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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

  • #97,181
  • Jun 23, 2011 9:23am Jun 23, 2011 9:23am
Quoting Kalbar
Hi Guys

Did anybody take this nice BEOB on Cable? It closed below 150ema, was with trend and engulfed previous 3 bars! Only reason I did not take it was the huge 200pip stop, which is a bit annoying now that it has taken off!! How can I reduce my stops on such setups?

Kal
hi kalbar! i'm not an expert but i try to share my opinion.. i took this one on demo only because i've already to open trades and i don't like to be over exposed.. i could have entered on the break of the ib just below the blu rectangle but the BRN 1.6 was too close.. so i entered on the beob that has closed below 1.6
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  • #97,182
  • Jun 23, 2011 9:29am Jun 23, 2011 9:29am
Quoting Kalbar
...Did anybody take this nice BEOB on Cable? It closed below 150ema, was with trend and engulfed previous 3 bars!...
huskyboy traded that setup.
on your chart, that BEOB engulfed 4 bars!
u can reduce stops by entering on a retracement &/or entering via a lower timeframe (H4 below).
try it on demo to see if u get comfortable.

Quoting Panthera
Hi everybody!
It will close in 5 minute...
hello M,
if it closes like this or better, then it would be great.
only concern is FTA is just about 30ips away, so careful of a quick bounce.
  • #97,183
  • Jun 23, 2011 9:45am Jun 23, 2011 9:45am
Quoting supremeChaos
KR,
this is a chart thread.

u mean 1.0450?
Apologies SupremeChaos. I use different platforms to everyone else and I'm not that familiar with posting charts. I can assure you, I do play with real money though.

KR
  • #97,184
  • Edited 10:08am Jun 23, 2011 9:47am | Edited 10:08am
did any1 take this BUOB..
my only concern was how choppy n wild this pair is..
it was tempting but had to control myself..
though it was a skip but given the current market conditions i liked it..entry at retrace(1.5630) n quick profit would hv been better..
phew..this pair is hell..
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  • #97,185
  • Jun 23, 2011 10:17am Jun 23, 2011 10:17am
Quoting Knight Rider
I use different platforms to everyone else and I'm not that familiar with posting charts
no worries Sir.
just a reminder to keep the spirit of this thread (which is a chart thread) alive
a chart is 1 of our main means of communication here. (if u cant post a chart, u should articulate clearly your thoughts & what u see)

we all use different trading platforms (what is yours?), regardless of demo/live trading.

along with your post, u can attach images...start by clicking "Attachments"
http://www.forexfactory.com/userguide.php#forum_attach
u can practice posting charts below
http://www.forexfactory.com/showthread.php?t=53366
  • #97,186
  • Jun 23, 2011 10:19am Jun 23, 2011 10:19am
Quoting supremeChaos
no worries Sir.
just a reminder to keep the spirit of this thread (which is a chart thread) alive
a chart is 1 of our main means of communication here.

we all use different trading platforms (what is yours?), regardless of demo/live trading.


along with your post, u can attach images...start by clicking "Attachments"
http://www.forexfactory.com/userguide.php#forum_attach
u can practice posting charts below
http://www.forexfactory.com/showthread.php?t=53366
Okay, thanks. Will post some charts.
  • #97,187
  • Jun 23, 2011 10:51am Jun 23, 2011 10:51am
DBLHC?

(one hour)
  • #97,188
  • Jun 23, 2011 11:22am Jun 23, 2011 11:22am
Quoting Knight Rider
Yes. If I'm wrong then I'm wrong.

I think this market is trying to bottom.

I don't just watch the currency markets.
Well I'm turning in for the evening - it's been a long day!

Most of my trades are now at breakeven and I can't really be bothered to watch them this evening when I have no real risk on them.

I did something stupid today. I got greedy and I got distracted by this forum. I placed my stops and entry too early. I was within 3 pips of being stopped out on GBP! The stop worked for me, but the entry sucked and I told the whole world about it. Silly me.

As a contrarian, it seems like all the news is really bad right now. I wouldn't be surprised therefore if the markets rallied tomorrow.

Good evening.
KR
  • #97,189
  • Jun 23, 2011 1:26pm Jun 23, 2011 1:26pm
Thanks the comment SC!
I am always very happy to get respond from you!
Learning a lot from you....
M
  • #97,190
  • Jun 23, 2011 1:42pm Jun 23, 2011 1:42pm
Good Afternoon Everyone
Nice strong looking PB on the corn futures, though not sure if it has closed for the day yet.

I like it's location, size, bounce off 650 Pivot/BRN + 150MA.
FTA is a bit close at 700.
Regards,
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Price is beautiful. A repetitive method is a competitive method.
  • #97,191
  • Jun 23, 2011 3:13pm Jun 23, 2011 3:13pm
Well it's gone 9pm and (as expected) the markets have retraced some of their losses. Well, there's a surpise.

Should be a good day tomorrow for those beaten down commodities.

Moved stop losses up from break even to breakeven plus.

Good evening (again).
p.s. well done nwo-trader
  • #97,192
  • Jun 23, 2011 3:34pm Jun 23, 2011 3:34pm
Quoting Knight Rider
I have a question:

How many of you guys play off of the one hour with beob's.

