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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

  • #122,301
  • Jan 9, 2013 10:34pm Jan 9, 2013 10:34pm
Quoting jarroo
Yes I would agree with your chart . . but I've seen Price Bam!! down (your chart example) from both approaches from a Strong (key word Strong) Level.

That second approach on your chart is very good . .where Price is plotting upward methodically like strong soldiers through a weak enemy line . . .turning a Resistance level in to Support.

Thanks Jim for the explanation.
Yes, I have also seen strong rallies break through these areas sometimes, this is where we have to trade what we see and not what we think.
  • #122,302
  • Jan 9, 2013 10:34pm Jan 9, 2013 10:34pm
Quoting livethedream
Thanks! Buy order placed.

If you don't mind would you be able to advise on a proper James16 style of stop loss/take profit in a trade such as this. I don't remember reading much about that in the reading I've done so far.

Current stop loss and take profit are at 100 pips sl and 200 pips tp respectively, but I don't like how close my stop loss is, and my numbers are obviously just round numbers and don't relate to the current price action... which is what I would like for them to be.

Thanks again!
Mostly James16 style of trade management is based on the PA formation and it immediate target(s). . .which I take that you understand.

Are there any past levels (PPZ levels, etc) that are aligned with this trade? This will help on your targets and S/L placement.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,303
  • Jan 9, 2013 10:43pm Jan 9, 2013 10:43pm
Quoting jarroo
Mostly James16 style of trade management is based on the PA formation and it immediate target(s). . .which I take that you understand.

Are there any past levels (PPZ levels, etc) that are aligned with this trade? This will help on your targets and S/L placement.

Jim
Yes I understand. 3 of the past 6 daily charts appear to have the same low, which is also a key round number, so a stop loss placed directly below this level seems appropriate.

Now to just find a proper T/P level.

Thanks,
Scott
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #122,304
  • Jan 9, 2013 10:54pm Jan 9, 2013 10:54pm
Quoting Pinbar
Did you watch the introduction to Pivot Zones video in the guest area?
Hi Pinbar

Any chance of you posting the link for that video. Can't seem to find it

thanks

hally
Learning for Earning and Trading for Freedom
  • #122,305
  • Jan 9, 2013 11:01pm Jan 9, 2013 11:01pm
Quoting livethedream
Yes I understand. 3 of the past 6 daily charts appear to have the same low, which is also a key round number, so a stop loss placed directly below this level seems appropriate.

Now to just find a proper T/P level.

Thanks,
Scott
Looking at the past Weekly levels which are in play now . . we have PPZ level around the 93.15ish level . .that a good target . .
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Indicators show the past. Price Action "Indicates" the future.
  • #122,306
  • Jan 9, 2013 11:02pm Jan 9, 2013 11:02pm
Two BUB bars followed by a Pin Bar (indicated by the arrows). Possible reversal in the works?

Am I reading this chart correctly?


http://scottbprice.com/wp-content/up...013/01/t11.png
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #122,307
  • Jan 9, 2013 11:05pm Jan 9, 2013 11:05pm
Quoting jarroo
Looking at the past Weekly levels which are in play now . . we have PPZ level around the 93.15ish level . .that a good target . .
Thanks for your analysis. I'm going to have to do some research on PPZ levels as I'm not exactly sure on how you drew that exact number. Still very new to some of this stuff.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #122,308
  • Jan 9, 2013 11:12pm Jan 9, 2013 11:12pm
Quoting livethedream
Thanks for your analysis. I'm going to have to do some research on PPZ levels as I'm not exactly sure on how you drew that exact number. Still very new to some of this stuff.
hi scott

pinbar just posted a link to a video on PPZ at the top of this page cause i was asking a similar question yesterday

haven't had a chance to have a look yet. probably later on tonight

cheers

hally
Learning for Earning and Trading for Freedom
  • #122,309
  • Jan 9, 2013 11:13pm Jan 9, 2013 11:13pm
Quoting livethedream
Thanks for your analysis. I'm going to have to do some research on PPZ levels as I'm not exactly sure on how you drew that exact number. Still very new to some of this stuff.

