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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

  • #86,581
  • Jan 21, 2011 1:46am Jan 21, 2011 1:46am
Quoting ts63
Hey everyone,
Do you guys think this chart is correct ?
I drew some kind of trendline to link those former highs (Dec 14 - Jan 4) on EU 1 hour.
This resistance is broken but can we consider it has now turned into a support ?
For the euro bulls out there, what would be your target for this huge H&S ?
Happy trading for all.
hi ts, that trend line is valid and the reaction from price around it confirms it.
i personally am a bit doubtful of the H+S though. again not an expert but i dont like where it formed in the trend. i would like to see it form at the swing low itself rather than in a sideways move.im not keen on its shape either, i dont like the last shoulder.??

heres the TLs that i see in play atm. of course we all have our own way to draw them..

hope this helps

jon
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PATIENCE... DISCIPLINE
  • #86,582
  • Jan 21, 2011 1:49am Jan 21, 2011 1:49am
Quoting Adilius07
Yes, I thought I was picky with that one. Really so.
Now I think I need to "measure size" of any PB somehow more objectively...maybe something like: "PB's range cannot be smaller than the range of any previous bars.." Because by just looking at it I cannot say it is tiny, no, it is good bar, not small... but it is smaller than 4th bar to the left of it that's true...

Here it is, just to see visually again...

http://cdn.forexfactory.com/attachme...1&d=1295504506
Hey Adi, are you sizing up that bar at two clicks from the smallest chart size? As in this chart. I find going any bigger than two clicks from base distorts bar size.

I think Ghous or Mike previously mentioned this.
The rectangles are the bullish PA in comparison to the PB.

I was off a nice area though but, I didn't like that bueob prior to it showing conflicting signals.
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  • #86,583
  • Jan 21, 2011 1:56am Jan 21, 2011 1:56am
Quoting g_j_hook@yah
it does indeed!!

i noticed that 131.55 area also and tried to enter as it broke. (131.60)i didnt want to leave any later as i had my eye on 132.00 as my FTA and was trying to give myself some space to do something if it got there.worked out well and i now have a free ride and a little banked.

cheers

jon
its funny to see the eu/yen 4h BUOB work out much stronger!? i thought that one looked much weaker!(on fxpro)( it looked better on alpari though) i think it got momentum from that obvious breakout at 111.00??
what do you think Jarroo?

jon
PATIENCE... DISCIPLINE
  • #86,584
  • Jan 21, 2011 2:12am Jan 21, 2011 2:12am
Quoting Pinbar
Hey Adi, are you sizing up that bar at two clicks from the smallest chart size? As in this chart. I find going any bigger than two clicks from base distorts bar size.

I think Ghous or Mike previously mentioned this.
The rectangles are the bullish PA in comparison to the PB.

I was off a nice area though but, I didn't like that bueob prior to it showing conflicting signals.
Yes Pinbar, exactly, you have to see things from a bird's eye view.
If you zoom out you see "the story" not just PA.
That bullish box you have is nothing compared to the overall direction/momentum.

Of course it is very easy to see things after the fact and find a reason. But I don't think it will help in the long run. Things have to be objective.

That's why I am trying to find an objective way to "see size" because the way I do for now(and how you show) is really subjective... well you cannot see the BEARISHNESS of this pair on this chart? Looks still bullish to you? -

That's why "subjective" is dangerous, someone find bullishness where it doesn't exist or vice versa...
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  • #86,585
  • Jan 21, 2011 2:13am Jan 21, 2011 2:13am
Quoting Pinbar
Hey Adi, are you sizing up that bar at two clicks from the smallest chart size? As in this chart. I find going any bigger than two clicks from base distorts bar size.

I think Ghous or Mike previously mentioned this.
The rectangles are the bullish PA in comparison to the PB.

I was off a nice area though but, I didn't like that bueob prior to it showing conflicting signals.
Hi guys

took this one as it seemed like a decent pin with overall trend off BRN with good 'space' to FTA.

Any valid reasons for NOT taking it or was it merely a good setup that has failed?

