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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

  • #10,601
  • May 7, 2008 12:32pm May 7, 2008 12:32pm
LOL. i saw your post right after i sent out the email.

mike would be the first to agree with this statement....

"this material is to damn easy to require some kind of special person or talent."

mike and clockwork and many many others are "good" at this for one "special reason"....

they dont jack around with less than optimal set ups. why would they when the cherry picked (best) ones almost always make money?

how much easier can it get than a chart with "nothing" on it but price?

jim





Quoting mbqb11
LOL I literally just got an email from james(group email), about the eur/usd 4hr pin I just posted. Even the big guy loved it. To quote him (hope you don't mind jim ) "I get asked a lot from new people what is an A set up? I always tell them the same thing as those that have been doing this for awhile. After a little practice and demo they literally jump out at you."

It is the truth! if you don't want to listen to me listen to the big guy himself.
  • #10,602
  • May 7, 2008 12:34pm May 7, 2008 12:34pm
Quoting mbqb11
No one can tell you for sure which has the higher probability unless they take your trades. But by the nature of playing a retrace(an unconfirmed bar), you will be stopped out more and thus have more trades then playing a break. Again by the nature of the technique. But on the flipside playing a retrace you have the ability to have a larger position on, thus making up or even doing better then playing the break. So it is going to come back to your comfort level as a trader. Playing the retrace would involve me trading too many bars and thus I wait for the break. I am never worried about the stop size, because if the bar is in a prime location, that would mean it is justified. Remember to always position size accordingly. What kills most people, is they put on 100pt stop and then see 10pips and get scared to hold it. To me everything is relative. So yes you can play a break a few pips(depending on what you define as a few) below/above, and your stop a few pips above/below respectfully.

On a more general but related note.

The best advice I can ever give with PA is too wait for the cherries. Wait for the best setups. It takes all the thinking out and they really are the best out there! Remember every price bar has information, but we are look for the tip off bars. The bars whre we can actually understand the information and the importance of that information. If you try to trade every formation you see, you will go crazy(believe me and many others who have before you).

If it doesn't get easier then this I don't know what does. You can go an add all the fibs, TLs, etc that you want to this chart. But the reality of a great price action bar, is you don't even need them That is exactly what my chart looks like on my screen following this trade. James is the man!
Great post Mike. Thanks.
Indicators show the past. Price Action "Indicates" the future.
  • #10,603
  • May 7, 2008 12:41pm May 7, 2008 12:41pm
I've considered joining the james group even tho I don't know a pinhead from a pinbar.

I do know a doji from a shooting star. How often do these email come out. They must surely be winners!


Quoting mbqb11
LOL I literally just got an email from james(group email), about the eur/usd 4hr pin I just posted. Even the big guy loved it. To quote him (hope you don't mind jim ) "I get asked a lot from new people what is an A set up? I always tell them the same thing as those that have been doing this for awhile. After a little practice and demo they literally jump out at you."

It is the truth! if you don't want to listen to me listen to the big guy himself.
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  • #10,604
  • May 7, 2008 12:52pm May 7, 2008 12:52pm
Quoting ShadyChars
I've considered joining the james group even tho I don't know a pinhead from a pinbar.

I do know a doji from a shooting star. How often do these email come out. They must surely be winners!
Hey ShadyChars,

You don't even need to make a switch from candles to bars. Once you understand each price bar you will be able to identify it on either chart. Many members use candles over bars. We just use different names. For example a hammer is a pinbar, and a doji is a neutral bar(if i remember my candle names). See below for a candle chart with a few examples. Remember the information on a candle chart is the exact same as a bar chart(OHLC).

James sends out emails weekly sometimes a few times a week as his time allows for it, and they are always top notch examples.

take care

Mike
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  • #10,605
  • May 7, 2008 12:52pm May 7, 2008 12:52pm
candles are fine im just old school. candles are something you light when the lights go off to me. every bar i teach has a candle description and a lot of people stay with them. emails from me go in spurts. you might not see one for a week and you might get two a day for several days. depends on whats going on.

jim

Quoting ShadyChars
I've considered joining the james group even tho I don't know a pinhead from a pinbar.

I do know a doji from a shooting star. How often do these email come out. They must surely be winners!
  • #10,606
  • May 7, 2008 1:08pm May 7, 2008 1:08pm
Cool- Thanks Mike- It seems to me that the Jamesgroup is beginning to set the standards on the factory floor. I need to get with the program- My wife reminded me this morning that Christmas is right around the corner. WTF ???

Quoting mbqb11
Hey ShadyChars,

You don't even need to make a switch from candles to bars. Once you understand each price bar you will be able to identify it on either chart. Many members use candles over bars. We just use different names. For example a hammer is a pinbar, and a doji is a neutral bar(if i remember my candle names). See below for a candle chart with a few examples. Remember the information on a candle chart is the exact same as a bar chart(OHLC).

