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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

  • #11,301
  • Jun 19, 2008 8:12am Jun 19, 2008 8:12am
Quoting mihali
This pin broke to the upside a few days ago. However it did not really took off.
It is at pivot zone ~50fibo and in the direction of the longer trend.

Very Good Observation
Find an Edge. Only way to succeed in this business.
  • #11,302
  • Jun 19, 2008 8:32am Jun 19, 2008 8:32am
Quoting bundyraider
...Targetting around abouts the lower dark blue area for the rest (but watching) , with the stop currently moved into profit too.

Sitting back , watching some Tee Vee before bed, checking the chart every now and then.
As Rac would say... .......well? ...guess.

Anyway... ...bed time.
Attached Image
Bundy's status today: "Waiting..."
  • #11,303
  • Jun 19, 2008 8:39am Jun 19, 2008 8:39am
Quoting gagiul
I dont know if anyone here held the USD CAD PB short on Daily, but I did and it paid off in the end. Im happy I didnt get scared by the initial rally.


Find an Edge. Only way to succeed in this business.
  • #11,304
  • Jun 19, 2008 1:57pm Jun 19, 2008 1:57pm
Quoting raczekfx
I'm reading and reading different threads on FF and can't believe what some people do..

Some are saying, they used price action but it didn't work for them.
Others jump from system to system.... first they use j16setups, then they move to jacko, then they use jacko fiber method on different crosses, then they move to dibs, joe's surefire-tons of pips system, then hillary sure win....?

I don't know... but one thing is certain; humans tend to complicate their lives every day and when they see something simple that works, they get suspicious. How in a thousand years simple stuff could work?

I really don't know and don't care... I'm really happy that it does...
Many pips everyone.....

P.S. For those who know, there are plenty of R1-db setups on this chart below as well, but I won't even go there....
.
[IMG]file:///C:/WINDOWS/TEMP/moz-screenshot-1.jpg[/IMG]
-----------------------------------------------------------

Sheesh, i thought you were talking about me here.... the description was accurate. PA has changed the way i look at charts however i am still looking for a "system" that suits me. I was in the PF and i came out of it still looking for a "system".

On my PA trades i struggled with the lack of structure. Which pairs do i trade, which TF, what determines confluence, what about when i have conflicting confluence... what takes precedence? Is a trendline more powerfull than a 50 fib? How many trades can i have open at a time or should i be concerned about correlations? (not a mm question). What about news and fundamentals, as a technical analyzer should i try to learn more? Should i take PA against the trend or only with the trend? Which trend? Should i always risk 1% of my account on all open trades or should i develop expectations on which trade is a higher probability and commit more? This and so many other questions....

I respect Jim and all the contributors of this thread. I have alot of respect of you as well as you seem to be the package deal, able to pull everything together and make it look easy. Thank you for posting here even though you don't have to and could just stay in the PF. I as well as other people appreciate your work.

For me Jacko's system is attractive because it offers simplicity. One pair, one direction (only buys) one TF (or atleast nothing low) buy on dips and trail your stop. Can't get any easier. For me with only one pair to trade and only one direction i don't get enough action... (there are weeks between trades, maybe to simple?) so on to the the quest of system jumping... find something that i can trade on a day chart or higher that allows me to be somewhat agressive but not stupid. I don't want no holy grail, just something that is more than 50% accurate and gives me at least a couple of trades a week on average.

Yes i did see your recent post on trading the GBP/USD daily pins and i once again am demoing this. My experience with pins has not been that positive but i am still trying.
[IMG]file:///C:/WINDOWS/TEMP/moz-screenshot.jpg[/IMG]
  • #11,305
  • Jun 19, 2008 4:51pm Jun 19, 2008 4:51pm
Quoting saskgui
On my PA trades i struggled with the lack of structure. Which pairs do i trade, which TF, what determines confluence, what about when i have conflicting confluence... what takes precedence? Is a trendline more powerfull than a 50 fib? How many trades can i have open at a time or should i be concerned about correlations? (not a mm question). What about news and fundamentals, as a technical analyzer should i try to learn more? Should i take PA against the trend or only with the trend? Which trend? Should i always risk 1% of my account on all open trades or should i develop expectations on which trade is a higher probability and commit more? This and so many other questions....
Hey saskgui,

The great thing about trading PA is that you get an understanding of how the market moves. Once you know that then you just need to know WHAT to look for and WHERE to look for it.

