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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

  • #17,981
  • Jan 6, 2009 11:12pm Jan 6, 2009 11:12pm
Have a look at the current GBP and USD trends....
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  • #17,982
  • Jan 6, 2009 11:19pm Jan 6, 2009 11:19pm
Quoting james16
welcome johnny,

if im reading your chart correctly the bar in question is not a true pin bar. its open and close are not within the prior bar. a lot of people make this mistake and it can be a deadly one.

jim
This is very good to know....
  • #17,983
  • Jan 6, 2009 11:19pm Jan 6, 2009 11:19pm
Quoting Life of Pi_p
I agree. I read the whole thing recently as well. If you want to be an expert at something you need to put in your 10,000 hours. Well, reading this whole thread put me halfway there
I just finished the chapter in Outliers, by Malcolm Gladwell, about true experts (in whatever field) putting in their 10,000 hours before seeing true and lasting success. It struck me when I read it as I've been studying FX trading sporadically the last year. I might be up to 200 hours or so. Shall we race Lifey?

-Sam
  • #17,984
  • Jan 6, 2009 11:20pm Jan 6, 2009 11:20pm
Quoting ForexJam
Have a look at the current GBP and USD trends....
Nice charts.

I was going to mention, if you save your pics in jpg or gif format you can reduce the size of the files from 300k down to 20-30k
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,985
  • Jan 6, 2009 11:33pm Jan 6, 2009 11:33pm
Quoting senorsam21
I just finished the chapter in Outliers, by Malcolm Gladwell, about true experts (in whatever field) putting in their 10,000 hours before seeing true and lasting success. It struck me when I read it as I've been studying FX trading sporadically the last year. I might be up to 200 hours or so. Shall we race Lifey?

-Sam
Outliers is a great book. I think the big thing about putting in 10,000 hours is not just the screen time (in our case as traders). Experts in any field are most likely thinking about their field almost all the time, even when not working. I know that when I'm away from the computer I find myself visualizing different trading situations without even realizing it at first. I think this is a huge reason why testing is so important. You really need to pound this stuff into your head until its ingrained in your mind. Anyone starting out on this thread should read the WHOLE thing. You would be cheating yourself to skip any of it. Every page has some value...even if its repetitive.
  • #17,986
  • Jan 6, 2009 11:46pm Jan 6, 2009 11:46pm
Quoting Life of Pi_p
Outliers is a great book....

Great insights Life. It's only 1200 pages... I've certainly read books longer than that. When I first found it I skipped around trying to get a grasp of what it was all about. Then I started over again at the beginning. Only about 1000 pages left.
  • #17,987
  • Jan 7, 2009 12:07am Jan 7, 2009 12:07am
Quoting james16
welcome johnny,

if im reading your chart correctly the bar in question is not a true pin bar. its open and close are not within the prior bar. a lot of people make this mistake and it can be a deadly one.

jim
sorry for the q. but reading true this tread, I find myself in this igconite, Is a pin bar the same thing as a pinnochio bar?
The Chonchy
  • #17,988
  • Jan 7, 2009 12:11am Jan 7, 2009 12:11am
Quoting raczekfx
.
LOL! Nice work on the face
I believe . . .
  • #17,989
  • Jan 7, 2009 12:17am Jan 7, 2009 12:17am
Quoting chonchy
sorry for the q. but reading true this tread, I find myself in this igconite, Is a pin bar the same thing as a pinnochio bar?
I would have to say not really. While James gives full credit to Mr. Pring for coining the term, the way James teaches it I find very different then what is offered in Prings book. I do say that his book is worth getting and one of the few books on TA I ever found worth the money. So the concept is the same(ie a lieing bar), but the style for which it is applied, I find unique to James' teachings.

