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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

  • #23,721
  • Mar 13, 2009 6:31pm Mar 13, 2009 6:31pm
yeah a lot of you guys got me looking at some things a little closer.

jim

Quoting bundyraider
Ditto.

Jaroo combines bars all the time too.

I've probably taken just as many two-bar pins as single bar ones. ...On all time frames.

Comes back to what Mr Trend pointed out recently too, about releasing yourself from the pre-defined bar patterns we push here.

You do get good at putting the raw price movements into context. Lop-sided outside bars etc. lol

I trade a lot of inside bars that are actually two bar pins as well. ...They're the easy IBs to trade.
  • #23,722
  • Mar 13, 2009 7:09pm Mar 13, 2009 7:09pm
Weekly bearish outside bar on CHFJPY. Actually it started from a daily PIN around 86 area. Target should be around 80.

Ken
Attached Image
  • #23,723
  • Mar 13, 2009 7:26pm Mar 13, 2009 7:26pm
Hi Folks

Another lost body here, looking to succeed in forex
markets, i first discovered forex in July 2008, started
reading on many forex forums, moneytec, trade2win etc
etc, realising all the possibilites, i quickly jumped in
the forex market getting the wrong idea thinking that i
will be a millionaire by the end of the next month (GUESS
WHAT???....... i made a million. Yeah right!).

i started trading using FXCM Demo platform, trying many
systems on this website, using indicators they worked for
sometime, until the market fell into a range, the
indicators started to fail badly and i came out battered
and brusied. this gave me a good starting point into
doing more R&D, thinking that if it was this easy
everyone would be a millionaire (logical thinking instead
of stupid thinking).

i moved on to do more research on the internet learning
all the basics on many websites (MM, psychology,
entering/exiting trades etc), i then came across the
NickB method (september 2008) which uses S/R lines and
price action, i gave it a try and i started to see light
at the end of the tunnel after demoing this method i went
live in november 2008 and had some success since then i
decided to look more indepth into price action to further
my education into price action when i discovered this
amazing James16 Thread
ever since ive become almost obsessed with this method
ive been reading every sinlge post since December 2008 and demoing this method with some success my trading has already improved dramatically, and i wish to improve and learn more, because you never stop
learning, only to take B trades and go back to square 1. my plan is to only to take A+ setups and stay away from B and C trades for now and have patience, i mainly joined this forum to post my analysis of possible trades and hope fully get feedback from the more experienced traders, this i hope will help me in identifying and staying away from B trades, becasue they do HURT and they do hurt alot, hopefully when am more experienced i plan to contribute to the forum.


This thread is like almost to good to be true, but it is
true i keep telling myself LOL

I plan to stay here for good and hopefully soon join the PF
Thank you so much James16, Mike, Jaroo, Ghous, ChrisP Merlin, Fiji and many many others. (apology for not naming everyone too many lol)
sorry if the post is to long, ive tried to keep my post as short as possible


Sohail
PS. I hope i haven't violated any polices by naming any forums, if so, admin, please edit accordingly and my apology if i have.
  • #23,724
  • Mar 13, 2009 10:19pm Mar 13, 2009 10:19pm
I got serious about this stuff in the first part of February, keeping a log, not trading to trade (too often), etc., and though its a very small sample size, things are looking alright so far. My weekly results:

Week of:

2/8: 5.49%
2/15: -0.29%
2/23: -0.81%
3/1: 4.7%
3/9: 3.16%

5-week result: 12.69%

So far, so good.

My two down weeks included one trade off the 1-hr TF (mistake) and one on the 4-hr off an evening star that failed on me, stooping me out for a bad loss. I now stay strictly to the 4-hr (against accepted wisdom for a noob like me) and above. I have also had one or two that should have been significant winners but were not because T/P missed by a couple pips and/or my T/S did not work due to computer going into hibernation. This last issue is now solved by going into my control panel and changing the settings to it never goes into hibernation. Screen saver comes up, but programs are still working.

So I am about 1/3 of the way to the 3 profitable months before going live requirement, though I may keep it on demo beyond this period, assuming I continue being profitable, something I do not at all take for granted.
  • #23,725
  • Mar 13, 2009 10:30pm Mar 13, 2009 10:30pm
Quoting johnnyonspot
I got serious about this stuff in the first part of February, keeping a log, not trading to trade (too often), etc., and though its a very small sample size, things are looking alright so far....
can you post the # of trades taken each week?

thanks
  • #23,726
  • Mar 13, 2009 11:26pm Mar 13, 2009 11:26pm
Quoting clockwork71
I trade 2 day pins all the time, I have found them to be every bit as reliable as a normal Pinocchio Bar.

I find them the same as the piercing line pattern in jap candlesticks.
I look for them all them time on 4hr . works really well for me.
  • #23,727
  • Mar 13, 2009 11:32pm Mar 13, 2009 11:32pm
Quoting bundyraider
Ditto.

Jaroo combines bars all the time too.

I've probably taken just as many two-bar pins as single bar ones. ...On all time frames.

Comes back to what Mr Trend pointed out recently too, about releasing yourself from the pre-defined bar patterns we push here.

