james16 Chart Thread | Page 4135 | 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

  • #82,681
  • Dec 16, 2010 8:59am Dec 16, 2010 8:59am
off topic...
please help me. i am drowning in snow here in germany. at least 40 cm in the last 2 hours....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 100_1989.jpg Size: 271 KB
Click to Enlarge Name: 100_1990.jpg Size: 251 KB
meine augen sind die sterne
  • #82,682
  • Dec 16, 2010 9:13am Dec 16, 2010 9:13am
Quoting aserbfx
off topic...
please help me. i am drowning in snow here in germany. at least 40 cm in the last 2 hours....
lovely pictures, the same is here everything is frozen at -10°C
  • #82,683
  • Dec 16, 2010 9:20am Dec 16, 2010 9:20am
Quoting aserbfx
off topic...
please help me. i am drowning in snow here in germany. at least 40 cm in the last 2 hours....
Same here in Baden würtemberg ;-)

I go out for sledging xD
  • #82,684
  • Dec 16, 2010 9:26am Dec 16, 2010 9:26am
Quoting john225
Did you entered on the break of the line ghous?
I didn't enter at all but its interesting to see how this has unfolded thus far.

2 things were highly recommended here given that we weren't exactly headed into a vacuum. The first being a strong close, which we did have and a hard break, which we didn't get.

Notice what the next bar did. Without breaking the high of the pin bar it pulled back all the way to the 365 MA/1.32 PPZ. Like I said in an earlier post, a good part of anticipating a hard break is a strong close. We got that close but price failed to build up on the momentum. What does this say about a setup that isn't free to run to the moon and has an immediate trouble area to surpass if it is to materialize?

There are always two sides to a coin. Although we were heading into an immediate trouble area, the positive side of the picture suggested that the very area we were worrying about could well have turned into solid support and could have helped thrust price forward in the event of price breaking hard - - - not to be...

Let's take a look at what actually happened. Right next to the pin bar we have a pullback bar. Look what the very next bar (This week's bar) looked to do? Notice the high of the bar. Notice where it found resistance (and gave off the high probability daily bearish pin bar) BANG at that low we were looking at (the 1.35 PPZ)

Trading can be tough because most of it deals with managing uncertain situations. No matter how good a setup looks to you, the ultimate result in up to the market and except it or not, no level of experience will ever help you conquer price prognostication every time you look to do it. This is where risk, trade and money management come into the equation.

I had a pending order waiting to get me in had price broken hard Monday morning. 24 hours later it was removed, because an initial hesitance of price to test 1.35 and potentially break it was a clear indication of buyer weakness.

g.
Attached Image (click to enlarge)
Click to Enlarge Name: abc.png Size: 33 KB
I believe . . .
  • #82,685
  • Dec 16, 2010 9:26am Dec 16, 2010 9:26am
Quoting aserbfx
off topic...
please help me. i am drowning in snow here in germany. at least 40 cm in the last 2 hours....
Hey aserb, this happened last week in Minnesota (Football Arena)...

Before:
http://cdn.bleacherreport.net/images...jpg?1292172123

During:
http://wtfhub.com/wp-content/uploads...f-collapse.png

After:
http://blog.timesunion.com/hottopics...-MNAH113-0.jpg
  • #82,686
  • Dec 16, 2010 9:27am Dec 16, 2010 9:27am
Quoting aserbfx
off topic...
please help me. i am drowning in snow here in germany. at least 40 cm in the last 2 hours....
Funny how you guys have an abundance of it. I've never seen snow, not once. (yet)
I believe . . .
  • #82,687
  • Dec 16, 2010 9:29am Dec 16, 2010 9:29am
Quoting aserbfx
off topic...
please help me. i am drowning in snow here in germany. at least 40 cm in the last 2 hours....

Hey As

hat looks like a lovely place to trade if you have a nice log cabin and a roaring fire to keep you warm!! Enjoy!

Kal
  • #82,688
  • Dec 16, 2010 9:39am Dec 16, 2010 9:39am
Quoting ghous
...
Trading can be tough because most of it deals with managing uncertain situations.
Great post Ghous.

My trading turned around once I realized my ability to react was more important than my ability to predict.

-- Danny
  • #82,689
  • Dec 16, 2010 9:44am Dec 16, 2010 9:44am
Quoting aserbfx
off topic...
please help me. i am drowning in snow here in germany. at least 40 cm in the last 2 hours....

here is Chong Qing China, one of the hotest city in China, it also snowed heavily last night and the last time it snowed was 19 years ago.
A chart helps those who can read it.
  • #82,690
  • Dec 16, 2010 9:48am Dec 16, 2010 9:48am
Quoting jarroo

What they do have in common is where Price acts as Support and/or Resistance. . .the PPZ level. A very important factor when trading the James16 methology. This little PB's success (hitting its target; previous bars lows), had more to do with its location than with its lack of Size, Space, traffic, etc.
Jaroo, can i ask a question?
I know this setup has great confluences of Fibo, TL, 365 ema, but what made me wonder is the PPZ is not a major one. Being a daily setup, this PPZ looks very small on the weekly chart. Mike often says to look for most obvious PPZs - i always thought that means looking for ones that are clearly visible on the weekly and monthly chart if i were to take daily or 4H setup. But J16, You, and Dan Gilbert took this trade and it worked great-so it seems i have a wrong idea about strong and weak PPZ?

