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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

  • #126,321
  • Jun 21, 2013 1:46pm Jun 21, 2013 1:46pm
Thought I'd post this chart..
GU, price breaks down through strong support.
Retraces back to it and stalls, beob forms..
Sold at break of beob, tp placed at ppz coinciding with 50 fib of the major move up.

Tp hit.. almost to the pip

some could move to be after taking a partial profit here, however, my position size was too small to allow for a partial tp

It's amazing what j16 pa combined with s/r can do..

have a good weekend everyone
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  • #126,322
  • Jun 21, 2013 3:24pm Jun 21, 2013 3:24pm
Koz,

Looked like a good trade. Just so I can learn more, did you wait for the close of the BEOB or just a market move lower? Personal prefrence?

Second, were you not worried about that previos swing low support sitting around 1.5400, or is soemthing like that too small?
  • #126,323
  • Jun 21, 2013 11:53pm Jun 21, 2013 11:53pm
Quoting Soundz
Koz, Looked like a good trade. Just so I can learn more, did you wait for the close of the BEOB or just a market move lower? Personal prefrence? Second, were you not worried about that previos swing low support sitting around 1.5400, or is soemthing like that too small?
Hi Soundz,
I placed a sell stop a few pips below the low of the beob, after it closed.
Entering at the close is a more aggressive method, and personally I haven't tested it enough to incorporate it into my live trading yet.
In regards to the price swing around 1.541, I was counting on price breaking through it . However, it would be the ideal area to move initial stop to BE. For some, this area could also be a full or partial tp.
There are many ways of using the j16 material, it's really all about trying things on demo first, fine tuning, and finding a method that works for you.

Cheers,
K
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  • #126,324
  • Jun 22, 2013 12:51am Jun 22, 2013 12:51am
State bank of India (SBIN) - You can access this at barcharts.com

I need some advice on swing failure patterns.

I made a long entry on June 15th based on a bullish swing failure pattern on the weekly chart. Unfortunately, price has not moved in the desired direction. Instead now a BEOB has formed on the weekly. Meanwhile, at the end of this week (June 21st) I am staring at another bullish sfp on the daily TF for the same stock.


So my question is - should I exit my position because of the beob that has formed on the weekly chart or should I hold onto my long position and perhaps add more because a bullish sfp has formed on the daily.
I am a newbie .. so apologies if it is a no brainer for you all.


Thanks
Attached File(s)
File Type: pdf SBIN_DAILY1.pdf   51 KB | 585 downloads
File Type: pdf sbin_weekly1.pdf   56 KB | 522 downloads
  • #126,325
  • Jun 22, 2013 1:21am Jun 22, 2013 1:21am
Quoting giggles
State bank of India (SBIN) - You can access this at barcharts.com I need some advice on swing failure patterns. I made a long entry on June 15th based on a bullish swing failure pattern on the weekly chart. Unfortunately, price has not moved in the desired direction. Instead now a BEOB has formed on the weekly. Meanwhile, at the end of this week (June 21st) I am staring at another bullish sfp on the daily TF for the same stock. So my question is - should I exit my position because of the beob that has formed on the weekly chart or should I hold...
Hey Giggles,

I am quoting from my previous response to the same setup:

Quote
Looking at the strong confluence, but a contradictory bigger picture, this one at best is a tricky setup, where I would want a nice strong early move in my direction to confirm a fake out situation. A fake out is most prominent and defined when you can clearly see that broken support fails to turn into resistance and vice versa. Here, price has trickled down under support it. If this is a true fake out, price should urgently rise back up above the trend line which validates a long trade. Should it decide to hang about or retest the fake out bar...

It was always going to be very tricky going long under the huge support trend line. The one thing that would have added to the strength of the setup would have been a nice early push straight back into the trend line to confirm the presence of strong bullish order flow that could have lead a swing failure.

As far as the daily SFP is concerned, I wouldn't use it to gather confidence for the weekly trade or worse still, add another long position as it still is very much part of the same story (i.e price trickling down under a long term support trend line)

g.
I believe . . .
  • #126,326
  • Jun 22, 2013 1:29am Jun 22, 2013 1:29am
Quoting ghous
{quote} Hey Giggles, I am quoting from my previous response to the same setup: {quote} It was always going to be very tricky going long under the huge support trend line. The one thing that would have added to the strength of the setup would have been a nice early push straight back into the trend line to confirm the presence of strong bullish order flow that could have lead a swing failure. As far as the daily SFP is concerned, I wouldn't use it to gather confidence for the weekly trade or worse still, add another long position as it still is very...
There is a strong reason why I don't prefer to talk much about SFPs here at the J16 thread, even when it is the primary trigger for all my trades now. Its the fear that newbies learning the J16 basics will get carried away and use an advanced concept like the SFP to enhance their trading approach and in the effort lose track of the very basics.

