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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

  • #14,061
  • Sep 29, 2008 11:14pm Sep 29, 2008 11:14pm
Hello all,

James said that most traders get killed in a ranging market because they don't know how to trade it. What is the J16 way to trade a Ranging/consolidating market?

Second question, Do you guys set profit goals each week? And if so do you stop trading when you hit them? My pattern has been when I make a few really good trades my discipline get's lax and I give it all back. I have exceeded my weekly goal of .5 % ,up about 7 % for this week. I am thinking of just sitting on my hands for the rest of the week. Thank you all in advance

Jason
May the fish in your stream of life always bite.
  • #14,062
  • Sep 30, 2008 2:14am Sep 30, 2008 2:14am
Interesting thread. Im only half way through.

I never have enough time to read through all the good strategies in FF, it just keep coming in.


Thanks for sharing.
  • #14,063
  • Sep 30, 2008 2:37am Sep 30, 2008 2:37am
Quoting Nigel
Interesting thread. Im only half way through.

I never have enough time to read through all the good strategies in FF, it just keep coming in.


Thanks for sharing.
I believe . . .
  • #14,064
  • Sep 30, 2008 3:09am Sep 30, 2008 3:09am
here was a nice looking setup on Gj 4H a few hours back, a nice Pb and then an Ib at a confluence with the 188 price level, the break of the Ib could well have earned me 100 pips so far...but i don't feel any more bad than good thinking what a magician James is..lol! some great art!

anyways i am still happy i did'nt have to make the important descision of entering the market with such important news around while being half asleep and dreaming...

Regards,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 12 KB
I believe . . .
  • #14,065
  • Sep 30, 2008 6:53am Sep 30, 2008 6:53am
GBPUSD up, EURUSD dow.

whas wondering when this crisis started if things like this could happens
  • #14,066
  • Sep 30, 2008 7:24am Sep 30, 2008 7:24am
Quoting Crown


Oleman corrected the end of his quote and added " should be --sell every rally in a BEAR market----

Also with regards to time he said; " It wasn't until I took the time to look at different type of signals that work best at certain times of the day that I was able to start making some money. If only I started looking at time of day trades earlier"
Oleman was great, if you know avidtrade Tepid2 was my mentor back in the day
Keep taking CT trades, I need more money
  • #14,067
  • Edited 8:50am Sep 30, 2008 8:12am | Edited 8:50am
Quoting Janegra
Ryanmcd, Would You Please Elaborate On Your Reference To Counting Bars.. I Have Not Heard That Term Used Before.
And Thanks For Having The Guts To Explain Your Five Mins Trading, When You Knew That The Purists Would Jump On You.
Keep Posting , We Need Your Knowledge..
Graham
Some use Fibos: count X bars (put any reasonable Fibo number instead of X) from the current highest High - that will give you time indication for the next lowest Low.

I think Ryan meant more short-term bar counting. Could be the fact that you rarely have more than 7 bars of the same colour. So, if you are in the trend and there were 7 say red bars, the retracement is immenent. That presents a good entry point, depending on where you are in that trend's "life".
One Chart is Worth Ten Thousand Words.
  • #14,068
  • Sep 30, 2008 9:26am Sep 30, 2008 9:26am
Quoting aSandman
Hello all,

James said that most traders get killed in a ranging market because they don't know how to trade it. What is the J16 way to trade a Ranging/consolidating market?

Second question, Do you guys set profit goals each week? And if so do you stop trading when you hit them? My pattern has been when I make a few really good trades my discipline get's lax and I give it all back. I have exceeded my weekly goal of .5 % ,up about 7 % for this week. I am thinking of just sitting on my hands for the rest of the week. Thank you all in advance

Jason
Hi Jason,

Trading any market type is a lot easier when you mark out prospective support/resistance flip areas. When you plan ahead and are waiting for an event to happen it's a lot easier to pull the trigger with confidence and stick to your trade management ideals.

Without the drawn in blue lines, the U/J 4 hour chart looks like an undecided mess. Get good at reading this aspect of your charts and you'll find a way to trade sideways price action too.

Given chart...

Yellow arrows point to hint of a good pivot zone forming. This type of respect (second arrow and pin that formed) tells me it's a good "trading zone". Yellow "x" marks are bars that showed further respect. Later on, two further pins would have given great trades.

