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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

  • #93,101
  • Apr 7, 2011 2:27am Apr 7, 2011 2:27am
hey there,
first of all BIG compliment for this superB work. I love this thread and learned a lot already from it.

I am fairly new to that james16 method and the naked trading. And now I already got a question

That NZUD/USD Daily Chart gave a nice pinbar 2 days ago but the candle afterwards shot straight up instead of going down.
Maybe someone can give a short explanation if I didn't see something.
http://www.forexfactory.com/attachme...1&d=1302161200
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  • #93,102
  • Apr 7, 2011 2:49am Apr 7, 2011 2:49am
Quoting Miko1
hey there,
first of all BIG compliment for this superB work. I love this thread and learned a lot already from it.
That NZUD/USD Daily Chart gave a nice pinbar 2 days ago but the candle afterwards shot straight up instead of going down.
Hello Miko1,
are u referring to the green candle pinbar?
if so, it did not get triggered.
also, another major factor is price has been in an uptrend for several days now (see your chart).
so, essentially this green candle pinbar is countertrend....
& that pinbar very small in size.
& it had a bullish close (ideally we want a bearish close for bearish pinbars).

check out the 2 pinbars (red candles, 4th & 7th candle from the pinbar we are discussing).
they never got triggered too (u can say the first red candle pinbar triggered by +/-1 pip, but it was right at a PPZ/support).

Keep posting!
  • #93,103
  • Apr 7, 2011 2:56am Apr 7, 2011 2:56am
Quoting zoli
The question of questions.........
currently, not much weakness.

i'll leave the fundamental question to the experienced traders. but i believe some countries like China & other central banks are/have been diversifying/buying Euros.
...aside from ECB rate hike expectations.

nice to see your chart. i cant believe the euro bull has survived that drop sub-1.3000. my euro bull is back & alive! lol
  • #93,104
  • Apr 7, 2011 3:00am Apr 7, 2011 3:00am
Hey supremeChaos,

thank you for your fast answer. It did help me a lot and the things I overlooked were pretty obvious now that you pointed them out

Love the pinbar and the naked charts!!

Thanks
  • #93,105
  • Apr 7, 2011 3:01am Apr 7, 2011 3:01am
Quoting Miko1
hey there,
first of all BIG compliment for this superB work. I love this thread and learned a lot already from it.

I am fairly new to that james16 method and the naked trading. And now I already got a question

That NZUD/USD Daily Chart gave a nice pinbar 2 days ago but the candle afterwards shot straight up instead of going down.
Maybe someone can give a short explanation if I didn't see something.
Hi Miko,

I am a newbie aswell but here is my interpretation. Maybe a senior member can correct me if I'm wrong.

You see we don't look at just bars by themselves but rather we look for confluence. Confluence includes, support/resistance, PPZ, BRN, PA, space/traffic etc.

Further, we want our PB's to be nice and big, with a long tail, short body and a strong close. We want them to really stand out.

The PB that you've indicated is not really that good looking, it is fighting against the strong bullish momentum we have recently had. Compared to the previous bars it has no value whatsoever. As SC pointed out the bar itself never triggered. Hope that makes sense
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  • #93,106
  • Apr 7, 2011 3:34am Apr 7, 2011 3:34am
Quoting vasmiza
Hi Miko,
...
Hello Harry,
nice clean chart. keep it coming Sir!
  • #93,107
  • Apr 7, 2011 3:35am Apr 7, 2011 3:35am
hey vasmiza

makes a lot of sense. I saw the candle without context. That's why the question came up.
Now it makes sense why it behaved like it did.

Thank you. Love it in here
  • #93,108
  • Apr 7, 2011 3:44am Apr 7, 2011 3:44am
I am considering long if we break the PB on 12H gpbchf
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  • #93,109
  • Apr 7, 2011 3:50am Apr 7, 2011 3:50am
Quoting zoli
The question of questions.........

Attachment
Will see what will happen when ECB will set rates on 1.25. The expectations of the rate hike are priced in and after todays decision we might be left with nothing but euro being infected by debt problems and portugal bailout so it might play out along the "buy rumor , sell news" line. It would be fun to watch something surprising like 1.50 rate hike ... or no hike at all
  • #93,110
  • Apr 7, 2011 3:53am Apr 7, 2011 3:53am
Quoting supremeChaos
Hello Harry,
nice clean chart. keep it coming Sir!
Thnks SC.


Another interesting point about the NZD/USD is that we are approaching a PPZ (resistance), 0.78000. That a very nice area to look for price action.

Will we break out of consolidation? Or go back into the box
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  • #93,111
  • Apr 7, 2011 4:26am Apr 7, 2011 4:26am
Morning guys

(Just cant stop reading this thread, - the more I read the more it makes
sense - fantastic work !)

I've a question about moving stops to BE if I may:-

If I get into a trade on the daily chart, how quickly should I be moving my stop from the original placement (bar high/low) to Break even ?.

I guess what I am really trying to figure out is if the trade is moving in my favour should I wait until the current daily candle closes and adjust my stop at the next days opening or should I drop down TF's and move it as soon as BE occurs on th 4HR/1HR ?

Hope this makes sense.

Thanks guys
Malarky
  • #93,112
  • Apr 7, 2011 4:46am Apr 7, 2011 4:46am
Quoting vasmiza
Thnks SC.


