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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

  • #30,521
  • May 20, 2009 2:01am May 20, 2009 2:01am
Quoting jarroo
Failed PA setups are when the opposite end, in this case the Low of the PB, is broken. So this PB has not failed.
Thanks, price goes to the "right" direction again now.
  • #30,522
  • May 20, 2009 2:55am May 20, 2009 2:55am
Here's a trade that I went Long with. My reasons for taking this trade are as follows:

1) BUOB at Swing Low (could also be a 2-day pin bar as well)
2) Price got rejected at PPZ, which also happens to be round number @55
3) It's also with the trend
4) The BUOB break is above the Daily PPZ at 57

My TP is set at the next PPZ at 60.

I welcome all comments on my thought process.
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  • #30,523
  • May 20, 2009 3:02am May 20, 2009 3:02am
Quoting ijay
Here's a trade that I went Long with. My reasons for taking this trade are as follows:

1) BUOB at Swing Low (could also be a 2-day pin bar as well)
2) Price got rejected at PPZ, which also happens to be round number @55
3) It's also with the trend
4) The BUOB break is above the Daily PPZ at 57

My TP is set at the next PPZ at 60.

I welcome all comments on my thought process.

Now that's what a call a very nice 1st post ijay. Well done.

Looks like the 1st target was already been hit.
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Indicators show the past. Price Action "Indicates" the future.
  • #30,524
  • May 20, 2009 3:26am May 20, 2009 3:26am
This one turns out to be quite successful.
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  • #30,525
  • May 20, 2009 3:55am May 20, 2009 3:55am
Jaroo,

Thanks. Although this is my 2nd post, I've been around at both this thread as well as PF for quite a while, absorbing and digesting all the good stuff. And yes, you're one of those whose comments I pay particular attention to.

As per J16 material here, my stop is set at the low of the BUOB bar. The trade is still active.

I believe this pair still has trend support, so I will give it some room to run a bit for now.
  • #30,526
  • May 20, 2009 3:56am May 20, 2009 3:56am
Quoting PipGator
It has been a tough month for me trading and I wanted to share some of my experiences.

I started learning about forex last summer. I started my adventure on BabyPips where I was able to learn a lot of basics in a short time. My next step was a quest for the holy grail and I read through many forums on that site. After three months of demo trading, my demo account had a total profit of around 6%. Some of the trades were taken using a system called "Ingot's Rainbow" (that system was actually inspired by a system here at FF called "Multiple Timeframe...
Great post PipGator,

I had similar experience, but I discovered J16 first then went on hunt for rich quick system and ended up on a 1 second TF Guppy type thing. The guy who runs it sells a webinars and indicators for 300-1000 dollars. The guy also advised not to use stops, needless to say I made a huge loss with real money (20%) in one trade. However the broker refunded me as there was issues with there platform that day. I took this as a second chance and moved back here to the nice environment and great knowledge in this thread and the PF.

One thing I would say I wouldn't start trading live (i.e. full account) without studying this whole thread OR joining the PF and going through all the material. The quickest way is PF as you have tons of videos going through real situation on charts with Jim or Mike giving you amazing knowledge which is near impossible on text based media like forums. Obviously then 3 months on Demo or tiny live account to you practice the material. Other stuff on the PF like Fiji Psych and MM articles/post are for me better than any book written on the subject.

Imagine taking all the good stuff from the thread organizing it in a single website with video based info. Its worth 10x the price in my opinion.

Mark
Economists have forecast 9 out of the last 5 recessions
  • #30,527
  • May 20, 2009 4:08am May 20, 2009 4:08am
Quoting ijay
Jaroo,

Thanks. Although this is my 2nd post, I've been around at both this thread as well as PF for quite a while, absorbing and digesting all the good stuff. And yes, you're one of those whose comments I pay particular attention to.

As per J16 material here, my stop is set at the low of the BUOB bar. The trade is still active.

I believe this pair still has trend support, so I will give it some room to run a bit for now.

