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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

  • #101,421
  • Sep 10, 2011 3:09am Sep 10, 2011 3:09am
Quoting mbqb11
hey AV

never leave college. Best advice I could give you LOL

Have fun buddy

Mike
As always Mike's advices are the best..


Best,
Joe
And you will leave pain to take care of itself.
  • #101,422
  • Sep 10, 2011 5:25am Sep 10, 2011 5:25am
Quoting mbqb11
updated TBL break

Hi Mike, wht does TBL mean? Im guessing its two bar low or something like that. I've had a look at the J16 Terminology post #93498 but cant see an explanation there.

Many thanks
NTW
No more DOH! trades
  • #101,423
  • Sep 10, 2011 7:05am Sep 10, 2011 7:05am
Quoting PenguinTrade
I decided to only let myself log in once a day right before the open of the next daily bar (4 PM Eastern). I then evaluate all bars for possible J16 setups. After I got used to this strategy I'd allow myself to check in every 4-8 hours to either do nothing or move my stop up.
Hi PT, Thanks for your post. That is exactly what I do now too. Just checking Daily TF (my main TF) each day (5 min) and sometimes H4 when I have time (like once a day or even less - also takes about 5 min of my time).

So I spend about 10 minutes a day for trading. I feel I can really put more effort at least for now when I am learning. But I also don't want to zoom into the 5 min or even H1...

Well if I could make a living by trading 10 min per day that would be super awesome. )) But for now... with this kind of frequency I could theoretically end up the year with remaining months being all green yes, but that would be 5-6 trades in total (or less)? How to make myself believe it was my *KNOWLEDGE* and not the *LUCK* ? With 100 or at least 50 trades I can make an objective observation of my performance, but with 10 or so it could be just luck...

So I thought OK I will wait for about 50 trades and see if I would still remain in green... I will be patient ok, BUT that could take me YEARS... and what if after all that time I will learn that I have not got it yet and I need to make some corrections into my rule book.... if so I will have to start all over again and wait for YEARS to see if I got it this time or not....

  • #101,424
  • Sep 10, 2011 7:21am Sep 10, 2011 7:21am
Hi guys,
Hope everyone is having a good weekend.
I have restricted myself to PBs and outside bars till now. Getting good at it day by day. I was wondering if on AudzNzd daily, is there a breakout pattern developing? Price broke through the box marked, returned and formed PB at the box. Or have I just adjusted the box accordingly? I would appreciate your comments.

Thanks,
Vinay
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  • #101,425
  • Sep 10, 2011 10:11am Sep 10, 2011 10:11am
Quoting vinayn
..on AudzNzd daily, is there a breakout pattern developing? Price broke through the box marked, returned and formed PB at the box. Or have I just adjusted the box accordingly?....
hello Vinay,
a potential breakout is possible.
i dont think u curve fitted your box. but u have to monitor the chart for PA updates.
that PB is very small, but it might/might not be the start/trigger of an upside move.
based on PA & your box, price has made a break & currently undergoing a possible retest.

anything's possible... it can still go back inside the box. but so far, PA from August onwards points to possible continued upmove. 1.2700 area has held, & if it continues this way in the coming week, then we might see further upside.

need to break 1.2800 area convincingly (we visited it this week), & need to watch what happens between 1.28 to 1.31 area (the next hurdle).
let's see... hope this helps
  • #101,426
  • Sep 10, 2011 10:28am Sep 10, 2011 10:28am
hey vinayn this is what i see,

an inverse head and shoulder that brokeout and is now testing neckline. the neckline is also a former supply zone that could potentially turned demand. weekly and monthly candle is bias to the upside. yesterday's daily candle manages to close and stay above 1.27 as a decent pinbar though not the best. the inverse head and shoulder has a measured potential move to roughly 1.31
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  • #101,427
  • Edited 11:20am Sep 10, 2011 10:40am | Edited 11:20am
Quoting vinayn
Hi guys,
Hope everyone is having a good weekend.
I have restricted myself to PBs and outside bars till now. Getting good at it day by day. I was wondering if on AudzNzd daily, is there a breakout pattern developing? Price broke through the box marked, returned and formed PB at the box. Or have I just adjusted the box accordingly? I would appreciate your comments.

Thanks,
Vinay

Hi Vinay, SC could very well be right. A Flag at Supply can easily break north.
But this isn't proven to be a flag yet, and it's just reacted to a lovely PPZ in every TF up to and including Monthly.

biDc is also correct. It was an Inv QM, but the target for that is always just the next supply zone, which it reached, to the pip.