Mike
  • #17,990
  • Jan 7, 2009 12:18am Jan 7, 2009 12:18am
Quoting ghous
LOL! Nice work on the face
yes I laughed too
  • #17,991
  • Jan 7, 2009 12:26am Jan 7, 2009 12:26am
Quoting mbqb11
I would have to say not really. While James gives full credit to Mr. Pring for coining the term, the way James teaches it I find very different then what is offered in Prings book. I do say that his book is worth getting and one of the few books on TA I ever found worth the money. So the concept is the same(ie a lieing bar), but the style for which it is applied, I find unique to James' teachings.

Mike
I had the idea that a pin bar is when a bar wig is larger than his body like in the chart that was shown and the way Mr. James discribes it, it looks like an inside bar, wish is smaller than the previus bar, but all I'm trying to do here is learn, so excuse any mistake a made, and thanks a lot in advance, and defenectly that is a book I'm reading next (Prings books) if you please tell me the compleate name, I'll appreciate it, thanks again.
The Chonchy
  • #17,992
  • Jan 7, 2009 12:37am Jan 7, 2009 12:37am
Quoting chonchy
I had the idea that a pin bar is when a bar wig is larger than his body like in the chart that was shown and the way Mr. James discribes it, it looks like an inside bar, wish is smaller than the previus bar, but all I'm trying to do here is learn, so excuse any mistake a made, and thanks a lot in advance, and defenectly that is a book I'm reading next (Prings books) if you please tell me the compleate name, I'll appreciate it, thanks again.
yes a pin is when you have a small body in the lower/upper portion and a large nose(tail/wick) protruding the other way away from price. Of course it is hard to just simply define it and the charts are the best way to show. As you go through the thread it will become more clear, and of course ask questions along the way.

The book by pring is called Martin Pring on Price Patterns by Martin Pring, and only that and a few other books sit on my desk within arms reach

Best
Mike
  • #17,993
  • Jan 7, 2009 12:43am Jan 7, 2009 12:43am
Quoting mbqb11
yes a pin is when you have a small body in the lower/upper portion and a large nose(tail/wick) protruding the other way away from price. Of course it is hard to just simply define it and the charts are the best way to show. As you go through the thread it will become more clear, and of course ask questions along the way.

The book by pring is called Martin Pring on Price Patterns by Martin Pring, and only that and a few other books sit on my desk within arms reach

Best
Mike
Thankyou very much Sr. and very nice meeting you, I been reading this tread for a long time now and the more I read it the more I enyoy it, is one of the best treads in the FF, thanks
The Chonchy
  • #17,994
  • Jan 7, 2009 12:52am Jan 7, 2009 12:52am
Quoting arcus
I got two questions. Looking at U/CHF chart, is this consider as confluence even though the distance between the PPZ and 50Fib retracement is big like in the chart? And how would you trade this PB (I know the close is not in the previous bar, assume it's a PB lol), and then when look at the weekly chart, the upmove is strong (I assume maybe strong bullish). I know Mike would trade each timeframe differently. So, would you pass or take the PB? It's a bit confusing when daily pointing down and weekly pointing up. Hopefully any senior trader will help...
That does not qualify as a PB because it didn't close within the previous bar (candle). I do like its location and area confluences.
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Indicators show the past. Price Action "Indicates" the future.
  • #17,995
  • Edited 6:01am Jan 7, 2009 1:02am | Edited 6:01am
Quoting mbqb11
Hey DKM

The difference b/w this thread and many of the threads on FF is there is not a Do this, then do that. Like raczefx pointed out a few pages back, James16 is not a system, but a method. A method that takes some time and a lot of dedication to learn. You would be best served to spend the extra time you have to start from page 1. If you can only read 1 page a day, it will serve you very well. I know it seems like an enormous task, but you will think very differently when you get even a 100 pages in. If you must skip some of the thread, the...

