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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

  • #89,121
  • Feb 15, 2011 10:17am Feb 15, 2011 10:17am
Quoting Atc
All your hard work is paying off...you deserve it
thanks, mate!
i hope someone else took this trade, too.
meine augen sind die sterne
  • #89,122
  • Feb 15, 2011 10:36am Feb 15, 2011 10:36am
Quoting 2+2ex
In my view the Trendline is not touched.
Depends on the broker
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  • #89,123
  • Feb 15, 2011 11:08am Feb 15, 2011 11:08am
Quoting ghous
How's the Swissy working out for you Avanish?



g.
nope..i didn't take it yaar..
i will watch more few of IB setups,will Question u n once confident will trade it...
n ya dat 0.9650 did worked out well..seems like u closed the trade..
  • #89,124
  • Feb 15, 2011 11:12am Feb 15, 2011 11:12am
Quoting mbqb11
I didn't see this one, but the bar would still be too small for me like eur/aud. But can you see the 1.55 BRN had a much strong short term effect and why this bar is much better then the eur/aud with confluence and location?

clear former resistance turning to support with a pinbar. That's the type of stuff we want(even if we all have a bitt different rules)

Best
Mike
yeah yeah..im getting it..could see the difference between GBPCHF M30 n EURAUD H1 setup..
  • #89,125
  • Feb 15, 2011 11:37am Feb 15, 2011 11:37am
BUOB on 4h gbp jpy chart.
I know it is at a swing high but it breaks the 135 and close above. Hope it will close on daily basis above the 135 and ppz.
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  • #89,126
  • Feb 15, 2011 12:36pm Feb 15, 2011 12:36pm
Quoting mbqb11
sure was, Dan tell us how many trades have you taken this month. So people can see that power



Nice one bud
Mike
Actually for this month, that was #3....

I have had -0.5R, -0.5R, and just now +3.3R after closing down my E/G manually. I don't want to sit on that trade through another London session with it just 10 points away from my final target currently. Not planning on re-living one of those experiences lol.
Many choose unhappiness over uncertainty.
  • #89,127
  • Edited 12:58pm Feb 15, 2011 12:46pm | Edited 12:58pm
Quoting Be Cool
Also took these two yesterday:

AUDUSD
PB off daily PPZ and BRN 1.0000, with the trend, at swing low (sort of) and TL confluence. Took profits on first half when first target hit, but didn't move SL on second half to BE. Instead i left it below 1.000, wishing for a further move. Price retraced back and stopped me out -lost profits from the first half. Got to remember to move SL to BE quick on less than A+ setup LOL

EURCAD
PB off weekly PPZ and RN 1.3300, at Swing Low with 50% Fib nearby. Bar size is good with plenty of space....

Simply Fantastic, Be Cool. The Aud/Usd setup was A+ to me.

For those that wonder about the James16 90% win rate this is an example of why it is 90% ( I feel its more like 99% on setups like this, but that's just me).

Let's go through it.

Nice area of consolidation building under the 1.0 BRN, forming a strong Resistance level at its top or at the 1.0. Price breaks through and Closes above this strong Resistance level.

Price comes back down forming a PB and showing that this previous level of Resistance is now Support. Its showing us this by not closing below the 1.0 and the formation of a PB itself with the close above the 1.0. Fantastic!

Here is where the 90% win rate comes from . . this setup, as described above, has many targets. The immediate previous bar Highs and Lows are the targets or FTAs of this PB.

The first target has a 90% chance (or more) of getting hit. (1st blue line).

This is where the high win rate comes from . .the 1st obvious target.

To think of targets beyond that or thinking its going to the moon is not a bad way to think . . BUT you have to protect yourself against a loss once that 1st target is hit.

Can you take some off the table and move to B/E? Yes. (Think James16's "This is Critical")

Can you free trade to the 1st target to allow for more retracement room? Absolutely.

Will Price hit your 1st target and you move to B/E then Price stops you out and then it goes to the moon? Oh yes, that will happen believe me . . . lol. But also the current situation of the Aud/Usd will also happen . .its a good reminder of why you do it.

But when you catch a runner when it doesn't stop you out at B/E it just makes you smile ..

Some other comments on the chart.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #89,128
  • Edited Feb 16, 2011 8:02am Feb 15, 2011 12:55pm | Edited Feb 16, 2011 8:02am
Quoting jarroo
Simply Fantastic, Be Cool. The Aud/Usd setup was A+ to me.

Jim

More often then not, Be Cool, these setups are good for a nice run . .like this one on the Eur/Chf back in mid 2010.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,129
  • Feb 15, 2011 12:57pm Feb 15, 2011 12:57pm
Touch...ppz ...RN....1.6150...fib 61
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  • #89,130
  • Feb 15, 2011 1:00pm Feb 15, 2011 1:00pm
A/J
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  • #89,131
  • Feb 15, 2011 1:15pm Feb 15, 2011 1:15pm
Quoting Be Cool
Also took these two yesterday:


EURCAD
PB off weekly PPZ and RN 1.3300, at Swing Low with 50% Fib nearby. Bar size is good with plenty of space. Took full profits at First target due to the Giant Bearish weekly PB.