The two dotted blue lines are also minor pivot areas that act as guides (for me).
...Personally, I am very weary of entering too close to price 'traffic jams' such as these. ...BUT also, plotting these can give you confidence to wait out price move pauses and quick, temporary rebounds, etc. If you are expecting a short move, exiting at these is an option. Even taking part profits and so on. (On lower time frames they will become trading zones. ) Your preference. Yours to practice.

Lots of ways to trade all these of course, but the key is seeing those pivot areas and looking for the potential in any possible move first before waiting for your great entry.

Remember that it's still all about picking the best trades, no matter what type of market condition you are trading.

I'm watching this chart to see what happens.
Attached Image (click to enlarge)
Click to Enlarge Name: uj 4 hour.gif Size: 25 KB
Bundy's status today: "Waiting..."
  • #14,069
  • Sep 30, 2008 9:32am Sep 30, 2008 9:32am
Quoting raczekfx
another trade...
Ya back! ....Good to see ya man.
Bundy's status today: "Waiting..."
  • #14,070
  • Sep 30, 2008 9:44am Sep 30, 2008 9:44am
Quoting bundyraider
Hi Jason,

Trading any market type is a lot easier when you mark out prospective support/resistance flip areas. When you plan ahead and are waiting for an event to happen it's a lot easier to pull the trigger with confidence and stick to your trade management ideals.

Without the drawn in blue lines, the U/J 4 hour chart looks like an undecided mess. Get good at reading this aspect of your charts and you'll find a way to trade sideways price action too.

Given chart...

Yellow arrows point to hint of a good pivot zone forming. This type of respect (second arrow and pin that formed) tells me it's a good "trading zone". Yellow "x" marks are bars that showed further respect. Later on, two further pins would have given great trades.

The two dotted blue lines are also minor pivot areas that act as guides (for me).
...Personally, I am very weary of entering too close to price 'traffic jams' such as these. ...BUT also, plotting these can give you confidence to wait out price move pauses and quick, temporary rebounds, etc. If you are expecting a short move, exiting at these is an option. Even taking part profits and so on. (On lower time frames they will become trading zones. ) Your preference. Yours to practice.

Lots of ways to trade all these of course, but the key is seeing those pivot areas and looking for the potential in any possible move first before waiting for your great entry.

Remember that it's still all about picking the best trades, no matter what type of market condition you are trading.

I'm watching this chart to see what happens.

Tell me you played the double barrel 4 hour PBs. Doesn't get any easier then this.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #14,071
  • Sep 30, 2008 11:00am Sep 30, 2008 11:00am
Quoting jarroo
Tell me you played the double barrel 4 hour PBs. Doesn't get any easier then this.

Why am I having a different chart than yours? I did acted on the IB though ... Just too bad I'm still having a problem for holding on for longer term

That was a good bounce off of the PPZ though
Attached Image (click to enlarge)
Click to Enlarge Name: uj.jpg Size: 145 KB
  • #14,072
  • Sep 30, 2008 11:09am Sep 30, 2008 11:09am
Quoting y.caesar
Why am I having a different chart than yours? I did acted on the IB though ... Just too bad I'm still having a problem for holding on for longer term

That was a good bounce off of the PPZ though
You are using a different broker that has a different GMT time. Price is just chopped up differently. PPZs is still the same. Inside Bar, off a PPZ level. Nice.

You can aways take half off and move to break even. That way you have no worries.
Indicators show the past. Price Action "Indicates" the future.
  • #14,073
  • Sep 30, 2008 11:12am Sep 30, 2008 11:12am
Quoting y.caesar
Why am I having a different chart than yours? I did acted on the IB though ... Just too bad I'm still having a problem for holding on for longer term

That was a good bounce off of the PPZ though
patience alone can make you a fortune in forex mate... you're learning fast, keep trusting yourself more than anything else, you'll do it!

Quote
Hi Jason,

Trading any market type is a lot easier when you mark out prospective support/resistance flip areas. When you plan ahead and are waiting for an event to happen it's a lot easier to pull the trigger with confidence and stick to your trade management ideals.

