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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

  • #10,481
  • May 1, 2008 4:27pm May 1, 2008 4:27pm
Quoting razldazl
Careful Woolley,
hate to rain on your parade but look at todays and yesterdays daily bars, they form a dbhlc, very bearish and we are on a strong downtrend correction whatever....your pin is in a good position with the 365 and all but its got a very sad little tiny tail Im afraid...just be careful with this one, it may work fine but look at the daily! take care, Raz

Hey razldazl I did see that on my other platform but I see strong support which tallys up with my 4hr trade I so if the trade does go my way il be looking for a signal to short to mabey play out the daily DBHLC. only time will tell. of course if it does go against me il sell below the break of the support and hopefully make back my pips.
  • #10,482
  • May 1, 2008 4:27pm May 1, 2008 4:27pm
Quoting byorkFX
I'm not a member of the private forum so I can't speak for those there or even read the context of what Kitara read, but my guess is that it's simply a comment that there are a lot of posts on people's personal trades and ideas rather than the instructional-type posts that started the thread. There's nothing wrong with a post showing potential setups, but the instructional value seems to be less and less which makes it more like reading various trader's thoughts or trading journals. The thread started out with posts showing setups and comments around those setups to show why they were good (or bad) and how to best enter and exit them. James did a great job of showing the setups using historical charts which helped show the setups that worked and those that didn't. Lately we've been seeing more postings with numbers and entry points and less instruction/comment about PA and PPZs, so it's more like a journal than a PA instruction/information thread.

Also, I would guess that the comment in the private forum was not a comment on a single member but rather just the general atmosphere of this thread. I wouldn't take it personally, Kitara.
I think I see your point, but I can only speak for myself. James and others do a great job of showing setups and the reasons behind those set ups. I like to think I do the same thing. But for me, the devil is in the details. And I guess this is where the journal type comments are coming from.

When a reversal Pin Bar appears and the confluences are given to go (let's say) short. I guess where one enters and where one puts their stop loss is a personal thing depending on their stlye of trading. But I like to know where the specific entry and exits would be placed on a given setup for a high/low probability trade. This is instructive to me.

I just thought this thread has evolved to give more specific details on trading Price Action. I guess that's what the website is for. I maybe wrong. . . . I don't know.
Indicators show the past. Price Action "Indicates" the future.
  • #10,483
  • May 1, 2008 4:31pm May 1, 2008 4:31pm
Quoting woolley
Hey razldazl I did see that on my other platform but I see strong support which tallys up with my 4hr trade I so if the trade does go my way il be looking for a signal to short to mabey play out the daily DBHLC. only time will tell. of course if it does go against me il sell below the break of the support and hopefully make back my pips.
I better start eating my wheaties again, I can hardly read that without getting tired hehe, good luck to you woolley, Raz
Never say never.
  • #10,484
  • May 1, 2008 4:51pm May 1, 2008 4:51pm
I'm actually amazed this thread ties in so tightly with the J16 site that each resonates in the other so well.
Incredible.
Speaking of journals, keeping a journal is very helpful btw, be sure to check out that section of the site if you have the time and if you wanna, start up one yourself. It can be a really educational experience for yourself as well as others
(not addressed to anyone in particular, more said towards anyone with access and not writing one yet)

I don't think the comments meant too much harm. Possibly it just got a reaction because IMHO it's a bit of a touch of that "those other threads" stuff if too many "entered at x, exited at Y, did this did that, what do you think" things pop up...because you all know what happens soon after that, right?
Things mutate into something like the cable thread or the xxx pair thread etc
Egads!

But I don't think anyone minds discussing setups and charts.
Trust price. Know yourself.
  • #10,485
  • May 1, 2008 5:23pm May 1, 2008 5:23pm
Looking at GBP/USD 4hr DBL bar pin, and USD/CHF DBLH daily. Looking good after a little retrace of today's USD/CHF move. I am watching the cross for a break of my daily ppz around 2.0715.
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  • #10,486
  • May 1, 2008 5:31pm May 1, 2008 5:31pm
Quoting jarroo
I think I see your point, but I can only speak for myself. James and others do a great job of showing setups and the reasons behind those set ups. I like to think I do the same thing. But for me, the devil is in the details. And I guess this is where the journal type comments are coming from.

When a reversal Pin Bar appears and the confluences are given to go (let's say) short. I guess where one enters and where one puts their stop loss is a personal thing depending on their stlye of trading. But I like to know where the specific entry and exits would be placed on a given setup for a high/low probability trade. This is instructive to me.

