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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

  • #15,561
  • Nov 20, 2008 2:43pm Nov 20, 2008 2:43pm
Quoting bertie123
Jim,

Would just like to echo Jarroo(also a great man!) comments..............you keep us imbued with hope and optimism when we feel a little lost and all alone! Would love your critique of the failed 1day pin on the EUCHF today if you have the time,

best wishes,

berti
My 2 cents:

Beside not breaking 10 to 15 pips below the PB for an entry. There was nothing to indicate to me that this PB would fail. It's just one of those rare occassions that a PB (with similar supporting confluences) just doesn't pan out.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #15,562
  • Nov 20, 2008 2:52pm Nov 20, 2008 2:52pm
here ya go. please remember that this takes a little time and practice. price should have reached the 5100 level so no excuses from me i would just ask one question if i were talking to some of you that took this trade.

IF IT HAD reached 5100 (it was 27 pips short) and reversed what would you have done?

once again THIS WAS a failed pin bar but there are always things to learn from them. things that might have kept you out or prevented a loss if IT HAD reached 5100..

jim

Quoting bertie123
Jim,

Would just like to echo Jarroo(also a great man!) comments..............you keep us imbued with hope and optimism when we feel a little lost and all alone! Would love your critique of the failed 1day pin on the EUCHF today if you have the time,

best wishes,

berti
Attached Image (click to enlarge)
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  • #15,563
  • Nov 20, 2008 2:53pm Nov 20, 2008 2:53pm
Quoting jarroo
My 2 cents:

Beside not breaking 10 to 15 pips below the PB for an entry. There was nothing to indicate to me that this PB would fail. It's just one of those rare occassions that a PB (with similar supporting confluences) just doesn't pan out.

jarroo,

totally agree with your sentiment........this WAS a good trade in the sense that it was technically a sound trade. The fact that it failed is just the random distribution of outcomes which are inevitable over any given tading period,

berti
PA is where its at!!
  • #15,564
  • Nov 20, 2008 3:18pm Nov 20, 2008 3:18pm
Quoting james16
here ya go. please remember that this takes a little time and practice. price should have reached the 5100 level so no excuses from me i would just ask one question if i were talking to some of you that took this trade.

IF IT HAD reached 5100 (it was 27 pips short) and reversed what would you have done?

once again THIS WAS a failed pin bar but there are always things to learn from them. things that might have kept you out or prevented a loss if IT HAD reached 5100..

jim
So if a Pin Bar (or any PA set-up for that matter) is sitting on or is near a S/R level, a better entry to look for is not necessarily the break of the PA set-up. But below the S/R level that it is sitting on. Makes sense to me Jim, Thanks.
Indicators show the past. Price Action "Indicates" the future.
  • #15,565
  • Nov 20, 2008 3:45pm Nov 20, 2008 3:45pm
Eur/Chf 4 hour PB off of Daily PPZ and Daily 50% retrace. No surprise where Price stalled and reversed on this one.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #15,566
  • Nov 20, 2008 4:02pm Nov 20, 2008 4:02pm
Quoting jarroo
This is how we roll.

...

Jim
yup. this video is worth $Ks alone. Will people learn from it and use the golden knowledge, it contains? I sure hope so, but there still be 95%, who will use tons of indicators, guru's signals, etc and continue to wonder for another 10years why they can't make it..... to work
  • #15,567
  • Nov 20, 2008 4:13pm Nov 20, 2008 4:13pm
YES!!!

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.

in the case we are looking at this level was a big round number at 5100. trading into a big number like that with a defined pivot is very very very risky. the fact remains however that price most of the time WILL reach that first s/r area whether its 200 pips or 20. in this case it did not which makes number 4 a good choice much of the time exspecially for those new to these methods.

good post as usual jarroo and i appreciate your help in this thread,

jim






Quoting jarroo
So if a Pin Bar (or any PA set-up for that matter) is sitting on or is near a S/R level, a better entry to look for is not necessarily the break of the PA set-up. But below the S/R level that it is sitting on. Makes sense to me Jim, Thanks.
  • #15,568
  • Nov 20, 2008 4:15pm Nov 20, 2008 4:15pm
A little fun on the 30 min, pin off prior support during NY open.
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  • #15,569
  • Nov 20, 2008 4:19pm Nov 20, 2008 4:19pm
thanks guys,

go compare that one hour chart in the video as it stood on 11-13 to todays chart of it. put your lines on it and get ready to smile.

oh and btw, DAN GOT HIS MOVE TO EXACTLY WHERE WE WERE DUISCUSSING.

