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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

  • #130,961
  • May 21, 2014 5:05am May 21, 2014 5:05am
What do you think guys about this Pin Bar?
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  • #130,962
  • May 21, 2014 7:38am May 21, 2014 7:38am
Quoting KissFan
{quote} Welcome back! We'd love to see what you are doing. K.I.S.S.
i'm actually feeling like a newbie again! going back to post 1 to start reading again.. lost my password to the pf and i i was using the same password for the email i signed up with pf. so have to start all over again. really excited to embark on this journey again. forgive me if i reply slow here. i'm kinda using my time to go back from the start and not reading much of the latest posts.
  • #130,963
  • May 21, 2014 7:40am May 21, 2014 7:40am
Quoting mbqb11
{quote} hey PP welcome back It's been a slow few months in FX, the thread generally moves with the market lol hope all is well! Mike
Thanks mike! i doubt you rmber me.. it's really good to be back. and doubly good to see you're still around here. are ppl like fiji, jim, seekinglight still around much?
  • #130,964
  • May 21, 2014 8:05am May 21, 2014 8:05am
A nice DBHLC at S/R and round number,with trend, entry at pullback ,
Moving very nicely,
SL at BE+1
slowly understanding now that only need to know 2 things PA & s/r, to make this happen
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  • #130,965
  • May 21, 2014 8:18am May 21, 2014 8:18am
pin bar at swing high + round number +PPZ
put sell stop below the low of the pinbar ..it was a looser..

will be thankful if some one clarify that it was a good trade which was a looser or it was a bad trade
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  • #130,966
  • May 21, 2014 9:07am May 21, 2014 9:07am
its a strong uptrend so you are counter trend trading which is fine BUT the pin you took would ideally be forming about now at 151, looking left you were not totally clear of prev high.

There was smaller support broken at 149.72 on 17/2 so I would say you were trading into a potential resistance broken, so resistance becomes support.

You don't trade into SR. I grade my trades by monthly SR levels, anything outside of that unless I see a reason i pass on.

But to be fair shit happens, no trade can be 100%. If it had worked out you'd be happy. All we are doing is trying to make the % slightly in our favour next time it might be ok, this time it wasn't.

I have not seen news today but obviously something has propelled that higher, I bet you were not the only one shorting.

PG
  • #130,967
  • May 21, 2014 10:59am May 21, 2014 10:59am
Quoting ukanimk
pin bar at swing high + round number +PPZ put sell stop below the low of the pinbar ..it was a looser.. will be thankful if some one clarify that it was a good trade which was a looser or it was a bad trade {image}
Hey UK

THis is actually a wick play(something I've been speaking about recently)

Notice price just close above the previous bar high. THat makes it technically not a pinbar. As well as really it closed above the recent clusters of highs. With such a tiny bar that wick (the nose of the pin) is likely to fill as we are closed above the resistance point so it's likely to become support. The path of least resistance becomes higher

This is similar to the usd/chf I posted about here
http://www.forexfactory.com/showthre...55#post7476355
as well as a wick live trade video I did for the group where you can see this concept in action(in a stronger situations)
Inserted Video


Funny enough I JUST answered a post in the PF of someone asking me if the gbp/chf was a wick play


So be careful with your bar closes it will save you from a lot of bad trades

Hope this helps
Mike
  • #130,968
  • May 21, 2014 11:03am May 21, 2014 11:03am
Quoting premierpip
{quote} i'm actually feeling like a newbie again! going back to post 1 to start reading again.. lost my password to the pf and i i was using the same password for the email i signed up with pf. so have to start all over again. really excited to embark on this journey again. forgive me if i reply slow here. i'm kinda using my time to go back from the start and not reading much of the latest posts.
Hey PP

Yep I sure do. I'm good with usernames. Which is funny in life I am horrible at remembering names. You can request your password from the site as well as contact me via PM with your username/email and some additional info and I can get you it no problem!

Good to see you back
Mike
  • #130,969
  • May 21, 2014 11:35am May 21, 2014 11:35am
Mike,

I have noticed you have posted a few more stock plays lately, understandable as FX is slow right now, just had a couple of quick questions if you don't mind answering.

