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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

  • #16,501
  • Dec 9, 2008 4:28am Dec 9, 2008 4:28am
Thoughts.....
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  • #16,502
  • Edited 5:03am Dec 9, 2008 4:42am | Edited 5:03am
The 1 hr pin has already been broken... 4 hr candle closes in 20 mins and looks like a candidate for me.... CT of course, which is why I'm more hesitant.
GU seemed to brush off worse than fcst figures this morning, so it seems like it could support this bullish move
Any thoughts?
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He has the right to criticize who has the heart to help. Abraham Lincoln
  • #16,503
  • Dec 9, 2008 4:53am Dec 9, 2008 4:53am
Quoting lacika
2. day trading OFF OF A DAILY CHART (if necessary based on a possible retrace of an initial move) and if not working the move for a swing or position trade if we bust some early s/r.

Would Somebody be so kind to tell me Jim's Quote's second half with different words?
THX, NL
IMO (the more experienced may correct me if I´m wrong) this is meant as: we trade a daily bar setup to the next S/R level (usually reached within a day, often within several hours), and if it breaks that S/R level, we have a logic place to put our stop and can stay in that trade as it moves in our favor (may that be a swing, or a longterm trend = position trade).

RM
  • #16,504
  • Dec 9, 2008 5:10am Dec 9, 2008 5:10am
Quoting Rainmaker
IMO (the more experienced may correct me if I´m wrong) this is meant as: we trade a daily bar setup to the next S/R level (usually reached within a day, often within several hours), and if it breaks that S/R level, we have a logic place to put our stop and can stay in that trade as it moves in our favor (may that be a swing, or a longterm trend = position trade).

RM
THX, RM, but what it means:
"if not working the move..." ???

Ps.:Sorry for the language barrier, didn t experienced it since years..
  • #16,505
  • Dec 9, 2008 5:13am Dec 9, 2008 5:13am
Quoting leis
Thoughts.....
Not sure what you're reffering to as confluence?? Are you in anyway considering the macd to be in confluence with something??

Abt the trade, certainly not an A+ trade atall! First off there is a region far more important 1.2888 for your ppz, and it's the 1.29 region. When drawing your ppz's try to hit them on as round a number as possible, on this occasion the 1.29 ppz is a real strong one.

Draw 1.29 on your chart and you'll know why it's not such a great trade to take...
I believe . . .
  • #16,506
  • Dec 9, 2008 5:19am Dec 9, 2008 5:19am
Quoting lacika
THX, RM, but what it means:
"if not working the move..." ???

Ps.:Sorry for the language barrier, didn t experienced it since years..
LOL! day trading off the daily chart is different than swing trading on this tf which deals a lot with riding the trend from one swing to another, "if not working the move" here means that if you're not looking to swing trade on the daily tf (i.e hold longer term positions for weeks for instance) you could day trade it which would mean hit a ppz and get out.

Have i made it clear?
I believe . . .
  • #16,507
  • Dec 9, 2008 5:26am Dec 9, 2008 5:26am
Quoting Jim4x
The 1 hr pin has already been broken... 4 hr candle closes in 20 mins and looks like a candidate for me.... CT of course, which is why I'm more hesitant.
GU seemed to brush off worse than fcst figures this morning, so it seems like it could support this bullish move
Any thoughts?
It was against the trend and even though it could have been traded (was off the 50% fib from the shorter term swing) it was not A+.

i was in a short on Gu and just before the Pb i had hit +50 seeing the Pb all i did was close half he position leaving the rest at breakeven, i got stopped out for the rest of the trade but was not even close to being impressed by the Pb to the extent of going long.

Look what happened...
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I believe . . .
  • #16,508
  • Dec 9, 2008 5:26am Dec 9, 2008 5:26am
Quoting ghous
"if not working the move" here means that if you're not looking to swing trade on the daily tf (i.e hold longer term positions for weeks for instance) you could day trade it which would mean hit a ppz and get out.

Have i made it clear?
So, "if not trading the move" for swing (on dailies) should I read the quote, am I right?
THX, NL
  • #16,509
  • Dec 9, 2008 5:30am Dec 9, 2008 5:30am
Quoting lacika
So, "if not trading the move" for swing (on dailies) should I read the quote, am I right?
THX, NL
yes yes you got it...

so the whole thing can also be stated as:

day trading OFF OF A DAILY CHART (if necessary based on a possible retrace of an initial move) and if not trading the move for a swing or position trade if we bust some early s/r.

hope i am not violating copyright laws here...
I believe . . .
  • #16,510
  • Dec 9, 2008 6:39am Dec 9, 2008 6:39am
Quoting ghous
It was against the trend and even though it could have been traded (was off the 50% fib from the shorter term swing) it was not A+.

i was in a short on Gu and just before the Pb i had hit +50 seeing the Pb all i did was close half he position leaving the rest at breakeven, i got stopped out for the rest of the trade but was not even close to being impressed by the Pb to the extent of going long.

Look what happened...
Unfortunately the pin distracted me from my lower TF MA system and I didn't take the short that was indicated at 1.4823 - it then quickly dropped 60+ pips.....
Not sure what I've learned from this!
Maybe that the trend is my friend
He has the right to criticize who has the heart to help. Abraham Lincoln
  • #16,511
  • Dec 9, 2008 6:43am Dec 9, 2008 6:43am
Quoting ghous
Not sure what you're reffering to as confluence?? Are you in anyway considering the macd to be in confluence with something??

Abt the trade, certainly not an A+ trade atall! First off there is a region far more important 1.2888 for your ppz, and it's the 1.29 region. When drawing your ppz's try to hit them on as round a number as possible, on this occasion the 1.29 ppz is a real strong one.

