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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

  • #111,601
  • May 10, 2012 9:24am May 10, 2012 9:24am
Quoting Magestic
So was not much power in it, isn't it? :-). Mike was quite right as always, at least it gave us a chance to set SL to BE.
Oooo I cant compete with Mike in picking trades. too itchy fingers I have
Luckily this trade is going pretty well - +70 pips in my pocket and I am ready to take some profit and move stp to BE.
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all is eternal - this is good news for people who loves bad news
  • #111,602
  • May 10, 2012 9:28am May 10, 2012 9:28am
Quoting mbqb11
example of an area I am watching if we put in deep enough retraces(I promised Q these before)

Notice the wedge and price gapped right out of the wedge. Gaps can often act as S/R when price closes them

Will price close this gap and turn down? I don't know but I know that's a great area to watch(with the 1.3 in mind)

If price can close the gap and close back INTO the wedge, that is a pretty bullish sign. Great areas offer great opportunities BOTH ways
Hi Mike,

Quick question about gaps.... prolly covered before but....

Most of this gap is already closed (15p or so left) - from experience does a gap have to close completely?
If so (and i know they do tend to close eventually) is there any greater likelihood that larger gaps will close any quicker than small ones?

Cheers
  • #111,603
  • May 10, 2012 9:32am May 10, 2012 9:32am
Quoting beebolbod
Hi Mike,

Quick question about gaps.... prolly covered before but....

Most of this gap is already closed (15p or so left) - from experience does a gap have to close completely?
If so (and i know they do tend to close eventually) is there any greater likelihood that larger gaps will close any quicker than small ones?

Cheers
generally the smaller the gap the quicker it closes, and some larger gaps(like this past weekend) can take a longer time. My favorite gap plays tend to be when gaps are isolated to one or two pairs (medium size gaps) and it tells me that market is sort of out of balance.

But no gaps don't have to close perfectly, I tend to use the nearest high/low to the gap just to be on the safe side(if I am trading a gap close)

Best
Mike
  • #111,604
  • May 10, 2012 9:33am May 10, 2012 9:33am
if it will close little lower today - it would be premium trade for at least 200 pips.
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all is eternal - this is good news for people who loves bad news
  • #111,605
  • May 10, 2012 9:40am May 10, 2012 9:40am
Quoting meshka
if it will close little lower today - it would be premium trade for at least 200 pips.
It's due a correction.
  • #111,606
  • May 10, 2012 9:43am May 10, 2012 9:43am
I like this ppz on nzdjpy - 50% fib, monthly closes, 63.00 round...it would be cool to see some PA on h4
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  • #111,607
  • May 10, 2012 9:48am May 10, 2012 9:48am
This one even better... so worth to wait till Daily closes today isnt it?
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all is eternal - this is good news for people who loves bad news
  • #111,608
  • May 10, 2012 10:30am May 10, 2012 10:30am
Quoting ghous
Trading counter trend is where the most pips are with the James16 methodology. But higher reward comes with higher risk. And we mitigate that risk here by making sure we pick on bars that look really strong and authoritative.

You are right in that this bar resembles the AUD/NZD BEOB with respect to the fact that it doesn't stand out.

The best thing you can do is stay zoomed out on your chart instead of zooming in on the action so you don't miss the relative size of the PA bar. Now of course a BUOB/BEOB has to be larger than the preceding...
Great, thanks Ghous - very insightful.
  • #111,609
  • May 10, 2012 10:41am May 10, 2012 10:41am
Yea, really nice, fib + very nice round 2.05 + ppz + monthly closes and low...daily close below 2.045 would be sooooooo nice....