Kal
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  • #86,586
  • Jan 21, 2011 2:17am Jan 21, 2011 2:17am
Gu looks like it may be interesting next week.
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  • #86,587
  • Jan 21, 2011 2:21am Jan 21, 2011 2:21am
Quoting Pinbar
....I didn't like that bueob prior to it showing conflicting signals.
Also that one has reached its target (BRN) so it was not a problem.
  • #86,588
  • Jan 21, 2011 2:28am Jan 21, 2011 2:28am
Quoting Kalbar
Hi guys

took this one as it seemed like a decent pin with overall trend off BRN with good 'space' to FTA.

Any valid reasons for NOT taking it or was it merely a good setup that has failed?
http://cdn.forexfactory.com/attachme...1&d=1295597562

Kal
In my humble opinion.... we have to be honest with ourselves. And accept that sometimes even J16 setups will fail. Trying to justify every trade and find a reason why it was a bad trade, of course possible, but will not serve any good for a trader imho...

And also if you (anyone) look for the reason why it was wiser not to take that trade after the loss, you should also look for the same reasons with your every win. Right? Becuase if you took a stupid trade and it went into your direction it doesn't mean you are a good trader (price can go up and donw as you know). So you must look for the reasons why trade was bad even if it was a winner - and I gurantee you will find at least one reason.

So the choice is either to be objective and stick to your rules, no matter what or try to reason every trade win or loss. The choice is yours

Just my 2 cents.
  • #86,589
  • Jan 21, 2011 2:28am Jan 21, 2011 2:28am
Quoting Adilius07
Yes Pinbar, exactly, you have to see things from a bird's eye view.
If you zoom out you see "the story" not just PA.
That bullish box you have is nothing compared to the overall direction/momentum.

Of course it is very easy to see things after the fact and find a reason. But I don't think it will help in the long run. Things have to be objective.

That's why I am trying to find an objective way to "see size" because the way I do for now(and how you show) is really subjective... well you cannot see the BEARISHNESS of this pair on this chart?...

Hey Ad

Agree with your sentiment here: its easy to say 'ah this failed because.....' or 'this worked because.........' after the event - a 10 year old kid could do that. IMHO this was a decent setup with the overall trend and it had good 'space'.

I believe this was simply a good setup that failed - these things happen in trading. This pair is quite tricky because I have had good setups on it before which have failed so I will maybe avoid it in future but the setup itself was no worse than a lot of setups posted on here that work!!

kal
  • #86,590
  • Jan 21, 2011 2:30am Jan 21, 2011 2:30am
Quoting Kalbar
Hi guys

took this one as it seemed like a decent pin with overall trend off BRN with good 'space' to FTA.

Any valid reasons for NOT taking it or was it merely a good setup that has failed?

Kal

Small PB in comparison to the bullish PA during the rally up.

Looks like it got a foothold off this consolidation area on the daily.

I have seen worse trades take off and it was off a good location. Just one of those things.
As Adi said, we can all talk about trades after the fact. But, it is before the fact that matters.
Still, I am interested in why it failed from a point of view of being aware of this possibility in the future.
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  • #86,591
  • Jan 21, 2011 2:30am Jan 21, 2011 2:30am
Quoting Kalbar
Hey Ad

Agree with your sentiment here:...
Exactly the same thing I just said above too lol. I think it was ok setup. Yes next time lets look for the BETTER and even BETTER setups. But the one like this also works (if we are to believe in J16) just this time it didn't work... oh well that happens, it's ok
  • #86,592
  • Jan 21, 2011 2:32am Jan 21, 2011 2:32am
Quoting Adilius07
In my humble opinion.... we have to be honest with ourselves. And accept that sometimes even J16 setups will fail. Trying to justify every trade and find a reason why it was a bad trade, of course possible, but will not serve any good for a trader imho...

And also if you (anyone) look for the reason why it was wiser not to take that trade after the loss, you should also look for the same reasons with your every win. Right? Becuase if you took a stupid trade and it went into your direction it doesn't mean you are a good trader (price can go up...

Hey Ad

Totally agree with every word you say here my friend........period!

kal
  • #86,593
  • Jan 21, 2011 2:33am Jan 21, 2011 2:33am
Quoting Kalbar
Hi guys

took this one as it seemed like a decent pin with overall trend off BRN with good 'space' to FTA.

