james16 Chart Thread

Happy birthday Mike!

CHF/JPY BEOB on the H4. Price is at a resistance area and in a downtrend. Will be watching carefully as it approaches the first significant trouble area (blue line).
Will endeavour to get to BE before then. See how she goes....

That's pretty much it Gregory. From my inexperienced observation, when I zoom out and look at the bigger picture and i see what is by definition a swing high/low, it is almost always at trendlines/PPZ's/BRN's etc., which are all forms of support and resistance (are they not)?

So, are swing highs/lows simply another form of support or resistance?.... or are they another beast altogether?.... is there a God?.... will Jarrad Hayne get another game for the 49ers this year?....
....only those smarter than me know the answers to these questions

Bill

Here's one to keep an eye on for later in the week or next week peeps.
AUD-JPY BUOB/DBLHC on the WEEKLY. It's retracing nicely towards the safety of the (so far) reliable support in a general uptrend.
I will look for some confirmation on the lower T/F's before setting a buy limit. Could be worth keeping on the 'watchlist' anyway.

Big announcement coming

XAU/USD M15 PB. see how she goes.

Yes, and they are pivot points, so I look at them as areas of great significance Bill. Price has usually turned there for a reason, and the swing point can often be traced to a previous level of significance in history, recent or not so recent. All I can do is look left to the nearest significant swing high/low or S/R zone/level, then trade from it. Some S/R levels aren't swing/pivot points as such if price has 'hugged' and consolidated at a level for a few sessions/days etc. Swing/pivot points are sharp and decisive. Not always easy to know if you are trading from a newly formed swing point either, which is where a BRN is handy along with the surrounding PA story. Whatever we call these areas, there are often good opportunities nearby. At least this is my interpretation. Good trading, GB.

Check out post 14,083 from Mike below.



http://www.forexfactory.com/showthre...16#post2252116

gd job

GBP finally moving...

GBPUSD



GBPJPY

Just exited this M30 BUOB play from the edge of the pattern. There was also a 4BH of sorts above the edge. Full trade is documented from start-to-finish in my journal on the J16 website.

It might go higher, but I am happy with the management.

Thanks for sharing Gregory.
I have a couple of questions:
- Where did you place your SL?
- What was your TP target?
- I can see 25 EMA on the screen. What weight did it take (if any) in your decision making process for the trade and in general M30 (and others)?
- How reliable you do find triangles in general and specifically M30 triangles?
Thanks a lot for your time helping J16 thread members.

Sure, mozyr. Here are the answers to the best of my ability:

Where did you place your SL? Initially, my stop was under the BUOB. The trade opened on the 4BH break, not initially on the BUOB. I don't think I would have traded it as a BUOB break, alone. The fact that price went down and tested the BUOB about half-way and then went up, formed the 4BH, and then broke made it interesting to me. I moved my SL up shortly after the break as price moved higher to reduce my risk by 50+%, and then eventually went to break-even. I then moved my stop back to about 0.12% of original risk, in order to survive the diagonal line retest. I have had a bad habit, lately, of moving my stop up too quickly. Therefore, I took a little more liberty this time around.

This was dynamic R:R. I believe Mike has spoken about it here. Everything that works for me, I learned from James16, Mike, and the other senior members of the group. To emphasize that point, I am in my 10th year now of investing/trading research (found James16 in year 7 and joined in year 8), and I did not have success until I got serious about demo on the James16 website.

What was your TP target? My TP target was around 123.79, utilizing an adjusted stop order to automatically move my stop up to 123.79 when 123.80 was hit. Unfortunately, I cut out too early because I thought there were too many wicks on the chart after that deep retest of the trend line. If I had held strong, my target would have been hit. Therefore, this would have been a 3.7% gain instead of a 1.08% gain. Oh well. There will always be another trade.

I can see 25 EMA on the screen. What weight did it take (if any) in your decision making process for the trade and in general M30 (and others)? Absolutely zero weight. I do not utilize these. They are there because I eventually want to trade some of the EMA methods James16 teaches. However, I have not yet progressed to that point. There is a TON of material on the site, and I have probably only made it through maybe 5-8% of it... MAYBE 10%, though I doubt it. It is probably closer to 5%.

