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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

  • #129,421
  • Jan 4, 2014 3:10pm Jan 4, 2014 3:10pm
Quoting mbqb11
{quote} Hey Endo I am not showing any gap that big? Do you mean from back in dec 2012? That's about 7pips and irrelevant to me at this point(if that's the one you meant) My post above should help clarify a bit more what I mean too Best Mike
Oops ya only 10 pips or so, sry and ty.
May all your fits be loose.
  • #129,422
  • Jan 4, 2014 3:19pm Jan 4, 2014 3:19pm
Quoting Neytiri
{image}
hey N, what broker are using?

Al.
  • #129,423
  • Jan 4, 2014 4:26pm Jan 4, 2014 4:26pm
I hope you enjoyed your holiday and I wish you good luck in a new trading year starting on Monday. I believe you cameback with new energy and drive that will help you to overcome drawdown period. I'm glad to see your new trades.

Best regards,

Adam
Lose small, win BIG
  • #129,424
  • Jan 4, 2014 9:52pm Jan 4, 2014 9:52pm
Quoting michal9
{quote} Great motivational post. I felt like letting you know I appreciate the mindset you have, and that you shared it with us. Thanks ghous.
This for sure nice work.
May all your fits be loose.
  • #129,425
  • Jan 5, 2014 6:58am Jan 5, 2014 6:58am
Quoting mbqb11
{quote} Hey Benjamin Welcome to the thread It's not that I have gone long yet or that shorts aren't relevant. It's that in this case here this is a major TL, when a TL like this gives it's often a very strong sign that we will now flip higher(think PPZ diagonal). In this case the key here for me and the next piece of confluence is PA. It's a bit early to do either, but I'll be watching this one next week for additional clues. The reason i don't like trading to the downside here is with PA you aren't going to have much room to work with(space vs...
Hi Mike,

You word "think TL like a diagonal PPZ" just hammer me hard in the head, i used to hesitate to go into a trade with broken TL, but now i have much more confident to trade it, however, like you said have to watch for a quality TL.

Thanks and take care over there.

regards
fyh
  • #129,426
  • Jan 5, 2014 7:34am Jan 5, 2014 7:34am
Quoting albus999
{quote} hey N, what broker are using? Al.
Avatrade
  • #129,427
  • Edited 9:29am Jan 5, 2014 9:17am | Edited 9:29am
Attachment

Hey Ghous,

I plan to go long this one tomorrow. But is that the correct entry point? Entering immediately after the breakout of the wedge pattern followed by retest (tiny pinbar?) of the trendline would have got me into the trade earlier, but there is a risk that price might be held up in the consolidation box for a looong time.

Neytiri
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  • #129,428
  • Jan 5, 2014 10:56am Jan 5, 2014 10:56am
Quoting Neytiri
1340266 Hey Ghous, I plan to go long this one tomorrow. But is that the correct entry point? Entering immediately after the breakout of the wedge pattern followed by retest (tiny pinbar?) of the trendline would have got me into the trade earlier, but there is a risk that price might be held up in the consolidation box for a looong time. Neytiri {image}
Asking those kind of quiestions and playing on the H1 are two things that kind of contradict eachother.
Stay on the Daily, mate!
Twitter @raitchev
  • #129,429
  • Jan 5, 2014 11:10am Jan 5, 2014 11:10am
Quoting Neytiri
1340266 Hey Ghous, I plan to go long this one tomorrow. But is that the correct entry point? Entering immediately after the breakout of the wedge pattern followed by retest (tiny pinbar?) of the trendline would have got me into the trade earlier, but there is a risk that price might be held up in the consolidation box for a looong time. Neytiri {image}
Hey N,

You're so far away from the source (LLS) that this becomes a very tricky trade. Specially as its headed straight into major trouble.

It would make the most sense, IMO, to simply wait for a retest of the LLS.

g.
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I believe . . .
  • #129,430
  • Jan 5, 2014 11:14am Jan 5, 2014 11:14am
Quoting raitchev
{quote} Asking those kind of quiestions and playing on the H1 are two things that kind of contradict eachother. Stay on the Daily, mate!
That is a great advice!

It does get me really worried seeing these intra day charts with fake out setups as that's obviously an advanced version of the J16 basics being applied on advanced time frames. Its still the same PA all round, but each time frame comes with its own rythm and beat which can make trading advanced material all that more tricky and dangerous.

g.
I believe . . .
  • #129,431
  • Jan 5, 2014 11:19am Jan 5, 2014 11:19am
Quoting Neytiri
1340266 Hey Ghous, I plan to go long this one tomorrow. But is that the correct entry point? Entering immediately after the breakout of the wedge pattern followed by retest (tiny pinbar?) of the trendline would have got me into the trade earlier, but there is a risk that price might be held up in the consolidation box for a looong time. Neytiri {image}
Hey Neytiri,

You have the concept correct. Wait for a breakout of a pattern and PA to form indicating to go long or short. Or look for a preemptive PA bar.

...However, that 'pattern' you have is extremely steep, and it looks as if you're 'curve fitting' your trendline in order to 'create' a pattern that doesnt actually exist.