Another interesting point about the NZD/USD is that we are approaching a PPZ (resistance), 0.78000. That a very nice area to look for price action.

Will we break out of consolidation? Or go back into the box
Nice chart vasmiza, really simple yet it's got everything a trader needs right there.

I'm looking at the same area aswell, we had a H4 BEOB this morning, but it wasn't big enough or convincing enough PA for a short against that big run up on the daily, for me anyway.. Let's see what happens..
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  • #93,113
  • Apr 7, 2011 5:07am Apr 7, 2011 5:07am
Quoting Malarky
Morning guys

(Just cant stop reading this thread, - the more I read the more it makes
sense - fantastic work !)

I've a question about moving stops to BE if I may:-

If I get into a trade on the daily chart, how quickly should I be moving my stop from the original placement (bar high/low) to Break even ?.

I guess what I am really trying to figure out is if the trade is moving in my favour should I wait until the current daily candle closes and adjust my stop at the next days opening or should I drop down TF's and move it as soon...

Hi Malarky,

There are a lot of ways to move your stop to BE. This depends on a lot of things including your risk tolerance, your account size and even your personality.


For example, Jim (J16) moves his stop to BE at the FTA. He cannot tolerate drawdowns. Thus he immediately moves to BE. If you move to BE immediately like this more often than not you will get stopped out at BE but on the odd occasion you may catch the runner. Jim doesn't go to lower time frames he plays it on the chart he enters.

Whereas Mike (mbqb11) plays it a little differently. He'd rather wait for a nice story and instead of immediately moving to BE he looks a reasonable areas to move his stop. This may be below a PPZ zone, or a BRN etc. So he slowly cuts off risk as the story unfolds.I don't think Mike drops down timeframes to adjust his SL either.

As you have stated another approach may be to go down to lower time frames and find reasonable areas to move your stop (i.e. below PPZ, or BRN, or areas of confluence etc.)


If you want a more mechanical approach you may want to look at the 2 bar trailing stop that Mike uses.

Once again this all depends on you. Again this is just my opinion and I could be wrong. A senior member will be in a better position to answer this question.

Quoting Sgrb1
Nice chart vasmiza, really simple yet it's got everything a trader needs right there.

I'm looking at the same area aswell, we had a H4 BEOB this morning, but it wasn't big enough or convincing enough PA for a short against that big run up on the daily, for me anyway.. Let's see what happens..

Hi Sgrb,

I saw that one on the 4 hour but yeah not much. We must be patient and wait, till the right setup comes our way.

Cheers,

Harry
  • #93,114
  • Apr 7, 2011 5:11am Apr 7, 2011 5:11am
Quoting Miko1
hey there,
first of all BIG compliment for this superB work. I love this thread and learned a lot already from it.

I am fairly new to that james16 method and the naked trading. And now I already got a question

That NZUD/USD Daily Chart gave a nice pinbar 2 days ago but the candle afterwards shot straight up instead of going down.
Maybe someone can give a short explanation if I didn't see something.
First off it made a pinbar in the middle of nowhere.

Secondly you are selling into previous highs.
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  • #93,115
  • Apr 7, 2011 5:21am Apr 7, 2011 5:21am
Hi Adi

Still holding that cable short?

I shorted an RT in solidarity with you brother, but needed sleep and set a TP which was hit while I slept.

If
  • #93,116
  • Apr 7, 2011 5:39am Apr 7, 2011 5:39am
Quoting Ifmyante
Hi Adi

Still holding that cable short?

I shorted an RT in solidarity with you brother, but needed sleep and set a TP which was hit while I slept.

If
Hi Ifmy, no was stopped out for a full loss
  • #93,117
  • Apr 7, 2011 5:43am Apr 7, 2011 5:43am
Quoting Adilius07
Hi Ifmy, no was stopped out for a full loss
Sorry about that mate. Where was your SL?
  • #93,118
  • Apr 7, 2011 5:45am Apr 7, 2011 5:45am
Quoting Ifmyante
Sorry about that mate. Where was your SL?
It was 1.6338 above that left eye.
Well I reviewed the trade very carefully and I see no errors.

It was tradable according to my plan. I had much worse than that that worked perfectly, and I saw others playing weaker ones.

So I just calmly wait for another A+ trade
  • #93,119
  • Apr 7, 2011 5:53am Apr 7, 2011 5:53am
Hey Vasmiza
Thanks a lot for your help.
I understand now from your explanation how different risk/strategies will determine your S/L placement and I'm very grateful for your reply.
Cheers
Malarky
  • #93,120
  • Apr 7, 2011 5:57am Apr 7, 2011 5:57am
Quoting Adilius07
It was 1.6338 above that left eye.
Well I reviewed the trade very carefully and I see no errors.

It was tradable according to my plan. I had much worse than that that worked perfectly, and I saw others playing weaker ones.

So I just calmly wait for another A+ trade
Great philosophy Adi

I had a long wait for that left eye level to be reached for my entry.

Please understand that I'm not trying to rub it in.
I just see a big bar and say 'That's got to retrace'.
But if it's an instant runner I'll be waving you off on your winner, left without a position for myself.

Must check the stats on what % of big bars RT
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