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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

  • #110,061
  • Apr 10, 2012 5:37am Apr 10, 2012 5:37am
Quoting beebolbod
Not quite sure what your question is i'm afraid. If you're asking what the indicator does, i'm not sure. Perhaps it picks out pinbars/outside bars for you? I used to have one of those a while ago now. It was quite good as a visual aid but as with all indi's needs the human touch

Hope that helps a little.
is it correct that the pinbars are more obvious on the higher timeframe like h1/h4?

because when i tried on m15 seems so many fakey pinbars (or maybe it's because of i don't know the way to find a good one )
  • #110,062
  • Apr 10, 2012 5:47am Apr 10, 2012 5:47am
Heres GBP/AUD.

Daily DBHLC (to the pip) a few days ago bouncing off the RN 1.5500 and 365 EMA after a short term reversal correction (reversal from a long term downtrend). Inside bars forming since. Daily MACD does not show downtrend divergence but weekly does in the long term. If the DBHLC breaks, it seems to have a couple hundred pips of space to move.

Im looking at FTA around 1.51653

Thoughts/Comments?

-H
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  • #110,063
  • Apr 10, 2012 6:23am Apr 10, 2012 6:23am
I have a question that tortures me today. Am I right or not? This is GBP/JPY chart. I was looking for BO and retrace to 130.00 level for several weeks. Then I wanted to go short. The BO came on the 6th of April. Today we had a retrace to 130.00 and rejection.I marked bar combination on 4h chart. This is 8h pinbar with nice long nose protruding to 130.00. As it was not 4H BEAOB I didn't believe it. I didn't believe 8H pinbar. I think I was wrong, especially as I see where price goes now, and such 8h combinations are viable too. Especially in such good places like today. Am I right?
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If not up, then down, otherwise sideways :-)
  • #110,064
  • Apr 10, 2012 6:29am Apr 10, 2012 6:29am
Quoting Magestic
Its Ok, and what is much more valuable, that I really learn to think differently after your posts, both you and GH. I know that I'm a little bit one sided in mind still, I'm still a novice, but I'm trying hard to widen my horizons. Thank you.

Nothing like reading the whole thread to widen your horizons.
  • #110,065
  • Apr 10, 2012 6:36am Apr 10, 2012 6:36am
Hello all,

I intend to take a deep dive into this thread, and start the daunting task of trying to read it from the start (at least try it.. let's see)
I am creating PDF version of thread for my offline reading in the tablet, that doesn't have internet access. I am sharing two already made ones to see if anyone is on the same quest that I am and in the need for the same - i'll be glad the share the rest if they're usefull.

Be well
Diogo

James16-0001_0005.pdf is 83 page PDF for the printthread with 40 post per page for the first 5 pages.

James16-Concated-0001_0100.pdf is 11786 page PDF for the printthread with 40 post per page for the first 100 pages.

http://dl.dropbox.com/u/19124141/Jam...-0001_0005.pdf
http://dl.dropbox.com/u/19124141/Jam...-0001_0100.pdf
  • #110,066
  • Apr 10, 2012 7:04am Apr 10, 2012 7:04am
Quoting Magestic
I have a question that tortures me today. Am I right or not? This is GBP/JPY chart. I was looking for BO and retrace to 130.00 level for several weeks. Then I wanted to go short. The BO came on the 6th of April. Today we had a retrace to 130.00 and rejection.I marked bar combination on 4h chart. This is 8h pinbar with nice long nose protruding to 130.00. As it was not 4H BEAOB I didn't believe it. I didn't believe 8H pinbar. I think I was wrong, especially as I see where price goes now, and such 8h combinations are viable too. Especially in such...
Your chart is great. Dont be disheartened that you missed it. We all miss setups all the time particularly when you're trading higher TF. That is the hardest part of J16 methodology - being patient. Particularly when you miss entries.

Think of the flip from S2R in the chart you've posted. That wonderful horizontal line you've drawn (BRN) took a real beating before it broke to the downside.
Price came back up to test it, and it's probably going to take a real beating to break the other way too?
Now if you get a pin formed off a line that offered such previous support, which has broken and offered resistance it's easy to guess the likely outcome. Classic S2R trade. Could even try TT here but that's the next chapter.

