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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

  • #97,821
  • Jul 4, 2011 8:48am Jul 4, 2011 8:48am
Quoting Pinbar
GH, yes it is obvious resistance at the 1.2400 area, I would have liked to see this break today, it hasn't yet.
Just because the resistance at 1.2400 is does not make it a bad setup IMHO. A bar this size could easily break through that area and give us a close above it.
I personally feel that given the monthly PB combines with the weekly monster BUEOB, that price is going to break out of that area, in no uncertain terms. When, who knows. That is why trade price action, right?
Hey Pb,

You are right about the strenght of the bar. It could break that resistance but taking into the consideration how close it is i will personally wait for breakout and retest or some kind of retracement entry but untill then my bias is short. The trend is down and we are dealing with very uncertain markets imo and bad news might be just around the corner waiting to trigger another risk-off action. I will be wishing You good luck from sidelines on this one.

All the best
  • #97,822
  • Jul 4, 2011 8:48am Jul 4, 2011 8:48am
Quoting deankenny21
Well James is stressing 1 day charts or more only!!

I dont want to jump into 1 hour, i want to do everything by the plan. People are wanting me to do 1 hour because 95% of traders lose while the 5% are making money off me trying to do the 1 hour lol, its just that i want to do this properly, and dont want to go against the plan, but still curious if this can be day traded on 1 hour without first using and trading from daily charts.

I think SC is trading M5 PA. LOL
Personally, I have seen J16 trading brilliantly in real time on the M5 TF.
That does not mean that we should all start doing that.
I am still learning to crawl here.


Hey, SC, haven't seen Ghous around in a while.
Hope everything is ok with him.
  • #97,823
  • Jul 4, 2011 8:56am Jul 4, 2011 8:56am
Quoting Pinbar
I think SC is trading M5 PA. LOL
Personally, I have seen J16 trading brilliantly in real time on the M5 TF.
That does not mean that we should all start doing that.
I am still learning to crawl here.


Hey, SC, haven't seen Ghous around in a while.
Hope everything is ok with him.
i will try at 1 hour, if i do not succeed i will jump straight to day charts.
  • #97,824
  • Jul 4, 2011 9:06am Jul 4, 2011 9:06am
Quoting deankenny21
Well James is stressing 1 day charts or more only!!....
I dont want to jump into 1 hour, i want to do everything by the plan. ... its just that i want to do this properly, and dont want to go against the plan...
make up your mind: stick to the plan/advice ---- do it on daily charts
Quoting deankenny21
i will try at 1 hour, if i do not succeed i will jump straight to day charts.
for most people, this is the long cut to success

Quoting Pinbar
I think SC is trading M5 PA. LOL

Quote
Hey, SC, haven't seen Ghous around in a while.
Hope everything is ok with him.
i've seen him lurk recently
  • #97,825
  • Jul 4, 2011 9:24am Jul 4, 2011 9:24am
Quoting supremeChaos
make up your mind: stick to the plan/advice ---- do it on daily charts

for most people, this is the long cut to success



i've seen him lurk recently

Thanks SC, Mum's the word.

Glad you have seen Ghous around.


What's your take on this EUR/CHF then.
Can't remember if it was you or Ghous who said they, "Don't like EXTRA BIG bars.

Looks like a pure breakout trade to me, which actually surprises me, I just said that, I have not really been into breakouts before.

I shall probably eat my words come morning. LOL
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  • #97,826
  • Jul 4, 2011 9:59am Jul 4, 2011 9:59am
Quoting Pinbar
...
What's your take on this EUR/CHF then.
Can't remember if it was you or Ghous who said they, "Don't like EXTRA BIG bars.
Looks like a pure breakout trade to me, which actually surprises me, I just said that, I have not really been into breakouts before...
it was probably him or someone else who said that.

1.2300.. that area is still holding so far. it would be interesting to see if it breaks later/tomorrow.
i expect to see your buy stop hanging there for some time. after all it's a weekly-based trade u need bagfuls of patience
  • #97,827
  • Jul 4, 2011 10:24am Jul 4, 2011 10:24am
Quoting deankenny21
i will try at 1 hour, if i do not succeed i will jump straight to day charts.
Hey Dean

Welcome

Yep you can use this information on any timeframe. I personally trade weekly down to the 5min(although most are on the 1hr and up). I think the best part about trading off daily/weekly is to build the proper foundation for your trading. Realizing trading is a lot "less" then what people make it out to be. And building off the proper foundation will pay off dividends in the future for most people. Most of us(including myself) came in on the tick or low timeframe charts. I wonder if most people came in learning off the higher tmieframe first

