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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

  • #13,361
  • Sep 3, 2008 9:27pm Sep 3, 2008 9:27pm
Ya I did not catch a bottom or top but I had 1 trade today for +10 and had about 5 good ones I could of got if I needed to catch up off a loss. Enjoy
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Keep taking CT trades, I need more money
  • #13,362
  • Sep 3, 2008 9:32pm Sep 3, 2008 9:32pm
Quoting aSandman
Thanks for the broker tip. less than one pip spread would make a big difference. I traded the Friday EURUSD session on 5 min. as well and even took some of the same trades you posted in your chart. The one spike out of that bull flag moved 30 pips in less than 3 seconds. That's the kinda stuff that scares the hell outa me trading 5 min charts. I get emotional and take trades that are substandard or trade bigger size than I should after losses. I know thats the kind of trading that will take me out of the game. The best trades I made were with the trend. Even had one that went 40 to 1. I'm still on demo Till I can prove myself profitable for 3 months like James talkes about.

Question If you take profit at 10 pips and call it a day. When do you take a loss? at - 10 pips? Then do you continue to trade after a loss or no? Thanks for the chart I was fun seeing someone else traded the friday session and took some of the same trades.

Jason

I trade until I am +10, now I will not force a trade but 95% of the time I get 3-5 trades that work out for me so I just trade until +10 on the day. Sometime I do get -20 but it's very rare.
Keep taking CT trades, I need more money
  • #13,363
  • Sep 3, 2008 9:44pm Sep 3, 2008 9:44pm
Quoting jarroo
I would obviously wait for the break of the PB and see if it retraces to the left eye level.
break, retrace, and then wait for the break or get in on the retrace? sorry, this always mixes me up ... thanks jarroo.
"Believe nothing you hear and half of what you see." Proverb
  • #13,364
  • Sep 3, 2008 9:54pm Sep 3, 2008 9:54pm
Quoting Ryanmcd
Ya I did not catch a bottom or top but I had 1 trade today for +10 and had about 5 good ones I could of got if I needed to catch up off a loss. Enjoy
i am totally lost ... could you please elaborate on your entry/exit and how we would incorporate this into j16 trading?
"Believe nothing you hear and half of what you see." Proverb
  • #13,365
  • Sep 3, 2008 9:59pm Sep 3, 2008 9:59pm
I love the charts you share, showing how PA works on the very short time frames. I don't have the time to follow the 5 minute charts at this point in my life (due to working full time), but I love seeing how this can work on the short time frames.

It appears you are using a 21 EMA, BB, and another MA.

What indicators are you using?

Thank you for your time and help!
  • #13,366
  • Sep 3, 2008 10:11pm Sep 3, 2008 10:11pm
Quoting jarroo
~~
I would obviously wait for the break of the PB and see if it retraces to the left eye level.
Pleased to read this comment. I was beginning to think I was the only one that thinks it takes 3 bars to make a pin bar. (If the 3rd bar has not formed how do you know the 2nd bar is a pin bar?)
Good Trading
  • #13,367
  • Sep 3, 2008 10:18pm Sep 3, 2008 10:18pm
Quoting aud
Pleased to read this comment. I was beginning to think I was the only one that thinks it takes 3 bars to make a pin bar. (If the 3rd bar has not formed how do you know the 2nd bar is a pin bar?)
We do not need the 3rd bar to close in order for us to trade the pinbar. A pinbar is considered valid as soon as the high/low of it is broken to validate it. So really you only need 2 bars to know if it is a pinbar.

But the 3rd bar we execute off of.

Best,

Mike
  • #13,368
  • Sep 3, 2008 10:37pm Sep 3, 2008 10:37pm
Quoting fxgrinder
break, retrace, and then wait for the break or get in on the retrace? sorry, this always mixes me up ... thanks jarroo.
The PB is not validated until it breaks. So, a Pin bar is not a Pin Bar until it breaks. You can enter before the break (at a retrace to the left eye) but its risky.

After it breaks the top, we then look for a possible retrace.


Edit: Hey, I just said what Mike said. Cool.
Indicators show the past. Price Action "Indicates" the future.
  • #13,369
  • Sep 3, 2008 10:48pm Sep 3, 2008 10:48pm
Quoting jarroo
The PB is not validated until it breaks. So, a Pin bar is not a Pin Bar until it breaks. You can enter before the break (at a retrace to the left eye) but its risky. I'm clear on this ...

After it breaks the top, we then look for a possible retrace. ... It's here where I start getting confused ... i.e., 1) it breaks we enter or, ... 2) it breaks we wait for it to retrace and then we enter ... ??
thanks jarroo.
"Believe nothing you hear and half of what you see." Proverb
  • #13,370
  • Sep 3, 2008 11:00pm Sep 3, 2008 11:00pm
Quoting fxgrinder
thanks jarroo.
There are numerous ways to trade price action

We can play a break of the bar(the most common method, conservative, lets us know the bar is valid)

We can enter right when the bar forms(more aggressive, slightly better entry achieved thus a slightly larger position size, bar not valid yet).

We can enter on a retrace before the bar breaks. That is we can enter as price retraces against the bar(to a fib, left eye, s/r). We get a better position size(smaller stop), more aggressive, price has not yet confirmed the bar by breaking.

Then there are other various ways. Such as; Waiting for a break of the bar. Then still waiting again for another retrace to get back in. Again now the bar is valid, but we are trying to get a better price in, we might never get that price as it will never come back for the retrace.

As you can see there are good and bads to each of these. It is going to come back to your personality and testing you have done for what will work best for you. I prefer the conservative nature of waiting for a break, simple and works.