Your welcome ijay. It always a necessity to have as many supporting confluence with evey PA setup. A good location being a given.

I would have taken a lot off the table and moved my stops at least to under the 57.00, but that's just me.

Nice trade.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #30,528
  • May 20, 2009 4:09am May 20, 2009 4:09am
Quoting PipGator
It has been a tough month for me trading and I wanted to share some of my experiences.

I started learning about forex last summer. I started my adventure on BabyPips where I was able to learn a lot of basics in a short time. My next step was a quest for the holy grail and I read through many forums on that site. After three months of demo trading, my demo account had a total profit of around 6%. Some of the trades were taken using a system called "Ingot's Rainbow" (that system was actually inspired by a system here at FF called "Multiple Timeframe...
Pip, this is a great post. I feel it's important to get your thoughts on paper, whether that's on this forum, on your own trading journal thread, or just in a journal.
You are realizing something that I realized not long ago. That in order to be successful long term, you must have a plan. James posts something about this every few months (probably due another one), but it takes time for a trader to fully buy in to the idea.
This month has been a tough one for me too. I don't feel like we're getting many great setups, which is frustrating because it really tests our patience as new traders. I have to constantly remind myself that it's important to take a trade because it provides an edge. Taking a trade simply to have a position and 'be doing something' are totally wrong reasons, yet in the past (prior to J16 thread) those were often my reasons.

Print out your post, and highlight what you wrote about your 2009 goals. Update us periodically when you reach one of those goals. Having it in front of your computer will keep you reminded of your goals and keep you accountable. (That's what I did anyway).

You sound like you are on the correct path to success! I look forward to hearing about your continued progress!

Josh
  • #30,529
  • May 20, 2009 4:48am May 20, 2009 4:48am
Quoting ijay
Here's a trade that I went Long with. My reasons for taking this trade are as follows:

1) BUOB at Swing Low (could also be a 2-day pin bar as well)
2) Price got rejected at PPZ, which also happens to be round number @55
3) It's also with the trend
4) The BUOB break is above the Daily PPZ at 57

My TP is set at the next PPZ at 60.

I welcome all comments on my thought process.
There were couple of BUOBs on JPY crosses two days ago (USDJPY, CADJPY, AUDJPY). The move up was caused by rally on DJI and other indices. As long as this rally will continue, these setups might work but if DJI goes down, Im affraid that setups will fail. We could see similar scenario last week with AUDUSD and NZDUSD trades , where setups didn't work because of rally on indices and consecutive USD weekness.
  • #30,530
  • May 20, 2009 4:53am May 20, 2009 4:53am
Musashi,
welcome to the thread.

jarroo's been very, very generous & cordial in taking up rookie j16 questions over & over again, just like several seasoned traders here do. So if I may, i'd go straight to the point & save u time & more importantly, save jarroo's time.

Most people here would suggest that u read back on previous posts, at least go back 500-1500 posts, better if u start from Sir Jim's post #1. I am pretty sure your basic questions will be answered if u do so.



Here were most of your earlier posts (from your 1st post in this thread to the last/latest) & i'll address some of it with my answers in blue:

Quote
Hi all,
First Post on this thread.
Did anyone trade the Pin Bar on the EU on the 4Hr TF?
Just wondering how do you take profits when trading these bars?

I assume u are trying to learn the james16 method. If u indeed are, then it is prudent that u learn about entries first rather than go straight for the exit strategy.


Quote
Even if trading daily and weekly charts an Exit Strategy is needed. I am not a new trader. I have read some of this thread, obviously not all of it.
I have various strategies for trading based on Price Action. Most of the exit strategies I use are based on round numbers and Support Resistance Regions, also use bar high/lows as exits.

This thread tackles/uses the same ones i highlighted red above, in a similar fashion

If indeed u are not a new trader, then several here, including I, would expect u to enter in this thread with your first few posts to have an air of humility, respect, & genuine interest & enthusiasm for learning. I somehow did see lack of the first two traits. But i still am exercising caution & still view your posts in good faith.


