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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

  • #12,081
  • Jul 29, 2008 8:51am Jul 29, 2008 8:51am
Bounce from such area is great price action imho. It could be also double low, but now it is few pips under yesterday close.
Additionaly $index is on few months 38,2 fibo.
But if usd will show his strenght in that way we will probably not get long today. But setup is still considerable - still waiting for a bounce
  • #12,082
  • Jul 29, 2008 11:45am Jul 29, 2008 11:45am
Hi,

Anybody going for the Gj IB, i read Mike mentioning that before, it sure looks like a good trade...is just on top of the all important ppz.
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I believe . . .
  • #12,083
  • Jul 29, 2008 3:23pm Jul 29, 2008 3:23pm
Quoting TraderZer0
Hi Ghous

Attached is a pdf file that one of the regular senior members of this thread put together - I'm very sorry I can't recall who it was but I think you'll find it very useful.

regards

John

TraderZero, that is a fantastic short explanation of the varying PA setups and their meaning. Also it shows to wait for the break, just like James just mentioned!! Thanks for the post!
  • #12,084
  • Jul 29, 2008 4:05pm Jul 29, 2008 4:05pm
Quoting TraderZer0
Hi Ghous

Attached is a pdf file that one of the regular senior members of this thread put together - I'm very sorry I can't recall who it was but I think you'll find it very useful.

regards

John
TraderZero,Hell ya!!!! I saved that one in the archives..that will help when im in doubtThanks : )
It's me...
  • #12,085
  • Edited Jul 30, 2008 2:59am Jul 29, 2008 4:56pm | Edited Jul 30, 2008 2:59am
Quote
Attached is a pdf file that one of the regular senior members of this thread put together - I'm very sorry I can't recall who it was but I think you'll find it very useful.

Things like these seem nice, but always remember that there is no shortcut.
The bars / formations on their own are only part of the story that the whole chart tells.
Trust price. Know yourself.
  • #12,086
  • Jul 29, 2008 6:22pm Jul 29, 2008 6:22pm
Quoting SeekingLight
Things like these seem nice, but always remember that there is no shortcut.
The bars / formations on their own are only part of the story that the whole chart tells.
Three parts:
1 part Bars/Formation.
1 part Location.
1 part Confluences.

Am I missing a part besides Money Management?
Indicators show the past. Price Action "Indicates" the future.
  • #12,087
  • Jul 29, 2008 6:54pm Jul 29, 2008 6:54pm
Quoting TraderZer0
SeekingLight

Perhaps your post should be directed at Ghous rather than me - he was having troubles with the definitions of certain bar patterns and I gave him the sheet to help - I'm not sure why you felt I needed a reminder about the place of signal bars in a trading method?

TraderZerO,

I don't think SeekingLight's post was directed at anyone in particular. The post was directed to all newbie's that look into the site for direction, myself included, who sometimes see these charts and start trading live dollars on them thinking it is the key to making multitudes of pips effortlessly!

And we all need reminders every once in awhile just as James reminds us that even he likes to get! Let's keep things positive, and make some good pips! http://www.forexfactory.com/images/icons/icon7.gif
  • #12,088
  • Jul 29, 2008 7:30pm Jul 29, 2008 7:30pm
Quoting jarroo
Three parts:
1 part Bars/Formation.
1 part Location.
1 part Confluences.

Am I missing a part besides Money Management?
I was thinking more along the lines of 1 part flour, 2 parts water, 1 part oil....
oops. That's my recipe for sponge cake.

But I would through in psychology to that mix too.

Tom
  • #12,089
  • Jul 30, 2008 12:14am Jul 30, 2008 12:14am
Any comments on this one.... Bearish overbar ends after PPZ???
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  • #12,090
  • Jul 30, 2008 1:33am Jul 30, 2008 1:33am
Quoting initex
Any comments on this one.... Bearish overbar ends after PPZ???
BEOB (or DBHLC) through a Trendline and PPZ. Break of this formation could prove more down side movement. A retrace also looks possible before and/or after the break.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,091
  • Edited 3:09am Jul 30, 2008 2:58am | Edited 3:09am
Quoting TraderZer0
SeekingLight

Perhaps your post should be directed at Ghous rather than me - he was having troubles with the definitions of certain bar patterns and I gave him the sheet to help - I'm not sure why you felt I needed a reminder about the place of signal bars in a trading method?
Exactly what cluelessbroadband said:

Quote
I don't think SeekingLight's post was directed at anyone in particular. The post was directed to all newbie's that look into the site for direction, myself included, who sometimes see these charts and start trading live dollars on them thinking it is the key to making multitudes of pips effortlessly!
It's not a dig at anyone(let alone at PA), it's just the truth as I've experienced things. I've seen far too many people, especially those starting, take anything that just fit the 1-2 bar pictures in that PDF, with no regard to anything else(placement, s/r, direction, size, etc pp) and then proclaim it nonfunctional after a few tries.
I think we've all emphasized it before, but it never can be said enough that just recognizing the bar(s) itself is never enough(which is why I've always worded caution against the PA recognition indicators as well, felt like it had the danger of a similiar phenomenon. They might pick out the computer criteria programmed bar, but they won't pick out the good from the bad trades).


