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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

  • #102,581
  • Oct 4, 2011 1:47am Oct 4, 2011 1:47am
Quoting bgmays
These links have been very helpful to me.
http://www.forexfactory.com/showthre...99#post2585699
Hi,

Thanks for the links but none of them mention suply and demand, only support and resistence.

I'm looking specifically for a simple guide to supply and demand, as sam seidners would trade it. Forgive me if james16 traders don't use this method, I got the idea from another trader who uses james16 price action with S+D, I just assumed James16 traders traded supply and demand too.
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  • #102,582
  • Oct 4, 2011 2:03am Oct 4, 2011 2:03am
Quoting leerees
Hi,

Thanks for the links but none of them mention suply and demand, only support and resistence.

I'm looking specifically for a simple guide to supply and demand, as sam seidners would trade it. Forgive me if james16 traders don't use this method, I got the idea from another trader who uses james16 price action with S+D, I just assumed James16 traders traded supply and demand too.
Hi Leerees,
The concepts are very similar having read quite a bit of this excellent forum and attended a few Sam Seiden training events with On-line Trading Academy. If you google "Sam Seiden odds enhancers" you will find plenty of vids on the subject and coverage of the 10 points he looks for. I am still working through them - to get them for free that is - otherwise there is quite a lot of reference to holding the crown jewels back for those who pay for the course !
Nigel
  • #102,583
  • Oct 4, 2011 3:06am Oct 4, 2011 3:06am
Quoting 5.25
I'm with you 100% on this one GH.

For me 9.045 is such a strong level across the board (H1, D1 and W1) that I regret not touch trading the retest.

1H PB, 1:1 R:R, in/out another trade banked. Might keep an eye on this one for the retest of the PB. I won't be surprised if this one flies on the weekly to 9.4.

Dzieki
Hey Tom,

Just took 1/3 off the table now... lets hit that 9.4 level then

Pozdro
  • #102,584
  • Oct 4, 2011 5:18am Oct 4, 2011 5:18am
Quoting leerees
Hi,

Thanks for the links but none of them mention suply and demand, only support and resistence.

I'm looking specifically for a simple guide to supply and demand, as sam seidners would trade it. Forgive me if james16 traders don't use this method, I got the idea from another trader who uses james16 price action with S+D, I just assumed James16 traders traded supply and demand too.
I think Joel was making the point that where you see strong support, that is the area where you will find the orders building up. Where you see strong resistance that is the area that supply exceeds the demand.
  • #102,585
  • Oct 4, 2011 6:25am Oct 4, 2011 6:25am
Quoting Pinbar
I think Joel was making the point that where you see strong support, that is the area where you will find the orders building up. Where you see strong resistance that is the area that supply exceeds the demand.
It was even more basic than that. 'Demand' and 'Supply' are synonyms for support/resistance.

All that Sam Seiden does is put a fresh coat of paint on something Weinstein wrote about 25 years ago and sell it to people (but no one would pay for a method based on 'support and resistance', would they?).
When you have to shoot, shoot. Dont talk.
  • #102,586
  • Oct 4, 2011 6:54am Oct 4, 2011 6:54am
Quoting joelcf
It was even more basic than that. 'Demand' and 'Supply' are synonyms for support/resistance.

All that Sam Seiden does is put a fresh coat of paint on something Weinstein wrote about 25 years ago and sell it to people (but no one would pay for a method based on 'support and resistance', would they?).
I know that is what you meant Joel, I was just trying to put it tactfully. LOL
  • #102,587
  • Oct 4, 2011 10:11am Oct 4, 2011 10:11am
A possible PB forming on AUDCAD daily, bounce off 365 EMA, 61.8 Fib and BRN of 1.000.

Anybody else watching that pair?

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  • #102,588
  • Oct 4, 2011 10:16am Oct 4, 2011 10:16am
Hmm..interesting level UC approaching...
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  • #102,589
  • Oct 4, 2011 10:36am Oct 4, 2011 10:36am
hi guys,

i've just took 75 pips from EUR/GBP's upper jump from support level.

risked only very few pips, I also moved SL very quickly to BE (as i like to do).

missed some pips after new D1 bar open but it was worth the risk
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  • #102,590
  • Oct 4, 2011 10:53am Oct 4, 2011 10:53am
Quoting fascist
A possible PB forming on AUDCAD daily, bounce off 365 EMA, 61.8 Fib and BRN of 1.000.

Anybody else watching that pair?

Attachment

Attachment
Good catch fascist. Been really slow for me today on the 60 min charts, so I've bumped up to the dailies to see what's happening. Need to do some more digging on this one.
  • #102,591
  • Oct 4, 2011 12:12pm Oct 4, 2011 12:12pm
Had a closer look at this since fascist mentioned it earlier on up the thread. Things have been slow for me today re my usual 60m setups, so I've taken to scanning the higher TF's to see what's developing.

I realize that there is still a bit of time left for this bar to close, and anything could still happen to void this PB, but having said that, now that there is something setting up, I like to know where is the earliest point I can take some profit, and get the risk reduced.

Nothing looking too obvious on the daily charts for targets, so I've dropped down to the 8H and 4H to see what's going on.

This is what I've found so far. Feel free to add your thoughts here.

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  • #102,592
  • Oct 4, 2011 1:34pm Oct 4, 2011 1:34pm
Today's bar on Gold looks like it could be forming a BEOB. I am not sure on this type of PA so wondered what you guys thought? Stop would be close to 500pips if entry and stop were either end of the bar.

