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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

  • #128,761
  • Nov 15, 2013 6:32pm Nov 15, 2013 6:32pm
Quoting SeekingLight
I should probably also add that I still also integrate a good bit of Elliott Wave, which is why I liked this three legged bounce off of the lows. I find that with a certain mix of s/r, EMA and EW logic, one can often pinpoint correction endpoints surprisingly well. So far I have not found a lot of "pure" EW traders do it the way I do, but when I compare notes, I find my ideas often line up near identical to the traditional count outlooks. It is still more of a fascination and confluence factor for me, but I figure it should be mentioned as that...
I have not looked at seeking light's material too much until now. Don't know why but it is certainly worth it for members of the private forum. I have been studying it along with Mike's always great stuff and it is amazing stuff. Just some more awesome J16 material to add to the trading tool box. While Mike looks at 1,999,999 markets, Seekinglight focuses on a few handfuls. Oh don't be afraid of the Elliot Wave stuff. It is not necessarily the major focus but does add some interest.
  • #128,762
  • Nov 16, 2013 3:24am Nov 16, 2013 3:24am
Quoting ghous
Watching this one closely. If we get a close below the HHR without a "runaway" then the marked FTA is right in business. {image} g.
Ghous,

By "runaway" did you mean a close that is far from the HHR and that is near to the FTA?

N
  • #128,763
  • Nov 16, 2013 3:51am Nov 16, 2013 3:51am
Hi all.

I've testing for three weeks different entry methods for the trades on my demoing. I've got better results setting pending orders and not entering at market price.

The trick is entering at price levels where the security value is moving fast anywhere, like a rocket launcher. Since no one knows where price's going to move I determine the levels that require more strenght to be penetrated and set my pending entry orders there. If at any moment the price breaks that barrier the entry order is triggered and the trade opened.

One could use any tool that it's familiar with, my favourite ones are the simplest ones: PA over trends, channels, fibo levels and S/R levels.

At this moment I am not using indicators but MACD is nice to foresee divergences, EMAs are a nice visual tool as well and the s. oscillator can be useful when price is ranging. However I do not use them in general.

Since my entries have proven to be strong and reliable for my purposes, now I am focused as well at managing the trades that are open. I've been setting my SL levels generally beyond a minimum of two S/R levels (the second problem area from my current price level) so that price can move around, even break the first S/R level and stay in the trade when PA is strong.

When price action and/or expected price movement are not strong I try to set my SL to breakeven asap, because I don't want to stay in a trade where price does not need to go where I want.

I've found also interesting the milipede strategy. I think it can be adapted to one's trading style. The idea of keeping alive trades is quite interesting. For me it would suppose closing trades using SL levels, adapted to my current style, together with giving more importance to put your SL orders at breakeven price asap in any case.
  • #128,764
  • Nov 16, 2013 10:42am Nov 16, 2013 10:42am
Quoting Jomi
{quote} Good analysis Ghous. But... what about what is forming on the Weekly chart?
Hey Jomi,

Albus did a great job there with pointing out the flaws on the weekly pin bar. Just too much traffic to make up for a decent trade.

g.
I believe . . .
  • #128,765
  • Nov 16, 2013 10:48am Nov 16, 2013 10:48am
Quoting michal7
{quote} {quote} Thanks Mike and Winston. This is actually first trade after few weeks which I haven't screwed up. I learned a lot in the past few weeks. I was around FF since end of 2008 and found james16 stuff second half of 2009. Most of the time since then I was actually not trading as I was busy at jobs, changing jobs, got married, son born etc. So I was on and off the trading and with exception of year of 2010 I was not really focusing. This has changed lately. I read Japanese Candlestick Charting Techniques from Steve Nision and watched his...
Awesome M!

Really good to see you getting back in the groove and thanks for the posting the results.

g.
I believe . . .
  • #128,766
  • Nov 16, 2013 10:52am Nov 16, 2013 10:52am
Quoting Neytiri
{quote} Ghous, By "runaway" did you mean a close that is far from the HHR and that is near to the FTA? N
Hey N,

Yes that's what I meant. And we kind of did that too with the strong daily close on Friday. If momentum continues as is early on in the coming week we might see the FTA without a pull back to the HHR. That would be the "runaway" characteristic for this setup.

