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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

  • #103,801
  • Oct 31, 2011 8:15pm Oct 31, 2011 8:15pm
Quoting 5.25
Just an observation.

GBPJPY: Price broke through and closed above a significant weekly lowest close of support level. Price has not closed below that level on the 4h and barely on the hourly since. Entry (I assume) would have been on the retest of the WLCS with a 30 pip stop loss (subjective figure) or a close below that level.
my weekly level (in green) is slighly diffrent and according to which the price is still closing below the weekly level.

just another view..
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Trading is a test match not a Twenty20.
  • #103,802
  • Oct 31, 2011 8:29pm Oct 31, 2011 8:29pm
Quoting decentchap
my weekly level (in green) is slighly diffrent and according to which the price is still closing below the weekly level.

just another view..

Hey DC

I just noticed the London time on your clock.
Did you make that screenshot a while ago or just now.

Note how the LO time on my clock is not the same.
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  • #103,803
  • Oct 31, 2011 8:34pm Oct 31, 2011 8:34pm
Personally the high of the GBPUSD daily bar is at a support zone

Quoting fascist
Interesting PB forming off GBPUSD 1.6000 and the EMAs. Quite different from a reversal of a swing high or a swing low but a nice bounce off BRN and close to a 23.6 fib level from 06 oct low to today's high.

Attachment

Also on EURAUD a BEOB of an inside bar. Looks a nice continuation of a downtrend.

Attachment
  • #103,804
  • Oct 31, 2011 8:36pm Oct 31, 2011 8:36pm
Anyone else like the look of that pinbar on the GBP daily chart?
  • #103,805
  • Oct 31, 2011 8:36pm Oct 31, 2011 8:36pm
Quoting Pinbar
Hey DC

I just noticed the London time on your clock.
Did you make that screenshot a while ago or just now.

Note how the LO time on my clock is not the same.
i made it just now...and the time on your clock is correct. I just loaded up the template you posted a while back but dont really look at the times there.

since you have pointed out the time, i guess its time for me to go to sleep.. employee during the day..businessman at night..lol
Trading is a test match not a Twenty20.
  • #103,806
  • Oct 31, 2011 8:39pm Oct 31, 2011 8:39pm
Quoting decentchap
i made it just now...and the time on your clock is correct. I just loaded up the template you posted a while back but dont really look at the times there.

since you have pointed out the time, i guess its time for me to go to sleep.. employee during the day..businessman at night..lol

I think you have possibly not put the indicator in the experts directory on your platform. If you do that, it will display the clock but will not work.
  • #103,807
  • Oct 31, 2011 8:41pm Oct 31, 2011 8:41pm
Quoting Strick
Anyone else like the look of that pinbar on the GBP daily chart?
Might help if you tell us GBP, what? LOL

If you are talking about GBP/JPY it is of yet, not a PB, it is currently an inside bar.
We also need to wait for it to close.
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  • #103,808
  • Oct 31, 2011 8:46pm Oct 31, 2011 8:46pm
Quoting Pinbar
Might help if you tell us GBP, what? LOL
GBPUSD

sorry i thought it was a common thing to just say GBP for GBPUSD and other USD crosses... (JPY for USDJPY, AUD for AUDUSD etc.)
  • #103,809
  • Edited 10:27pm Oct 31, 2011 8:52pm | Edited 10:27pm
Quoting Strick
GBPUSD

sorry i thought it was a common thing to just say GBP for GBPUSD and other USD crosses... (JPY for USDJPY, AUD for AUDUSD etc.)

Not really as nobody knows which pair you are mentioning.
I mean, if you say just GBP, you could be talking about any GBP pair.

No need to apologize, though.

Hmm, it strikes me that you may be talking about this bar?
If so, it is not a PB as the High of the bar, exceeds the high of the previous bar. Hope this diagram helps.
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  • #103,810
  • Edited 12:44am Nov 1, 2011 12:17am | Edited 12:44am
Jarroo setup at its simplest


EDIT:
It may run, if it breaks through the Daily LCS and the obvious spike retest areas.
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  • #103,811
  • Nov 1, 2011 1:13am Nov 1, 2011 1:13am
Hi Pinbar, how many pair that you check daily for this strategy?
  • #103,812
  • Nov 1, 2011 1:32am Nov 1, 2011 1:32am
Quoting ydaudw
Hi Pinbar, how many pair that you check daily for this strategy?

25 or so pairs.
  • #103,813
  • Edited 5:12am Nov 1, 2011 1:51am | Edited 5:12am
Maybe the best of both worlds is a good place to start for people new to the J16 methodology and Jarroo's methodology.
I know, how important it is to understand both the regular PPZ and indeed how Jarroo qualifies them.

If this helps just one new person and furthers their interest, it was well worth it.

First, let's look at the traditional way of identifying PPZ ( Price Pivot Zones) as are taught in this thread, then let's go one step further and qualify them, how Jarroo taught us.

Pick 1: You can see I marked the Main flip areas, or areas where price found both resistance and support, historically. To be a PPZ price must have met both resistance and support at these areas.

Pick 2: We have moved to the weekly chart and we have not yet tweaked the PPZ to the HCR & LCS on the weekly chart.

Pick 3: We have moved the PPZ lines slightly to adjust them to the main areas of the weekly HCR & LCS. Note, we are looking for areas where price moved strongly away from these areas. There are others but for now, we just want to learn to find the main ones. I have added zig zag lines to show the move we are interested in.

