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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

  • #136,941
  • Sep 12, 2015 7:48pm Sep 12, 2015 7:48pm
Quoting FXBat
{quote} Yeah, i missed Monday unfortunately, i noticed later that all those IBs have been very profitable! For next week, there is a similar IB on GBPNZD. Do you consider taking it?
Sure, why not? If it doesn't get triggered, maybe go long; I think big week for news, so probably big moves!

What's the worst can happen?
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MAY THE TREND BE WITH YOU
  • #136,942
  • Sep 13, 2015 3:27am Sep 13, 2015 3:27am
Quoting Erebus
{quote} Check out these FREE pivots - yes, just run the daily pivots on 15M and 1H, run the Month + Weekly Pivots on 4H and Daily I can see clearly now !!!
Hi Erebus,

The problem with MT4 though is that I can't specify it to change which pivots to show on a certain timeframe. I either add them all or not at all. I think. Unless I'm wanting to have to add them every time and then remove them when I switch timeframes then add them again.

Also, can someone please clarify the taking half off at target then moving the other half to breakeven. Is breakeven defined as just moving your stop to the point where if it retraced all the way back, you'll completely be breakeven on the entire trade i.e. you'd lose your profits from the first half you'd gained profit on, but at least now you've covered the spread etc. Or do you mean breakeven in the sense of viewing it from that point forward in time i.e. you move the stop up to around where price is right now for the other half and so you might get stopped out but at least you DEFINITELY have profit. James always talked about hating having some profit then losing it, so surely even banking half then potentially having the entire trade go to breakeven is just as bad for him?

Thanks,
Gary

Thanks,
Gary
  • #136,943
  • Sep 13, 2015 4:39am Sep 13, 2015 4:39am
Watch out for Oil...
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  • #136,944
  • Sep 13, 2015 4:43am Sep 13, 2015 4:43am
Possible set ups for Monday...
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  • #136,945
  • Sep 13, 2015 5:21am Sep 13, 2015 5:21am
Quoting tehmac
{quote} Hi Erebus, The problem with MT4 though is that I can't specify it to change which pivots to show on a certain timeframe. I either add them all or not at all. I think. Unless I'm wanting to have to add them every time and then remove them when I switch timeframes then add them again. Also, can someone please clarify the taking half off at target then moving the other half to breakeven. Is breakeven defined as just moving your stop to the point where if it retraced all the way back, you'll completely be breakeven on the entire trade i.e. you'd...
Hi
Just as a matter of clarity
James16's price pivot zone are levels of resistance flip to support. This is different from the calculated price support.
Then regarding the breakeven question : it's really a personal choice
The objective here is to secure your profits. You may want to take profit on a % of your position and let the rest run. In that case you may want to move your second SL to breakeven either by moving it to your entry price or to a pip amount equivalent to your profit on your first position.
Pros and cons of both options are pretty obvious : you may bestopped more often vs giving more room to your trades, but or accumulate more small profit vs being catching more runners. ..
Hope this helps
Slow & steady
  • #136,946
  • Sep 13, 2015 7:50am Sep 13, 2015 7:50am
Quoting patapouer
{quote} Hi Just as a matter of clarity James16's price pivot zone are levels of resistance flip to support. This is different from the calculated price support. Then regarding the breakeven question : it's really a personal choice The objective here is to secure your profits. You may want to take profit on a % of your position and let the rest run. In that case you may want to move your second SL to breakeven either by moving it to your entry price or to a pip amount equivalent to your profit on your first position. Pros and cons of both options...
Thanks Patapouer. That helps a lot.

I'm still a little unsure of the price pivot zone, but maybe I haven't got to that bit in the early thread yet for a detailed explanation. So James didn't use the S1, S2, R1, R2 etc lines? He just used the daily/weekly/monthly single pivot lines and then would draw his own ones based on price hitting an area that was support becoming resistance or vice versa and using that as a PPZ?
  • #136,947
  • Sep 13, 2015 9:55am Sep 13, 2015 9:55am
Quoting analysttrade
mbqb11 Is eurjpy H4 BEEB? On swing high
Hey A

Were you speaking about the bar marked on my chart? if so yes that's a BEOB at a swing high but it's quite a small one vs a strong trend. So be careful with those they often reverse at their FTAs. Some people like them but get stops to b/e or take profit quick. I prefer to wait for something more substantial

Best
Mike
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  • #136,948
  • Sep 13, 2015 10:23am Sep 13, 2015 10:23am
mbqb11 thanks for answer! now I find GBPJPY inside but on daily time frame. Is on resistance zone, what u think about short call=?
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  • #136,949
  • Sep 13, 2015 3:55pm Sep 13, 2015 3:55pm
Quoting tehmac
{quote} Thanks Patapouer. That helps a lot. I'm still a little unsure of the price pivot zone, but maybe I haven't got to that bit in the early thread yet for a detailed explanation. So James didn't use the S1, S2, R1, R2 etc lines? He just used the daily/weekly/monthly single pivot lines and then would draw his own ones based on price hitting an area that was support becoming resistance or vice versa and using that as a PPZ?
Hi,

Here a few posts related to PPZ:

http://www.forexfactory.com/showthre...08#post3493408
http://www.forexfactory.com/showthre...26#post3247526
http://www.forexfactory.com/showthre...87#post3167387
http://www.forexfactory.com/showthre...96#post3026296
http://www.forexfactory.com/showthre...70#post2170470
http://www.forexfactory.com/showthre...05#post2170405
http://www.forexfactory.com/showthre...61#post2170361
http://www.forexfactory.com/showthre...90#post2168790
http://www.forexfactory.com/showthre...63#post1840263
http://www.forexfactory.com/showthre...24#post1932724
http://www.forexfactory.com/showthre...27#post6413827
http://www.forexfactory.com/showthre...40#post1840240
http://www.forexfactory.com/showthre...80#post2877480

(sorry, copy n past from my bookmarks when I was reading part of the thread , not the nicest way of presenting these links...)