Quoting jarroo
This is how we roll.

Always learning and improving.

Great webinar as always Jim.

Jim
  • #15,570
  • Nov 20, 2008 4:24pm Nov 20, 2008 4:24pm
DAMN NICE RAC.

THIS POST LITERALLY MADE ME CLAP.

JIM

Quoting raczekfx
It's been a busy day...

Here are few of my trades for today. They were all executed when Dow Jones matched the low from October 7, 2002. PA has always been great to me, but I hope you guys also keep an eye on over all markets. When DJ's approaching 6 year low, this is definitely a golden opportunity (sparks will fly) if you know which pairs to chose for trading... . TPs had been hit.
.
  • #15,571
  • Nov 20, 2008 4:28pm Nov 20, 2008 4:28pm
Quoting james16
YES!!!

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.

in the case...
Great post Jim. Printed and Posted in large font. (with chart of course).

. . . "helping on the thread" . . just trying to follow in your very large foot steps.
Indicators show the past. Price Action "Indicates" the future.
  • #15,572
  • Nov 20, 2008 4:28pm Nov 20, 2008 4:28pm
very nice hip and isnt it aways nice to see bar lows as in this case broken for a larger move?

real nice.


http://www.forexfactory.com/attachme...1&d=1227219330




Quoting HipsterPipster
A little fun on the 30 min, pin off prior support during NY open.
  • #15,573
  • Edited 4:36pm Nov 20, 2008 4:31pm | Edited 4:36pm
Quoting james16
very nice hip and isnt it aways nice to see bar lows as in this case broken for a larger move?

real nice.
Yes it is. I usually opt for option 3, set to BE and let run, especially when we have new traders entering the market. Thanks James, your a great guy.
  • #15,574
  • Nov 20, 2008 6:08pm Nov 20, 2008 6:08pm
Quoting jarroo
My 2 cents:

Beside not breaking 10 to 15 pips below the PB for an entry. There was nothing to indicate to me that this PB would fail. It's just one of those rare occassions that a PB (with similar supporting confluences) just doesn't pan out.
well, it happened as i thought it will. sometimes is good to look at how the pairs are correlated. EU down, Eur Chf up. The pair will not necessarily go down because it made a PB. just my 2 pips
Market can stay irrational longer than you can stay solvent.
  • #15,575
  • Nov 20, 2008 9:43pm Nov 20, 2008 9:43pm
Good charts guys, I will post once I trade some more down the road. Going to take two weeks off here for T-Day and will be back after that.
Keep taking CT trades, I need more money
  • #15,576
  • Nov 21, 2008 4:34am Nov 21, 2008 4:34am
Anyone like going short with this bearish outside bar on the USDCHF?
Attached Image (click to enlarge)
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  • #15,577
  • Nov 21, 2008 4:47am Nov 21, 2008 4:47am
Quoting forexben
Anyone like going short with this bearish outside bar on the USDCHF?
Should'nt you have waited for the break?
I believe . . .
  • #15,578
  • Nov 21, 2008 4:52am Nov 21, 2008 4:52am
Quoting forexben
Anyone like going short with this bearish outside bar on the USDCHF?
I'm already short from the pinbar on m5 @ 1.2222. It's countertrend so i wanted to get early with small risk.
  • #15,579
  • Nov 21, 2008 4:52am Nov 21, 2008 4:52am
Quoting ghous
Should'nt you have waited for the break?
Im a newbie ghous. Where would i wait for it to break?
  • #15,580
  • Nov 21, 2008 5:01am Nov 21, 2008 5:01am
Quoting forexben
Im a newbie ghous. Where would i wait for it to break?

If its BEOB then you wait for it to close and trigger the short entry under the bar. Watch out fo support at 1.2150.
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