You can take this knowledge and apply it to the markets you are interested in and the time frames that suit your personality and skills always remembering that there is often a big difference between what a person wants to do and what they are good at doing.

Structure is something that you can enforce yourself with discipline. Start with the basics and progress. If you ever find yourself confused take a step back and strip things away until they are simpler.
  • #11,306
  • Jun 19, 2008 6:26pm Jun 19, 2008 6:26pm
Quoting the_wizard
Hey saskgui,

The great thing about trading PA is that you get an understanding of how the market moves. Once you know that then you just need to know WHAT to look for and WHERE to look for it.

You can take this knowledge and apply it to the markets you are interested in and the time frames that suit your personality and skills always remembering that there is often a big difference between what a person wants to do and what they are good at doing.

Structure is something that you can enforce yourself with discipline. Start with the basics and progress. If you ever find yourself confused take a step back and strip things away until they are simpler.
really short and eloquent post Wiz
  • #11,307
  • Jun 20, 2008 12:05am Jun 20, 2008 12:05am
pinbar on gbp/jpy 4h chart
Attached Image
  • #11,308
  • Jun 20, 2008 12:12am Jun 20, 2008 12:12am
Quoting the_wizard
Hey saskgui,

The great thing about trading PA is that you get an understanding of how the market moves. Once you know that then you just need to know WHAT to look for and WHERE to look for it.

You can take this knowledge and apply it to the markets you are interested in and the time frames that suit your personality and skills always remembering that there is often a big difference between what a person wants to do and what they are good at doing.

Structure is something that you can enforce yourself with discipline. Start with the basics and progress. If you ever find yourself confused take a step back and strip things away until they are simpler.

Ok... back to just daily pins, buy on the break, only swing high and lows (or what i perceive as) and move stops to break even as soon as i can ... and nothing else. Can't get any simpler.

By the way i hope things are well with you and the new job.
  • #11,309
  • Jun 20, 2008 12:57am Jun 20, 2008 12:57am
Quoting wwtravel
pinbar on gbp/jpy 4h chart
Where is that now?
Indicators show the past. Price Action "Indicates" the future.
  • #11,310
  • Jun 20, 2008 1:12am Jun 20, 2008 1:12am
Quoting jarroo
Where is that now?
Retrace to almost 100% fib.... now it's at 50% fib mark
  • #11,311
  • Jun 20, 2008 1:18am Jun 20, 2008 1:18am
Quoting wwtravel
Retrace to almost 100% fib.... now it's at 50% fib mark
Could you post a chart with no wiggly lines and boxes on the bottom of your chart? Just the Fib levels and maybe a circle around the Pin Bar. Thanks.
Indicators show the past. Price Action "Indicates" the future.
  • #11,312
  • Jun 20, 2008 1:27am Jun 20, 2008 1:27am
Quoting jarroo
Could you post a chart with no wiggly lines and boxes on the bottom of your chart? Just the Fib levels and maybe a circle around the Pin Bar. Thanks.
Here you go
Attached Image
  • #11,313
  • Jun 20, 2008 1:41am Jun 20, 2008 1:41am
Quoting wwtravel
Here you go
Wow, even your Fibs are busy on your chart.

I would suggest that when you are studying Price Action on the James16 Thread, that you remove all moving averages and indictor boxes. Here, we are just dealing with Price and we don't need that other stuff.

Very good Pin Bar you got there. Nice long nose, nice. But a true tradable Pin Bar needs to have the best location to really be valid. And the best location is at or should i say off swing Highs and swing Lows, depending on the time frame. Now your Pin Bar is not in a good location, so I would not trade it. There are other thing to consider as well, but this is a good start.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #11,314
  • Jun 20, 2008 1:46am Jun 20, 2008 1:46am
Quoting jarroo
Wow, even your Fibs are busy on your chart.

I would suggest that when you are studying Price Action on the James16 Thread, that you remove all moving averages and indictor boxes. Here, we are just dealing with Price and we don't need that other stuff.

