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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

  • #84,401
  • Jan 4, 2011 1:15am Jan 4, 2011 1:15am
Quoting mbqb11
Looking good V

I would have mine a bit more adjusted to those swing points as below but yours is getting the concept just fine.
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I dig it. I am watching closely, actually I made a mistake yesterday on this. But it is OK, it is a learning process.

Leelar
  • #84,402
  • Jan 4, 2011 1:16am Jan 4, 2011 1:16am
Quoting kwikwis
I am very glad to have your opinion on my post.
Yes, I want to go long, because I trade what i see and what i believe. I created a set of rules for myself based on what is taught in this great PA thread.

The PB is at swing low - what was the reason to get there i don't care because i don't need to know what is going to happen next in order to make money (I adopted this belief from Mark Douglas books).

VBRN is the only confluence for PA we have here - thats why i want tight stop. It either gets momentum on break or i am out fast. Maybe i am wrong...
I agree with your post that we really should not care what will happen next. We really never know. Drawing arrows up, down, then a little down then, sideways for a while then huge up again for 4-8 weeks into the future is just silly in my opinion.

So all we can really do objectively is identify current situation and decide to trade it or not, based on what we see now.

This setup in my opinion is weak due to 1) Weak close 2) Nose not stick out 3) Bar size is really small in comparison to bearish bars before it.

So the three main aspects for a proper bar structure are missing (close, size, shape). So you take it based on BRN and Space only - the PB almost not exist here as we see all components of PB are weak or not present here.

Just my 2 cents.
  • #84,403
  • Jan 4, 2011 1:59am Jan 4, 2011 1:59am
Quoting joelcf
Without launching into an essay on my feelings about Mark Douglas and his simplistic, vague, hokey advice - what price has done and will do are absolutely part of the picture. If price has been dropping through the floor, I cant really see how you can possibly not consider it. If it has dumped off a thousand pips in two weeks, I am sure as hell going to take that into account before trying to shoot for a countertrend scalp.

You cant know the actual outcome of any one trade. But you should have an idea of the different possible outcomes...
Thank you very much for your opinion Joel!
I really like your logics and though process from many many of your posts, but i always get a question in my mind how many people think like me or you or how many people have different "information processors" for example on this trade?
I have an idea on different outcomes but does it really help when the distribution is random?
One thing that i can control in the market is my position sizing!!! (this one comes from Van Tharp he does not play hokey )
Anything can happen - You never know
  • #84,404
  • Jan 4, 2011 2:11am Jan 4, 2011 2:11am
Jarroo must be having a good time.

Good for him, he deserves it!
  • #84,405
  • Jan 4, 2011 2:27am Jan 4, 2011 2:27am
Quoting Adilius07

So the three main aspects for a proper bar structure are missing (close, size, shape). So you take it based on BRN and Space only - the PB almost not exist here as we see all components of PB are weak or not present here.

Just my 2 cents.
Hey Adilius,
As i remember BRN is every 100, Here we got VBRN 2.0000.
PB collected stops approx 150 pips below VBRN.

As they say in Russian: Xuinia Voina - Glavnoe Manevri
In English it would mean: The War is not important - but maneuvers are.
Anything can happen - You never know
  • #84,406
  • Jan 4, 2011 2:35am Jan 4, 2011 2:35am
gbpnzd reached fta.As a counter trend trade,let's see if it will reach the ppz or it stops at fta.SL moved and closed more than 50%,in order to be allready a free trade.
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Nothing personal,just business
  • #84,407
  • Jan 4, 2011 3:00am Jan 4, 2011 3:00am
Quoting kwikwis
Hey Adilius,
As i remember BRN is every 100, Here we got VBRN 2.0000.
PB collected stops approx 150 pips below VBRN.

As they say in Russian: Xuinia Voina - Glavnoe Manevri
In English it would mean: The War is not important - but maneuvers are.

Yeah man, haha. Interesting quote.
True wisdom in its most simplistic form
And I don't think any english speaking person would ever hear that phrase from his russian language teacher, lol so I can assume you are from somewhere I live Nice to know that.

This thread is truely amazing, whole world is here. I have never seen so many very different nationals immediately having so much in common really!!! Really cool this phenomenon of J16.
  • #84,408
  • Jan 4, 2011 3:30am Jan 4, 2011 3:30am
Quoting Adilius07
Yeah man, haha. Interesting quote.
True wisdom in its most simplistic form
And I don't think any english speaking person would ever hear that phrase from his russian language teacher, lol so I can assume you are from somewhere I live Nice to know that.
I new you would like this one
I was born and raised in the country that does not exist anymore. God bless Gorbachov
Had an opportunity in 2000 to come to holy Cali and live in the city of the disco called San Francisco since than
Anything can happen - You never know
  • #84,409
  • Jan 4, 2011 3:36am Jan 4, 2011 3:36am
Quoting fxgroup
gbpnzd reached fta.As a counter trend trade,let's see if it will reach the ppz or it stops at fta.SL moved and closed more than 50%,in order to be allready a free trade.
PPZ FTA hit i am all out,
Congrats FXgroup!
Anything can happen - You never know
  • #84,410
  • Edited 3:49am Jan 4, 2011 3:39am | Edited 3:49am
2 trades i've taken
Gbp/usd: BUOB close above 1.55 BRN with nice close.
Eur/gbp: BEOB nice close below the 0.86 RN, FTA at 38.2 fib reached. Hidden bearisch divergence. i trade it at the pullback 0.8600.
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  • #84,411
  • Jan 4, 2011 3:39am Jan 4, 2011 3:39am
Quoting Dan Gilbert
No I would not trade it.

I4B's don't need to be at swing high/low in order to work.