The same can be apply to this your Eur/Cad 4 hour PB, Be Cool.

I would have like to have seen this PB bigger to compensate for the strong move down . not a bad level of Support at the 1.3300.

1st target hit!! James16's "This is Critical" comes to mind at the 1.3350.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,132
  • Feb 15, 2011 1:18pm Feb 15, 2011 1:18pm
Quoting Dan Gilbert
the second half of my position here is coming up on the end of it's life cycle... I moved my stop a bit for insurance.

initial stop was at 0.8500, this trade will deliver a 3.6R return if it does in fact get to my final target.

Well done sir. . .
Indicators show the past. Price Action "Indicates" the future.
  • #89,133
  • Feb 15, 2011 1:40pm Feb 15, 2011 1:40pm
Gday all been following J16 principals for some time and its very simple and highly effective thanks to all contributors here.
As i focus more on entries my exit strategy is lacking competence im currently long GBP/AUD and in +pips but now at a major R zone with the PA should i close here or wait for another break and resume?

Thanks for your time trev.
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  • #89,134
  • Feb 15, 2011 1:50pm Feb 15, 2011 1:50pm
Today the last positions hit the SL,but I noticed something very interesting for me.On this daily sideways(SDW) market we have 3 swings low and 4 swings high 0.9774 is a very important ppz level of this SDW,every time when the price reached for the first time at the ppz acted as R,pbt&ca,came back and act as R again,sign that every time the sellers were there.This time didn't happend at the same way-pbt&ca with no R...less sellers and the last 2 candles are just buyers's taking profit for loading? All 3 swings low start up at the same way,The last swing high(4) is just as 3,the rest of them(1&2)are different,for me something is changed.Let's see if 0.9774 will act as S,or the price will close bellow and maybe will act as R.
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Nothing personal,just business
  • #89,135
  • Feb 15, 2011 2:01pm Feb 15, 2011 2:01pm
worth taking? good chance of 1:1
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Trading is a test match not a Twenty20.
  • #89,136
  • Feb 15, 2011 3:00pm Feb 15, 2011 3:00pm
Quoting forex0908
Dan and Others

Is the EU I4B on the Daily TF being formed (daily candle not complete yet) tradeable?

0908

Attachment
Yes, I like it . .

I do favor the downside based on the Close below the 1.3500 on two Daily bars.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,137
  • Feb 15, 2011 3:09pm Feb 15, 2011 3:09pm
Quoting jarroo
Yes, I like it . .

I do favor the downside based on the Close below the 1.3500 on two Daily bars.
Although the 1.3450 is a proven Support level which both Daily bars could not close below.

I may look for an opportunity like this chart.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,138
  • Edited 8:07pm Feb 15, 2011 3:29pm | Edited 8:07pm
I am still short on euro with an eye on the monthly brute of a BEOB and think the next move will be up to 3560ish before resuming down. Looking at 1.31 area for some decent long intraday stuff within a couple of weeks then on down to 1.24 area.


K.I.S.S.
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  • #89,139
  • Edited 4:28pm Feb 15, 2011 3:53pm | Edited 4:28pm
Quoting AvanishDemo
Hey Mike/Jarroo,
I take trades on H1/H4 TF on the basis of info. given on Daily chart,
I liked the Pinbar(neither bullish nor bearish close) with protruding n "stand out" tail
good confluence:1.35RN+38.2 Ret+150EMA+SPACE..i do agree there were flips on 1.3485 but more weightage was on the confluence so i continued to carry on even though the next bar to pinbar got closed above 1.3485..

do u agree this was an example of a GOOD SETUP which got FAILED?
Hey Avanish

I see your looking at the areas of Support & Resistance and PBT&CAorB. That's great, keep doing it.

The key is finding the strong levels. As Mike mentioned, the consolidation boxes are a GREAT place to find these strong levels, mainly the tops and bottoms of these boxes.

Also I would add, the higher the time frames where these boxes form, the stronger the levels. But you can still find them on any time frame.

(Chart)
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Indicators show the past. Price Action "Indicates" the future.
  • #89,140
  • Feb 15, 2011 4:01pm Feb 15, 2011 4:01pm
Quoting KissFan
I am still short on euro with an eye on the monthly brute of a BEOB and think the next move will be up to 3560ish before resuming down. Looking at 1.31 area for some decent long intraday stuff within a couple of weeks then on down to 1.24 area.

Yes that is a brute . lol. . .I'll watching Kiss-man.
Indicators show the past. Price Action "Indicates" the future.
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