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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

  • #22,061
  • Feb 20, 2009 8:28am Feb 20, 2009 8:28am
Quoting Jduester
Forgot the rest of the post.

The discussion about the failed 'pins' (some were never triggered) in Aug/Sept 2008 also led to discussion about playing failed pins in opposite direction. Might be worth reading some of that so as to not 'reinvent the wheel'...

Josh
Hi guys,

Just want to add some more about the failed PB. I've been trading PB (or called Bullish/Bearish Divergent Bar in my method of trading) for a year now except with J16 PB, I become more picky about the size and location (this truly helps improving my odds and helps me to understand why the PB formed in certain area) though before this I never implement PPZ so I have lack of experience in PB+PPZ. But just considering PB only, usually PB failed on trending market especially those tiny PB, but A+ setups often do not (that's why I think J16 considered only taking the best PB). It may break but usually just for retracement and I do played failed PB but like any other setups it could failed. So my filter is, is the market has been trending quite some time (is more to your own discretion) usually if the PB failed, I don't put my stop order because usually it will also fail to continue the trend and if it continue, NVM, is part of my trading plan. Just move on. But I do believe and that's why I've been involved in this thread, with the help of recognizing good PPZ, we could filter whether to put reverse order on the failed PB and recognize the good area with PA. The rest is waiting.
  • #22,062
  • Feb 20, 2009 8:44am Feb 20, 2009 8:44am
Quoting ghous
Sorry for the late reply Piproo, I've been struggling with electricity problem

I know what the confusion is about, I didn't place my SL below the low of the Pb is it?

I'll often do that and on most occasions it has worked for me.

I's nothing new just a slightly more aggressive way of managing your trade.

Important thing is you don't merely placethem somewhere between the nose of the Pb,

I have a checklist of a couple of points that must be met for such a stop placement (otherwise it's just below the low/high...

Clear SIR! very nice explanation! I keep it in my journal for sure. Thank u
  • #22,063
  • Feb 20, 2009 8:45am Feb 20, 2009 8:45am
what do you think guys?
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  • #22,064
  • Feb 20, 2009 8:48am Feb 20, 2009 8:48am
Quoting ghous
So did I but I got stopped out at breakeven as the 4H pin bar nose touched my trade entry level which was obviosuly at the break of the daily bar.

Anyways I am sure you have a good plan of managing it and good to see that you hung on while the 4H pin bar tried to dominate proceedings, best of luck with the trade bro

Regards,
Ghous.
Yes I got a MM plan; tp1 @46.50...rest to BE. If everything is going well, I'll be watching 46.0 and 45.0 for posible TP...

Most of the time Im doing well with Dailys, but as soon as I lower TF, problems comes in...Im learning to be patient....
  • #22,065
  • Feb 20, 2009 8:49am Feb 20, 2009 8:49am
Quoting suunto
what do you think guys?
i'm looking at this too, but it is going up with too much strengh...
  • #22,066
  • Feb 20, 2009 8:51am Feb 20, 2009 8:51am
Quoting jarroo
Thoses "purple ppzs to the left" are not 3 different levels of PPZs. Jim is showing that the 130.00 (a nice round number) is a strong single PPZ level.

Why is it a strong PPZ level?

He indicatates why by highlighting (in purple) where Price acted as Support and Resistence at the 130.00 level. An area where Price has flipped many times. So when Price breaks this 130.00 it has a good chance of moving forward as it did in the past. Which it did.
Jarroo, Thanks for the explanation. I failed to recognized that the purple zones were indicating the strength of the 130.00 level. Always learning!
  • #22,067
  • Edited 9:06am Feb 20, 2009 8:52am | Edited 9:06am
Quoting aarangio
Hi ya Jarroo,

Just wondering earlier in your posts a few days ago you mentioned you watch about 20 different currency pairs....

A couple of questions if you could answer please as I was wondering how you manage and check them all quickly for trades?

1. Have you got them all set up on 1 platform of MT4 with Tabs all showing on the bottom and you flick through different tabs of currencies?
2. Are they all set to 1 day TF and then you click top icons TF tabs only down to 4hr TF's?
3. Does each chart only have a Candle Stick chart set up on them...
No such thing as a stupid question on this thread or this business.

I beleive it was Mike that said he watches 20 pairs and gold/silver. I watch about 10 or so.

I have them all on one platform with all the tabs on the bottom. Mainly on the Daily and Weekly. I'm a candle stick guy, I tried to go to Bars but couldn't do it. May one day I'll change.lol

The only thing I'll have on all the charts is the Daily, Weekly and Monthly PPZ levels. PZZs are fined tune to the nears round number unless its totally obvious that its not a round number (which is rare).

When Price starts to move closer to these PPZ levels I'll throw on a MA or a Fib trace and see what develops. Never RSI or shoshtics, etc. (did I spell that right.) Sometimes MACD for divergence but that's it. I'll move down to the 4 hour or Hourly when again Price is at these levels to see if anything stands out Price Action wise. But mainly its the Daily time frame that I target.