Draw 1.29 on your chart and you'll know why it's not such a great trade to take...
Thanks Ghous
Great thing about support and resistance is can keep you out of bad trades. The confluence query was whether MACD tied in with price if there was a long continuation unless I have that wrong....
  • #16,512
  • Dec 9, 2008 7:00am Dec 9, 2008 7:00am
Quoting Jim4x
Unfortunately the pin distracted me from my lower TF MA system and I didn't take the short that was indicated at 1.4823 - it then quickly dropped 60+ pips.....
Not sure what I've learned from this!
Maybe that the trend is my friend
Hi Jim, I don't have a lot of posts on here, but I've been trading for nearly 10 years and have made a ton of mistakes along the way. I too am learning J16, although I am very familiar with PA...I've just never been great at taking only "A" trades.

Just from reading your last two posts, I see a few very correctable errors that I'm sure James, Mike, etc would agree with:
1) Don't mix timeframes. If the pin is on the 4 hour, don't look at the 1 hour or daily.
2) Don't mix systems. Either stick to your MA system in this case or abandon it and try the pin bar.
3) When trading PA don't worry about the fundies. Doesn't matter if the # is worse or better than expected. All that matters is the reaction to it and PA tells us what that reaction is.
4) This is last in priority because I'm not totally against it, but trading counter trend is what it is. Just make sure its an "A" trade when it happens.

The first 3 above are crucial because if you violate them, you allow the whispers of doubt to enter your mind during (as well as before) a trade. Once you decide on a trade and enter it, you need to let your gameplan play out. You should have already come to terms before the trade that you might lose on that trade. The $ amount should be low enough that it shouldn't matter (or of course you should be on Demo ). Also make sure that your trade management doesn't get influenced by #1-3 above. If you believe that you will come out ahead more than you lose with PA, specifically whats taught here, then just let it play out.

I don't mean to sound critical. I've just been there done that. Easy mistakes to spot, not always easy to correct. But the reward is worth it! Good luck with your trading.
  • #16,513
  • Dec 9, 2008 7:12am Dec 9, 2008 7:12am
nice pin bar
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  • #16,514
  • Dec 9, 2008 7:21am Dec 9, 2008 7:21am
Quoting Life of Pi_p
Hi Jim, I don't have a lot of posts on here, but I've been trading for nearly 10 years and have made a ton of mistakes along the way....
Thanks for taking the time to write.
Mixing systems and TF is definitely adding to the possibility of confusion.... I am somewhat torn, as I see many intelligent and seemingly successful people using J16 PA, but I also have a good feeling about the MA system.... but today I let them get in each others way.... I don't currently feel that I ultimately have to choose one over the other - In the end I just didn't make a trade, as the 4hr pin didn't break to the north, and I had blinded myself to the short term short..... gees there's so much to learn, and I'm not sure that it's an exact science!!
I'm trading live, as I found that demo just doesn't create all the inner noise that live does and that's where a great deal of learning takes place (I actually have 5 or more demo accounts that are all positive.... but I use them mainly to try out new ideas..... it's too easy in demo and so very different with cash!)
He has the right to criticize who has the heart to help. Abraham Lincoln
  • #16,515
  • Dec 9, 2008 7:22am Dec 9, 2008 7:22am
Quoting Life of Pi_p
Hi Jim, I don't have a lot of posts on here, but I've been trading for nearly 10 years and have made a ton of mistakes along the way....
and you should post much more often! very nice and sound post
  • #16,516
  • Dec 9, 2008 7:28am Dec 9, 2008 7:28am
Quoting panos69
nice pin bar
...but not valid if it doesnt break to the upside lol
  • #16,517
  • Dec 9, 2008 11:00am Dec 9, 2008 11:00am
Quoting panos69
...but not valid if it doesnt break to the upside lol
Worked out alright. ...beginning of the new surge.
Bundy's status today: "Waiting..."
  • #16,518
  • Dec 9, 2008 11:18am Dec 9, 2008 11:18am
very nice rain.

trading like this allows us to focus and learn the craft as a new trader. if we are picky with our entries and set ups stop outs are usually at break even instead of a loss if we get an early kick back from a first area of S/R. bottom line is it removes the guessing and builds confidence.

jim




Quoting Rainmaker
IMO (the more experienced may correct me if I´m wrong) this is meant as: we trade a daily bar setup to the next S/R level (usually reached within a day, often within several hours), and if it breaks that S/R level, we have a logic place to put our stop and can stay in that trade as it moves in our favor (may that be a swing, or a longterm trend = position trade).

RM
  • #16,519
  • Dec 9, 2008 11:23am Dec 9, 2008 11:23am
many traders here do very well using multiple time frames. some of you will find it virtually impossible to do which is fine as it does me also. i rarely look at more than one time frame when trading with pa and s/r. it causes me to second guess muself which is what it did to you jim. dont do it if you find it handcuffs you.

jim

Quoting Jim4x
Unfortunately the pin distracted me from my lower TF MA system and I didn't take the short that was indicated at 1.4823 - it then quickly dropped 60+ pips.....
Not sure what I've learned from this!
Maybe that the trend is my friend
  • #16,520
  • Dec 9, 2008 11:36am Dec 9, 2008 11:36am
Quoting lacika
2. day trading OFF OF A DAILY CHART (if necessary based on a possible retrace of an initial move) and if not working the move for a swing or position trade if we bust some early s/r.

Would Somebody be so kind to tell me Jim's Quote's second half with different words?
THX, NL
Its not just the Daily where you find these its also on the Weekly. Here's a beauty on the Euro weekly. Pin Bar. 50% retrace at a PPZ and then busting through another PPZ.
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