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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

  • #138,641
  • Edited 10:37pm Feb 22, 2016 6:23pm | Edited 10:37pm
Quoting bernadetta
{quote} Bill, Can you explain these trades to me please? Many Thanks Bernadetta
Hi Bernadetta,

They're simple BO (breakout) trades. PA (price action) moving out of the support/resistance/trendline boundaries, confirmed by looking at lower timeframes that it was "unlikely" a false breakout. Also with the trend!

So the two trades you referred to were similar to the two below - price gets to support/resistance/ppz and i let the market tell me where price is "likely" to go when it hits that wall. Bust through or be turned away. In other words, "go with the flow" because it's certainly easier to sail with the wind rather than into it.

The EUR/USD chart below is one i'm watching closely for either a BO south of the support or a bounce off of the support northward. I'm hoping south as i think it would be a stronger move but either way there are pips to be made. PA will lead the way.

The USD/JPY chart below is a trade i'm in that, as per the scenario above, was either going to BO north or bounce off of the resistance south. It went south and that was my cue to get in. There is support at the orange line but as this pair is relatively benign i have already moved to BE in case there is a substantial bounce north whilst my back is turned, during the Asian session. If it gets to the orange support, i will then be watching veeeery carefully to see if there is a BO further south because then i will addin (be short again)

Hope this makes sense.
Bill
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  • #138,642
  • Feb 22, 2016 10:34pm Feb 22, 2016 10:34pm
Quoting Bill618
{quote} Hi Bernadetta, They're simple BO (breakout) trades. PA (price action) moving out of the support/resistance/trendline boundaries, confirmed by looking at lower timeframes that it was "unlikely" a false breakout. Also with the trend! So the two trades you referred to were similar to the two below - price gets to support/resistance/ppz and i let the market tell me where price is "likely" to go when it hits that wall. Bust through or be turned away. In other words, "go with the flow" because it's certainly easier to sail with the wind rather...
Hi Bill,

The overall makes sense. Is it normal James 16 PA for entry on usdjpy as I don't see it on your chart.
Can you show me where entry was please?

Many Thanks
Bernadetta
  • #138,643
  • Feb 23, 2016 12:06am Feb 23, 2016 12:06am
Quoting bernadetta
{quote} Hi Bill, The overall makes sense. Is it normal James 16 PA for entry on usdjpy as I don't see it on your chart. Can you show me where entry was please? Many Thanks Bernadetta
Gidday,
If you are meaning a specific J16 bar such as BEOB, BUOB, DBHLC etc then you won't see it on those charts.
Two things to remember:

1. Price moving to or through support/resistance is price action - you don't need a J16 bar (although they can improve the odds of a trade being successful). I believe that S&R/PPZ's are much stronger indicators of where price is likely to go then J16 bars, which i regard as last in the confluence chain. They're still good though and i always look for them - but i don't always have to have them.
2. A J16 bar in the wrong spot is as useless at predicting price as any other bar. Have a look at any chart and they are littered with J16 bars that "didn't work" - but they were never going to work because they were in the wrong spot (i believe Mike and Jim would agree with me). They are quite powerful in the right spot/circumstance.

So there is no mystery to where my entry was: I saw price approaching the resistance area, then it bounced off there several times on lower timeframes and started moving down. So i shorted just below the resistance line. I had a very tight stop at that stage so if it reversed and broke through resistance, it would have been a small loss. However the odds were in my favour because also take note of the direction of the S&R lines - very much downward. It was a 15 pip risk to make 130 if it got to the 112.000 area, which it did today! A no-brainer.

FYI, i sold as i'm looking for a retrace to the 112.550 area where i will short again and then addin below 112.000, then 111.000 and so on. This thing could go to 105.600 - Disclaimer: I don't know if that will happen hehe.

