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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

  • #109,481
  • Mar 27, 2012 3:40am Mar 27, 2012 3:40am


Those levels (1.28/1.277) are breaking down again.... i'll look for shorts down to the area i indicated where we should get a nice bounce.

Demand zone exists down to 1.275x so if pierced.... drop? Hope so.
  • #109,482
  • Mar 27, 2012 4:36am Mar 27, 2012 4:36am
Quoting 5.25
Funny

Oanda removed all my S & R levels and reverted my "candlesticks" to "Min/Max". Pretty much defaulting my charts. Just as long as they don't default my account!

Anyway. No biggie. Kind of refreshing.

"High 5"

You mean in MT4 or in fxTrade ?
No change here in MT4 . In fxTrade it may have to deal with the new possibilities trading CFDs or/and platform update. Don't know ...

Would be cool to have a (highfive) smiley . One of my favorite in skype
  • #109,483
  • Mar 27, 2012 4:43am Mar 27, 2012 4:43am
Quoting beebolbod

Comments anyone?

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I like the H4 for a short . Not that I will play it , but that TL is respected after the break which is what i like to see .

Btw , how do you post your charts , to appear as links when someone quote you?
  • #109,484
  • Mar 27, 2012 5:10am Mar 27, 2012 5:10am
Quoting Rust
I like the H4 for a short . Not that I will play it , but that TL is respected after the break which is what i like to see .

Btw , how do you post your charts , to appear as links when someone quote you?
Sorry, no idea!
  • #109,485
  • Edited 6:25am Mar 27, 2012 6:02am | Edited 6:25am
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divergence on m30

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  • #109,486
  • Mar 27, 2012 6:29am Mar 27, 2012 6:29am
Quoting 5.25
Nicely bastardised Donkey. I have my entry a little tighter, at 1.3287... I want to see a retest of the 1H resistance level too.

Can I ask, why did you place your stop there? Not that I'm discouraging it, only I'm trying to refine my own SL entries as they can be rather wide at times.
That's why I say I "bastardized" this method. I use wider stops than most that trade the method because I like to have a plan to reduce risk. Also, I can only check charts a couple of times a day so I need the breathing room.

In this case I chose the level to be able to cut out in the event the BRN is significantly breached and the weekly level (your tighter entry is tested). I will move my stop quickly if trade triggers to below the weekly level. My trade plan would be to move stop up about 30 pips if price goes to FTA.
  • #109,487
  • Mar 27, 2012 7:24am Mar 27, 2012 7:24am
Quoting ghous
Notice the frequency of the touches on the trend line has risen in recent times. This is usually a strong sign that price is starting to get less and less "afraid" of the trend line and is gaining the balls to eventually break out.

If you've ever followed the_wizard's 'fail better' thread, he calls this the 'spider' and uses the spide,r which he is afraid of, as an analogy to elaborate on this price behavior.

g.
thank You Ghous for good source. as a newbie here I have plenty of reading here on the factory... massive place. i always used to think that trendlines or levels are as stronger as many times they are tested and failed to breach.
all is eternal - this is good news for people who loves bad news
  • #109,488
  • Mar 27, 2012 7:28am Mar 27, 2012 7:28am
Quoting eCurrentz
I only discovered this thread a couple of days ago although I've joined FF for about a year now. Better late than never! Am only in 2005, so have a long way to catch up!! I've been trading for a number of years, but still find it very informative...old dogs can still learn new tricks!

Jim, great work for starting this years ago...just sorry I didn't catch on earlier!
welcome currentz !
  • #109,489
  • Mar 27, 2012 7:31am Mar 27, 2012 7:31am
Hey Mike,

I was wondering if the BUOB of yesterday's D1 on GBPUSD would qualify as your "Preemptive break"of a box?

Am a bit confused about drawing boxes. Though am inclined towards using the Highest close and Lowest close. I would like to know how you draw yours.

Thank you for your anticipated simple explanation.

Ralph
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SNR with Price Action...
BitCrossNG Return Today: na
  • #109,490
  • Mar 27, 2012 7:39am Mar 27, 2012 7:39am
After strongly breaking out of the box and 1.59, we may be getting a nice pullback to 1.59 here. Will be keeping an eye out for PA

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skype: ststroud. let's talk trading.
  • #109,491
  • Mar 27, 2012 7:46am Mar 27, 2012 7:46am
Quoting Fxnumen
Hey Mike,

I was wondering if the BUOB of yesterday's D1 on GBPUSD would qualify as your "Preemptive break"of a box?

Am a bit confused about drawing boxes. Though am inclined towards using the Highest close and Lowest close. I would like to know how you draw yours.

Thank you for your anticipated simple explanation.

Ralph
Hey Ralph

You are close the problem is the box to me isn't formed on the top side yet. We would be trading right back into the BRN of 1.6 as well as the most recent swing high point that has capped price. I would prefer our top of the box to NOW begin to form and take shape around the BRN. If we buy the buob here we are buying right back into that area and that's not something I am willing to do myself. I drew how I want to see the box now form. That doesn't make it wrong, just like every setup it's hard to ever give a flat out wrong or right. But it's to notice these areas and then decide if things still fit in line with what you are trying to do as a trader

