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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

  • #12,321
  • Aug 7, 2008 7:22pm Aug 7, 2008 7:22pm
Quoting Trygvw
Just wanted to give some credit to Mike. You are a good man. The things you have been doing for me (member of J16) and other struggeling traders is just phenomenal. I wish you all the best the world can offer you. Imagine if the world was packed with people like Mike.... Keep those videos coming!!

T
....totally agree.
Bundy's status today: "Waiting..."
  • #12,322
  • Aug 7, 2008 8:12pm Aug 7, 2008 8:12pm
I knew this was going to happen where these pairs were going to start a new trend... down down down!!! Thank god we trade off the pin bar because if we traded off of support like buy the gbp or the euro today on the close we would be in deep doo doo!!! 3 cheers to Price Action!!! Huray!!! Huray!!! Huray!!! good luck and good trading guys... as we wait for that next beautiful PB... ha ha ha!!! lol...

pinbar69
  • #12,323
  • Edited Aug 8, 2008 12:21am Aug 7, 2008 9:16pm | Edited Aug 8, 2008 12:21am
mike may very well be the top dog someday. thats assuming of course that he wants it. no one helps more people outside of me than mike and no one understands the material any better outside of me than mike. mike will probably go have a stiff drink after reading this. LOL.

jim

Quoting Trygvw
Just wanted to give some credit to Mike. You are a good man. The things you have been doing for me (member of J16) and other struggeling traders is just phenomenal. I wish you all the best the world can offer you. Imagine if the world was packed with people like Mike.... Keep those videos coming!!

T
  • #12,324
  • Aug 8, 2008 1:07am Aug 8, 2008 1:07am
Very nice tips thanks , I appreciate that
let's go guys, we have last day of this great week!

Quoting bundyraider
Hi Jankone,

Now.... As far as you are concerned there is NOTHING you should do about this trade until it reaches that first profit point. ....ABSOLUTELY nothing. The trade will either hit that first profit point , or stop out . Nothing in between. What is there in between?? Noise!! So why watch your trading screen until then?

  • #12,325
  • Aug 8, 2008 2:16am Aug 8, 2008 2:16am
CHART
Attached Image (click to enlarge)
Click to Enlarge Name: nzdweekly.gif Size: 30 KB
  • #12,326
  • Aug 8, 2008 2:42am Aug 8, 2008 2:42am
Quoting james16
CHART
I agree with the fine art statement

Marvelled at many a chart myself in my spare time and am an avid collector
Trust price. Know yourself.
  • #12,327
  • Aug 8, 2008 2:59am Aug 8, 2008 2:59am
Quoting Jankone
One word : FASCINATION

I'm here 6-7 weeks, im on #400. Very nice, big thx to Jim, Wiz and Seekinglight.

Actually i trade real now, but i have some problem vs demo trading "that u cant learn"
1) Stay in trades? my fear about my money ( faster B/E, smaller stop loss after 50-100 pips open - sometimes it's not enough on Week trades).
How do u guys stay in ur trades? I'm addicted, I need to watch my open trade every 5 minutes while i want to stay here for some days / weeks. Usually i take fast profit ( some weeks ago, i take 160 pip profit with fear about my open profit and then in a few days the market make another 500 pips )

2) How to 100% enter to my "best pin bar"? Sometimes i get stoned,i can only watch, what my pin bar is doing but im stoned and some hour after that i count pips and curse myself. What's problem? "fear of another loss" ?

Thx for every tip and sry for not good eng. I like you guys, I'd like to stay here and some months later join PF.
Hi JanKone,

I'm here few weeks too and on #450 (page 31) - 800 pages to go which may take 2-3 mths. Just few questions:

a. I don't understand how can you take 160pips profit when you are monitoring the market every 5mins (it should be for scalpers who trade only 10-30pips)? what TF are u on?

b. what is your initial SL and what is your trading size? If you want to catch 300-400pips profit, then the SL must be more than 100pips (reward ratio of more than 3), so unless your account is big, otherwise your trade size will be very small. My size is 100,000 or one standard lot with 30-40pips SL on 4hr to daily TF). If the Sl were to increase to about 100pips, then my trade size can only be 3-4 mini-lot.

