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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

  • #105,701
  • Jan 9, 2012 7:55am Jan 9, 2012 7:55am
Quoting Pinbar
I always think I am getting worse.

Strange phenomena
That's usually when the light goes on . . .
Indicators show the past. Price Action "Indicates" the future.
  • #105,702
  • Jan 9, 2012 7:59am Jan 9, 2012 7:59am
Quoting jarroo
That's usually when the light goes on . . .
Still groping around in the dark with a match, looking for the light switch.
  • #105,703
  • Jan 9, 2012 8:01am Jan 9, 2012 8:01am
Quoting Pinbar
Still groping around in the dark with a match, looking for the light switch.
You are much closer than you think or know . . .high noon at the equator.
Indicators show the past. Price Action "Indicates" the future.
  • #105,704
  • Jan 9, 2012 8:19am Jan 9, 2012 8:19am
I just got onto to this thread a few days ago, and wanted to post a trade I did last night. Was I lucky or did my analysis hold true to what you look for on this thread??

I spotted a BUOVB on the daily and then entered on the retrace of that move. I then got a BUOVB on the hourly with was a nice confirmation. I took some $$ off at first exit and then placed stop below the 1.5 which was then taken out.


THX
Attached Image(s) (click to enlarge)
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  • #105,705
  • Jan 9, 2012 8:35am Jan 9, 2012 8:35am
Quoting Salvo
I just got onto to this thread a few days ago, and wanted to post a trade I did last night. Was I lucky or did my analysis hold true to what you look for on this thread??

I spotted a BUOVB on the daily and then entered on the retrace of that move. I then got a BUOVB on the hourly with was a nice confirmation. I took some $$ off at first exit and then placed stop below the 1.5 which was then taken out.


THX
Hey Salvo

Welcome, looks pretty good just a few things being new to watch out for. James teaches us to look for BUOBs at swing lows(like your hourly entry) where as the daily bar is up at a swing high. Bars can be played at multiple locations but it is much easier in my opinion when learning this material to play them in the traditional areas first. The next thing to be aware of as you demo is taking a higher daily PA then going to a lower timeframe. It is far from wrong, but often a pitfall to watch out for is people begin to stretch their criteria in order to get in earlier. So they might use bad PA from the daily and weak PA on a lower timeframe and then it becomes analysis paralysis because you now have to analyze an entirely different timeframe on top of it.

But overall the idea of what you did was nice, the aud/cad is at an interesting location at 1.05 in terms of a continuation. This one has not broke so the BUOB is not valid till the high is taken out

Overall nicely done especially on your exits just keep in mind some of the basics and potential pitfalls but at the end of the day everyone is going to put it together a bit different just continue to demo to prove it to yourself

Welcome again
Mike
  • #105,706
  • Jan 9, 2012 8:50am Jan 9, 2012 8:50am
Quoting jarroo
You are much closer than you think or know . . .high noon at the equator.
Thanks Jim, you guys keep me going everyday for at least 8 hours a day.

We shall prevail over our own mind, in the end.
  • #105,707
  • Jan 9, 2012 8:54am Jan 9, 2012 8:54am
Quoting mbqb11
Hey Salvo

Welcome, looks pretty good just a few things being new to watch out for. James teaches us to look for BUOBs at swing lows(like your hourly entry) where as the daily bar is up at a swing high. Bars can be played at multiple locations but it is much easier in my opinion when learning this material to play them in the traditional areas first. The next thing to be aware of as you demo is taking a higher daily PA then going to a lower timeframe. It is far from wrong, but often a pitfall to watch out for is people begin to stretch their...
THX Mike!! Some things I needed to know!!
salvo
  • #105,708
  • Jan 9, 2012 9:46am Jan 9, 2012 9:46am
All,

As usual I am backing back and forth on the thread using the limited available time I have on hands to assimilate the huge material we have here.
As time passes, I feel I understand more the way of thinking needed for a successful J16 trade.

But as usual, we (newbies) need to check our guesses, so here it comes...
This is the weekly cable.

The location looks good to me because we have the orange BRN and in gray a LCS.

So the location is good to me, now this is what I will monitor.
Either a bullish J16 pattern (PB if possible), but it will trade back in a congestion zone, so the probability to make it a A+ trade is very slim.

On the other hand, if we could have a break through 1.54 and closing below, and then in the next few weeks/days a retest of 1.54 with a nice bearish pattern, that could be a yummi trade given the space.

Am I dead wrong, or do I start to grasp the philosophy of J16?

Cheers
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  • #105,709
  • Jan 9, 2012 9:49am Jan 9, 2012 9:49am
Quoting Lapin
All,

As usual I am backing back and forth on the thread using the limited available time I have on hands to assimilate the huge material we have here.
As time passes, I feel I understand more the way of thinking needed for a successful J16 trade.

But as usual, we (newbies) need to check our guesses, so here it comes...
This is the weekly cable.

The location looks good to me because we have the orange BRN and in gray a LCS.

So the location is good to me, now this is what I will monitor.
Either a bullish J16 pattern (PB if possible), but it...
That's it Lapin . .well said . .
Indicators show the past. Price Action "Indicates" the future.
  • #105,710
  • Jan 9, 2012 9:56am Jan 9, 2012 9:56am
Gotta go for now

Later

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #105,711
  • Jan 9, 2012 10:43am Jan 9, 2012 10:43am
Quoting Lapin
All,

As usual I am backing back and forth on the thread using the limited available time I have on hands to assimilate the huge material we have here.
As time passes, I feel I understand more the way of thinking needed for a successful J16 trade.