Also, i noticed that PB was actually a Jaroo Retracement to retest the low of first bar weekly BEOB -my question is if this played a role in your decision to take this trade-is it like trying to play the weekly BEOB but with entry via retracement on lower TF (daily)?

Thank you
Attached Image (click to enlarge)
Click to Enlarge Name: euro14.jpg Size: 92 KB
  • #82,691
  • Dec 16, 2010 9:48am Dec 16, 2010 9:48am
CHF/JPY


http://content.screencast.com/users/...28.21%20AM.png
What is any ocean but a multitude of drops?
  • #82,692
  • Dec 16, 2010 9:50am Dec 16, 2010 9:50am
Quoting bluetrader
Great post Ghous.

My trading turned around once I realized my ability to react was more important than my ability to predict.

-- Danny
Hey danny.

Send me an email- [email protected]

Had a question for you
What is any ocean but a multitude of drops?
  • #82,693
  • Dec 16, 2010 9:51am Dec 16, 2010 9:51am
Quoting bluetrader
Hey aserb, this happened last week in Minnesota (Football Arena)...

Before:
http://cdn.bleacherreport.net/images...jpg?1292172123

During:
http://wtfhub.com/wp-content/uploads...f-collapse.png

After:
http://blog.timesunion.com/hottopics...-MNAH113-0.jpg
sums up our season
  • #82,694
  • Dec 16, 2010 9:55am Dec 16, 2010 9:55am
Quoting spookie94
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?
No, Spookie, you're right. The problem this raises for me, though, as purely a logistical one. Since I'm on the east coast of the US, and my broker closes the bars at 5pm EST, I end up analyzing setups in the early evening. I place my orders and go to bed. I wake up 8 hours (I wish!) later, to see what happened. So I either have to be willing to take full bar losses (which I'm not) or set a very tight stop and risk small losses in trades that ultimately would have turned in my favor with a looser stop.

I guess I could start analyzing trades first thing in the morning...But since the London market opens at 3 am my time, significant moves have often happened overnight. I'm not sure how to deal with this problem; perhaps other East Coast traders could share how they deal with it?

Thanks!

--Dave
  • #82,695
  • Dec 16, 2010 10:00am Dec 16, 2010 10:00am
Quoting Be Cool
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
Yes exactly BC. I try to look for areas like that to reduce my loss if I feel a trade has hit an area that now could reverse it against me

Mike
  • #82,696
  • Dec 16, 2010 10:02am Dec 16, 2010 10:02am
Quoting ghous
I didn't enter at all but its interesting to see how this has unfolded thus far.

2 things were highly recommended here given that we weren't exactly headed into a vacuum. The first being a strong close, which we did have and a hard break, which we didn't get.

Notice what the next bar did. Without breaking the high of the pin bar it pulled back all the way to the 365 MA/1.32 PPZ. Like I said in an earlier post, a good part of anticipating a hard break is a strong close. We got that close but price failed...
Hi Ghous
Am i wrong to assume that since that PB couldn't close above 1.35 then you looked at it as IPB, yes?
  • #82,697
  • Dec 16, 2010 10:02am Dec 16, 2010 10:02am
Quoting ghous
I didn't enter at all but its interesting to see how this has unfolded thus far.

2 things were highly recommended here given that we weren't exactly headed into a vacuum. The first being a strong close, which we did have and a hard break, which we didn't get.

Notice what the next bar did. Without breaking the high of the pin bar it pulled back all the way to the 365 MA/1.32 PPZ. Like I said in an earlier post, a good part of anticipating a hard break is a strong close. We got that close but price failed...
Fantastic post, Ghous! I have learned to look for the "strong close", but the "hard break" is something I'm just becoming conscious of, thanks to this thread. I really appreciate your sharing how you managed this (non)trade when the hard break didn't materialize.

--Dave
  • #82,698
  • Dec 16, 2010 10:03am Dec 16, 2010 10:03am
Quoting aserbfx
off topic...
please help me. i am drowning in snow here in germany. at least 40 cm in the last 2 hours....
In Massachusetts it's been brutally cold for days, with not a flake of snow in sight. I'd give anything for a nice blanket of snow to soften the cold!

--Dave
  • #82,699
  • Dec 16, 2010 10:05am Dec 16, 2010 10:05am
Quoting mbqb11
Yes exactly BC. I try to look for areas like that to reduce my loss if I feel a trade has hit an area that now could reverse it against me

Mike
I see. Thanks Mike -Love your new videos
  • #82,700
  • Dec 16, 2010 10:10am Dec 16, 2010 10:10am
Quoting cyborg
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.
[i]Maybe I understand...
Hey Chris

What I was speaking of was that Adrian, took this bar without waiting for a break of the high of the pinbar(it is not an IPB that is a pinbar, notice the open and close are within the prior bar and it has a tail protruding away from the low). So if you take it without waiting for a break it is an unconfirmed bar and thus more aggressive(not necessarily wrong). So I was pointing at to him how if the left eye(which was the lower blue box) could not hold there was not much in the way of support to hold us up and would probably go on past the low of the nose and stop him out. It is a good area to help manage our trades.

Hope that helps
Mike
27 traders viewing now, 1 is registered:
Zojahamad