I've put some further ideas on the charts below

Best

If
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  • #101,428
  • Sep 10, 2011 11:05am Sep 10, 2011 11:05am
Quoting Donkey
Management is the toughest part...this one rejected pretty strongly at 1.3700. I've reduced stop to 1.388. (about 75% of my initial risk off the table). This is where my stlye is a little shaky. I'm in the strong ppz and these often reverse here. I'll watch this one more closely through the day than normal since we're in a critical area, and it's a Friday.
Ended up closing this out at 1.3643 for a gain of 0.79R. Still looks heavy, but being a Friday I decided to close it out.
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  • #101,429
  • Sep 10, 2011 11:14am Sep 10, 2011 11:14am
Quoting Donkey
Ended up closing this out at 1.3643 for a gain of 0.79R. Still looks heavy, but being a Friday I decided to close it out.


nice D
  • #101,430
  • Sep 10, 2011 11:34am Sep 10, 2011 11:34am
Quoting Ifmyante
Hi Vinay, SC could very well be right. A Flag at Supply can easily break north ...
These are really useful charts, thanks for posting
  • #101,431
  • Sep 10, 2011 11:36am Sep 10, 2011 11:36am
Quoting Donkey
Ended up closing this out at 1.3643 for a gain of 0.79R. Still looks heavy, but being a Friday I decided to close it out.
Nicely done, good way to end a week
  • #101,432
  • Sep 10, 2011 11:39am Sep 10, 2011 11:39am
Quoting biDc
hey vinayn this is what i see,

an inverse head and shoulder that brokeout and is now testing neckline. the neckline is also a former supply zone that could potentially turned demand. weekly and monthly candle is bias to the upside. yesterday's daily candle manages to close and stay above 1.27 as a decent pinbar though not the best. the inverse head and shoulder has a measured potential move to roughly 1.31
yep I would keep it simple like that too
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  • #101,433
  • Sep 10, 2011 4:15pm Sep 10, 2011 4:15pm
Quoting mbqb11
yep I would keep it simple like that too
Thanks for reminding me. I didn't go into the possible turning points on a bullish breakout
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  • #101,434
  • Sep 10, 2011 5:31pm Sep 10, 2011 5:31pm
Quoting Adilius07
[snip]
So I thought OK I will wait for about 50 trades and see if I would still remain in green... I will be patient ok, BUT that could take me YEARS... and what if after all that time I will learn that I have not got it yet and I need to make some corrections into my rule book.... if so I will have to start all over again and wait for YEARS to see if I got it this time or not....

Personally, I don't know if i'll ever drop down to the 1HR time frame again. I don't like paying a 3 pip spread for 20 pips. I know it'll take me 1 or 2 years of demo to get it right, but I believe it's possible to get a 95% win rate. It'd certainly be worth it If I achieved that.
You might only get 25-50 good trades a year (every 1-2weeks) but that's still ~2% every trade. 50%+ to 100%+ return a year is fine by me for 5 minutes a day.
I try learn something on every trade I take (or avoid). Personally if I take lots of short term trades, I don't have much time to think about them and won't learn much from them.
Just my thoughts
  • #101,435
  • Sep 10, 2011 8:26pm Sep 10, 2011 8:26pm
Quoting Sgrb1
These are really useful charts, thanks for posting
+1; thanks for posting and sharing your thoughts, Ifmyante.

BTW Ifmyante: where did you get the watermark that displays the pair and timeframe?
  • #101,436
  • Sep 10, 2011 10:36pm Sep 10, 2011 10:36pm
Looks like we may have an opportunity to short it, if these weekly consolidation areas hold true.
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  • #101,437
  • Sep 10, 2011 10:53pm Sep 10, 2011 10:53pm
No worries Sgrb1 and Amart83.

Traders help traders here. I know my approach to trading is quite different to this thread's methodology, but it did originate from it.

PIE really is a great next step after graduating J16; the methods compliment each other so much.

The indi to show pair and TF, I mixed two others to make.

You're welcome to it

Best
If
Attached File(s)
File Type: ex4 Symbol and timeframe.ex4   11 KB | 500 downloads
  • #101,438
  • Sep 10, 2011 11:40pm Sep 10, 2011 11:40pm
Quoting nonethewisa
Hi Mike, wht does TBL mean? Im guessing its two bar low or something like that. I've had a look at the J16 Terminology post #93498 but cant see an explanation there.

Many thanks
NTW
WOW!!! Nonethewisa you are my twin brotha!!???! http://www.forexfactory.com/nfs/cust...ar158597_2.gif
  • #101,439
  • Sep 11, 2011 12:51am Sep 11, 2011 12:51am
Quoting Ifmyante
No worries Sgrb1 and Amart83.

Traders help traders here. I know my approach to trading is quite different to this thread's methodology, but it did originate from it.

PIE really is a great next step after graduating J16; the methods compliment each other so much.

The indi to show pair and TF, I mixed two others to make.

You're welcome to it

Best
If
Thanks Ifmyante. I really like that indicator; anything that helps with MT4 and high resolution monitors is great and you got the font/colors down pact so it doesn't interfere w/ the charts. I'm going through red's thread now as I post this and I'm intrigued by how he first focuses on the open/closes of the candles. Thanks for recommending the thread. I also checked out your threads because I like reading about S/D. Thanks again for the indicator and all your help/charts.
  • #101,440
  • Sep 11, 2011 1:22am Sep 11, 2011 1:22am
its been exactly 10 years.my thoughts who have lost there lives in 9/11 attacks.
Praying & hoping that Uncle Sam overcome all its crisis its facing today.

Peace and hopes.
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