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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

  • #127,561
  • Aug 28, 2013 1:21am Aug 28, 2013 1:21am
Does anybody know the site where we can create FX alerts via SMS exept http://alertfx.com, that provides wide range of currency pairs?
If not up, then down, otherwise sideways :-)
  • #127,562
  • Aug 28, 2013 1:52am Aug 28, 2013 1:52am
Quoting Magestic
Does anybody know the site where we can create FX alerts via SMS exept http://alertfx.com, that provides wide range of currency pairs?
I would set up a VM server with some EAs, that send me e-mails. Or that's my plan at least. As far as I know you can get some free VM server at amazon. You install mt4 set the EA, and set e-mail sending.
About SMS i dont know - sorry

Stephen
It's all psychology...
  • #127,563
  • Aug 28, 2013 2:12am Aug 28, 2013 2:12am
Hello everyone, an avid, but silent reader here.

Do any of you watch EUR/NZD daily chart? Price went through an important resistance level and now it acts as support. Do you think a break out of the channel should be expected?

Thanks in advance for your feedback!

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  • #127,564
  • Aug 28, 2013 2:25am Aug 28, 2013 2:25am
Quoting bee24
I'm sorry, where can I find more on trading logic or in other words psychology behind buying, selling and so on? It's been mentioned here on some occasions but I can't find any posts explaining it in detail. Thanks
Just to add some details to Mike's trade what you see... :
Quoting joelcf
{quote} This should be a page 1 quote. If only more people thought like that! Take good bars in good places, watch for trouble areas and let the money sort itself out. Not that risk management isnt important - it just doesnt need to be overcomplicated like some people end up doing. My basic rule is 'dont act a fool'. Risking 1000 pips for a 20 pip gain? Dumb. Risking 50 for a trade that will almost certainly hit 30, probably hit 65 and possibly shoot off to 100+? Seems fine to me, even if some of the 'strict' interpretations of r:R would tell you...
Slow & steady
  • #127,565
  • Aug 28, 2013 3:47am Aug 28, 2013 3:47am
Subject: Trade entries

Please correct my understanding of trading entries as well as the most relevant one which is used for the J16 method and which one that should be advised for those starting off with the J16 material.

1. Market close of confirmation candle
2. Break of confirmation candle
3. Fib Retracement of confirmation candle

Thank you in advance

Mak
  • #127,566
  • Aug 28, 2013 4:47am Aug 28, 2013 4:47am
AUDJPY WEEKLY.
Price in a downtrend in the weekly charts. Strong close below the ppz and ascending trendline followed by retest of the ppz. Formation of beob. I entered when price touched brn 87
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  • #127,567
  • Aug 28, 2013 5:56am Aug 28, 2013 5:56am
could someone help me with this question please. when does a bar have a strong close or weak close?
thanks.

Al
  • #127,568
  • Aug 28, 2013 6:07am Aug 28, 2013 6:07am
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Currently short GBP/USD...............Any suggestions for trade exit?
Move Money !!!
  • #127,569
  • Aug 28, 2013 6:42am Aug 28, 2013 6:42am
AUDNZD WEEKLY
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  • #127,570
  • Aug 28, 2013 7:02am Aug 28, 2013 7:02am
Quoting giggles
AUDNZD WEEKLY {image}
Hey, giggles. I think your TL is too steep. By the way, did you see a post by Mike about it?

Quoting mbqb11
nice area to watch BRN, TL, Boxing I'd prefer to see price move sideways a bit more before anything happening {image}
If not up, then down, otherwise sideways :-)
  • #127,571
  • Aug 28, 2013 7:54am Aug 28, 2013 7:54am
Quoting Magestic
{quote} Hey, giggles. I think your TL is too steep. By the way, did you see a post by Mike about it? {quote}
No I had not read mike's post, but thanks for letting me know. I now realize that my trendline is clearly different and perhaps wrong.
Also, can you please comment on my AUDJPY WEEKLY chart.
  • #127,572
  • Edited 8:40am Aug 28, 2013 8:39am | Edited 8:40am
it happened to me to have 2 running trades on USDCAD.
First one is at D1 whre I spotted PB and while investigating further later on i saw SFP on H1 so i tried that, too.
maybe my TPs are too optimistic? let's see.
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  • #127,573
  • Aug 28, 2013 8:48am Aug 28, 2013 8:48am
Quoting giggles
{quote} No I had not read mike's post, but thanks for letting me know. I now realize that my trendline is clearly different and perhaps wrong. Also, can you please comment on my AUDJPY WEEKLY chart.
From my point of view, your line is too steep, as I alredy said. That means that its hard to understand if its right. Under steep I mean the angle and that almost every candle touch it. Thats not the best way to analyze the chart, because these kind of TLs can be often violated, and that doesnt mean a reversal, but just the retrace. Thats why when I see so steep angle of the line, I drop down timeframe, where this line is more readable. Thats why in your case the dayly TL would be more obvious and readable.
If not up, then down, otherwise sideways :-)
  • #127,574
  • Aug 28, 2013 12:34pm Aug 28, 2013 12:34pm
Quoting makwana
Subject: Trade entries Please correct my understanding of trading entries as well as the most relevant one which is used for the J16 method and which one that should be advised for those starting off with the J16 material. 1. Market close of confirmation candle 2. Break of confirmation candle 3. Fib Retracement of confirmation candle Thank you in advance Mak
Hi makwana,
yes youīre right those are basic trade entries, each type of entry has its advantages and disadvantages, so itīs really subjective, from what I saw, most people use entry after break of confirmation candle. Now letīs look at those diadvantages and advantages. First of all, our PA is technically valid only once itīs low/high was broken. When you enter on retrace, you enter before bar is valid and in the end it may never break, but you will be able to have a bigger position because of the decreased stop size (remember risk will be still there). So this is aggressive entry. Then we have here entry on close, itīs most aggressive, again we enter before the barīs low/high was broken, also thereīs no advantage of better postion size, we do this only to get early in the trade and make a few pips more. I think this is most aggressive type of entry and least common. Most conservative entry is break of barīs high/low (usually we add some buffer), advantage is we know bar is now valid but we wonīt be able to get bigger position as in case of retracement entry.

Well, I hope this helps and that it makes at least a little sense.

Mav
  • #127,575
  • Aug 28, 2013 5:06pm Aug 28, 2013 5:06pm
What do you guys think about these pinbars on EURAUD and NZDUSD?
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  • #127,576
  • Aug 28, 2013 5:24pm Aug 28, 2013 5:24pm
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  • #127,577
  • Aug 28, 2013 8:26pm Aug 28, 2013 8:26pm
Quoting albus999
could someone help me with this question please. when does a bar have a strong close or weak close? thanks. Al
Generally speaking, in the top or bottom third of the trigger bar.
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  • #127,578
  • Aug 28, 2013 9:08pm Aug 28, 2013 9:08pm
Hola all!! I don't post here much anymore, but I saw this today and figured it was a Classic J16 trade and thought I would share.

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  • #127,579
  • Aug 29, 2013 1:32am Aug 29, 2013 1:32am
Hi, Iīm pretty much in the same trade as Rosco, but I took it on USDTRY. Itīs big pinbar at swing high with really protruding nose and strong close, also it tested BRN 2.5.

Mav
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  • #127,580
  • Aug 29, 2013 2:32am Aug 29, 2013 2:32am
I'm also in USDTRY, but these pins that are rejected from nothing bother me. But it realy beautiful, I agree. I'll be watching the left eye to hold. MIke please tell us whats your opinion?
If not up, then down, otherwise sideways :-)
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