Watch the videos on the J16 PF

I changed the link to the actual Guest area so you can watch them all.

Sure, here you go.

http://www.james16group.us/guestdisclaimer.html

Just click on the link above then, click "I agree" to the disclaimer and, go to the guest materials.
  • #122,310
  • Jan 9, 2013 11:19pm Jan 9, 2013 11:19pm
Quoting livethedream
Two BUB bars followed by a Pin Bar (indicated by the arrows). Possible reversal in the works?

Am I reading this chart correctly?



Quoting livethedream
Thanks for your analysis. I'm going to have to do some research on PPZ levels as I'm not exactly sure on how you drew that exact number. Still very new to some of this stuff.

PPZone levels are a Zone . . .notice I put the "ish" at the end of that number .. . .its not an exact level.


Practice more at finding Weekly and Daily PPZ levels . .there are basically where Support and Resistance levels met. . .and where we like to see PA formations. . .be they Bearish or Bullish PA.

Notice where the Highs and the Lows met on this chart . .its a PPZ level . .Support turning into Resistance and vice versa . .look for them on the Daily and Weekly Time Frames . .
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #122,311
  • Jan 9, 2013 11:41pm Jan 9, 2013 11:41pm
Thanks guys! I'll def. be watching the Pivot Zones video tomorrow to get a better understanding of how to spot these "zones". Time to call it a night for me tonight though.

By the way I love the 100 pips per month read. http://www.james16group.us/Guests/gu...thread.php.htm

Very inspirational.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #122,312
  • Jan 9, 2013 11:57pm Jan 9, 2013 11:57pm
Quoting livethedream
Thanks guys! I'll def. be watching the Pivot Zones video tomorrow to get a better understanding of how to spot these "zones". Time to call it a night for me tonight though.

By the way I love the 100 pips per month read. http://www.james16group.us/Guests/gu...thread.php.htm

Very inspirational.

Indicators show the past. Price Action "Indicates" the future.
  • #122,313
  • Jan 10, 2013 12:09am Jan 10, 2013 12:09am
Quoting jarroo
Looking at the past Weekly levels which are in play now . . we have PPZ level around the 93.15ish level . .that a good target . .
Hi Jarroo, if you don't mind explaining...
in this case, there are 2 possibilities, price will bounce back from 93.15ish, or breakthrough....

which one do you see will happen? and why?

thank you
  • #122,314
  • Jan 10, 2013 12:23am Jan 10, 2013 12:23am
Quoting laoshi
Hi Jarroo, if you don't mind explaining...
in this case, there are 2 possibilities, price will bounce back from 93.15ish, or breakthrough....

which one do you see will happen? and why?

thank you
We'll have to see if Price can touch through that Zone and where Price Closes in relation to that Zone on the Daily and Weekly. The Round Number 93.00 may give us a clue if the Zone is acting as Resistance. . . .in other words . . If Price touches through that Zone and can't Close above it and it Closes below it . . it would indicate to me that its a Resistance Level/Zone and bearish PA would be a good confirmation that Price could be heading downward . . . .hope that makes sense.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,315
  • Jan 10, 2013 12:58am Jan 10, 2013 12:58am
Quoting jarroo
We'll have to see if Price can touch through that Zone and where Price Closes in relation to that Zone on the Daily and Weekly. The Round Number 93.00 may give us a clue if the Zone is acting as Resistance. . . .in other words . . If Price touches through that Zone and can't Close above it and it Closes below it . . it would indicate to me that its a Resistance Level/Zone and bearish PA would be a good confirmation that Price could be heading downward . . . .hope that makes sense.


