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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

  • #101,141
  • Edited 8:36am Aug 31, 2011 7:53am | Edited 8:36am
what do you guys think
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  • #101,142
  • Aug 31, 2011 8:04am Aug 31, 2011 8:04am
that we can't enlarge the pic

e/aud at ~1.3445 which was the previous ress. defending 1.35; and 38.2 fibo at 1.344.
  • #101,143
  • Aug 31, 2011 8:36am Aug 31, 2011 8:36am
Quoting snowly
that we can't enlarge the pic

e/aud at ~1.3445 which was the previous ress. defending 1.35; and 38.2 fibo at 1.344.
fixed! but was stopped out anyway lol
  • #101,144
  • Aug 31, 2011 8:47am Aug 31, 2011 8:47am
Quoting biDc
what do you guys think
change to bigger timeframe, there's a clear downward trend so I wouldn't trade against it, also the double bottom you mentioned is too minor compared to previous moves. If price would be around 123.7 then I'd consider it a valid double bottom, but still wouldn't trade against the trend. Hope this helps.

If I'm wrong then I hope some older J16 method traders will speak up
Every bar tells a tale
  • #101,145
  • Aug 31, 2011 8:54am Aug 31, 2011 8:54am
I know you were stopped out but I will give you my take on that trade.

Personally I would not trade into 125, The pin actually doesn't seem that sizeable at all to me either.

I know you used those lows to define an area that it did not close below and thats true BUT I think a better strategy is look at the 125 as area

These are just my views of course it could have shot to the moon but for me personally I have to sit out on that pin


Quoting biDc
what do you guys think
  • #101,146
  • Aug 31, 2011 9:13am Aug 31, 2011 9:13am
Quoting biDc
what do you guys think
technically(wouldn't long g/j - I don't like g, I like very much j, so wouldn't long the pair) would've take it if it wasn't end month fixing. Without betting the barn - not the most marvelous setup ever... but the pin stopped where it should(ok, wasn't exactly a pin, tbh, but...), so would've take it.

but would've take it(because the pin per se was pretty weak) something like stop 125.1, buy ~124.85. And would've try to stop at be if it went 124.65 with a hard sl 124.45(kinda need a hard sl here - not much to reverse downwards...)

But again - not at that hour. You placed the order right into the fixing hours(got burnt once with e/j pretty good, so learnt to remember end of month very well). Sure, ~90% of the time nothing happens, but... when it happens...
  • #101,147
  • Aug 31, 2011 10:13am Aug 31, 2011 10:13am
Quoting biDc
what do you guys think
C'mon biDc, you know the material better than all that.

You know exactly what happened here.

At least you managed your risk ok.

Just remember, the charts travel exactly the same way in H4 as they do in M1.

Best, as ever

If
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  • #101,148
  • Aug 31, 2011 12:27pm Aug 31, 2011 12:27pm
Quoting sh5467
Thanks for the heads up Mike. I just checked the spread and it is 41 pips! Will pass on this one but keep an eye on it to see what happens.

I was looking at this too as it shows a spread of 100 on FXPro demo, but it also moved 1000 pips on the day of the BEOB. While 10% (or 4% w/ your spread) would be a higher spread it is not unreasonable to think about paying for the right bar.

Ryan
  • #101,149
  • Edited 12:46pm Aug 31, 2011 12:35pm | Edited 12:46pm
Quoting Donkey
Not Mike but here's a BEOB at a swing high
ha ha pretty sure that I remember that one... IIRC it was a pass for me due to closing above that area of support just behind it.


Quoting deankenny21
thank you, im still a bit short of understanding, i been looking to the left of chart for a swing high. So basically we want our bar whether it beob or pinbar to be in clear space making its own swing?, not ncessarily matching another swing high to the left?
When you see a swing high on a sell it makes sense. It will be a clearly higher area that has a decent amount of space to allow for less traffic to interfere with the "story" of the bar. Give me a moment to look for a few for you. Let me look at previous trades to see which ones I took.

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Ryan
  • #101,150
  • Aug 31, 2011 1:04pm Aug 31, 2011 1:04pm
Quoting Donkey
One more and I'll leave you alone.....I think this chart is what you are describing in bolded above. We have an extreme swing high to the left, and a second one that formed at basically the same level (actually 20 pips higher), basically giving us a BEOB at double top - with added confluence of divergence. The huge bar, divergence, close, Big Round Number is a great story and would make this an A+ setup in my book.

While this one is a good example I would just toss out there that bars that are this large took a while for me to become proficent with. If you look at this one it was so large that it actually went from the swing high down to a swing low. My issue is that sometimes huge bars can represent a larger percentage of the movement and make stop placement more difficult to reliably extract decent profits from. This one had a few key factors though that made it much more tradable, though I don't know if I would have traded it when it occured.

Ryan
  • #101,151
  • Edited 1:59pm Aug 31, 2011 1:22pm | Edited 1:59pm
Quoting biDc
what do you guys think
Not in love with this for several reasons, but the biggest would have been the inability of the bar to close above the 125 BRN. On lower TF I am even more picky with my trades than on higher TF. My thoughts are that there are 6x more 4hr bars than dailies so why not be more picky? Wheras I may excuse one item or another on daily if the story is good, I DO NOT on 4hr. If something (no close above 125) is not perfect, then it is time to start looking elsewhere or sit on my hands for another 4 hrs.

The other item that I was wonder was what was your reasoning for not placing the stop below the bar? If I were to do a trade like this (a somewhat double bottom) then my stop would be below the double bottom and not just above it.

