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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

  • #113,321
  • Jun 18, 2012 7:35am Jun 18, 2012 7:35am
Quoting patapouer
Hi Pinbar,

Can you please confirm my understanding of your thoughts?
Instead of breaking the daily LCS, price made an inside bar, thus enhancing the LCS resistance.

Am I right?

thanks for your help!

Yeah, I think so. LOL

The LCS is off to the left but, there is a daily gap as marked on the chart.
In this case we use both the close and the open.

If you see what I mean? If not holler.
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  • #113,322
  • Jun 18, 2012 7:36am Jun 18, 2012 7:36am
Hi guys just a little song sung by a big Voice down under, Karise, reminding me Germany singing this out to Greece...

Have fun and check the link.

http://video.au.msn.com/watch/video/...e-baby/x5cdfrp


Cheers

V
  • #113,323
  • Jun 18, 2012 7:37am Jun 18, 2012 7:37am
Quoting menomoo
Hi guys just a little song sung by a big Voice down under, Karise, reminding me Germany singing this out to Greece...

Have fun and check the link.

http://video.au.msn.com/watch/video/...e-baby/x5cdfrp


Cheers

V
Sorry the song called .. STAY WITH ME BABY !!!!
  • #113,324
  • Jun 18, 2012 8:00am Jun 18, 2012 8:00am
Quoting Magestic
One of Mike's fade of momentum setup with beautiful rejection off the BRN 1.6000, I think. Not in this one coz I'm in AUD/USD trade. Think it has potential to go higher. Did you watch that one, Mike? 1.6074 is LCS of previous suport level. And also it is almost to a pip the top of the dayly BUOB. It going to be broken, I feel it
Hey M

That is the exact loss of momentum we want to look for. I haven't played this pair much just cause were in such a tight consolidated range price is likely to chop around. I tend to avoid those types of pairs until we break out.



Best
Mike
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  • #113,325
  • Jun 18, 2012 8:04am Jun 18, 2012 8:04am
Quoting Pinbar
Yeah, I think so. LOL

The LCS is off to the left but, there is a daily gap as marked on the chart.
In this case we use both the close and the open.

If you see what I mean? If not holler.
got it
Still have to practice these LCS/HCR stuff... :nerd:
thanks for your help!
Slow & steady
  • #113,326
  • Jun 18, 2012 8:05am Jun 18, 2012 8:05am
There is a cute little TBHLC setup on UJ H4 Oanda feed. Pullback to the breakout area and now hopefully its going to fill the gap on other feeds.
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  • #113,327
  • Jun 18, 2012 8:37am Jun 18, 2012 8:37am
Mike, can I ask you something?

How are you going about marking your charts? You are monitoring more than 50 pairs and every time you post one of your charts they look very clean. I am doing OK marking the weekly PPZ's but as soon as I am down to marking the daily the chart looks like a rainbow and I am loosing the big picture. Should I skip the daily ppz's? Should I only concentrate on the price movement I see and then mark the picture that occurs? (like your wedge).

Thank you for helping me out on this.
  • #113,328
  • Jun 18, 2012 8:40am Jun 18, 2012 8:40am
Quoting ricosta
Mike, can I ask you something?

How are you going about marking your charts? You are monitoring more than 50 pairs and every time you post one of your charts they look very clean. I am doing OK marking the weekly PPZ's but as soon as I am down to marking the daily the chart looks like a rainbow and I am loosing the big picture. Should I skip the daily ppz's? Should I only concentrate on the price movement I see and then mark the picture that occurs? (like your wedge).

Thank you for helping me out on this.
Hey Rico

I am at the point where I actually don't mark them up except for maybe a couple lines here and there(a pattern, TL, and my BRNs) all the other things like PPZ I can just see. I only mark them up for teaching purposes. I do think it's important to mark areas when starting out, but the way to prevent the clutter is mark the MAJOR areas of confluence. That way your charts don't look like a laser show.

Another trick is to stick to analyzing the same timeframe. So often I see people mark up a monthly, weekly , daily ppz, confluence and other stuff then start dropping down timeframes and all of a sudden it's back to clutter. When I watch a chart I watch just that timeframe(for the most part). Keeps things simple just like James. If you look at James charts they are always marked and traded on the same timeframe(for the most part as well).

What I always say is mark the major areas, then once in a trade mark the other stuff while managing it. As a new trader one should only be trading the obvious while building a good foundation

Hope that helps
Mike
  • #113,329
  • Jun 18, 2012 9:10am Jun 18, 2012 9:10am
Hey mike,
as someone new to the j16 system, how many currencies do you recommend monitoring? I focus on the majors for the most part right now, but the emails of the usd/sek have me looking at that chart along with a couple others. Currencies other than the majors are more swing trading currencies because of the spread (in my book).
Thoughts on this are appreciated. Thanks!
  • #113,330
  • Jun 18, 2012 9:40am Jun 18, 2012 9:40am
BEOB forming on daily. It is below the weekly levels now..

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  • #113,331
  • Jun 18, 2012 9:46am Jun 18, 2012 9:46am
Quoting fascist
BEOB forming on daily. It is below the weekly levels now..

