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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

  • #30,981
  • May 25, 2009 7:07pm May 25, 2009 7:07pm
Quoting Jigsaw
Im in b4 Mike !!!

Annddddd -

Sideways to the left

1HR Timeframe

Bad time to be trading (Asia session)
Haha i have an excuse. On my phone on couch watching a movie!
  • #30,982
  • May 25, 2009 7:11pm May 25, 2009 7:11pm
Quoting Alexandra
A look at the daily shows you a long term resistance point there...fade it....but don't be greedy. Better yet, wait for a sale!

Good Point. Thanks
  • #30,983
  • May 25, 2009 7:13pm May 25, 2009 7:13pm
Quoting mbqb11
hey

Again be careful here k. This is what will hurt new traders on these low timeframes. Make sure to read james' first post it is very important. This is a very slow time in the markets. Trading a small pin like that is just not smart IMO. But again it bounced at multiple bars low as expected. But time of day alone should keep you out of this one.

Best
Mike
Thanks Mike.
Only one thing I don't understand..
"But again it bounced at multiple bars low as expected"
Why it is so expected? Please share.
Cheers.
  • #30,984
  • May 25, 2009 7:22pm May 25, 2009 7:22pm
Quoting kk007
Thanks Mike.
Only one thing I don't understand..
"But again it bounced at multiple bars low as expected"
Why it is so expected? Please share.
Cheers.
KK, Check out James16's free videos in his guest section. You'll love 'em.

(I s'pose while you're there you should check out Mike's too. )



edit: www.james16group.us
Bundy's status today: "Waiting..."
  • #30,985
  • May 25, 2009 7:26pm May 25, 2009 7:26pm
Quoting kk007
Thanks Mike.
Only one thing I don't understand..
"But again it bounced at multiple bars low as expected"
Why it is so expected? Please share.
Cheers.
here is a chart for ya

don't worry you are at the very very early stages of price action. You are at the I see a price bar and trade that bar. Next you need to learn about what makes a good bar from a bad bar. Then more importantly location, etc. It comes with time and experience

Best
Mike
Attached Image
  • #30,986
  • May 25, 2009 7:47pm May 25, 2009 7:47pm
Quoting mbqb11
here is a chart for ya

don't worry you are at the very very early stages of price action. You are at the I see a price bar and trade that bar. Next you need to learn about what makes a good bar from a bad bar. Then more importantly location, etc. It comes with time and experience

Best
Mike
Thanks, I see. In other words, there is a S/R formed against the pinbar, and that is one reason why it failed. Thank you very much for your help and others.

I did spend time to read the James material, and now I need practise. One reason I use H1 is that I have more practising opportunity through a day and can make more mistakes to learn and I am using demo.

Thanks for all. You are very helpful. I should stop asking for a while..
  • #30,987
  • May 25, 2009 7:56pm May 25, 2009 7:56pm
Quoting kk007
Please can anyone see an obvious reason that this pinbar failed yesterday?
cheers.
Quoting mbqb11
hey k

If you look to the left of the bar price is very choppy and this pin is not in space. So when we have this especially on the hour timeframe we have traffic. Now the even bigger reason to not take this trade was the major holiday in the US. This is a good time not to trade as most of the action wont be there.

Best
Mike
That PB on the Hourly didn't fail in my book. (and Mike's and Jim's book too)http://www.forexfactory.com/showpost...ostcount=30564

The hour time frame requires more patience and practice from higher time frames.

And the following from the Big Guy;

James16:

THIS IS CRITICAL.

WE MUST LEARN TO:

Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #30,988
  • May 25, 2009 7:56pm May 25, 2009 7:56pm
Interesting intraday tests of initial S/R in most pairs are holding it seems in Asia at least, despite the daily/holiday stall. Not the prettiest PB's so far, but constructive PA at least for those holding positions with the trends. They are also reasonably low R/R's with stops under/over this support. Technicians (aka those with losing positions) will note the extreme divergences, however.
  • #30,989
  • May 25, 2009 8:04pm May 25, 2009 8:04pm
Quoting mbqb11
Haha i have an excuse. On my phone on couch watching a movie!
Hehe, I can't text to save my life on my Iphone so props, I hate that spellchecker thing too

Quoting kk007
Thanks, I see. In other words, there is a S/R formed against the pinbar, and that is one reason why it failed. Thank you very much for your help and others.

I did spend time to read the James material, and now I need practise. One reason I use H1 is that I have more practising opportunity through a day and can make more mistakes to learn and I am using demo.

Thanks for all. You are very helpful. I should stop asking for a while..
Hey,

I would be careful coming from the view of "I have time so I'll trade the 1HR, it can only help". But in my point of view what moves price on the 1HR is a hell of a lot different as to what moves price on the Daily, the dynamics are totally different, you get more pins on the 1HR that look fine and tradable but actually don't work out because their location is not good enough to generate the necessary orderflow.

