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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

  • #94,601
  • Apr 30, 2011 1:43am Apr 30, 2011 1:43am
Quoting g_j_hook@yah
hey Jeurre, love the bar! nice size compared to the other recent bars with a strong close right at its low. and i love the location. it was the only area i had marked on my chart. I would have liked it to have closed a little lower but it did close below the BRN which is obviously a good thing. i like the upper TL but not the lower one and there is no pattern here for me, but that is irrelevant as it is a straight J16 type setup.
well spotted (i hadnt seen it yet so thanx for the heads up ) for me this is an A+ setup. would love to hear...
Hey Jon..Nice analysis..
not trying to over-analyze but this is wat i think:.
yes..shape n location of BEOB looks good..nice CB 1.40..but we have a double top formed at 1.3970 plus BEOB is bounded by 365EMA..so basically makes me feel to stay at the coast instead of jumping into the river..jst my thoughts buddy..
u can be right too!
Good Trading n Good Weekend!!
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  • #94,602
  • Apr 30, 2011 1:56am Apr 30, 2011 1:56am
eur cad looks also very nice for me nice bar close under lrn but im very affraid of that double h.maybe u didn t like it but eur/gbp telling me little much story than this one.yes it s more messy but we have double top od 89. and possible fta has much more room for me than eur/cad.this double top looks to me very scary also with this nice bar with great close
Look at eur/gbp
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  • #94,603
  • Apr 30, 2011 2:05am Apr 30, 2011 2:05am
Quoting AvanishDemo
Hey Jon..Nice analysis..
not trying to over-analyze but this is wat i think:.
yes..shape n location of BEOB looks good..nice CB 1.40..but we have a double top formed at 1.3970 plus BEOB is bounded by 365EMA..so basically makes me feel to stay at the coast instead of jumping into the river..jst my thoughts buddy..
u can be right too!
Good Trading n Good Weekend!!
hey AvanishDemo, thanx for your input. i havnt got any EMAs on my charts right now so thanx for pointing that out, price has finally broke above it so a retest is possible. something to watch. I think we both got the feeling it would have been better with a lower close.? It may be prudent to take a trade on any retest of the break of the BEOB...?But what i do like is that a break of the bar would take us into that lower area.
remember though that a DBL top is ONLY a DBL top when it breaks to the downside. So we could say we have a failed DBL top??
could you tell me what you mean by CB??

cheers


jon
PATIENCE... DISCIPLINE
  • #94,604
  • Edited 2:28am Apr 30, 2011 2:07am | Edited 2:28am
I like this PB..
It has now formed like a double-top on monthly..nice PPZ..1.0400 RN..
Nose of PB looks fine..overall adding to the story!

EDIT:Updated Chart!
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  • #94,605
  • Apr 30, 2011 2:12am Apr 30, 2011 2:12am
Quoting g_j_hook@yah
hey AvanishDemo, thanx for your input. i havnt got any EMAs on my charts right now so thanx for pointing that out, price has finally broke above it so a retest is possible. something to watch. I think we both got the feeling it would have been better with a lower close.? It may be prudent to take a trade on any retest of the break of the BEOB...?But what i do like is that a break of the bar would take us into that lower area....
Hey,
CB=Close Below
CA=Close Above..
Jarroo's Abbreviations
  • #94,606
  • Apr 30, 2011 2:14am Apr 30, 2011 2:14am
Quoting AvanishDemo
Hey,
CB=Close Below
CA=Close Above..
Jarroo's Abbreviations
got it. thanx

jon
PATIENCE... DISCIPLINE
  • #94,607
  • Edited 4:40am Apr 30, 2011 4:29am | Edited 4:40am
a couple more ill be watching next week... not the best but for me worth keeping an eye on

eu/gb BEOB engulfing the IB from thursday.Closed under the RN .8900 maybe the market has made a desision?? running into a bit of a mess though
Also possible DBL top

jon

im actually quite bullish on eu and gb so if i take a trade i wont be over staying my welcome on it...
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  • #94,608
  • Apr 30, 2011 4:32am Apr 30, 2011 4:32am
eu/yen. looking for a nice bullish bar at 120.00 or a break below and a retest for a possible short...
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  • #94,609
  • Apr 30, 2011 4:38am Apr 30, 2011 4:38am
gb/cad BEOB closing below the 1.5800 PPZ. again trading into a mess though
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  • #94,610
  • Apr 30, 2011 5:21am Apr 30, 2011 5:21am
Quoting g_j_hook@yah
gb/cad BEOB closing below the 1.5800 PPZ. again trading into a mess though

Hi Jon, really liking your charts, inspired me to give mine a spring clean this weekend

Thanks for posting.
  • #94,611
  • Apr 30, 2011 5:56am Apr 30, 2011 5:56am
Quoting g_j_hook@yah
...it is a straight J16 type setup.
well spotted (i hadnt seen it yet so thanx for the heads up ) for me this is an A+ setup. would love to hear other views on this also...
Great charts Jon, not just this one but the following posts also. They have great clarity about them.

