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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

  • #135,481
  • Edited 8:03pm Jun 24, 2015 7:27pm | Edited 8:03pm
Quoting oble
Looks like a BUOB on USD/CAD daily signalling potential continuation of the upward trend started by the pin bar on June 18th, but running it's into a trouble area where it was a previous support for quite a number of days and it almost matches the 61% fib ret (I may have drawn my fib ret the wrong way around?). I think I'm going to sit on the sideline on this one as I'm not too confident about it but it would be interesting to learn if there's any potential play. Would it still be considered a high quality trade playing a break upwards of the trouble...
Hey Oble. If you took that BUOVB you would be trading directly into resistance. Price is now at that 1.24000 s/r level and daily bar did not close above it. You would also not be trading long from a swing low. Much of J16 is about trading long from a swing low, and short from a swing high. That trade would've been more a continuation trade, which may work, but the probability is much lower than trading from a swing high/low at a PPZ/key S/R level. You could wait for price to break above the current s/r level, come back to retest, then look for a strong PA signal to go long from the new support at 1.24000 zone. Other option might be if price falls to next support zone you could look for long PA. Or of course, if you get good bearish PA at current zone, you might look to short. Just my basic understanding of J16 method and how I look at it. Of course, there are many ways to trade and get pips. GB
'Fail to plan, plan to fail'
  • #135,482
  • Jun 25, 2015 1:03am Jun 25, 2015 1:03am
Quoting Guitarbloke
{quote} Hey Bladerunnr, Still an ongoing question for me too. There is some solid info around this on one or more of the links on page 1, post 1. You will find many other jewels there on your search. Mike has also posted excerpts from J16 webinars on this subject too, if you search his posts here he posted a video a few weeks ago I think. You'll have to look for it. Also Check out the free stuff at the private forum or you tube. EDIT: P.S. For me (still a beginner), I like to try to keep at least a 50-60 pip buffer on the trades that run, and/or...
Thanks GB, I shall hit the start of the thread again and see what i can dig up. As of now i use a similar approach to you of a 50ish gap between stop and price.

Thanks for your response mate.
  • #135,483
  • Jun 25, 2015 3:10am Jun 25, 2015 3:10am
Hi guys, I understand 2 day pins. However can we extend this concept to a 3 day pin? as shown in the attached? thank you
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  • #135,484
  • Jun 25, 2015 3:34am Jun 25, 2015 3:34am
Quoting Guitarbloke
{quote} Hey Oble. If you took that BUOVB you would be trading directly into resistance. Price is now at that 1.24000 s/r level and daily bar did not close above it. You would also not be trading long from a swing low. Much of J16 is about trading long from a swing low, and short from a swing high. That trade would've been more a continuation trade, which may work, but the probability is much lower than trading from a swing high/low at a PPZ/key S/R level. You could wait for price to break above the current s/r level, come back to retest, then look...
Thanks Guitarbloke. Agreed that it is moving into a s/r level, which is a much lower probability trade. I'm also happy to sit out on this one and watch how it plays out as a live learning process.
  • #135,485
  • Jun 25, 2015 6:19am Jun 25, 2015 6:19am
Quoting oxygn
Hi guys, I understand 2 day pins. However can we extend this concept to a 3 day pin? as shown in the attached? thank you
I have a few ideas about this:

In theory 3 day pins or even 3.5 day pins or any x day/hr pattern should be fine. I guess it's like when we look at weekly and daily charts, you are moving from a 7 day pin, then looking at a 1 day pin.

If it shows valid price action its telling you something, and really, when we move through different timeframes, you see the same price action information presented in different ways.

On the other hand, I don't know, but I'd assume that ideally we want to be trading off the same price patterns that the market is trading off. And also, it may get a bit complicated scanning lots of different bar scenarios and if yo can't find what you need in the hourly, 4hr, daily or weekly then move on to the next chart. I know that people (me included, look at 6 or 8 hr bars occasionally, but I kind of feel I'm clutching at straws a bit, like when we redraw lines on a chart to look just-right )

However, for me, the pins you highlighted don't look well formed enough, and the other possible pin below that isn't in a great location.

Hope that helps and would be interested to see what other responses you get (although I suspect the answer is already in the thread somewhere).
  • #135,486
  • Jun 25, 2015 8:12am Jun 25, 2015 8:12am
anyone taking this 4H major PB, based on Zamfir's challenge?