You will have to be way more patient on the 1HR as well, because you will simply see so many more bars that are meaningless, so you actually get less trades on the 1HR than you do on the Daily.

If I were you I would backtest the Daily's and weeklys if you have time during the day, and leave the 1HR alone, simply because the dynamics are way different, you need a totally different mindset for both. But you have to first understand the Daily before understanding the 1HR,

Again, just my opinion for what it's worth.

Godspeed,
Jig
  • #30,990
  • May 25, 2009 8:05pm May 25, 2009 8:05pm
Quoting mbqb11
If you starting trading the daily timeframe you will not need anything more then a 15-20 mins a day to scan your charts. It really takes me maybe 3-5 minutes to scan my daily charts. Reading price action slowly becomes like reading another language. At first you can read a few words, then you can form a few sentences, but it takes awhile to be able to write your own story. Jarroo better like that metaphor or I quit

Mike
I like this analogy the best, Mike. The charts are talking to us, that's for sure. But what are they saying? Once we understand the language of Price movement the more fluent we become.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #30,991
  • May 25, 2009 8:08pm May 25, 2009 8:08pm
Quoting jarroo
That PB on the Hourly didn't fail in my book. (and Mike's and Jim's book too)http://www.forexfactory.com/showpost...ostcount=30564

The hour time frame requires more patience and practice from higher time frames.

And the following from the Big Guy;

James16:

THIS IS CRITICAL.

WE MUST LEARN TO:

Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have...
Thanks jarroo,
I did not see it as a strong s/r. Perhaps, not experienced enough myself.
  • #30,992
  • Edited 8:38pm May 25, 2009 8:16pm | Edited 8:38pm
Quoting kk007
Thanks jarroo,
I did not see it as a strong s/r. Perhaps, not experienced enough myself.

Understandable, kk. That's why the " . . . if we know its there .." is underlined. This does take time to learn and practise. Keep at it and you'll get there.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #30,993
  • May 25, 2009 8:24pm May 25, 2009 8:24pm
Quoting kk007
Thanks jarroo,
I did not see it as a strong s/r. Perhaps, not experienced enough myself.
Look at it a different way.

You need to mark out all those possible problems that are close to your entry. 'Possible' being the key word. No trade you ever enter is a certainty. (NO trade.) But you can gain an advantage by entering trades where there is a clean run into your first "management point" , as I like to call them.

Those multiple bar lows weren't guaranteed to cause problems, but with experience you'll come to see them as an important part of the location and space part of your analysis.

If we got past those lows the next point was the highs, of course.
.
Bundy's status today: "Waiting..."
  • #30,994
  • May 25, 2009 8:29pm May 25, 2009 8:29pm
Quote
Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.


Actually, I will visually illustrate my relationship this James quote because it's so awesome -


Trading before I understood this =

http://i64.photobucket.com/albums/h1...van32/haha.gif


Trading after I understood it =

http://i115.photobucket.com/albums/n...cess_baby1.jpg
  • #30,995
  • May 25, 2009 8:37pm May 25, 2009 8:37pm


Quoting Jigsaw
Actually, I will visually illustrate my relationship this James quote because it's so awesome -
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #30,996
  • May 25, 2009 8:42pm May 25, 2009 8:42pm
  • #30,997
  • May 25, 2009 9:35pm May 25, 2009 9:35pm
Jigsaw,
nice fist pumping toddler.

The other kid had a great, quick & FREE "haircut/massage" too
  • #30,998
  • May 25, 2009 10:07pm May 25, 2009 10:07pm
[quote=Jigsaw;2756001]Actually, I will visually illustrate my relationship this James quote because it's so awesome -


/quote]
PATIENCE... DISCIPLINE
  • #30,999
  • May 25, 2009 10:17pm May 25, 2009 10:17pm
Quoting g_j_hook@yah
update..au/cad..no pin but the bar closed a BEOB and closed below the .87 round number and the 61.8 fib.
looks good to me??
jon
Looks Good g_j_, on the Weekly BEOB Aud/Cad. Let's see if London gives her a hard break.
Indicators show the past. Price Action "Indicates" the future.
  • #31,000
  • May 25, 2009 10:35pm May 25, 2009 10:35pm
Quoting jarroo
Looks Good g_j_, on the Weekly BEOB Aud/Cad. Let's see if London gives her a hard break.
i was tempted to short it at 88.00 yest. but with the hols n that i refrained. A nice hard break today...Mmmm.. would be nice indeed.86ish seems reasonable for the first stop..200 EMA,365 EMA on the daily TF,and the round no...??then i have 85.5 - 86.(PPZ n 50% fib)
cheers
jon
PATIENCE... DISCIPLINE
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