In the other hand, there is a strong bullish move for last few days (look at RSI)...i'm afraid that it'd be like "catching a falling knife"...well....rising xD And it could be dangerous...
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  • #111,610
  • May 10, 2012 12:56pm May 10, 2012 12:56pm
well yes it was strong move up. GBPNZD volatile pair by nature. we need a close around 1.2400 or something today in order to get a signal go down...
all is eternal - this is good news for people who loves bad news
  • #111,611
  • May 10, 2012 2:37pm May 10, 2012 2:37pm
@up I'm glad we agree
It seems, that our gbpnzd beob is changing into pinbar(weak), and next buob probably...nice lvl, but it's too expensive for me - buy low, sell high, but we'll see...maybe there will be sell opportunity...or break and pullback...
  • #111,612
  • May 10, 2012 2:53pm May 10, 2012 2:53pm
Quoting rafstraszek
@up I'm glad we agree
It seems, that our gbpnzd beob is changing into pinbar(weak), and next buob probably...nice lvl, but it's too expensive for me - buy low, sell high, but we'll see...maybe there will be sell opportunity...or break and pullback...
hanging man now?. Still bearish. one to watch for sure.
  • #111,613
  • May 10, 2012 3:36pm May 10, 2012 3:36pm
I'll trade these pairs
What do you think?
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  • #111,614
  • May 10, 2012 3:40pm May 10, 2012 3:40pm
How is this for a confluence trade ? I am not taking it but just asking for knowledge !

BRN 1.6

PPZ

fib extension 100

broken trend line retest
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Human
  • #111,615
  • May 10, 2012 4:04pm May 10, 2012 4:04pm
Quoting Chanya
How is this for a confluence trade ? I am not taking it but just asking for knowledge !

BRN 1.6

PPZ

fib extension 100

broken trend line retest
Yep this exactly the type of stuff you want to do C. Then it's a matter of deciding how you want to enter. Some might enter blind. Others might drop down watch the 4hr and lower etc. But if you wait for confluenced areas enough it gets much easier.

Let's see what the 1.6 shows into the next session. Daily shows a ghous IPB

Best
Mike
  • #111,616
  • May 10, 2012 4:07pm May 10, 2012 4:07pm
Quoting mbqb11
notice how that pin broke then shot ALL the way down. That's what happens at less confluenced areas. So it can be trickier to manage and why we say manage them tightly (with less confluence). Markets look like they are wanting to retrace some of the previous weeks moves a bit so that could pull this higher but I would still be protecting my risk trading back into the last swing high with such a short amount of space.

I will wait till that 1.6 though, the more confluence is just easier to wait for in the long run

Thanks for posting the link!
Mike...

hey mike,

what weight do you put on 150 and 365 ema's regarding your trade decisions?

I have been thinking about completely removing them?
  • #111,617
  • May 10, 2012 4:08pm May 10, 2012 4:08pm
Quoting beebolbod
hanging man now?. Still bearish. one to watch for sure.
Yes, but not with this daily candle - it's just not enough for me for bearish entry (I mean now)... In theory this is beob, but for me this is almost a doji...
  • #111,618
  • May 10, 2012 4:10pm May 10, 2012 4:10pm
Quoting FxEuphoria
hey mike,

what weight do you put on 150 and 365 ema's regarding your trade decisions?

I have been thinking about completely removing them?
hey euphoria

I personally don't use MAs anymore. I don't use much of anything. Eventually you see it enough you have a good idea where they would be anyway. I think they are a great way to begin to zone into confluence areas and be picky though. At this point in my trading though I use a clean slate

Best
Mike
  • #111,619
  • May 10, 2012 4:11pm May 10, 2012 4:11pm
Quoting mbqb11
hey euphoria

I personally don't use MAs anymore. I don't use much of anything. Eventually you see it enough you have a good idea where they would be anyway. I think they are a great way to begin to zone into confluence areas and be picky though. At this point in my trading though I use a clean slate

Best
Mike
thanks for the reply, much appreciated.
  • #111,620
  • May 10, 2012 4:26pm May 10, 2012 4:26pm
pinbar on EURUSD daily
level 1,2975
bear trend
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