Jim

ooow. so you never SellLimit before there are confirmation.

thanx Jim
  • #122,316
  • Jan 10, 2013 1:34am Jan 10, 2013 1:34am
Hi,

I will like to check with the seniors on the Fiber chart (Daily). I have attached the chart.

If I were to short the PB (boxed in-red, I will like to have 3 TPs, as illustrated in the chart.

But, I also practice not to be too big-appetite, so I take half at 1st line, another half at 2nd line. I am on demo, and will like to read feedback.

Thank you.

fxbreeze
(steven)
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  • #122,317
  • Jan 10, 2013 1:56am Jan 10, 2013 1:56am
If the candle of today would close above the 290 Round Number this would be an excellent opportunity to go long with putting a buy limit onto the 290 level.
Any comments guys?
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  • #122,318
  • Jan 10, 2013 2:16am Jan 10, 2013 2:16am
Quoting Microtrader_
If the candle of today would close above the 290 Round Number this would be an excellent opportunity to go long with putting a buy limit onto the 290 level.
Any comments guys?
Looks to me like it has been trading between 288 & 293. 4 hour chart shows rejection from 293. Could still head back down further towards 288 level before heading back up again.

Have never looked at this chart before so no real idea how this one behaves.

I would be waiting for some price action and break of retrace on the 4 hour chart to confirm that it is heading back up again. 1st TP area at 290 and let some run to see if it heads back towards 293.

And for the second time I will say I have never looked at this chart before so I could be completely off the mark!!
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Learning for Earning and Trading for Freedom
  • #122,319
  • Jan 10, 2013 2:51am Jan 10, 2013 2:51am
Hi guys,

I would like to share with you a quick follow up on my learning of treating trading as a business.
Nothing much important, since I consider myself as a newbie in the field.
This is just a way for me to force myself to be proficient: I cannot present results I would let turn negative. If I start sharing what I am in, then I simply have to continue doing so... (if nobody minds )

Anyway.

Since we've been talking about James's "100 pips a month"... I came across James's post a while ago when trying to figure out how I could overcome some of the difficulties I face in trading. This was one of the light bulb moments that helped me.

My objectives are simple (as is trading: simple but not easy?)
1. 3 positive months demo trading in a row. This brings us to end of march '13.
2. 100 pips a month.
3. 3% return a month.

I took 3 trades so far since the begining of the year:

- CHFSGD:
Break of a D1 BEOB at 1.34RN/PPZ & 365EMA.
Trade closed when I realized thee BEOB was facing an ascending TL
Risk: 2%. Profit/loss: -0.5% (-60pips)

- GBPUSD
Break of a D1 PB at 1.63RN/PPZ, fake out "à la Ghous", double top, MACD D1 divergence.
TP1 @ FTA (+45 pips, +0.5%, RR 1:0.25).
TP2 @ 1.6BRN/PPZ + ascending TL + H4/H1 MACD bullish divergence (+188pips, + 1.9%, RR 1:1)

- USDCCK
Entry on the break of a D1 BUOB and of a small PPZ ahead where the 365EMA was.
TP @ 19.5-ish, at the the formation of a TMH at a PPZ + descending TL + H4 bearish divergence. Broken today, but nothing to regret
+27pips, RR 1:1, +14% . Well, seems I have overleveraged this position at 9:1 better have had this one in green than in red...

In conclusion:
1. Objectives completed. Just have to wait for the very best set ups till end January.
2. Better double check my position sizing...
3. Will I be patient enough for not entering so-so trades the rest of January??
4. and, more importantly: Yes, they are damn right. One can see his account growing while taking a very reasonable risk (this not being 9:1 ) and only few trades a month. Just have to listen to the big guys

All the best,
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Slow & steady
  • #122,320
  • Jan 10, 2013 3:06am Jan 10, 2013 3:06am
Hello guys, i want to ask a question just to check if i have a good understanding of Jaroo's method.
If the price on GbpAud close below that swing point of 1.5179, i will put a sell limit under it. Is it correct? Where should be my stop loss?
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