I will place buy stop order at the high of the PB.
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Market can stay irrational longer than you can stay solvent.
  • #135,487
  • Edited 6:20pm Jun 25, 2015 8:49am | Edited 6:20pm
NZD/CHF H1 PB rejecting BRN .65000 at swing high with downtrend.

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EDIT: 1ST target hit. BE.

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'Fail to plan, plan to fail'
  • #135,488
  • Jun 25, 2015 8:54am Jun 25, 2015 8:54am
Quoting FXBat
anyone taking this 4H major PB, based on Zamfir's challenge? I will place buy stop order at the high of the PB. {image}
I saw that candle FX bat. I'm hoping price will go the other way lol. But it looks ok, except you'd be trading into a fair bit of resistance/traffic? All the best with it if you take it.
'Fail to plan, plan to fail'
  • #135,489
  • Jun 25, 2015 9:23am Jun 25, 2015 9:23am
Took this 4H pin of 10.20 area in ZAR-JPY.
Looking for a new channel high around 10.30
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  • #135,490
  • Jun 25, 2015 9:25am Jun 25, 2015 9:25am
Quoting FXBat
anyone taking this 4H major PB, based on Zamfir's challenge? I will place buy stop order at the high of the PB.
As a learner its too hard to ignore everything in this thread that teaches us to put the price action in to some kind of context/location. Maybe a good exercise on a demo account.

On this particular pair on my feed that 4hr pin is presented even more nicely than on yours (hardly any body) but I'm wary of a quick re-test of 195 and an even quicker break down of the bottom of that triangle. Maybe if we hadn't just broken down out of that box but to me it just looks like an opportunity to sell.


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  • #135,491
  • Jun 26, 2015 1:50am Jun 26, 2015 1:50am
Quoting FrenchPips
{quote} I have a few ideas about this: In theory 3 day pins or even 3.5 day pins or any x day/hr pattern should be fine. I guess it's like when we look at weekly and daily charts, you are moving from a 7 day pin, then looking at a 1 day pin. If it shows valid price action its telling you something, and really, when we move through different timeframes, you see the same price action information presented in different ways. On the other hand, I don't know, but I'd assume that ideally we want to be trading off the same price patterns that the market...
Thanks for your reply! You have got a good point about not trying to clutch at straws and just sticking with the usual timeframes and if there is no trade, then sit by the sidelines and wait patiently.
  • #135,492
  • Jun 26, 2015 3:41am Jun 26, 2015 3:41am
Hey guys, those of you trading the Euro pairs today, it would be wise to close your positions before the day is out. There is potential high volatility and gap risk on Euro pairs as Greece is expected to make an announcement over this weekend regarding the ongoing debt negotiations. This may have significant impact when the markets open next week. I do have an open position on the EurJpy that I intend on closing this evening if I don't get stopped out or the target isn't hit before then.
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  • #135,493
  • Edited 5:28am Jun 26, 2015 4:25am | Edited 5:28am
Quoting incognito517
Hey guys, those of you trading the Euro pairs today, it would be wise to close your positions before the day is out. There is potential high volatility and gap risk on Euro pairs as Greece is expected to make an announcement over this weekend regarding the ongoing debt negotiations. This may have significant impact when the markets open next week. I do have an open position on the EurJpy that I intend on closing this evening if I don't get stopped out or the target isn't hit before then. {image}
Thanks for the reminder Incognito. It will be interesting to see how markets react, and indeed the EU. I'm in this trade too. A fair bit of traffic to the left which is my first target. Best wishes, GB.

EUR/JPY H4 PB off support.

EDIT: I've closed this trade for a small loss. I jumped in too soon without proper analysis. Trading for last few hours so a bit tired. My thoughts are I would be trading long at a swing high, which may come off, but lower odds. Plus I have a feeling this pair is heading south. Trade cancelled.

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'Fail to plan, plan to fail'
  • #135,494
  • Jun 26, 2015 6:42am Jun 26, 2015 6:42am
Quoting Kershey
Took this 4H pin of 10.20 area in ZAR-JPY. Looking for a new channel high around 10.30 {image}

ZAR/JPY loss from long entry yesterday.
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  • #135,495
  • Edited 8:51am Jun 26, 2015 7:06am | Edited 8:51am
Quoting Kershey
{quote} ZAR/JPY loss from long entry yesterday. {image}
Hey Kershey. Sorry for your loss. Would you trade that set up similarly if you come across such again? My immediate (student) thoughts are that that bar was at a swing high giving it less chance to move, rather than trading such a bar long from a swing low, which can often mean better odds. Easy to say in hindsight I know. GB

AUD/NZD D1. BEOVB. (Bar from 2 days ago). Sell stop orders set. About to be triggered. I didn't enter on a retrace because far too much traffic and flak on H1 and H4. So entry set below the mess hopefully for a clearer run south. See how he goes.

