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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

  • #131,741
  • Aug 9, 2014 12:20am Aug 9, 2014 12:20am
Quoting Ivanyo
Hi guys, Starting off my journey here in the James16 thread and posting so I can get some good feedback and continue learning. Here is the GBPNZD weekly chart. What do you all think of the two consecutive pin bars the past two weeks have printed? {image}
Hi Ivanyo, welcome to the thread! I'm extremely sorry to hear about your 80% drawdown. I'm glad you're locking into demo for a few months. I spotted your trading journal and you have a very good attitude after your drawdown. As Davit suggested on that thread, your issues may just as much be mental & psychological than it is technical. You'll find the traders and especially the instructor, Mike on this thread very experienced, knowledgeable and patient.

Here's my take on your post.
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  • #131,742
  • Aug 9, 2014 1:23am Aug 9, 2014 1:23am
Quoting FxLester
{quote} Hi Ivanyo, welcome to the thread! I'm extremely sorry to hear about your 80% drawdown. I'm glad you're locking into demo for a few months. I spotted your trading journal and you have a very good attitude after your drawdown. As Davit suggested on that thread, your issues may just as much be mental & psychological than it is technical. You'll find the traders and especially the instructor, Mike on this thread very experienced, knowledgeable and patient. Here's my take on your post. {image}
Thanks mate,

I did stumble upon your blog earlier as well and found out you were from Sydney as well! Thanks so much for your advice - will continue reading and learning (and posting here for advice when unsure).
  • #131,743
  • Aug 9, 2014 3:35am Aug 9, 2014 3:35am
Hey guys,

Have not been posting much of late since FX 'died' but here is something im keeping my eye on ...could take a while to play out with current volatility

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Take care
Dan
  • #131,744
  • Aug 9, 2014 5:34am Aug 9, 2014 5:34am
I wonder ,trend is over? for retrace, if d1 breaks ill be watching 16750 ,and ej ,falling tl


Quoting aserbfx
DJI 30 just a loss of about 4% from the high in the last two weeks. so nothing really happened. uptrend still ok. {image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #131,745
  • Aug 9, 2014 6:52am Aug 9, 2014 6:52am
yes and no ,markets not kind enough to give space all the time and these can work out ,I guess I feel that set up might supprise you ,


Quoting FxLester
{quote} Hi Ivanyo, welcome to the thread! I'm extremely sorry to hear about your 80% drawdown. I'm glad you're locking into demo for a few months. I spotted your trading journal and you have a very good attitude after your drawdown. As Davit suggested on that thread, your issues may just as much be mental & psychological than it is technical. You'll find the traders and especially the instructor, Mike on this thread very experienced, knowledgeable and patient. Here's my take on your post. {image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #131,746
  • Aug 9, 2014 7:04am Aug 9, 2014 7:04am
Quoting Bones
yes and no ,markets not kind enough to give space all the time and these can work out ,I guess I feel that set up might supprise you , {quote} {image}
Thanks for the insight Bones.

Guys, I'm still learning/refining by only looking at pin bars on the daily and weekly time frames. I'm currently looking back at 2001 and there's very little/no big and obvious pin bars that I've come across on 3 pairs (USDJPY/AUDUSD/EURUSD) in about the first 2-3 months of 2001. I'll keep posting if I have any questions.

Cheers
  • #131,747
  • Aug 9, 2014 7:18am Aug 9, 2014 7:18am
Hi Ivanyo , with gbp nzd it a very fast mover ,and in consolidation so prob one of the most tricky charts there is
gbp chf may be good for you short,
how do you read gbp chf ?
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #131,748
  • Aug 9, 2014 7:37am Aug 9, 2014 7:37am
Quoting Bones
Hi Ivanyo , with gbp nzd it a very fast mover ,and in consolidation so prob one of the most tricky charts there is gbp chf may be good for you short, how do you read gbp chf ? {image}
GBPCHF Weekly

  1. Nothing really to trade here - just price moving along.

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GBPCHF Daily

  1. This is a chart that I'll be looking at over the next few days for a long. I'd like to see something similar to the below form for a long trade - your thoughts?

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On a separate note, here is a nice pin-bar I've found while looking back at historical data. Would you guys consider this a good one to take? Only thing is that it is against the trend. I think these are the sizes/types of pin bars that I need to be looking for to trade this method.

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  • #131,749
  • Edited 8:13am Aug 9, 2014 7:46am | Edited 8:13am
gbp chf has broke up trend line
id look for h4 bear signals
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #131,750
  • Aug 9, 2014 10:01am Aug 9, 2014 10:01am
prob a bearish pattern ,


Quoting Bones
I wonder ,trend is over? for retrace, if d1 breaks ill be watching 16750 ,and ej ,falling tl {quote} {image} {image} {image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #131,751
  • Aug 9, 2014 10:29pm Aug 9, 2014 10:29pm
Quoting dan89
Hey guys, Have not been posting much of late since FX 'died' but here is something im keeping my eye on ...could take a while to play out with current volatility {image} Take care Dan
Hey Dan!

I understand where you're coming from when you said the FX markets "died".

One thing you could try is to look at a wider spectrum of markets instead of solely focusing on FX.