Hope this helps.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #22,068
  • Feb 20, 2009 8:54am Feb 20, 2009 8:54am
wow that cable pin might be short lived and give one in opposite direction !
  • #22,069
  • Feb 20, 2009 8:59am Feb 20, 2009 8:59am
Quoting NuckingFuts
Nice one, be careful of a false break on that one though. It's a rising wedge and suggests a move down (notorious for false breaks up). Keep a close eye on your profits!
Stopped out at B/E. Missed my first TP by 7 pips.
  • #22,070
  • Feb 20, 2009 9:02am Feb 20, 2009 9:02am
gu
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  • #22,071
  • Feb 20, 2009 9:06am Feb 20, 2009 9:06am
gj
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  • #22,072
  • Feb 20, 2009 9:12am Feb 20, 2009 9:12am
Quoting bundyraider
I play pin bars backwards all the time.

It's just like any other set up talked about in here. ....It depends on the placement in the chart against your confluences.
To be true, I never looked into that too much as really good pins won´t fail too often (as jaroo pointed out). Would you mind posting an example that you consider to be a good one, bundy? (Just for educational reasons)

Cheers,
RM
  • #22,073
  • Feb 20, 2009 9:14am Feb 20, 2009 9:14am
Thanx muchly for this Jim, you've been a great help..
Just wondering that MA what setting was that?


Quoting jarroo
No such thing as a stupid question on this thread or this business.

I beleive it was Mike that said he watches 20 pairs and gold/silver. I watch about 10 or so.

I have them all on one platform with all the tabs on the bottom. Mainly on the Daily and Weekly. I'm a candle stick guy, I tried to go to Bars but couldn't do it. May one day I'll change.lol

The only thing I'll have on all the charts is the Daily, Weekly and Monthly PPZ levels. PZZs are fined tune to the nears round number unless its totally obvious that its not a round number...
  • #22,074
  • Feb 20, 2009 9:19am Feb 20, 2009 9:19am
Quoting ghous
I never take mutliple trades with based on the idea that I am spreading my risk. I just personally like to trade the good A+ setups. the number does'nt matter much to me, since I can easily mould my volume and risk per trade as per the number of trades I am taking.

Regards,
Ghous.
Thanks for clearing that up. Just wanted to get an idea on how other folks handle multiple trades.

Cheers
MM
  • #22,075
  • Feb 20, 2009 9:22am Feb 20, 2009 9:22am
Hi,

Im fairly new to this thread. I found it this week and have tried following it from the first post, a thousand pages or so ago, lol.

From what I've gotten out of so far is :

to trade on the longer time frames, Weekly, Daily, 4HR and sometimes 1HR for better entries

look for price action at support/resistance levels


Is there a specific post that outlines what it is I should be looking for and how to properly execute, ie PPV, Pinbars, confluence, 50 % fib retracement, etc

I've seen going through the many posts these terms being brought up time and time again but im having a hard time pin pointing where they were first brought up and explained in the context of this thread.

Any assistance in this matter would be greatly appreciated.


Thanks to all those who have contributed to this thread, to help out newbies such as myself.

Happy trading
  • #22,076
  • Feb 20, 2009 9:24am Feb 20, 2009 9:24am
Quoting aarangio
Thanx muchly for this Jim, you've been a great help..
Just wondering that MA what setting was that?
Long term EMAs work nicely as S/R levels. 365 ema , 200 ema and the 150 ema at the close.
Indicators show the past. Price Action "Indicates" the future.
  • #22,077
  • Feb 20, 2009 9:28am Feb 20, 2009 9:28am
ok. the last one for today.

1. 4hr pb ( missed it),
2. price retraces,
3. ,
4. in-trade....
5. kaboooom
6. pivot hit,
7. out.

Exactly the same way I played cable today, but on 1hr (retrace back to pb + 50/61fib) and g/j - retrace to 4hr pb

Early Friday morning... business closed.
Back to do more R&D

have a good weekend all..
.
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  • #22,078
  • Feb 20, 2009 9:30am Feb 20, 2009 9:30am
Quoting raczekfx
ok. and the last one for today.

1. 4hr pb ( missed it),
2. price retraces,
3. ,
4. in-trade....
5. kaboooom
6. pivot hit,
7. out.

Early Friday morning... business closed.
Back to do more R&D

have a good weekend all..
.
Nicely done raczek. Classic.
Indicators show the past. Price Action "Indicates" the future.
  • #22,079
  • Feb 20, 2009 9:39am Feb 20, 2009 9:39am
Quoting jarroo
Nicely done raczek. Classic.


Learned from the best Texan in here ... Didn't asked many questions, but watched videos, practiced, built confidence, practiced some more, added couple extra tricks from my own R&D and that's the end of the book....

History likes to repeat itself time after time after time, but not everyone likes history....
  • #22,080
  • Feb 20, 2009 10:07am Feb 20, 2009 10:07am
Quoting raczekfx
ok. the last one for today.

1. 4hr pb ( missed it),
2. price retraces,
3. ,
4. in-trade....
5. kaboooom
6. pivot hit,
7. out.

Exactly the same way I played cable today, but on 1hr (retrace back to pb + 50/61fib) and g/j - retrace to 4hr pb

Early Friday morning... business closed.
Back to do more R&D

have a good weekend all..
.
Nice trade Rac. 1 question, if you trade on the lower TF, the PPZ you draw is based on that TF or higher TF?
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