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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

  • #97,081
  • Jun 22, 2011 9:40am Jun 22, 2011 9:40am
@gungriffin

I know that this is mainly forex forum, but James trades with commodities also, and some other people as i understand, and this is by far the best thread i've seen so far, so i thought when not ask here.

Why not forex? Well, i always thought that for trading forex u need to be very skillful and that its the hardest instrument to trade after commodities. Plus, as i understand, forex markets are less controlled that commodities, and due to all the scams with forex, i kinda think of it as "wild west" of investing. I hope no one will get offended, i am just a noob, and currently on 100th page of the thread. i have plenty to learn. but still i am very afraid of forex. cant know anymore who's a scammer, who's not.

@ adilius07

Thank you. Will look into it. Cheers
  • #97,082
  • Edited 10:05am Jun 22, 2011 9:54am | Edited 10:05am
Quoting Chelski
Was this based more on a touch trade? I can see clear rejection of 8500 and with trend but no PA bars, but good S/R levels.
Not a touch trade. It's an inside bar (I4B) that was straddling 8500. Price found resistance at the old low, and printed an inside bar straddling a VBRN, a good setup IMO. Maybe you had a hard time seeing because I did not wait for the break of the bar, entered the position shortly after the bar closed.


Quoting Dan Gilbert
Only trade initiated this month so far.... Price got below the PPZ @8450, so I find it safe to move the S/L to break even.

Waiting for final target.
Trade completed. Good for a little better than +1%. Second quarter of 2011 is coming to a close, in profit. Something unique about Q2 is this is the first FULL quarter where I did not even take a single FULL bar loss for 3 months. I think the whole logic of "cutting losers short, letting winners run" is finally a realistic cliche that makes sense to me.

(Maybe I should be quiet, we still have about 1 more week left in this quarter, I guess anything could happen )
Attached Image
Many choose unhappiness over uncertainty.
  • #97,083
  • Jun 22, 2011 9:55am Jun 22, 2011 9:55am
Quoting J.W. Holmes
Just my personal opinion, but I feel that trading a system that focuses on account size to determine whether or not you can take a trade will fail. Finding an A+ trade opportunity is hard enough.
The more I practice the more I agree with this statement.

cheers
  • #97,084
  • Jun 22, 2011 10:19am Jun 22, 2011 10:19am
Quoting Morainer
@gungriffin

I know that this is mainly forex forum, but James trades with commodities also, and some other people as i understand, and this is by far the best thread i've seen so far, so i thought when not ask here.

Why not forex? Well, i always thought that for trading forex u need to be very skillful and that its the hardest instrument to trade after commodities. Plus, as i understand, forex markets are less controlled that commodities, and due to all the scams with forex, i kinda think of it as "wild west" of investing. I hope no one...
I was initially worried about this stuff as well, I would stick with a reputable broker. I trade with Oanda and haven't had any significant issues. If I were outside the U.S. I would look at FxPro since they offer other commodities (although I don't think they go through an exchange). I would highly suggest opening a demo account with Oanda, you don't have anything to lose. If you want to trade the J16 way you have to demo for at least 3 months anyways (it's in the bylaws)
  • #97,085
  • Jun 22, 2011 10:26am Jun 22, 2011 10:26am
Quoting J.W. Holmes
I was initially worried about this stuff as well, I would stick with a reputable broker. I trade with Oanda and haven't had any significant issues. If I were outside the U.S. I would look at FxPro since they offer other commodities (although I don't think they go through an exchange). I would highly suggest opening a demo account with Oanda, you don't have anything to lose. If you want to trade the J16 way you have to demo for at least 3 months anyways (it's in the bylaws)
Yeah, i am outside the U.S, the Balcans actually.

Ok, ill try with Oanda and trade daily charts on forex. They have the outside of the US service too or?
  • #97,086
  • Jun 22, 2011 10:37am Jun 22, 2011 10:37am
Quoting Dan Gilbert
Not a touch trade. It's an inside bar (I4B) that was straddling 8500. Price found resistance at the old low, and printed an inside bar straddling a VBRN, a good setup IMO. Maybe you had a hard time seeing because I did not wait for the break of the bar, entered the position shortly after the bar closed.



