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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

  • #115,321
  • Aug 10, 2012 11:26am Aug 10, 2012 11:26am
Sorry to spam today guys but this daily US/CA (if we close like this) would be DBL with the second candle being a pinbar. I say I will put a pending short order just below these suckers. Stop-loss half way the pin and no take-profit, we will trail it in some manner.
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  • #115,322
  • Aug 10, 2012 11:46am Aug 10, 2012 11:46am
Quoting Chanya
Your questions are for pinbar so I am going to leave it to him to answer them but I am going to clear just one question and that is that I said that One should stay at Daily and above and never go down below that , I cleared it many times ... I never said that One should only stay at daily ... You can and should go / stay above ...
Chanya - the lines of Pinbars' chart I have asked if they are derived from a higher timeframe - I assume they are.

Thanks for the response. Draw points of S/R on the weekly/monthly timeframes - and use these to trade the dailies against. Is that fair to say?

Listen - without a doubt, you have made a fantastic attempt at documenting a concept which is extremely hard to describe - no-one on this forum has of yet even came close - no one!!

And for that - with a glass in my hand, and a tear in my eye - I salute you :-)
  • #115,323
  • Aug 10, 2012 3:31pm Aug 10, 2012 3:31pm
EUR/GBP

congrats guys to that great trade
  • #115,324
  • Aug 10, 2012 3:35pm Aug 10, 2012 3:35pm
Quoting bullzeye
USD/CAD

very nice downtrend, broke the trend channel, waiting for PA to add another position on the current level. Target is 0.9800

Attachment
USD/CAD

add third position here...look on this daily pin it goes with the trend...will try to sell this suckar to the bones

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  • #115,325
  • Aug 10, 2012 3:47pm Aug 10, 2012 3:47pm
Quoting jsvihla
Silly me was watching the Olympics instead of the charts......

I would like to know your opinion if this was a good setup. Daily AUD/USD; the price was at 76 fib (pink) which happened to be very close to previous support turned resistance (green). On the top of that, we had a divergence and most importantly, at those levels (fib & resistance) we formed a far from ideal pinbar (still a pinbar). I should have put a pending order below that pinbar with a target just above 1.0500. Because the pinbar was rather small, this would have allowed for a...
hey my friend, look on that massive uptrend and than look on your tiny pinbar... you realize what???. believe me don't fight the trend with silly trades, try to sell higher
  • #115,326
  • Edited 10:17pm Aug 10, 2012 9:46pm | Edited 10:17pm
Quoting aserbfx
nearly same entry here...
I hear you Aser.
That monthly consolidation from 2008 was a hard place to get past.
Looks like we are heading for the 0.78122 area.
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  • #115,327
  • Aug 11, 2012 2:47am Aug 11, 2012 2:47am
xom on weekly with pbt&ca.
next target is 95.10 usd.
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meine augen sind die sterne
  • #115,328
  • Aug 11, 2012 6:12am Aug 11, 2012 6:12am
Quoting Chanya
Your questions are for pinbar so I am going to leave it to him to answer them but I am going to clear just one question and that is that I said that One should stay at Daily and above and never go down below that , I cleared it many times ... I never said that One should only stay at daily ... You can and should go / stay above ...
Chanya - sorry for all these questions, you say never go beneath daily - but - in your PDF you state:

"Like I said , what do we do at first level ? GET RISK FREE . In situations like
these , you wont be able to see price hitting the first level on the daily time
frame as you are just back testing ... Go down to lower time frame ( H4 or
even H1 if you like ) and see the first level being hit ... Draw these same first
levels and see for your self ....
"

Could you clarify that please? When in a live trade - for those who work full time & can't monitor trades outwith working hours, how can this be managed?

I guess I am looking for the mechanics of a trade - for example, how you would manage it how stops are placed initially, then moved to BE - how do you get to BE as quickly as possible, but only on dailies?