Very good Pin Bar you got there. Nice long tail, nice. But a true tradable Pin Bar needs to have the best location to really be valid. And the best location is at or should i say off swing Highs and swing Lows, depending on the time frame. Now your Pin Bar is not in a good location, so I would not trade it. There are other thing to consider as well, but this is a good start.

Jim
Thanks Jarroo...this is very helpful
  • #11,315
  • Jun 20, 2008 6:26am Jun 20, 2008 6:26am
Hope someone was watching.

No really. Pick situations like this and you sleep better.

Quoting bundyraider
.
Probably penetrated a little bit further than I'd like, so I'd want a GOOOOOD STRONG Bearish Outside Bar on close of this bar please!
.
.
EDIT: Check this out.... (Those that have shaky success with PA take note!) Jim emphasises the importance of confluence in picking successful A+ trades. It seems to be missed by some newcomers here lately. Look how much work this has to do to go up. If this current price action had bounced cleanly off of the blue shaded area like the swing highs preceding it you'd be crazy not to go short. Imagine this on a daily chart.
Bundy's status today: "Waiting..."
  • #11,316
  • Jun 20, 2008 6:52am Jun 20, 2008 6:52am
will you trade on August?
August is not a good month for most strategies but I think that PA is one of the few that survive. Going back, even if some years price didn't move a lot, great results would been achieved playng with PA and key levels
  • #11,317
  • Jun 20, 2008 8:10am Jun 20, 2008 8:10am
I think that USD CAD is getting ready for a long now. Both PBs on 4H and on Daily getting shaped now. Next week should be interesting.
We leave no soldier behind.
  • #11,318
  • Edited 3:10pm Jun 20, 2008 8:10am | Edited 3:10pm
Quoting bundyraider
Hi John, if I may....

There were a couple of posts with missing images due to server crashes or the like. I do remember #58 being one of them. It was discussed a long time ago and Jim couldn't remember what was posted. ...Forgivable when you consider how many charts he has gifted us.

I wouldn't be too worried what about missing out on something, as reading through the thread , most techniques are discussed and exampled numerous times.

,Bundy
On page 8, Post 111; Jim shows a chart of DBLHC on the Daily Eur/Jpy which doesn't prove successful (let's just say it was delay a few days)

On this chart he refers back to the chart on Post 58, page 4. The actual chart is on Post 59. Trust me on that,
I . . umm . . archived that chart and noted the page and post number. (archived is such a better word then copied.)

Anyway, Jim made an error on referring "everyone go back and look at post 58", he meant to say post "68", which is now post 69. It was post 68 back then, again confirming from my archives.

Post 69 shows a failed DBHLC on the 15 min and he explained ways to check higher time frames and so on.


http://www.forexfactory.com/showpost...&postcount=111


http://www.forexfactory.com/showpost...5&postcount=69

Yes, you can say I read the thread a few times.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #11,319
  • Jun 20, 2008 8:27am Jun 20, 2008 8:27am
Quoting jarroo
On page 8, Post 111; Jim shows a chart of DBLHC on the Daily Eur/Jpy which doesn't prove successful (let's just say it was delay a few days)

On this chart he refers back to the chart on Post 58, page 4. The actually chart is on Post 59. Trust me on that,
I . . umm . . archived that chart and noted the page and post number. (archived is such a better word then copied.)

Anyway, Jim made an error on referring "everyone go back and look at post 58", he meant to say post "68", which is now post 69. It was post 68 back then, again confirning from my archives.

Post 69 shows a failed DBHLC on the 15 min and he explained ways to check higher time frames and so on.


http://www.forexfactory.com/showpost...&postcount=111


http://www.forexfactory.com/showpost...5&postcount=69

Yes, you can say I read the thread a few times.

Jim
Awesome man! Thanks.

It's been brought up a few times. Glad someone did the homework! LOL
Bundy's status today: "Waiting..."
  • #11,320
  • Jun 20, 2008 8:31am Jun 20, 2008 8:31am
Quoting bundyraider
Awesome man! Thanks.

It's been brought up a few times. Glad someone did the homework! LOL
Anytime bundy. Glad I could help.
Let me know if my . . umm . . achives can help.
Indicators show the past. Price Action "Indicates" the future.
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