Any valid reasons for NOT taking it or was it merely a good setup that has failed?

Kal
Hi Kalbar,

I actually took that pin aswell, didn't turn out that good as we can all see.

Some notes I took was that:
1. It actually did not touch the BRN of 1.30000
2. It was going straight into a ppz (or area of support) as can be seen below (highlighted pink)

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Can you guys add any other reason why not to take the pin???
  • #86,594
  • Edited 6:58am Jan 21, 2011 2:37am | Edited 6:58am
Much respect to Jim. Mike and Ryanmcd and the crew. I trade different style/methodology for a living. I trade swing mostly so waiting for my edge is very boring as whole game. So I decided to try 5m trading Ryanmcd and Jankone style for perhaps a few % here and there. Took the break of 5m OB with bear div at swing high back into the bigger trend. CT trade. Risk 10, profit 15 pips after 2 bars. Quite impressed I can say. Anyone else took it?
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  • #86,595
  • Jan 21, 2011 2:40am Jan 21, 2011 2:40am
Quoting vasmiza

Some notes I took was that:
1. It actually did not touch the BRN of 1.30000
This one was objective. True. Mike also mentioned that fact.
Maybe I should add the rule like "must touch/test the S/R"....

EDIT: For now I have 20 pip buffer where I consider it was tested. And the same for taking profits 20 pip before the BRN, SR, etc... That one was 4 pip shy of BRN only...
  • #86,596
  • Jan 21, 2011 2:46am Jan 21, 2011 2:46am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting vasmiza
Hi Kalbar,

I actually took that pin aswell, didn't turn out that good as we can all see.

Some notes I took was that:
1. It actually did not touch the BRN of 1.30000
2. It was going straight into a ppz (or area of support) as can be seen below (highlighted pink)

Attachment

Can you guys add any other reason why not to take the pin???
Profit taking could be one. Also its coming off a strong bullish momentum so that pin was counter trend and as expected it was short lived.
I have seen the enemy, and it is me.
  • #86,597
  • Jan 21, 2011 2:52am Jan 21, 2011 2:52am
1 months ago i moved to sweden and in the meantime EUR/SEK pair managed to reach its 10 year support. I guess forex is not so popular hear and i have found only 2 brokers where one is dead already...anyway... This pair attracts my attention becouse of that strong support and 9.000 BRN which needs to be broken in order for price to go higher. Zooming into the daily only helps to see the importance of that level. I would like to see that monthly pb close above the 9.000.... 9.500 would be very nice target. I am working in company which exports a lot of goods to countries with eur currency and i've managed to convince my boss to leave eur in the account untill the end of february just to see if he can get better rate .....So it would be nice to see 5% growth.
Still 10 days to close...
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  • #86,598
  • Jan 21, 2011 2:53am Jan 21, 2011 2:53am
Quoting Jey
Profit taking could be one. Also its coming off a strong bullish momentum so that pin was counter trend and as expected it was short lived.
If you zoom out you will see that overall trend is down and the pin could have been viewed as a turning point after a retracement. However there was strong bullish moves a few days before and as you say it could have been the result of profit=taking.
  • #86,599
  • Jan 21, 2011 3:22am Jan 21, 2011 3:22am
Quoting jarroo
I do look at just the High and Lows for PPZ levels as James16 teach them . .that's a given.

But I will take note of their closes as well . .meaning when the Highs and Lows (PPZs) and Closes are together they shouldn't be ignored. I believe Bundyraider talked about this . . I don't know how long ago . . .and now I get it . . lol . .Thanks Bundy.

FTA .. at the previous bar Close as well . .Absolutely. .That sure would have come in handy on that Eur/Chf PB yesterday

With observations like that, decentchap, your expertise will come alot...
Thanks Jim for your answer and encouraging words.. I will make a note of this point.
Trading is a test match not a Twenty20.
  • #86,600
  • Jan 21, 2011 3:57am Jan 21, 2011 3:57am
Thanks Jarroo...

And hey this BEOB at Swing High looks good which also looks like a DBHLC...got rejected at 1.54...
looks Strong...

any1 gng for dis?
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