You do get good at putting the raw price movements into context. Lop-sided outside bars etc. lol

I trade a lot of inside bars that are actually two bar pins as well. ...They're the easy IBs to trade.

Agreed......
  • #23,728
  • Mar 14, 2009 12:25am Mar 14, 2009 12:25am
Quoting dengzhi
can you post the # of trades taken each week?

thanks
Sure.

2/8: 5 (4 winners, 1 loser)
2/15: 4 (2 winners, 1 loser, 1 B/E)
2/23: 8 (3 winners, 2 losers, 3 B/E)
3/1: 2 (2 winners)
3/9: 6 (3 winners, 3 B/E)

Winners= 14 of 25 = 56%

Losers = 4 of 25 = 16%

B/E= 7 of 25 = 28%

A couple of the trades from this week I set a trailing stop on that was far too tight and they were stopped out, only to go on for beaucoup pips, e.g., g/j short and u/cad long early in the week.

One of my B/E trades was an e/j short that hit my entry and promptly reversed. After being in drawdown for a long time I finally set my T/P to B/E and it got hit by a few pips then reversed again, only to eventually go my way several hours after I got out. I was/am fine with this trade and how it went down; happy to have gotten out at B/E. The ucad and g/j trades are another matter, though. I recognize I screwed the pooch on them and plan to change tactics accordingly in order to avoid a repeat. Really sucks going to bed up 60 or so pips only to wake up the next morning to find the T/S hit for a small gain, followed by price going a good but in your (former) direction (several hundred pips in the case of the g/j short). Oh well, that's what this is for, to learn learn learn. I am better for these mistakes.

To be sure, I am enjoying this whole experience an awful lot!
  • #23,729
  • Mar 14, 2009 1:26am Mar 14, 2009 1:26am
Quoting johnnyonspot
Sure.

2/8:...
Excellent results Johnny
I believe . . .
  • #23,730
  • Mar 14, 2009 1:31am Mar 14, 2009 1:31am
Quoting johnnyonspot
When I read what Jim says, e.g., the above chart, and hear him say "this stuff is dirt simple, folks," I invariably find myself saying, "He's right, he's right, he's right," and it gives me confidence....
Plan your trade and trade your plan.

I has planned a complete exit at 0.93 (confluence off 38.2 fib and 50 fib this is roughly around the 0.93 region) After a rambling period it was nice to see the daily shoot like that but i wasn't going to get carried away with that long green bar, i've done that enough times and ended up holding the dirty end of the stick.

I was flat at 0.93

Regards,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: cadchf.gif Size: 14 KB
I believe . . .
  • #23,731
  • Mar 14, 2009 1:35am Mar 14, 2009 1:35am
welcome and if you need some personal help dont hesitate to send myself or one of the old timers here an email.

jim



Quoting Sohail786
Hi Folks

Another lost body here, looking to succeed in forex
markets, i first discovered forex in July 2008, started
reading on many forex forums, moneytec, trade2win etc
etc, realising all the possibilites, i quickly jumped in
the forex market getting the wrong idea thinking that i
will be a millionaire by the end of the next month (GUESS
WHAT???....... i made a million. Yeah right!).

i started trading using FXCM Demo platform, trying many
systems on this website, using indicators they worked for
sometime, until the market fell into...
  • #23,732
  • Mar 14, 2009 1:47am Mar 14, 2009 1:47am
Quoting Sohail786
Hi Folks

Another lost body here, looking to succeed in forex
markets, i first discovered forex in July 2008, started
reading on many forex forums, moneytec, trade2win etc
etc, realising all the possibilites, i quickly jumped in
the forex market getting the wrong idea thinking that i
will be a millionaire by the end of the next month (GUESS
WHAT???....... i made a million. Yeah right!).

i started trading using FXCM Demo platform, trying many
systems on this website, using indicators they worked for
sometime, until the market fell into...
Hi Sohail (hmm, ever been to Pakistan? )

Welcome aboard and as Jim said we're all here for you

Have a nice time and enjoy your stay

Regards,
Ghous.
I believe . . .
  • #23,733
  • Mar 14, 2009 2:10am Mar 14, 2009 2:10am
Eur/Chf:

weekly:

Price hits a level where one would like some price action to form, why? look at the last weekly pin bar it had and how sharp a bounce price faced as it hit the 1.54 level. Next scroll back and you'll see why I am calling this an important level.

So price hits the 1.54 but now what? no price action confirmation??

wait...

Maybe the daily will aid in some price action carving

(not the best of pin bars but one with a nose sniffing the 1.54 level and a close below the 50 fib of the larger weekly swing)

Regards,
Ghous.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurchf weekly.gif Size: 13 KB
Click to Enlarge Name: eurchf daily.gif Size: 13 KB
I believe . . .
  • #23,734
  • Edited 2:41am Mar 14, 2009 2:24am | Edited 2:41am
Quoting ghous
Eur/Chf:

weekly:

Price hits a level where one would like some price action to form, why? look at the last weekly pin bar it had and how sharp a bounce price faced as it hit the 1.54 level. Next scroll back and you'll see why I am calling this an important level.

So price hits the 1.54 but now what? no price action confirmation??

wait...

