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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

  • #88,341
  • Feb 7, 2011 11:44pm Feb 7, 2011 11:44pm
USD/CHF interests me from the perspective of the monthly BEOB previous bar low. There is also a ton of confluence on the daily. All we are lacking is a PA setup.
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  • #88,342
  • Feb 8, 2011 1:22am Feb 8, 2011 1:22am
UJ is starting to show bearish div on H4.

Is it about to pop with the LO?
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  • #88,343
  • Feb 8, 2011 1:45am Feb 8, 2011 1:45am
When playing breakouts, could be consolidation breakout, TL breakout or the break of a Pb, BUOB etc how many pips below do you guys generally place your orders? Does it change depending on PA and the bigger picture. Or do you look at lower TF?????

Here is the EUR/CAD sell order i placed yesterday below the BEOB, it was hit and then we immediately reversed. Not a good bar to play I know we have RN 1.33000 and going straight into support.

Just backtesting here and playing with demo. What do you guys think?????

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btw my sell order was just a few pips below the low, maybe a better play would have been placing the order below the 1.3300 level
  • #88,344
  • Feb 8, 2011 2:37am Feb 8, 2011 2:37am
Jahoma posted about Jarroo's PPZ explanation today, afterwhich I went back and looked at that chart for over an hour.

I think I missed the main point of those charts.

That being that the areas of consolidation are what we are mainly looking for. I mean, consolidation has always felt like a negative thing.

Anyway, it hit me that, we can to a monthly chart and put in a line above and below a serious consolidation area, then do the same on the weekly.
What does this give us, it gives us most of the main PPZ where price is going to make a serious move from.

Look at the daily chart, there are some daily PPZ that I have not put in yet but, look at the PA off the monthly and weekly PPZ. Strange how I was not looking at that consolidation box Jarroo drew on that EUR/USD chart. Especially as, that was Jarroo's MAIN POINT!



The white chart is Jarroo's char I reconstructed and that is when it hit me! Like a Rock!
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  • #88,345
  • Feb 8, 2011 4:01am Feb 8, 2011 4:01am
Quoting vasmiza
When playing breakouts, could be consolidation breakout, TL breakout or the break of a Pb, BUOB etc how many pips below do you guys generally place your orders? Does it change depending on PA and the bigger picture. Or do you look at lower TF?????

Here is the EUR/CAD sell order i placed yesterday below the BEOB, it was hit and then we immediately reversed. Not a good bar to play I know we have RN 1.33000 and going straight into support.


btw my sell order was just a few pips below the low, maybe a better play would have been placing the order...
Hi,
Many seem to use buffers of between 5-10 pips on daily's and a bit more (15 or so) on the weekly. Looking for price flips zones, I had 1.3350 marked, so you'd want to be confident that price had broken through this and that the 1.3350 was going to act as resistance for your short entry.
  • #88,346
  • Feb 8, 2011 4:03am Feb 8, 2011 4:03am
Quoting vasmiza
When playing breakouts, could be consolidation breakout, TL breakout or the break of a Pb, BUOB etc how many pips below do you guys generally place your orders? Does it change depending on PA and the bigger picture. Or do you look at lower TF?????

Here is the EUR/CAD sell order i placed yesterday below the BEOB, it was hit and then we immediately reversed. Not a good bar to play I know we have RN 1.33000 and going straight into support.

Just backtesting here and playing with demo. What do you guys think?????

Attachment

btw my sell...
Hi Vas,

I saw it too, but skipped because I didn't like the close of that BEOB which happend to be before the high of previous BUOB. You can also view it as if that BEOB closed right at the 2-week bullish PB. For some it is not a problem as that bullish BUOB could have reached it's target, but I just don't fade counter PA, too chiken for this, lol.

But it may still work actually given the BEOB's rejection of 1.3500 BRN.
So if 1.35 will hold you should be ok, imho

Just my 2 cents
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  • #88,347
  • Feb 8, 2011 5:32am Feb 8, 2011 5:32am
Quoting aserbfx
i like this pinbar on daimler.
strong close and off icce's 61.80%.
also check the congestion zone to the left.
yes!
good trade. 55.00 eur at the moment. i will take full profit here.
+3,80 %.
meine augen sind die sterne
  • #88,348
  • Feb 8, 2011 5:39am Feb 8, 2011 5:39am
Quoting aserbfx
yes!
good trade. 55.00 eur at the moment. i will take full profit here.
+3,80 %.
Very good trade

I don't have the chart to see how it got there, but from your earlier post, it looks like you made a great exit too
  • #88,349
  • Feb 8, 2011 6:26am Feb 8, 2011 6:26am
Quoting aserbfx
yes!
good trade. 55.00 eur at the moment. i will take full profit here.
+3,80 %.
Nice one asebfx, I was looking for an pullback entry at the left eye of that PB, but unfortunately I didn't get a valid buy trigger on the lower TF's
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Pipcrawler
  • #88,350
  • Feb 8, 2011 6:41am Feb 8, 2011 6:41am
Quoting xmzhang
Nice one asebfx, I was looking for an pullback entry at the left eye of that PB, but unfortunately I didn't get a valid buy trigger on the lower TF's
Hi Xmzhang, may I ask. That red line at 5.20 is it the level where you would normally put your SL (so behind left eye)? or is just SR analysis...
Thanks.
  • #88,351
  • Feb 8, 2011 6:49am Feb 8, 2011 6:49am
Quoting Adilius07
Hi Xmzhang, may I ask. That red line at 5.20 is it the level where you would normally put your SL (so behind left eye)? or is just SR analysis...
Thanks.
Hey Ad, it's just a RNB @ 5200 that I've marked off on my charts for clearity. My SL would be indeed a few pips below that RNB @ 5195
Pipcrawler
  • #88,352
  • Feb 8, 2011 6:53am Feb 8, 2011 6:53am
Quoting xmzhang
Hey Ad, it's just a RNB that I've marked off on my charts for clearity. My SL would be indeed a few pips below that RNB @ 5195
got it. so your SL not always behind the setup bar? And for this particular trade you would exit (I guess) at 5.48? so that would make pretty good RR for this trade.