Again welcome

Happy 4th!
Mike
  • #97,828
  • Jul 4, 2011 10:44am Jul 4, 2011 10:44am
Quoting mbqb11
Hey Dean

Welcome

Yep you can use this information on any timeframe. I personally trade weekly down to the 5min(although most are on the 1hr and up). I think the best part about trading off daily/weekly is to build the proper foundation for your trading. Realizing trading is a lot "less" then what people make it out to be. And building off the proper foundation will pay off dividends in the future for most people. Most of us(including myself) came in on the tick or low timeframe charts. I wonder if most people came in learning off the higher...
thanks, yes i been mostly trading from 1 hour 30mins 15 mins etc, but am not seeing profits, hence ive turned here, to this incredibly popular thread. I have a problem with patience, im the first one to hold my hands up to that, so i will have to overcome that, my first hurdle so to say, so if any of you guys can help, please feel free
  • #97,829
  • Jul 4, 2011 11:49am Jul 4, 2011 11:49am
Hey Pinbar
I just closed a eurchf short last month for almost 600 pips at it's TP of 1.2010 (I wanted to make sure I got it with a 1.2000 intended target).
I trade off weekly and sometimes daily as my signal bars, then usually drop down to 4h and 5m to enter and occasionally to exit, still using J16 triggers. This pair has me dropping a fib over last weeks reversal action (the fib shows on my 1m thru 4h charts) and on the 4h I'm waiting on a retrace to the 23 or 38 fibs as they both are areas of significant S/R on 4h chart. Then I watch for 5m long PA as my entry for the weekly BUOB. If the PA doesn't retace then I watch for long PA on the 4h chart that breaks last weeks high with authority for a long. Please remember going in to it this is a play against a short in place since Nov 2007. There are trouble areas for a long at the 1w and 1d areas of S/R at apprx 1.24000 (lows of 12-10 and 3-11), also the BRN 1.25. Because it is an apparent reversal it won't be my full trade of 1% but onlly .5%.

I tried just trading from preset numbers tied to last weeks PA but I personally cannot deal with the potential drawdown. I use the 4h, 15m & 5m bars because I decided that I was not going to leave the computer unless I had an extremely tight stop via previous PA or it quickly moved in my favor and I have a stop at BE. I keep it at BE unless it has moved past a good S/R, BRN or fractal that I can put my stop. I try to not move it until it is likely to not be hit by a minor reversal. This way does get you taken out at BE frequently, but I can deal with that alot easier than the ulcer inducing drawdowns. The important fact is my trading balance is consistantly improving. Before I made the change to tight stop and quick move to BE via small time frames, I would make good progress for 1, 2 maybe 3 months and then it would hit a few 1% SL if I was following the rules. Trouble is the unrealized loss would freak me out and I would start stressing and decide if I just held a little longer it will go my way. Well you know that story and a 1% loss would become a 5% loss. Big losses kill your account but to see a week or months profit disappear in minutes can be hard to emotionally keep recovering from. Have a firm plan and work your plan.
J16 rules rocks.
Roy
  • #97,830
  • Jul 4, 2011 12:08pm Jul 4, 2011 12:08pm
Quoting Greenhaze
Hello

I thought i would add my thoughts about this EurChf setup which gets all the attention here. Thats one crazy weekly bar there but there are some buts for me:

1) Zoom out to monthly and look how obvious resistance 1.2400 is.
2) After prolonged period of buying without correction (daily tf) i wouldnt be surprised to see strong reaction to this level.
3) There is Eurozone rate decission on thursday and that event alone might make it or break it.

I personnaly wont buy that buob before the decission and clear break of 1.2400. Right now short...
I am with you on that, greenhaze. a long on break of weekly buob would mean a long into significant resistance level, which doesn't feel right.
  • #97,831
  • Jul 4, 2011 12:56pm Jul 4, 2011 12:56pm
Quoting aserbfx
german jungheinrich on weekly.
+ve:strong pinbar. strong uptrend since two years.
-ve: has to fight its way through the resistance above.
entry triggered. 29.80 euro on average. currently about 30.30 euro.
market was quite because of the closed us-markets.
meine augen sind die sterne
  • #97,832
  • Jul 4, 2011 1:04pm Jul 4, 2011 1:04pm
Quoting CavinK
How about this A/J weekly BUOB?

it does not have big space but should be a pull back of Mar Pin bar, align with the uptrend and seated at BRN and Fib 61.8.

Can anyone share the idea?
last night news on AUD - all crappy(yuppie, I'm short aud/usd for some time...);
last week news on CNY(for which AUD is proxy) - bad(the major ones on 1st of the month - manufacturing pmi, what you're interested in when talking about China).

