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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

  • #24,981
  • Mar 26, 2009 8:04pm Mar 26, 2009 8:04pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Jim, as always, I am so grateful for your mentoring. after seeing your yestodays' comment, I told my girlfriend that I really love this man, she was excited too.

okey, let me try to answer the question as a learning opportunity for your review, kick me off if I made wrong point. thank you.

what I will be doing is to keep this trade open and tight, first target point is .9500, then, 0.9600. I believe in this pair has the energy to reach its historical high, and nothing more than that if I am not wrong.

I haven't had such a pleasant chat in my life, I can say, Jim, tears almost drop off my eyes now. you are the greatest man I ever met, Jim !



Quoting james16
ok krue i talked to it and got you positive a bit.


whacha gonna do with it?
  • #24,982
  • Mar 26, 2009 8:10pm Mar 26, 2009 8:10pm
Hi,

I've attached it, Just import it using File>Utilities> Import ninja script. and point it to the zip.

Note: to get the sound to work, you will have to go in and change the path in the code to point to a wav file on your pc. Look for the line PlaySound("C:.........
Attached File(s)
File Type: zip PAIndicator.zip   3 KB | 786 downloads
Economists have forecast 9 out of the last 5 recessions
  • #24,983
  • Mar 26, 2009 8:14pm Mar 26, 2009 8:14pm
Quoting krue
Jim, as always, I am so grateful for your mentoring. after seeing your yestodays' comment, I told my girlfriend that I really love this man, she was excited too.

okey, let me try to answer the question as a learning opportunity for your review, kick me off if I made wrong point. thank you.

what I will be doing is to keep this trade open and tight, first target point is .9500, then, 0.9600. I believe in this pair has the energy to reach its historical high, and nothing more than that if I am not wrong.

I haven't had such a pleasant chat in...
Not my place to say but I think you may have just had an Ahh Haa moment. Remember where you put it and visit it often.
  • #24,984
  • Mar 26, 2009 8:27pm Mar 26, 2009 8:27pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Thanks, Bemac, for such a nice reminder, yes, you are absolutely right, I am having an AHA moment now. by reviewing my trades, I found I would have much less losing trades if I have waited a bit longer till its breaking of Pinbars.

Thank you , buddy

Quoting Bemac
Not my place to say but I think you may have just had an Ahh Haa moment. Remember where you put it and visit it often.
  • #24,985
  • Edited 9:24pm Mar 26, 2009 8:56pm | Edited 9:24pm
Quoting krue
I believe in this pair has the energy to reach its historical high, and nothing more than that if I am not wrong.
It's energy will come from the break, (if it breaks). The higher quality PA set up, the more energy it will possess. Is this an "A" PA setup? No.

Does it have potential? Yes. Price Action is a power thing when the criteria is met. Should be fun to watch how it breaks.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #24,986
  • Mar 26, 2009 9:09pm Mar 26, 2009 9:09pm
Quoting jarroo
It's energy will come from the break, (if it breaks). The higher quality PA set up, the more energy it will possess. Is this an "A" PA setup? No.

Does it have potential? Yes. Price Action is a power thing when the criteria is met. Show be fun to watch how it breaks.

Jim
The break is a big part on how you manage your trade.How much empasis do you put on this Jarro?
  • #24,987
  • Mar 26, 2009 9:22pm Mar 26, 2009 9:22pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, jarroo

I like you expression energy come from break. thanks, man.


Quoting jarroo
It's energy will come from the break, (if it breaks). The higher quality PA set up, the more energy it will possess. Is this an "A" PA setup? No.

Does it have potential? Yes. Price Action is a power thing when the criteria is met. Show be fun to watch how it breaks.

Jim
  • #24,988
  • Mar 26, 2009 9:24pm Mar 26, 2009 9:24pm
Quoting jlmac27
The break is a big part on how you manage your trade.How much empasis do you put on this Jarro?
Good question. It's all important. The Location, PPZ levels, other confluences like Fibs, higher time PA (if any), Round Numbers, etc.

The break let's me know everything stated above is valid or not. It confirms that the setup is correct. And it may be correct but only for a brief time. If that makes sense to you.
Indicators show the past. Price Action "Indicates" the future.
  • #24,989
  • Mar 26, 2009 9:28pm Mar 26, 2009 9:28pm
Quoting jarroo
Good question. It's all important. The Location, PPZ levels, other confluences like Fibs, higher time PA (if any), Round Numbers, etc.

The break let's me know everything stated above is valid or not. It confirms that the setup is correct. And it may be correct but only for a brief time. If that makes sense to you.
Makes a lot of sense Jarro, thank you.
  • #24,990
  • Mar 26, 2009 9:50pm Mar 26, 2009 9:50pm
I have a question for Jim or anyone else that has a good bit of live experience with Jim's methods.

Have you found that certain PA signals tend to not have as much accuracy if they are significantly affected by the news? I am looking at gold, for example, and on the weekly chart the last candle was a BUOB. However, price has retraced quite a bit (61.8% of last weeks bar). It spiked up last week after the news from the FED after it was steadily declining.

I am just curious if anyone else has noticed any sort of pattern where PA signals aren't quite as significant after big news that cause quite a bit of volatility and price spikes.

Thanks in advance!

Scott
  • #24,991
  • Mar 26, 2009 9:54pm Mar 26, 2009 9:54pm
Quoting FXGator
I have a question for Jim or anyone else that has a good bit of live experience with Jim's methods....

