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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

  • #94,261
  • Apr 23, 2011 12:54pm Apr 23, 2011 12:54pm
What do you guys think about the two continue BUOBs? Booth are looking the same.

Booth are on retest of an old Resistance and formed a nice BUOB. Booth ate on all time high now so no trouble areas except BRNs.

Happy holidays to all ;-)
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  • #94,262
  • Apr 23, 2011 1:02pm Apr 23, 2011 1:02pm
Quoting AvanishDemo
Oops yeah the 365EMA is also a hindrance..i think i lost my bit of data as my FxPro got crashed!
Hope to see some juicy setups next week!!

But i doubt..does that add to confusion when IPB have different closing on different brokers..lets say a Bullish IPB CB RN/BRN on FxPro but CA RN/BRN on IBFX...i mean which one u follow the latest closing of the Broker?
I tend to follow just one feed (FXpro) it keeps the confusion out and at the same time I am not missing on anything as all feeds do even out in the long term.

g.
I believe . . .
  • #94,263
  • Apr 23, 2011 2:09pm Apr 23, 2011 2:09pm
cah on weekly. a break of the 43 usd is the trigger for longs. next target will be the 50 usd.
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meine augen sind die sterne
  • #94,264
  • Apr 23, 2011 2:23pm Apr 23, 2011 2:23pm
This is my trade that closed last week.
Entry on breakout of BEOB. First target was BRN 9000. Second target was 161.8 fibo.
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  • #94,265
  • Apr 23, 2011 2:35pm Apr 23, 2011 2:35pm
Quoting ghous
Good stuff buddy.

I have my 365 in confluence with the 7600 area. We also have a trend line break out for those of us who follow them (I don't as such)

We're not dropping the axe on our own feet. . . definitely not, right A?

g.
Hey Ghous,
Looks like NZD/USD W IPB is in much better shape and location.
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Anything can happen - You never know
  • #94,266
  • Apr 23, 2011 2:37pm Apr 23, 2011 2:37pm
Some thoughts about GBPUSD
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  • #94,267
  • Apr 23, 2011 3:03pm Apr 23, 2011 3:03pm
aud cad on weekly. finally borke out of the rectangle and ready for more.
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meine augen sind die sterne
  • #94,268
  • Apr 23, 2011 5:32pm Apr 23, 2011 5:32pm
Quoting Be Cool
Hi Mike
Wonder if you can advise on trade management.

I expect this trade to develop further considering the large consolidation area price broke out of. I still have two positions on and moved the stops to under the second BUOB.
Hey BC

I think it's up to you to decide more then anything. If you believe a trade has room to run then looking for ways to reduce your risk is super important. So it looks like you have roughly half your initial risk off the table while still giving your trade room to run. I tend to decide prior to getting into a trade if I believe it should be more of a runner(which breakouts tend to be for me), or if I am looking to take flat profit. I think the way you are approaching this one works for me. The thing I see most people make the mistake of is ignoring trouble areas, not reducing their risk in some way, and taking way to many full bar losses in situations where it doesn't seem worth it to try to hang on for more(this is where the james16 this is critical plays such a huge role). I do follow FTA and all that, but that doesn't mean for me at every FTA I go to b/e. Sometimes I do, but it depends on the quality of the setup and the type for me. Generally a breakout trade to me, means price should be "breaking out and away". If I time that right tailing out often makes the most sense.

Hope that helps
Mike
  • #94,269
  • Apr 23, 2011 5:33pm Apr 23, 2011 5:33pm
Quoting john225
What do you guys think about the two continue BUOBs? Booth are looking the same.

Booth are on retest of an old Resistance and formed a nice BUOB. Booth ate on all time high now so no trouble areas except BRNs.

Happy holidays to all ;-)
hey J

I like those charts, I am a bigger fan of the second one since price moved down lower into it. You can use that former s/r flip now as a trade mgmt area, but I would also be aware of the 120 area(would be interested to know what price did there the last time too)

Best
Mike
  • #94,270
  • Apr 23, 2011 5:43pm Apr 23, 2011 5:43pm
Hi Jim and all. Found this thread two days ago and I haven't stopped reading since! Great stuff and common sense as well - who'd a thought it possible! I'm looking forward to learning and seeing all that goes on when the markets are up and running. I know I've only just arrived but already want to say 'thanks Jim for starting this thread' I hope everyone has a brilliant holiday weekend. BTW the UsdCad looks pretty good to this novice.
Gregg
Gregg Sniper in training
  • #94,271
  • Apr 23, 2011 9:20pm Apr 23, 2011 9:20pm
Hi, andrugeno

1.33 is on my radar too; the thing is i could not see a confluence on it. what do you think?

just want to be with the down trend as safe side, so, would be more interested on retest of 1.35 as resistance.

if want to take bullish setup, maybe, 1.29 is more a valid place to ambush potential trade?

thanks for sharing with me your view, and I am fully with your English, as mine is very similar to yours, I think


Jeurre

Quoting andrugeno
Hello jeurre
This is my daily chart, waiting to retest 1.3300!
Sorry my English!