Quote
PPZ = ??

If u are indeed not a new trader, I would expect that it wouldn't very difficult for u to browse back or even use the search tool to find out about a term (PPZ in this case) which u are unfamiliar with.


Quote
I'm not familiar with the Acronym PPZ that's all......

Quote
GU so far today. Clearly see the range for today so far.
Will not stay in this tight 50Pip range for the entire day.
So once it leaves the range what is the best way to take profits??

Here's 1 of my basis of u not showing respect & humility to jarroo & this thread. He was eager to help u & accommodate your question, then in between jarroo's posts/replies, u barge in with a 5-minute chart??? what is that?? if u browse back on previous posts, u would rarely see a 5-minute chart here, &/or u would learn that this thread concentrates on higher timeframes.


Quote
I'm interested, one can never stop learning.

Quote
This candlestick pattern has triggered my entry. It is on the lower time frame however. I believe a chart is a chart and price action is all relevant to the time frame you use for your chart at the time of the trade.
So if you were to trade the 5min Chart and use this entry would you place your exit at previous support areas?

Again, same with the previous one i pointed out. a post with 5-Minute chart. a disrespect to the thread in general. If u were indeed keen on learning & hearing about what jarroo is talking about, u would not barge in with a post/s with a different topic. u would instead concentrate on what he (jarroo) was telling u.


Quote
Ok so the PPZ is the exit area.

here, u made a very quick conclusion. again, reading back on previous posts would help. This thread has more than 2000 pages. surely u don't expect this PPZ term to have not been tackled in the past.


Again, i'm viewing your posts in good faith. but at the same time, i won't let some of your unrelated/indiscriminate posts pass just like that.

Again, it's very prudent, recommendable, ethical to read back on previous posts to learn more about this thread's method & inner workings..

new readers & the-not-so-new-readers of this thread & other threads should exercise respect & humility, apart from others.

Cheers
  • #30,531
  • May 20, 2009 5:06am May 20, 2009 5:06am
... that was quite a long post.


PipGator,
great post! Thanks for sharing your progress...
One quick reply from me would be:
Avoid using the word "rookie". I keep seeing this in your posts. Like "thinking big", i suggest u "think like a professional" too. better yet, u should "think, sleep, eat, trade" like a professional. U can say this is a Positive Visualization of your future self.



ijay,
welcome & finally u came out of the "lurking cave".
Do post more in the future. It benefits yourself & us all here.
& yes, jarroo is one of the best here. & like i said earlier, he is very generous & cordial. God bless him more pips.

Quote
Thanks. Although this is my 2nd post, I've been around at both this thread as well as PF for quite a while, absorbing and digesting all the good stuff. And yes, you're one of those whose comments I pay particular attention to.
  • #30,532
  • May 20, 2009 5:10am May 20, 2009 5:10am
Quoting alter
There were couple of BUOBs on JPY crosses two days ago (USDJPY, CADJPY, AUDJPY). The move up was caused by rally on DJI and other indices. As long as this rally will continue, these setups might work but if DJI goes down, Im affraid that setups will fail. We could see similar scenario last week with AUDUSD and NZDUSD trades , where setups didn't work because of rally on indices and consecutive USD weekness.

or because UJ break neckline, pullback and continue downtrend movement?
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  • #30,533
  • May 20, 2009 5:22am May 20, 2009 5:22am
Hi guys

Its been a while since I posted so I hope you are all doing well. I am now 1 month into my initial 3 month period on daily/weekly and have not taken 1 trade yet!!! Although I did miss acouple of good ones 2 weeks ago, there seems to have been very little in the way of A+ setups these last few weeks and I must confess to being a little bit frustrated!

