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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

  • #15,261
  • Nov 12, 2008 4:44pm Nov 12, 2008 4:44pm
Quoting adriana
Hi Jim,

Do tick charts that, for example, one Forex broker offers show the number of contracts traded at that single brokerage firm or do they indicate the number of contracts traded all over the world at that time?

Thx,
Adriana
Hi Adriana,

I would have thought that it would just be for that broker. FX is essentially an OTC market. With a futures market ie exchange traded then the exchange acts as the clearing house and therefore every participant knows (or can find out) the volumes traded.
I don't believe this is the case in FX

cheers

Simon
  • #15,262
  • Nov 12, 2008 4:55pm Nov 12, 2008 4:55pm
Quoting giraia_br
i see here in FF experienced trades using the expansion tool without ajusting the retrecement point. I think the correct is put the third point at the bottom of the retrecement, no? See the pic, yellow is ajusted and blue i choose only the bottom and the top.

opinions?

and Bundy, you are only waiting the breakout of a 123 and using the 100 as the target? Or using the 100% to enter (in this example in my pic to go short against the trend)?
You're correct. The expansion is designed to be used with you moving the third point to the bottom of the retracement. I too see a lot of people not doing this. lol

In this case I was just using it to get the "equal move" target. That's why I moved the point in line with the entry.

That post was aimed at experienced people who were shying away from inside bar trades, but what you said first is correct. Breakout of the 1-2-3 so to speak with highest probability target being the %100 , yes.

Really study that set up first and practice. There's a certain amount of discretion involved.
.
Bundy's status today: "Waiting..."
  • #15,263
  • Nov 12, 2008 6:01pm Nov 12, 2008 6:01pm
Quoting bundyraider
You're correct. The expansion is designed to be used with you moving the third point to the bottom of the retracement. I too see a lot of people not doing this. lol

In this case I was just using it to get the "equal move" target. That's why I moved the point in line with the entry.

That post was aimed at experienced people who were shying away from inside bar trades, but what you said first is correct. Breakout of the 1-2-3 so to speak with highest probability target being the %100 , yes.

Really study that set up first and practice. There's a certain amount of discretion involved.
.
but do you use number of bars, MA or another rule like Dinapolli, Joe Ross or another author? Only in the 15m?

many thanks for reply.
  • #15,264
  • Nov 12, 2008 6:38pm Nov 12, 2008 6:38pm
Quoting james16
i know this is like a monthly chart to ryan. lol.
but ya know what? it sure is nice to have a potential fortune in the making based on a daytrade entry. THERE IS NOTHING MORE GRATIFYING than nailing a daytrade entry and its accompanying lot size and watching it turn into a great swing or position trade.

I took a daily PB short that someone posted up a chart and rode it about 20 hours, I really forgot about it then closed it for +256 or 6%. I do like seeing those nice runs and you can live nice off 6% a month
Keep taking CT trades, I need more money
  • #15,265
  • Nov 12, 2008 6:57pm Nov 12, 2008 6:57pm
It's all because you are devil. Ryanmcd
Member Since Jul 2007
Posts: 666


Quoting Ryanmcd
I took a daily PB short that someone posted up a chart and rode it about 20 hours, I really forgot about it then closed it for +256 or 6%. I do like seeing those nice runs and you can live nice off 6% a month
  • #15,266
  • Nov 12, 2008 7:15pm Nov 12, 2008 7:15pm
Quoting james16
based on actual trades. there are many advantages in my opinion. one of the biggest is it virtually elimates very large bars. very large bars are heart attacks for most traders and where they tend to really lose control when managing a trade.

just google it. ton of good explanations but your going to find most traders using small increments like 150 etc..

2000 works nicely for me and keeps my number oif trades at a minimum and allows me to more easily rifle shot my entries.

just me of course some do it differently.

jim
what is the frequence good patterns happens? 1 per day?

thanks in advance
  • #15,267
  • Nov 12, 2008 7:28pm Nov 12, 2008 7:28pm
+20 done. good night.

http://img236.imageshack.us/img236/6151/usdjpym5vo3.gif
http://img236.imageshack.us/img236/usdjpym5vo3.gif
  • #15,268
  • Edited 10:04pm Nov 12, 2008 8:15pm | Edited 10:04pm
Quoting james16
here is the kind of intraday entry i take and why.

there is nothing on this chart other than price and floor trader pivots. floor trader pivots mean nothing to me unless i can find some confluence to go with them. the only thing missing here is a set up bar which is not always needed if you have enough confluence. IM POSTING THIS FOR ONE REASON. if your entries have nothing more than one criteria to enter your gonna get screwed. here are the reasons/confluence behind this entry decision. this entry was taken at 2795 and had around a 5 pip drawdown as it reached for 2800.

in the blue box we have.

