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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

  • #10,101
  • Apr 16, 2008 5:17pm Apr 16, 2008 5:17pm
Quoting jarroo
Novice traders continually monitor, analyze and alter their trades to maximize their profits.

Professional traders continually monitor, analyze and alter their trades to reduce/minimize their risk and reduce losses.

It's all about avoiding loses, temo. Work on that and the profits will take care of themselves.

Jim
you have just gave me a wonderfull idea. thanks
I'll let you know when I'll finish my research.
ChartSurfer
  • #10,102
  • Apr 16, 2008 5:26pm Apr 16, 2008 5:26pm
Quoting temo
you have just gave me a wonderfull idea. thanks
I'll let you know when I'll finish my research.
That's the spirit.

Looking forward to what you come up with, temo.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,103
  • Apr 16, 2008 5:54pm Apr 16, 2008 5:54pm
Quoting jarroo
That's the spirit.

Looking forward to what you come up with, temo.

Jim
The last question. When you move your stop to BE, very often the market will retest the zone where you entered, and then make a significant move in the direction you predicted earlier. how do you deal with that problem? or you just wait for another opportunity
ChartSurfer
  • #10,104
  • Apr 16, 2008 6:10pm Apr 16, 2008 6:10pm
Quoting temo
The last question. When you move your stop to BE, very often the market will retest the zone where you entered, and then make a significant move in the direction you predicted earlier. how do you deal with that problem? or you just wait for another opportunity
I don't look at it as a problem or a frustration (well, not any more). I look at it as a sucessful trade. If Price goes up 80 pips and then down to zero I'm out. Shame on me for not locking in some pips.

What I don't do is remove my stop loss to try at get those pips I just missed.

A break even trade should be viewed as successful as a profitable trade. (Repeat)

And yes, another opportunity will always be there. Patience is another exercise that a trader needs to practise. (well, for me anyways.)

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,105
  • Apr 16, 2008 9:36pm Apr 16, 2008 9:36pm
Quoting bundyraider
Krue,

And finally....
Great charts BundyRaider, do those PPZ setups work well on GBP/JPY?...
  • #10,106
  • Apr 16, 2008 9:39pm Apr 16, 2008 9:39pm
Quoting Aad
Great charts BundyRaider, do those PPZ setups work well on GBP/JPY?...
PPZ work great on anything with a chart

great tool for entries, as well as trade mgmt
  • #10,107
  • Apr 16, 2008 10:07pm Apr 16, 2008 10:07pm
Quoting mbqb11
PPZ work great on anything with a chart

great tool for entries, as well as trade mgmt
Thanks Mike.

I started this anyway...

Since I had a chart already PPZeded here it is with some extras...

The key is only playing the best set ups, eh? ...As usual.

That bottom PPZ is usable , but I'd rather a cleaner more obvious zone, personally. There are too many set ups happening around the pairs each month to bother playing the below par ones.
Attached Image (click to enlarge)
Click to Enlarge Name: ppz gbpjpy.gif Size: 26 KB
Bundy's status today: "Waiting..."
  • #10,108
  • Apr 16, 2008 10:14pm Apr 16, 2008 10:14pm
Good stuff guys, please keep it coming...
  • #10,109
  • Apr 16, 2008 10:18pm Apr 16, 2008 10:18pm
Quoting bundyraider
Thanks Mike.

I started this anyway...

Since I had a chart already PPZeded here it is with some extras...

The key is only playing the best set ups, eh? ...As usual.

That bottom PPZ is usable , but I'd rather a cleaner more obvious zone, personally. There are too many set ups happening around the pairs each month to bother playing the below par ones.
Took the break of the Daily Inside Bar at 200.29. It might have enough to break through the PPZ. Yellow and Blue areas are Weekly IBs. 1st target is 201.75ish
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,110
  • Apr 17, 2008 3:08am Apr 17, 2008 3:08am
Quoting jarroo
Took the break of the Daily Inside Bar at 200.29. It might have enough to break through the PPZ. Yellow and Blue areas are Weekly IBs. 1st target is 201.75ish
You guys here are awesome. Great information, thanks a lot. Learning from the real traders every day.
We leave no soldier behind.
  • #10,111
  • Apr 17, 2008 3:11am Apr 17, 2008 3:11am
Quoting Kaysole
For bar/candlestick formations it makes a difference regarding time zones because it's important when the bar/candlestick opens or closes. But I don't think it would make a difference for PPZ's or support/resistance because it's based on where price has gone to, not when it opens or closes.

Kevin
Hi Kevin,
Whilst it is true that bar open/close time makes less of a difference to PPZs than to bar/candle formation, it can still make a difference since you see PPZs based upon thethe high/low of bars (or based upon the close if you use line charts to draw your PPZs).
The high/low of a bar depends upon the time it opened/closed. If my 4hr chart is +1 or +2 or +3 hrs out of synch with your, this can alter not just whether we both see a Pin or other formation, but also (to a degree) where we draw in the centre of our PPZs unless we then go down to the 1Hr chart and look for them in that.