Don't forget this important link as well, DKM.

http://www.forexfactory.com/member.php?u=15530
Indicators show the past. Price Action "Indicates" the future.
  • #17,996
  • Jan 7, 2009 1:25am Jan 7, 2009 1:25am
Quoting jarroo
That does not qualify as a PB because it didn't close within the previous bar (candle). I do like its location and area confluences.
Thanks. Yeah I know it does not qualify as PB. But what if it is a PB, do you still take it even though looking at the weekly chart, it's strong bullish bar (candle). Or do you take each timeframe separately. This is what confuse me most of the time.
  • #17,997
  • Edited Jan 8, 2009 12:29am Jan 7, 2009 1:35am | Edited Jan 8, 2009 12:29am
Quoting johnnyonspot
First time poster here in this thread. Thanks to all the contributors and most of all to Jim. I've rededicated myself to studying and applying PA since starting this thread. In any event, anyone else see the Pinnochio bar on the EURCHF weekly chart. I am sure its not too late to take advantage of it. Maybe go down to the next couple lower TFs and pick your spot? Comments and criticisms welcome. May be forming a double top on the 4hr. Maybe wait for it to break through the 4r double top to confirm a break through the 38 fib instead of bouncing back...
James16 (Jim) makes an important point about the qualifications of a valid Pin Bar (candle). I like to look at different platforms to see Price chopped up differently.

Although the Pin Bar was not vaild IBFX, it was on FxPro/Alpari. I was able to catch some pips on this one.

http://www.forexfactory.com/showpost...ostcount=17794

http://www.forexfactory.com/showpost...ostcount=17893

Case in point, the Usd/Chf Daily "Pin Bar" is not valid on many if not all plataforms.


But what looks very good on the Weekly Eur/Chf and Usd/Chf is the location and confluences.

Patience (a very powerful characteristic for a trader to possess) is needed to let a vaild PA set-up to develop.
Indicators show the past. Price Action "Indicates" the future.
  • #17,998
  • Jan 7, 2009 1:58am Jan 7, 2009 1:58am
Quoting arcus
Thanks. Yeah I know it does not qualify as PB. But what if it is a PB, do you still take it even though looking at the weekly chart, it's strong bullish bar (candle). Or do you take each timeframe separately. This is what confuse me most of the time.
I take each time frame seperately, but always aware of the higher time frame I'm trading. So your concern is a valid one.

Is the bullish trend stalling or reversing? Is it PPZs levels supporting Price or Resisiting Price? Will the 50% retracement stall and continue or reverse?
This is where we let Price Action formations help us in giving clues to where Price is heading.

Ive fine tuned my PPZ levels on the Usd/Chf.

Edit : Ive taken the break of the invalid PB base on Location and PPZ.
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Indicators show the past. Price Action "Indicates" the future.
  • #17,999
  • Jan 7, 2009 2:08am Jan 7, 2009 2:08am
Quoting jarroo
...
Is the bullish trend stalling or reversing? Is it PPZs levels supporting Price or Resisiting Price? Will the 50% retracement stall and continue or reverse?
This is where we let Price Action formations help us in giving clues to where Price is heading.

Ive fine tuned my PPZ levels on the Usd/Chf.

Edit : Ive taken the break of the invalid PB base on Location and PPZ.
Thanks Jarroo. The way I see it, it stalled on weekly PPZ somewhere around 1.1320. I've also take the invalid PB since based on I read in this thread, location and PPZ are the crucial supporting point of PB. I have my target around 1.0870.

Thanks! It makes thing much more clearer!
  • #18,000
  • Jan 7, 2009 2:55am Jan 7, 2009 2:55am
Quoting arcus
Thanks Jarroo. The way I see it, it stalled on weekly PPZ somewhere around 1.1320. I've also take the invalid PB since based on I read in this thread, location and PPZ are the crucial supporting point of PB. I have my target around 1.0870.

Thanks! It makes thing much more clearer!
My 1st target is the 1.0930ish level.

This is a risky trade due to the invalid PB.
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Indicators show the past. Price Action "Indicates" the future.
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