I just thought this thread has evolved to give more specific details on trading Price Action. I guess that's what the website is for. I maybe wrong. . . . I don't know.
I agree with SeekingLight that no one minds discussing setups and charts. I was not singling out any individuals with my comments, so I hope that no one felt singled out. Jaroo, I also agree with you that specific entry and exit numbers can be instructive when put with a good chart and other comments to help explain how the PA is being played - my comment was not directed at posts like that but rather at those with just numbers and/or no comments as to why an entry was taken at a given price. Different people learn in different ways, so there's defintely no correct way to be instructive in a post. There are many great traders with very different trading styles and teaching perspectives, so please don't let my comment prevent you from posting as long as instruction is the goal (which I definitely think is your goal from your posts).

For what it's worth, I don't think this thread is way off track, I was just trying to give a possible explanation for the comment in the private forum and let Kitara know that it probably wasn't directed only at one person.

So as to not get this thread more off the PA topic, I will not post any more on this matter.
  • #10,487
  • Edited May 2, 2008 1:34am May 1, 2008 8:59pm | Edited May 2, 2008 1:34am
First Jacko's thread starts recently with complaints now this one! This gets tiring quick, by the way that's not really directed at anyone. Keep up the great posts folks...
  • #10,488
  • May 1, 2008 9:02pm May 1, 2008 9:02pm
Quoting jarroo
Hey Aad. Still looking for where James16 talks about MAs. Its becoming a fun search.
Sorry for bringing that up, I'll see if I can find it myself...
  • #10,489
  • Edited 11:13pm May 1, 2008 10:27pm | Edited 11:13pm
Quoting Aad
Sorry for bringing that up, I'll see if I can find it myself...
The important point is that the 365ema, 200ema and 150ema act as strong S/R Levels, especially on higher time frames. James said once (as I remember) that Price doesn't like hanging around the 365ema for to long.

Obviously, one needs to put them on their charts to see for themselves how Price Action behaves around theses MAs. I know I am.
Indicators show the past. Price Action "Indicates" the future.
  • #10,490
  • May 1, 2008 10:32pm May 1, 2008 10:32pm
Quoting byorkFX
I agree with SeekingLight that no one minds discussing setups and charts. . . .
Very well said, byork. Thanks. Moving on with more PA.
Indicators show the past. Price Action "Indicates" the future.
  • #10,491
  • May 1, 2008 11:10pm May 1, 2008 11:10pm
Quoting razldazl
Careful Woolley,
hate to rain on your parade but look at todays and yesterdays daily bars, they form a dbhlc, very bearish and we are on a strong downtrend correction whatever....your pin is in a good position with the 365 and all but its got a very sad little tiny tail Im afraid...just be careful with this one, it may work fine but look at the daily! take care, Raz
Excellent stuff razl.

Just shows the point that one needs to know what Price Action is doing on the higher time frames their trading on. Because . . . Higher Time Frames RULE!

"very sad little tiny tail Im afraid". I love it. lol

But here's a thought on woolley's trade that may prove successful.

We know that Price Action on higher times frames tend to retrace before they break. Woolley's 4 hour setup may show the start of that retracement.
And still fulfill the Daily's DBHLC move down. Albeit, a higher risk trade.

So wooley's price targets could be fib retracements of the Daily DBHLC.

Any thoughts?
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Indicators show the past. Price Action "Indicates" the future.
  • #10,492
  • May 2, 2008 1:31am May 2, 2008 1:31am
Quoting jarroo
I like the 4 four Pin Bar on the Aud/Usd you pointed out. And then the 4 hour Inside Bar appeared on the 50%.
That was it. I entered short on the break at .9410 stop loss at .9500. (Green area is the weekly Pin Bar)

Nice woolley.
Break of the Weely Pin Bar.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,493
  • May 2, 2008 2:35am May 2, 2008 2:35am
Quoting jarroo
We know that Price Action on higher times frames tend to retrace before they break. Woolley's 4 hour setup may show the start of that retracement.
And still fulfill the Daily's DBHLC move down. Albeit, a higher risk trade.

So wooley's price targets could be fib retracements of the Daily DBHLC.

Any thoughts?