EDIT: Trade triggered.

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'Fail to plan, plan to fail'
  • #135,496
  • Jun 26, 2015 7:43am Jun 26, 2015 7:43am
Quoting Guitarbloke
{quote} EDIT: I've closed this trade for a small loss. I jumped in too soon without proper analysis. Trading for last few hours so a bit tired. My thoughts are I would be trading long at a swing high, which may come off, but lower odds. Plus I have a feeling this pair is heading south. Trade cancelled. {image}
Hey Guitarbloke, I’m sorry that you took an unnecessary loss on this trade. It makes me sad to see you take a loss for no reason other than the noise of the lower time frames. I don’t like looking at intraday charts. Not only do I not trade them much but I also try not to even look at them while my trade is live on that particular pair. What I do is, I define my risk in the market, define my target (risk reward scenario) if they meet the conditions, I’m in the trade and WALK AWAY. I’m either stopped or my target is hit. But yeah, I find that watching the trade play out on the lower time frames is very dangerous for me because I tend to over analyse it and meddle with the trade unnecessarily.
Support has been tested a few times and held, plus the 21 day dynamic support is holding, together with price action confirmation to long the market. It’s not an A-Trade for sure, but it’s a pretty decent trade. Anyway, I’m sorry for your loss. I played this on the 50% retrace of yesterday’s hammer on the daily chart. It’s currently about 40 pips in my favour and I’m probably going to take profits now as I’m going out and don’t know if I’ll be back anytime soon.
All the best for your other trades. God bless.
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  • #135,497
  • Jun 26, 2015 8:05am Jun 26, 2015 8:05am
Quoting Guitarbloke
{quote} Hey Kershey. Sorry for your loss. Would you trade that set up similarly if you come across such again? My immediate (student) thoughts are that that bar was at a swing high giving it less chance to move, rather than trading such a bar long from a swing low, which can often mean better odds. Easy to say in hindsight I know. GB AUD/NZD D1. BEOVB. (Bar from 2 days ago). Sell stop orders set. About to be triggered. I didn't enter on a retrace because far too much traffic and flak on H1 and H4. So entry set below the mess hopefully for a clearer...

Yeah, thanks for your comment.
The trade idea was 4H pin in trend. Entry after the previous days highs are broken.
ZAR data was also positive. When this isnt an entry, what else...
On the Daily chart it looks more bearish. Should trade D1 only.

But still this method of trading seems not to be very rewarding to me.
Rarely on D1 you get a RR 1:2 upwards to compensate some loosers, which are inevitable.
  • #135,498
  • Jun 26, 2015 8:11am Jun 26, 2015 8:11am
Quoting incognito517
{quote} Hey Guitarbloke, Im sorry that you took an unnecessary loss on this trade. It makes me sad to see you take a loss for no reason other than the noise of the lower time frames. I dont like looking at intraday charts. Not only do I not trade them much but I also try not to even look at them while my trade is live on that particular pair. What I do is, I define my risk in the market, define my target (risk reward scenario) if they meet the conditions, Im in the trade and WALK AWAY. Im either stopped or my target is hit. But yeah, I find that...
Thanks Incognito. No big deal. Only 20 pip sacrifice. I'd rather close a trade when I haven't fully analysed it and just jumped in rather than the potential mental anguish of being in a trade I wasn't 100% behind then losing . Don't be sad though, I've made many pips this week. Good job on the profit!

All the best Kershey. Do you ever take such long set ups like the one in your chart from a swing low area? Have a beaut weekend friend. GB
'Fail to plan, plan to fail'
  • #135,499
  • Jun 26, 2015 9:16am Jun 26, 2015 9:16am
Quoting Guitarbloke
NZD/CHF H1 PB rejecting BRN .65000 at swing high with downtrend. {image} EDIT: 1ST target hit. BE. {image}
NZD/CHF H1. Out with 86 pips. + 30 from 1st order = around 120 pips. Took 130 pips on AUD/CHF too. Similar trade. Closed that one too early. Can't complain.

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'Fail to plan, plan to fail'
  • #135,500
  • Jun 26, 2015 11:13am Jun 26, 2015 11:13am
approaching full bar loss
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