I'll go back and edit out the names to make it more apparent that it's a statement not a "dig".

@Jarroo
I'd say that trend and larger timeframe setups can have quite an influence at times as well, but that's more me. Jim doesn't have much respect for the trend for example, he'll just take his pips as they come whereas Mike likes it just as well
Trust price. Know yourself.
  • #12,092
  • Edited 7:29pm Jul 30, 2008 3:44am | Edited 7:29pm
Quoting SeekingLight

@Jarroo
I'd say that trend and larger timeframe setups can have quite an influence at times as well, but that's more me. Jim doesn't have much respect for the trend for example, he'll just take his pips as they come whereas Mike likes it just as well
I would put that under Confluences. Confluences can be a topic in and of itself. The more the merrier, how they act to support or not support a trade setup, etc. The discussion could be endless.

But, as you pointed out with PA formations, confluences is still only part of that high probability, "A trade" setup.
Indicators show the past. Price Action "Indicates" the future.
  • #12,093
  • Jul 30, 2008 5:31am Jul 30, 2008 5:31am
Quoting moneybags
I was thinking more along the lines of 1 part flour, 2 parts water, 1 part oil....
oops. That's my recipe for sponge cake.

But I would through in psychology to that mix too.

Tom
9 parts psych
BTC Return This Year: na
  • #12,094
  • Jul 30, 2008 7:17am Jul 30, 2008 7:17am
Seeking,
What you say is 100% true. I lost money (demo) for months using PA. After going through my trades, I realized that I took the right bar setups, however, the location was terrible on the majority of them ended up as losers. I have been a J16 member twice and wish I could be a regular. The second time I became a member is when the light bulb went on.

I now watch more pairs than in the past BUT place fewer trades than before and now making $$$. I also use Elliot Wave which has helped me hang on to a few big winners but only use it to help see the big picture in my head. The combo works great! I may become a member again soon... thinking of having a "refresher" course.

Scott

Quoting SeekingLight
Exactly what cluelessbroadband said:

It's not a dig at anyone(let alone at PA), it's just the truth as I've experienced things. I've seen far too many people, especially those starting, take anything that just fit the 1-2 bar pictures in that PDF, with no regard to anything else(placement, s/r, direction, size, etc pp) and then proclaim it nonfunctional after a few tries.
I think we've all emphasized it before, but it never can be said enough that just recognizing the bar(s) itself is never enough(which is why I've always worded caution against the PA recognition indicators as well, felt like it had the danger of a similiar phenomenon. They might pick out the computer criteria programmed bar, but they won't pick out the good from the bad trades).


I'll go back and edit out the names to make it more apparent that it's a statement not a "dig".

@Jarroo
I'd say that trend and larger timeframe setups can have quite an influence at times as well, but that's more me. Jim doesn't have much respect for the trend for example, he'll just take his pips as they come whereas Mike likes it just as well
  • #12,095
  • Jul 30, 2008 11:32am Jul 30, 2008 11:32am
There have been 12099 posts at this thread over 3 years. I wonder whether Fibo levels could have been applied to the thread, as there have been some "retracements" in the dynamics of the thread, continuation of the "trend" (with new people joining) etc...

[Just kidding ]
One Chart is Worth Ten Thousand Words.
  • #12,096
  • Jul 30, 2008 12:27pm Jul 30, 2008 12:27pm
Hi,

any comments on the image please?

Does that qualify, yes i know its not closed yet, but if it did as is,

Also if not y not?

N
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  • #12,097
  • Jul 30, 2008 12:30pm Jul 30, 2008 12:30pm
Nice confluence of S/R, fibs and price
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Money & Pain Respect the market, protect your capital, be patient
  • #12,098
  • Jul 30, 2008 12:32pm Jul 30, 2008 12:32pm
Also

On gbpusd
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  • #12,099
  • Jul 30, 2008 1:07pm Jul 30, 2008 1:07pm
Quoting n_aftab
Also

On gbpusd

Just be careful with the look of these bars. The ones with such a short nose like this are much tougher to play IMO. If you are new to learning pinbars(this is a general comment post), Look for the real obvious ones with a long nose.

In this case if it closed as is on your chart that would be a pinbar, but there are better ones out there with longer noses. This one barely protrudes away from the prior days low.

Again just from my experiences

Mike
  • #12,100
  • Jul 30, 2008 1:11pm Jul 30, 2008 1:11pm
Quoting mbqb11
Just be careful with the look of these bars. The ones with such a short nose like this are much tougher to play IMO. If you are new to learning pinbars(this is a general comment post), Look for the real obvious ones with a long nose.

In this case if it closed as is on your chart that would be a pinbar, but there are better ones out there with longer noses. This one barely protrudes away from the prior days low.

Again just from my experiences

Mike
Will take care, thanks for the tip
Money & Pain Respect the market, protect your capital, be patient
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