#1. As far as Equities ago, I assume you trade off the Weekly so that the charts look somewhat like our FX charts do? So you can get a good clean signal, see the S & R easily etc?

#2. If a person hunted A++ PA signals on Equities, would they be in the market more?
#3. Do you use similar account risk when you trade equities vs. forex, i.e 2% of your account?
#4. If a person primarily traded Stocks with what the J16 Group here teaches, as far as account growth, would it be somewhat similar to FX?

Thanks bud
  • #130,970
  • May 21, 2014 4:08pm May 21, 2014 4:08pm
Quoting dan89
{quote} Hey Farshidtt, Thought I would just post my own thoughts on this particular pair. Your chart seems a little zoomed in which can make PA bars look better then they actually are. However this does not mean that a pinbar like that wont work out. For me its about picking the most reliable setups. {image} Take care Dan
Update:

Would need a clear rejection off that upper trendline to make this one viable.

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  • #130,971
  • May 21, 2014 4:12pm May 21, 2014 4:12pm
Quoting dan89
{quote} Update: C'MON ..MOVE !! {image}
Update:

Price is due for a retrace. Most likley to that BRN. My final TP would be at the BRN/circled area.

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  • #130,972
  • May 21, 2014 7:38pm May 21, 2014 7:38pm
Hey Andy

Here are my answers to your questions

Quoting Andyvix833
#1. As far as Equities ago, I assume you trade off the Weekly so that the charts look somewhat like our FX charts do? So you can get a good clean signal, see the S & R easily etc?
Yep that's exactly right, trading on weekly "smooths" out the price action and makes it easier to read and trade to me. I trade it almost identical to FX when doing this(few nuances that come with stocks)

Quote
#2. If a person hunted A++ PA signals on Equities, would they be in the market more?
Maybe, maybe not. I just like to think of things as take what the market gives you. For example stocks is where I have been focused but if FX was moving well perhaps I would have more trades, perhaps not. I really like to just stay focused on the setups. If for example a tthe end of a week I see 10 great setups b/w fx and stocks there is NO way i'm gonna pull the trigger on all 10 and be that exposed. SO i'm always limiting my exposure to some degree depending on how many current signals I have open, locked in profits, b/e etc.


Quote
#3. Do you use similar account risk when you trade equities vs. forex, i.e 2% of your account?

same risk. My risk only varies on certain types of trade styles. standard vs touch trades/wick plays.


Quote
#4. If a person primarily traded Stocks with what the J16 Group here teaches, as far as account growth, would it be somewhat similar to FX? Thanks bud

this for me is similar to question 1. I don't seperate the two. When I trade, i am trading based on quality of a setup. Mentally it's all the same thing. My account growth is just based on how well I am able to trade, not one vs the other in terms of markets being better/worse etc.

Hope this helps!
Mike
  • #130,973
  • May 21, 2014 9:24pm May 21, 2014 9:24pm
Quoting mbqb11
{quote} Hey PP Yep I sure do. I'm good with usernames. Which is funny in life I am horrible at remembering names. You can request your password from the site as well as contact me via PM with your username/email and some additional info and I can get you it no problem! Good to see you back Mike
Haha. I'm surprised you remembered. I've dropped you a pm. It's good to be back.
  • #130,974
  • May 21, 2014 10:09pm May 21, 2014 10:09pm
Quoting pgtips
its a strong uptrend so you are counter trend trading which is fine BUT the pin you took would ideally be forming about now at 151, looking left you were not totally clear of prev high. There was smaller support broken at 149.72 on 17/2 so I would say you were trading into a potential resistance broken, so resistance becomes support. You don't trade into SR. I grade my trades by monthly SR levels, anything outside of that unless I see a reason i pass on. But to be fair shit happens, no trade can be 100%. If it had worked out you'd be happy. All...