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  • #94,272
  • Apr 23, 2011 9:24pm Apr 23, 2011 9:24pm
Is the closing bar considered BUOVB? Price closed above fib, long term descending trendling, pivot.

http://i55.tinypic.com/15i6n2t.gif
  • #94,273
  • Apr 23, 2011 9:43pm Apr 23, 2011 9:43pm
Quoting biDc
Is the closing bar considered BUOVB? Price closed above fib, long term descending trendling, pivot.

http://i55.tinypic.com/15i6n2t.gif
Hey B

Yep that would be a BUOB, but one thing to note is James teaches us to play these at swing low points (this would be a swing high point). Now they can be played as continuations also, but I think it's easier to get acquainted to these bars in the traditional spot(swing low) first

Have a great weekend
Mike
  • #94,274
  • Apr 23, 2011 9:55pm Apr 23, 2011 9:55pm
Quoting mbqb11
Hey B

Yep that would be a BUOB, but one thing to note is James teaches us to play these at swing low points (this would be a swing high point). Now they can be played as continuations also, but I think it's easier to get acquainted to these bars in the traditional spot(swing low) first

Have a great weekend
Mike
Gotcha. Thanks!

Daily chart shows inner bar at swing high. Am I to be on guard to watch for possible short entry? Intraday charts have not given a signal.
  • #94,275
  • Apr 23, 2011 10:12pm Apr 23, 2011 10:12pm
thats great NS.

JIM

Quoting NSGoh
Hi everyone

Would like to share with you my trades for this week. Feel free to comment.

Would also like to share the profit and loss status (demo account) since I studied and practiced the J16 method from the period of end Mar till current day:

Profit: 322 pips
Loss: 10 pips

Thanks and regards
NS
  • #94,276
  • Apr 23, 2011 10:14pm Apr 23, 2011 10:14pm
Quoting biDc
Gotcha. Thanks!

Daily chart shows inner bar at swing high. Am I to be on guard to watch for possible short entry? Intraday charts have not given a signal.
Hey B

I like to remain unbiased as possible. We have a BUOB that did close just above the BRN of 1.65 so this is definitely a bullish sign to me. I like playing bubs as continuations if it's well supported. It's just a bit more tricky in my opinion. Notice all the bar highs of the "box" we are approaching. A break of the BUOB and we HAVE to watch this area and then of course into the last swing high point at the next BRN of 1.7 That is a MAJOR area to watch. Really as good as it gets in terms of location to watch for a trade

Hope that helps
Mike
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  • #94,277
  • Apr 23, 2011 10:26pm Apr 23, 2011 10:26pm
THANK YOU SIR.

GREAT TO HAVE YOU.

jim

Quoting Gregg
Hi Jim and all. Found this thread two days ago and I haven't stopped reading since! Great stuff and common sense as well - who'd a thought it possible! I'm looking forward to learning and seeing all that goes on when the markets are up and running. I know I've only just arrived but already want to say 'thanks Jim for starting this thread' I hope everyone has a brilliant holiday weekend. BTW the UsdCad looks pretty good to this novice.
Gregg
  • #94,278
  • Apr 24, 2011 12:08am Apr 24, 2011 12:08am
off the topic .

do the traders of big banks like us ,watch chart ,and do technology analysis ?

is it necessary have a job in the bank if i really love trading , i am a student now ?

thank you ,professionals here .need your ideas .
A chart helps those who can read it.
  • #94,279
  • Apr 24, 2011 12:46am Apr 24, 2011 12:46am
Quoting geniusztc
off the topic .
do the traders of big banks like us ,watch chart ,and do technology analysis ?
is it necessary have a job in the bank if i really love trading , i am a student now ?
....
i believe there are traders that watch & dont watch charts.

IMHO, it's unnecessary (& nearly impossible for most traders) to get a job in the bank.
u can be good at something with/without (the need for) proof or validation of your excellence/talent/skill (example, a job in the bank)
[my logic for this is/are:
not all 'professionals' are the best of the best
some people with great talent/skill are not employed/not 'professionals', either by choice or other circumstances]

just my view
  • #94,280
  • Apr 24, 2011 1:56am Apr 24, 2011 1:56am
To prove it, I am very skilled at drinking beer, Gin, red wine, Vodka & Tequila.

Yet, I have never worked in a pub.

Could probably have bought a couple of pubs with all the drinks I have drunk though.
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