Anyone else finding this lack of opportunities recently or am I missing something?
Good trading all,

berti
PA is where its at!!
  • #30,534
  • May 20, 2009 5:25am May 20, 2009 5:25am
Quote
There were couple of BUOBs on JPY crosses two days ago (USDJPY, CADJPY, AUDJPY). The move up was caused by rally on DJI and other indices. As long as this rally will continue, these setups might work but if DJI goes down, Im affraid that setups will fail. We could see similar scenario last week with AUDUSD and NZDUSD trades , where setups didn't work because of rally on indices and consecutive USD weekness.

Quote
or because UJ break neckline, pullback and continue downtrend movement?

alter,
just like globalization, currencies & equities (along with other asset classes) have been intertwined for some time. So it's like a chicken & egg issue, wherein sometimes/most of the time it's hard to determine which started/triggered which.

masut,
the market/s on its/their own do not recognize & respect a particular set of technical patterns (head & shoulders, etc). It's the traders of the market/s who developed/conceptualized these patterns that seem to recur from time to time. I think the market/s not always/rarely forms & completes a particular pattern, much less a perfect pattern.

  • #30,535
  • May 20, 2009 5:34am May 20, 2009 5:34am
bertie123,
welcome back.

getting frustrated is normal. U seem to be itching to trade, possibly having come from trading shorter TFs, but now have learned patience from this awesome thread. Frustration is one thing, quitting is another.

All i can think of is either u have been very, very picky (ala-mbqb11 ) OR u have not looked hard enough.

Just keep on doing what u are doing. Alos, keep on reading this thread. Patience is a big part of this game. Good luck!

Quote
...Although I did miss a couple of good ones 2 weeks ago, there seems to have been very little in the way of A+ setups these last few weeks and I must confess to being a little bit frustrated!
Anyone else finding this lack of opportunities recently or am I missing something?...
  • #30,536
  • May 20, 2009 5:37am May 20, 2009 5:37am
Quoting masut
or because UJ break neckline, pullback and continue downtrend movement?
Well personally I don't think that diagonal TL has more power then horizontal TL + correlation with DJI. Or I might ask, if you believe this TL would hold even if DJI goes UP?
  • #30,537
  • May 20, 2009 5:48am May 20, 2009 5:48am
Hi Bertie - I feel your pain. Even on demo, even as a newbie, I haven't seen any real A+ setups.

Whenever I wish for more frequent trades, I tell myself that my goal is capital preservation. And one good trade a month like the USDCAD can give me huuuge monthly returns. (Amount depends on your %r and exit strategies.)

So hang in there - the game goes to the patient.
  • #30,538
  • May 20, 2009 6:01am May 20, 2009 6:01am
Quoting bertie123
Hi guys

Its been a while since I posted so I hope you are all doing well. I am now 1 month into my initial 3 month period on daily/weekly and have not taken 1 trade yet!!! Although I did miss acouple of good ones 2 weeks ago, there seems to have been very little in the way of A+ setups these last few weeks and I must confess to being a little bit frustrated!

Anyone else finding this lack of opportunities recently or am I missing something?
Good trading all,

berti
Hi Bertie,

I think there have been many setups in the last month, however maybe you are waiting for the setup that will 95% provide a big move? If so yes there might only be 1 or 2 a month on all pairs, but for me there are pin bars every few days that can provide 100-200 pips if you take profit at the next small S/R level. Even ones on traffic or in a sideways market can give pips a high percentage of the time. If you throw in 2 day pin bars there are even more.
Economists have forecast 9 out of the last 5 recessions
  • #30,539
  • May 20, 2009 6:07am May 20, 2009 6:07am
Hi guys, can anyone confirm that the last 1hr GU bar is a Pinbar? Thank's
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  • #30,540
  • May 20, 2009 6:19am May 20, 2009 6:19am
No pinbar. Open & close must be inside previous bar. Also very bad location, no swing low. It would be better to look at the 4hr chart to see what the price is doing.

Quoting asen
Hi guys, can anyone confirm that the last 1hr GU bar is a Pinbar? Thank's
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