GBP/JPY? - this one seems to fit the bill quite nicely, doesn't it?
EUR/JPY?

...or do you just stick with 4h and daily's?

KR

hey there KR,

Been practicing this and playing with it for a while and I can honestly say that I don't trade lower TF (under 4hr) any longer. At the end of the day for me it was just not worth it. The J16 material for me seemed to work best on higher TF. My thoughts are that I can easily get decent returns off of the higher TF setups. There are people that do go to the 1hr, but I am not aware of any seniors that go any lower than that. One of the big big things to consider is that if you are still looking for imput on your trades there is a high likelyhood that you will not get it in time on lower TFs (4hr and under). Just my .02 though.

Also I think many of the seniors show up at the bottom, but don't stay by their computers all the time that they show up. I know I keep this page up very close to 24/7 now, but still have to get some sleep and work so I am not always around even with being at the bottom of the screen

Good luck,
Ryan
  • #97,193
  • Jun 23, 2011 3:51pm Jun 23, 2011 3:51pm
Greetings, I am new here but I think I am getting a grasp of whats necessary.. Am I seeing something good here PinBar hitting it's head on a round number 1.03 @ End of day or is this dangerous?? thanks
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  • #97,194
  • Jun 23, 2011 4:11pm Jun 23, 2011 4:11pm
Quoting PIPtaser
Greetings, I am new here but I think I am getting a grasp of whats necessary.. Am I seeing something good here PinBar hitting it's head on a round number 1.03 @ End of day or is this dangerous?? thanks
hello PIPtaser,
nothing spectacular about that PB.
the size is relatively similar to most bars found on your chart.
if it closes above 1.03 & breaks upward with high momentum, then u might get a decent move. still, 1.0300 - 1.0350 can stall price...as u can see the chart is very choppy.

i think it has more chance to move down than up (as it looks like a 'head near the ceiling' type of scenario -- that is, less room above).
  • #97,195
  • Jun 23, 2011 4:17pm Jun 23, 2011 4:17pm
Quoting PIPtaser
Greetings, I am new here but I think I am getting a grasp of whats necessary.. Am I seeing something good here PinBar hitting it's head on a round number 1.03 @ End of day or is this dangerous?? thanks
Hi PIP,

I was watching this too, I am not gonna take it cause it didn't test the PPZ I was looking at. I marked up a chart, just for my own analytical practice. I am not experienced enough to be giving anyone advice on this. If I did take it (which I won't) it would have to close above the 300 and I would be watching the FTA I have marked.

welcome to the thread

Jacob
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  • #97,196
  • Jun 23, 2011 4:19pm Jun 23, 2011 4:19pm
[quote=supremeChaos;4720293]huskyboy traded that setup.
on your chart, that BEOB engulfed 4 bars!
u can reduce stops by entering on a retracement &/or entering via a lower timeframe (H4 below).
try it on demo to see if u get comfortable.


Hey Supremo

Thanks for your input. Its something I will have to loook at because in addition to this one I have missed out on a few winning trades in recent times purely because of the large stop size. Will try 4h TF to see if that will suit purpose.

Kal
  • #97,197
  • Jun 23, 2011 4:20pm Jun 23, 2011 4:20pm
Greetings, I am new here but I think I am getting a grasp of whats necessary.. Am I seeing something good here PinBar hitting it's head on a round number 1.03 @ End of day or is this dangerous?? thanks


Hi taser. Welcome to the thread. I think it is a nicely formed Pinbar, but that is all I see going for it. It is trading back into the recent consolidation area/traffic, which is very tricky. Most of the seniors here teach trading away from these areas. The FTA is close and you would have to watch this one really closely.

Mike has a very good video on space and traffic in the guest section of the group. That one video helped me tremendously.

http://www.james16group.us/Guests/guestmaterial.html
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  • #97,198
  • Jun 23, 2011 4:24pm Jun 23, 2011 4:24pm
Quoting Kalbar
Quoting supremeChaos
huskyboy traded that setup.
on your chart, that BEOB engulfed 4 bars!
u can reduce stops by entering on a retracement &/or entering via a lower timeframe (H4 below).
try it on demo to see if u get comfortable.
Thanks for your input. Its something I will have to loook at because in addition to this one I have missed out on a few winning trades in recent times purely because of the large stop size. Will try 4h TF to see if that will suit purpose.
another alternative
if u dont wanna miss good trades like these, then u can reduce your position size to compensate for the large stop required.
the good thing is, on really good setups, your wide stops will go unscathed.
  • #97,199
  • Jun 23, 2011 4:26pm Jun 23, 2011 4:26pm
Thanks for your input guys, I already bought a small position. 1.0305..
Not in spite of any comments, ( there weren't any @ the time) I wasn't sure if I would get any.
All my new postings are under review so they take a few mins to hit.
Gonna keep this one tight....

Thanks again!
  • #97,200
  • Jun 23, 2011 4:28pm Jun 23, 2011 4:28pm
Evening, is anyone watching this pair? Nice pb. would this be trading in to traffic/congestion?

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