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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

  • #99,381
  • Jul 27, 2011 2:21pm Jul 27, 2011 2:21pm
Quoting unlv_tj
I just wanted to comment on the CHFJPY trade some more. I don't stop by very often, but I saw this was discussed earlier.

In looking at the charts, the CHFJPY has been in a uptrend for at least a year now. Trading against the trend can be very tricky. In fact, even above price action, the first thing I think you should do when trading is to zoom out and just see what the overall trend has been for the last month/3 months/6 months. This way you can determine exactly what you are trading against/with/ranging.

So we establish you are trading against...
Hey TJ great post!! I've been watching that MACD divergence on this pair for a while. Great divergence but nothing else to go with it. For me with the current strength of CHF it would take a huge BEOB with a strong close below 95.00 to get in short this pair.
  • #99,382
  • Edited 2:49pm Jul 27, 2011 2:33pm | Edited 2:49pm
Hi guys,

What u say about this trade.Although the tf is less then h4.I do this trade because of good BUOB formation at good level and most important thing is trend is bullish
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  • #99,383
  • Jul 27, 2011 2:37pm Jul 27, 2011 2:37pm
Quoting 5.25
Thought I'd post some charts that have got my interest.

audnzd: Price it seems has broken out of it's consolidation box. I'll be looking for PA at 1.2800 (Short) or 1.2600 (Long), both as a retest of those levels.

euraud: PBT&CB. I'd like to see a retest of 1.3163 before another move to the downside?
audnzd: short off 1.2803 seems to be a good setup. wouldn't take the 1.2606 long as we already had a retest on h1.

regards
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  • #99,384
  • Jul 27, 2011 2:45pm Jul 27, 2011 2:45pm
Quoting Donkey
Hey TJ great post!! I've been watching that MACD divergence on this pair for a while. Great divergence but nothing else to go with it. For me with the current strength of CHF it would take a huge BEOB with a strong close below 95.00 to get in short this pair.
Yes, both pairs have been unbelievably strong recently. This is sort of a battle for "which is the strongest major currency in the world" right now.

I think the JPY has to be hitting a wall soon though, I mean look at the USDJPY chart, how much more of this can Japan take without some kind of intervention?

Then again, if the debt deadline passes on Aug. 2 with no resolution, then all bets are off.
  • #99,385
  • Edited 3:15pm Jul 27, 2011 3:04pm | Edited 3:15pm
Quoting unlv_tj
Yes, both pairs have been unbelievably strong recently. This is sort of a battle for "which is the strongest major currency in the world" right now.

I think the JPY has to be hitting a wall soon though, I mean look at the USDJPY chart, how much more of this can Japan take without some kind of intervention?

Then again, if the debt deadline passes on Aug. 2 with no resolution, then all bets are off.
we're stressed they'll intervene, they're stressed because they know they can't stop what's coming... That being said, being stuck with a position till intervention effect wears off is to be avoided...

gbp/cad(it's not usd, it's not eur and it's not chf) looking as it might break up? Could be interesting to watch(on the other hand - in aug. '08 it went down). For the time being ppl. seem happy that Uk gbp wasn't a total disaster(though, it was crappy, really).
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  • #99,386
  • Jul 27, 2011 3:19pm Jul 27, 2011 3:19pm
eur/usd rejected off a nice level of confluences. let's see if this will close a DBHLC
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  • #99,387
  • Jul 27, 2011 3:24pm Jul 27, 2011 3:24pm
Quoting J.W. Holmes
Also try FXPro for your charting before FXDD, just my .02 cents. FXpro offers more pairs. I will be switching my charting to FXpro when I have the time to do it.
Will do and thanks!

Any good online material that is very introductury in nature you can point me too? For an example of how introductery I mean I just figured out what Fibonacci levels are yesterday. The other items Jim talked about those many years ago (I'm still in 2005!), like ma and pivot points, I'm still struggling with.

Sorry for the extremely noob questions here. I promise I'll start a thread in the rookie section when I'm able!

Maybe my best bet is to just stick with the price actions Jim has taught up to the point I'm at and practice with those for awhile before I get into anything deeper.
  • #99,388
  • Edited 3:52pm Jul 27, 2011 3:26pm | Edited 3:52pm
Quoting Adilius07
Thanks for reply. I see what you mean. But I think the other PB you show was in trouble because there was really nothing else but PB. (no story) So it was a PB against huge momentum up and nothing else behind PB.