Thanks again...
  • #115,329
  • Aug 11, 2012 6:31am Aug 11, 2012 6:31am
Quoting S_Ferrer
Chanya - sorry for all these questions, you say never go beneath daily - but - in your PDF you state:

"Like I said , what do we do at first level ? GET RISK FREE . In situations like
these , you wont be able to see price hitting the first level on the daily time
frame as you are just back testing ... Go down to lower time frame ( H4 or
even H1 if you like ) and see the first level being hit ... Draw these same first
levels and see for your self ....
"

Could you clarify that please? When in a live trade - for those who work full time...
No, no...he meant when you backtesting. You see jarroo trade from last month, and it look like failure on d1, but when you change tf to h4 - you see that trade hit your be level and got stopped out. But this happened within d1 so you cannot see it. When you trade live stick to d1+

we use ea, to move to be - it just does it for us.

cheers
  • #115,330
  • Aug 11, 2012 6:55am Aug 11, 2012 6:55am
Quoting rafstraszek
No, no...he meant when you backtesting. You see jarroo trade from last month, and it look like failure on d1, but when you change tf to h4 - you see that trade hit your be level and got stopped out. But this happened within d1 so you cannot see it. When you trade live stick to d1+

we use ea, to move to be - it just does it for us.

cheers
Thanks man, thats good to hear.

Do you have post number of Jarroo trade?

Additionally - to which EA do you refer?
  • #115,331
  • Aug 11, 2012 7:22am Aug 11, 2012 7:22am
Quoting S_Ferrer
Chanya - sorry for all these questions, you say never go beneath daily - but - in your PDF you state:

"Like I said , what do we do at first level ? GET RISK FREE . In situations like
these , you wont be able to see price hitting the first level on the daily time
frame as you are just back testing ... Go down to lower time frame ( H4 or
even H1 if you like ) and see the first level being hit ... Draw these same first
levels and see for your self ....
"

Could you clarify that please? When in a live trade - for those who work full time & can't...
No need to be sorry , its cool . Ask anytime .. Raf Is right ... I said you only have to go down the time frame ( Below Daily ) while backtesting to understand whats going on ...
Jarroo does propose that you can take the daily trade and you can go down below daily and manage there as well but my point of view is that it is advanced stuff . Complicated . totally Unnecessary . Less Reliable ... ( If interested in that , You can ask Jarroo because I am not into it and I never do it )
All you need is the chart you take the trade on ( Daily , weekly , monthly ) ...
Helpful ?
Human
  • #115,332
  • Edited 8:12am Aug 11, 2012 8:01am | Edited 8:12am
Quoting S_Ferrer
Pinbar,

That is a nice one.

The concept of this trading style, if I have correctly read Chanya's PDF is to almost immediately get to get to breakeven?

Can you explain the activity of this entry?

1) Where did you place stops initially?
2) When / where did you move the stop .. and when?
3) Why did you enter the trade?

I am new but going reading and reading the PDF by Chanya & your posts to ensure understanding of this concept.

The PDF says that for newbies to look only to the daily to plot lines of resistance / support. But I imagine yours are...
I will be totally blunt here, that pdf to me does not explain much and causes more confusion than it sheds light on this subject.
No disrespect to Chanya who, I believe made it in good faith but, it is not how I learned this method.
I am on my tablet right now and outside at a family gathering so, I will go over your questions later but, the main point I entered that trade was based on the monthly time frame. That is why I do not like that pdf, it only talks about the daily tf and can give the wrong impression to new people.
This is not to say, the pdf is wrong or right, It is just not what I learned and is not a substitute for reading the entire thread, studying what j16 taught and what Mike is so earnestly trying to teach people. It is not a quick fix and can be no substitute for hard work and chart time.
I feel from the questions posted about it that, this is exactly how it is being misconstrued.
  • #115,333
  • Aug 11, 2012 8:05am Aug 11, 2012 8:05am
good day chanya !!! still waiting for part 2 , when is the release date
  • #115,334
  • Aug 11, 2012 8:51am Aug 11, 2012 8:51am
How many times have I posted again and again to EVERY ONE that PDF was not a substitute to the thread ??? NOT EVEN CLOSE ??? How many times have I said that I have just provided a first step towards a long road to make it easier whats going on ( Only to Jarroo method which is just a side part of whole story ) ???? How many times have I said that Daily is just not the only thing one should be looking but weekly and monthly TOO are just as important and in some cases even more ....

Here are few instances ....

Quoting Chanya
For those of you that red the PDF , I want to clarify a few things that you MUST know

First ) This PDF is not a substitute to reading the thread from the beginning ... This thread is about J16 material and PBT method is a side part of it ... So how in the world can it be the substitute to reading the thread as I have seen you people thinking ??? EVERY ONE HERE MUST READ THE THREAD ( At least first few hundred pages until it starts to get repetitive ) TO FULLY UNDERSTAND THE POTENTIAL OF THIS MATERIAL no matter what you are...