Without the drawn in blue lines, the U/J 4 hour chart looks like an undecided mess. Get good at reading this aspect of your charts and you'll find a way to trade sideways price action too.

Given chart...

Yellow arrows point to hint of a good pivot zone forming. This type of respect (second arrow and pin that formed) tells me it's a good "trading zone". Yellow "x" marks are bars that showed further respect. Later on, two further pins would have given great trades.

The two dotted blue lines are also minor pivot areas that act as guides (for me).
...Personally, I am very weary of entering too close to price 'traffic jams' such as these. ...BUT also, plotting these can give you confidence to wait out price move pauses and quick, temporary rebounds, etc. If you are expecting a short move, exiting at these is an option. Even taking part profits and so on. (On lower time frames they will become trading zones. ) Your preference. Yours to practice.

Lots of ways to trade all these of course, but the key is seeing those pivot areas and looking for the potential in any possible move first before waiting for your great entry.

Remember that it's still all about picking the best trades, no matter what type of market condition you are trading.

Heya Bundy! where've you been??
I believe . . .
  • #14,074
  • Edited 8:37pm Sep 30, 2008 8:34pm | Edited 8:37pm
Anyone have any thoughts on this daily pinbar on ibfx? Thanks!
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd 10-1-08.gif Size: 13 KB
  • #14,075
  • Sep 30, 2008 8:38pm Sep 30, 2008 8:38pm
Quoting cluelessbroadband
Anyone have any thoughts on this daily pinbar on ibfx? Thanks!
It's not a pinbar. The close wasn't within the bar of the previous day.....

Don't sweat it though, I used to do the same thing. :-)

Clockwork
  • #14,076
  • Sep 30, 2008 9:30pm Sep 30, 2008 9:30pm
Quoting ghous
patience alone can make you a fortune in forex mate... you're learning fast, keep trusting yourself more than anything else, you'll do it!



Thanks for the encouragement Ghous. I gotta say, I have to thank Jarroo for his explanation regarding PPZ
  • #14,077
  • Sep 30, 2008 9:37pm Sep 30, 2008 9:37pm
Quoting bundyraider
Ya back! ....Good to see ya man.
yea, might check in and out for the next few weeks. Lot's of time now.. winterized our glider....
  • #14,078
  • Sep 30, 2008 9:40pm Sep 30, 2008 9:40pm
Just to add... the location is much more important than the setup. Look at the price action to the left of the bar. A big choppy mess! Personally, I would have passed on the bar if it did close as a pin bar.

Scott

Quoting clockwork71
It's not a pinbar. The close wasn't within the bar of the previous day.....

Don't sweat it though, I used to do the same thing. :-)

Clockwork
  • #14,079
  • Sep 30, 2008 10:32pm Sep 30, 2008 10:32pm
Quoting cluelessbroadband
Anyone have any thoughts on this daily pinbar on ibfx? Thanks!
Hiya clueless,

Just wanted to take a second to echo what others have said. Its not the formation as much as the LOCATION. I have been trading hammers for years some of which where pinbars. However I did not know they were pinbars till I ran into J16 here at FF The point being that I tested hammers, not just one or two, more like 2 or 3 thousand of them. I tested across all increments and all time frames. In my research I believe in being thorough. I went back as far as 1914 DJIA data. The things I found to filter good ones "A grade" and not so good were echoed here in J16 thread. That was one way I knew that these guys were the real deal here at J16. Its why I joined FF! For example MBQ likes to talk about space between his pinbar and prices. I had found the exact same thing. Another word for "space" is time. If you have a pinbar at a swing low and it is taking out an important stop pocket and it has been some time like over 13 bars since price has tested that S/R it tends to be a better signal. Mike's video example is more like 53 bars . Now if you take away the term Pinbar and add any reversal pattern, the same rules apply. For that matter a good trader can turn a profit with nothing but a line chart. I spent years totally eat up with patterns and indicators. I wish I would have spent that time studying what makes a good market and support and resistance. Hindsight is 20/20 lol

Jason
May the fish in your stream of life always bite.
  • #14,080
  • Sep 30, 2008 10:42pm Sep 30, 2008 10:42pm
i think Mike tak another formations too.

Mike, do you take all traditional candle formations? If no, what formations you take that are not J16 formations?

thanks in advance.
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