Here, though the size is almost the same as with your second example but there is a story. Yes I want the nose to be much longer too. But that's in perfect world. In real life if we scroll back 10 years (for this pair) or whatever we see NO OTHER pinbar that is much bigger than this. Or ok nose will be big but not sticking out long enough,...
hey there partner.

I hope that you did what YOU believed to be correct based on what you felt at the time. This was actually a pair that we discussed fairly in depth a few pages back. It was an easy pass for me. I will go back and find the post that I put up with regards to this pair. I just do not see this as being A+. Being picky DOES mean skipping it no matter how many times a PB will appear in the last decade. Do not make the mistake of making a bad trade good through justification. This is just what my thoughts are. At best I don't see this trade as doing much more than the blue line on the chart that I tossed up. Remember that the trend is your friend (until is isn't ... I kid, I kid). Countertrend trading for me requires a SUBSTANTIAL story, especially when going back into traffic.

Ryan

Here was my previous post with regards to this trade. We will see how it works out...
Quoting gungriffin
A few big things that jump out at me on trades like this:

1) Avanish already mentioned the bar size
2) It is off of some resistance, but it is not really off of any BRN which would (to me) give the resistance MUCH more weight.
3) No BRN resistance and the run up make this a lower probability trade to me
4) On bearish trades (especially like this) I want to see a lower close than open to show some weakness with the chart. This is quite important to me.
5) I would see this as a box trade. It is rangeing inside of a box and this would easily define my profit taking strategy if I did enter this trade.

Best of luck on it no matter how you play it,
Ryan

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  • #99,389
  • Jul 27, 2011 3:35pm Jul 27, 2011 3:35pm
Quoting unlv_tj
I just wanted to comment on the CHFJPY trade some more. I don't stop by very often, but I saw this was discussed earlier.

In looking at the charts, the CHFJPY has been in a uptrend for at least a year now. Trading against the trend can be very tricky. In fact, even above price action, the first thing I think you should do when trading is to zoom out and just see what the overall trend has been for the last month/3 months/6 months. This way you can determine exactly what you are trading against/with/ranging.

So we establish you are trading against...
+1 I am right there with you
  • #99,390
  • Jul 27, 2011 3:38pm Jul 27, 2011 3:38pm
Quoting featurelion
Hi guys,

What u say about this trade.Although the tf is less then h4.I do this trade because of good BUOB formation at good level and most important thing is trend is bullish
How long have you been trading the J16 method?

Work the Swing Highs (Sell) and Swing Lows (Buy).

NUFF SAID.

Ryan
  • #99,391
  • Jul 27, 2011 3:41pm Jul 27, 2011 3:41pm
Hey Adi, one of the things which jumps out to me is the chop at the hourly tf. The huge amount of choppiness doesn't convince me that this is a "healthy pair" at the moment which I would be comfortable to trade. But that's just me

Quoting Adilius07
Thanks for reply. I see what you mean. But I think the other PB you show was in trouble because there was really nothing else but PB. (no story) So it was a PB against huge momentum up and nothing else behind PB.

Here, though the size is almost the same as with your second example but there is a story. Yes I want the nose to be much longer too. But that's in perfect world. In real life if we scroll back 10 years (for this pair) or whatever we see NO OTHER pinbar that is much bigger than this. Or ok nose will be big but not sticking out long enough,...
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  • #99,392
  • Jul 27, 2011 3:49pm Jul 27, 2011 3:49pm
Quoting biDc
eur/usd rejected off a nice level of confluences. let's see if this will close a DBHLC
I must admit that while I really like this as it seems to form an almost perfect 2 day pin (something I rarely pay attention to) I just don't know about all of the crap that sits behind it. That to me INSTANTLY pulls it from being an A+ trade. This trade just makes me work too hard to find the story and it is that reason that I have found these situations to be an easy pass. I find that these trades require aggressive MM and that causes more anxiety than I care to experience. I do however play these as a fun WIPG exercise. There are so many good trades that will come along. Is it worth it to force one more from the market? Or is it better to just wait and pluck the low hanging fruit? Only your trade style can answer that.