Quoting mbqb11
{quote} Hey UK THis is actually a wick play(something I've been speaking about recently) Notice price just close above the previous bar high. THat makes it technically not a pinbar. As well as really it closed above the recent clusters of highs. With such a tiny bar that wick (the nose of the pin) is likely to fill as we are closed above the resistance point so it's likely to become support. The path of least resistance becomes higher This is similar to the usd/chf I posted about here http://www.forexfactory.com/showthre...55#post7476355...
Thnks Pgtips and Mike for clarification
  • #130,975
  • May 22, 2014 4:10am May 22, 2014 4:10am
Hey Mike

I have a question about hunting trades. Do you also mark your levels from Daily charts and hunt trades on a lower TimeFrame? Sometimes you see on a Daily chart that a Key Horizontal Level (KHL) was broken and you are looking for a pullback to this level to look for Price Action signals. But sometimes these pullbacks are not enough on Daily charts. What I do is to drill down to a lower TimeFrame and hunt trades there because the Pullback is bigger there.

Example with Chart on USDCAD:

USDCAD Daily chart with KHL
Problem: Not enough Pullback

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USDCAD H8 chart with the same KHL
Here we have a deeper pullback and we can see that a Pin Bar formed

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Maybe this is not the best example because of traffic etc.. But I just wanted to ask about the principle. What do you think about it?



Regards,
aserafino
  • #130,976
  • May 22, 2014 5:30am May 22, 2014 5:30am
Quoting aserafino
Hey Mike I have a question about hunting trades. Do you also mark your levels from Daily charts and hunt trades on a lower TimeFrame? Sometimes you see on a Daily chart that a Key Horizontal Level (KHL) was broken and you are looking for a pullback to this level to look for Price Action signals. But sometimes these pullbacks are not enough on Daily charts. What I do is to drill down to a lower TimeFrame and hunt trades there because the Pullback is bigger there. Example with Chart on USDCAD: USDCAD Daily chart with KHL Problem: Not enough Pullback...
Hey Aserafino

A long time ago I used to drop down timeframes to look for a better entry. I did not see any improvement in profitability. Once I started trading from the same timeframe and treating each timeframe as a seperate 'pair' I got much better results.

Take care
Dan
  • #130,977
  • Edited 6:37am May 22, 2014 6:18am | Edited 6:37am
hi all
back on ff after a long time and back to the j16 thread (have spent a long time reading and watching videos, finally moved onto analysing charts)

just wanted to get people's thoughts on the pinbar that formed yesterday off the 150 ema
i see a trouble spot at 94.54 but beyond that there is some hesitation around 95.3 and then we could aim for the top of the box?


another way to look at it was the bearish bar 5 days ago of the 96.10 resistance line with a move that broke the box at 94.54 and now we could be retracing back before another leg down?

look forward to any feedback

cheers
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  • #130,978
  • May 22, 2014 9:14am May 22, 2014 9:14am
i don't mean to start a war here, but does the thread on babypips by forexschoolonline any way related to this thread? i scrolled thru the first few posts and looked at the website. the materials are almost identical. they even have the same description of A+ setup that jim used.
  • #130,979
  • May 22, 2014 10:52am May 22, 2014 10:52am
Hi,
When looking for good trades it is probably most difficult for beginner to be sure about his judgment when the price moved in direction. Can you please tell if it was ok to miss this pin due to traffic and two trend lines just above it ?

Thanks.
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  • #130,980
  • May 22, 2014 12:26pm May 22, 2014 12:26pm
Quoting vanilla.sky
Hi, When looking for good trades it is probably most difficult for beginner to be sure about his judgment when the price moved in direction. Can you please tell if it was ok to miss this pin due to traffic and two trend lines just above it ? Thanks. {image}
if you asked me, I would not like the look if the pin. I would like to see it open and close higher up the bar. It is heading straight into previous s/r. But I'm not really confident with the traffic part. It's not often you see a pa with no traffic ahead. Maybe that us why James say we gave to be patient got the best trade. I just got back to this thread. So don't take my words for it. Haven't came across a pic which shows no traffic. But I'm sure there is, just that I have not reach the post.
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