Maybe the daily will aid in some price action carving

(not the best of pin bars but one with a nose sniffing the 1.54 level and a close below the 50 fib of the larger weekly swing)

Regards,
Ghous....
On the contrary here's another setup at a decent fib confluence and ppz on the Cad/Chf.

IMO a setup

When looking for a trade we search in three departments:

1) bar shape

2) Location (where the setup forms)

3) Space (ie the gap between your entry and the first support/resistance level)

This one get's full marks for location from my pen ( but it certainly fails the "space" section of the paper. look at the 9200 level and the role it should be expected to play.

What's more the bar is'nt even a proper pin bar (close is'nt within the previous bar)

AT first these setups can seem very appealing but in reality can prove to be hidden pitfalls specially for those still at the rudimentary level.

Regards,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: cadchf.gif Size: 12 KB
I believe . . .
  • #23,735
  • Mar 14, 2009 2:28am Mar 14, 2009 2:28am
GBP/CHF :
Daily: pinbar very shy in PPZ 1.68+FIB 50.+ confluence Ema60
Plus 4h+ EMA365
I know that the eye didn't close inside previous bar. But is good to take a look.
Any comments?
Attached Images
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #23,736
  • Mar 14, 2009 2:37am Mar 14, 2009 2:37am
Chf/Jpy,

Will be looking to add some fuel at the break of the weekly BEOB,

Attached also is the daily chart showing some "straight from the book" price action.

A nice pin bar near the 86 level confirming a double top, what does it do? Breaks straight away while we smile and watch...

So where's it likely to find it's first major support? Should it not be the lows near 82.5? Exactly! (the 4H shows it)

We break through it, where are we heading now? it sure has to be the 81.5 ppz, and look what price did?

Right so it's pulling back, where will it find resistance to (possibly) continue with the bear run? The lows near 82.5 served the purpose well...

According to James:

"It can be shown over and over and over again"

It's how price moves and is exactly what we follow to enter/exit/manage a trade


Oh Blimey!! Is that the time! I am already late for my class,

C ya guys later,


Regards,
Ghous.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chfjpy weekly.gif Size: 11 KB
Click to Enlarge Name: chfjpy daily.gif Size: 13 KB
I believe . . .
  • #23,737
  • Edited 10:19am Mar 14, 2009 9:12am | Edited 10:19am
Quoting ikki
GBP/CHF :
Daily: pinbar very shy in PPZ 1.68+FIB 50.+ confluence Ema60
Plus 4h+ EMA365
I know that the eye didn't close inside previous bar. But is good to take a look.
Any comments?
I love to short it! But I love to long too! I may take both! But I love long most base on weekly chart. Here is why.

Weekly PB closed above ppz for bullish bias and unlike daily PB closed above ppz and not within/inside the previous bar (for bearish bias). Just My 2 cents. I love PA
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gchchfdailypb.gif Size: 21 KB
Click to Enlarge Name: gchchfweeklypb.gif Size: 18 KB
Go figure.. Simplicity work
  • #23,738
  • Mar 14, 2009 9:32am Mar 14, 2009 9:32am
Quoting ghous
Hi Sohail (hmm, ever been to Pakistan? )

Welcome aboard and as Jim said we're all here for you

Have a nice time and enjoy your stay

Regards,
Ghous.
Hi

i think i read somewhere, that you from Karachi, my parents were born in Karachi and then moved to the north, Kharian and Lalamusa (Lahore side), ive been pakistan once in my life time, and it was way to Hot (47C) even on some days it streched to 50 51, walking on the ground in our house with bear feet, it would burn your feet instantly, Hmmmm maybe i went on the wrong side of the weather i went in May am defo going again did love the place.


sohail
  • #23,739
  • Mar 14, 2009 10:00am Mar 14, 2009 10:00am
Hi everyone..I'm relativly new to this forum..I don't know how to post a copy of my chart...However I have monthly pivots on my 3h chart and pa went just past R2 and is below it now with a nice pin bar.
also it went to the 261% fib for pa from 2/20 to 3/1
PA is at a weekly trend line and has mucho resistance above it.
The monthly chart has a buob?? but didn't go above recent week highs.
The daily has a small pin/spinning top at the 200ema..
This is looking very interresting for a sell below the daily pin at 1.5262
MACD histogram divergence on the 4h chart..RSI well over 70.
60 min chart MACD divergence to PA
This is my analysis process..I appreciate any feedback ..you guys rock!
  • #23,740
  • Mar 14, 2009 10:05am Mar 14, 2009 10:05am
Quoting jarroo
To post a chart:

If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick “Active chart” at “600 x 600 pixels” the click “OK”
Save anywhere you want i.e. Desktop.
Then when you enter to post comments go down to “Manage Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it to upload then close the “Manage Attachments” window. Then make sure...
To post a chart:

If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick “Active chart” at “600 x 600 pixels” the click “OK”
Save anywhere you want i.e. Desktop.
Then when you enter to post comments go down to “Manage Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it to upload then close the “Manage Attachments” window. Then make sure you hit the “Submit Reply” button that is under the “Manage Attachments” button.
Done.

Josh
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