But as usual, we (newbies) need to check our guesses, so here it comes...
This is the weekly cable.

The location looks good to me because we have the orange BRN and in gray a LCS.

So the location is good to me, now this is what I will monitor.
Either a bullish J16 pattern (PB if possible), but it will...
Looks very good IMO ! A lot of free space below
  • #105,712
  • Jan 9, 2012 10:46am Jan 9, 2012 10:46am
Quoting jarroo
That's it Lapin . .well said . .
Thanks
A least the year starts well. I will go to bed less ignorant tonight
  • #105,713
  • Jan 9, 2012 11:32am Jan 9, 2012 11:32am
Quoting Lapin
All,

As usual I am backing back and forth on the thread using the limited available time I have on hands to assimilate the huge material we have here.
As time passes, I feel I understand more the way of thinking needed for a successful J16 trade.

But as usual, we (newbies) need to check our guesses, so here it comes...
This is the weekly cable.

The location looks good to me because we have the orange BRN and in gray a LCS.

So the location is good to me, now this is what I will monitor.
Either a bullish J16 pattern (PB if possible),...
I know Jarroo already said spot on, I just wanted to as well because it's very crucial. Most great locations price COULD go either way. Sometimes it does , sometimes it doesn't. But you both identified where it would generally have a tougher time(moving back up through the consolidation), as opposed to price having more "space" to the downside. Also by the way you spoke you have realized that our game plans and stories could be significantly different, and its about understanding the overall story.

Well done L

Mike
  • #105,714
  • Jan 9, 2012 12:05pm Jan 9, 2012 12:05pm
Quoting mbqb11
I know Jarroo already said spot on, I just wanted to as well because it's very crucial. Most great locations price COULD go either way. Sometimes it does , sometimes it doesn't. But you both identified where it would generally have a tougher time(moving back up through the consolidation), as opposed to price having more "space" to the downside. Also by the way you spoke you have realized that our game plans and stories could be significantly different, and its about understanding the overall story.

Well done L

Mike
Jarroo and Mike

Your comments made my day.
Thanks, I am a happy man today
  • #105,715
  • Jan 9, 2012 3:27pm Jan 9, 2012 3:27pm
Quoting Lapin
Jarroo and Mike

Your comments made my day.
Thanks, I am a happy man today
Hello every1

First I want to wish you all the possible happiness in 2012. Happiness involve everything: health for you and your family, see your wishes come true and many pips in the bag!!!

Second, i want to add the importance of the "inocent" level of support-resistance Lapin draw. See the shape of the pattern above it, it is a weekly head and shoulders that is been forming since mid 2010, so a break - pullback and bearish pa confirming the breakout zone is a very good play (imho) with a very good and long story like Mike writes.

Once again best wishes in this year.

Hector
  • #105,716
  • Jan 9, 2012 3:35pm Jan 9, 2012 3:35pm
If the daily in fact closes below .9500, is this a legitimate signal on the USD/CHF per James 16 guidelines? A bearish outside bar.

THX
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  • #105,717
  • Jan 9, 2012 3:53pm Jan 9, 2012 3:53pm
Quoting Salvo
If the daily in fact closes below .9500, is this a legitimate signal on the USD/CHF per James 16 guidelines? A bearish outside bar.

THX
That is indeed a bearish outside at swing high if it closes like that but a couple thing.

Overall trend has been up. This will be a counter-trend if taken. Is there divergence? If there is then potential trade. But before that, take a look at some fundamentals of j16 which revolves around space and traffic.

If the bar breaks, where will it go before reversing on you. Where is the nearest support where price will stall? How will you manage this trade? How much will you risk?

Just 2c and hope it helps.
  • #105,718
  • Jan 9, 2012 4:02pm Jan 9, 2012 4:02pm
Quoting biDc
That is indeed a bearish outside at swing high if it closes like that but a couple thing.

Overall trend has been up. This will be a counter-trend if taken. Is there divergence? If there is then potential trade. But before that, take a look at some fundamentals of j16 which revolves around space and traffic.


Just 2c and hope it helps.
Yes biDc, thanks for the advice!

salvo
  • #105,719
  • Jan 9, 2012 5:05pm Jan 9, 2012 5:05pm
Quoting riandouma
I was just wondering what you guys think about the eurusd. I was trying to think the whole weekend why I shouldnīt take a buy setup. I chickened out and the only reasons I could think of was that the wick is to short and I donīt think we have seen the bottom yet. Any help please.
Thanks
My .02 is that this was a great time for you to trust your instincts. One of my more recent rules is "When in doubt, stay the hell out". I have missed some trades that went my way, but I missed a very large number that did not. The biggest item that would keep me out of this trade as it is presented is that is one heck of a strong move down. Does that bullish pin look like one heck of a pin bar? To me the answer is an resounding no. As a result this was a quick glance and then I moved along. As a side note there is a great decending TL on this chart that I am keeping an eye on for a decent entry.

Ryan
  • #105,720
  • Jan 9, 2012 6:44pm Jan 9, 2012 6:44pm
NZDCHF reaching nice strong ppz.
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