I have played I4B's in strong consolidation with success. The reason I would never take this one, is because it's not a BIG round number. Using 1.02 is like you're trying to find a reason to take the trade, instead of trying to find a reason NOT to take it.


Look at the daily I4B straddling 1.0000 on USDCAD that we had last week. THAT is an ideal setup. And yes, I traded it
Dan,

UC I4B on parity was a good setup for your strategy. I have been trying to emulate your I4B strategy on BRN but missed this sitter. Hope to catch the next one.

Cheers
Novice
  • #84,412
  • Jan 4, 2011 4:51am Jan 4, 2011 4:51am
A nice daily BUOB forming at a swing low on GBPJPY and GBPAUD... caused by a strong manufacturing PMI. Will see how this closes at the end of day.

Any thoughts?
  • #84,413
  • Jan 4, 2011 5:14am Jan 4, 2011 5:14am
Quoting joelcf




That's awesome, I never even thought of it like that
hi Joelcf, whats your thoughts (and anyone who wants to comment) on the gb/chf dbl IB on D1 ?? would love to hear your thoughts. i missed it or i would have been tempted.

jon

p.s. "James 16:1 - on the third day, a pin bar formed at the PPZ"...lol
"James 16:2 - on the fourth day it rained pips!"
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PATIENCE... DISCIPLINE
  • #84,414
  • Jan 4, 2011 6:09am Jan 4, 2011 6:09am
Hi GJ

I took a break above the double inside bar for a very quick 70 pips. My thought process was that we had nice consolidation at a vbrn and GBPCHF is a pair I like to trade inside bars/volatility break outs on. My TP was modest but a positive start to the week/year.

Cheers
Fxp
  • #84,415
  • Jan 4, 2011 6:41am Jan 4, 2011 6:41am
Quoting KissFan
I shorted EJ at 109.22 but I do not expect a big move down here. If price breaks 109.25ish I think that there is a really good possibility for a move up close to 111.00. I could get pretty serious about shorts to 105.50 area if that happens. Till then I'll day trade shorts for 20 here and there.

K.I.S.S.
Opened short again at 110.20 and am looking for 110.00 for another easy 20 pips. I feel good about price getting to 110.91 and just might start building shorts (small positions) at that level to ride down to the mid 105's.

BTW, if you new guys are wondering why I didn't just buy EJ down around 109 it is because I am already exposed to euro on the long side vs other money. My charting isn't perfect and I always take into acct that I could be wrong. There is no reason to over extend myself in this crazy atmosphere.


K.I.S.S.
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  • #84,416
  • Jan 4, 2011 6:44am Jan 4, 2011 6:44am
I'm a useless oldbie and new to this brilliant thread. I've read the first 75 pages.

My big problem is how to stay in a trade.

FXprocessor: nice trade, 70 pips. But when you get a retracement on a new bar (which is usually the case), how do you know whether to stay in or take your profit?
  • #84,417
  • Jan 4, 2011 6:53am Jan 4, 2011 6:53am
I see a pin bar on 4H AU chart.
nice support and pivot line below, smaller resistance above, but not really like it to trade [took it on demo]. Any opinions?

I put some trade guideline in other thread here:
http://www.forexfactory.com/showpost...60&postcount=6
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  • #84,418
  • Jan 4, 2011 7:28am Jan 4, 2011 7:28am
Quoting fxprocessor
Hi GJ

I took a break above the double inside bar for a very quick 70 pips. My thought process was that we had nice consolidation at a vbrn and GBPCHF is a pair I like to trade inside bars/volatility break outs on. My TP was modest but a positive start to the week/year.

Cheers
Fxp
nice trade Fxp, thats one of the best things about IBs in my book, you can get a nice tight SL and take advantage of the momentum in the break. No need for a 200 pip move with these, although when that happens its even better. Great R:R.
It was that strong down trend that made me nervous but as you said it was that BRN that made me sit up.I dont think a single IB would have got my attention. You played it well i think.
im looking to see what happens now at the 147.00 level. would like to short it from here..? lets see wot happens..A fat ole pinbar at 149.00 would be nice also!

cheers

jon
PATIENCE... DISCIPLINE
  • #84,419
  • Jan 4, 2011 7:34am Jan 4, 2011 7:34am
Quoting Krysztau
I see a pin bar on 4H AU chart.
nice support and pivot line below, smaller resistance above, but not really like it to trade [took it on demo]. Any opinions?

I put some trade guideline in other thread here:
http://www.forexfactory.com/showpost...60&postcount=6
hi K, i saw this one but it was an easy pass for me. it is a v.small bar although we do have the trend in our favour. The fact that it couldnt close above the RN tells me to be wary here.Not much retracement here either. IF we had a much bigger bar that did close above the RN i would have seen it different. We also have a little bearish div. on D1 hinting at some rest/retrace. i would like to see a set up form down at the 1.000 level personally.

jus my view

jon
PATIENCE... DISCIPLINE
  • #84,420
  • Jan 4, 2011 7:42am Jan 4, 2011 7:42am
Quoting Krysztau
I see a pin bar on 4H AU chart.
nice support and pivot line below, smaller resistance above, but not really like it to trade [took it on demo]. Any opinions?

I put some trade guideline in other thread here:
http://www.forexfactory.com/showpost...60&postcount=6
I do not trade Aussie that much but I am watching parity with interest. I do see the bar that you are referring to on another feed that I use. I see a strong PPZ at parity. I also can't help but to take into account the steep retracement back that price has made since 12.31.2010. Looks to me like the sellers are eyeing parity. They will be met with buyers there unless news events keep the sentiment bearish. While this might be a good place to buy, I would be more convinced with the same type of PA at the 1.00 PPZ.

K.I.S.S.
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