Hope that clears it up

Mike
  • #13,371
  • Sep 3, 2008 11:03pm Sep 3, 2008 11:03pm
Quoting mbqb11
There are numerous ways to trade price action

We can play a break of the bar(the most common method, conservative, lets us know the bar is valid)

We can enter right when the bar forms(more aggressive, slightly better entry achieved thus a slightly larger position size, bar not valid yet).

We can enter on a retrace before the bar breaks. That is we can enter as price retraces against the bar(to a fib, left eye, s/r). We get a better position size(smaller stop), more aggressive, price has not yet confirmed the bar by breaking.

Then there are other various ways. Such as; Waiting for a break of the bar. Then still waiting again for another retrace to get back in. Again now the bar is valid, but we are trying to get a better price in, we might never get that price as it will never come back for the retrace.

As you can see there are good and bads to each of these. It is going to come back to your personality and testing you have done for what will work best for you. I prefer the conservative nature of waiting for a break, simple and works.

Hope that clears it up

Mike
absolutely.... it doesn't take much before i get derailed! always good to have you help us noobs get back on track!!!
"Believe nothing you hear and half of what you see." Proverb
  • #13,372
  • Sep 3, 2008 11:13pm Sep 3, 2008 11:13pm
Quoting unlv_tj
I love the charts you share, showing how PA works on the very short time frames. I don't have the time to follow the 5 minute charts at this point in my life (due to working full time), but I love seeing how this can work on the short time frames.

It appears you are using a 21 EMA, BB, and another MA.

What indicators are you using?

Thank you for your time and help!

The other MA is a 50sma, the BB are set to 18/2
Keep taking CT trades, I need more money
  • #13,373
  • Sep 3, 2008 11:15pm Sep 3, 2008 11:15pm
Quoting mbqb11
There are numerous ways to trade price action

Mike

Great post Mike.

This can be applied to all PA set-ups.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #13,374
  • Sep 3, 2008 11:23pm Sep 3, 2008 11:23pm
Quoting fxgrinder
absolutely.... it doesn't take much before i get derailed! always good to have you help us noobs get back on track!!!
Hey fxgrinder. Along with clicking the "James16" name and reading all the posts and charts, hit that "mbqb11" name too and do the same.

You'll be glad you did.
Indicators show the past. Price Action "Indicates" the future.
  • #13,375
  • Sep 3, 2008 11:25pm Sep 3, 2008 11:25pm
Quoting fxgrinder
i am totally lost ... could you please elaborate on your entry/exit and how we would incorporate this into j16 trading?

It's pure price action, J16 is PA and this is it's most true from. You can trade one setup but the market will change over time and that may not work as well as it did before, today was a great day to show price action as it was a SU day, SU = Solid Up. You only get SU / SD days about 25% or less but the people that keep shorting a SU day get hammered and get hammered bad. You really only have about 3-4 kind of days for the most part, SU / SD or sideways of the up down up, or down up down day. I will post a few more charts each day and once you see the same kinda days it's the same deal over and over. Also one thing I see no one talk about is TIME, time is just as big as price to me but no one is talking time at all. 8:30, 10:30, 2:30 EST are HUGE price action times, 11:30 - 12:30 = slow a good bit of the time. Think about who trades these markets and they are human just like us, they goto lunch and at 2:30 they want to get finished for the day. Also I count bars. One last thing before I call it a night, on Avid trader back in 1997 they had a poster by the name of Oleman, he was by far the best trader I have ever chatted with and told me this and I will never forget it.


"If you buy every correction in a bull market, you'll only be wrong once--the top. If you sell every rally in a bull market, you'll only be wrong once--the bottom."
Keep taking CT trades, I need more money
  • #13,376
  • Sep 3, 2008 11:36pm Sep 3, 2008 11:36pm
Quoting jarroo
Hey fxgrinder. Along with clicking the "James16" name and reading all the posts and charts, hit that "mbqb11" name too and do the same.

You'll be glad you did.
haha ... been there, done that ... including, reading the thread twice, then filtering j16, then filtering mbqb, then habeeb, then, ... then, ... my goal is a third full read ...

anyway and however ... sometimes, just when i think i am fully understanding what i've read, studied, demo-traded, etc., something gets posted that just plain confuses me and i need clarification to steer me back on the right path ...

cheers and good trading ...
"Believe nothing you hear and half of what you see." Proverb
  • #13,377
  • Sep 4, 2008 1:39am Sep 4, 2008 1:39am
Good morning,

MACD divergence on Usd/Cad at the top and at a ppz level.

A short possibility.

Thanks.
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Simple Things are the best
  • #13,378
  • Sep 4, 2008 1:43am Sep 4, 2008 1:43am
We had a nice haed and shoulder and a very nice pin at the 61.8 fibb of support...let me get your opinion...I am trying to get better at price action

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  • #13,379
  • Sep 4, 2008 2:06am Sep 4, 2008 2:06am
About 13346 post HipsterPipster in his post says:

Quoting HipsterPipster
This pin is not a failed pin because it was never validated. A pin is only tradeable after the high has been broken per James' rules.

I dont understand why this pinbar in post 13346 is not valid. Can You share Your comments ?

Thank You.


Best wishes,
Tom
  • #13,380
  • Sep 4, 2008 3:02am Sep 4, 2008 3:02am
Quoting tfflyer
About 13346 post HipsterPipster in his post says:




I dont understand why this pinbar in post 13346 is not valid. Can You share Your comments ?

Thank You.


Best wishes,
Tom
In regards to the Loonie pin, Hipster should have said

"A pin is only tradeable after the low has been broken per James' rules."

It was not broken (well, it is now) and the high was taken out first, so it was not a valid pin
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