLE but POWERFUL method. Now that I'm in full swing doing for work what I love, and having matured a bit financially and mentally, I am going to spend more time back at the screen and this thread learning from you masters. See you around!!
  • #82,662
  • Dec 16, 2010 12:00am Dec 16, 2010 12:00am
msft on daily. 3rd touch of the upper tl. wait for price action setups here.
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meine augen sind die sterne
  • #82,663
  • Dec 16, 2010 12:36am Dec 16, 2010 12:36am
Quoting Xhale12
Send me a PM if you would be interested in helping me teach James' technique to others around the web.....
I was wondering if its really all that important to export stuff from here around the web. Simply put, wouldn't redirecting them (people interested in learning the method) to the James16 thread be a better idea?

g.
I believe . . .
  • #82,664
  • Dec 16, 2010 2:04am Dec 16, 2010 2:04am
Quoting ghous
I think it boils down to the inherent culture prevailing in this thread that makes the difference Jim.

I believe deep inside every human being has 'goodness' and for certain reasons this goodness get's overshadowed by a hard crust of 'badness'. This thread is a champion when it comes to melting down this crust and enabling the person to become part of a loving family.

When a newbie (bruised and battered) posts his first question and in return get's 5 in depth responses in half an hour clearly set's the 'tone'. A lot of times the very next...
Well said ,
I'm sure many fall into this category, but I consider myself extremely lucky to have found such an amazing community/thread in my first 6 months of forex trading. This is a Christmas gift by itself
  • #82,665
  • Dec 16, 2010 2:04am Dec 16, 2010 2:04am
That NZD/USD Monthly PB just broke.

Don't like the bar highs nearby.
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  • #82,666
  • Dec 16, 2010 2:25am Dec 16, 2010 2:25am
Quoting joelcf
If there is so much confluence and it is such a sure thing, why would you want to use a tight SL? Wouldnt you want a full stop to avoid being shaken out of the trade by short term noise? If it really is such an easy trade, I would imagine you would want to wait until it was invalidated to close out.
Hi Joel,
In my book its an A+ setup and for me if i wont see momentum to the downside any soon i will start to cut my risk. You could play that as a monthly setup but i am ok with managing it on daily basis cos it is all about the 0.7400 level and this well defined diagonal trendline. Ideally i would like to see weekly bar close under 0.7400.


Quoting Osman
Hi Greenhaze,
I really like the nzd/usd setup, the thing that worries me is strong ppz area we´ve got between 74 and 73 on the monthly chart.
Would like to know your thoughts on this... thx.

Os.
Hi Os,
I have my eyes on 0.7300 area where i would take some profit and move my stop closer to 0.7400 support. Pullback to 0.7400 or even the trendline is fully expected as for now so i will leave my stop intact. I am still in from the daily bearish outside bar and i am adding 1/2 to the original position so in the worst case i will get breakeven.
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  • #82,667
  • Dec 16, 2010 2:48am Dec 16, 2010 2:48am
Quoting joelcf
...

The other day I saw a dvd of Back to the Future on sale at a store. Thinking of calling up MIT and asking whether they want me to lecture some classes on nuclear physics.
..like it
PATIENCE... DISCIPLINE
  • #82,668
  • Dec 16, 2010 4:08am Dec 16, 2010 4:08am
something i observed when doing my regular charting with gci (mt4) for stocks:
because the brokers offer CFD-charts for the stocks, the price (and therefore the close of the daily candle) can be different from the "real" price at the stock exchange. for example yesterday, on aapl was a difference from about 20 us-cents. and therefore the charts are different. of course, the difference is not that big, but it can be an issue sometimes.

just be warned and confirm the signal from your mt4 chart with the underlying.
meine augen sind die sterne
  • #82,669
  • Dec 16, 2010 5:38am Dec 16, 2010 5:38am
Quoting Pinbar
That NZD/USD Monthly PB just broke.

Don't like the bar highs nearby.
Hey Pin

Was looking at this one myself but as per the J16 methodology there are too many bar highs just below so not a lot of room to manouevre.

It will be an intersting one to watch to see how it develops. It might work out but in my opinion not A+ because of those bars, even if it is a weekly setup.

kal
  • #82,670
  • Dec 16, 2010 5:56am Dec 16, 2010 5:56am
Quoting james16
A lot of you may think i dont notice you ....ahh but i do.

the years have come and gone and many many people have come and stayed and many have come and gone.

the one constant is the kind and decent nature of the people this thread seems to attract.

honestly have you spent time on other forums or even other threads at FF?

They are for the most part filled with bottom feeders. mean, nasty and vulgar people.

im so proud to have all of "you" here.

Jim

just saw your post. It is a privilege to be here and learn for free from some great people like yourself, mike, jaroo, ghous, SC + others. As well as teaching us newer traders the technical aspects of trading in an encouraging and patient manner, the wisdom imparted by you folk is wonderful.