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g.
I believe . . .
  • #128,767
  • Nov 16, 2013 10:56am Nov 16, 2013 10:56am
Quoting scherzi
Hi all. I've testing for three weeks different entry methods for the trades on my demoing. I've got better results setting pending orders and not entering at market price. The trick is entering at price levels where the security value is moving fast anywhere, like a rocket launcher. Since no one knows where price's going to move I determine the levels that require more strenght to be penetrated and set my pending entry orders there. If at any moment the price breaks that barrier the entry order is triggered and the trade opened. One could use any...
I read and re-read and re-re-read this but failed to grasp what you're trying to do here. A chart with a visual explanation would really help.

g.
I believe . . .
  • #128,768
  • Nov 16, 2013 11:06am Nov 16, 2013 11:06am
german fre on weekly.
3rd attempt to break the 100 mark.
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meine augen sind die sterne
  • #128,769
  • Nov 16, 2013 2:50pm Nov 16, 2013 2:50pm
german win on weekly.
a lot of stories where told by this chart. how beautiful, isn't it?
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meine augen sind die sterne
  • #128,770
  • Nov 16, 2013 3:26pm Nov 16, 2013 3:26pm
ozzie's amc with a breakout above 11 aud.
weekly chart. steady uptrend.
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meine augen sind die sterne
  • #128,771
  • Nov 16, 2013 4:34pm Nov 16, 2013 4:34pm
french ato on monthly and weekly. juicy....
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meine augen sind die sterne
  • #128,772
  • Edited 11:14pm Nov 16, 2013 10:37pm | Edited 11:14pm
Here is a trade setup that I am interested in.

Price has broken out of the consolidation box (CB2) and the downtrend channel. This is followed by a retest of the top of consolidation box. The bar that retested the top of consolidation box is a buob. It closes above the midpoint (major monthly ppz) of the consolidation box (CB1).

Entry - few points above the high of the buob.
Exit - BRN 300 which coincides with previous bar lows

The only thing that bothers me is that in the daily chart, the close is 276.4. It is just a point below the 150 ema (277.6).
I think that the price might hit the 150 ema and revert.

I need to know your opinions i.e. Is it a trade worth taking?
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  • #128,773
  • Nov 16, 2013 11:17pm Nov 16, 2013 11:17pm
.
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  • #128,774
  • Nov 16, 2013 11:30pm Nov 16, 2013 11:30pm
Quoting giggles
Here is a trade setup that I am interested in. Price has broken out of the consolidation box (CB2) and the downtrend channel. This is followed by a retest of the top of consolidation box. The bar that retested the top of consolidation box is a buob. It closes above the midpoint (major monthly ppz) of the consolidation box (CB1). Entry - few points above the high of the buob. Exit - BRN 300 which coincides with previous bar lows The only thing that bothers me is that in the daily chart, the close is 276.4. It is just a point below the 150 ema (277.6)....
Not sure if that's a true buob- it did not close above the high of previous bar.
Also playing them at highs like that is inherently more risky.
that's just my 2 cents
  • #128,775
  • Nov 17, 2013 12:24am Nov 17, 2013 12:24am
Quoting kosmiczny
{quote} Not sure if that's a true buob- it did not close above the high of previous bar. Also playing them at highs like that is inherently more risky. that's just my 2 cents
It is a true buob. It is a breakout followed by a retest setup.
  • #128,776
  • Nov 17, 2013 12:33am Nov 17, 2013 12:33am
Quoting giggles
{quote} It is a true buob. It is a breakout followed by a retest setup.

I agree it is a BUOB. It is at a swing high and although it sounds like a broken record these are best at swing lows. I understand you are looking at this as a continuation play. There seems to be a bit of traffic at the 280 on the daily chart. There was a good bit of selling in this area too.
  • #128,777
  • Nov 17, 2013 1:07am Nov 17, 2013 1:07am
Quoting Winston Reed
{quote} I agree it is a BUOB. It is at a swing high and although it sounds like a broken record these are best at swing lows. I understand you are looking at this as a continuation play. There seems to be a bit of traffic at the 280 on the daily chart. There was a good bit of selling in this area too.
Thanks for pointing it out.
  • #128,778
  • Nov 17, 2013 1:09am Nov 17, 2013 1:09am
The 0.93865 is an important PPZ. A small weekly pinbar closed below it. There is some short term support just below.
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there is a H/S pattern overall. Daily chart shows a retest of the PPZ and close below it. Friday was an IB day.
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H4 chart showing convergence of descending TL with PPZ.
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  • #128,779
  • Nov 17, 2013 2:44am Nov 17, 2013 2:44am
Quoting aserbfx
german win on weekly. a lot of stories where told by this chart. how beautiful, isn't it? {image}
Would you please describe the stories for someone who does not see what you mean?
Posting Demo charts, mirroring some of them live.
  • #128,780
  • Nov 17, 2013 3:29am Nov 17, 2013 3:29am
Quoting forexpiet
{quote} Would you please describe the stories for someone who does not see what you mean?
Hi,
The story is there. I added some lines, boxes and text. At least that is how I see it. The story is that price does what it does always.... But we don't wan't always to fill the whole chart with drawings - better keep it simple as aserbfx did.
Rami
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