Anyway, I'm going to stick my neck out here and say that out of all the PA setups J16 has taught us, BEOB and BUOB are the only ones I feel somewhat hesitant taking.

I agree that the close on this chart is strong (sub BRN 1.400) but my concern is this; I if were to enter this setup and place my stop loss ABOVE the BEOB would you not agree that the level of risk/exposure is somewhat high? I.e I don't want to make a loss on that huge BEOB if it were to go the other way.

This is by no means a slander against anyone or anyones trading style, I am just trying to get my head around reducing risk and increasing my reward. I would feel much more comfortable if it retraced to a logical level and then enter for a continuation.

This is a general BEOB/BUOB question, but your chart can give it some real context. I flagged this one on Friday's close which would help also.

Thanks Jon and all in advance.

(No doubt you'll be getting that Mansion from these recent charts of yours )

Tomek
  • #94,612
  • Apr 30, 2011 6:11am Apr 30, 2011 6:11am
Quoting dodko1144
eur cad looks also very nice for me nice bar close under lrn but im very affraid of that double h.maybe u didn t like it but eur/gbp telling me little much story than this one.yes it s more messy but we have double top od 89. and possible fta has much more room for me than eur/cad.this double top looks to me very scary also with this nice bar with great close
Look at eur/gbp
hey dodko, must have missed this post??
you make some good points (and nice charts, ) but for me im not worried about that DBL high on eu/cad as if the bar breaks we will be trading below those highs. is there a chance we end up with a pinbar or similar, with a quick break and return above those highs? yes (that could also be a good trade opportunity? ) but this is where trade management will come in, and James "critical" list. i dont see any reason to take a full bar loss here if things go belly up. The FTA which you marked in your chart may well be the level price bounces of but by then we would have covered ourselves ,no!!?? Of course time may proove me wrong but its all good. i gotta learn lol
regarding the eu/gb setup i just like the over all look of the eu/cad better ..??theres a lot in the way of price on that chart.

cheers for your view. good points

jon
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  • #94,613
  • Apr 30, 2011 6:31am Apr 30, 2011 6:31am
Quoting 5.25
Great charts Jon, not just this one but the following posts also....
yeah Tomek, i see it, but as Mike says everything in trading is a trade off, big bar = big stop = smaller position etc. your % risk shouldnt change though, only the position size. i think it is a bit of a pipe dream to expect massive returns on every trade. its the long term gains i want to be measuring not each result from each trade. A high % win rate can make money with low returns per trade. its always a trade off...
Having said that there are ways to increase position size without increasing risk, waiting for a retrace entry (as you mentioned), touch trading, finding good stops that are not at the bars high, like at the left eye level etc. I think this is a personal thing, each trader will find a way he/she is comfortable with.Wizard trades a lot of touch trades for example, but his % win rate is lower than his trades when he traded the bars. (he will correct me if im wrong) but i believe his profit margin works out better over all with the touch trading.(although TT is a tricky business and certainly not for newbies.)
Its a matter, imho, of testing the options and working with what feels right for you.

p.s. loving this discussion today thanx everyone for getting involved.

jon
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  • #94,614
  • Apr 30, 2011 6:34am Apr 30, 2011 6:34am
Quoting Sgrb1
Hi Jon, really liking your charts, inspired me to give mine a spring clean this weekend

Thanks for posting.
glad to help bro, i like a clean chart. i used to spend a lot of time analyzing my charts as detailed as i could only to find most it was irrelevant a few days later lol
now i like to keep things as simple as i am !!!

jon
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  • #94,615
  • Apr 30, 2011 7:26am Apr 30, 2011 7:26am
Quoting g_j_hook@yah
yeah Tomek, i see it, but as Mike says everything in trading is a trade off, big bar = big stop = smaller position etc. ...
I guess there is never one simple answer is there But I see your point

"Wizard trades a lot of touch trades for example, but his % win rate is lower than his trades when he traded the bars", so compare his trading strategy with James 16's who trades big but 2-3 times a month? (Again, correct me if I am wrong here.) Both I assume are profiting consistently in the long run.