Hey Scott

The majority of us ignore news almost completely. Our beliefs lie in the charts telling the story. My opinion is less to clutter the thought process the better. Great bars in great locations rarely don't do what we would expect.

Mike
  • #24,992
  • Mar 26, 2009 10:04pm Mar 26, 2009 10:04pm
other than knowing what day the nfp & int rate changes take place, ive come to see that more often than not there is a good pa signal leading up to a major news release as investors position themselves in anticipation of the results. i would also say that major s&r & pa levels influence & dictate price direction more than the news/fundies. "fundamentals give us the overall market direction (even though most of the time they are priced into the charts), but technicals show us where it will go." i have learned to trade what i see on the charts.
  • #24,993
  • Mar 26, 2009 10:34pm Mar 26, 2009 10:34pm
I saw this as a possible PB. The 38.2 was holding as resistance so I jumped in on the PB's close. However, I jumped in earlier and placed a second sell order when it retraced some. My S/L is in place and my T/P is at the 50 level... It's not looking to great right now. Comments?

Thanks in advance!
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  • #24,994
  • Mar 26, 2009 10:41pm Mar 26, 2009 10:41pm
Quoting mbqb11
Hey Scott

The majority of us ignore news almost completely. Our beliefs lie in the charts telling the story. My opinion is less to clutter the thought process the better. Great bars in great locations rarely don't do what we would expect.

Mike
Thank you for the response Mike!
  • #24,995
  • Mar 26, 2009 10:46pm Mar 26, 2009 10:46pm
Quoting frankm7
I saw this as a possible PB. The 38.2 was holding as resistance so I jumped in on the PB's close. However, I jumped in earlier and placed a second sell order when it retraced some. My S/L is in place and my T/P is at the 50 level... It's not looking to great right now. Comments?

Thanks in advance!
Hey Frank

This is a 4hr bar on an off market time of 4hrs. Thus the bar is very small, nose barely sticks out from all those highs. This is making it in traffic, meaning if it does break down you are fighting a bunch of resistance. With that I highly recommend you wait for the break of the low. This bar never broke the low thus it is not technically valid until that low breaks. Also your fib is drawn wrong. If you are lookign to short your fib should be drawn from high to low. Meaning this one is near the 61.8.

See chart

Hope that helps

Mike
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  • #24,996
  • Mar 26, 2009 10:47pm Mar 26, 2009 10:47pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Scott, probably I am not as experienced in most aspects, but, onething I am sure, that is technical traders talk in technical mindset, if one needs fundamental to help convince, then, whatever the answer is, it won't suffice the need. beyond the chart, one needs more to build up his/her technical mindset.

Quoting FXGator
I have a question for Jim or anyone else that has a good bit of live experience with Jim's methods.

Have you found that certain PA signals tend to not have as much accuracy if they are significantly affected by the news? I am looking at gold, for example, and on the weekly chart the last candle was a BUOB. However, price has retraced quite a bit (61.8% of last weeks bar). It spiked up last week after the news from the FED after it was steadily declining.

I am just curious if anyone else has noticed any sort of pattern where PA signals aren't...
  • #24,997
  • Mar 26, 2009 10:51pm Mar 26, 2009 10:51pm
Quoting frankm7
I saw this as a possible PB. The 38.2 was holding as resistance so I jumped in on the PB's close. However, I jumped in earlier and placed a second sell order when it retraced some. My S/L is in place and my T/P is at the 50 level... It's not looking to great right now. Comments?

Thanks in advance!

I think you have your fibs upside down.
Its actually a 618 retrace of the recent down move.
I dont have a pin & to be hones dont play this pair much except on daily but there is a nice forming 4hr ppz @ the 618 area.

What are you going to do?
Leave the stops where they are?
take a loss now?

Its up to you really. when you take a trade, have an exit plan. for when the trade either goes against you or for you. or sideways??

keep your mm rules & trust your trade plan.. If you are only risking 1-2 % then what does it matter if this trade doesnt work. wait for the next & analyse what went wrong with this one (if anything).
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  • #24,998
  • Mar 26, 2009 10:53pm Mar 26, 2009 10:53pm
Mike at lightning speed as usual..
  • #24,999
  • Mar 26, 2009 11:24pm Mar 26, 2009 11:24pm
Quoting markmm
Hi,

I've attached it, Just import it using File>Utilities> Import ninja script. and point it to the zip.

Note: to get the sound to work, you will have to go in and change the path in the code to point to a wav file on your pc. Look for the line PlaySound("C:.........
Hi Thank you very much for your indicator.
But i would like you to explain a bit more on how to install it. Do you put it in the indicators folder or where.
How do you import it using file because i have unzipped the indicator and it has two files but i'm stuck there. Please explain more. Thank you.
Edward
  • #25,000
  • Mar 27, 2009 12:42am Mar 27, 2009 12:42am
Quoting Edonya
Hi Thank you very much for your indicator.
But i would like you to explain a bit more on how to install it. Do you put it in the indicators folder or where.
How do you import it using file because i have unzipped the indicator and it has two files but i'm stuck there. Please explain more. Thank you.
Edward
You need a platform called ninjatrader. There is a free demo, but they are pokey on sending me the activation code No biggie

Markmm, just curious, how hard would it be to get custom timeframes on there? Say for instance you can set 8hr, 16hr, 48hr etc? I bet its really hard to do, but figured I'd ask, would be really really nice Nonetheless, seems like a really cool indicator, can't wait to try it out Ty
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