Trade completed. Good for a little better than +1%. Second quarter of 2011 is coming to a close, in profit. Something unique about Q2 is this is the first FULL quarter where I did not even take a single FULL bar loss for 3 months. I think...
Hi Dan,nice trade,what trick did you use to highlight the entry price(in green) and take profit(in red)on your chart,or it's just an indicator,if it is would you mind to share it?
Thanks
  • #97,087
  • Jun 22, 2011 10:44am Jun 22, 2011 10:44am
Quoting madboy
Hi Dan,nice trade,what trick did you use to highlight the entry price(in green) and take profit(in red)on your chart,or it's just an indicator,if it is would you mind to share it?
Thanks
those are just horizontal lines used in MT4. I changed the settings on them to get the dot-dash horizontal line.
Many choose unhappiness over uncertainty.
  • #97,088
  • Jun 22, 2011 10:54am Jun 22, 2011 10:54am
Quoting mbqb11
updated chart, we got a beautiful beob

Bout as easy as it gets
Hey Mike

Nice trade but just wanted to ask: under the J16 methodology are we not supposed to look for BEob at swing highs rather than swing lows? This has worked well but I am trying to stick to Beob at swing highs so would appreciate your comments on this one!!

Thanks

Kal
  • #97,089
  • Jun 22, 2011 10:54am Jun 22, 2011 10:54am
sorry for spam:

I didn't say anything. So he went on: "I give him a tip on Climax Motors. He buys five
hundred shares. He's got seven points' profit and I advise him to get out and buy 'em
back on the reaction that's overdue even now. And what does he say when I tell him? He
says that if he sells he'll lose his job. What do you know about that?"
"I beg your pardon, Mr. Harwood; I didn't say I'd lose my job," cut in old Turkey. "I said

- 53 -
Reminiscences of a Stock Operator

I'd lose my position. And when you are as old as I am and you've been through as many
booms and panics as I have, you'll know that to lose your position is something nobody
can afford; not even John D. Rockefeller. I hope the stock reacts and that you will be
able to repurchase your line at a substantial concession, sir. But I myself can only trade
in accordance with the experience of many years. I paid a high price for it and I don't
feel like throwing away a second tuition fee. But I am as much obliged to you as if I had
the money in the bank. It's a bull market, you know." And he strutted away, leaving
Elmer dazed.
What old Mr. Partridge said did not mean much to me until I began to think about my
own numerous failures to make as much money as I ought to when I was so right on the
general market. The more I studied the more I realized how wise that old chap was. He
had evidently suffered from the same defect in his young days and knew his own human
weaknesses. He would not lay himself open to a temptation that experience had taught
him was hard to resist and had always proved expensive to him, as it was to me.
I think it was a long step forward in my trading education when I realized at last that
when old Mr. Partridge kept on telling the other customers, "Well, you know this is a
bull market!" he really meant to tell them that the big money was not in the individual
fluctuations but in the main movements that is, not in reading the tape but in sizing up
the entire market and its trend.
And right here let me say one thing: After spending many years in Wall Street and after
making and losing millions of dollars I want to tell you this: It never was my thinking
that made the big money for me. It always was my sitting. Got that? My sitting tight! It
is no trick at all to be right on the market. You always find lots of early bulls in bull
markets and early bears in bear markets. I've known many men who were right at
exactly the right time, and began buying or selling stocks when prices were at the very
level which should show the greatest profit. And their experience invariably matched
mine that is, they made no real money out of it. Men who can both be right and sit tight
are uncommon. I found it one of the hardest things to learn. But it is only after a stock
operator has firmly grasped this that he can make big money. It is literally true that
millions come easier to a trader after he knows how to trade than hundreds did in the
days of his ignorance.


that being said, I'd dare saying it's a ranging market right now on the higher TFs.


and so I won't totally waste space - aud/jpy,, probably good for a quick 30-40 pips(not the greatest setup). Quick being key; at least in moving to be. There are still 5 mins to close of bar.
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  • #97,090
  • Jun 22, 2011 11:09am Jun 22, 2011 11:09am
After losing money consistently for 5 years now, and losing 40% of my equity on a single trade, I finally decided to join the J16 club. I am very hopeful and will give an update here in about a month.
  • #97,091
  • Jun 22, 2011 12:03pm Jun 22, 2011 12:03pm
I cant post a chart since I am at work but you guys should take a look at the pound/dollar. On the 4hr chart, decent pin bar at previously tested support.
  • #97,092
  • Jun 22, 2011 12:04pm Jun 22, 2011 12:04pm
Quoting Kalbar
Hey Mike

Nice trade but just wanted to ask: under the J16 methodology are we not supposed to look for BEob at swing highs rather than swing lows? This has worked well but I am trying to stick to Beob at swing highs so would appreciate your comments on this one!!

Thanks

Kal
Hey Kal

This is what is called a continuation BEOB. I use continuation bars mostly with breakout patterns as you saw. If you are new to j16 you are 100% correct. L earn them at the swing high points or swing lows(for buob). It's easier to decipher. I have spoken a bit about continuations in this thread. The reason I posted that trade is because I had posted to watch this breakout so I wanted to complete the post. Normally I try to not go to far into those continuation bars to keep the new traders on track. So you are right

Attached is another example of a recent continuation beob

Notice the running theme on these
http://www.forexfactory.com/showthre...10#post4635910

Always remember that the most important part of learning to trade price action is everything together.

