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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

  • #116,081
  • Aug 23, 2012 1:26am Aug 23, 2012 1:26am
Where you sold i bought , but I see there LCS at daily and LCS at weekly, d-lime w-blue, see the chart, best, Rosa.

Quoting meshka
my setup for today..
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  • #116,082
  • Aug 23, 2012 1:35am Aug 23, 2012 1:35am
Quoting jsvihla
Right, if you look at any currency/jpy daily charts, you will see falls right of monthly pivots but gbp/yen lagging somewhat. However, it has formed dbhlc right at monthly R1. If this is not a short trade, then what is?
oh and btw, that monthly R1 happens to be BRN
regards,
J
Hey jsvihla, did you play it? I've got more of a neutral bar on my chart this morning (see chart). Remember that a J16 setup is only valid after the close of the bar.

Quoting CarFriGau
Yes, I like this as well. Don't know if there are many people around nowadays that "combine" these different fields.
I bet he would have invented some crazy indicators :nerd:
LOL. I think he would have trusted only and only his own mind and been a great bare naked J16 chart trader. BTW, great to see someone from good old G on this thread. I'm looking forward to see you here.

Quoting millions
Looks like my analysis wasn't so good- 50 pip loss (demo). Jarroo/ Chanya method won out on this occasion.
I think you may be right in the longer term. But there's still a lot of resistance up there. Don't forget: A 150 EMA is just another indicator, albeit a great one. Things on the chart don't happen solely because of indicators, they just line up with them - at least in my opinion. So don't make them your only decision aid.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #116,083
  • Aug 23, 2012 2:25am Aug 23, 2012 2:25am
Quoting millions
Looks like my analysis wasn't so good- 50 pip loss (demo). Jarroo/ Chanya method won out on this occasion.
On my chart price didn't close above - so no long.

I'm in on EURCAD - long, almost be now...
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  • #116,084
  • Aug 23, 2012 3:17am Aug 23, 2012 3:17am
[quote=HanSolo;5951854]Hey jsvihla, did you play it? I've got more of a neutral bar on my chart this morning (see chart). Remember that a J16 setup is only valid after the close of the bar.


Hello HanSolo, I put a pending order below the low which wasn't hit and is now cancelled so I didn't basically play it. The price is now crawling back up towards that R1 so a pending order kept me out of a bad trade yet again. I find them very useful things.
  • #116,085
  • Aug 23, 2012 4:04am Aug 23, 2012 4:04am
Looks like it is taking its time coming back.
Great area to keep an eye on.
No close above this area since 2008.
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  • #116,086
  • Edited 5:06am Aug 23, 2012 4:32am | Edited 5:06am
Hi all,

Took Tuesday's pin-like bar on the USDCAD and made a very modest gain. Chart shows situation when I placed the order. Entry (green line) and initial stop (red line).

Would appreciate some feedback on my rationale

1) Price action. Pinbar at a likely swing low area.

2) Trend. Against daily and monthly bearish trends, yet the pin suggested price might retest the bullish weekly trendline, which price had broken through on 8 August.

3) Confluence. The pin’s tail tested and rejected monthly (S2) and weekly (S1) support lines.

4) Trouble areas. First trouble areas I identified was the weekly pivot right at the top of the pin, which if not broken would anyway invalidate the pin, and the weekly resistance (R1) some 30-odd pips above the pin and just below monthly support (S1).

More on entry and trade management in my trading journal at http://moneyblogpost.com/2012/08/23/...ie-usdcad-pin/

Any and all thoughts greatly appreciated :-)
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  • #116,087
  • Aug 23, 2012 4:35am Aug 23, 2012 4:35am
Quoting PhAnTi'
thats why i sometimes dont like the LCS trades etc.... you sold right at demand... dont you wait for a break of the lows and sell the retest ?

best,
Jonas
sorry guys ... I just follow my path... with all consequences LOL... these two candles pierced all consolidation box and last one closed below LCS which for me stands for resistance now till is not proven other way this is strong move and I look for continuation of it.
but its just my trading idea not a signal to follow blindly as every chart of mine.
all is eternal - this is good news for people who loves bad news
  • #116,088
  • Edited 4:55am Aug 23, 2012 4:54am | Edited 4:55am
Quoting dabbledave
Hi all,

Took Tuesday's pin-like bar on the USDCAD and made a very modest gain. ...

Any and all thoughts greatly appreciated :-)
Hi mate, I am new to this myself. But I would say your pin looks different to mine - I have FXDD as my MT4 with "New York Close" (10pm GMT) Candles.

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But when you say you realized a tiny gain - has your stop been hit yet? With this sort of trade there may be an element of letting the market doing it's thing, why not let it ride out a bit? Maybe too early to discount this one.

Just my 0.0002c
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  • #116,089
  • Aug 23, 2012 4:59am Aug 23, 2012 4:59am
Quoting S_Ferrer
Hi mate, I am new to this myself. But I would say your pin looks different to mine - I have FXDD as my MT4 with "New York Close" (10pm GMT) Candles.

Attachment


But when you say you realized a tiny gain - has your stop been hit yet? With this sort of trade there may be an element of letting the market doing it's thing, why not let it ride out a bit? Maybe too early to discount this one.

Just my 0.0002c
Hi S,

You're looking at a different currency pair, or at least you posted a different chart.

Correction: You have posted a USDCAD chart and the pin I traded off was Tuesday's and it looks the same to me as mine. I also use FXDD (demo).

