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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

  • #25,421
  • Mar 30, 2009 5:22pm Mar 30, 2009 5:22pm
Quoting frankm7
This is my first J16 "chart analysis" so here goes! Oh, and please correct me if i'm off. The pb (if it closes as such) sits over the 50 fib level which is also acting as a ppz. The only negative thing I see is that the next ppz is about 140 pips above, not an ideal r:r if we have a s/l at the end of the nose.
Comments?
A few people have mentioned the GBP/USD daily pin, but it worries me that it's facing in the opposite direction to the most recent weekly pin (and the weekly is in the direction of the trend unlike the daily).

I read a few times that the signal on the higher timeframe should be used, and also the head of the daily pin is not within the body of the previous candle, unlike the weekly pin, although the daily has ppz and fib's going for it.

I'm confused!!

P.S. Great thread you have here!
  • #25,422
  • Mar 30, 2009 5:27pm Mar 30, 2009 5:27pm
Quoting james16
Welcome To Any And All That Are New To This Thread.
If this is a test of Your new format... it Worked for me.

Otherwise... ehrr... I got a wrinkle in my eye... I couldn't see straight... I'm old & i've been sick... please be nice to me...

{psst. jim. see any pins you think i may be missing }
  • #25,423
  • Mar 30, 2009 5:31pm Mar 30, 2009 5:31pm
Quoting seboileroom
albchr, check the attachments (upper right corner next to page numbers) you will find a "summary of James16 Thread" parts 1 and 2. they are a compilation of this thread including Jduester's summary. It will give you a jump start while you are reading through the actual thread.

Good luck;

Seb (Compiler )
Thank You! I will for sure. WOW this thread reminds me of the woodcarving forum I belong to. So many GREAT helpful folks there too. Only difference is...(I'm a BIG dog there).......LOL
Ghost Rider - WWTBMD?
  • #25,424
  • Edited 6:01pm Mar 30, 2009 5:34pm | Edited 6:01pm
Quoting uksnowman
A few people have mentioned the GBP/USD daily pin, but it worries me that it's facing in the opposite direction to the most recent weekly pin (and the weekly is in the direction of the trend unlike the daily).

I read a few times that the signal on the higher timeframe should be used, and also the head of the daily pin is not within the body of the previous candle, unlike the weekly pin, although the daily has ppz and fib's going for it.

I'm confused!!

P.S. Great thread you have here!
hi there ,i agree with you ,there is a lot of resistance to get through up there.Im passing on this one
jon
EDIT: sorry for the quick post had to leave... imo more weight should be given to the weekly pin.although the weekly bar has yet to form its left eye and so could well retrace back into the weekly bar. the res. is just were the right eye formed on the weekly pin and so could well stop it again.a risky trade imo.
the daily pin is not a grade A either imo ,short tail,closed outside the previous bar as you said.
i personally would rather wait for the daily pin to play out(if it breaks) and look for a short opp.
hope this helps
jon
Attached Image(s) (click to enlarge)
Click to Enlarge Name: daily.jpg Size: 101 KB
Click to Enlarge Name: 4 h.jpg Size: 91 KB
PATIENCE... DISCIPLINE
  • #25,425
  • Mar 30, 2009 5:39pm Mar 30, 2009 5:39pm
Quoting albchr
Thank You! I will for sure. WOW this thread reminds me of the woodcarving forum I belong to. So many GREAT helpful folks there too. Only difference is...(I'm a BIG dog there).......LOL
Objective here is to become a Large Quite dog.
Quite on the Forums. {but visable}
Large on the method.

Let me say Hello & welcome. Mind your manners now & discuss with respect for others.

Done a little whittlin' myself & understand that,
From the first cut, there may be 10,000 more before I'm finished "This Piece"

Looking forward to your Tight Tolerance{that does not mean tight stop} contribution for our edification.
  • #25,426
  • Mar 30, 2009 5:46pm Mar 30, 2009 5:46pm
Quoting av_fx
I feel that the key aspect of this trading style is “SPACE”. When there is a “SPACE” along with a PA bar setup the trade runs for you like a race. When there are resistance / support / Bar low and high areas around your entry point you probably need to ask yourself why I am giving away my hard earned money to the market? In these cases even the most beautifully looking bar has a very good chance to fail...
Perfect and glad I could help in any small way

Trading is situational, no doubt about it. But there are such clear re-occurring patterns and circumstances, that happen over and over. It takes awhile to learn it, and then apply it without trying to do too much. But if I could reiterate one thing, it is that keep it as SIMPLE as possible. It sounds so cliche and some people read it and probably want to throw up, but it is what I consider the golden key(holy grail makes me want to puke). There are key concepts, that you can learn, then put together, and then it becomes "easy". Learn how to clearly identify the key areas of support and resistance, learn how to identify a HEALTHY bar versus a so-so bar. Learn how to identify confluence that is clear and not curve-fitted to get you into every trade. Learn to be picky, and practice the hell out of it. It doesn't happen over night, but I truly believe anyone who works hard enough at it, and checks their ego at the door can succeed.

