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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

  • #25,161
  • Mar 28, 2009 2:14pm Mar 28, 2009 2:14pm
Just going over some charts and couldn't help but post this one. Isn't the little pin cute?

Kinda reminds me of a scene from an Eddie Murphy flick called: Harlem Nights. Eddie's character just discovered the woman he slept with had a really small gun, which she was going to use to kill him. Eddie said: "Look at her little gun . . . it's so cute"

When I saw this pin that scene popped into my head. Oil has been trying so hard to get above 55 but can't get it going yet. I'm sorry guys I couldn't resist posting this chart.
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"Don't trade to trade . . . trade to win." - James16
  • #25,162
  • Mar 28, 2009 2:27pm Mar 28, 2009 2:27pm
Quoting ghous
Hi Eclipse,

I won't consider that 2 day pin bar,

not only is the bar not in perfect shape it's also running into a short term price flip (refer to chart) what may further embitter a potential trade is the 900 round number that follows immediately after this flip.

For now I am looking at the daily BEOB as a short term hold down to the two matching weekly lows.

Regards,
Ghous.
copied, thanks for the explaination
  • #25,163
  • Mar 28, 2009 2:38pm Mar 28, 2009 2:38pm
Speaking of other charts, I took a glance over some equities at FXPRO and there has been an abundance of great BUOB's on the weekly recently.
Wow PA opens so many possibilities once you have a large enough account.
"Whether you think you can or can't, you're right." Henry Ford
  • #25,164
  • Mar 28, 2009 3:03pm Mar 28, 2009 3:03pm
Quoting marcelnyo
Hi all,

This may be a question that has been asked over and over again,

As we all know , some trades with decent price action setups and on PPZs has a power of reaching some point after the break of the PA bar, and then retracing way to the 61.8 fib level or more, only to finally break break lower/higher in our favor.

Now in my experience with this material (only 3 months or so), I usually chicken out and take everything out of the trade after it reaches the first danger area.

Examples might be the USDCHF pin and CADCHF BUOB a while ago, and...
Marcel,
Good question. From everything I've read and from my own experience, it's all about testing your own exit strategy. Everyone has their own strategy and they all work. But one strategy might work for one individual but not for another... I don't think your question is one that can be answered except by yourself...

Happy Trading!

Josh
  • #25,165
  • Mar 28, 2009 3:08pm Mar 28, 2009 3:08pm
8 years without direction, trying everything under the sun.

8 months as PF member of J16 (under another name)

Jim, thanks for the Bodhi

I really mean it, Thank You.
  • #25,166
  • Edited 6:25pm Mar 28, 2009 3:45pm | Edited 6:25pm
Quoting pharmaraider
8 years without direction, trying everything under the sun.

8 months as PF member of J16 (under another name)

Jim, thanks for the Bodhi

I really mean it, Thank You.
Bodhi - "an awakening".

Now I get it.
Indicators show the past. Price Action "Indicates" the future.
  • #25,167
  • Mar 28, 2009 4:10pm Mar 28, 2009 4:10pm
Hi Ghous,

I would wait for a pullback to 0.9320 area and short from there.

Regards,
vip

Quoting ghous
Hi Eclipse,

I won't consider that 2 day pin bar,

not only is the bar not in perfect shape it's also running into a short term price flip (refer to chart) what may further embitter a potential trade is the 900 round number that follows immediately after this flip.
For now I am looking at the daily BEOB as a short term hold down to the two matching weekly lows.

Regards,
Ghous.
  • #25,168
  • Mar 28, 2009 4:10pm Mar 28, 2009 4:10pm
Yes, Bodhi means; awakening, enlightment, awareness, understanding. I've been waiting 8 months to make my first post here on this FF thread. Waiting until I felt I had acheived my A HA moment. I'm a member of the PF but not a frequent poster in either. Rather, I am a learner, one who studies.

