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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

  • #127,701
  • Sep 9, 2013 9:55am Sep 9, 2013 9:55am
Quoting turnip15
{quote} Quoting turnip15 {quote} What I am trying to say is, "Don't get hung up on low time frames - Daily = Less stress !" Ignored Hi mate, If someone is stressed out trading a certain timeframe then move to a different one that suits you. I used to get so frustrated on the daily timeframe because of how slooooww it moves. Thats why I moved down the the Hourly and im trading soo much better now, no stress at all. Ive recently decided to include the Daily and 4H. Im currently...
Hi mate, thanks for reminding me about that post, I really am not in a position to give out advice, since im not consisntaly profitable. Guess im making the same mistake as everyone else here with the exception of Mike james16 jarro and one or two others.
  • #127,702
  • Sep 9, 2013 10:38am Sep 9, 2013 10:38am
Quoting mwbua1
Hi guys, my name is Mario, and I am currently learning and trying to immerse the methodology taught by James16. I am trading XAUUSD, and I would like to ask the PF for their suggestions or help for my below chart. If you can see from the chart posted here it is a 4 hour chart for today. I saw a BUOB on the 4 hour chart, and placed a Buy in 1387 level this morning, and expected a rise in the price to 1391 and through to at least 1396, as from what i can see it is a tight range. It did touch 1391, but i did not expect the falling down to 1383 as there...
Hey Mario

Welcome to the thread glad you are posting your question

This is basically the basic concept of space vs traffic(check out my video for more information)


Your buob here is in a consolidating market making it tough to buy here without room to run(space).

I would be more interested in seeing how price reacts towards the top of the flag type pattern or if price drops looking for a swing low with more space

Again welcome to the thread hope it helps a bunch!
Mike
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  • #127,703
  • Sep 9, 2013 12:06pm Sep 9, 2013 12:06pm
Quoting GiovanniV
hey Mike where I made the mistake on my trade? {image}
You got burned by NFP .
I don't need easy. I just need possible.
  • #127,704
  • Sep 9, 2013 1:28pm Sep 9, 2013 1:28pm
Hi all, I've been lurking around this thread for a month or so and finally got the courage after reading a substancial amount of material to post a chart of a trade I just took on EG, reasons being price pin bar at ppz + RN + trendline, also 50 Fib from previous uptrend. Comments are very apreciated since my only goal is to learn and became a better trader.

PS: Forgive my english since I'm a brazilian and therefore this is not my mother language.
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  • #127,705
  • Sep 9, 2013 1:32pm Sep 9, 2013 1:32pm
Quoting dan89
{quote} Hi mate, If someone is stressed out trading a certain timeframe then move to a different one that suits you. I used to get so frustrated on the daily timeframe because of how slooooww it moves. Thats why I moved down the the Hourly and im trading soo much better now, no stress at all. Ive recently decided to include the Daily and 4H. Im currently in a daily trade and I can feel some of the frustration/impatience creeping back a little. You have to trade a TF and Method with a plan that suits you and the way you think as an individual. Im...
You aren't wrong dan

No one timeframe is better or more accurate than another. But the problem new traders(and old) have with low timeframes is you must be able to process all that information much quicker. You must also control your emotions that much more and the list goes on. I ultimately trade most timeframes identical. most struggle on the low timeframes because they are not picky, they are greedy, they over trade, and they don't have consistency

Best
Mike
  • #127,706
  • Sep 9, 2013 1:37pm Sep 9, 2013 1:37pm
Quoting dan89
{quote} Hi mate, thanks for reminding me about that post, I really am not in a position to give out advice, since im not consisntaly profitable. Guess im making the same mistake as everyone else here with the exception of Mike james16 jarro and one or two others.
Sorry - I have an impish sense of humour. I was not decrying your post. In all seriousness you are right that we should eventually settle upon an approach that fits our comfort zone, albeit I think James is right to urge us to start out on the higher time frames first, if only to prolong the neophyts' survival period
I enjoy your posts, along with some of the others and wish you a future of steady trading profits
every Saint has a past. Every Sinner has a Future
  • #127,707
  • Sep 9, 2013 1:51pm Sep 9, 2013 1:51pm
Quoting supremeChaos
anyone hungry? Please join me in eating this ... Have a great weekend, all! {image}

