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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

  • #116,301
  • Aug 26, 2012 7:22am Aug 26, 2012 7:22am
AUD CHF down trend is going to be really technical ( Which is a polite word for difficult ) one to play ... lots of untested levels in between ...

Black - Daily

Red - Weekly

Blue - Monthly
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Human
  • #116,302
  • Aug 26, 2012 8:42am Aug 26, 2012 8:42am
Hallo everyone,

I am trying to follow the james16 method for some time now, and I am currently looking to a pin on cac40 daily chart. Do you experienced on the method traders see an opportunity there?
  • #116,303
  • Aug 26, 2012 9:28am Aug 26, 2012 9:28am
Quoting HanSolo
DAY 1

Now we'll go through it bar by bar. As this is a daily chart I'll also provide you with the 8h for those who want to fine tune there stops accordingly (sorry, the 4h feed does not reach back far enough). You tell us where you would put your stop loss. As many beginner's struggle with their trailing strategy I suggest that instead of playing it safe (very tight SL, taking profit prematurely) you try to ride this thing down as far as you can, just for practice purposes. The cowboy who stays in the saddle the longest gets...
Hi HanSolo,

If I can jump in as well. New(ish) here, so please pardon any stupid comments.

Initial stop - Will leave it at the top of the BEOB as this has triggered the trade.

Trailing stop - Will leave it at the same place as initial stop for now as this could be a minor retracement.

I like to use line charts to view key PPZ levels. Have tried my best to do it on the candle chart here. I don't like how the bullish candle might have closed just above this LCS. Will watch it like a hawk to decide if I close the trade .

Ganesh
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  • #116,304
  • Aug 26, 2012 10:04am Aug 26, 2012 10:04am
Quoting ksganesh100
Hi HanSolo,

If I can jump in as well. New(ish) here, so please pardon any stupid comments.
Hey Ganesh, great you join us. And don't worry, there's nothing stupid about being new to this stuff. In fact, it's very intelligent to join this thread.


I will have an eye on AUDUSD and trade it Jarroo style if it happens to come back to the orange line on the daily. Or would this be against the rules as it already retraced on the 4h chart? Anyway, if it does not retrace I will take it as a 2-day-BEOB.

I don't really like the 4h area to the left (blue) as price traded just into it and went up again. Little areas like these can be real mean speed bumps on the way up or down.

What's your opinion?
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Thanks J16, Sam Seiden, Udine and Jacko
  • #116,305
  • Aug 26, 2012 10:07am Aug 26, 2012 10:07am
Quoting HanSolo
DAY 1

Now we'll go through it bar by bar. As this is a daily chart I'll also provide you with the 8h for those who want to fine tune there stops accordingly (sorry, the 4h feed does not reach back far enough). You tell us where you would put your stop loss. As many beginner's struggle with their trailing strategy I suggest that instead of playing it safe (very tight SL, taking profit prematurely) you try to ride this thing down as far as you can, just for practice purposes. The cowboy who stays in the saddle the longest...
I'll give it a go, this looks fun (I'm very very new).

I would enter if price retraced back to the Entry line I marked, as it's a level that has been respected often in the recent past, and I get nervous entering after a large bar. Stop loss placed above the big bearish bar, coinciding with previous LH as well.

To trail it, I guess I would want to move my stop just above each previous FTA as price breaks another level, ultimately using the 5th FTA as my profit target. In reality, I know I'd be unable to watch large retraces between the 3rd, 4th, and 5th FTAs and would prematurely move my stop.
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  • #116,306
  • Aug 26, 2012 10:36am Aug 26, 2012 10:36am
So here is what I see with this Pinbar on GBP-SGD.

A.) Confluence when it bounced off previous trendline and 150 EMA
B.) Priced closed towards bottom of Pinbar
C.) With Daily Downtrend
D.) Decent Sized Pinbar relative to other PA Candlesticks, but not great.

The FTA would be 1.97.

Does this qualify as an A+ trade? If not what am I missing?


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  • #116,307
  • Edited 12:09pm Aug 26, 2012 10:52am | Edited 12:09pm
Quoting Rosco_P
So here is what I see with this Pinbar on GBP-SGD.

A.) Confluence when it bounced off previous trendline and 150 EMA
B.) Priced closed towards bottom of Pinbar
C.) With Daily Downtrend
D.) Decent Sized Pinbar relative to other PA Candlesticks, but not great.

The FTA would be 1.97.

Does this qualify as an A+ trade? If not what am I missing?


Attachment
Hey Rosco, fist of all it is not a pinbar. Technically it's a BEOB as it encompasses the previous bar.

I don't like the fact that it recently broke above those highs and the BEOB could not close back below them. Furthermore the weekly level it just came up from looks pretty solid to me. For me this is not an A+ maybe a short term B trade that I would handle with great care. If you trade it make sure you protect your wins and take no full bar loss.

But let's see what the more advanced traders like Mike think about this.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #116,308
  • Aug 26, 2012 11:04am Aug 26, 2012 11:04am
Quoting HanSolo
Hey Ganesh, great you join us. And don't worry, there's nothing stupid about being new to this stuff. In fact, it's very intelligent to join this thread.


I will have an eye on AUDUSD and trade it Jarroo style if it happens to come back to the orange line on the daily. Or would this be against the rules as it already retraced on the 4h chart? Anyway, if it does not retrace I will take it as a 2-day-BEOB.

I don't really like the 4h area to the left (blue) as price traded just into it and went up again. Little areas like these can be real...
I'm little worried about this trendline...

