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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

  • #16,361
  • Dec 8, 2008 4:14am Dec 8, 2008 4:14am
Quoting Jim4x
Hi all
been reading this thread for 2 months!!
Had 1st trade today using PA and made 125pips :-)

Would you consider this a valid pin..... looks good to me, and with trend.
Cheers
Jim
The Pin is not valid. The open and close have to be inside the previous bar. The close is below the previous bar.
Indicators show the past. Price Action "Indicates" the future.
  • #16,362
  • Dec 8, 2008 4:19am Dec 8, 2008 4:19am
Quoting jarroo
Hitting the 1st obvious Target Price at 1.2450 (PPZ). Does Price Action Rule or what. Thanks Jim
What I didn't like about some pinbars though are the large SL which skew the R:R ratio. Not all the time but in this case like the CAD with the first support being so close, perhaps this is more relevant for counter trend pinbar trades, just thought I'll put forth my observation.
I need to put up stop losses.
  • #16,363
  • Dec 8, 2008 4:22am Dec 8, 2008 4:22am
Quoting jarroo
The Pin is not valid. The open and close have to be inside the previous bar. The close is below the previous bar.
Thanks for such a speedy response...... I must make list of criteria

And thanks so much to the regular posters ghous jarroo rac and the others ...... so glad you are keeping this thread alive - I hope for our sake that you don't get headhunted by the PF!!
He has the right to criticize who has the heart to help. Abraham Lincoln
  • #16,364
  • Edited 5:10am Dec 8, 2008 4:33am | Edited 5:10am
Quoting swap
What I didn't like about some pinbars though are the large SL which skew the R:R ratio. Not all the time but in this case like the CAD with the first support being so close, perhaps this is more relevant for counter trend pinbar trades, just thought I'll put forth my observation.
One of the validations of an "A" trade PA set-up (which I consider this Cad Daily PB to be) is that when it breaks on the next bar it will produce a decent size move. There is nothing wrong with have a 50 or 70 pip stop loss above/below the "A" trade set-up. (Depending on the pair). And then moving to break even.

If a PA set up is not triggered on the next bar tells me the quality of the set-up. Does this make sense?
Indicators show the past. Price Action "Indicates" the future.
  • #16,365
  • Dec 8, 2008 4:44am Dec 8, 2008 4:44am
Quoting jarroo
One of the validation of an "A" trade PA set-up (which I consider this Cad Daily PB to be) is that when it breaks on the next bar it will produce a decent size move. There is nothing wrong with have a 50 or 70 pip stop loss above/below the "A" trade set-up. (Depending on the pair). And then moving to break even.

If a PA set up is not triggered on the next bar tells me the quality of the set-up. Does this make sense?
If that's so Then a repetition of a PA setup is more bad than good right? For instance We see a Pin Bar with a tail to the south, We know we need to get out our bull costumes, now the next bar instead of going up keeps going down and near the low of the pin bar finds some support to tacklw with, unable to do so it heads right back up to close as another pin bar (or a near pin bar) what do we do then?? should we consider this a setup twice as good as the earlier one or half as good or something else,

It also happens a lot with Inside bars and outside bars

I have actually seen this kind of a setup earlier specially on the lower tfs...What do you think??
I believe . . .
  • #16,366
  • Dec 8, 2008 4:51am Dec 8, 2008 4:51am
My reasons for not going for the usd/cad trade

Congrats those who took it, Has been a great start to the trading week/month is'nt it??

Regards,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 12 KB
I believe . . .
  • #16,367
  • Dec 8, 2008 4:52am Dec 8, 2008 4:52am
Quoting ghous
If that's so Then a repetition of a PA setup is more bad than good right? For instance We see a Pin Bar with a tail to the south, We know we need to get out our bull costumes, now the next bar instead of going up keeps going down and near the low of the pin bar finds some support to tacklw with, unable to do so it heads right back up to close as another pin bar (or a near pin bar) what do we do then?? should we consider this a setup twice as good as the earlier one or half as good or something else,

I have actually seen this kind of a setup earlier...
All I'm saying is when we have a strong PA set-up, with confluences and location in all of it's glory. It should break on the very next bar with a sizable move. And a tight stop loss can be placed.

If it doesn't break on the very next bar, I would question the strength of the set-up. And may pass on it altogether.
Indicators show the past. Price Action "Indicates" the future.
  • #16,368
  • Dec 8, 2008 4:55am Dec 8, 2008 4:55am
Quoting jarroo
All I'm saying is when we have a strong PA set-up, with confluences and location in all of it's glory. It should break on the very next bar with a sizable move. And a tight stop loss can be placed.

If it doesn't break on the very next bar, I would question the strength set-up. And may pass on it altogether.
I had similiar thoughts...
I believe . . .
  • #16,369
  • Dec 8, 2008 4:58am Dec 8, 2008 4:58am
Quoting simoncs
Hey ghous

I'm in this with you but missed the daily setup initially. The 4hr tf bought my attention to it - DBHLC off S/R - bit sideways I know but then went upto the daily to see what was going on and saw your IB. Still not confident on the IB's but combined with the 4hr setup, i gave it a go.

hope u had a good w/e

Simon
WHat plans do you have for the trade??
I believe . . .
  • #16,370
  • Dec 8, 2008 5:03am Dec 8, 2008 5:03am
Quoting ghous
My reasons for not going for the usd/cad trade

Regards,
Ghous.
It's still 100 pips my friend.