I believe you're a technical trader and if that's the case, then whatever approach you use in trading for the FX markets would apply to others.

At the moment, markets like wheat, corn, soybeans, nat gas are trending pretty nicely and have decent volatility.

Cheers!
  • #131,752
  • Edited Aug 10, 2014 12:48am Aug 9, 2014 11:50pm | Edited Aug 10, 2014 12:48am
Quoting Bones
yes and no ,markets not kind enough to give space all the time and these can work out ,I guess I feel that set up might supprise you , {quote} {image}
Hi Bones. Thanks for your insight! However, I feel you may have misunderstood the nature of my post. I was addressing new traders or in Ivan's case, someone starting back at the basics and trying to illustrate the difference between the difficulty of trading within consolidation with small PA cf. to large PA from clear swings.

I feel this is in the vein of this thread as I can see both James and Mike are advocates for trading only these obvious setups, especially for new traders.

If you take a brief look at my blog or recent posts on this thread you will see that the majority of my recent trades have actually been pins and PA within consolidation.

Cheers mate,
Lester
Follow me on twitter @FxLester
  • #131,753
  • Aug 10, 2014 12:46am Aug 10, 2014 12:46am
Hi guys,

Just reviewing charts again before trading week tomorrow. USDJPY has a nice pin bar but I think it's not positioned well. There is close resistance nearby which has been respected - would I be correct in saying this?

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  • #131,754
  • Aug 10, 2014 12:48am Aug 10, 2014 12:48am
Hi Lester ,I see what you mean ,its great to see another great trader helping out here

Quoting FxLester
{quote} Hi Bones. Thanks for your insight! However, I feel you may have misunderstood the nature of my post. I was addressing new traders or in Ivan's case, someone starting back at the basics and trying to illustrate the difference between the difficulty of trading within consolidation with small PA cf. to large PA from clear swings. I feel this is in the vein of this thread as I can see both James and Mike are advocates for trading only these obvious setups, especially for new traders. If you take a brief look at my blog or recent posts on this...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #131,755
  • Aug 10, 2014 2:20am Aug 10, 2014 2:20am
txn on weekly.
looks interesting.
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meine augen sind die sterne
  • #131,756
  • Aug 10, 2014 2:36am Aug 10, 2014 2:36am
Quoting Ivanyo
Hi guys, Just reviewing charts again before trading week tomorrow. USDJPY has a nice pin bar but I think it's not positioned well. There is close resistance nearby which has been respected - would I be correct in saying this? {image}
Hi Ivan, I'd agree with your analysis mate. I think it is a beautiful looking bar. This trade is not for me personally though. As you've correctly identified, the first resistance area is quite close. Personally I like to scale out at the first zone and ratchet my stop (thereby making the risk on the trade zero or negligible - that's just my personal style) and I can't see myself being able to achieve that with this setup.

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I do like the break out of a descending trendline and retest of this zone which is also confluent with a psych level (2.0x) - this itself is a bread+butter setup in my own trading (i.e. breakout of TL or pattern and retest). However the points I mentioned above keep me out.
Follow me on twitter @FxLester
  • #131,757
  • Aug 10, 2014 2:41am Aug 10, 2014 2:41am
Quoting mbqb11
{quote} Sure is nice to go to bed with a risk free trade, not as nice to wake up to a b/e trade LOL This one got stopped at b/e after coming real close to my take profit. Such is trading. This area still good to watch for trades though {image}
Hi mike,
I am still in...without SL....
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Have a nice day
  • #131,758
  • Aug 10, 2014 2:48am Aug 10, 2014 2:48am
One of the charts on my watchlist for the next week.

Bull trend on the GBP/DKK since about July 2013. However, in the last week we have broken through not one but two ascending trendlines (marked as blue and red). To me, price is turning over now and I've abandoned any long plays and looking only for shorts.

That wick low created on Monday is holding as short term support by Fridays close. I am anticipating a retest of the 34600 level marked blue and for some PA to go short here. My ideal scenario is some PA which tests not only the 34600 but the trendline we have broken out of.

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  • #131,759
  • Aug 10, 2014 9:10am Aug 10, 2014 9:10am
First post here. I've been studying J16 method for more than 6 months now. Thanks for having this great thread alive guys! Really grateful to Mike (bmqb11) & some other J16 pioneers who were still active here after all these years to share your priceless knowledge & experience.

Here's my thought of AJ daily. It appears to be a potential Long trade at first glance (PIN + Pivot + Yearly MA support). But after some further studying, I decided to pass on this. Reasons for not entering are the diverging MACD TL for recent tops + limited space for price to move up prior FTA slightly above BRN (95.0).

Thoughts on this anyone?
Safe trading all.

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  • #131,760
  • Aug 10, 2014 10:10am Aug 10, 2014 10:10am
Quoting FxLester
. I am anticipating a retest of the 34600 level marked blue and for some PA to go short here. My ideal scenario is some PA which tests not only the 34600 but the trendline we have broken out of. {image}


I love your charts but please allow to have a question:
If price returns up to the TL, it rebreaks the Trouble area again, right? Isn`t then the Trouble area again a resistance on its way down?
Why do you prefer this scenario? What am I missing? Thanks a lot for your great work here
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Have a nice day
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