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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

  • #102,421
  • Sep 29, 2011 5:02pm Sep 29, 2011 5:02pm
I am a newbie here. I have only been studying PA since Saturday. Yesterday I took a 4hr pin bar in a Demo. I then watched a 100 pip trade turn around and stop me out at BE. I have spent the hours since reading every post I can read and watching some videos from James16Group. I understand that a newbie has no business looking at any smaller time frame than daily, however since I took this yesterday could you guys give me some feedback as to how you would have managed this trade?
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  • #102,422
  • Sep 29, 2011 5:55pm Sep 29, 2011 5:55pm
Quoting bgmays
I am a newbie here. I have only been studying PA since Saturday. Yesterday I took a 4hr pin bar in a Demo. I then watched a 100 pip trade turn around and stop me out at BE. I have spent the hours since reading every post I can read and watching some videos from James16Group. I understand that a newbie has no business looking at any smaller time frame than daily, however since I took this yesterday could you guys give me some feedback as to how you would have managed this trade? Attachment
Im new too so take this for what its worth.

Although you have a pin bar formation I don't see any major supporting reasons (confluence) for entering the trade. On my chart there is no S/R PPZ, no fib retrace and its not at a swing high low. I think you should have let this one pass. I made the exact same mistake in the GBP/CHF. See post 102417 and mbqb11's response at post 102430.

I would chalk this up as a learning experience and don't think you should be upset at B/E. Im a newb though so hopefully someone more experienced will be along shortly to give some good advice.
  • #102,423
  • Sep 29, 2011 5:59pm Sep 29, 2011 5:59pm
Quoting bgmays
I am a newbie here. I have only been studying PA since Saturday. Yesterday I took a 4hr pin bar in a Demo. I then watched a 100 pip trade turn around and stop me out at BE. I have spent the hours since reading every post I can read and watching some videos from James16Group. I understand that a newbie has no business looking at any smaller time frame than daily, however since I took this yesterday could you guys give me some feedback as to how you would have managed this trade? Attachment
I'm far from being an expert in the James16 setups, but I have got a few years experience looking at charts and PA.

First off I'd ask you whether you had a trade plan. I know from personal experience that if I don't have a trading plan, I make what I call hopeful decisions. A trading plan doesn't have to be complicated it could just be...Do you know the setups your looking for? The timeframe your trading off? Where your stops going? Where your getting target level or levels are?
Can you identify these things before you place your trade? If not then don't panic, there's always another setup around the corner.

Don't try and swing for the fence on every trade by just looking for a 100-200 pip move. If PA says that the best place for your target is 20,30,40 pips away, then go with that. Also are you able to trade with 2 positions of just 1? That would have an impact on your trade management.

Hope my ramble has been of help. Like I said, I'm no expert, but I have a few battle scars and these are some of the things I've learnt. Happy trading.
  • #102,424
  • Sep 29, 2011 6:13pm Sep 29, 2011 6:13pm
Quoting mbqb11
Hey Marty

Time and practice is going to determine what you do at these areas.

To me the better the STORY of a situation(this is the key the story not the bar) the more likely I am to hold the trade. The less the story and less I believe in a trade the quicker I am to get to b/e or take profits quick. The nzd/usd to me would be a quick hitter and take profit at the FTA. WHy? Were fighting a HUGE down move and the pinbar has little confluence other then being a nice closing pin. For me this situation doesn't warrant holding when to me the...
Hey mike, u did a video regarding pinbar as picking a cherry before? I rmb seeing a video with the author saying the same thing a long time ago... and I tot it was a fantastic analogy! lol... could that be u?
  • #102,425
  • Sep 29, 2011 7:18pm Sep 29, 2011 7:18pm
Like the look of these 3 bar lows on EUR/CHF monthly TF.
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  • #102,426
  • Edited 7:54pm Sep 29, 2011 7:36pm | Edited 7:54pm
Quoting Kalbar
Agreed.......one to watch and learn something from. Lets see what happens here.

H4 show us what occurred at this area

EDIT: Looking at the weekly TF like this.
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  • #102,427
  • Sep 29, 2011 8:18pm Sep 29, 2011 8:18pm
Maybe we also have a Jarroo area on EUR/CAD weekly TF
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  • #102,428
  • Sep 29, 2011 8:36pm Sep 29, 2011 8:36pm
Quoting bgmays
I understand that a newbie has no business looking at any smaller time frame than daily, however since I took this yesterday could you guys give me some feedback as to how you would have managed this trade?
You shorted near the bottom of a trading range. Price continued in the trading range as expected.