James sends out emails weekly sometimes a few times a week as his time allows for it, and they are always top notch examples.

take care

Mike
  • #10,607
  • May 7, 2008 1:43pm May 7, 2008 1:43pm
When trading less than daily price action does time of day have to be considered for volatility to drive the move or is a setup a setup even in the off peak hours?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #10,608
  • May 7, 2008 1:46pm May 7, 2008 1:46pm
Quoting Thexder
When trading less than daily price action does time of day have to be considered for volatility to drive the move or is a setup a setup even in the off peak hours?
for me personally if it is a 4hr chart, I will take the trade anytime. But for under 4hr setups then time of day matters for me. So if I am playing a 1hr breakout with price action I will only take it during euro/early US hours

Just my personal preference

Mike
  • #10,609
  • May 7, 2008 1:58pm May 7, 2008 1:58pm
This cable 4 hour pin doesn't have a very long nose but how does it look with all things considered after this big drop clear of the big consolidation - it might want to spring back at least short term?

This also looks very different on my broker's feed which starts the 4 hour bars in a different time of day and it's all still just bearish bars on there.
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #10,610
  • May 7, 2008 2:09pm May 7, 2008 2:09pm
What is anyone thinking of buying into the eur/jpy weekly pin at these lower levels for a low risk/high reward trade opp?
I dream, therefore I become.
  • #10,611
  • May 7, 2008 2:14pm May 7, 2008 2:14pm
Quoting mike w
What is anyone thinking of buying into the eur/jpy weekly pin at these lower levels for a low risk/high reward trade opp?
Maybe if it has some upward confirmations...right now I think we're about to get a bearish engulfing on daily and the weekly pin low (which matches daily May 1 bar) is sitting on a daily PPZ on my chart analysis so I'm thinking if it can reverse up between current price and the weekly pin low, take it on the lower time frame setup and manage it with weekly mindset. But a blind buy wouldn't feel right for me with this current bearish daily until it's rejected upward.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #10,612
  • May 7, 2008 2:17pm May 7, 2008 2:17pm
Quoting Thexder
Maybe if it has some upward confirmations...right now I think we're about to get a bearish engulfing on daily and the weekly pin low (which matches daily May 1 bar) is sitting on a daily PPZ on my chart analysis so I'm thinking if it can reverse up between current price and the weekly pin low, take it on the lower time frame setup and manage it with weekly mindset. But a blind buy wouldn't feel right for me with this current bearish daily until it's rejected upward.
Thanks for the clear cut reply Thexder, it's much appreciated! That's actually exactly how I was playing it too, with any signs of bullishness on lower timeframes like the 4 hour or daily, I will place another long order into the position and wait for the weekly close then. If it's a confirmation bar, then I will hold the position to around 165-166. If it comes out bearish, then I will face a small loss. It's about that time that I read through this thread again. Have a good one everybody.
I dream, therefore I become.
  • #10,613
  • May 7, 2008 2:22pm May 7, 2008 2:22pm
hi Mike from my charts the daily bar looks like it might close a BEOVB.
so indicating more down movement.
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  • #10,614
  • May 7, 2008 2:51pm May 7, 2008 2:51pm
outside bars should be considered only at extreme highs and lows and at MAJOR areas of s/r. i will post a chart. ive got another one to post first though.

jim

Quoting woolley
hi Mike from my charts the daily bar looks like it might close a BEOVB.
so indicating more down movement.
  • #10,615
  • May 7, 2008 2:53pm May 7, 2008 2:53pm
I have a question, do Pinbars work on 4hr charts? Just a newjack here, smelling what you guys are cooking.

Thanx
Patience + Humility + Study = Success
  • #10,616
  • May 7, 2008 3:02pm May 7, 2008 3:02pm
Quoting DutchTrader
I have a question, do Pinbars work on 4hr charts?
I've seen examples of them being taken down as low as 15 minute charts with experience but generally all the price action setups should work easily on hourly and up, the higher the better.

Here's some recent AUD USD 4 hour pins off of support areas.
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #10,617
  • May 7, 2008 3:03pm May 7, 2008 3:03pm
chart
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  • #10,618
  • May 7, 2008 3:14pm May 7, 2008 3:14pm
example
Quoting james16
outside bars should be considered only at extreme highs and lows and at MAJOR areas of s/r. i will post a chart. ive got another one to post first though.

jim
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  • #10,619
  • May 7, 2008 3:14pm May 7, 2008 3:14pm
Thanks guys

Will continue to read and learn. Special thanks to Jarroo for all his assistance on Price Action
Patience + Humility + Study = Success
  • #10,620
  • Edited 10:31pm May 7, 2008 3:16pm | Edited 10:31pm
Quoting james16
chart
Hi Jim.

It's always great when a James16 chart is posted.

But this one has me confused. Isn't divergence a dangerous indication, especailly in a strong trending market? What makes this divergence different?

I hope you got to see some of my eariler posts. I hope I'm explaining Price Action with the respect that it deserves.

Thanks,

Jim
Indicators show the past. Price Action "Indicates" the future.
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