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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

  • #130,321
  • Mar 24, 2014 6:28am Mar 24, 2014 6:28am
Quoting endo77
Hello, I would like to ask permission from whomever it may concern to place a named credit (James16 thread) and link to this James16 Chart Thread in the description of my MT5 EA soon for sale. The proposed description looks like this: "This multi-symbol multi-time-frame bot uses techniques and price actions discussed in the James16 Chart Thread here: http://www.forexfactory.com/showthread.php?t=2331 . Enters on engulfing bars and pinbars of a primary time frame. Will consider up to 4 other timeframes in its analyses and score of space,...
Hey Endo

Thanks for asking for permission and giving credit. It's fine if you could just make sure to say that the james16 group does not have an affiliation with this product in there as well

Thanks Endo
Mike
  • #130,322
  • Mar 24, 2014 6:34am Mar 24, 2014 6:34am
Of course! TY
May all your fits be loose.
  • #130,323
  • Mar 24, 2014 8:10am Mar 24, 2014 8:10am
EU Trade of the day.

Hi guys.

Let's get to the analysis.

Daily analysis

On the daily timeframe we had one of these "super-clean" S/R or "PPZ" zones. If you look back you can see that price respected this level like an angel. When we broke and closed above, it was retested as support on the next day.
On Friday we closed below this level, and now it should act as resistance. Just as it did.

1H - Entry, SL placement

Entry:
If you go down to the 1H chart you can see that little chopping and the fall. If you are familiar with market profiles / volume trading you might now that how this area on a Market Profile would look like. (I Have drawn it with yellow.) The main thing is that these areas can act as support / resistance too.
(Sam Seiden's Supply&Demand trading is built on this concept, but that's not the matter of today's discussion.)
The main thing is that I wanted to enter somewhere near my PPZ, and I saw this area as a possible resistance, so I looked for a place where I though I will be able to catch the move.

SL:
For the SL I had a few ideas: a) Above bar high - so around 1.3843. But I though it is too close to the round number of 1.3850. I added +10 pips in case some cheap stop hunting occurs during the day, so my initial SL was 1.3860.

It was a pending order. nothing more, nothing less. At 8:00 CET we had this amazing French PMI news, which pushed price up. For all the players who wanted to go short it was an amazing opportunity. And so did they. Price was pushed back fast...

Management:
I will take off 50% soon and I will try to trail the rest on the dailies. If I closed my trade right now It would be over 1,35R.

Summary:
Learn to pick the best levels, just as the good old james teaches.

Attached Image (click to enlarge)
Click to Enlarge Name: EU daily.PNG Size: 73 KB
Attached Image (click to enlarge)
Click to Enlarge Name: Eu h.PNG Size: 52 KB


Cheers,
Stephen
It's all psychology...
  • #130,324
  • Mar 24, 2014 8:13am Mar 24, 2014 8:13am
Quoting LamerTrader
EU Trade of the day. Hi guys. Let's get to the analysis. Daily analysis On the daily timeframe we had one of these "super-clean" S/R or "PPZ" zones. If you look back you can see that price respected this level like an angel. When we broke and closed above, it was retested as support on the next day. On Friday we closed below this level, and now it should act as resistance. Just as it did. 1H - Entry, SL placement Entry: If you go down to the 1H chart you can see that little chopping and the fall. If you are familiar with market profiles / volume...
great level and trade Stephen

you had even more confluence of a break of the rising TL and pullback. That's a great confluenced area and example chart for others

James would be proud

Mike
Attached Image (click to enlarge)
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  • #130,325
  • Mar 24, 2014 8:13am Mar 24, 2014 8:13am
Quoting LamerTrader
EU Trade of the day. Hi guys. Let's get to the analysis. Daily analysis On the daily timeframe we had one of these "super-clean" S/R or "PPZ" zones. If you look back you can see that price respected this level like an angel. When we broke and closed above, it was retested as support on the next day. On Friday we closed below this level, and now it should act as resistance. Just as it did. 1H - Entry, SL placement Entry: If you go down to the 1H chart you can see that little chopping and the fall. If you are familiar with market profiles / volume...

nice one. Also textbook S/R flip:

Attached Image (click to enlarge)
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best,
J
Hero calls followed by margin calls...
  • #130,326
  • Mar 24, 2014 8:16am Mar 24, 2014 8:16am
Quoting mbqb11
{quote} great level and trade Stephen you had even more confluence of a break of the rising TL and pullback. That's a great confluenced area and example chart for others James would be proud Mike {image}
Thanks for the compliment Mike.
I just deleted the TL from my chart before I took the screenshot. But yes, it was a very strong level
Any clues when james is coming back?