Soz if i haven't cleared things up
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  • #138,644
  • Feb 23, 2016 12:22am Feb 23, 2016 12:22am
Quoting Bill618
{quote} Gidday, If you are meaning a specific J16 bar such as BEOB, BUOB, DBHLC etc then you won't see it on those charts. Two things to remember: 1. Price moving to or through support/resistance is price action - you don't need a J16 bar (although they can improve the odds of a trade being successful). I believe that S&R/PPZ's are much stronger indicators of where price is likely to go then J16 bars, which i regard as last in the confluence chain. They're still good though and i always look for them - but i don't always have to have them. 2. A...

Yes, I was looking for James 16 PA bar. Your explanation clears it up.

Many Thanks
  • #138,645
  • Feb 23, 2016 1:17am Feb 23, 2016 1:17am
Hi all,

Intresting setup coming on this pair, have to watch carefully..
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Im gonna beat this game.
  • #138,646
  • Feb 23, 2016 6:23am Feb 23, 2016 6:23am
Quoting trader1212
Hi all, Interesting setup coming on this pair, have to watch carefully.. {image}
This might help you, got more than a box there to work with

GBPCAD Cracks Multi-Year Support, Targets 1.8488

http://www.forexfactory.com/news.php?do=news&id=579957
It takes a lot for me to IGNORE you, but you can try.
  • #138,647
  • Edited 12:51pm Feb 23, 2016 10:26am | Edited 12:51pm
If the weekly chart can close as a pin above 1.9548 id be looking for a pullback entry, thoughts guys?
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  • #138,648
  • Feb 23, 2016 11:05am Feb 23, 2016 11:05am
Head and shoulders EURJPY & USDJPY weekly trade update.
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  • #138,649
  • Feb 23, 2016 1:25pm Feb 23, 2016 1:25pm
Quoting trader1212
Mike, Thanks for your earlier response for dynamic RR-concept, makes perfectly sense. I also dont understand people that must have for example RR 2 or bigger..lol. But everybody at their own style I have a new question to you, you posted couple of days ago EURCAD 4h-chart which you took long. I watch atm daily charts so I didnt took it but would you have took this setup? It has imo medium size bullish pinbar. {image}
Hey T

Interestingly that is the same trade I took. I use the 4hr dblhc, which was also an 8hr pinbar which also closed as the pinbar. So essentially they all became that daily pinbar trade

Best
Mike
  • #138,650
  • Feb 23, 2016 1:26pm Feb 23, 2016 1:26pm
Quoting TGpop
If the weekly chart can close as a pin above 1.9548 id be looking for a pullback entry, thoughts guys? {image}
Looks good TG depending on how we develop. Gap areas can become strong S/R areas. Especially when they line up with strong support/res like that. Likewise if price closes above that gap and box close , great chance it holds as support.

Opportunities should be coming

Best
Mike
  • #138,651
  • Feb 23, 2016 11:31pm Feb 23, 2016 11:31pm
Quoting mbqb11
{quote} Looks good TG depending on how we develop. Gap areas can become strong S/R areas. Especially when they line up with strong support/res like that. Likewise if price closes above that gap and box close , great chance it holds as support. Opportunities should be coming Best Mike
Hi Mike
does private forum offer daily trading signals service? realtime?
thanks!
  • #138,652
  • Feb 24, 2016 4:11am Feb 24, 2016 4:11am
Gotta love trend, support and resistance.
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  • #138,653
  • Feb 24, 2016 5:51am Feb 24, 2016 5:51am
Was opportunity to jump in the Gbp sell off this morning, pure J16 stuff, no indicators needed.

GbpUsd 1 hr chart

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BUOB on Gold, FTA is very close, maybe a retrace entry at the line marked on lower timeframes will present itself.

