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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

  • #24,921
  • Mar 25, 2009 11:07pm Mar 25, 2009 11:07pm
Quoting james16
welcome gov.

no need to be nervous. take your time and when you get a chance go over and watch the guest videos.

jim
Cheers jim, will do

Gov
  • #24,922
  • Mar 25, 2009 11:16pm Mar 25, 2009 11:16pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting jarroo
Beautiful.

This break confirmation puts the "plus" in an "A+" trade in my book.
Here's my EA 4h - no pin (different feed) but do these still have any meaning, on my chart, i'd be looking for price to settle below this point first and break out of this current pattern - not sure what it's called but it's some kind of flag/wedge on the daily.

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  • #24,923
  • Mar 25, 2009 11:22pm Mar 25, 2009 11:22pm
Quoting MPP
Here's my EA 4h - no pin (different feed) but do these still have any meaning, on my chart, i'd be looking for price to settle below this point first and break out of this current pattern - not sure what it's called but it's some kind of flag/wedge on the daily.
If you have a different feed and no PA is there then we wait until there is.

Let me make another post . . in summary . . .
Indicators show the past. Price Action "Indicates" the future.
  • #24,924
  • Mar 25, 2009 11:30pm Mar 25, 2009 11:30pm
Quoting MPP
Here's my EA 4h - no pin (different feed) but do these still have any meaning, on my chart, i'd be looking for price to settle below this point first and break out of this current pattern - not sure what it's called but it's some kind of flag/wedge on the daily.

Attachment
I like to think of pins as having power. There have been 2-4hr candles completed since the pinbar and a 4hr pin only has enough power to push 4hrs. There is a giant wedge on the daily and it is because of that and the ppz that I was watching this area for PA. That trade is done and gone, it has come back and flirted with my entry and may very well continue down but there is no J16 reason for entering at this point.
  • #24,925
  • Edited Mar 26, 2009 1:52am Mar 25, 2009 11:49pm | Edited Mar 26, 2009 1:52am
I've gotten many PMs on a finding good PA setups. I would like to show a quick summary using joebryce's PB on the Eur/Aud. Now mind you, many people have their own way of defining their setups. They are all correct. (Jim's and Mike's setups should be studied and mimiced as much as possible.)

But they all follow the same premise of what Jim teaches at the most basic level. We have areas where Price flips from going up up up and then going down, down, down, (PPZs -Pivot Price Zones/ Price Pivot Zones). We wait for a Price Action formation at these levels to give us a hint where Price may be heading i.e. up, up, up, or down, down, down.

The higher the time frame the strong these PPZs becomes. Meaning a Weekly PPZ is stronger then a 4 hour PPZ.

Eur/Aud on the Weekly and Daily. What a mess. We bring clarity to this mess by putting lines at the PPZ levels nearest to Round Numbers. Now that looks a little clearer. (Charts)
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #24,926
  • Edited 1:55am Mar 26, 2009 12:04am | Edited 1:55am
Quoting jarroo
I've gotten many PMs on a finding good PA setup. I would like to show a quick summary using joebryce's PB on the Eur/Aud.
(I thought this was a quick summary) lol.

On the 4 hour time frame we see joe's PB at the 1.9500 level. This is a strong PPZ level on the Weekly/Daily charts. This bearish PB presents itself giving us a hint of where Price may be heading. Sure enough, Price break that PB hard and we have an area where Price is likely to reach as our 1st target.

This is a basic illustration. Please feel free to add other important aspects of this example. (Mike, Jim, Bundy, anyone, etc.)

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #24,927
  • Mar 26, 2009 12:47am Mar 26, 2009 12:47am
Crystal clear explanation and charts as always Jarroo.
"The more I practice, the luckier I get." (Gary Player)
  • #24,928
  • Mar 26, 2009 1:05am Mar 26, 2009 1:05am
Rail road tracks in the daily chart...this is a pin bar in a 2 day chart....I am looking to position my self in the smaller timeframes trying to align the daily...

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  • #24,929
  • Mar 26, 2009 1:33am Mar 26, 2009 1:33am
Quoting MPP
Thanks for the reply Mike
Still not sure how you would have done anything with this, i thought we should wait for the break as confirmation - we got that and place an entry below the low on the Bar, but that was right on top of the expected support - so should this be a no trade until support has given way and then look for other entry points?
This is exactly why I personally did nothing with them. I used the reversal bar to lock in profit of a previous trade, got out of the way of the market, and now am in waiting mode. I was instead looking for price to maybe pullback lower then it did and wait for PA. Until that happens I am out and waiting for other trades to show.

Mike
  • #24,930
  • Mar 26, 2009 1:35am Mar 26, 2009 1:35am
Quoting jarroo

This is a basic illustration. Please feel free to add other important aspects of this example. (Mike, Jim, Bundy, anyone, etc.)

Jim
Nothing ever needed to add to your posts Jim
  • #24,931
  • Mar 26, 2009 2:05am Mar 26, 2009 2:05am
Hey guys,

I don't post here much but I am around for a long time. I took a great trade last week which I wanted to share. This one jumped out at me and this is something what happens over and over when you are patient. I have learned in the last couple of months that I don't need to force a trade, because they will come and "jump out at you".

There was a lot of discussion last week regarding the weekly BeOB on USDCAD. I was planning to take the weekly trade. However, before this happened, a beautiful Pinbar on 1h showed up. So far I have not taken any 1h trades, but this one was an invitation to trade. I have cleared the 1h chart to show you how it looked like as it closed. It has reacted to minor flip zone and was in a good retracement (61.8 fibo and "space created"). I said to myself, when it can make it under the 1.29 round number and the highs to the left, I am willing to risk 1% with a stop just above the flip zone. I have closed my last third yesterday.

