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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

  • #116,101
  • Aug 23, 2012 7:00am Aug 23, 2012 7:00am
Quoting meshka
well I think... then its worth to try to play by setting complex pending entries.
say 30% of order size to set at previous multi-bars highs/ or lows and major size put directly on broken HCR or LCS or few pips above/below it. stop is under PBT candle in all cases.

but I am scared if my personal overtrading monster would not kick me into face LOL

Yes you can scale into these trades at these varies levels. The quality of the setup must be, of course, very good . . .Thick Consolidation levels, trading into Space, etc.

Taming that monster is always in play, my friend .. lol. .
Indicators show the past. Price Action "Indicates" the future.
  • #116,102
  • Aug 23, 2012 7:00am Aug 23, 2012 7:00am
Quoting S_Ferrer
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.
If you read the thread from the start you would have noted that James16 always likes to take profit on half his posi early and move stops to b/e even if it means getting stopped out. He HATES seeing a winning trade, however modest, turn into a loss-making trade. And he considers breakeven a win. That philosophy appeals to my conservative instincts :-)
  • #116,103
  • Aug 23, 2012 7:06am Aug 23, 2012 7:06am
Quoting Pinbar
Here we come to test the Jarroo Double Whammy.

Got my eye on this one, Steve . .thanks . .
Indicators show the past. Price Action "Indicates" the future.
  • #116,104
  • Aug 23, 2012 7:10am Aug 23, 2012 7:10am
Quoting jarroo
Dude ..you're only 21 years old?!!! damn . . Fantastic , watch out Soros .
Yeah, i'm sure here are a lot of people who envy phanti for that I barely knew what forex is at 21 oh man .....
  • #116,105
  • Aug 23, 2012 7:12am Aug 23, 2012 7:12am
Quoting Gogolak
Hi!
Could someone explain to me what exactly mean MULTI BAR is?
Explain on some chart would be great.
Thank you!

Here' some posts related to Multi bars . .many others within the Thread

Quoting mbqb11
TBH stands for Two bar high, TBL stands for Two bar low

They are introduced right at the start of the thread if you are interested

here is a recent one I took MULTI bar low breakout



Best
Mike
Quoting mbqb11
Hey Rosco

I just mention multi bar highs today

http://www.forexfactory.com/showthre...82#post5941782

I still want my mutli bar highs/lows in a swing point like my chart. Where yours is in traffic. Doesn't mean they aren't worth watching, but I think again like PA it's easier when you have space to trade into


Best
Mike
Indicators show the past. Price Action "Indicates" the future.
  • #116,106
  • Aug 23, 2012 7:13am Aug 23, 2012 7:13am
Quoting Rust
Yeah, i'm sure here are a lot of people who envy phanti for that I barely knew what forex is at 21 oh man .....

Dude, you're only old 27 ..you are right there too . .
Indicators show the past. Price Action "Indicates" the future.
  • #116,107
  • Aug 23, 2012 7:18am Aug 23, 2012 7:18am
Quoting jarroo
Dude, you're only old 27 ..you are right there too . .
Hehe, thanks dude
  • #116,108
  • Aug 23, 2012 7:24am Aug 23, 2012 7:24am
Quoting mbqb11
Beautiful March

That's a great pattern showing price squeezing and losing momentum. Small beobs can also work fine as the triggers just have to be a bit more careful.

I traded similar situation on the 4hr usd/cad. Lot of reversal signs yesterday


Best
Mike
Hi Mike, I copy trade style from you , I like it a lot, can spend all day with charts.

Audjpy went to the big trendline/target.
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  • #116,109
  • Edited 7:37am Aug 23, 2012 7:24am | Edited 7:37am
Quoting 0421
unfortunately i'm don't get back on this trade. i'm still not good at this...

THX.
Quoting 0421
THX a lot.

i have a one more chart:



what do You think about this PBT&CA above??

Quoting jarroo
Yes . .Excellent . .0421


Where would your stop loss be located ?

You have a good eye, 0421 . .your chart tells me this . .

Keep at my friend, you will get good at this. .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #116,110
  • Aug 23, 2012 7:37am Aug 23, 2012 7:37am
Quoting HanSolo
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.
DBLHC pushed it above the BRN and then it was a number of things:

1. 23.6 FIB acting as support (if price broke upwards > my entry)
2. part of a larger support zone
3. PBT and retests BRN
4. MACD gaining 'mo
5. was bullish on euro anyway + all aussie pairs seemed to be falling

Looking at the chart, I think price could have gone either way, but when everything was added up it seemed to me like if price broke the previous bar high it would be going up.

It may be kind of a loose trade, but I was just feeling in tune with the charts I guess. What do you think? was it too loose?
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  • #116,111
  • Aug 23, 2012 7:43am Aug 23, 2012 7:43am
Quoting HanSolo
Ok sorry, I may be a bit assuming here. I should rather say I never saw price direction and big turning points totally contradictory to supply and demand (at least not on high volume pairs). E.g. I never saw a big market intervention in the middle of nowhere. That said I am by far not the greatest trader in the world and I don't want to pick a quarrel with anyone. It's just an observation I made over the last year or so. I'm always willing to listen to reason.