Gold 4hr chart

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  • #138,654
  • Feb 24, 2016 7:36am Feb 24, 2016 7:36am
Quoting forexlife
{quote} Hi Mike does private forum offer daily trading signals service? realtime? thanks!
Hey FX

We don't do "daily" signals per se. Certainly not a signal service. For example I post most of my trades live from an educational standpoint but that depends on what the market is doing, timeframes etc. So I don't hunt for daily signals as I just look for trades that fit my criteria. I then try to post the vast majority in some format that's in real time. A forum post, a blog post, a trade alert etc. Depending on how fast I can get them up

Hope that helps
Mike
  • #138,655
  • Feb 24, 2016 8:09am Feb 24, 2016 8:09am
Quoting Bill618
Gotta love trend, support and resistance. {image}

Hi Bill ,

May I have a question ? How did u determine that the price will bounce from TL?
The bar you entered was BUOB in my Oanda .

Thanks

Bat
  • #138,656
  • Feb 24, 2016 8:38am Feb 24, 2016 8:38am
Quoting alphac
BUOB on Gold, FTA is very close, maybe a retrace entry at the line marked on lower timeframes will present itself. Gold 4hr chart {image}
Gold pt2, price retraced almost to the pip to the line marked on the 4hr, the 1 hour chart below shows a large BUOB off of that line and through the FTA, may well see another retrace here.

1 hr chart

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4hr chart updated

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  • #138,657
  • Feb 24, 2016 2:54pm Feb 24, 2016 2:54pm
Thanks for the tip guys, trade of the year maybe coming..!

Took sell stop breakout entry with only 1% risk and very tight stop, atm almost 5% gain

I am not sure how to set my realistic tp, any advices thanks..!

Already trailed stop that at least +2% have locked in

E: Please notice that I added fib levels, 61.8 lines up perfectly with my tp...
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Im gonna beat this game.
  • #138,658
  • Feb 24, 2016 3:44pm Feb 24, 2016 3:44pm
Quoting trader1212
Thanks for the tip guys, trade of the year maybe coming..! Took sell stop breakout entry with only 1% risk and very tight stop, atm almost 5% gain I am not sure how to set my realistic tp, any advices thanks..! Already trailed stop that at least +2% have locked in E: Please notice that I added fib levels, 61.8 lines up perfectly with my tp... {image} {image}

still a newbie but i think 1.86 is a good target major ppz there
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  • #138,659
  • Edited Feb 25, 2016 1:29am Feb 24, 2016 8:00pm | Edited Feb 25, 2016 1:29am
Quoting baavgai
{quote} Hi Bill , May I have a question ? How did u determine that the price will bounce from TL? The bar you entered was BUOB in my Oanda . Thanks Bat
Hi Bat

I didn't short this pair based on any J16 bar. As i was saying to Bernadetta above, these bars aren't all that important to me. The trade i took was based on strong and well respected support and resistance areas. This trade had a very small risk as my dynamic stop position would have stopped me out maybe 15 pips above the resistance line (orange) if it had been bullish. So i waited for price to bounce off of resistance several times on the lower timeframes and then when i think price has been upwardly rejected, i shorted - knowing my risk was small remember.

Now i could have been wrong of course but my risk was about 15 pips but my reward, i believed was near 200 pips (the 155.2 area). As it turned out, i saw the bottom trendline (purple) within sight later on and with good profit locked in i decided to go for it. I got out just above the TL for about 240 pips.

One last thing Bat. I think you had a BUOB on your feed going into the resistance? This is my point highlighted exactly, and that is: A J16 bar is no match for S&R/PPZ's and trend direction. That's just my opinion

Bill

EDIT: Was waiting for price to retrace to the same TL and again it hasn't disappointed me. Will be looking to short more below 155.6. Hope you caught it
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  • #138,660
  • Feb 24, 2016 8:19pm Feb 24, 2016 8:19pm
Eur/Gbp gap.

Almost 200 pips higher since the gap up on Sunday evening and price rocketed straight up into that historically strong PPZ. Price has spent many months of consolidation in this zone. I think short trading opportunities back down to the gap are in the not too distant future for those who are patient and observant.

K.I.S.S.
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