Don't get me wrong, I'm just looking for the ways to improve my trade management. So if you put SL not behind setup bar does it work for you in general? have you been doing this for some time already?
  • #88,353
  • Feb 8, 2011 6:58am Feb 8, 2011 6:58am
Hello everyone, I am looking at opening a Stock and Futures trading account here in the USA. I already use Oanda for FOREX and I am more than happy with their services. It is a shame they don't offer stocks or futures.

For those traders on this thread that are in the USA and who trade Stocks and/or Futures, what broker do you use?

I am interested in Interactive Brokers, but I am not sure how good their charting services are. I went to open a paper trading account with them, but you have to have a real account before you can open a related paper trading forum.

Mike, Jarroo, any of you other experienced traders in the USA, I am just wondering who you use for Stocks and Futures.

Thanks!
  • #88,354
  • Edited 7:24am Feb 8, 2011 7:07am | Edited 7:24am
Happy Birthday Lallous.

Hope you like chart cake
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  • #88,355
  • Feb 8, 2011 7:27am Feb 8, 2011 7:27am
Hi all,

I cannot seem to find any reference to the MACD indicator on the James16 methodology. Am I missing something here? Does it sit well with PA trading? I notice some people use it to validate their entry or to weigh up the pros and cons...

Just a quick link will do, preferably relevant to this forum and style of trading

Thanks in advance!
  • #88,356
  • Feb 8, 2011 7:28am Feb 8, 2011 7:28am
Quoting Patrick.
I took a touch trade off PPZ 132.95 SL @ 133.50 another reason I took it is because am seeing inverted H&S.

4HR PA has a BEOB, currently at BE +10 if it gets through FTA I will lock in some more, any thoughts?
looking pretty good so far
  • #88,357
  • Feb 8, 2011 7:32am Feb 8, 2011 7:32am
Quoting 5.25
Hi all,

I cannot seem to find any reference to the MACD indicator on the James16 methodology. Am I missing something here? Does it sit well with PA trading? I notice some people use it to validate their entry or to weigh up the pros and cons...

Just a quick link will do, preferably relevant to this forum and style of trading

Thanks in advance!
I asked the same question before. It is used to spot divergence (regular and hidden) as another confluence factor . Some traders prefer RSI to spot it.

Here is a link to understand divergence quickly (sorry if you know what it is already)

http://www.babypips.com/school/divergence-trading.html
  • #88,358
  • Feb 8, 2011 7:33am Feb 8, 2011 7:33am
Great cake, Ifmyante!

Although I was wondering if the candles should be showing more support?
  • #88,359
  • Feb 8, 2011 7:43am Feb 8, 2011 7:43am
Quoting unlv_tj
Hello everyone, I am looking at opening a Stock and Futures trading account here in the USA. I already use Oanda for FOREX and I am more than happy with their services. It is a shame they don't offer stocks or futures.

For those traders on this thread that are in the USA and who trade Stocks and/or Futures, what broker do you use?

I am interested in Interactive Brokers, but I am not sure how good their charting services are. I went to open a paper trading account with them, but you have to have a real account before you can open a related paper...
i am not in the us, but i trade a lot of us-stocks and the dow-future.
i am trading with IB. imho they are cheap and reliable. i like the idea to trade stocks, futures and fx in one single account. i use their charts on occasion. they are not great but ok.
hth
meine augen sind die sterne
  • #88,360
  • Feb 8, 2011 7:45am Feb 8, 2011 7:45am
Quoting Adilius07
got it. so your SL not always behind the setup bar? And for this particular trade you would exit (I guess) at 5.48? so that would make pretty good RR for this trade.

Don't get me wrong, I'm just looking for the ways to improve my trade management. So if you put SL not behind setup bar does it work for you in general? have you been doing this for some time already?
Just to be clear, I didn't take this trade, I was following the setup after Asefbx posted it, but I didn't get a buy PA according to my entry strategy. I ALWAYS enter on a pullback of a setup to some keylevel (PPZ, RNB etc..) and look for a buy/sell PA here on the lower TF. My SL is then based on the lower TF were I enter, because my entry is triggered @ a pullback and on a lower TF, my SL is much smaller compared to entering on a break of the setup and a SL above or below that setup. This way I'am able to cover my initial risk quickly should price move into my direction. It all depends on the quality of the keylevel at which price pullbacks to and the quality of the sell/buy PA on the lower TF though, whether price takes off from here to validate the setup or not.
Pipcrawler
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