Ryan

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  • #99,393
  • Edited 11:18pm Jul 27, 2011 3:58pm | Edited 11:18pm
Aren't we shorting "against" 1.43?

looks a PPZ n swing as well(marked by yellow mark n Arrow) on Daily

On Weekly:marked arrows n a yellow mark.
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  • #99,394
  • Jul 27, 2011 4:09pm Jul 27, 2011 4:09pm
Quoting AvanishDemo
Aren't we shorting "against" 1.43?

looks a PPZ n swing as well(marked by yellow mark n Arrow) on Daily

On Weekly:marked arrows n a yellow mark.

Gungriffin or any 1?? i follow ur posts Ryan
nice simple detailed explanation..i like that..

EDIT:Oh..js read ur Post Ryan..lol...
BINGO

See how consolidated price has been on the euro. I personally will assume this action until proven otherwise. So you HAVE to be aware of those areas if you do trade it. Or you stay out until the situation aligns that you are comfortable with

Best
Mike
  • #99,395
  • Jul 27, 2011 4:22pm Jul 27, 2011 4:22pm
just flicking through my charts as the NY session ends to check the PA
nothing much until i got till last chart EURAUD looks like a good interesting touch trade. Any input appreciated, im thinking about putting a pending order to sell at 1.3100 you see the blue swing low i highlighted to the left. Well last bar just shot straight through it nice selling going on. Major trend on daily looks to be bearish. So with a nice round number and a swing low broken and also daily downtrend what do you guys think? http://i55.tinypic.com/2hghbif.jpg
  • #99,396
  • Jul 27, 2011 4:27pm Jul 27, 2011 4:27pm
Quoting kevsen814
Will do and thanks!

Any good online material that is very introductury in nature you can point me too? For an example of how introductery I mean I just figured out what Fibonacci levels are yesterday. The other items Jim talked about those many years ago (I'm still in 2005!), like ma and pivot points, I'm still struggling with.

Sorry for the extremely noob questions here. I promise I'll start a thread in the rookie section when I'm able!

Maybe my best bet is to just stick with the price actions Jim has taught up to the point I'm at and...

I think it is possible to learn everything you need to know from this thread. However I am not sure how easy that is going to be considering I did not go that route myself. You might consider going through the school at babypips just to learn basic information line trendlines, fibs, trading platforms, foriegn exchange history, etc. It is well organized and free. I would say spend a week going through that then come straight back here and go through all the links on post 1. You will probably have a much clearer understanding of what you are doing and can start posting charts and asking questions.

I will say since you are new to trading, you are probably going to be tempted to jump systems to try and find the holy grail. DO NOT DO THAT, stay here, learn and learn some more. A few years ago I found this thread and decided I wanted to trade lower time frames and couldn't stick with the rules James lays out in post 1. I ended up paying some guru a lot of money (I am talking multiple thousands of dollars) to teach me to trade. I basically got a rehash of the babypips school for my money. 3 years later I am right back where I started and where I should have stayed to begin with...this thread.
  • #99,397
  • Jul 27, 2011 5:21pm Jul 27, 2011 5:21pm
What do you think of this one Mike? Would the lows which it's trading into be of concern? In the eur/jpy it was a similar case.

Quoting mbqb11
Very similar there, I like the eur/jpy better as that rising TL is very well respected. Gotta admit I did not see this one myself. I don't trade pure breakouts much I am always looking for PA most of the time.

There was a 1hr pinbar off your area on the eur/jpy.

Best
Mike
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  • #99,398
  • Jul 27, 2011 5:32pm Jul 27, 2011 5:32pm
Quoting artov
What do you think of this one Mike? Would the lows which it's trading into be of concern? In the eur/jpy it was a similar case.
2 Charts, I think they say it all. Let me know

Best
Mike
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  • #99,399
  • Jul 27, 2011 6:52pm Jul 27, 2011 6:52pm
one BO+PB after another

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  • #99,400
  • Jul 27, 2011 6:55pm Jul 27, 2011 6:55pm
Quoting mbqb11
2 Charts, I think they say it all. Let me know

Best
Mike
I was looking today at the EURUSD and GBPUSD and i saw an intersting pattern. The two pairs are moving almost the same. They were both it consolidation and then i saw similar BO+PBs...

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