To get back to topic, here is a demo trade I took (with Jaroo's...

Here's my EurAud chart, Hans ..
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Indicators show the past. Price Action "Indicates" the future.
  • #116,112
  • Aug 23, 2012 7:47am Aug 23, 2012 7:47am
Quoting rafstraszek
Missed pending by 3 pips - but great trade anyway
Almost this same was (is) on usdchf In this I was in, but was BE out because of EA problems (my BE lvl changed itself on it's own...a little to soon)

take care and thanks for you work

Yes, exactly the same on the UsdChf only in reverse . .

I still don't know how those EAs work or how to apply them ..
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Indicators show the past. Price Action "Indicates" the future.
  • #116,113
  • Aug 23, 2012 7:52am Aug 23, 2012 7:52am
Quoting deltaskelta
DBLHC pushed it above the BRN and then it was a number of things:

1. 23.6 FIB acting as support (if price broke upwards > my entry)
2. part of a larger support zone
3. PBT and retests BRN
4. MACD gaining 'mo
5. was bullish on euro anyway + all aussie pairs seemed to be falling

Looking at the chart, I think price could have gone either way, but when everything was added up it seemed to me like if price broke the previous bar high it would be going up.

It may be kind of a loose trade, but I was just feeling in tune with the charts I guess. What...
Hi deltaskelta, your analysis sounds solid to me. At least you have thought about what you are doing. Maybe the pros in here got something to add.

Just one thing, if you're new to trading and/or this thread just make sure that you've got a fixed set of rules that you follow over a longer period of time. If you just trade with what feels right you might waste months or years before you find a profitable strategy. That was one of my mistakes in the beginning: everytime I read something new I changed my strategy to test it. So there was no consistency in it. And that makes it an even windier road than it needs to me.
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,114
  • Aug 23, 2012 7:52am Aug 23, 2012 7:52am
Quoting March2011
Hi Mike, I copy trade style from you , I like it a lot, can spend all day with charts.

Audjpy went to the big trendline/target.
you nailed it my friend
  • #116,115
  • Aug 23, 2012 7:55am Aug 23, 2012 7:55am
Quoting asim.iqbal
According to my analysis The Euro will take a drop from here. Lets see.
Because 1.2600 will be a resistance area.
I think so too
  • #116,116
  • Aug 23, 2012 7:59am Aug 23, 2012 7:59am
Quoting haircut
The red cross shows the confirmation bar which shows that the HCR level is still valid and the arrow shows the touch trade off of the area which was filled this morning. FTA hit and 2 thirds closed the rest running and it has really ran on!.
I love the simplicity of this Jarroo just need to keep learning

Very nice HC . .

If only the DBHLC would have closed below those Lows . .darn it.
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Indicators show the past. Price Action "Indicates" the future.
  • #116,117
  • Aug 23, 2012 8:11am Aug 23, 2012 8:11am
Quoting Gogolak
Hi!
Could someone explain to me what exactly mean MULTI BAR is?
Explain on some chart would be great.
Thank you!
Hey G

Jarroo posted a link of a current multi bar high I am watching

They are just like James TBH/TBL that he introduces in the first chart

http://www.forexfactory.com/showthre...7908#post17908

I just like when we have MULTI bars

For example the usd/cad I posted had a pinbar and 4bar high(multi bar highs) a break of the pinbar is a great trade

Best
Mike
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  • #116,118
  • Aug 23, 2012 8:12am Aug 23, 2012 8:12am
Quoting migmac
Jim,

on your EURUSD long trade when are you going to TP?

Do you use any moving average? the one you have on your chart do you use it for anything?

Previous bar Highs and Lows are always great targets . .just like a James16 PA setup.

But I like to find a level where I would potentially go short . .HCR/LCS level.

The Weekly LCS level would be easy to get out of the total trade . (I have taken most of the position off at these levels) . . .Why? ..because if Price breaks through it and closes above it I can always get back into it, long.

MA are fine too as targets as long as the are aligned with a valid target. I like the long term MAs (365 and 150 ema) as a confluencing tool with my levels . .just as James16 does. .
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Indicators show the past. Price Action "Indicates" the future.
  • #116,119
  • Aug 23, 2012 8:19am Aug 23, 2012 8:19am
Quoting jarroo
Here's my EurAud chart, Hans ..
Thanks for sharing, Jim. As you can see on my chart I entered a bit higher on the break of the HCRs further to the left. What made you confident to enter on the lower HCRs?

BTW, I'm just watching your basic video series in the PF. It's very helpful.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #116,120
  • Aug 23, 2012 8:26am Aug 23, 2012 8:26am
Quoting HanSolo
Thanks for sharing, Mike. As you can see on my chart I entered a bit higher on the break of the HCRs further to the left. What made you confident to enter on the lower HCRs?

BTW, I'm just watching your basic video series in the PF. It's very helpful.
Thanks Hans, I'm glad they are helpful . .

I do use the FxPro feed which is the New York Close and I love consolidation at swing Highs and Lows . It looked very technically correct to me.
Indicators show the past. Price Action "Indicates" the future.
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