So what was the genesis of my first post? Well, after spending 6 months studying the material in the PF, I resumed live trading. For the past 2 months, my small account is up 13%. I have taken 4 trades, 3 winners, 1 breakeven. I'm a little more aggresive with money management, but that's just me. So basically, I could call it quits for the year and have beaten the return on most any other type of investment. As I was sitting here infront of my July Coffee chart, looking at beautiful pin on a PPZ with confluence of 61.8% retrace, this overwhelming feeling hit me.....I get it. I took this pin on Friday and it broke hard, so I moved my stops to breakeven and now I am in a risk-free trade (unless it gaps wildly, but low prob of that, so in essence, risk free).

My Bodhi was the feeling I got from knowing that I have nothing to lose, but potentially everything to gain. That I have used my learnings from the last 8 months to take high probability trades and know how to manage them. The sheer nirvana of being in a risk free trade is just that, nirvana. Although no one will never really fully understand the markets, I feel as though (on some level) I understand how they move thanks to J16. So I had to do, had to shout out in the public forum, just couldn't contain myself. I'll probably resume my reclusive ways (not posting), but damn do I feel good today.
  • #25,169
  • Mar 28, 2009 4:29pm Mar 28, 2009 4:29pm
Quoting pharmaraider
Yes, Bodhi means; awakening, enlightment, awareness, understanding. I've been waiting 8 months to make my first post here on this FF thread. Waiting until I felt I had acheived my A HA moment. I'm a member of the PF but not a frequent poster in either. Rather, I am a learner, one who studies.

So what was the genesis of my first post? Well, after spending 6 months studying the material in the PF, I resumed live trading. For the past 2 months, my small account is up 13%. I have taken 4 trades, 3 winners, 1 breakeven. I'm a little more aggresive...
That's about how it hits you. It's that one trade or series of trades that you say to yourself "I believe I'm getting this . . and wow, it's easy too."

Thanks for sharing that, pharma.
Indicators show the past. Price Action "Indicates" the future.
  • #25,170
  • Mar 28, 2009 4:31pm Mar 28, 2009 4:31pm
Quoting pharmaraider
Yes, Bodhi means; awakening, enlightment, awareness, understanding. I've been waiting 8 months to make my first post here on this FF thread. Waiting until I felt I had acheived my A HA moment. I'm a member of the PF but not a frequent poster in either. Rather, I am a learner, one who studies...
Nice to hear that.

When I first start trading, I thought the "Ah HA" moment is only fixed to find some sort of holy grail but however later that I know after losing almost all of my account that I realized it's not the system/method that create the "Ah HA" moment but the mentality and psychology of each of us before/during/after trading.

Anyway, I still got a lot to learn, and lucky to have found J16 even though I had took a read from early last year but not believe in it. And starting at the end of the last year I tried and after that, it's hard not to believe
  • #25,171
  • Mar 28, 2009 4:32pm Mar 28, 2009 4:32pm
Here's a setup I'm watching very closely. Fib confluence and W1 ppz around 1.3300. Also, 50 fib ret and daily ppz around 1.3100. Let's see what happens...

Daily
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Weekly
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skype: ststroud. let's talk trading.
  • #25,172
  • Mar 28, 2009 4:36pm Mar 28, 2009 4:36pm
Morning Guys

Thanks for reply on my ? part 2 , can i ask for thoughts on part 1.

Gerard
  • #25,173
  • Mar 28, 2009 4:55pm Mar 28, 2009 4:55pm
hi all
have a pin bar on the gpy/jpy weekly chart, it misses by 3 pips on being inside the candle on the left,is on the 141 ppz round number,
when u look at the daily chart,it has divergence with the macd,the 137.5 is a nice ppz for it to get to,but the 139 ppz is very strong for it to get past.

am i on track with this method

thanks john
Attached Images
  • #25,174
  • Mar 28, 2009 5:05pm Mar 28, 2009 5:05pm
Quoting Gerard212
Senior members

A couple of questions if i may.

1 We have some nice pinbars on eur/jpy, chf/jpy weeklies but Stoploss on placement above pin = 3 to 4 % so how to deal with this possible drawdown?
...
Thanks Guys
Determine the maximum percentage of your account you are willing to risk (1%, 3%, etc.) on that particular trade and how many pips your stop loss will be, and adjust your position size accordingly.

