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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

  • #18,801
  • Jan 16, 2009 3:11am Jan 16, 2009 3:11am
my problem is i freak never knowing if i am right? i mean i saw this thing going short from 7230 ish and got stoped out only to watch it fall, how do you guys confirm your right?
  • #18,802
  • Jan 16, 2009 3:18am Jan 16, 2009 3:18am
Quoting NoBread
my problem is i freak never knowing if i am right? i mean i saw this thing going short from 7230 ish and got stoped out only to watch it fall, how do you guys confirm your right?
Practise, practise, practise.

Once you seen it happening over and over again you'll begin to trust it . . . then you'll begin to trust yourself.
Indicators show the past. Price Action "Indicates" the future.
  • #18,803
  • Jan 16, 2009 3:23am Jan 16, 2009 3:23am
well i assume you want me to be honest so here is what i would tell you if you were sitting next to me. i assume your trading with real money.

we never know for sure we are right but if we choose our locations correctly and wait for confirming bar analysis there are several, if not more, near certain trades among the major pairs every month.

we start out on weekly and daily charts until we are profecient before moving to intraday.

we never put real money on the line until we have proven over several consecutive months in a row on demo that we know how to do what we are trying to do.

in short we treat this as a true business because if we dont were gonna lose all our money.

i could go on but thats the jest of it.

you will likely learn the hard way like myself and most others.

im just saying to you or anyone else that cares to listen that there is a better way and its really nothing more complicated that good ole common sense.

jim



Quoting NoBread
my problem is i freak never knowing if i am right? i mean i saw this thing going short from 7230 ish and got stoped out only to watch it fall, how do you guys confirm your right?
  • #18,804
  • Jan 16, 2009 3:24am Jan 16, 2009 3:24am
so you mean to say that you would trade 2-3 lots on a gut feeling? or do you wait for the close and have price confirm it?
  • #18,805
  • Jan 16, 2009 3:27am Jan 16, 2009 3:27am
yes jim it is a live account i have vowed this year to give up indicators they are bad for your health. Love this thread trying to get a feal for how you guys trade.
  • #18,806
  • Jan 16, 2009 3:29am Jan 16, 2009 3:29am
Quoting jarroo
Thanks Jim. I've learned a lot from this great thread. . . . and still learning.

BEOB Daily Gbp/Usd example.

The left eye of a Pin Bar will also act the same way.

Hi Jarrroo,


In your old chart posted here, I found more than one pin bars here. (just one example)
I am wondering did you enter all of them? Or how do you filter out the fakey signals?
Sure i don't want to be burnt. it is a daily signal, that is sore.
So, I usually enter at 50 ret. But it still hurts.

May just pick out the one with the trend. But in that case I will miss lots of good ones. Especially the one at tops or the bottoms.

Please comment. Thanks
Attached Image
  • #18,807
  • Jan 16, 2009 3:34am Jan 16, 2009 3:34am
Quoting RedA
Hi Jarrroo,


In your old chart posted here, I found more than one pin bars here. (just one example)
I am wondering did you enter all of them? Or how do you filter out the fakey signals?
Sure i don't want to be burnt. it is a daily signal, that is sore.
So, I usually enter at 50 ret. But it still hurts.

May just pick out the one with the trend. But in that case I will miss lots of good ones. Especially the one at tops or the bottoms.

Please comment. Thanks
The first one you indicated seems like one(still I wouldn't have traded because open/close of the PB is far apart or nose is not long enough compared to size of the body), but the rest you have indicated was defintely not PB IMO. ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #18,808
  • Jan 16, 2009 3:37am Jan 16, 2009 3:37am
Quoting RedA
Hi Jarrroo,


In your old chart posted here, I found more than one pin bars here. (just one example)
I am wondering did you enter all of them? Or how do you filter out the fakey signals?
Sure i don't want to be burnt. it is a daily signal, that is sore.
So, I usually enter at 50 ret. But it still hurts.

May just pick out the one with the trend. But in that case I will miss lots of good ones. Especially the one at tops or the bottoms.

Please comment. Thanks
I took none of thoses PBs. They didn't meet the qualifications explained, in length, on this thread. Location, PPZ levels and other confluences must be meet to consider a high probabilty trade. You always want to enter on the break of a PA setup.
Indicators show the past. Price Action "Indicates" the future.
  • #18,809
  • Jan 16, 2009 3:39am Jan 16, 2009 3:39am
Quoting NoBread
yes jim it is a live account i have vowed this year to give up indicators they are bad for your health. Love this thread trying to get a feal for how you guys trade.
You know the saying . . . A smart man learns from his own mistakes, but a wiseman learns from other people's mistakes.

Take Jim's advise and learn on Demo until you are profitable. I wish I did. I had to loss a few accounts before I took Jim's advise and Demoed until I was profitable.

Be a wiseman.
Indicators show the past. Price Action "Indicates" the future.
  • #18,810
  • Jan 16, 2009 3:45am Jan 16, 2009 3:45am
thanks jaroo
  • #18,811
  • Jan 16, 2009 3:46am Jan 16, 2009 3:46am
Quoting NoBread
thanks jaroo
You got it buddy.
Indicators show the past. Price Action "Indicates" the future.
  • #18,812
  • Jan 16, 2009 4:02am Jan 16, 2009 4:02am
Hi Jarroo,


The same question. I saw you ignore the pin bar before the IB.
When you took this enter, how did you do when the price approaching the low of the pinbar?
As a newbie, everywhere is a pa setup and everywhere is a r/s. so I may think there is a pin, the price may come back to show respect to the pin. Obviously, I am wrong.