Quoting Chanya
Brother , As I said , I took the trade on daily ... I never trade below daily ... Don't like to do that ... Stick to the daily , weekly and monthly ... Every senior here and I also ( Not a senior , not even slightly close , but know this much ) have said again and again that anyone must not go down below higher time frames unless they have completed the requirements of post 1 ...

Some seniors here have provided me with their views that I have distracted the new comers and I should not have done that ... I don't know what to say ... I never ment for it ... Sorry ... Every thing that remained , I was intending to put in Part 2 because that was a bit advanced stuff and I wanted to give out the basics first ....
When is part 2 coming out ? I am not so sure anymore ... Please read through the thread from the start as it is supposed to be red and go through the seniors charts ( J16 , Mike , Jarroo ) .... You will know what you need to know then and more ... No need for Part 2
Human
  • #115,335
  • Aug 11, 2012 9:13am Aug 11, 2012 9:13am
Hey what do you think about this weekly BEOB on AUDCAD? Price couldn't hold the BRN which also acts as a PPZ. But I'm a little doubtful about the PB on the daily. Worth to try a short?

The charts are weekly zoomed out; weekly zoomed in and daily.
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  • #115,336
  • Aug 11, 2012 10:05am Aug 11, 2012 10:05am
Quoting SlapShot
Hey what do you think about this weekly BEOB on AUDCAD? Price couldn't hold the BRN which also acts as a PPZ. But I'm a little doubtful about the PB on the daily. Worth to try a short?

The charts are weekly zoomed out; weekly zoomed in and daily.

No pin on my daily close. Just a little retrace on the previous daily beob, now working it's way down. I think we can safely short to at least .04000, then trail our stop cause our August bar/candle looks like it'll become a lower high.
  • #115,337
  • Aug 11, 2012 10:07am Aug 11, 2012 10:07am
Quoting Bryan
No pin on my daily close. Just a little retrace on the previous daily beob, now working it's way down. I think we can safely short to at least .04000, then trail our stop cause our August bar/candle looks like it'll become a lower high.
Lower high on weekly also.........looking good for a short turn around play.
  • #115,338
  • Aug 11, 2012 12:40pm Aug 11, 2012 12:40pm
Quoting SlapShot
Hey what do you think about this weekly BEOB on AUDCAD? Price couldn't hold the BRN which also acts as a PPZ. But I'm a little doubtful about the PB on the daily. Worth to try a short?

The charts are weekly zoomed out; weekly zoomed in and daily.
i also have my eyes on this pair, a pending order for short at the break of the bar wouldnt be a bad idea, would it?
  • #115,339
  • Aug 12, 2012 12:57am Aug 12, 2012 12:57am
Quoting S_Ferrer
Pinbar,

That is a nice one.

The concept of this trading style, if I have correctly read Chanya's PDF is to almost immediately get to get to breakeven?

Can you explain the activity of this entry?

1) Where did you place stops initially?
2) When / where did you move the stop .. and when?
3) Why did you enter the trade?

I am new but going reading and reading the PDF by Chanya & your posts to ensure understanding of this concept.

The PDF says that for newbies to look only to the daily to plot lines of resistance / support. But I imagine yours are...

Well, the main reason I entered this setup at this area was, the monthly consolidation area. This area is so strong that no candle could close above it on the monthly time frame for 5 solid months in a row.
The SL was about 35 pips of maybe even 40 something pips above this area. There was no daily PA and I did not really use a PA setup confirmation, I was watching the H4 candles failing to close above at this area.
I kept it tight and only moved the SL after price broke below the H4 boxing that was going on there.

I am not suggesting new people start looking at the H4 tf, this setup was based on the monthly chart, and monthly levels.

This was basically a touch trade.



Hope this helps
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  • #115,340
  • Aug 12, 2012 2:06am Aug 12, 2012 2:06am
Quoting yomex_y2
i also have my eyes on this pair, a pending order for short at the break of the bar wouldnt be a bad idea, would it?
Well that's the question for me pending order at the break or take the short at the open of the next candle (if the gap isn't too big) so i could take the first profit at the low of the BEOB and put the sl right above the brn to get a "freetrade".

Any suggestions from the seniors about these ideas?
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