I've posted about this before. Getting a bearish reversal setup at the BOTTOM of the chart or a bullish one at the top of it is kind of pointless, as there is nothing to reverse. It's also very much selling into the low / buying the high of a chart, which simply is the lousiest r/r I can think of. This doesn't mean these things don't sometimes work out, but if we're trying to be in early, make the most out of a move and shift probability to our favor, it certainly won't do much good selling lows or buying highs.

There are people who say they like to "buy strength and sell weakness", but imho that's just another way of saying "I've no idea about PA so I am always terribly late".

IMHO our main advantage is getting a heads up as EARLY as possible, so being "late"(highs / lows) isn't very fashionable

Also - we can't go in one direction on an "initial" move down forever. There will be a retrace of the main move IMHO. I wouldn't even be surprised if the weekly bar closed back within the range of the prior bar. It just feels due soon, there's only been chop since the 25th, so we're most likely near an end of the first push. Right, off to pick some cotton
Trust price. Know yourself.
  • #10,494
  • May 2, 2008 3:29am May 2, 2008 3:29am
Quoting jarroo
Excellent stuff razl.

Just shows the point that one needs to know what Price Action is doing on the higher time frames their trading on. Because . . . Higher Time Frames RULE!

"very sad little tiny tail Im afraid". I love it. lol

But here's a thought on woolley's trade that may prove successful.

We know that Price Action on higher times frames tend to retrace before they break. Woolley's 4 hour setup may show the start of that retracement.
And still fulfill the Daily's DBHLC move down. Albeit, a higher risk trade.

So wooley's price targets could be fib retracements of the Daily DBHLC.

Any thoughts?
Yes, I agree, and if you take things like atr into consideration eur could be due for a pullback.. or reversal whatever. I guess I would be looking for a stronger signal that things were turning around, thats all. In fx you can be long and correct and short and correct at the same time, depending on your target, funny that:. I wouldnt take the dbhlc as a signal to go short in any case, just a heads up that eur might have some unfinished business lower down. Might.
Nice charts btw, , take care, Raz
Never say never.
  • #10,495
  • May 2, 2008 3:57am May 2, 2008 3:57am
Quoting razldazl
Yes, I agree, and if you take things like atr into consideration eur could be due for a pullback.. or reversal whatever. I guess I would be looking for a stronger signal that things were turning around, thats all. In fx you can be long and correct and short and correct at the same time, depending on your target, funny that:. I wouldnt take the dbhlc as a signal to go short in any case, just a heads up that eur might have some unfinished business lower down. Might.
Nice charts btw, , take care, Raz
So a pullback on the DBHLC looks to be probable and your looking for stronger bullish PA to confirm that retracement. Makes sense to me.

Now I'm trying to get my head around Seekings above post. before I respond.
I'm thinking your saying the same thing. Maybe not.

Thanks razl,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,496
  • May 2, 2008 4:00am May 2, 2008 4:00am
Quoting jarroo
So a pullback on the DBHLC looks to be probable and your looking for stronger bullish PA to confirm that retracement. Makes sense to me.

Now I'm trying to get my head around Seekings above post. before I respond.
I'm thinking your saying the same thing. Maybe not.

Thanks razl,

Jim
Ha ha,
I think hes telling me Im way off, but Im not sure either lol, anyway Im going to the beach so have a nice day and watch out for NFP! take care, Raz
Never say never.
  • #10,497
  • May 2, 2008 4:09am May 2, 2008 4:09am
Quoting razldazl
Ha ha,
I think hes telling me Im way off, but Im not sure either lol, anyway Im going to the beach so have a nice day and watch out for NFP! take care, Raz
I'm just emphasizing what realtors everywhere agree with - location, location, location!

Have a great time at the beach
Trust price. Know yourself.
  • #10,498
  • May 2, 2008 4:15am May 2, 2008 4:15am
Hi, can someone please explain to me why my recent trade off the pin on the EUR/JPY daily chart was flawed?
  • #10,499
  • May 2, 2008 4:16am May 2, 2008 4:16am
Quoting Jordann
Hi, can someone please explain to me why my recent trade off the pin on the EUR/JPY daily chart was flawed?
Got a chart. I'll try.
Indicators show the past. Price Action "Indicates" the future.
  • #10,500
  • May 2, 2008 4:35am May 2, 2008 4:35am
Good Morning Jarroo we did get a break of the weekly pin, but on my 4hr chart Ive just had a pin on the ema150 plus support area im looking for a retrace from the last bear rally back up to the 38.2 fib level then possibly the 50 level obviously NFP today so dont want to be in the trade for to long.
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