When drawing a pattern, the best advice I can give you or anyone else (if my advice means anything lol) is to think about how many other traders can see that very same pattern that you see. If the pattern jumps off the screen and is so blatently obvious then chances are its a solid pattern. If not, then chances are the 'pattern' will fail ...put very simply

In regards to what TF you use ... use whichever TF you are most comfortable with. PA works the same on all TF's.

Take care
Dan
  • #129,432
  • Jan 5, 2014 11:31am Jan 5, 2014 11:31am
Quoting raitchev
{quote} Wow Dan, you must have had really tight stops.... Do you directly trade the breakout or wait for a confirmation/pullback? What I've found to work for me is if I trade a breakout on a smaller TF to wait for the pullback. However I don't do this on higher TF's - Daily and above. You probably know Mike's philosophy - breakout, pullback and price action at the s/r level... probably the best thing to do!
Sorry mate I missed this question.

For me I usually wait for decent close (this may be a pre-emptive PA bar) outside of the pattern before looking for a PA bar to take the trade. I also TT but my criteria for a pattern is strict.

I never directly take a breakout without a nice close outside of the pattern. simply because you dont know if price will spike outside of the pattern and then close back inside ...in this situation where do you place your entry and stop

Take care
Dan
  • #129,433
  • Jan 5, 2014 11:55am Jan 5, 2014 11:55am
There is a BEOB on NIFTY daily as well as weekly chart. Looks set for a nice drop. I'm new on this thread, can anyone comment these charts.

Regards, Aziz
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  • #129,434
  • Jan 5, 2014 2:20pm Jan 5, 2014 2:20pm
Quoting azizk20
There is a BEOB on NIFTY daily as well as weekly chart. Looks set for a nice drop. I'm new on this thread, can anyone comment these charts. Regards, Aziz {image} {image}
Hey Aziz

Welcome to the thread

When starting out look for beobs up at clear swing highs. Notice how this one sits down in the sideways market. This is what we refer to as traffic and basically means your trading into trouble. Without proper confluence these types of bars at this location give new traders a lot of trouble.

I marked your chart up to show that box and then marked a BEOB at a swing high.

Let me know if that makes sense and again welcome to the thread

Mike
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  • #129,435
  • Jan 5, 2014 2:30pm Jan 5, 2014 2:30pm
Quoting azizk20
There is a BEOB on NIFTY daily as well as weekly chart. Looks set for a nice drop. I'm new on this thread, can anyone comment these charts. Regards, Aziz {image} {image}
Aziz, Welcome to the thread. How far a trade set-up goes depends on how much space it has.Now for the set-ups posted your trades lack space moreover price is in a consolidation box like shown below.I would pass on the trade.
If you haven't seen Mike's videos on Space vs Traffic then i suggest you check it out cos it has helped me loads and is still helping me. http://www.james16group.us/Guests/guestmaterial.html

Al.
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  • #129,436
  • Jan 5, 2014 2:41pm Jan 5, 2014 2:41pm
Quoting albus999
{quote} Aziz, Welcome to the thread. How far a trade set-up goes depends on how much space it has.Now for the set-ups posted your trades lack space moreover price is in a consolidation box like shown below.I would pass on the trade. If you haven't seen Mike's videos on Space vs Traffic then i suggest you check it out cos it has helped me loads and is still helping me. http://www.james16group.us/Guests/guestmaterial.html Al. {image} {image}
thanks dude and great job!
  • #129,437
  • Jan 5, 2014 3:23pm Jan 5, 2014 3:23pm
Quoting mbqb11
{quote} thanks dude and great job!

Mike, you're welcome however it is refreshing to know that i am seeing the same things.

Al.
  • #129,438
  • Jan 5, 2014 11:38pm Jan 5, 2014 11:38pm
Thanks Mike and Al for such a nice explanation. Dissecting the setup with your insights certainly helped me understand why this one is not a A+ setup. It's amazing that you guy's are so prompt in helping new learners like me. I'm sure I'm at the right place in my journey to successful price action trading. Look forward to interacting more with you guys..Thanks once again Mike and Al. )
  • #129,439
  • Jan 6, 2014 12:34am Jan 6, 2014 12:34am
Here's a chart I am eagerly watching for some London open action.

So far it has impressed with the way the BEOB hasn't gained any momentum to the downside.

g.
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I believe . . .
  • #129,440
  • Jan 6, 2014 12:38am Jan 6, 2014 12:38am
Happy New year friends!
Since September last year i was introduced to this group by a friend and a brother (Jibson007) i haven't had time to be an active member, i only hang around and view comments while trying to grab some lessons, and i must confess u guys have really been awesome.
My gratitude goes to the pioneers of this group and every other member that has being helping to make it successful.
Now, i av learnt a few things i see reasons why i must get interactive, cos no man is an island of knowledge. And thus, i make this promise to myself and my mentors J16 and Mike to give back what they've given me and would really appreciate their tutoring on me, cos i think i still av a long way to go.

Attached are my 1st two trades am taking this year, i would appreciate ur comments and correction on them to help me see things more better now i've decided to finally take on the steering wheels on a demo.

Gracia

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