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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

  • #124,821
  • Apr 20, 2013 12:47pm Apr 20, 2013 12:47pm
Quoting Magestic
This is my easiest posion size calculator. Just excel file. Update. You may also need tick value indicator. {file} {file}
Magestic,

Thanks for your files. I think you have an error in your position size calculator though. Your calculator is giving a position size that is 10 times too big for the amount you want to risk. I fixed it on my spreadsheet, but you may want to correct it on your file too.
  • #124,822
  • Apr 20, 2013 3:13pm Apr 20, 2013 3:13pm
Quoting Fx-chriz
Here have also spotted a weekly pinbar on USD JPY, which suggests a upward move and continuation of the present trend. Will enter few pips above the previous bar. As shown on graph. (using 25 50 100 and 150 ema) Chris, {image}
Becareful man, this is not the kind of pinbar you wanna trade.... what people usually trade here is pinbar that is located in valuable area and in case of uptrend must be located in "higher low"....good luck
  • #124,823
  • Apr 20, 2013 3:58pm Apr 20, 2013 3:58pm
Quoting Fx-chriz
Here is the daily chart image. Sorry for sep reply. {image}
Hi Fx-chriz

For me price still in the box.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddaily 2.png Size: 38 KB
  • #124,824
  • Apr 20, 2013 6:51pm Apr 20, 2013 6:51pm
Quoting Fx-chriz
Here have also spotted a weekly pinbar on USD JPY, which suggests a upward move and continuation of the present trend. Will enter few pips above the previous bar. As shown on graph. (using 25 50 100 and 150 ema) Chris, {image}
Just my newbie opinion but,

Many times pin bars at the "wrong" locations (bullish after an up swing, bearish after a down swing) tend to go in the opposite direction.
Plus.....we haven't closed above that previous weekly bearish pin bar...a very nice pin on my feed. Plus.....on my monthly chart price hit the 150 ema (also seems to be a s/r area) and backed off. Monthly has also been in an overall downtrend for quite a while now.

I'd be looking to sell once price breaks away from the box (and the beob) on the 5 min. chart. I think we might be in for a nice long bearish swing.
  • #124,825
  • Apr 21, 2013 4:11am Apr 21, 2013 4:11am
Quoting TrendTradr
Magestic, Thanks for your files. I think you have an error in your position size calculator though. Your calculator is giving a position size that is 10 times too big for the amount you want to risk. I fixed it on my spreadsheet, but you may want to correct it on your file too.
Hello. It is correct. The example there shows 980 deposit and 3% of risk that =arond 30 risk. If it was 10 times bigger it would show 300 risk. Check if you have sl and tick value like mine. I mean 5 digits after whole part f.e. 1,00000
If not up, then down, otherwise sideways :-)
  • #124,826
  • Apr 21, 2013 10:54am Apr 21, 2013 10:54am
Quoting Fx-chriz
Here have also spotted a weekly pinbar on USD JPY, which suggests a upward move and continuation of the present trend. Will enter few pips above the previous bar. As shown on graph. (using 25 50 100 and 150 ema) Chris, {image}
yes we do have a pinbar here, but you really dont want to buy high in case you seriously want to gain profits in the long run
Hero calls followed by margin calls...
  • #124,827
  • Apr 21, 2013 11:05am Apr 21, 2013 11:05am
Quoting mbqb11
welcome Stephen! Drop me a line if you need anything Enjoy Mike
guess im not up-to-date .... what's PF ?^^
Hero calls followed by margin calls...
  • #124,828
  • Apr 21, 2013 11:56am Apr 21, 2013 11:56am
hey guys! ive been trading forex for two years been to this thread many times but just got discouraged by the amount of content id have to go through to learn something...

Really like the trading style u have and keeping it simple. i wish to do the same play with only s/r, tl , fib, bar exhaustion and chart patterns.

First yr uni almost done and then i have 4 months off to go through all the info on this thread before joining.. Any suggestions on the best way to approch it?

Cheers
  • #124,829
  • Apr 21, 2013 12:36pm Apr 21, 2013 12:36pm
Quoting PhAnTi'
guess im not up-to-date .... what's PF ?^^
Hi PhAnTi,
PF=Private forum (http://www.james16group.us/)

Mav
  • #124,830
  • Apr 21, 2013 12:53pm Apr 21, 2013 12:53pm
Quoting jibjib210
hey guys! ive been trading forex for two years been to this thread many times but just got discouraged by the amount of content id have to go through to learn something... Really like the trading style u have and keeping it simple. i wish to do the same play with only s/r, tl , fib, bar exhaustion and chart patterns. First yr uni almost done and then i have 4 months off to go through all the info on this thread before joining.. Any suggestions on the best way to approch it? Cheers
Hi jibjib210 and welcome,
I´d suggest to pay close attention to first post, you´ll find here some minimum requirements we should respect. You´ll find here some useful summaries too. You should definitely go though all James16 posts and charts, watch videos in guest section here on http://www.james16group.us/ and I can recommend also posts and charts posted by Mike (mbqb11). As you said the thread is huge but it´s usually good to go through at least first and last few hundred pages, then you´ll know whose posts and charts are best for your style.

