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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

  • #127,821
  • Sep 17, 2013 7:55pm Sep 17, 2013 7:55pm
Hi,

I'm looking at crude oil and there seem to be a break out from the TL, however, the price is in the box with FTA and 2nd TA in sight at RN 103, would be interesting to see how PA will act in the 103 area, got to watch this one...

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fyh
  • #127,822
  • Sep 17, 2013 11:33pm Sep 17, 2013 11:33pm
Is there a link to some good examples of pinbar set-ups in a trending market?
  • #127,823
  • Sep 18, 2013 4:12am Sep 18, 2013 4:12am
Quoting Bullet
Not sure if this is the place to post Jarroo style trades? I just got in this close below strong level with confluence and retrace, such a strong level and lots of space below. {image}
Just took full profit on this, went to the bar low so though it would bounce back.
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  • #127,824
  • Edited 8:55am Sep 18, 2013 8:10am | Edited 8:55am
Did anyone took this BEOB on AUDJPY on 15h August?
It was at PPZ, 50% fib, BRN 89.00, it closed also beloo 89 at 88.978, with longer term trend. Yet it failed. It broke by few pips, turned and broke from other side just by 5.5 pips but still, so if someone had SL just 2-3 pips above this BEOB it would be losing trade. In the end it went down thought. Any thoughts on this, what was wrong with this setup? Or should be SL more above BEOB? If so how much?

EDIT: It was also off of 365 EMA
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  • #127,825
  • Sep 18, 2013 9:30am Sep 18, 2013 9:30am
Quoting Mav13
Hi everybody, we had some possible gap plays last night on USD pairs. Is anyone in? Mav {image}
Okay, all trades closed now with some profit (well they all closed on Monday, but I´m a little busy these days)

Mav
  • #127,826
  • Sep 18, 2013 9:41am Sep 18, 2013 9:41am
Is anyone going flat with the pending FOMC news later regarding tapering etc? I have a USDCAD long but stop is virtually at BE and behind a good strong level. However this seems like potentially big news re USD and am worried getting whipsawed out or even stop loss slipping.
  • #127,827
  • Sep 18, 2013 12:30pm Sep 18, 2013 12:30pm
Quoting michal7
Did anyone took this BEOB on AUDJPY on 15h August? It was at PPZ, 50% fib, BRN 89.00, it closed also beloo 89 at 88.978, with longer term trend. Yet it failed. It broke by few pips, turned and broke from other side just by 5.5 pips but still, so if someone had SL just 2-3 pips above this BEOB it would be losing trade. In the end it went down thought. Any thoughts on this, what was wrong with this setup? Or should be SL more above BEOB? If so how much? EDIT: It was also off of 365 EMA {image} {image} {image} {image}
The problem for me would be the bar itself (pretty small) as well as the proximity to the swing low.

Once again your best shot at BEOBs is going to higher up at major swing highs, as opposed to minor ones specially when the actual trigger bar itself is weak and small.

You can see how price needed to pull back to the 90 RN a second time to gather the momentum it needed to make a move down. That BEOB just didn't pack the punch needed for a nice, early, sustained break.

This is precisely why your A+ trades are going to be the ones that come with superior locations, and bars and heading into some space.

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g.
I believe . . .
  • #127,828
  • Sep 18, 2013 1:21pm Sep 18, 2013 1:21pm
Quoting ghous
{quote} The problem for me would be the bar itself (pretty small) as well as the proximity to the swing low. Once again your best shot at BEOBs is going to higher up at major swing highs, as opposed to minor ones specially when the actual trigger bar itself is weak and small. You can see how price needed to pull back to the 90 RN a second time to gather the momentum it needed to make a move down. That BEOB just didn't pack the punch needed for a nice, early, sustained break. This is precisely why your A+ trades are going to be the ones that come...
OK I see now there was not so much space, but bar was not small, it was bigger than 4 previous bars, high was above 90 a close was below 89 on my chart(Alpari).
  • #127,829
  • Sep 18, 2013 3:22pm Sep 18, 2013 3:22pm
Quoting dan89
Chart im currently watching. 1hr pattern is starting to get a little to big for my liking but the 4hr is still a little to small. Will wait and see. Looking for a break to the downside, very nice rising trendline there {image} Take care Dan
Price continues to respect trendlines (ive adjusted the trendlines slightly)

Mike, just wondering how you have drawn your lower trendline now, have you adjusted it at all ?

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Take care
Dan
  • #127,830
  • Sep 18, 2013 6:15pm Sep 18, 2013 6:15pm
Does anybody have a favorite PA indicator? I am looking for something that identifies the pins, BUOB, BEOB, etc.
  • #127,831
  • Sep 18, 2013 8:42pm Sep 18, 2013 8:42pm
Quoting SeanyTsunami
Is there a link to some good examples of pinbar set-ups in a trending market?
Hey Seany


Do you mean large reversals? The main thing is the more trending a market is don't try to pick long term tops /bottoms(even short term) with small nothing bars. Those are often just profit taking, weak selling/buying

Here is A+++ prime example of a game changer bar

Then we have bars that are more temporary reversals etc. The best advice I can give is search for bars of substance in a trending market. Confluence is important as the bar size decreases(even with a big bar confluence is important but bar size alone can be confluence enough)


Best
Mike
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  • #127,832
  • Sep 18, 2013 8:47pm Sep 18, 2013 8:47pm
At last a PB on DAX futures daily chart:

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However, this PB is based on settlement price and not on actual price. (Probably, the best short entry would have been at the close of the European electronic market - actual price at closing was 8748.5 but settlement price is around 8627 - which means an automatic 121.5 points profit at the open tomorrow.) Does anyone have any idea how to enter this setup tomorrow? What TF to use for entry? When is the best time of day to look for an entry?
P.S. Although I'm actively trading full time for the last 2 years or so, I'm rather new to James16 setups.