Not sure if the location is very good either. Only thing it has going for it is it occurs at a small, recent resistance area. Would need to break through the 150 EMA and a strong PPZ though to be worthwhile. Is that all too much risk? Would love to hear some thoughts.
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  • #102,593
  • Oct 4, 2011 1:35pm Oct 4, 2011 1:35pm
Quoting fascist
A possible PB forming on AUDCAD daily, bounce off 365 EMA, 61.8 Fib and BRN of 1.000.

Anybody else watching that pair?

Attachment

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Def going to be watching this later today. Nice spot.
  • #102,594
  • Oct 4, 2011 1:39pm Oct 4, 2011 1:39pm
I found a nice BEOB on Gold daily TF but it's on the 1600 level + confluence with the 150ema and a PPZ on the 1580 level I still don't know how to take such trades but just wanted to share it, i'll be watching and learning for this time
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Plan your Trade, Trade your Plan
  • #102,595
  • Oct 4, 2011 1:44pm Oct 4, 2011 1:44pm
Quoting BigJay
I found a nice BEOB on Gold daily TF but it's on the 1600 level + confluence with the 150ema and a PPZ on the 1580 level I still don't know how to take such trades but just wanted to share it, i'll be watching and learning for this time

Snap http://www.forexfactory.com/showthre...25#post5011925
  • #102,596
  • Oct 4, 2011 1:48pm Oct 4, 2011 1:48pm
Quoting BigJay
I found a nice BEOB on Gold daily TF but it's on the 1600 level + confluence with the 150ema and a PPZ on the 1580 level I still don't know how to take such trades but just wanted to share it, i'll be watching and learning for this time
Hey Jay

Yep this would be a nice beob with the recent strong down move. I think we will trickly down to 1500 but we also must remember this is a BEOB in a sideways market based on it's location(not at a swing high). So because of this I think one needs to be well aware that the FTA will be close(as marked on your chart). I need more confluence then just the beob myself, but based on size and previous move a strong close today should see the low around 1580 tested on a break, and possibly lower. My only concern is that folks should learn them in the traditional spot(swing highs for beobs) first before trying to play these more sideway situations.

Best
Mike
  • #102,597
  • Oct 4, 2011 2:06pm Oct 4, 2011 2:06pm
Quoting Martynp
Snap http://www.forexfactory.com/showthre...25#post5011925
hehehe when i uploaded the chart and wrote my post urs wasnt there yet nice to know that i'm the right way though.

Thx mike for sharing ur opinion as i said i wont be taking this trade i'll watch and learn this time or maybe work sth out on demo

Regards
Plan your Trade, Trade your Plan
  • #102,598
  • Oct 4, 2011 3:10pm Oct 4, 2011 3:10pm
BUOB at swing low. Located at area of PPZ, fibret, and BRN (72.00) confluence.
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  • #102,599
  • Oct 4, 2011 3:26pm Oct 4, 2011 3:26pm
Hi,

This is my second J16 trade. An imperfect pin bar last night for GBPNZD. I was going to post it at midnight when my baby started to cry...

Anyway, the lower wick was too long compared to the upper wick, but I took it anyway because there are a lot of space to the left, in addition to fib ret and BRN. The spread was high: 13.5 when I placed the order. My SL is about 70 pips, first target is about 100 pips (no TP was set). Just closed half of the position at 100 pips about half an hour ago, and the other half is now up about 200.

I checked the price quite a few times today. I don't know if this is the correct thing to do: should I wait until midnight to check the price, or do it every few hours? Especially because I'm in east coast USA, I cannot stay up when the market is most active. Also GBPNZD is not a popular pair: it's not on FXDD for example (I use OANDA) and not on AlertFX.com.

Please comment/criticize.

Thank you,

scr

Edit: top chart is D1, bottom is H1.
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  • #102,600
  • Oct 4, 2011 4:26pm Oct 4, 2011 4:26pm
Quoting screenname
Hi,

This is my second J16 trade. An imperfect pin bar last night for GBPNZD. I was going to post it at midnight when my baby started to cry...

Anyway, the lower wick was too long compared to the upper wick, but I took it anyway because there are a lot of space to the left, in addition to fib ret and BRN. The spread was high: 13.5 when I placed the order. My SL is about 70 pips, first target is about 100 pips (no TP was set). Just closed half of the position at 100 pips about half an hour ago, and the other half is now up about 200.

I checked...
Hey SCR

Be careful here that bar is not a pinbar. Notice the lower wick is much larger then the upper wick. FOr a pinbar we would want a large nose protruding to the top with the open and close within the previous bar. That bar is a neutral bar which shows more indecision in the market place then does a reversal.

Here are some examples of pinbars

http://www.forexfactory.com/showthre...49#post2752349
http://www.forexfactory.com/showthre...53#post3582153
http://www.forexfactory.com/showthre...75#post3429475
http://www.forexfactory.com/showthre...41#post2913741
http://www.forexfactory.com/showthre...34#post2647834

as for what to do, thats a bit trickier as you are not awake. There are EAs that will automatically move your stop loss to b/e or a specific point if you so choose. If I ever am getting sleep I set price alerts on my chart to wake me up. I try to be around when I am in a trade or alert me as much as possible as it is crucial for me.

Hope that helps
Mike
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