Think of it this way - you won. You interpreted the trade correctly. You waited patiently. You saw the entry.
With patience and practice you will have confidence to take things like this. Keep at it,
  • #110,067
  • Apr 10, 2012 7:07am Apr 10, 2012 7:07am
Quoting nandinistl
is it correct that the pinbars are more obvious on the higher timeframe like h1/h4?

because when i tried on m15 seems so many fakey pinbars (or maybe it's because of i don't know the way to find a good one )
The higher TF pinbars contain more information (one way to look at it).

Quite often 1m, 5m, 15m pinbars will work BUT they must be at the very best places.

That's why we learn to identify them at the right places in the right TF to start with. We also get MORE TIME when we slow down and use D1/W1 etc. Time to analyse, ask questions etc.
  • #110,068
  • Apr 10, 2012 7:36am Apr 10, 2012 7:36am
thise one.
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Iam just A pips on the rode :nerd:
  • #110,069
  • Apr 10, 2012 7:53am Apr 10, 2012 7:53am
@diogo, thank you for the pdfs. I'm on the same quest, however i'm going on it a little different, meaning i'm first going to go through this:

http://www.forexfactory.com/showthre...99#post2585699

and this:

http://www.forexfactory.com/showthread.php?t=2331

if you complete a pdf with the first 1000 pages please post it.
best regards!
  • #110,070
  • Apr 10, 2012 7:56am Apr 10, 2012 7:56am
Quoting Magestic
I have a question that tortures me today. Am I right or not? This is GBP/JPY chart. I was looking for BO and retrace to 130.00 level for several weeks. Then I wanted to go short. The BO came on the 6th of April. Today we had a retrace to 130.00 and rejection.I marked bar combination on 4h chart. This is 8h pinbar with nice long nose protruding to 130.00. As it was not 4H BEAOB I didn't believe it. I didn't believe 8H pinbar. I think I was wrong, especially as I see where price goes now, and such 8h combinations are viable too. Especially in such...
Hey M

Yes that is VERY valid. Many different entries to be had on the different xxx/jpy pairs

Best
Mike
  • #110,071
  • Apr 10, 2012 8:23am Apr 10, 2012 8:23am
Watching AUD/JPY as it hits 38 fib / past s/r levels
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  • #110,072
  • Apr 10, 2012 8:46am Apr 10, 2012 8:46am
Quoting mbqb11
you bet i'll be watching this pair this week


Now to take it a step further. Remember my posts on gbp/usd and "boxing"


Look at this chart, and see if you can see what price did? Pretty cool No? Thanks J16
http://www.forexfactory.com/showthre...09#post5462909

Mike
updated chart. Notice we are now playing within the ranges of the previous 2 boxes.
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  • #110,073
  • Apr 10, 2012 8:52am Apr 10, 2012 8:52am
Quoting bullzeye
i set my SL to BE...looks good so far, i like the daily pattern also

Attachment
Hi all

Got a newbie question, and a rather foolish one. I am sure this has been answered before in the past and many debates about this..but..

Using bullz attachment here as an example, i realised that different platforms are showing the chart differently. I mean, I tried looking at forex charts on the net and some are showing his pinbar and some are not..problem is...which one is correct? Coz as far as i know, the close of the bars are fairly important in J16..I do not want to risk a wrong trade?

I am currently using trade interceptor on my iphone (still have a full time job, saving my account and iphone is the only way i stay connected to the rates), and sometimes it shows different information on different platforms

Duckie
  • #110,074
  • Apr 10, 2012 8:55am Apr 10, 2012 8:55am
Quoting duckulapip
Hi all

Got a newbie question, and a rather foolish one. I am sure this has been answered before in the past and many debates about this..but..

Using bullz attachment here as an example, i realised that different platforms are showing the chart differently. I mean, I tried looking at forex charts on the net and some are showing his pinbar and some are not..problem is...which one is correct? Coz as far as i know, the close of the bars are fairly important in J16..I do not want to risk a wrong trade?