Thanks
  • #127,833
  • Sep 18, 2013 11:00pm Sep 18, 2013 11:00pm
Quoting michal7
Did anyone took this BEOB on AUDJPY on 15h August? It was at PPZ, 50% fib, BRN 89.00, it closed also beloo 89 at 88.978, with longer term trend. Yet it failed. It broke by few pips, turned and broke from other side just by 5.5 pips but still, so if someone had SL just 2-3 pips above this BEOB it would be losing trade. In the end it went down thought. Any thoughts on this, what was wrong with this setup? Or should be SL more above BEOB? If so how much? EDIT: It was also off of 365 EMA {image} {image} {image} {image}
Hey M

This bar is in a lot of traffic which is basically what G is getting at as well

But also the buffer on this wouldn't trigger most in , in my opinion. For me it doesn't make sense to take a break of the bar with a small trigger as highs and lows are great turning points in markets so you don't want to get nicked in. With that said at the end of the day you can always get nicked in based on your entry but a 5 pip buffer on a daily i will never do myself

here is a rough buffer list I use(and it makes a difference for me)

1hr 7-12
4hr 10-15
daily 12-20
weekly 15-30

This is without spread and just a rough idea of what I use.


But in terms of the bar there is zero space and it's a small bar. So just be careful with that

Hope that helps!
Mike
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  • #127,834
  • Sep 19, 2013 12:33am Sep 19, 2013 12:33am
A tip for those using MT4 to post simple charts; Use the "File > Save As Picture" function set to 625x469 max. This is the max size forex factory will post without resizing which means no resampling is done to your image making it more legible without us readers having to "click to open" it.

It also helps to add the MT4 copyright which is a legal requirement I believe to post charts taken from this platform.

Below is a sample of Mike's chart above using these settings:
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  • #127,835
  • Edited 1:49am Sep 19, 2013 12:57am | Edited 1:49am
Hi,

The spike in Gbp/Usd last night to 1.6161 sees an opportunity to short today, as it fails to close above D HCR.

There is 2 targets I see to take profit (see check signs), but the 2nd target has to see if price is able to close below HCR (I do like to see price retests previous swing high).


However, I just went to check on the Eur/Usd. Price closes above RN and looks to next high. I read that Gbp has a correlation with Eur. If the latter goes up, Gbp, will be drag along (vice versa). So it is true?


Steven
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  • #127,836
  • Sep 19, 2013 1:50am Sep 19, 2013 1:50am
Interestingly, market opened today in an almost 100% retracement of yesterday's PB close:

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It seems too far away from the PB extreme for a short entry... Any thoughts?

P.S. I'm just trying to learn how to apply James16 setups to a volatile index future like the Dax.
  • #127,837
  • Edited 2:57am Sep 19, 2013 2:39am | Edited 2:57am
Quoting mbqb11
{quote} Hey M This bar is in a lot of traffic which is basically what G is getting at as well But also the buffer on this wouldn't trigger most in , in my opinion. For me it doesn't make sense to take a break of the bar with a small trigger as highs and lows are great turning points in markets so you don't want to get nicked in. With that said at the end of the day you can always get nicked in based on your entry but a 5 pip buffer on a daily i will never do myself here is a rough buffer list I use(and it makes a difference for me) 1hr 7-12 4hr...
Thanks Mike,
it did help. Mainly the part with buffer list. I also forgot to thank ghous, so thanks ghous!
I can also see now there is no space.
However I can't get into my head that the bar was small. It just doesn't looks small to me. It's bigger than four previous bars. So I'd like to ask you:
How big should bar be? Obviously I don't mean in absolute pips but how big compared to previous bars? X% bigger than last Y bars, or how would you tell that size is OK? Is this same for BEOB/BUOB and PIN?
So how big should PIN bar be compared to previous bars?
So how big should BEOB/BUOB bar be compared to previous bars?

Thank you!
  • #127,838
  • Sep 19, 2013 6:43am Sep 19, 2013 6:43am
Quoting dan89
{quote} Price continues to respect trendlines (ive adjusted the trendlines slightly) Mike, just wondering how you have drawn your lower trendline now, have you adjusted it at all ? {image} Take care Dan
Price broke to the upside which is not what I was looking for so this pattern is now void.

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Take care
Dan
  • #127,839
  • Sep 19, 2013 8:24am Sep 19, 2013 8:24am
Professional in the house, where will you take your profit if you are in this trade?
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  • #127,840
  • Sep 19, 2013 9:09am Sep 19, 2013 9:09am
Quoting michal7
{quote} Thanks Mike, it did help. Mainly the part with buffer list. I also forgot to thank ghous, so thanks ghous! I can also see now there is no space. However I can't get into my head that the bar was small. It just doesn't looks small to me. It's bigger than four previous bars. So I'd like to ask you: How big should bar be? Obviously I don't mean in absolute pips but how big compared to previous bars? X% bigger than last Y bars, or how would you tell that size is OK? Is this same for BEOB/BUOB and PIN? So how big should PIN bar be compared to...

'Hey M


I would say the bar should be bigger the more you struggle. In this case your chart is very zoomed in which in my vie wis one of the things that gets people into trouble. The bar looks bigger and also loses it's perspective verse recent bars. For me this bar is nothing to really jump off the screen. It engulfs one bar, but the previous bars are all similar or bigger in size. When you add in the lack of space it becomes less and less appealing for me. So it's really a combo of bar size vs location rather than one or the other. I don't have a set size, I just eye ball it myself

Best
Mike
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