Hope that helps
Mike
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  • #109,492
  • Mar 27, 2012 8:40am Mar 27, 2012 8:40am
Quoting mbqb11
stops to b/e now, will be watching close here now that we hit the top of the pattern. I still am interested to see if price wants to keep pushing but risk is off the table
updated chart. See if 9$ entire projection of pattern can get hit
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  • #109,493
  • Mar 27, 2012 8:49am Mar 27, 2012 8:49am
Quoting tyler812
After strongly breaking out of the box and 1.59, we may be getting a nice pullback to 1.59 here. Will be keeping an eye out for PA
Don't look like that's gonna happen. Seems like cable's rushing to break the 1.6000 level. 1hr DBLHC setting up the move.
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Keeping it Simple
  • #109,494
  • Mar 27, 2012 9:52am Mar 27, 2012 9:52am
Quoting mbqb11
updated chart. See if 9$ entire projection of pattern can get hit
Are you trading options? Just stock spot market?
Many choose unhappiness over uncertainty.
  • #109,495
  • Mar 27, 2012 9:57am Mar 27, 2012 9:57am
Quoting Dan Gilbert
Are you trading options? Just stock spot market?
don't know the first thing about trading options

Just equity markets and spot fx mostly

and hey buddy
  • #109,496
  • Mar 27, 2012 11:38am Mar 27, 2012 11:38am
Hi everyone, have been a lurker in this forum for about 6 months and been on and off forex for a period of time. Time to pull my pants up!

I have been on demo for about 4 months now using the j16 methods and have only look for pin bar at swing high/low and trading breakout from boxes. The biggest difficulty so far is to identify FTA and what to do after hitting it.

What I understand from J16 is to identify PPZ and add it with confluences. After which I would wait for price to test the area identified and enter with a bar confirmation. Am i doing it correct?

I have attached a chart of USDCAD and identified the areas where I think are the FTA should price break the box . Am I doing it correct? Thanks you and I hope to take a more active role in this thread=)

Johnson

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  • #109,497
  • Mar 27, 2012 11:54am Mar 27, 2012 11:54am
Hi guys (and gals, maybe=)
This is my first post at FF. I am new at price action thing, but i know now, that is THE ONLY path i should step. I would like to thank you for your efforts to share your wisdom and teach people like me. It helps a lot, believe me.
I've got a chart at this ocassion =]
Its USDSEK. My sentiment here is rather short, but i decided to not trade after big bearish bar, because i predicted retrace at least to 6.7000 magnet level (confluence RN, emas,ppz), add to this i drew fibofan and im sure its good decision to stay aside.
Do you think price stopped at 6.7000, ratrace is over and its time to go short? Fibo fan is reliable tool in your opinion?

/Cheers

PS. im not native english, thats why my post may be some puzzles for you=] Sorry.
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  • #109,498
  • Mar 27, 2012 11:58am Mar 27, 2012 11:58am
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Hero calls followed by margin calls...
  • #109,499
  • Mar 27, 2012 1:57pm Mar 27, 2012 1:57pm
Quoting minimalmonk
Hi guys (and gals, maybe=)
This is my first post at FF. I am new at price action thing, but i know now, that is THE ONLY path i should step. I would like to thank you for your efforts to share your wisdom and teach people like me. It helps a lot, believe me.
I've got a chart at this ocassion =]
Its USDSEK. My sentiment here is rather short, but i decided to not trade after big bearish bar, because i predicted retrace at least to 6.7000 magnet level (confluence RN, emas,ppz), add to this i drew fibofan and im sure its good decision to stay aside.
Do...
hey Mini,

Your English is totally fine.

Welcome to FF, and the James16 chart thread

Your right in that a short right now is far more risky than waiting for price to make a pull back to the 6.7 region. Here at this thread though, for the most part, we're not shot gunning trades based entirely of gut feelings and direction biases. We need triggers.

If you read the first few pages of the thread you'll get a good idea of what we do. We're on the lookout for strong location in the market marked by supp and res areas we refer to as PPZs and when these line up with round numbers, fibs, Mas and yes fibo fans are totally acceptable too provided that you realize that they form a part of a bigger story and just one element that lead to a trade decision rather than being the sole determinant of any trades you take.

The triggers we use most commonly are price action bars/candles like pin bars and outside bars that I am sure you'll get acquainted to reading the first few pages of the thread.

A very warm welcome once again.

g.
I believe . . .
  • #109,500
  • Mar 27, 2012 2:11pm Mar 27, 2012 2:11pm
Quoting arteious
Hi everyone, have been a lurker in this forum for about 6 months and been on and off forex for a period of time. Time to pull my pants up!

I have been on demo for about 4 months now using the j16 methods and have only look for pin bar at swing high/low and trading breakout from boxes. The biggest difficulty so far is to identify FTA and what to do after hitting it.

What I understand from J16 is to identify PPZ and add it with confluences. After which I would wait for price to test the area identified and enter with a bar confirmation. Am i doing...
hey Johnson,

You're correct in understanding the essence of james16 trading.

Regarding your issue with the FTA I don't see much wrong with the trouble areas you've drawn. The only thing I am not sure off is whether you're drawing them off round numbers or not. Round numbers need to be watched very carefully and you'll often find your trouble areas and PPZs line up at them.

here's a post that I did for another person that I think relates to your question. Look at the chart I attached in this post. You'll notice how even when price is chopping around the trouble areas will often line up at RNs.

Obviously all the other factors that need to be taken into account still apply, i.e you still need to know where your longer term zones are, and you also need to be aware of recent bars highs and lows to the left.

What do you do when price hits them? A totally discretionary subject but there's an element to it that has 0 discretion to it and that is YOU CANNOT TAKE A FULL BAR LOSS ON A TRADE THAT MAKES IT TO THE FTA. You need to eliminate some risk. You could take partial profits, move your stop down a bit, move your stop to BE or take full profit at the FTA. What you can't do is watch a trade hit the FTA and then bounce off it to take you out for a full loss (full loss meaning that if you went in with 2% of your account then you strip your account off that 2%). Now which of the available options is best for you, is the discretionary part that you'll need to work out based on your risk appetite.
I believe . . .
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