You finished this yet SP ?
every Saint has a past. Every Sinner has a Future
  • #127,708
  • Sep 9, 2013 2:35pm Sep 9, 2013 2:35pm
Quoting mbqb11
{quote} You aren't wrong dan No one timeframe is better or more accurate than another. But the problem new traders(and old) have with low timeframes is you must be able to process all that information much quicker. You must also control your emotions that much more and the list goes on. I ultimately trade most timeframes identical. most struggle on the low timeframes because they are not picky, they are greedy, they over trade, and they don't have consistency Best Mike
  • #127,709
  • Sep 9, 2013 2:36pm Sep 9, 2013 2:36pm
Quoting turnip15
{quote} Sorry - I have an impish sense of humour. I was not decrying your post. In all seriousness you are right that we should eventually settle upon an approach that fits our comfort zone, albeit I think James is right to urge us to start out on the higher time frames first, if only to prolong the neophyts' survival period I enjoy your posts, along with some of the others and wish you a future of steady trading profits
its all good mate
  • #127,710
  • Sep 9, 2013 2:56pm Sep 9, 2013 2:56pm
Quoting ForexForce
Hi all, I've been lurking around this thread for a month or so and finally got the courage after reading a substancial amount of material to post a chart of a trade I just took on EG, reasons being price pin bar at ppz + RN + trendline, also 50 Fib from previous uptrend.
I'm in this trade as well for the same reasons.
D1 entered 10 above the break. Looking at .8470 for FTA then .8500
H1 is winding up tight, moved my SL up tighter to .8425 as I'm about to go to bed.

Will see how this turns out in the morning. Goodnight.
  • #127,711
  • Sep 9, 2013 4:45pm Sep 9, 2013 4:45pm
Quoting mbqb11
{quote} Hey G Here was what I wrote about this one yesterday in the PF ---------------------------------------------------------------------- In this case it is a pinbar, but not the biggest bar. So for me price looks more just like it bounced at an important TL, but not convincingly. FTA is close as you showed so this becomes a trickier bar to trade. These in my view need to break hard or you can get stuck in a lot of drawdown and more just need to hope the area holds.
Thank you for the answer, in the end as you may have seen, the price kept going down so no losses at least.

I need to ask something about pinbars..
I am now looking at AUDCAD daily TF
The 95.50 level flipped from support to resistance and now seems to be back as support.
That level happens to be the 23.6 retracement of the downtrend established in april this year.
Last day formed an almost pinbar: i say almost because the nose is not very long and the close price is just a little above the 50% of the bar (53% to be precise).
I know that there are certain criteria to be met in order for the bar to be a pinbar but how much discretion is ok?
Would you skip a trade if a less than a A+ pinbar formed in a good place?
(I reckon that this "pinbar" might not even be a B setup...)

I really hope to hear from you
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  • #127,712
  • Sep 9, 2013 5:18pm Sep 9, 2013 5:18pm
Quoting GiovanniV
hey Mike where I made the mistake on my trade? {image}
I made the same mistake...
Here's what Mike said, in case you didn't see it..
http://www.forexfactory.com/showthre...73#post6947273