Regards,
Kim
  • #12,328
  • Aug 8, 2008 3:04am Aug 8, 2008 3:04am
Quoting bundyraider
Hi Jankone,

(Don't be too ambitious with this target. Make it the fist PPZ. If the first PPZ is too close, don't take that particular trade. Wait for a better one.)

Hi Bundyraider,

Good tips, I've read the book. You mentioned "the first PPZ", I see somewhere saying it means protected profit zone but how to define the zone, do u know? is it an indicator or just define it based on some study such as S/R ?

c. What platform are u using and do u use pinbar indicator for alert? I'm using MT4 and I hope to find the indicator?

Regards,
Kim
  • #12,329
  • Edited 3:15am Aug 8, 2008 3:11am | Edited 3:15am
Quoting Jankone
One word : FASCINATION

I'm here 6-7 weeks, im on #400. Very nice, big thx to Jim, Wiz and Seekinglight.

Actually i trade real now, but i have some problem vs demo trading "that u cant learn"
1) Stay in trades? my fear about my money ( faster B/E, smaller stop loss after 50-100 pips open - sometimes it's not enough on Week trades).
How do u guys stay in ur trades? I'm addicted, I need to watch my open trade every 5 minutes while i want to stay here for some days / weeks. Usually i take fast profit ( some weeks ago, i take 160 pip profit with fear about my open profit and then in a few days the market make another 500 pips )

2) How to 100% enter to my "best pin bar"? Sometimes i get stoned,i can only watch, what my pin bar is doing but im stoned and some hour after that i count pips and curse myself. What's problem? "fear of another loss" ?

Thx for every tip and sry for not good eng. I like you guys, I'd like to stay here and some months later join PF.
I remember those days all too well...

Try the DIBS approach Jankone and pull 1/2 - 2/3 of your trade off the table when it moves the distance of your stop loss so you're then in a "free trade" or have booked some profit. That may make it easier for you to wait for price action to tell you when to exit.

In time you'll learn to hold on as long as you can. Patience is a virtue (EDIT: with both learning and trading)
  • #12,330
  • Aug 8, 2008 3:38am Aug 8, 2008 3:38am
Cool, all the main players posting. Gotta love it.

James "Picasso" 16.
Indicators show the past. Price Action "Indicates" the future.
  • #12,331
  • Aug 8, 2008 3:52am Aug 8, 2008 3:52am
Quoting jarroo
Cool, all the main players posting. Gotta love it.

James "Picasso" 16.
I see you just got your 3,000 posts congrats...
  • #12,332
  • Aug 8, 2008 4:04am Aug 8, 2008 4:04am
Quoting Aad
I see you just got your 3,000 posts congrats...
What? I really don't pay attention to that. If you didn't tell me I would have never known, seriously.


Wow. I talk too much.
Indicators show the past. Price Action "Indicates" the future.
  • #12,333
  • Aug 8, 2008 4:13am Aug 8, 2008 4:13am
Quoting jarroo
What? I really don't pay attention to that. If you didn't tell me I would have never known, seriously.


Wow. I talk too much.
Hahahahaha, 3000 posts that's up there man (as in way too many posts).

I'm kidding of course, your insight and wisdom makes most of those posts so it's a good thing you talk a lot...
  • #12,334
  • Aug 8, 2008 4:32am Aug 8, 2008 4:32am
Quoting ezz
is it valid if the 2 peaks in the MACD arenot succesive like in this scenario?
Yes this is valid divergence. you are looking for any past peaks compared with that of the present. That doesent mean price will behave accordingly and current price action needs to be considered to evaluate the probability of success.
BTC Return This Year: na
  • #12,335
  • Aug 8, 2008 5:52am Aug 8, 2008 5:52am
Hi this thread is huge.