I am sure i speak for many others when i say that we appreciate every single one of you first class people. Long may this great thread continue and flourish!!

sincerely,

Kal
  • #82,671
  • Dec 16, 2010 6:13am Dec 16, 2010 6:13am
Quoting Dan Gilbert
I know I didn't want to take any december trades... but A+ is A+.... This trade even earned extra credit making it 110% A+ . Only risked 0.5% though due to it be December....
Hi Dan
I am a newbie -would you mind explaining the reason why this setup is an A+ to you? Many thanks
  • #82,672
  • Dec 16, 2010 6:23am Dec 16, 2010 6:23am
Quoting Greenhaze
There is a beautifull pattern on NZDUSD chart. In this case there is no point in putting stoploss above the pb high. With all this confluence it is easy to assume there are sell stop orders below the 0.7400 level. If that is true price should gain good momentum to the downside so tight stop should be a good choice. My stop will be somewhere above 0.7500.
Hi GH Do you trade the monthly PB? Did you go down to the daily and found H&S as confirmation? Thank you
  • #82,673
  • Dec 16, 2010 6:36am Dec 16, 2010 6:36am
Quoting mbqb11
if you really don't want to wait for a break we can use that left eye(lower blue line) for trade mgmt). Most likely if that doesn't hold it has a good chance of breaking the other way
Hi Mike.
Assuming that PB high breaks, and one is already in the trade - Is that the kinda situation that you mean when you say you never take a full bar loss? if the second eye break the low of the first eye then the trade will likely to fail?
Thank you
  • #82,674
  • Dec 16, 2010 6:41am Dec 16, 2010 6:41am
Morning, everyone,

Took the small pin bar short on this pair last night. In keeping with the advice I got here yesterday, I set a stop limit a few pips above my target, sacrificing a couple of pips in exchange for some sleep.

My reasons for taking this trade:

Pin bar at a swing high
Room to move down to the recent trendline

These are very weak reasons, I know! So my expectation was that price would move (if it broke) only to the most recent bar high (dotted blue line on my chart). This is exactly what it did, and my exit order was filled for a profit of about 32 pips.

On the hourly, we can see the price quickly move down to hit my target then retrace to form a pin bar; it has now returned to my target area; will it continue down or bounce again?

I'd appreciate any reactions to the logic of this trade. I know it is a less then high-probability setup. Did I increase it's probability by not being greedy, by only looking for it to reach the first bar high?

--Dave
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  • #82,675
  • Dec 16, 2010 6:50am Dec 16, 2010 6:50am
Quoting jarroo
I guess was showing an example of how the Higher time frames, like the Weekly, can aide in your lower time frame decisions.

Let me present this with the Daily. (Charts)

Sorry for the confusion.
I see. Thank you Sir
  • #82,676
  • Dec 16, 2010 7:01am Dec 16, 2010 7:01am
Hi Mike,

could you please explain a bit more?
I am not sure how to understand your words:" But what I think you can do is if you really don't want to wait for a break we can use that left eye(lower blue line) for trade mgmt). Most likely if that doesn't hold it has a good chance of breaking the other way.
If it broke the upper blue box was pretty much a given as well"

My reason for asking is, that the bar already broke in the wrong direction.
This would be kind a IPB (hi Ghous) in my opinion.
Maybe I understand this wrong??

Thanks a lot for your patience!

All the best

Chris

Quoting mbqb11
Hey Adrian

In terms of the bar. I like the bar itself. Location to me is a bit iffy. Not a lot of space. But still we can have a good trade plan in multiple ways.

First would be a break validates it(like you already said). I am uneasy playing without a break but as you can see even Jim will take trades before the break sometimes(see euro from today). But what I think you can do is if you really don't want to wait for a break we can use that left eye(lower blue line) for trade mgmt). Most likely if that doesn't hold it has a good chance of breaking...
  • #82,677
  • Dec 16, 2010 7:41am Dec 16, 2010 7:41am
Quoting Oldice
I guess I'm just not willing to take full bar losses any more. I've calmed down a bit about this trade; in fact, I limited my loss to 10 pips, not 100. Okay, I didn't manage the trade as well as I could have, but there will be many other trades in the future. Will I wait to see a 10 pip loss turn into a 100 pip loss just on the hope that it will turn around? That's pretty much how I lost my last (non-demo) trading account. I've heard it said that a professional trader never lets a winner turn into a loser. I'm guessing that a professional trader...
From your 1st post I had the impression that your trading style is to find a good setup, place your entry and wait to see how it ended up at the end of the day. Kind of the 'set it and forget it' approach. Am I way off base here?
  • #82,678
  • Edited 8:17am Dec 16, 2010 7:44am | Edited 8:17am
Quoting mbqb11
Serenity now (as the above post makes me want to say in a 5500 pg thread + a PF lol )

http://www.youtube.com/watch?v=5513mXmQbw4

So are you saying that you are really a closet Frank Costansa?
  • #82,679
  • Dec 16, 2010 8:29am Dec 16, 2010 8:29am
Quoting ghous
That would be a minor area to watch out. My order would be just above that res area, and for me a lot would depend on how hard the Pb breaks. Obviously if we blow through the line you drew chances are it'll probably hold as support and help price to make it to the marked trouble area.

An important part of anticipating a strong break would be the strong close on the pin bar.

g.
Did you entered on the break of the line ghous?
  • #82,680
  • Dec 16, 2010 8:38am Dec 16, 2010 8:38am
Quoting Oldice

On the hourly, we can see the price quickly move down to hit my target then retrace to form a pin bar; it has now returned to my target area; will it continue down or bounce again?
Hey Dave, what's up.

Will it continue down? No one knows the answer to that. All we can do is know where price is likely to react and do something about our risk at this point. That may mean exit, moving stop, partial take profit, etc.

Quote
I'd appreciate any reactions to the logic of this trade. I know it is a less then high-probability setup. Did I increase it's probability by not being greedy, by only looking for it to reach the first bar high?
Since you already know the odds of this setup breaking the lower ppz are low, I won't get into that. I agree with your logic about the expectations of this trade. It was pretty safe to bet that this poodle pin bar would hit the prior bar high. Anything more that that is 'being greedy' as you say.

Hope this helps,

-- Danny
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