Seriously though, Jim doesn't seem to put much weight into trendlines. He must have a reason for this. I am not devaluating your use of trendline ghous, I use them as well. It's just something to consider.
Indicators show the past. Price Action "Indicates" the future.
  • #16,371
  • Dec 8, 2008 5:19am Dec 8, 2008 5:19am
Quoting ghous
Excellent point! I too noticed that earlier. Maybe he can hint on this better, but you're right that he does'nt put a lot of trust on trendlines, I am curious to know why.
It may be that they can be very subjective on where they are placed. Where as S/R levels can be very obvious or should I say, less subjective. Just a thought.
Indicators show the past. Price Action "Indicates" the future.
  • #16,372
  • Dec 8, 2008 5:21am Dec 8, 2008 5:21am
Quoting ghous
Excellent point! I too noticed that earlier. Maybe he can hint on this better, but you're right that he does'nt put a lot of trust on trendlines, I am curious to know why.
from what i have seen his knowledge of price action is so accurate that he actually doesnt need them, the less u have on the chart the more the data is readily seen...and if u check yur chart u will find that price respects horizontal support and resistance and the trendlines are just additional consideration to back/ highlight these impt areas

kinda like the ema's....this is what i think anyways

great work guys ..keep it up!
  • #16,373
  • Dec 8, 2008 5:22am Dec 8, 2008 5:22am
Quoting jarroo
It's still 100 pips my friend.

Seriously though, Jim doesn't seem to put much weight into trendlines. He must have a reason for this. I am not devaluating your use of trendline ghous, I use them as well. It's just something to consider.
Yes true Jim doesn't give a lot of weight to trend lines I too would love to know why.

Abt the 100 pips, when they are more easily available elsewhere why go looking for them in the riskier trades,

Again it was a trade more risky for me than for you, Just personal discretion nothing else
I believe . . .
  • #16,374
  • Dec 8, 2008 5:23am Dec 8, 2008 5:23am
Quoting ghous
Yes true Jim doesn't give a lot of weight to trend lines I too would love to know why.

Abt the 100 pips, when they are more easily available elsewhere why go looking for them in the riskier trades,

Again it was a trade more risky for me than for you, Just personal discretion nothing else
Understand completely.
Indicators show the past. Price Action "Indicates" the future.
  • #16,375
  • Dec 8, 2008 5:25am Dec 8, 2008 5:25am
Quoting nAVIN2007
from what i have seen his knowledge of price action is so accurate that he actually doesnt need them, the less u have on the chart the more the data is readily seen...and if u check yur chart u will find that price respects horizontal support and resistance and the trendlines are just additional consideration to back/ highlight these impt areas

kinda like the ema's....this is what i think anyways

great work guys ..keep it up!
I think you got it right on nAVIN.
Indicators show the past. Price Action "Indicates" the future.
  • #16,376
  • Dec 8, 2008 5:29am Dec 8, 2008 5:29am
Gotta go gang. Get start of the week. Why can't every session be like this. lol

Later,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #16,377
  • Dec 8, 2008 5:30am Dec 8, 2008 5:30am
Hi everyone. I'm a new poster to this thread. Just been following multiple threads and just posting a little bit on each one. I had a question if someone could answer. Right now there is a PB forming on GBP/JPY 4 hr chart. If you scroll into the hourly chart, we have a I6B forming. Is this considered a good trade to short once it break the IB or the PB? Or not even a valid good trade to take at all? Thanks if anyone replies!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy0009.jpg Size: 206 KB
Click to Enlarge Name: gbpjpy0010.jpg Size: 208 KB
  • #16,378
  • Dec 8, 2008 5:44am Dec 8, 2008 5:44am
Quoting nAVIN2007
from what i have seen his knowledge of price action is so accurate that he actually doesnt need them, the less u have on the chart the more the data is readily seen...and if u check yur chart u will find that price respects horizontal support and resistance and the trendlines are just additional consideration to back/ highlight these impt areas

kinda like the ema's....this is what i think anyways

great work guys ..keep it up!
If he has anything to erase from the charts due to the time he has spent watching them then it's the ppzs as these horizontal S&R levels are the easiest to spot, not sure how he can consider invisible Trend lines
I believe . . .
  • #16,379
  • Dec 8, 2008 5:45am Dec 8, 2008 5:45am
Quoting jarroo
Gotta go gang. Get start of the week. Why can't every session be like this. lol

Later,

Jim
C ya Bro, have a nice one
I believe . . .
  • #16,380
  • Dec 8, 2008 5:48am Dec 8, 2008 5:48am
Quoting KirbyFX
Hi everyone. I'm a new poster to this thread. Just been following multiple threads and just posting a little bit on each one. I had a question if someone could answer. Right now there is a PB forming on GBP/JPY 4 hr chart. If you scroll into the hourly chart, we have a I6B forming. Is this considered a good trade to short once it break the IB or the PB? Or not even a valid good trade to take at all? Thanks if anyone replies!
My feed is totally diff than yours and i don't see the Pb on my chart, but if the Pb has closed as i see it on your chart it sure looks tradable just make sure you're aware of the 138 region
I believe . . .
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