It may sound a bit cliche, but I guess it all falls down to tailoring a system that works for yourself whatever PA and strategy you chose to adopt. There is no mechanical, magical system.

I'll just have to wait and see how this EUR/CAD and EUR/GBP develop.

Note: Even thought the EUR/CAD broke the 1.400BRN, it stopped almost to the pip on the top of the 2nd, double top high (1.385 ish). Will it hold as support? We'll see...

Great stuff Jon
  • #94,616
  • Apr 30, 2011 8:51am Apr 30, 2011 8:51am
great analysis, jon. since I had too many regretful technical experience, couldn't build enough of faith to what is seen, so, will keep an eye on how this setup will evolve next week, sorry for this un-justified comment. the other thing in my mind for the moment is the weekly chart, maybe, i am looking into more than necessary, however, would appreciate if you could give some comment too


jeurre


Quoting g_j_hook@yah
hey Jeurre, love the bar! nice size compared to the other recent bars with a strong close right at its low. and i love the location. it was the only area i had marked on my chart. I would have liked it to have closed a little lower but it did close below the BRN which is obviously a good thing. i like the upper TL but not the lower one and there is no pattern here for me, but that is irrelevant as it is a straight J16 type setup.
well spotted (i hadnt seen it yet so thanx for the heads up ) for me this is an A+ setup. would love to hear...
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  • #94,617
  • Apr 30, 2011 8:55am Apr 30, 2011 8:55am
There is lot of discussion on EURCAD and EURGBP. How about EURAUD ?

This is neither BEOB nor at the swing high.

But it broke 1.3525 and closed firmly under 1.35. It kind of broke the resistance of 10 days formed at 1.35.

It is supported by good downward trend. Lot of space to move on the left.
Next FTA is 1.34 - around 75 pips away from bearish bar.

Any thoughts ?
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  • #94,618
  • Apr 30, 2011 9:10am Apr 30, 2011 9:10am
hi, 5.25, just feel curious about your statement, you said both you assume are profiting consistently in long run, this sounds interesting......
:nerd:

in any case, it is good to see different analysis.


jeurre


Quoting 5.25
I guess there is never one simple answer is there But I see your point

"Wizard trades a lot of touch trades for example, but his % win rate is lower than his trades when he traded the bars", so compare his trading strategy with James 16's who trades big but 2-3 times a month? (Again, correct me if I am wrong here.) Both I assume are profiting consistently in the long run.

It may sound a bit cliche, but I guess it all falls down to tailoring a system that works for yourself whatever PA and strategy you chose to adopt. There is...
  • #94,619
  • Apr 30, 2011 9:24am Apr 30, 2011 9:24am
hi, cprao, if i may? it looks good enough as a short opportunity, i still don't trust what i am seeing though. this sounds weird, probably

jeurre



Quoting cprao
There is lot of discussion on EURCAD and EURGBP. How about EURAUD ?

This is neither BEOB nor at the swing high.

But it broke 1.3525 and closed firmly under 1.35. It kind of broke the resistance of 10 days formed at 1.35.

It is supported by good downward trend. Lot of space to move on the left.
Next FTA is 1.34 - around 75 pips away from bearish bar.

Any thoughts ?
  • #94,620
  • Apr 30, 2011 9:44am Apr 30, 2011 9:44am
Quoting jeurre
hi, cprao, if i may? it looks good enough as a short opportunity, i still don't trust what i am seeing though. this sounds weird, probably

jeurre
hey Jeurre,
i think this is a good thing. trust what you see when you know what your seeing. the fact that your aware of this, to me, shows an intelligent man.
Only chart time and research will make you sure of your approach.
i seem to have cornered the market on this thread today, but i only post my views, im in no position to teach anything (exept a few basics maybe) im just learning this stuff like everbody. We all have our own ways of seeing things.
regarding your weekly chart i dont really know what else i can say other than what i said in earlier posts. your TLs look better on the weekly but i dont have them on my chart. For me they are not something i could use in my trading.
check out "Belekas" for good TL drawing. he his much more proficient than me.

jon
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