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yep its a cool one
all is eternal - this is good news for people who loves bad news
  • #113,332
  • Jun 18, 2012 10:00am Jun 18, 2012 10:00am
Quoting mbqb11
Hey Rico

I am at the point where I actually don't mark them up except for maybe a couple lines here and there(a pattern, TL, and my BRNs) all the other things like PPZ I can just see. I only mark them up for teaching purposes. I do think it's important to mark areas when starting out, but the way to prevent the clutter is mark the MAJOR areas of confluence. That way your charts don't look like a laser show.

Another trick is to stick to analyzing the same timeframe. So often I see people mark up a monthly, weekly , daily ppz, confluence...
Thank you Mike, that helps a lot.
  • #113,333
  • Jun 18, 2012 10:05am Jun 18, 2012 10:05am
Taken a short on EUR/GBP

31 fib con insides with previous S/R levels. . We also see a Bearish engulfing bar followed by an inside bar broken low.

Trend is down
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  • #113,334
  • Jun 18, 2012 10:08am Jun 18, 2012 10:08am
Quoting Chanya
I did not took these trades but I cannot figure them out even in a back testing either ..... Jarroo , Help Please ....
Hi Chanya,
I don't see anything particularly 'wrong' with your analysis. You have to recognize the risk associated with the position of this signal. If you choose to take a trade at Daily levels like this where price is not at a Swing High/Low but rather in the middle of a box (see weekly), you have to be very disciplined to adhere to your exit rules. Jarroo advocates dropping down to lower TF's to manage trades. For example, looking for 4hr or 1hr closes against your position to get you out of a trade with a small loss. In this case, if you look at the 1HR and 4HR chart, you would have been out of the first trade really quickly and may not even have taken the second trade since price was bouncing around the S/R.

Again, nothing wrong with your analysis, unless you failed to have an exit plan and stick to it. If I get out of trades exactly according to my plan, I consider that success even if I take a small loss. It still drives me crazy but I know that it's not my 'fault' nor the 'markets'. It's just part of trading.
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  • #113,335
  • Jun 18, 2012 10:09am Jun 18, 2012 10:09am
Quoting dafox1
Hey mike,
as someone new to the j16 system, how many currencies do you recommend monitoring? I focus on the majors for the most part right now, but the emails of the usd/sek have me looking at that chart along with a couple others. Currencies other than the majors are more swing trading currencies because of the spread (in my book).
Thoughts on this are appreciated. Thanks!
Hey Fox

I recommend watching everything you can really. If we are starting on daily/weekly and learning to rifle shot our trades having just a handful of pairs is going to mean most days/weeks no trades. What happens though is people watch 5-10 pairs and force so-so trades because one gets antsy. I think it's much easier to scan a LOT of stuff and just wait for those standout situations. I still do the same, just have more tools to trade with at this point.

Spread is rarely a factor with any decent broker these days. It's all relative to the pair. So people see a spread of say 15 but the pair probably moves large amounts on average, especially from the daily/weekly standpoint.

I know some people like to watch a handful of pairs so they begin to "understand" them and "feel" them. I don't deny that to some extent, but I think thats a recipe for disaster for most. Well actually that's exactly the disaster for most(that + low timeframes + poor MM)

Hope this helps
Mike
  • #113,336
  • Jun 18, 2012 10:14am Jun 18, 2012 10:14am
Quoting mbqb11
Hey Fox

I recommend watching everything you can really. If we are starting on daily/weekly and learning to rifle shot our trades having just a handful of pairs is going to mean most days/weeks no trades. What happens though is people watch 5-10 pairs and force so-so trades because one gets antsy. I think it's much easier to scan a LOT of stuff and just wait for those standout situations. I still do the same, just have more tools to trade with at this point.

Spread is rarely a factor with any decent broker these days. It's all relative to the...
Yeah, that's a great point. Trading on the daily and weekly leave me with nothing to do some days. I have learned some of the lesson on overtrading though (lost a couple trades that way...)
I appreciate your fast response! So, no overtrading, good mm, high tf's means at least I shouldn't be loosing. lol
  • #113,337
  • Jun 18, 2012 10:30am Jun 18, 2012 10:30am
Learning to respect the higher time frames turned my trading around. I spent a good 4 years trying to trade off 5 min to 1 hour charts with no real success.
  • #113,338
  • Jun 18, 2012 10:41am Jun 18, 2012 10:41am
Quoting fascist
BEOB forming on daily. It is below the weekly levels now..

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Newbie Opinion: Will not have any bearish thoughts on EUR/USD as long as its still above the BRN 1.25. Once it passes that it needs to clear some more noise but it will be worth a second look.
  • #113,339
  • Jun 18, 2012 10:46am Jun 18, 2012 10:46am
Quoting ricosta
Newbie Opinion: Will not have any bearish thoughts on EUR/USD as long as its still above the BRN 1.25. Once it passes that it needs to clear some more noise but it will be worth a second look.
why is that? shouldn't we just look at the charts? why BRN 1.25 specifically?
  • #113,340
  • Jun 18, 2012 10:48am Jun 18, 2012 10:48am
Anybody long on GBPUSD ?
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