Its one of the most important concept of J16's way of trading...

Then you may add the S1 S2 R1 R2 levels as an additional layer of confluence: if it lines up with a PPZ then it add weight to your trade.

Take your time and enjoy the ride
Slow & steady
  • #136,950
  • Sep 13, 2015 3:57pm Sep 13, 2015 3:57pm
Quoting patapouer
{quote} Hi, Here a few posts related to PPZ: http://www.forexfactory.com/showthre...08#post3493408 http://www.forexfactory.com/showthre...26#post3247526 http://www.forexfactory.com/showthre...87#post3167387 http://www.forexfactory.com/showthre...96#post3026296 http://www.forexfactory.com/showthre...70#post2170470 http://www.forexfactory.com/showthre...05#post2170405 http://www.forexfactory.com/showthre...61#post2170361...
sorry can't edit my post dont know why...

Start with this one:
http://www.forexfactory.com/showthre...63#post1840263
Slow & steady
  • #136,951
  • Sep 13, 2015 8:45pm Sep 13, 2015 8:45pm
Quoting tehmac
{quote} Thanks Patapouer. That helps a lot. I'm still a little unsure of the price pivot zone, but maybe I haven't got to that bit in the early thread yet for a detailed explanation. So James didn't use the S1, S2, R1, R2 etc lines? He just used the daily/weekly/monthly single pivot lines and then would draw his own ones based on price hitting an area that was support becoming resistance or vice versa and using that as a PPZ?
James call those calculated pivots as "floor trader pivots". Not too sure if James incorporated them much for forex trading. The J16 "PPZ", some posters here like to refer to them as S/R levels.

As for time frames, the higher time frame PPZ tend to be better validated, and PPZs at round numbers and big round numbers tend to be well respected.
The major PPZs are usually the ones where price has reacted off it multiple times. There are also shorter term minor PPZs that may have only created a couple of recent reactions. As patapouer said, PPZ is the very core of J16 trading. Price action is a confirmation signal of how price will react off these levels. You should definitely spend some time to read through the first couple of hundred pages, as well as all the links in the first post by the man himself.
  • #136,952
  • Sep 14, 2015 4:12am Sep 14, 2015 4:12am
Aud/usd d1 buovb.

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'Fail to plan, plan to fail'
  • #136,953
  • Sep 14, 2015 7:36am Sep 14, 2015 7:36am
Quoting Guitarbloke
Aud/usd d1 buovb. {image}
Nice entry, GB. This is the only way I take CT trades, but I decided against this one. Waiting to short this pair:
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Oh, and I'm back BTW.
  • #136,954
  • Sep 14, 2015 7:49am Sep 14, 2015 7:49am
GBPUSD D1 possible BEOB. My order is placed, waiting for the previous day's low to get taken out.
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  • #136,955
  • Sep 14, 2015 4:00pm Sep 14, 2015 4:00pm
New weekly low, looking for downside momentum in CAD/CHF.
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  • #136,956
  • Sep 14, 2015 4:05pm Sep 14, 2015 4:05pm
Gas: finally range breakout.
Buying opportunity at retracement to former resistance 2.70
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  • #136,957
  • Edited 7:10pm Sep 14, 2015 5:07pm | Edited 7:10pm
Quoting incognito517
{quote} Nice entry, GB. This is the only way I take CT trades, but I decided against this one. Waiting to short this pair:{image} Oh, and I'm back BTW.

Welcome back Inco! I am looking to TP at that area, then I will look for a short there, or continue higher. PA will show the way.

Welcome Steve Benik. Enjoying your analysis.

All the best there Kershey. Gb.


Edit: AUD/JPY D1 BUOVB. Riding the Oz train north.

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'Fail to plan, plan to fail'
  • #136,958
  • Sep 14, 2015 9:10pm Sep 14, 2015 9:10pm
Quoting incognito517
GBPUSD D1 possible BEOB. My order is placed, waiting for the previous day's low to get taken out. {image}
Welcome back Courtney.

GBPUSD D1 the outside bar closed neutral on my feed. Will probably wait for a better signal to reject the 1.5470~1.5500 PPZ instead, IMHO.
  • #136,959
  • Sep 15, 2015 1:38am Sep 15, 2015 1:38am
Quoting oble
{quote} Welcome back Courtney. GBPUSD D1 the outside bar closed neutral on my feed. Will probably wait for a better signal to reject the 1.5470~1.5500 PPZ instead, IMHO.
Thanks Gerard, yes the bar closed marginally bearish/neutral on my feed too but I’m okay with that. For me, jumping in early is worth the risk from locations I am expecting bearish PA at, especially in cases like this where support isn’t too far away (for a decent RR). Also, the last 3 trading days found resistance at the PPZ, and yesterday’s bar coming after an indecision IB was perfect for me to get in. Bleeding NY session pushed price up again. I think they’re still mad at me for having Martingaled their Roulette tables successfully a couple weeks back. Oh well, let’s hope London decides to sell the pound aggressively today. I think the trade is still good.
  • #136,960
  • Sep 15, 2015 1:45am Sep 15, 2015 1:45am
The AUDUSD trade I spoke of yesterday, I'm in on an H6 PB/BEOB.
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