Just my thoughts,
Ryan

*edit* Just wanted to say that I read through all of the posts in chronolgical order and I did not see all of the posts that others had put up. Nothing like a little confluence in the answers though to show something that may have been missing from the original thoughts.
  • #101,152
  • Aug 31, 2011 1:28pm Aug 31, 2011 1:28pm
Quoting vibe7
Hi guys
Any good place to start reading the thread. This is more than 6k pages,, so can some one advise if there is summarize section on this thread,
Thanks

Welcome Vibe! Good to see you here.

Ha ha and a not so favored answer to your question would be- From post 1. Set your preferences to allow for more posts per page and Voila, not so many pages to read! In all honesty this system takes time, dedication, and practice to master. There are not too many places to skimp. That having been said if you are ready to allow/find the time needed to become proficent then you are in the right place. One of the only tips that may help is to read James16 and MBQB11's posts first. They are among the top dogs here and have much to teach.

Ryan

*edit*
Quoting mbqb11
Hey Vibe

Welcome

The first post by James is filled with tons of good info and some great links. But I would read the first few hundred pages(a lot you can skim and will be able to see that as you go). But be sure to pay very close attention to all of James16 posts

It's big but well worth it

Best
Mike
As usual Mike is too modest His posts are also on the top of what I would read as a noob to the j16 method.
  • #101,153
  • Aug 31, 2011 2:19pm Aug 31, 2011 2:19pm
Quoting ghous
It was a 4H pin bar trade off the 21 EMA (Constrictor system ET3) for the reasons I mentioned in my post.



g.
hey bit confused over here..
are u looking for NZDCAD monthly IPB..?
location looks good..but dont like the way it came off from 0.7950..
its 'stucked' between 0.84 n 0.7950..
a 'hanging in the air' IPB wuld be better...but i think i might be over-analysing..

not sure...i will pass.
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  • #101,154
  • Edited 3:03pm Aug 31, 2011 2:46pm | Edited 3:03pm
For those who took the weekly pin, the monthly looks even better, so you are in a good situation now.
A pitty it is bouncing from nowhere.
Still measuring the risk myself...
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Trading: the skill of avoiding trades
  • #101,155
  • Aug 31, 2011 2:50pm Aug 31, 2011 2:50pm
Quoting eswap0
For those who took the weekly pin, the monthly looks even better, so you are in a good situation now.
A pitty it is bouncing from nowhere.
Still measuring the risk myself...
sure doesn't hurt the odds for this one to keep going higher

Being very patient with this one myself

Best
Mike
  • #101,156
  • Aug 31, 2011 2:59pm Aug 31, 2011 2:59pm
Quoting sh5467
Thanks for the heads up Mike. I just checked the spread and it is 41 pips! Will pass on this one but keep an eye on it to see what happens.
for ease - try move 1 zero in front of krone pairs.

as in thinking about the ratio not as 1:8.xxxx, but as 0.8xxx. And then you'll have a normal pair with pip at the 4th decimal and you'll notice the spread is 4.1 pips(a very big spread - I don't like the krone pairs - but not huge - it's less then g/cad or e/cad which are perfectly tradeable pairs).

it's very big, because, on the other hand, the moves are small - usd/nok for instance has what'd be the equivalent of ~60 pips as average move(while e/cad or g/cad has over 100 pips average move, so spread as % of expected move wise it's pretty crappy).
  • #101,157
  • Aug 31, 2011 3:04pm Aug 31, 2011 3:04pm
Quoting eswap0
For those who took the weekly pin, the monthly looks even better, so you are in a good situation now.
A pitty it is bouncing from nowhere.
Still measuring the risk myself...

Quoting Bemac
Yep. I agree & in post # 100517 you can see it as a red dashed line that is Bear Diag Offence #1.
I also suspect there will be a Bear Push @~ 0.8080 on the Bull Diag Def #13.
I expect both to fail as the Golden Diag plays Trumps.
0.8245 is where I expect a fight. Battle...

B
that being said, touch from .8 with that confluence... was too good to pass(at least for me, who takes a ton of crap touches)

that being said, B was wrong - it stopped at .824

and me being a greedy prick, had the short at .827 below the low... oh well, at least I got the upmove, though obviously I'd preferred the other one...
  • #101,158
  • Aug 31, 2011 3:06pm Aug 31, 2011 3:06pm
Does anybody know where to get charts with old data?
Ordinary feeds are just giving some few years, and when trying to work with monthly charts I feel a bit blind.
Thanks!
Trading: the skill of avoiding trades
  • #101,159
  • Aug 31, 2011 3:09pm Aug 31, 2011 3:09pm
Hi Everyone

I have just completed my scan of the 120 FX pairs I look at and I have found only one setup I like. Daily chart below. Nice and exotic ZARJPY (south africa rand v. yen). Smart Live markets are quoting me a 7 pip spread, price moved 160+ pips today so I am fine with the spread.

The set up is a DBLHC with the top of the bar right on a BRN. The 2 bars have lows within 6 pips of each other so I figured this is close enough. Space is abundant up to the FTA.

I am setting my SL below the bar with 100% TP at the FTA, so I am swinging for 1.2R here. I have got my EA running to set stops to b/e when at +50pips. I am taking the trigger point of the trade as a break of the BRN = 11.0000

I am welcoming feedback and discussion from everyone.

Happy trading.
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  • #101,160
  • Aug 31, 2011 3:12pm Aug 31, 2011 3:12pm
Quoting Ifmyante
C'mon biDc, you know the material better than all that.

You know exactly what happened here.

At least you managed your risk ok.

Just remember, the charts travel exactly the same way in H4 as they do in M1.

Best, as ever

If
Ah you're exactly right. Your chart was the first thing I noticed too but I opt to try to look at it differently (which is why this was taken on demo instead of my live). I guess in the process I missed some other key signals as well. Price actually did bounce up to FTA before selling off to the downside. If I had managed this properly, it would've definitely been better.

Thanks to everyone else for their views as well. It was great seeing the views from others!
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