Can you tell me whether James 16 still supports this thread or is it only on his website?
  • #12,336
  • Aug 8, 2008 5:54am Aug 8, 2008 5:54am
Quoting smatrader
Hi this thread is huge.

Can you tell me whether James 16 still supports this thread or is it only on his website?
Yes, please go to the link below and be amazed...LOL!

http://www.forexfactory.com/showthre...49#post2154349
  • #12,337
  • Aug 8, 2008 6:19am Aug 8, 2008 6:19am
Hi Aad

Thanks, I've read through a few long threads being a newbie but was put off by the size of this thread. They must be doing something good

Ian
  • #12,338
  • Aug 8, 2008 6:23am Aug 8, 2008 6:23am
since i was away the day It started
i missed the whole
dollar move this week and therefore i am @ sideline from the start of the week no trades f0r this week
hopefully the move will end next week and then we can jump IN


anyone else on the sidelines???
  • #12,339
  • Aug 8, 2008 6:36am Aug 8, 2008 6:36am
Hi Kim, (and Jankone)

Jim's use of the abbreviation PPZ stands for Pivot Point Zone. (Not to be confused with floor trader pivots. Though both can line up by co-incidence ....heh heh heh ...confluence! )
They are areas of support-come-resistance (and vice versa) that price respects from both sides. Successive zones can be very close to each other and can be powerful roadmaps to base your trading around.

Check out Jims post on the previous page (NZDUSD weekly chart):

He has two zones roughly marked out. The "sky blue" horizontal lines. Note the use of the word 'zone'. For the most part they are narrow price ranges rather than exactly to the pip.

In Jim's chart...

After the pin formed and closed you enter on a break of the pin's low.

Your'e next place of interest is the first pivot zone (top horizontal "sky blue" line on Jim's chart). This is the perfect example of the type of first target you should aim for. It's the first expected resistance to further progress (well, "support", technically speaking, of course!) and, in this case , it also has reasonable space from the entry point to give you a worth-while target "profit-wise" versus your trades risk.

If the pin was sitting just above the line I wouldn't take it. But, then again, if the pin was sitting just above that line it would more likely be in sideways traffic anyway.( Which we all to avoid on a bar to bar basis! Don't we!? )

When your market reaches this support area, take profit on part of your position ,and move your stop-loss on the remaining.

...You have a free trade AND some profit.

NOW you have to learn how to manage the rest.

How do you do that?? These Price Pivot Zones are the key. Two exit scenarios...

First exit scenario...
You trail your stop just behind the previous PPZ once you have seen a decent move into that next area (be generous with your buffer size) . This "exit type one" is purely a trailing stop. The exit is when the stop loss is hit.

Second exit scenario....
On the same time frame as your entry there is another entry (setup) in the
opposing direction later on. (i.e. Another opposite pin ) ...It should be obvious here what you do.

There are situations where you move your trailing stop other than using PPZs.
If you get a strong PA based formation that creates another protective area. i.e. At some point in your trade there is a pull-back, and then another pin forms at a complimentary swing high/low. (A lot of the time this will coincide or even create/define a new PPZ anyway. ...so you there you go!)

There's more. But, if you enter only A+++ trades (those with great confluence and perfect PA bar formations), using proper position sizing, and then manage your trades based on PPZs as above then you have the tools to grow your account. All that is left is to practice and get your head right.

Quoting nkhnip
Hi Bundyraider,

Good tips, I've read the book. You mentioned "the first PPZ", I see somewhere saying it means protected profit zone but how to define the zone, do u know? is it an indicator or just define it based on some study such as S/R ?

c. What platform are u using and do u use pinbar indicator for alert? I'm using MT4 and I hope to find the indicator?

Regards,
Kim
Bundy's status today: "Waiting..."
  • #12,340
  • Aug 8, 2008 6:39am Aug 8, 2008 6:39am
Oh man... No wonder the times flown. lol
Bundy's status today: "Waiting..."
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