I am currently using trade interceptor...
Hey Duckie

No foolish questions ever


Forex is not a centralized market(like the stock market) so there is no start and close time officially. It's really a 24/7 market. Because of this the closings of our bars can vary due to what time the broker decides to close their charts at(usually their timezone). At the end of the day we say play it as you see it. I like a 5pm et bar close, but don't think if I was looking at a 7pm et it would change my trading drastically. Price is always still price, what we see as our bars/candles is just an aggregation of that. Same goes for 4hr timeframes(we will have 4 different closes by the nature) so I tend to watch 4 different brokers just to get a different "view"

Hope that helps
mike
  • #110,075
  • Apr 10, 2012 9:05am Apr 10, 2012 9:05am
Quoting duckulapip
Hi all

Using bullz attachment here as an example, i realised that different platforms are showing the chart differently. I mean, I tried looking at forex charts on the net and some are showing his pinbar and some are not..problem is...
Duckie
You are right, different brokers provide different feeds. There are 4 different H4 variations (new H4 bar starting at 00:00, 01:00, 02:00, 03:00), 24 D1 variantions etc. It does not really matter which one you choose, as long as you stick to interpreting price actions. Price and trading are continuous flows, and bars, candles are just a way of displaying them. On one chart you may see a pinbar, on another - bearish outside bar, but the story behind both remains the same - price went up, and then went down. You will notice soemtimes other traders "combine" 2 H4 bars in one H8 bar, thus creating a pattern that was not there - say H8 pinbar. No datafeed is more "right" than another, just choose one and use it for your analysis, so your decisions are based on the same charts all the time.
  • #110,076
  • Apr 10, 2012 9:07am Apr 10, 2012 9:07am
Quoting mbqb11
Hey Duckie

No foolish questions ever


Forex is not a centralized market(like the stock market) so there is no start and close time officially. It's really a 24/7 market. Because of this the closings of our bars can vary due to what time the broker decides to close their charts at(usually their timezone). At the end of the day we say play it as you see it. I like a 5pm et bar close, but don't think if I was looking at a 7pm et it would change my trading drastically. Price is always still price, what we see as our bars/candles is just an aggregation...
thanks mike Really appreciate what you are doing for us newbies. And mrv as well
  • #110,077
  • Apr 10, 2012 9:35am Apr 10, 2012 9:35am
another dream comes true?
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all is eternal - this is good news for people who loves bad news
  • #110,078
  • Apr 10, 2012 9:55am Apr 10, 2012 9:55am
thise one didnt go well.
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Iam just A pips on the rode :nerd:
  • #110,079
  • Apr 10, 2012 11:55am Apr 10, 2012 11:55am
Can anyone recommend a decent computer for trading. I bought an Acer quad-core from Walmart last week for $400 but my friends says they are junk and I should take it back and go buy a off lease business dell or HP from a local supplier. The Acer is working fine but i'm a little concerned about getting support when I need it, where with the dell I can have them set everything up, like multiple monitors, etc.

The only problem with my current set up is I have about 50 charts on my Oanda platform and I usually stick the pairs on my watch list all the way at the end and it is very time consuming to have to scroll all the way back and forth. Could I add an additional monitor and place my watch list over there?

thanks guys
  • #110,080
  • Apr 10, 2012 11:58am Apr 10, 2012 11:58am
Quoting equivestor12
Can anyone recommend a decent computer for trading. I bought an Acer quad-core from Walmart last week for $400 but my friends says they are junk and I should take it back and go buy a off lease business dell or HP from a local supplier. The Acer is working fine but i'm a little concerned about getting support when I need it, where with the dell I can have them set everything up, like multiple monitors, etc.

The only problem with my current set up is I have about 50 charts on my Oanda platform and I usually stick the pairs on my watch list all...
as long as your PC can handle to run your trading software without any lags it doesnt mater whether u use a C64 or quad core.... your internet connection/provider and broker is the key.
Hero calls followed by margin calls...
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