If price coud break it, and then retreace to lcs/hcr it would be nice...
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  • #116,309
  • Aug 26, 2012 11:36am Aug 26, 2012 11:36am
Quoting rafstraszek
I'm little worried about this trendline...

If price coud break it, and then retreace to lcs/hcr it would be nice...
This is what I hate about trendlines and so never use them ... One cannot be sure about which one is valid ... If I would have drawn it , I would have drawn it like this ... So , according to me , its already broken ...
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Human
  • #116,310
  • Aug 26, 2012 11:49am Aug 26, 2012 11:49am
Quoting Chanya
This is what I hate about trendlines and so never use them ... One cannot be sure about which one is valid ... If I would have drawn it , I would have drawn it like this ... So , according to me , its already broken ...
I've heard some time ago to treat trendline as zone, not line. So I'm trying to drew them to make mine line as extremum (the lowest part, or highest of trendline zone) - I just drew them without false breakout - If I can of course...

I'm still having old habits when I trade PBT - like using trendlines... seeking confluence...maybe it's really unnecessary...because this is really nice lvl - resistance turning support..broken...and (maybe) resistance again..
  • #116,311
  • Aug 26, 2012 12:07pm Aug 26, 2012 12:07pm
Quoting rafstraszek
I'm little worried about this trendline...

If price coud break it, and then retreace to lcs/hcr it would be nice...
Thanks for pointing that out. Yet I agree with Chanya. Trendlines are valid trading tools if you know how to use them properly, which I don't. So I rarely use them. I think the uncertain element of this trade is also reflected in the area I pointed out and the small 4h gap that happened to the left of it.
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,312
  • Aug 26, 2012 12:10pm Aug 26, 2012 12:10pm
Quoting Chanya
This is what I hate about trendlines and so never use them ... One cannot be sure about which one is valid ... If I would have drawn it , I would have drawn it like this ... So , according to me , its already broken ...
Here is my 2 cents . . . . .

http://www.forexfactory.com/attachme...1&d=1345871075
daddybearforex. com
  • #116,313
  • Aug 26, 2012 12:16pm Aug 26, 2012 12:16pm
Quoting DaddyBear
Here is my 2 cents . . . . .
Hi DaddyBear,

the chart is pretty small. Do you want to say that AUDUSD arrived at a possible channel bottom and is likely to turn higher?
I just tried it and could find even more channels on my chart. That's why I don't use them: I can't handle them and they often look arbitrary to me.
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,314
  • Aug 26, 2012 12:17pm Aug 26, 2012 12:17pm
Thanks Solo!! I appreciate the feedback
  • #116,315
  • Aug 26, 2012 12:32pm Aug 26, 2012 12:32pm
Quoting HanSolo
Hey Ganesh, great you join us. And don't worry, there's nothing stupid about being new to this stuff. In fact, it's very intelligent to join this thread.


I will have an eye on AUDUSD and trade it Jarroo style if it happens to come back to the orange line on the daily. Or would this be against the rules as it already retraced on the 4h chart? Anyway, if it does not retrace I will take it as a 2-day-BEOB.

I don't really like the 4h area to the left (blue) as price traded just into it and went up again. Little areas like these can be real...
Thanks - Pretty new to this and still trying to differentiate between trades you should pull your trigger on and trades to pass :-)

AUDUSD: Good point about 4h already retracing to the LCS. The only thing that makes me wary about this is that price has already retraced and that it has found support at the FTA..

So if you trade it on the basis of the 2 day BEOB, would you wait for confirmation (i.e. break to the downside)?

Ganesh
  • #116,316
  • Aug 26, 2012 1:11pm Aug 26, 2012 1:11pm
Quoting ksganesh100
So if you trade it on the basis of the 2 day BEOB, would you wait for confirmation (i.e. break to the downside)?
Hi Ganesh, yes as it would also mean price trading into the bullish bar I marked with blue. There's often not much support/resistance in those bars and price tends to cut through them. That said I would move my stop to BE pretty soon as 1.0345 is my next anticipated trouble area after that.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #116,317
  • Aug 26, 2012 1:22pm Aug 26, 2012 1:22pm
Quoting HanSolo
Hey Rosco, fist of all it is not a pinbar. Technically it's a BEOB as it encompasses the previous bar.

I don't like the fact that it recently broke above those highs and the BEOB could not close back below them. Furthermore the weekly level it just came up from looks pretty solid to me. For me this is not an A+ maybe a short term B trade that I would handle with great care. If you trade it make sure you protect your wins and take no full bar loss.

But let's see what the more advanced traders like Mike think about this.

Hey Han

I would agree with you here as well

the predominant new trend is up with that "V" formation kicking in. I think this is like you said a trade that can bring us down for a bit but it would be a j16 this is critical trade(get stops moved QUICK).

Hope everyone had a fantastic weekend

Mike
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  • #116,318
  • Aug 26, 2012 1:59pm Aug 26, 2012 1:59pm
one of the pairs im watching

hard to ignore this forming. waiting for some good PA see where price wants to go
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  • #116,319
  • Aug 26, 2012 2:16pm Aug 26, 2012 2:16pm
Nice situation on eurusd for long on weekly - we have PBT&CA now waiting for retest...
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  • #116,320
  • Aug 26, 2012 2:28pm Aug 26, 2012 2:28pm
Quite nice pinbar here - not the biggest one, but bounced off nice area to the pip...
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