And look at the speed it shot up(more obvious on aud/usd, higher volatility). Also, wonder why it did(because there isn't that much reason behind that move)

At 87.04 you have 50% fibo of last downmove to combine with 87.

my .02
  • #97,833
  • Jul 4, 2011 4:47pm Jul 4, 2011 4:47pm
im looking at daily on eur jpy, its trading sideways, we got a small nice little pin to the upside with the eyes, up pin is also touching on resistence, so am i right in saying could be a good sell setup
  • #97,834
  • Jul 4, 2011 5:35pm Jul 4, 2011 5:35pm
Quoting deankenny21
im looking at daily on eur jpy, its trading sideways, we got a small nice little pin to the upside with the eyes, up pin is also touching on resistence, so am i right in saying could be a good sell setup
You're right the pair is in consolidation. If you're planing to trade keep in mind the blue box marked on the charts. But i dont see any pin on the daily.. What ive got on the FXPro is more like an indecision bar and not a pinbar. IBFX has a bar similar to the pinbar but its very small. Just look that enormous BUOB on the weekly. But it is a good location - resistance @118.00

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  • #97,835
  • Jul 4, 2011 5:35pm Jul 4, 2011 5:35pm
Quoting deankenny21
im looking at daily on eur jpy, its trading sideways, we got a small nice little pin to the upside with the eyes, up pin is also touching on resistence, so am i right in saying could be a good sell setup
Hey dean,

I'd be careful trading any bar today considering the US banks have been closed all day. If I were looking to take this pin long I would want it to close up above 117.500. I marked up a chart with my thoughts...Keep in mind that these are just my opinions, I am not an expert by any stretch

Take care

Jacob
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  • #97,836
  • Jul 4, 2011 5:40pm Jul 4, 2011 5:40pm
Quoting ppfx
You're right the pair is in consolidation. If you're planing to trade keep in mind the blue box marked on the charts. But i dont see any pin on the daily.. What ive got on the FXPro is more like an indecision bar and not a pinbar. IBFX has a bar similar to the pinbar but its very small. Just look that enormous BUOB on the weekly. But it is a good location - resistance @118.00

HI, yes i use fxpro also to chart, and your daily chart you posted up is EAXACTLY how im seeing mine, its not a long pinbar, pretty short, but my first go at it, so im really only trading for education at the moment, see how it turns out, look back at it etcetc
  • #97,837
  • Jul 4, 2011 5:42pm Jul 4, 2011 5:42pm
Quoting J.W. Holmes
Hey dean,

I'd be careful trading any bar today considering the US banks have been closed all day. If I were looking to take this pin long I would want it to close up above 117.500. I marked up a chart with my thoughts...Keep in mind that these are just my opinions, I am not an expert by any stretch

Take care

Jacob
im not looking to go long, im going short,

if you check above at the other posters daily fx chart, you will see what i see pin bar wise.

I took it on a couple of reasons, because we are ranging, we are at top of range, we have a small pin hitting the resistence, and a big round number also, with two eyes matching up either side of the pinbar, making a small little pinnochio. Thats my outlook on this trade.
  • #97,838
  • Jul 4, 2011 5:50pm Jul 4, 2011 5:50pm
Quoting deankenny21
im not looking to go long, im going short,

if you check above at the other posters daily fx chart, you will see what i see pin bar wise.

I took it on a couple of reasons, because we are ranging, we are at top of range, we have a small pin hitting the resistence, and a big round number also, with two eyes matching up either side of the pinbar, making a small little pinnochio. Thats my outlook on this trade.
Cool dude, good luck with it.

Jacob
  • #97,839
  • Jul 4, 2011 5:52pm Jul 4, 2011 5:52pm
Quoting J.W. Holmes
Cool dude, good luck with it.

Jacob
until the A class setup comes along, i will take one trade per day with the best looking setup, i dont advise anyone else to do this live, this is just for me personally to start seeing what works and doesnt to find my own rules as James16 stressed.
  • #97,840
  • Jul 4, 2011 5:56pm Jul 4, 2011 5:56pm
Quoting deankenny21
until the A class setup comes along, i will take one trade per day with the best looking setup, i dont advise anyone else to do this live, this is just for me personally to start seeing what works and doesnt to find my own rules as James16 stressed.
I like to play "where is price going" using my forex tester software. If you do some searches with the key word "wipg" you will see what J16 does with thise. If you are able to get that program it will help your confidence greatly.

Here is a link, they have a demo if you are interested. The full version is well worth the price.

http://www.forextester.com/

Jacob
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