How would you do to when this south way break is following a pin bar pointing north? This is just one example. As I learn more, I found more confused when several contradict pa setups one following another.
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  • #18,813
  • Jan 16, 2009 4:08am Jan 16, 2009 4:08am
Quoting RedA
Hi Jarroo,


The same question. I saw you ignore the pin bar before the IB.
When you took this enter, how did you do when the price approaching the low of the pinbar?
As a newbie, everywhere is a pa setup and everywhere is a r/s. so I may think there is a pin, the price may come back to show respect to the pin. Obviously, I am wrong.

How would you do to when this south way break is following a pin bar pointing north? This is just one example. As I learn more, I found more confused when several contradict pa setups one following another.
I answered that on the DIBS thread.
Indicators show the past. Price Action "Indicates" the future.
  • #18,814
  • Jan 16, 2009 4:16am Jan 16, 2009 4:16am
Quoting RedA
Hi Jarroo,


The same question. I saw you ignore the pin bar before the IB.
When you took this enter, how did you do when the price approaching the low of the pinbar?
As a newbie, everywhere is a pa setup and everywhere is a r/s. so I may think there is a pin, the price may come back to show respect to the pin. Obviously, I am wrong.

How would you do to when this south way break is following a pin bar pointing north? This is just one example. As I learn more, I found more confused when several contradict pa setups one following another.
Red! The PB must have the open/close within the body of the previous bar.
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #18,815
  • Jan 16, 2009 4:17am Jan 16, 2009 4:17am
Here is one of my current short at resistance

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  • #18,816
  • Jan 16, 2009 4:32am Jan 16, 2009 4:32am
Quoting RedA
Hi Jarroo,


The same question. I saw you ignore the pin bar before the IB.
When you took this enter, how did you do when the price approaching the low of the pinbar?
As a newbie, everywhere is a pa setup and everywhere is a r/s. so I may think there is a pin, the price may come back to show respect to the pin. Obviously, I am wrong.

How would you do to when this south way break is following a pin bar pointing north? This is just one example. As I learn more, I found more confused when several contradict pa setups one following another.
As i see it You're terribly confused...

Your confusion has a lot to do with your thought process. It is'nt considering anything else but bar shapes and wether they qualify as a PA signal or not. this trading mthodology has a lot to do upon your thinking lines, but you need more to think off...

you're not paying attention to the location of each PA signal as it occurs. I assure you if you're only looking at the bar shapes and sizes you'll end up in +100 trades a month and i would'nt be surprised to see less than 10% as winners.

It's the early posts where Jim defined his PA signals the rest of the thread has been talking abt location and confluence.

You need to consider ppz zones (res/supp flips) fibs, pivots, divergences to confirm an entry besides the validity of the bar, PA is just the trigger.

Let me know if I make sense?

Regards,
Ghous.
I believe . . .
  • #18,817
  • Jan 16, 2009 4:41am Jan 16, 2009 4:41am
Quoting ghous
As i see it You're terribly confused...

Your confusion has a lot to do with your thought process. It is'nt considering anything else but bar shapes and wether they qualify as a PA signal or not. this trading mthodology has a lot to do upon your thinking lines, but you need more to think off...

you're not paying attention to...

Thanks for the answer Ghous.
You make me much clear now. Before, I was searching the PA patterns for an entry. As far as I understand, you always first search for the ppz, r/s level in the big tf. And waiting for the PA around that levle to confirm a trend where the price may head north or south. Am I right?
  • #18,818
  • Jan 16, 2009 4:44am Jan 16, 2009 4:44am
Quoting ghous
As i see it You're terribly confused...

Your confusion has a lot to do with your thought process. It is'nt considering anything else but bar shapes and wether they qualify as a PA signal or not. this trading mthodology has a lot to do upon your thinking lines, but you need more to think off...

you're not paying attention to the location of each PA signal as it occurs. I assure you if you're only looking at the bar shapes and sizes you'll end up in +100 trades a month and i would'nt be surprised to see less than 10% as winners.

It's the early...
Ghous,

Your advice to this newbie is spot on. As a somewhat more advanced newbie myself, I can identify with what is being said as at first when you learn this stuff you just want to look for pin bars, pin bars, pin bars! However with a little time and experience your eye is trained to where pins are located and you start looking for other factors like confluence etc. I am now at this stage and I can assure anyone reading this that all it takes is time and perserverance. Consideration of other factors apart from the pin itself also helps to improve discipline.
PA is where its at!!
  • #18,819
  • Jan 16, 2009 4:54am Jan 16, 2009 4:54am
Quoting RedA
Thanks for the answer Ghous.
You make me much clear now. Before, I was searching the PA patterns for an entry. As far as I understand, you always first search for the ppz, r/s level in the big tf. And waiting for the PA around that levle to confirm a trend where the price may head north or south. Am I right?
Put together some more insight for Red.

These are my "pet" situations. They show why you have to be very picky with your trades. Everything should be working for you. On your side. Trading below par PA bar placement will leave you struggling to make consistent profits. Check out Mikes Video in the guest area on the James16 site if you haven't already.
Attached Images
Bundy's status today: "Waiting..."
  • #18,820
  • Jan 16, 2009 4:59am Jan 16, 2009 4:59am
Quoting RedA
Thanks for the answer Ghous.
You make me much clear now. Before, I was searching the PA patterns for an entry. As far as I understand, you always first search for the ppz, r/s level in the big tf. And waiting for the PA around that levle to confirm a trend where the price may head north or south. Am I right?
Spot on. (onya' Ghous )

Look for good areas of confluence first. ...Then wait for Price Action to show you the next move from that point.
Bundy's status today: "Waiting..."
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