Take care
Mike
  • #97,093
  • Jun 22, 2011 12:33pm Jun 22, 2011 12:33pm
Quoting Dan Gilbert
Not a touch trade. It's an inside bar (I4B) that was straddling 8500. Price found resistance at the old low, and printed an inside bar straddling a VBRN, a good setup IMO. Maybe you had a hard time seeing because I did not wait for the break of the bar, entered the position shortly after the bar closed.



Trade completed. Good for a little better than +1%. Second quarter of 2011 is coming to a close, in profit. Something unique about Q2 is this is the first FULL quarter where I did not even take a single FULL bar loss for 3 months. I...
Now you mention the Ib I see it, the close below pivot and rejection of low or support becomes resistance is nice too. Good results BTW.
  • #97,094
  • Jun 22, 2011 12:57pm Jun 22, 2011 12:57pm
Quoting Xenaga03
After losing money consistently for 5 years now, and losing 40% of my equity on a single trade, I finally decided to join the J16 club. I am very hopeful and will give an update here in about a month.
Ouch 40% on one go....That makes me feel a little better about the large drawdown that led me back here

Good luck on your journey, I hope you are successful

Jacob
  • #97,095
  • Jun 22, 2011 1:02pm Jun 22, 2011 1:02pm
Quoting mbqb11
Hey Kal

This is what is called a continuation BEOB. I use continuation bars mostly with breakout patterns as you saw. If you are new to j16 you are 100% correct. L earn them at the swing high points or swing lows(for buob). It's easier to decipher. I have spoken a bit about continuations in this thread. The reason I posted that trade is because I had posted to watch this breakout so I wanted to complete the post. Normally I try to not go to far into those continuation bars to keep the new traders on track. So you are right

Attached is...
Mike

As usual thanks for the detailed reply - appreciated. Is this one an example where we could have waited for a retest of breakout area and then entered off (say) a BEob? Also just like to ask what your target is as there is no obvious reference point here?

Thanks

kal
  • #97,096
  • Jun 22, 2011 1:02pm Jun 22, 2011 1:02pm
Quoting thermobee
I cant post a chart since I am at work but you guys should take a look at the pound/dollar. On the 4hr chart, decent pin bar at previously tested support.
The seniors wil correct me but this pinbar doesn't appear good to me
- downtrend
- the body is rather "central"
- the previous bar is a big BEOB

The seniors will also correct me but I would pay more attention to the bar on daily chart: if the BEOB closes below the BRN 1,61, I would enter short (green line). Due to the fact that the general trend is up, it would be a short trade whose target would be the BRN 1,60.

Comments are of course welcome.

D.
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  • #97,097
  • Jun 22, 2011 1:06pm Jun 22, 2011 1:06pm
Quoting Morainer
Yeah, i am outside the U.S, the Balcans actually.

Ok, ill try with Oanda and trade daily charts on forex. They have the outside of the US service too or?

Yes I asked them for you. I like to keep there sales team busy considering I gave them a large chunk of my account this year. Hopefully next year I will be able to get it back

There is a link in this chat to the foreign account website.

Please wait for an agent to respond.
You are now chatting with 'OANDA'
OANDA: Thank you for choosing OANDA. How may I help you?
Jacob: Hi do you offer accounts to Euro residents (outside the U.S.)
OANDA: Yes we do
Jacob: Okay thanks
OANDA: woudl you like the link?
Jacob: yes please
OANDA: http://fxtrade.oanda.co.uk/
Jacob: Great thank you
  • #97,098
  • Jun 22, 2011 1:11pm Jun 22, 2011 1:11pm
Quoting mbqb11
updated chart, we got a beautiful beob

Bout as easy as it gets
The day before was an inside bar (daily). Support becomes resistance give or take a few pips.
  • #97,099
  • Jun 22, 2011 1:14pm Jun 22, 2011 1:14pm
Quoting dede777
The seniors wil correct me but this pinbar doesn't appear good to me
- downtrend
- the body is rather "central"
- the previous bar is a big BEOB

The seniors will also correct me but I would pay more attention to the bar on daily chart: if the BEOB closes below the BRN 1,61, I would enter short (green line). Due to the fact that the general trend is up, it would be a short trade whose target would be the BRN 1,60.

Comments are of course welcome.

D.
You might be right here. Its really not working out so far. This is the reason why I stick to daily and weekly charts
  • #97,100
  • Jun 22, 2011 1:25pm Jun 22, 2011 1:25pm
Quoting huskyboy
it worked yesterday with EUR/USD, today with GBP/USD and hopefully again with USD/CHF, but indeed those BEOVB are amazing. Although i dont think its completely in the spirit of this thread
BEOVB - bearish engulfing outside ....?
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