1. a pure 50 fib retrace to the substantial number of 2800.
2. a clear price flip at 2800....
Very important point Jim makes is this post.

Yes, he outlines his enrtry. The number of reasons/confluences to enter a trade have to be met. A Pin Bar, for example, by itself is not enough. The more the merrier of confluences to support a given entry, the better.

But more importantly, he talks about the reasons/confluences supporting his stop loss and breakeven point. Notice he didn't talk about his profit targets.
I'm not saying profit targets are not important, but controlling losses and looking at ways to reduce them should be looked at first and foremost.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #15,269
  • Nov 12, 2008 9:06pm Nov 12, 2008 9:06pm
Put this on, went to the gym came home Mo-Money!

Okay the thought process behing this, we have RSI divergence with a triple top. Also check out the huge up resistance on the 30min and 4hr. Also I wanted to make sure I could get +20 on it, and when I was looking at it I was thinking it would be close and it was, remember the pros are going to run it to a new low if it runs or it will hit it and move up. Most of the time when i take these my target is right at the low or resistance just like on the Daily short I took.
Attached Image (click to enlarge)
Click to Enlarge Name: momoney.jpg Size: 199 KB
Keep taking CT trades, I need more money
  • #15,270
  • Nov 12, 2008 9:08pm Nov 12, 2008 9:08pm
Quoting jarroo
Very important point Jim makes is this post.

Yes, he outlines his enrtry. The number reasons/confluences to enter at trade have to be met. A Pin Bar, for example, by itself is not enough. The more the merrier of confluences to support a given entry, the better.

But more importantly, he talks about the reasons/confluences supporting his stop loss and breakeven point. Notice he didn't talk about his profit targets.
I'm not saying profit targets are not important, but controlling losses and looking at ways to reduce them should be looked at first and foremost.

Jim

PRINT THIS OUT AND PUT IN ON YOUR SCREEN.

I may screw around looking for my +20 targets but risk rules the trade, if I can get into a trade with a 8-12pip stop and 20 target I am all for it, look over my past trades and you will see I never let it hit my +20 unless it's news. All about risk here guys.
Keep taking CT trades, I need more money
  • #15,271
  • Nov 12, 2008 11:25pm Nov 12, 2008 11:25pm
uj
.
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 18 KB
  • #15,272
  • Nov 13, 2008 2:34am Nov 13, 2008 2:34am
some nice iB4's forming / arrows at support
will try to play the breakout.
I guess as trend is down then i will be shorting, but may also be fakeouts?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP_CHF ib4 (13-NOV-08).png Size: 17 KB
Click to Enlarge Name: EUR_JPY ib4 (13-NOV-08).png Size: 17 KB
  • #15,273
  • Nov 13, 2008 2:43am Nov 13, 2008 2:43am
Quoting simoncs
some nice iB4's forming / arrows at support
will try to play the breakout.
I guess as trend is down then i will be shorting, but may also be fakeouts?
infact there seems to be quite a few today
EURUSD
EURJPY
GBPJPY
NZDUSD
EURGBP

am i reading these right? setup would be to take break of arrow
or more conservative approach would be to take the the close of the bar that breaks arrow in same direction
  • #15,274
  • Nov 13, 2008 4:37am Nov 13, 2008 4:37am
Quoting james16
here is the kind of intraday entry i take and why.

there is nothing on this chart other than price and floor trader pivots. floor trader pivots mean nothing to me unless i can find some confluence to go with them. the only thing missing here is a set up bar which is not always needed if you have enough confluence. IM POSTING THIS FOR ONE REASON. if your entries have nothing more than one criteria to enter your gonna get screwed. here are the reasons/confluence behind this entry decision. this entry was taken at 2795 and had around a 5 pip drawdown...
Hello JIM!

