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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

  • #116,381
  • Aug 27, 2012 6:23am Aug 27, 2012 6:23am
[quote=njokie;5960400]
Quoting samuelngugi


Hi samuel good to see u here r u in forextraders nairobi ?
yes i am. just trying to catch up with this fabulous thread. 2 weeks and am just amazed how trading can be made easier.

welcome. and keep up. fast moving thread.
"Taking Responsibility is The Cornerstone of A Winning Attitude"
  • #116,382
  • Aug 27, 2012 6:23am Aug 27, 2012 6:23am
[quote=samuelngugi;5960943]
Quoting njokie

yes i am. just trying to catch up with this fabulous thread. 2 weeks and am just amazed how trading can be made easier.

welcome. and keep up. fast moving thread.
Welcome Samuel,


Mike
  • #116,383
  • Aug 27, 2012 6:42am Aug 27, 2012 6:42am
Quoting Pinbar
Are you saying that this is a live chart with current price?
I mean the whole WIPG thing assumes that this bar broke right.
If it has not yet broken, it is not a trade.
Oh, you guys are right. I totally forgot that this bar did not even break. I will upload a new chart with the broken BEOB in a minute. Sorry for the confusion.
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,384
  • Aug 27, 2012 6:52am Aug 27, 2012 6:52am
Day 2 of WIPG (correction!)

I'm sorry I totally forgot to start this WIPG with a break of the bar (i.e. BEOB) which makes it a classical J16 trade. Thanks to PB and Mike for pointing that out. To all new people: until now it has not been a valid J16 trade (except you traded the little retrace of that BEOB).

So here's the corrected chart with a broken BEOB. Everyone's invited to post his/her analysis and mark their stop losses on the chart.

Quoting mbqb11
This is a good exercise Han
Thanks, Mike. Next time I'll get it right from the beginning.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 120827_02_wipg.jpg Size: 53 KB
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,385
  • Aug 27, 2012 7:00am Aug 27, 2012 7:00am
Not trying to complicate things, but would the PBT'ers take this trade like this...? Before the bar breaks when it retraces right to the area of LCS?
Attached Image (click to enlarge)
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  • #116,386
  • Aug 27, 2012 7:14am Aug 27, 2012 7:14am
Here's my take anyway...
Attached Image (click to enlarge)
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  • #116,387
  • Aug 27, 2012 7:47am Aug 27, 2012 7:47am
Quoting Chanya
After three years of stumbling , I came across this thread , Now , after 1 month of learning ( From Ghous ) and now , after three months of demoing , I am going to go Live . Wish me Luck ....
hey, nice to hear

I'm pretty sure you'll handle this nicely.

please keep up posting your charts!
Slow & steady
  • #116,388
  • Aug 27, 2012 7:59am Aug 27, 2012 7:59am
[quote=mbqb11;5960945]
Quoting samuelngugi

Welcome Samuel,


Mike
Hi Mike,

are you still in the usdcad trade? the price has return back to the pin bar, but it seems we might have some resistance in this area 0.9900 , I am still buying this pair but usually usdcad goes lower in the last week of the month.
  • #116,389
  • Aug 27, 2012 8:02am Aug 27, 2012 8:02am
Quoting migmac
Hi Mike,

are you still in the usdcad trade? the price has return back to the pin bar, but it seems we might have some resistance in this area 0.9900 , I am still buying this pair but usually usdcad goes lower in the last week of the month.
Hey Mig

Yep I have my stop at b/e 9883 and just letting it go since it's a free trade. I was looking to see if we could work up towards parity but we are getting stuck in a range.

Best
Mike
  • #116,390
  • Aug 27, 2012 8:09am Aug 27, 2012 8:09am
Hi All,

I shorted GBP/AUD on a pinbar at an area I thought was significant resistance. I know the pinbar was not large compared to the nearby bars, but I thought the level made it a good bet to go down. Does anyone see anything I missed here? Or perhaps I shouldn't have even considered that pin?

Thanks,
Slider
Attached Image (click to enlarge)
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  • #116,391
  • Aug 27, 2012 8:13am Aug 27, 2012 8:13am
Quoting Slider20
Hi All,

I shorted GBP/AUD on a pinbar at an area I thought was significant resistance. I know the pinbar was not large compared to the nearby bars, but I thought the level made it a good bet to go down. Does anyone see anything I missed here? Or perhaps I shouldn't have even considered that pin?