Nothing too cool about going long on a bullish pin bar that is heading straight back into a support trend line and into tonnes of consolidation (not picking on you Giggles, just using your trade as a launchpad for a mini rant). The fact that its also an SFP is what can drag a lot of people experimenting with SFPs to go for the trade. But there is something that you must understand:

TRADING THE SFPs IS NOT A DENIAL OF THE BASIC MARKET DYNAMICS OF SUPPORT AND RESISTANCE. ITS JUST ABOUT USING THE SAME BASIC J16 CONCEPTS IN A MORE ADVANCED FASHION

Trade safe guys and don't go about exploring advanced methods and techniques till you get a very good hang of the basics.

g.
I believe . . .
  • #126,327
  • Jun 22, 2013 4:04am Jun 22, 2013 4:04am
Quoting kosmiczny
Thought I'd post this chart.. GU, price breaks down through strong support. Retraces back to it and stalls, beob forms.. Sold at break of beob, tp placed at ppz coinciding with 50 fib of the major move up. Tp hit.. almost to the pip some could move to be after taking a partial profit here, however, my position size was too small to allow for a partial tp It's amazing what j16 pa combined with s/r can do.. have a good weekend everyone {image}
Thanks for the nice explanation.
  • #126,328
  • Jun 22, 2013 4:25am Jun 22, 2013 4:25am
Quoting ghous
{quote} There is a strong reason why I don't prefer to talk much about SFPs here at the J16 thread, even when it is the primary trigger for all my trades now. Its the fear that newbies learning the J16 basics will get carried away and use an advanced concept like the SFP to enhance their trading approach and in the effort lose track of the very basics. Nothing too cool about going long on a bullish pin bar that is heading straight back into a support trend line and into tonnes of consolidation (not picking on you Giggles, just using your trade as...
Thanks for the superb insights. Just realized ... its not so simple I know now I have a long long way to go. Shucks.
  • #126,329
  • Jun 22, 2013 4:54am Jun 22, 2013 4:54am
Inside bar on GBP/AUD daily. What does this inside bar mean? Change of trend or continuation of trend? I don't see too many confluence.

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  • #126,330
  • Jun 22, 2013 5:46am Jun 22, 2013 5:46am
Quoting str8
Inside bar on GBP/AUD daily. What does this inside bar mean? Change of trend or continuation of trend? I don't see too many confluence. {image}
By its nature an IB doesnt mean anything more than consolodation. price can break away in any direction. it is basicaly a breakout setup.

jon
PATIENCE... DISCIPLINE
  • #126,331
  • Jun 22, 2013 6:21am Jun 22, 2013 6:21am
Quoting ghous
{quote} There is a strong reason why I don't prefer to talk much about SFPs here at the J16 thread, even when it is the primary trigger for all my trades now. Its the fear that newbies learning the J16 basics will get carried away and use an advanced concept like the SFP to enhance their trading approach and in the effort lose track of the very basics. Nothing too cool about going long on a bullish pin bar that is heading straight back into a support trend line and into tonnes of consolidation (not picking on you Giggles, just using your trade as...
Now, I know why I did not hear about it for 3 years.
That said, I totally agree with the logic of the exclusion.

When Fall arrives, the leaves will fall from the tree, they don't need to be told!
  • #126,332
  • Jun 22, 2013 6:23am Jun 22, 2013 6:23am
Quoting g_j_hook@yah
{quote} By its nature an IB doesnt mean anything more than consolodation. price can break away in any direction. it is basicaly a breakout setup. jon
Not sure, that I agree with that comment on IB's as, my understanding of them is more like a Doji where price is showing indecision, unlike consolidation that has a clear top and bottom.
  • #126,333
  • Jun 22, 2013 6:42am Jun 22, 2013 6:42am
Quoting giggles
State bank of India (SBIN) - You can access this at barcharts.com I need some advice on swing failure patterns. I made a long entry on June 15th based on a bullish swing failure pattern on the weekly chart. Unfortunately, price has not moved in the desired direction. Instead now a BEOB has formed on the weekly. Meanwhile, at the end of this week (June 21st) I am staring at another bullish sfp on the daily TF for the same stock. So my question is - should I exit my position because of the beob that has formed on the weekly chart or should I hold...
Giggles, Just post screenshots with the forum tools available, rather than posting a PDF file.
Use this tool.
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  • #126,334
  • Edited 7:06am Jun 22, 2013 6:51am | Edited 7:06am
For Ghous

Any chance you could give us a quick insight into what led you to research the SFP?