(excuse the fingerpainted diagram)

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When you have to shoot, shoot. Dont talk.
  • #102,429
  • Sep 29, 2011 8:46pm Sep 29, 2011 8:46pm
Quoting Philodox
Hey mike, u did a video regarding pinbar as picking a cherry before? I rmb seeing a video with the author saying the same thing a long time ago... and I tot it was a fantastic analogy! lol... could that be u?
Hey Phil

I believe that is me, but then again maybe it was somewhere else too

THat video(pinbar introduction) is in the guest section of the j16 site if you are interested. It's a basic intro to spotting the good bars when starting out with pinbars(or any reversal bar)

Take care
Mike
  • #102,430
  • Sep 29, 2011 9:24pm Sep 29, 2011 9:24pm
Quoting Pinbar
Maybe we also have a Jarroo area on EUR/CAD weekly TF

Just talking to myself here about this EUR/CAD area.
Anyone have any discussion about this area?
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  • #102,431
  • Sep 29, 2011 10:40pm Sep 29, 2011 10:40pm
Quoting Pinbar
Just talking to myself here about this EUR/CAD area.
Anyone have any discussion about this area?
Well i shorted this pinbar. Took half profit already at the obvious FTA. I entered with two positions. One at retracement of PB (which I took 1/2 profit) and another at break of PB. I just tightened my stop. I will not lose any more money at this point and locked some small profit.
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  • #102,432
  • Sep 29, 2011 10:43pm Sep 29, 2011 10:43pm
This trader has an interesting perspective . .


http://www.wimp.com/economicsituation/
Indicators show the past. Price Action "Indicates" the future.
  • #102,433
  • Sep 29, 2011 10:55pm Sep 29, 2011 10:55pm
Quoting Kalbar
Hi Jarroo

Another great post and so well explained! Just wanted to ask you about the above trade. The second target was only 6 or 7 pips away on my chart and I was wondering if you have a 10% rule whereby when you watch on the lower TFs closely as price approaches your target and if 10% or less away are you willing to take profit there? If this makes sense then a kind or reverse buffer?
Its an idea I got off another trader and it seems to make sense as it would be preferable to hit 90% of the target rather than watching it go back to BE if it...
Absolutely, Kal. In many of James16's videos, he states that the targeted about of pips he is aiming for is well short of the 1st target. . .there is that account size topic that he talks about all the time, coming into play.

I do have a "reverse buffer' for targets depending on the pair. Within 10-15 pips is a "Hit" in my book . .

Also, I will use the previous Close instead of the High or Low of the previous bar as a target.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #102,434
  • Sep 29, 2011 11:03pm Sep 29, 2011 11:03pm
Quoting Pinbar
Just talking to myself here about this EUR/CAD area.
Anyone have any discussion about this area?
I think today's close above the 1.400 BRN is important. There is a well-defined ppz to me that can be created from LCS/HCR areas that brackets the BRN. I would definitely be comfortable with an entry around 1.401x with s/l around 1.396x.

Price 'may' move something like on the chart..although you would need to protect position quickly as it is trading into a monthly/weekly level.

If 1.43 RN were to give I could see 1.45 on this pair.
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  • #102,435
  • Sep 29, 2011 11:04pm Sep 29, 2011 11:04pm
Quoting aserbfx
eur cad close above 1.4000 looks good for longs. nice engulfing bar.

Quoting Pinbar
Just talking to myself here about this EUR/CAD area.
Anyone have any discussion about this area?
I was looking for the transition from Resistance to Support a bit earlier on the Eur/Cad . .around the 1.3927. The 1.4000 is a good choice as well.

I like BRNs too, but I like them even more when they are well supported or there is a nice clear build of S/R around them. . .which is usually the case, but not always.
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Indicators show the past. Price Action "Indicates" the future.
  • #102,436
  • Sep 29, 2011 11:07pm Sep 29, 2011 11:07pm
Quoting Donkey
I think today's close above the 1.400 BRN is important. There is a well-defined ppz to me that can be created from LCS/HCR areas that brackets the BRN. I would definitely be comfortable with an entry around 1.401x with s/l around 1.396x.

Price 'may' move something like on the chart..although you would need to protect position quickly as it is trading into a monthly/weekly level.

If 1.43 RN were to give I could see 1.45 on this pair.

jinx . .
Indicators show the past. Price Action "Indicates" the future.
  • #102,437
  • Sep 29, 2011 11:42pm Sep 29, 2011 11:42pm
Thanks Jim & Donkey

I have almost gone blind from practicing this for the last 3 hours.
Got 7 days off next week so I intend to go blind some more.

Anyway this is what I was doing trying to work out the choppy mess on EG, before I forgot what it was I was doing. LOL
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  • #102,438
  • Sep 29, 2011 11:53pm Sep 29, 2011 11:53pm
Hi,

This is my first J16 trade (demo OANDA). Please comment. Thank you very much!

- scr
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  • #102,439
  • Sep 29, 2011 11:54pm Sep 29, 2011 11:54pm
Quoting Pinbar
Thanks Jim & Donkey

I have almost gone blind from practicing this for the last 3 hours.
Got 7 days off next week so I intend to go blind some more.

Anyway this is what I was doing trying to work out the choppy mess on EG, before I forgot what it was I was doing. LOL

Nice chart Steve . .I think you meant to say LCS, not HCS on your chart.. .may be that blindness (tiredness) you were talking about . .

Here is my recent Eur/Gbp chart.

also, check out the history of the .8669 level on the Weekly . .nice . .(thanks Jaz)..

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #102,440
  • Sep 29, 2011 11:54pm Sep 29, 2011 11:54pm
Hmm, perhaps I am getting too concerned with the HCR & LCS too far back.
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