Pick 4: Now let's take our adjusted PPZ back to the daily Tine Frame and look for some classical J16 PA. You will also see many areas where Jarroo would have taken his touch trades. I feel this is the best of both worlds for new people.

Hope this helps someone.
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  • #103,814
  • Nov 1, 2011 2:40am Nov 1, 2011 2:40am
Quoting Pinbar
Maybe the best of both worlds is a good place to start for people new to the J16 methodology and Jarroo's methodology.
I know, how important it is to understand both the regular PPZ and indeed how Jarroo qualifies them.

If this helps just one new person and furthers their interest, it was well worth it.

First, let's look at the traditional way of identifying PPZ ( Price Pivot Zones) as are taught in this thread, then let's go one step further and qualify them, how Jarroo taught us.

Pick 1: You can see I marked the Main flip areas, or areas where...
I think you should make the link to that post a sticky in your sig pb. It's great for those of us trying to get to grips with the Jarroo style as well as the J16 foundation.
  • #103,815
  • Nov 1, 2011 3:00am Nov 1, 2011 3:00am
Quoting decentchap
my weekly level (in green) is slighly diffrent and according to which the price is still closing below the weekly level.

just another view..
True, and it is a very valid level. Previous charts have listed multiple WLCS in proximity and/or definition as LCS 1, LCS 2.

We could assume that the level I noted would have been LCS 1 and yours LCS 2 as both I'm presuming are valid.

"employee during the day..businessman at night..lol" I'm with you on this one!
  • #103,816
  • Nov 1, 2011 3:16am Nov 1, 2011 3:16am
Start my new job today, and wouldn't you know it, I wake I find at least 2 of the pairs I'm looking at now at interesting levels I was waiting for. Bloody typical

NZDUSD I mentioned yesterday with a descending trend line I was looking at and waiting for price to get back to and then drop to the 4H to see how it behaved. Well it's there now, but the way things are currently moving I fear I may miss this one.

Options I was looking at 1) a completed reversal candle at the trend line on the 4H charts 2) A break through and pull back.

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USDCAD is pretty much the same logic, only it's price coming back up through the BRN and up to the trend line. At the moment price has broken the trend line and the BRN and is punching through my 365ema on the 4H. My options were the same on this one as above in terms of entry.

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I may be able to remote desktop in to my PC from my place of work later on, but with it being first day and all, not too sure yet.
  • #103,817
  • Nov 1, 2011 3:57am Nov 1, 2011 3:57am
Just created this account after weeks of reading, to thank the members of this thread. I've been trading for a year and a half - starting out at a major UK bank, and since reading this forum, I finally feel like I'm getting this.
I'll try not to make this too cliché,
Too many names to remember everyone who has posted helpful messages but thank you everyone who contributes here. It's only been a few months but... wow... trades taken off the back of the methods learnt here have had an incredible success rate. Last night after going over win/loss percentages from J16 trades, I couldn’t sleep from excitement. I'm quietly optimistic as to where this is going - Just need to iron out those trades taken without proper caution, and try to ignore the noise of 'in house systems'.

Looking forward to what is yet to come!

Lightrain
  • #103,818
  • Nov 1, 2011 4:13am Nov 1, 2011 4:13am
hey guys, can i ask how you guys deal with correlation pairs? You know, like i want to maximize the number of pairs to use my strategy with, but seems like alot of them have very high correlation. Like if you buy aud/usd, it is almost the same as you buy nzd/usd and also the signal are very similar in most usd pairs. A pinbar in aud/usd will likely happen in eur/usd as well. If you take them all and the trade fails, it would be a very large loss.

So in short, how do you maximize your strategy potential while not falling into the correlation trap? If possible, can you share the list of pairs you have selected to trade with?
  • #103,819
  • Nov 1, 2011 4:34am Nov 1, 2011 4:34am
Quoting picon1
I think you should make the link to that post a sticky in your sig pb. It's great for those of us trying to get to grips with the Jarroo style as well as the J16 foundation.

Glad somebody finds it helpful.

I tried but in the signature, we are only allowed 2 lines and 300 characters including the BB links.
  • #103,820
  • Nov 1, 2011 4:40am Nov 1, 2011 4:40am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Philodox
hey guys, can i ask how you guys deal with correlation pairs? You know, like i want to maximize the number of pairs to use my strategy with, but seems like alot of them have very high correlation. Like if you buy aud/usd, it is almost the same as you buy nzd/usd and also the signal are very similar in most usd pairs. A pinbar in aud/usd will likely happen in eur/usd as well. If you take them all and the trade fails, it would be a very large loss.

So in short, how do you maximize your strategy potential while not falling into the correlation trap?...
whilst charts may look similar or dead opposite, you should consider a few things-
simply trade them all with small lot sizes, hard work to manage and unless very well managed could result in more loses than nessessary

or

study the charts closer, look for the room to move in each pair before the next S&R level ( more likely to make pips)
look at the quality of each pair - is there space around the PA, could it be cleaner
Check the news - if it's a big news week or just before the biggest data release for the month - are the funnymentals in your favour?? would another pair offer a smoother ride.

just my view and im sure others have there ways - hope they all share and you can then find the way that best suits your trading style
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