Lots of new faces and it's awesome and James should be very proud of how many lives he has changed for the better, including my own. I get emails everyday now of people praising what Jim has done and I know it puts a huge smile on his face and certainly mine

Trade smart!

Mike
  • #25,427
  • Mar 30, 2009 5:48pm Mar 30, 2009 5:48pm
Quoting Bemac
Objective here is to become a Large Quite dog.
Quite on the Forums. {but visable}
Large on the method.

Let me say Hello & welcome. Mind your manners now & discuss with respect for others.

Done a little whittlin' myself & understand that,
From the first cut, there may be 10,000 more before I'm finished "This Piece"

Looking forward to your Tight Tolerance{that does not mean tight stop} contribution for our edification.
Thanks Bemac. Sorry for the excitement level. I'm........now.
Ghost Rider - WWTBMD?
  • #25,428
  • Mar 30, 2009 6:04pm Mar 30, 2009 6:04pm
Quoting av_fx
....
....
My analogy to this trading is the PA bar is the most beautiful girl in a room. When the room is empty “space is there” you can make friends with the girl or may even get lucky with a date. High chances of a winning trade!! But when the room is full (lack of space) or has lot of good lucking guys around (Support and resistance) you have a more than 50 % chance of a let down. Losing trade!
....
Right.

...Now we need Mike to start an "Mbqb11 Women Thread"

"We attempt a set up only when there is great confluence.(i.e. Wearing nice clothes, Projecting Confidence, Desperate Target, etc)"

"My favourite set up is when we have two HOT women at the bar by themselves with plenty of space around them. ...This is the ideal set up, as we get to play them off of each other and create a situation where WE have the choice . Not THEM. The natural competitiveness between them creates good momentum going into the play, giving us a higher probability than if there was, say, another 'playa' beside them ready to hunt our stop and create traffic. To comfortably stay in the game, we place our stop loss over with the rest of our buddies , cell phone in hand ready and watching for the 'stop' signal. ...Just in case we luck upon some desperate, clingy, 'recently divorced' types..... "

"...Hi Ghous, Yeah no problem bud. Ask away! To answer your question: What I do to create the right tension is to leave the target immediately after getting her phone number. If possible, I like to have some female friends lined up ready to approach me immediately after I walk away and create the impression that I'm a very popular man. (These days I don't have to pretend. I'm swimmin' in the pips for starters! And wear lots of $$Bling$$!!!)..."
.
.
Bundy's status today: "Waiting..."
  • #25,429
  • Mar 30, 2009 6:05pm Mar 30, 2009 6:05pm
Quoting Greenhaze
I just subscribed to James16 PF for the second time and scrolling thru all the journals and i find a lot of new good stuff there. I am waiting for the day when i will be able to thank James and the rest of You guys...i know i am almost there
I have entered g/u long at the break of the h4 pin. DOW and S&P is at their support lvl so i expect some push up.

BTW am i the only one who forget to set the sell stop under the weekly pb ej?
Greenhaze,
NO you are not.I seen this on friday along with everyone else.My weekend was filled with that dreaded day job....Woke up monday only to see it had already took off!O'well till the next one.Glad to hear of your progress also haze,keep it up
  • #25,430
  • Mar 30, 2009 6:15pm Mar 30, 2009 6:15pm
Quoting bundyraider
Right....
PATIENCE... DISCIPLINE
  • #25,431
  • Mar 30, 2009 6:18pm Mar 30, 2009 6:18pm
Quoting bundyraider
Right.

...Now we need Mike to start an "Mbqb11 Women Thread"
...
.
Is Mike really true a playa? lol It seems that Mike always been associated with women since this thread started. Wonder why..Mike must also be picky in this stuff
  • #25,432
  • Mar 30, 2009 6:19pm Mar 30, 2009 6:19pm
Quoting arcus
Is Mike really true a playa? lol It seems that Mike always been associated with women since this thread started. Wonder why..Mike must also be picky in this stuff
that's my night job
  • #25,433
  • Mar 30, 2009 6:22pm Mar 30, 2009 6:22pm
Quoting mbqb11
that's my night job
Mike is the da man . . .and he knows it too . . .
"Don't trade to trade . . . trade to win." - James16
  • #25,434
  • Mar 30, 2009 6:32pm Mar 30, 2009 6:32pm
Quoting mbqb11
Perfect and glad I could help in any small way

Trading is situational, no doubt about it. But there are such clear re-occurring patterns and circumstances, that happen over and over. It takes awhile to learn it, and then apply it without trying to do too much. But if I could reiterate one thing, it is that keep it as SIMPLE as possible. It sounds so cliche and some people read it and probably want to throw up, but it is what I consider the golden key(holy grail makes me want to puke). There are key concepts, that you can learn, then put together,...
Great post Mike!This stuff is definetly coming together for me!It is great to see so many people around here "getting it"
  • #25,435
  • Mar 30, 2009 6:35pm Mar 30, 2009 6:35pm
Quoting mbqb11
Perfect and glad I could help in any small way ...
Hi Mike!