Thanks,
Slider
Hey Slider

I think a bar like this is tricky. Weak close after a stronger up move coming on a friday. To me these bars often just go to the FTA and reverse. I'd like to see much more confluence and a stronger close to have confidence to short. Otherwise what I told people in the PF is a bar like this needs to be watched tightly and stops moved QUICK. Taking a full bar loss on a bar like this is not a smart one. We need to watch the FTA and the left eye

Here was my chart just showing those two areas

Best
Mike
Attached Image (click to enlarge)
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  • #116,392
  • Aug 27, 2012 8:39am Aug 27, 2012 8:39am
Quoting mbqb11
Hey Slider

I think a bar like this is tricky. Weak close after a stronger up move coming on a friday. To me these bars often just go to the FTA and reverse. I'd like to see much more confluence and a stronger close to have confidence to short. Otherwise what I told people in the PF is a bar like this needs to be watched tightly and stops moved QUICK. Taking a full bar loss on a bar like this is not a smart one. We need to watch the FTA and the left eye

Here was my chart just showing those two areas

Best
Mike
I see it now, thank you. I didn't even consider the weak close. I tightened my stop to a nearer resistance level on the H1. Won't get dinged badly if it's hit.

What do you look for in the left eye? does this provide an S/R point?
  • #116,393
  • Aug 27, 2012 8:53am Aug 27, 2012 8:53am
Quoting mbqb11
Hey Mig

Yep I have my stop at b/e 9883 and just letting it go since it's a free trade. I was looking to see if we could work up towards parity but we are getting stuck in a range.

Best
Mike
Mike, or anyone I guess...

I am starting to see you guys talk about parity, what do you mean by this exactly..?

I have read through the first few hundred pages, and then about the last whatever (since I started posting) and I have not heard that word mentioned yet..

Thanks
  • #116,394
  • Aug 27, 2012 9:01am Aug 27, 2012 9:01am
Quoting deltaskelta
Mike, or anyone I guess...

I am starting to see you guys talk about parity, what do you mean by this exactly..?

I have read through the first few hundred pages, and then about the last whatever (since I started posting) and I have not heard that word mentioned yet..

Thanks
parity simply is when a currency vs another currency = 1

so that would be 1.0000

Best
Mike
  • #116,395
  • Aug 27, 2012 9:02am Aug 27, 2012 9:02am
Quoting Slider20
I see it now, thank you. I didn't even consider the weak close. I tightened my stop to a nearer resistance level on the H1. Won't get dinged badly if it's hit.

What do you look for in the left eye? does this provide an S/R point?
Hey Slider

Yes often the left eye will provide an area of protection or s/r. For example in the gbp/aud besides that left eye there is not much to hold price down. So if that left eye gives likely price will start to attempt to work higher

Best
Mike
  • #116,396
  • Aug 27, 2012 9:16am Aug 27, 2012 9:16am
Corect me if I am wrong, but from what I get, the Bar Patterns (PB, BEOB, BUOB, IB, DBHLC, etc) are just a confirmation tool that a supply/demand or S/R level is strong and that it should provide strong reactions (bounces or breaks)?
I don't need easy. I just need possible.
  • #116,397
  • Aug 27, 2012 9:26am Aug 27, 2012 9:26am
Quoting patapouer
hey, nice to hear

I'm pretty sure you'll handle this nicely.

please keep up posting your charts!
Why are you going through my old posts ???
Human
  • #116,398
  • Aug 27, 2012 9:36am Aug 27, 2012 9:36am
Quoting mbqb11
Hey Slider

Yes often the left eye will provide an area of protection or s/r. For example in the gbp/aud besides that left eye there is not much to hold price down. So if that left eye gives likely price will start to attempt to work higher

Best
Mike
Thank you Mike!
  • #116,399
  • Aug 27, 2012 9:43am Aug 27, 2012 9:43am
Quoting DaGrizlyBull
Corect me if I am wrong, but from what I get, the Bar Patterns (PB, BEOB, BUOB, IB, DBHLC, etc) are just a confirmation tool that a supply/demand or S/R level is strong and that it should provide strong reactions (bounces or breaks)?
Yes, in my opinion that's what they are. All that a chart projects is the supply and demand equation that expresses itself in support and resistance levels, different price patterns and last but not least J16 setups. I believe pinbars, BEOB/BUOB etc. are among the best indicators for a strong level you will ever find. If you also learn how to evaluate the S/R itself you have a very, very powerful tool for your trading.
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,400
  • Aug 27, 2012 10:23am Aug 27, 2012 10:23am
Quoting Chanya
After three years of stumbling , I came across this thread , Now , after 1 month of learning ( From Ghous ) and now , after three months of demoing , I am going to go Live . Wish me Luck ....
Cool, Altough didnt you mention to me that you had been live trading Jarroo's method for 7 months and successfully for 4 months ? My mistake.
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