Well this is what i find anyway,
Ian
  • #10,112
  • Apr 17, 2008 5:29am Apr 17, 2008 5:29am
Quoting ianf0ster
Hi Kevin,
Whilst it is true that bar open/close time makes less of a difference to PPZs than to bar/candle formation, it can still make a difference since you see PPZs based upon thethe high/low of bars (or based upon the close if you use line charts to draw your PPZs).
The high/low of a bar depends upon the time it opened/closed. If my 4hr chart is +1 or +2 or +3 hrs out of synch with your, this can alter not just whether we both see a Pin or other formation, but also (to a degree) where we draw in the centre of our PPZs unless we then go down to the 1Hr chart and look for them in that.

Well this is what i find anyway,
Ian
Hi Ian,

I agree that drawing PPZs would make a difference if they were drawn in line charts because that shows the close only. My chart might have different closes than yours, hence having a different PPZ. But on bar charts/candlesticks it really shouldn't make a difference if the PPZs are drawn based on highs/lows. Both of our charts should show the same highs/lows, maybe not on the same bar/candlestick, but that shouldn't make a difference. I don't know if I sound logical or not.

Kevin
  • #10,113
  • Apr 17, 2008 5:37am Apr 17, 2008 5:37am
Quite frankly I don't see how a broker's timezone shift will make any difference.

Either price was somewhere or it wasn't - and you will still see reactions regardless of the "shape". Highs are highs, lows are lows, regardless of where the bars are cut off.
Trust price. Know yourself.
  • #10,114
  • Apr 17, 2008 6:23am Apr 17, 2008 6:23am
Hi Mike and seeking light,

I'd like to say you guys are doing a great work by helping others out here on this thread. I am a newbie here and so far I have only read the first 10 pages of this thread starting from the year 2005. Its proving out to be too long. I love the strategy though since I don't use indicators and simply rely on price action as well.

It would be great if any one of you would be having a .doc file on James16 strategy so that it would be more understandable. Or if you have any other way of helping me out, that would be great too!! =)

Thank you!
Kind Regards,
Babz
  • #10,115
  • Apr 17, 2008 6:45am Apr 17, 2008 6:45am
Quoting 06020384
It would be great if any one of you would be having a .doc file on James16 strategy so that it would be more understandable. Or if you have any other way of helping me out, that would be great too!! =)

Thank you!
Kind Regards,
Babz
Well I'd say things become more and more clear the more one reads and moves along the thread. Just make it a daily 15 minute bedtime reading, you'll get there

You can also always click the paper clip icon next to the thread and get a list of attachments, under which you'll find pinbar pdfs for example.
But that really is of no use if you haven't grasped the concept of s/r flips and location / confluence and PA yet.

The gist is to look for good(proper shape and dimensions) setups at crucial spots(s/r, confluence).
What and where those are is detailed in many, many posts

I wouldn't just skip it, far too many great things to learn from.

Decide whether or not you're serious about your trading and you'll find the answer whether it's worth it
Trust price. Know yourself.
  • #10,116
  • Apr 17, 2008 7:06am Apr 17, 2008 7:06am
Hey everyone, great thread!

Was wondering if anybody could share their thoughts on what sort of confluence they look for in pairs which are reaching historical highs/lows. EUR/USD is an example. By historical here I mean since 1989 (my data feed doesn't go further than that)

Cheers and keep up the great community!

Carlos
  • #10,117
  • Apr 17, 2008 7:20am Apr 17, 2008 7:20am
Quoting jcsmesquita
Hey everyone, great thread!

Was wondering if anybody could share their thoughts on what sort of confluence they look for in pairs which are reaching historical highs/lows. EUR/USD is an example. By historical here I mean since 1989 (my data feed doesn't go further than that)

Cheers and keep up the great community!

Carlos
The Euro did not exist back in 1989...

"The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes on 1 January 2002. It replaced the former European Currency Unit (ECU) at a ratio of 1:1."

http://en.wikipedia.org/wiki/Euro
  • #10,118
  • Apr 17, 2008 7:28am Apr 17, 2008 7:28am
Thanks alot bro for your guidance. =)
I am having difficulty understanding his fibs in his initial charts. In some chart he has placed 2 fibs over lapped on each other and explains the 50% fib retracement. I am finding it hard to interpret. It would be great if you can clarify it out for me if you have time.

THANKS once again!! =)

Babz

Quoting SeekingLight
Well I'd say things become more and more clear the more one reads and moves along the thread. Just make it a daily 15 minute bedtime reading, you'll get there

You can also always click the paper clip icon next to the thread and get a list of attachments, under which you'll find pinbar pdfs for example.
But that really is of no use if you haven't grasped the concept of s/r flips and location / confluence and PA yet.

The gist is to look for good(proper shape and dimensions) setups at crucial spots(s/r, confluence).
What and where those are is detailed in many, many posts

I wouldn't just skip it, far too many great things to learn from.

Decide whether or not you're serious about your trading and you'll find the answer whether it's worth it
  • #10,119
  • Apr 17, 2008 8:09am Apr 17, 2008 8:09am
price pulls back testing support, 61fib confluence of recent 4hr swing.. in trade.

.
Attached Image
  • #10,120
  • Apr 17, 2008 8:18am Apr 17, 2008 8:18am
Quoting raczekfx
price pulls back testing support, 61fib confluence of recent 4hr swing.. in trade.

.

Yup, I'm with you, raczekfx!! This stuff just works!
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