Cheers

D
  • #116,090
  • Aug 23, 2012 5:07am Aug 23, 2012 5:07am
Quoting dabbledave
Hi S,

You're looking at a different currency pair, or at least you posted a different chart.

Correction: You have posted a USDCAD chart and the pin I traded off was Tuesday's and it looks the same to me as mine. I also use FXDD (demo).

Cheers

D
Yeah, it's not allowing me to delete the cadjpy image - computers!

I am still in this one (demo) - just trying to see the effect of allowing the market to grind up (if it does). Are you still in the trade? Your approach maybe different to mine?
  • #116,091
  • Aug 23, 2012 5:09am Aug 23, 2012 5:09am
Quoting S_Ferrer
Hi mate, I am new to this myself. But I would say your pin looks different to mine - I have FXDD as my MT4 with "New York Close" (10pm GMT) Candles.
Note my chart was snapped when I placed the order on Wednesday.

I took profit on half my position and moved stop to a little better than b/e on the other half, which was taken out last night my time.
  • #116,092
  • Aug 23, 2012 5:44am Aug 23, 2012 5:44am
I ended up actually taking the EURAUD trade I posted earlier, with my original plan to go long. I woke up in the middle of the night here to see that the trade had triggered and that it was up almost 25 pips already.

I was wondering about when to take some off, I actually already took half off at +25ish pips, and moved the stop up. I was wondering if that was way to early, or just kind of at the right time or what. I have a hard time judging these things as I do not have much experience so I would like some input.

THanks...

EDIT: I probably should have made my entry lower as well, but I find myself always wanting to trade the breaks of the bars and not the retraces, the retrace just feels so dangerous to me even though the stop is technically smaller
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  • #116,093
  • Aug 23, 2012 5:51am Aug 23, 2012 5:51am
Dear jarroo, please explain the situation with EUR / JPY. How was it possible to avoid losses? Please, if you have time. grateful for the earlier
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  • #116,094
  • Aug 23, 2012 5:53am Aug 23, 2012 5:53am
Quoting dabbledave
Note my chart was snapped when I placed the order on Wednesday.

I took profit on half my position and moved stop to a little better than b/e on the other half, which was taken out last night my time.
I see what you mean now. IMO There is an advantage in the psychology of having 2 trades running - or should I say, being able to have the option to cut half of your position and let the rest run.

I will demo the process of killing half the position at 1R and allowing the rest to run free - at BE.
  • #116,095
  • Edited 6:32am Aug 23, 2012 6:13am | Edited 6:32am
Quoting deltaskelta
I ended up actually taking the EURAUD trade I posted earlier, with my original plan to go long. I woke up in the middle of the night here to see that the trade had triggered and that it was up almost 25 pips already.
Hi delta, what exactly was your rationale to go long at this point? I can only see a DBLHC that one could trade as a continuation pattern. But this is very risky as price is trading right into a somewhat messy area which might act as resistance. That said, I think chances are that it gets through this area sooner or later and rises until 1.2150 or even 1.230. Nevertheless, in my opinion it was good decision to move your stop up and cash in some profit.

I'm in from 1.1814.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #116,096
  • Aug 23, 2012 6:31am Aug 23, 2012 6:31am
Quoting Rust
My question was if these entries invalidate further playing of pullback to the hcr/lcs level. Like in the cases above. Price pulled back to recent highs, bounced nicely, but let's say after that in came back again to the hcr ?

Rust, . .No, the earlier entries does not invalidate further pullback to the HCR/LCS levels. Since these levels have not been tested, they may so in the future.

Keep an eye on these untested or "unfulfilled" levels if, or when Price returns to them. They will usually show a strong reaction in either direction depending on where Price closes at them.


Quoting PhAnTi'
I dont give retests a second shoot at all... orders are consumed ... weakness in buying/selling at 2nd retest...
PhAnTi', . .very wise rule of thumb, I agree. But I have found that the HCR/LCS are the true origin level of the "Flip" from Resistance to Support and vice versa. . .it is where the transition begins. . .just my humble opinion.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #116,097
  • Aug 23, 2012 6:39am Aug 23, 2012 6:39am
Quoting jarroo
Rust, . .No, the earlier entries does not invalidate further pullback to the HCR/LCS levels. Since these levels have not been tested, they may so in the future.

Keep an eye on these untested or "unfulfilled" levels if, or when Price returns to them. They will usually show a strong reaction in either direction depending on where Price closes at them.




PhAnTi', . .very wise rule of thumb, I agree. But I have found that the HCR/LCS are the true origin level of the "Flip" from Resistance to Support and vice versa. . .it is where the transition...
Thank you Jim
Thanks to you too Phanti for chiming in
  • #116,098
  • Aug 23, 2012 6:42am Aug 23, 2012 6:42am
Quoting Rust
Thank you Jim
Thanks to you too Phanti for chiming in
Sure thing Rust . .Euro trade is working out nicely .. . ..here's an updated chart from the PF ..


Quoting jarroo
Its how we roll . .

(sorry for the post and run)

Later,

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #116,099
  • Aug 23, 2012 6:52am Aug 23, 2012 6:52am
Quoting PhAnTi'
I dont give retests a second shoot at all... orders are consumed ... weakness in buying/selling at 2nd retest...
Dude ..you're only 21 years old?!!! damn . . Fantastic , watch out Soros .
Indicators show the past. Price Action "Indicates" the future.
  • #116,100
  • Aug 23, 2012 6:58am Aug 23, 2012 6:58am
Hi!
Could someone explain to me what exactly mean MULTI BAR is?
Explain on some chart would be great.
Thank you!
Mától én vagyok a Soros!
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