Some of the more experienced traders on here will enter on a lower tf during the retrace of the PA pattern in question. Doing so can be riskier than entering on the break, but it allows you to get in with a larger position and the same risk percentage. Whatever you do, always demo your strategy first until you are comfortable enough to go live with it.

Hope this helps.

Tyler
skype: ststroud. let's talk trading.
  • #25,175
  • Mar 28, 2009 7:25pm Mar 28, 2009 7:25pm
Quoting pharmaraider
So what was the genesis of my first post? Well, after spending 6 months studying the material in the PF, I resumed live trading. For the past 2 months, my small account is up 13%. I have taken 4 trades, 3 winners, 1 breakeven.
...Love it.

This is the holy grail to me.

...And that same attitude transfers throughout the time frames. Being willing to watch dozens upon dozens of bars (even hundreds) go by without feeling the need to trade sub-par set ups.

You don't need to.
.
Bundy's status today: "Waiting..."
  • #25,176
  • Mar 28, 2009 9:12pm Mar 28, 2009 9:12pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Ghous, what do you think of line 5700? will appreciate to have your comment on both 57/5800 after careful studying. I am not good at judging the quality of lines or PPZs, so, could be very interesting to see your view, or the others who are willing to shed light. thank you

Quoting ghous
I wouldn't want to go long, we've just bounced off the 5800 level on the daily,

Be careful with those "odd time frame" setups I look at them only when the location permits me too...

On my chart I wasn't looking at any 2 day bullish formations once we hit the 5800 level and bounced.

Cheers,
Ghous.
  • #25,177
  • Mar 28, 2009 9:20pm Mar 28, 2009 9:20pm
Quoting desperate
hi all
have a pin bar on the gpy/jpy weekly chart, it misses by 3 pips on being inside the candle on the left,is on the 141 ppz round number,
when u look at the daily chart,it has divergence with the macd,the 137.5 is a nice ppz for it to get to,but the 139 ppz is very strong for it to get past.

am i on track with this method

thanks john

There is anothe chart that you might be interest in is the EJ chart. The weekly chart also shows the big Pin Bar. Also the pin bar is right at 38.2% retracement area.

I believe the EURO rally might be the end or at least it need some big correction at this moment.

IMO, I think it is good time to do some shorting on this pair.
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  • #25,178
  • Mar 28, 2009 9:26pm Mar 28, 2009 9:26pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Thank you, have a nice weekend

Quoting LasVahGoose
Stress and Trading

http://woodiescciclub.com/Lectures/d...tober2005.html
  • #25,179
  • Mar 28, 2009 9:33pm Mar 28, 2009 9:33pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
these lines are golden. currently, I am not afraid of being wrong, losing money or leaving money on the table. what piss me off the most is to miss out a trade, particularly when one see a setup, but, being stopped out, and then, the price move in your direction, a big move. this happened twice on my copper future contract in this month. I am trading less and less now, very annoyed if miss out a big one after weeks waiting. ( forex demoing, future on live )



Quoting Tmac
Surviving or simply losing is all in your mind: you worry about

1: Being wrong
2: Losing money
3: Missing out on a trade
4: Leaving "money" on the table

Probabilities are the name of the game and will require you to buy into the following

[font=Times New Roman][size=3]1: Anything...
  • #25,180
  • Mar 28, 2009 9:42pm Mar 28, 2009 9:42pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hey, Jlr, thanks a lot for sharing your feeling and experience. I am glad we can work out a lot stuff here. cheers

Quoting Jlr
Practice more, when you have more confidence in your abilities, you won't stress as much. Also consider the demo process, or just risking a lot less cash. When I started to trade with my full account, it was a miserable learning experience. I was trading with more capital then I was comfortable trading with, and it was causing me to do stupid things. Once I started to trade with less capital, I was not only not stressed out, but I was trading a lot smarter too. Just practice practice practice, don't worry about the money part of things at first,...
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