The chart looks really nice with 2000 Tick Bar. Can the MT4 support this? I would also like some explanations on the difference between J16 pivot zone and Floor trader's pivot (iss'it the normal PPZ?). Thanks for all the support.

ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #15,275
  • Nov 13, 2008 4:48am Nov 13, 2008 4:48am
Quoting Almfx
Hello JIM!

The chart looks really nice with 2000 Tick Bar. Can the MT4 support this? I would also like some explanations on the difference between J16 pivot zone and Floor trader's pivot (iss'it the normal PPZ?). Thanks for all the support.

ALM
Hi ALM,

MT4 doesn't support tick charts unfortunately. Would be nice if the new version adds the ability though.

I have access through other sources myself. They are nice to play with. Some days different tick count charts offer great trades too.
Bundy's status today: "Waiting..."
  • #15,276
  • Nov 13, 2008 5:24am Nov 13, 2008 5:24am
It's very nice setup. I thing it comes with experience. I trade only m5 div+pin in ct or trend pin , when it's with div and trend,it's imo absolutely best setup. chop pin off bb is nice too.
Anyway i can say : setups dont fail, after tens and tens setups i dont have many losses because of setup, they dont fail, only I fail - greed etc.
anyway your method is great.
(some posts ago there is my usdjpy trade)

Quoting Ryanmcd
Put this on, went to the gym came home Mo-Money!

Okay the thought process behing this, we have RSI divergence with a triple top. Also check out the huge up resistance on the 30min and 4hr. Also I wanted to make sure I could get +20 on it, and when I was looking at it I was thinking it would be close and it was, remember the pros are going to run it to a new low if it runs or it will hit it and move up. Most of the time when i take these my target is right at the low or resistance just like on the Daily short I took.
  • #15,277
  • Nov 13, 2008 5:34am Nov 13, 2008 5:34am
Quoting james16
the easiest way to do this unless someone that can actually type wants to jump in is to just google both of them. they are both very simple terms to understand. your not clogging up anything. thats what we are here for. you wont get flamed in this thread.

jim
Hi ya Jim,

Thanx for this....I'll have a google around and see if I can get it

Adrian
  • #15,278
  • Nov 13, 2008 6:00am Nov 13, 2008 6:00am
cadjpy 4fr pin - pin itself doesn't have such a long nose for this pair
but it is with the trend
fib confluence 23 & 38
is off s/r
and is off calculated pivot

anyone else agree?

edit - sorry chart not very clear
Attached Image (click to enlarge)
Click to Enlarge Name: CAD_JPY pin 4hr (13-NOV-08).png Size: 18 KB
  • #15,279
  • Nov 13, 2008 7:12am Nov 13, 2008 7:12am
Hi All

I would just like to direct this question to the more experienced members such as Mike, Jarroo etc. What is the minimum number of barscandles necessary for a PPZ on say, a 4hr or daily timeframe? I believe a good understanding of PPZ zones is crucial for PA trading and was wondering if any of you guys have a number in mind, eg 10 or 12 bars etc? Looking at some of the previous charts posted here it seems that some ppz zones only have a few bars.

Any thoughts comments most welcome,

bertie
PA is where its at!!
  • #15,280
  • Nov 13, 2008 7:57am Nov 13, 2008 7:57am
Quoting bertie123
Hi All

I would just like to direct this question to the more experienced members such as Mike, Jarroo etc. What is the minimum number of barscandles necessary for a PPZ on say, a 4hr or daily timeframe? I believe a good understanding of PPZ zones is crucial for PA trading and was wondering if any of you guys have a number in mind, eg 10 or 12 bars etc? Looking at some of the previous charts posted here it seems that some ppz zones only have a few bars.

Any thoughts comments most welcome,

bertie
Hi Bertie,

For a ppz it's the number of times price found resistance and/or support on a specific price level (ppz) or on a range of prices (the ppz zones) a bounce can be off a single bar where the price touches the ppz/ppz zone and from the next bar starts repelling from it,

Alternatively the market may choose to stall around or on the region for quite some time in which case you'll see multiple bars on the ppz.

Normally two or more bounces should help in confirming the level as a ppz or a ppz zone...

Just my 2 cents...

Regards,
Ghous.
I believe . . .
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