I hope this helps you at least a little

Mav
  • #124,831
  • Apr 21, 2013 1:17pm Apr 21, 2013 1:17pm
Quoting Fx-chriz
Here is the daily chart image. Sorry for sep reply. {image}
Hey Chriz

Welcome to the thread

I'd like to see more information here. We don't really have any j16 type bar confirmations so it kind of leaves us in a weird place. From a daily perspective we can actually see price boxing on top of each other show we are in consolidation. If the area I marked in a red box doesn't break strong that PPZ(price pivot zone), or flip b/w support and resistance could continue to hold

Hope everyone had a nice weekend
Mike
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  • #124,832
  • Apr 21, 2013 1:26pm Apr 21, 2013 1:26pm
Quoting dipie
Becareful man, this is not the kind of pinbar you wanna trade.... what people usually trade here is pinbar that is located in valuable area and in case of uptrend must be located in "higher low"....good luck
Yep be careful with these. Start off by location bullish pinbars at good swing lows. They are easier to play and manage in my view

Best
Mike
  • #124,833
  • Apr 21, 2013 1:27pm Apr 21, 2013 1:27pm
Quoting long2339
Hi Fx-chriz For me price still in the box. {image}
Great job L!


Mike
  • #124,834
  • Apr 21, 2013 2:08pm Apr 21, 2013 2:08pm
Hey guys,

What do you think about this chfjpy weekly pin bar as a trend continuation:

Positive:
Strong ppz with 105 BRN has been broken through (practically historical top is broken)
Huge pin bar
There is space for the trade
Gap has been filled
negative:
The "suspicion" of MACD divergence
The pair has been rising for a long time (historical top...), still betting for further rising?.....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chf jpy historical.gif Size: 17 KB
Click to Enlarge Name: chf jpy historical2.gif Size: 19 KB
  • #124,835
  • Apr 21, 2013 4:14pm Apr 21, 2013 4:14pm
bit offtopic...does anyone use this computer screen for trading ?

Attached Image (click to enlarge)
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best,
Jonas
Hero calls followed by margin calls...
  • #124,836
  • Apr 21, 2013 4:53pm Apr 21, 2013 4:53pm
Quoting PhAnTi'
bit offtopic...does anyone use this computer screen for trading ? {image} best, Jonas


very interesting.
I have to buy
  • #124,837
  • Apr 21, 2013 5:18pm Apr 21, 2013 5:18pm
Quoting PhAnTi'
bit offtopic...does anyone use this computer screen for trading ? {image} best, Jonas
I think that 2 (or more) monitors is a better option.
  • #124,838
  • Apr 21, 2013 7:33pm Apr 21, 2013 7:33pm
Quoting Microtrader_
Hey guys, What do you think about this chfjpy weekly pin bar as a trend continuation: Positive: Strong ppz with 105 BRN has been broken through (practically historical top is broken) Huge pin bar There is space for the trade Gap has been filled negative: The "suspicion" of MACD divergence The pair has been rising for a long time (historical top...), still betting for further rising?..... {image} {image}
Hey Micro

I'd be careful here, these are always tempting but I see these offer lots of trouble for most traders. Remember we want to locate pinbars at swing lows, where this is a swing high(as yoU mentioned). So you end up buying right into that last point of selling. makes it very tricky. If it doesn't just break hard this thing could easily break that last high just above your pinbar and fall right back down

Best
Mike
  • #124,839
  • Apr 21, 2013 11:53pm Apr 21, 2013 11:53pm
Hi everyone,

Recently got into FOREX trading and upon stumbling on James16's thread, I believe that this might be a good place to start learning.

As per recommendation of Jim, I will only be trading on Daily timeframes for about three months. (This might be a good time for me to start a trading fund as well)

The first thing I would definitely want to master is to spot basic price action patterns. Since I am new, I am humbly asking for everyone's help.

Without further ado, would you kindly take a look at my daily chart on EURUSD. It seems to me that a DBHLC has formed which would signal a downtrend.

If it would break the 61.8 Fib level, my thought process is telling me to buy on confluence as indicated on the picture. (Will wait for price action before buying, of course.)

Is my thought process correct? Do let me know and thank you very much in advance.

I'd also like to take this opportunity to thank Jim and the rest of the James16 members for helping out the new members. Amazing thread.

Regards,
Andrew
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  • #124,840
  • Apr 22, 2013 12:53am Apr 22, 2013 12:53am
Quoting mbqb11
{quote} Hey Micro I'd be careful here, these are always tempting but I see these offer lots of trouble for most traders. Remember we want to locate pinbars at swing lows, where this is a swing high(as yoU mentioned). So you end up buying right into that last point of selling. makes it very tricky. If it doesn't just break hard this thing could easily break that last high just above your pinbar and fall right back down Best Mike
Thanks Mike, I did not trade it yesterday, but I thought reading the opinion of professionals can be very useful. And I thought right.
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