Thanks for your reply. I was reading this thread for a while and trying to assimilate the concepts.

So are you suggesting that if high probability set ups/patterns happen at not so key resistance /support areas taking them can be less risky?
thanks for your reply

Bundy i liked your analogy too
  • #25,436
  • Mar 30, 2009 6:36pm Mar 30, 2009 6:36pm
Quoting uksnowman
A few people have mentioned the GBP/USD daily pin, but it worries me that it's facing in the opposite direction to the most recent weekly pin (and the weekly is in the direction of the trend unlike the daily).

I read a few times that the signal on the higher timeframe should be used, and also the head of the daily pin is not within the body of the previous candle, unlike the weekly pin, although the daily has ppz and fib's going for it.

I'm confused!!

P.S. Great thread you have here!

What makes you think you have to take either? That's the point, you have to idiot-proof your trading. If it's not clear, why bother?
  • #25,437
  • Mar 30, 2009 6:46pm Mar 30, 2009 6:46pm
I could be wrong so be don't throw me under the bus if I am wrong.

I was looking at the daily pin (up and coming) on GBPUSD. Although it is a nice looking pin it is near the 50 fib (just below). Also it appears to be a major ppz area. So if I were to enter I would set my buy stop above the 50 fib at about 1.4350 and move SL to BE pretty quick. Although I do feel that once it breaks the 50 it could reach 1.4450 area. comments?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 19 KB
  • #25,438
  • Mar 30, 2009 6:52pm Mar 30, 2009 6:52pm
Quoting av_fx
Hi Mike!

Thanks for your reply. I was reading this thread for a while and trying to assimilate the concepts.

So are you suggesting that if high probability set ups/patterns happen at not so key resistance /support areas taking them can be less risky?
thanks for your reply

Bundy i liked your analogy too
To me a high probability setup is taking all the pieces into account. Do I only take huge pins at resistance or support? No, I will trade a beautiful huge pin at a clear swing point in space all the time. Are they more rare? Yes. but they happen and we just have to wait for them. Will I trade a pin, in some traffic but off a perfect area that I was watching for weeks/months to hit? You betcha.

What I am really getting at is this, and actually clockworks post above is a key example.

As traders, we feel the need to trade. Trading should be to make money only. Maybe the name trader is misleading and gets in our head.
ex.
The gbp/usd daily bar is showing a pin. Now are there reasons that this trade may work. You bet ya. Will it probably go to a designated marked area that we could pick out with our knowledge of s/r. Yes again. But is it worth putting 1-2% of your account at risk for this trade. IMO, not a chance. I see the most posts that look something like(and I have done it and still get caught so I am not singling anyone out).

"what do you guys think of this. Pin(nose could be bigger), close is a bit off, but the location seems ok."

You get the idea and know the posts. When you have to do that stuff, STOP close that chart and move on. Because you know what the better ones will not have so many ifs/ands/buts about them.

What I try to stress is understand what locations make for better trades. How to identify clear swing points. How to identify s/r and problem areas. How to find GOOD confluence and not try to curve fit a fib retracment and take any old PA off any point on it. Of course we have to learn these concepts and usually it is through trading the types of situations I fake quoted above. I understand that, and it is OK. Cause we learn like that. It is when we stop trying to learn to get past that, that we get stuck. From my experience chatting with many traders, and at this point it is a ton. I see the curve go something like(and this is very very much a basic idea to get a point across):

This timeline starts after one gets passed the complete BS of thinking they can turn 50-100% roi a week/month, and trying to find some hidden secret in a new hot indicator. I am talking bout those that take this serious.

A few months of just reading and feeling lost.

3-5 months of learning to understand the material. Demoing, losing etc. But seeing some light.

If they stay stubborn, they could stay on the same road for another few months to years, till things get more clear. Again the timeline is different for all.

Then they hit a point where things click, they begin to have aha moments clean their charts up get more picky, but still can't get over the hump. They are still over trading, or trying to hard to be a hero. They are around breakeven.

THe b/e stage of a trader is both good and bad. It is good, b/c IMO and my experiences you are REALLY close. I mean real close to making it work. It sucks, b/c it can last a long time. There is something in there that just needs to be slightly fixed to get over the hump. From my experiences again it is just tidying up their analysis, taking the more obvious trades. I have literally talked to a lot of traders that now post and are succesful that just could not get over the hump and it seemed it was just themselves standing in the way for the finish line. But if it takes a few years to get this right isn't that trade off well worth it.

Man I don't even know where I was going with all that but when my rambles come out I can't stop em

Mike
  • #25,439
  • Mar 30, 2009 6:57pm Mar 30, 2009 6:57pm
I noticed on some of your charts that you have "....time left till bar close" below the currency pair (upper left)

How do I get that to show up on metatrader?

Thanks in advance
  • #25,440
  • Mar 30, 2009 6:59pm Mar 30, 2009 6:59pm
Quoting mbqb11

Man I don't even know where I was going with all that but when my rambles come out I can't stop em

Mike
This is a gem. Must of had a good night at the other job
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