Cheers,
Stephen
It's all psychology...
  • #130,327
  • Mar 24, 2014 8:18am Mar 24, 2014 8:18am
Quoting LamerTrader
{quote} Thanks for the compliment Mike. I just deleted the TL from my chart before I took the screenshot. But yes, it was a very strong level Any clues when james is coming back? Cheers, Stephen
I figured as much , good for the new folks to see how clean we should keep our charts

I speak with James every day, we are finishing up the new site and he will be back and action when we release it , couple months


Mike
  • #130,328
  • Mar 24, 2014 8:25am Mar 24, 2014 8:25am
James16 All uploaded charts

Some people were saying that they were unable to unzip the pictures.
Here are they in 1 zip file. Hope this works.
Download is only for a limited period of time at the server.
If link is not working send me a PM.

http://www.speedyshare.com/aEKEG/j16-pics.rar

Cheers,
Stephen
It's all psychology...
  • #130,329
  • Mar 24, 2014 8:26am Mar 24, 2014 8:26am
Quoting mbqb11
{quote} I figured as much , good for the new folks to see how clean we should keep our charts I speak with James every day, we are finishing up the new site and he will be back and action when we release it , couple months Mike
dumb question here...but does he still trade or only set up the new page?^^
Hero calls followed by margin calls...
  • #130,330
  • Mar 24, 2014 8:28am Mar 24, 2014 8:28am
Quoting PhAnTi'
{quote} dumb question here...but does he still trade or only set up the new page?^^
he still trades P, we were discussing trades just last night
  • #130,331
  • Mar 24, 2014 8:29am Mar 24, 2014 8:29am
Quoting mbqb11
{quote} he still trades P, we were discussing trades just last night
ok
Hero calls followed by margin calls...
  • #130,332
  • Mar 24, 2014 8:51am Mar 24, 2014 8:51am
picture perfect PPZ at the BRN of 1.5000

Great for potential trades both ways. The H&S above could make for a beautiful breakout to the downside

These areas get me excited
Attached Image (click to enlarge)
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  • #130,333
  • Mar 24, 2014 9:15am Mar 24, 2014 9:15am
Quoting mbqb11
picture perfect PPZ at the BRN of 1.5000 Great for potential trades both ways. The H&S above could make for a beautiful breakout to the downside These areas get me excited {image}
Glad to know I'm watching the same areas as the master!!

http://www.forexfactory.com/showthre...89#post7357389
  • #130,334
  • Mar 24, 2014 9:32am Mar 24, 2014 9:32am
Quoting Donkey
{quote} Glad to know I'm watching the same areas as the master!! http://www.forexfactory.com/showthre...89#post7357389
awesome D was just reading your journal this weekend, looks like you really are locking in
  • #130,335
  • Mar 24, 2014 11:05am Mar 24, 2014 11:05am
Quoting mbqb11
picture perfect PPZ at the BRN of 1.5000 Great for potential trades both ways. The H&S above could make for a beautiful breakout to the downside These areas get me excited {image}
This is one of the few pairs I feel is approaching an obvious area/inflection point. Newer traders out there should really be focusing on these types of patterns and clear support/resistance areas. Minimize the quantity and and focus on quality. This month I have taken so few trades for clients.