How reliable you do find triangles in general and specifically M30 triangles? This is a tricky question. I have seen patterns form and do exactly what they should do on the 30 second chart (S30). Many people think that patterns are prophecies fulfilled by people watching the same thing. I do not. Otherwise, S30 patterns would not work the way I have seen them work. I suppose people could be watching them too, but based on what I have seen, I do not think a human could react that fast. At least, not MANY people could react that fast. Due to that, I do not believe in the whole "fulfilling our own prophecies" perspective. With that said, I just ran a check on the M30 trades I have made this year, and I only have 4 trades, as this is somewhat new territory for me, 3 wins and 1 break-even. Therefore, they seem reliable to me. I have not had much success yet on the M5 timeframe, but I am edging in that direction, I think.

I love the M30 chart. The only downside is I spent 3 hours this morning managing that trade. I have to watch the chart, carefully.

Just one quick side comment. That BUOB was fairly iffy. The only reason I liked it was that the trade opened on the outer edge of the pattern, meaning I could quickly cut out, if I wanted, with little risk. Plus, the 4BH just made it really worthwhile, for me personally, albeit it was a little iffy too (i.e. 2 of the 4 bars were 0.5 pips or so higher than the other 2 bars).

One thing I want to emphasize is the difference that spreads can make, in a situation like this.

Right now, my demo feed has a 10 pip spread on this pair. However, my live feed currently has a 1 pip spread. That difference really matters. Of course, this is obvious to most people. I just emphasize it because I do not think I would trade M30 charts with a 10 pip spread.

I want to clarify something. For me, now, patterns are not about the time frame. I believe they work, period. The time frame does not matter.

This is particularly fascinating to me because when I joined the James16 website in 2013, I was convinced that patterns did not work. I remember even e-mailing Mike to that effect. I had seen so many head and shoulders patterns fail, prior to joining the group (among other patterns), that I had 0% confidence in them whatsoever. Of course, now, I would say that I have ultimate confidence in them.

When I realized this, it blew my mind due to the similarity with price action. Price action also works on any time frame and any marketable instrument (currencies/stocks/etc.). I am definitely convinced of that, at this point.

Finding concepts that are time frame or instrument agnostic is incredibly important to me. I want the flexibility to expand to as many marketable instruments that exist, and these concepts afford the possibility.

Mike, may I ask again about boxes?)) I read your posts about boxes. Did I understand idea correct? Are my boxes at EURUSD correctly drawn?

Thank you so much Gregory for such comprehensive comments.

yep great job

You can see if we break it down a bit more cleaner that we have a Large box. The MIDPOINT of all boxes is a PPZ. This is that agreement of price area. So this becomes choppier as well as we get smaller boxes often making up within that larger box.

So on the weekly you can see it nice. Don't be surprised to see us push into and show resistance here above that weekly buob. We could easily see price pulldown again, if we can get clearly above it we will likely test into that box top

I'd prefer to see us move lower after a retest of the BUOB, then once we can CLOSE above that NEW high push towards the box top


Best
Mike

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I have something to leave with you. If it means nothing to you that's perfectly fine
not a thing wrong with that. I'm giving this in the event just one of you
might be blessed by it.


"When a man begins to search out his true nature and to find the truth of
his real being he begins the quest. Between the ordinary man who takes
himself as he is and the philosopher who does exactly the same there stands
the searcher.
In the first case the outlook is narrow, being limited by attending to the
inescapable necessities and demands of day-to-day living. in the other case
peace of mind may have been established, a thirst for knowledge perhaps
fulfilled and the discipline of self perhaps realized.
In between these two stands the searcher. He is not satisfied with himself
and has a strong wish to become a better and more enlightened man. He
spends his life striving for the answers to the seemingly unanswerable
questions of his existence.
What should be of comfort to those brave enough to travel this lonely road
is simply to know that just the search itself is complete victory over
life."


-Paul Brunton.
Edited slightly with the utmost respect and admiration by James16

Part of the new site will be about these "things". Its not about
religion with me folks. I have one but that's not what "The Search" area of
the site will be about. Just so you know.

YOUR LINK BELOW

www.james16group.us


JIM
JAMES16