Plus I didn't notice that the price stopped at 50% retracement that day.
And where the price stopped today?
Again at 50% retracement of recent downtrend...
I guess that the 50% ret level needs to be watched
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  • #127,713
  • Sep 9, 2013 6:09pm Sep 9, 2013 6:09pm
Quoting ferox
regarding the USDJPY, didn't notice we were discussing it until after I placed my sell stop. My thought process: 1. D1, noticed the BEOB forming at top of brn + fib. 2. Wanted to try fine tuning the enter for the 1st time. H4, pin developed and a BEOB after that. 3. H1, BEOB just formed. Sell stop just below hourly 150ma, SL above BEOB. Identified FTA possible in-between the 150ma and 365ma but targeting the 365. {image} Questions: 1. Can someone critique my thought process? 2. As mentioned, didn't notice the few previous post talking about this...
Hey Ferox

Be careful here. Remember we want to look for beobs up at swing high points your beob is at a swing low in a sideways market. With the gap still to close I can understand more the idea behind trying to use that beob but it is pretty small so if anything there was a 4hr pinbar that makes more sense. I personally Would like to see us test the recent high from the 5th and get solid PA. Often price bounces just prior to a gap close before the gap actually closes

As for how the thread has evolved. It is really all the same stuff. That's the best part of PA is that it is consistent. I would say more so the change is many of us have shared a great deal over the years

Hope this helps
Mike
  • #127,714
  • Sep 9, 2013 6:10pm Sep 9, 2013 6:10pm
Quoting GiovanniV
hey Mike where I made the mistake on my trade? {image}
Hey G

The biggest mistake here is that for me that isn't a breakout pattern. So when trying to trade a continuation bar the pattern becomes CRUCIAL for a breakout trade. The pattern should be very obvious and strong(see my recent eur/jpy chart)

The good ones will jump out at you. Otherwise trading continuations can get tricky and why we recommend new traders to focus on PA at swing points first. Also in terms of breakout trades I want to see the PA occur on the pattern itself

Best
Mike
  • #127,715
  • Sep 9, 2013 9:34pm Sep 9, 2013 9:34pm
Hello,

I've been reading this thread for some time and have recently joined the site to try and get some education. Based on all the posts I've read and videos I've watched, I believe that a short on the USD/CHF is a possibility.

It is at an area of resistance with a reversal bar, with a following bar that pushed lower. I am placing a sell limit at the 38.2 Fib lvl. Is this indeed a valid setup?

Thanks in advance,
I'd love to learn.
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  • #127,716
  • Sep 9, 2013 11:06pm Sep 9, 2013 11:06pm
Quoting DaGrizlyBull
{quote} You got burned by NFP .

Or he got burned by the weekly pin off the 1.3100 BRN, which is also a PPZ for the triangle consolidation pattern forming.
  • #127,717
  • Sep 10, 2013 5:18am Sep 10, 2013 5:18am
Hey Guyz , the EUR/JPY trade Mike was talking about is working out a breakout on the daily is noticed , first TP would be at 133.7X
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  • #127,718
  • Sep 10, 2013 6:15am Sep 10, 2013 6:15am
Quoting cj123000
{quote} Or he got burned by the weekly pin off the 1.3100 BRN, which is also a PPZ for the triangle consolidation pattern forming.
Stop looking at random patterns and focus on things that actually have an impact on the markets.

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I don't need easy. I just need possible.
  • #127,719
  • Sep 10, 2013 8:08am Sep 10, 2013 8:08am
Quoting dan89
{quote} Hi mate, If someone is stressed out trading a certain timeframe then move to a different one that suits you. I used to get so frustrated on the daily timeframe because of how slooooww it moves. Thats why I moved down the the Hourly and im trading soo much better now, no stress at all. Ive recently decided to include the Daily and 4H. Im currently in a daily trade and I can feel some of the frustration/impatience creeping back a little. You have to trade a TF and Method with a plan that suits you and the way you think as an individual. Im...
Trade is going well so far At breakeven with price almost at first TP. Will probably look in 1x Risk (2%) at first TP and let it run.

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Take care
Dan
  • #127,720
  • Sep 10, 2013 8:38am Sep 10, 2013 8:38am
Is there somebody who was watching this pattern ? We got a nice 4 hour BUOB. My target is at the top of pattern around 133.5.
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