N
  • #130,336
  • Mar 24, 2014 11:14am Mar 24, 2014 11:14am
Quoting dobe_r_man
{quote} This is one of the few pairs I feel is approaching an obvious area/inflection point. Newer traders out there should really be focusing on these types of patterns and clear support/resistance areas. Minimize the quantity and and focus on quality. This month I have taken so few trades for clients. N
amen brotha
  • #130,337
  • Mar 24, 2014 11:17am Mar 24, 2014 11:17am
Quoting LamerTrader
EU Trade of the day. Hi guys. Let's get to the analysis. Daily analysis On the daily timeframe we had one of these "super-clean" S/R or "PPZ" zones. If you look back you can see that price respected this level like an angel. When we broke and closed above, it was retested as support on the next day. On Friday we closed below this level, and now it should act as resistance. Just as it did. 1H - Entry, SL placement Entry: If you go down to the 1H chart you can see that little chopping and the fall. If you are familiar with market profiles / volume...

Evening.

Eu made some crazy 90 pip move. Got stopped out at BE, after taking off 50% during the afternoon.

Lessons for beginners:
- Always enter at great areas
- Look for 1+ RisrRatio, when you reach it, you might want to lock in some profit or manage your trade. (Break even whatever)
- Use StopLoss. In this case I got out with 0,7R overall. (Positive!!)


Attached Image (click to enlarge)
Click to Enlarge Name: EU 1h over.PNG Size: 42 KB

Cheers,
Stephen
It's all psychology...
  • #130,338
  • Mar 24, 2014 2:35pm Mar 24, 2014 2:35pm
Silver Trade

On the daily chart we have this beautiful S/R zone. In the last 4 months price have been just flipping around it. On Thursday we closed below this level. It was a significant close, meaning we dint only close below with a few pips, but at least with 34. I didn't have my charts opened on Friday, which could have provided the best entry. (Just like @ my EU trade.)

Whatever - Friday formed a little pinbar indicating that:
1) The S/R was retested and it worked.
2) We have aggressive sellers in game.

I simply put a pending limit on the break of the pin-bar and the Stop 10 pips above it. Im targeting the 19.60-19.65 area so it's a trade around 1R. (You see guys? Timing is VERY important at this game. An entry on Friday were much better...

Now comes the management:
In my point of view the movement of our stop level is VERY IMPORTANT. I want my new stop to be at a place where during "normal" market conditions it's unlikely to get hit, however if things go wrong (Some sudden news, just like on EU.) - I won't take a full bar loss from this nice profit. (I learned this one from Mike. I don't know if he is doing his dynamic stop reduction for the same reason, but it makes sense for me.)

I'm not a huge fan of break even, since when I enter at an arbitrary price my stop will be at an arbitrary place, and price will just hit it, since it's meaningless to it. If we place our new stop to an area which is "defended" - aka. harder to reach we get much better results on the longer run. (In my personal experience. I also learned this trick from Tom)

The daily high of 20.31 provides a perfect place. --> New stop to 20.30

Also note:
We had the 20 BRN in our way. But honestly price didn't respect it too much in the past.
(On the Order-flow side of the coin: Usually there is great liquidity provided under such numbers. (aka. lot of sellstops under 20.0) which can be a great target for market-makers, to liquidate or push the price lower.)

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Cheers,
Stephen
It's all psychology...
  • #130,339
  • Mar 24, 2014 3:05pm Mar 24, 2014 3:05pm
ES (S&P 500)

Story:
A minor S/R zone. Price was not able to close above this zone. (Kind of triple highs there.) This will result in clusters of stops at these area. Stops were hunted down and liquidated on Friday. (Pinbar)
This tells me that if the big guys were so bullish on S&P they wouldn't have faded the stops, but let it push price even higher. But they DID fade. I wanted to enter around the 1865 area. Why? I Wanted to make sure that if there is a move im in the move. If my S/R zone is at 1868 i want to be in from 1865. Wanted to place my stop above the 70s. I have marked this area on my chart, but this morning I was unable to place the limit sell, since my platform said markets are closed. So I missed this one. Have you any idea what a trade it would have been?

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Cheers,
Stephen
It's all psychology...
  • #130,340
  • Mar 24, 2014 3:10pm Mar 24, 2014 3:10pm
YM - possible intraday trade.

This is the last one for tonight I promise.

Nice pin at great location.
Attached Image (click to enlarge)
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Cheers,
Stephen
It's all psychology...
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