This trade will not change my approche in taking only weekly, daily and sometimes 4h trades. I don't need more, they happen often onough. This was only an example of a trade which showed up and asked me to take it.

Trade safe. Greets
kpt
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  • #24,932
  • Mar 26, 2009 2:07am Mar 26, 2009 2:07am
Quoting mbqb11
Well NO guru here for sure but,

I think as someone new to it you should do as your doing trading only daily/weekly and A setups....
I am new here and learning PA but have been trading maginally successfully for a while. This pair taught me a lesson last night (I am in China). I entered it correctly but, as you so correctly advise, I did not recognize the now obvious resistance and bounce point. If I had, i would have set a TP above and been out with some profit. As it was, I closed for small loss this morning.

Only saving grace is that I took a small position so monetarily not too bad.

I am trying to learn and am confident that with the continued guidance of you guys and others, I will be successful.
"Money is easy to make, but hard to keep" - FWV 1975
  • #24,933
  • Mar 26, 2009 2:17am Mar 26, 2009 2:17am
Quoting mbqb11
Nothing ever needed to add to your posts Jim
Thanks Mike. ( . . . said the student to the teacher.)


(I've been reading too many Bemac posts lately . . . the economy of words) lol
Indicators show the past. Price Action "Indicates" the future.
  • #24,934
  • Mar 26, 2009 2:49am Mar 26, 2009 2:49am
There was a 40 pip gap on GBP/USD. It showed on my chart platform, as well as my broker platform. Right when the candle closed, and the next opened, bam 40 pip gap? What happened ? Misclick? I don't get it lol. I noticed too that it within 3 mins or so filled the gap.
  • #24,935
  • Mar 26, 2009 3:23am Mar 26, 2009 3:23am
Quoting jarroo
I've gotten many PMs on a finding good PA setups. I would like to show a quick summary using joebryce's PB on the Eur/Aud. Now mind you, many people have their own way of defining their setups. They are all correct. (Jim's and Mike's setups should be studied and mimiced as much as possible.)

But they all follow the same premise of what Jim teaches at the most basic level. We have areas where Price flips from going up up up and then going down, down, down, (PPZs -Pivot Price Zones/ Price Pivot Zones). We wait for a Price Action formation at these...

Jarroo,
This was a great explanation of PPZ and the pinbar trade... Nice work!

Josh
  • #24,936
  • Edited 3:34am Mar 26, 2009 3:27am | Edited 3:34am
Hi J16 Team

I have been trading full time for over a year and a half now(somewhat successfully) but needed some real direction in my actions...gut feeling has got me into a lot of trouble!!

I got introduced to price action from another thread and have so found this excellent place, where I would like to make as my second home if you all don't mind.

I have started reading this thread from the beginning and also read the short cuts presentd by Jduester..Thankyou.

My first question is...I seem to spend a great deal of time on each chart setting up the ppz etc...is this normal or am I trying too hard to find the levels...ie should I be only looking for the ones that hit me in the face or at swing highs/lows.

I suppose it will all come down to experience and practice...thanks again to you all...here's looking forward to a great learning experience and a lifetime of profitable trading.
  • #24,937
  • Mar 26, 2009 3:42am Mar 26, 2009 3:42am
Let the trade come to you. don't chase it..

1. plan your trade
2. execute your plan
3. never chase the trade

re: 1
plan was to sell cable when it retraces to 50/61fib at 4630 after Beovb setup which formed yesterday
stop was set 25pips above at 4655 (above ppz and 61fib)
re: 2
order: sell limit, set your tp, have a nap
re: 3
no need to, if you have a plan

it happened while asleep.
do we get a break lower today? That would be great, if not we'll make another plan. Always be prepared and have a plan... it will set you free one day..
.
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  • #24,938
  • Mar 26, 2009 3:47am Mar 26, 2009 3:47am
Quoting raczekfx
Let the trade come to you. don't chase it..
.
Golddust. Great post Rac
  • #24,939
  • Mar 26, 2009 3:55am Mar 26, 2009 3:55am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting raczekfx
ok.. and the last one for today (have been watching screens way too long this morning )

We've got daily pin, which broke last night. Now we've got rac's favorite retrace..
I wonder how it will play out in asia...
tc
Hi Raczekfx
any chance of a follow up on this EJ, my daily closed as what looks like a bullish Pin, and has broken long, possibly looking to hit 134.40 area or at least a continuation of the bull run.

MPP
  • #24,940
  • Mar 26, 2009 3:55am Mar 26, 2009 3:55am
Quoting raczekfx
Let the trade come to you. don't chase it..

1. plan your trade
2. execute your plan
3. never chase the trade

re: 1
plan was to sell cable when it retraces to 50/61fib at 4630 after Beovb setup which formed yesterday
stop was set 25pips above at 4655 (above ppz and 61fib)
re: 2
order: sell limit, set your tp, have a nap
re: 3
no need to, if you have a plan

it happened while asleep.
do we get a break lower today? That would be great, if not we'll make another plan. Always be prepared and have a plan... it will set you free one day..
....
Nice post, I should really put this on my desktop or something haha. This is exactly how I want to trade, but never seem to follow through. Always have to stay up and sweat it out, oh well.

Side note, took this trade too, thx to your teachings. First smart move I've done in awhile (within literally a minute I could have put my S/L at B/E, got to love those trades)
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