Meaning was it after you first learned PA and if so, why did you seek an alternative method of entry,
I am of course assuming that, the large SL on a regular PA entry led you to research more into this.
As is, my personal situation.

EDit' Because of the nature of this post, you could always shoot me a quick PM.

Don't particularly want to open a fresh can of worms, for new people to get confused with.
  • #126,335
  • Jun 22, 2013 6:58am Jun 22, 2013 6:58am
Quoting Pinbar
{quote} Not sure, that I agree with that comment on IB's as, my understanding of them is more like a Doji where price is showing indecision, unlike consolidation that has a clear top and bottom.
maybe i used the wrong phrase.. it can be indisicion, what i meant is it is a short term consilodation, or rest in price movement. Not the longer term consolodations like the boxes Mike shows. I would say it is a more neutral bar than a doji, especially if the doji is printed higher than the previous bar, like a gap or something (i forget the patterns name)
on my 1H chart the blue boxes are two days trading, im not sure if you would call that retracement/rest/consolodation?? I think that could be showing both indisicion and possibly value hunting or simply friday quiet, which is not nesecarily indisicion. (if that makes sense??)
regardless of the terminology i like to think of them as simply a rest in price movement. As such market dynamics may change in that period so it can break either way. Of course the rest of the story needs to be considered also to try and give it some context.
this is my take on them at least..??

thanx for bringing it up PB.

jon
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PATIENCE... DISCIPLINE
  • #126,336
  • Jun 22, 2013 7:04am Jun 22, 2013 7:04am
Quoting g_j_hook@yah
{quote} maybe i used the wrong phrase.. it can be indisicion, what i meant is it is a short term consilodation, or rest in price movement. Not the longer term consolodations like the boxes Mike shows. I would say it is a more neutral bar than a doji, especially if the doji is printed higher than the previous bar, like a gap or something (i forget the patterns name) on my 1H chart the blue boxes are two days trading, im not sure if you would call that retracement/rest/consolodation?? I think that could be showing both indisicion and possibly value...
Personally. I view the IB as being an indecision bar but, I really do not trust it unless, it really has its back to the wall, like the top or bottom of consolidation or sitting on a level or RN.

PS: Actualy the Japanese meaning of a Doji is a neutral bar because it means the open and close are the same.
Having lived in Japan for 30 years, comes in handy sometimes.
  • #126,337
  • Jun 22, 2013 7:28am Jun 22, 2013 7:28am
Quoting Pinbar
{quote} Personally. I view the IB as being an indecision bar but, I really do not trust it unless, it really has its back to the wall, like the top or bottom of consolidation or sitting on a level or RN. PS: Actualy the Japanese meaning of a Doji is a neutral bar because it means the open and close are the same. Having lived in Japan for 30 years, comes in handy sometimes.
I dont think we are seeing these bars too differently PB, but i agree completely that it is where they happen that is important.

jon

EDIT: what time is there now?? shouldnt you be asleep??
PATIENCE... DISCIPLINE
  • #126,338
  • Jun 22, 2013 8:01am Jun 22, 2013 8:01am
Just turned 9 pm here in China.

I will revisit the the glass and retire soon as, I have been at it since 2 pm.
  • #126,339
  • Jun 22, 2013 10:48am Jun 22, 2013 10:48am
Quoting giggles
{quote} Thanks for the superb insights. Just realized ... its not so simple I know now I have a long long way to go. Shucks.
Hey Giggles,

There is always a long way to go. When it comes to learning and acquiring knowledge this is, or rather should be, an endless journey. That's why following your passions is so important. If you are passionate about something its only natural to dig deeper and deeper into it.

People most likely to struggle with trading are the ones who get attracted to it because of the potential for money and financial freedom only. People most likely to succeed are the ones who have an inherent passion for the game itself. If you are passionate about trading, the will to give it all the time it requires and all the research it requires and all the effort it requires is natural rather than a function of counting countless hours.

Accept this as a challenge, and bring it upon you to conquer this as part of a never ending conquest to know more and more about this art.

g.
I believe . . .
  • #126,340
  • Jun 22, 2013 10:53am Jun 22, 2013 10:53am
setup next weekly
http://i1243.photobucket.com/albums/...psa8418ce8.jpg
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