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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

  • #33,041
  • Jun 10, 2009 7:52am Jun 10, 2009 7:52am
Quoting oltciter
It is correct!
  • #33,042
  • Jun 10, 2009 7:58am Jun 10, 2009 7:58am
i know i said i wont be looking counter-trend in this market but if this closed IB what are your thoughts ?
At the same time, the daily would be nearly pinning too ...
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  • #33,043
  • Jun 10, 2009 8:12am Jun 10, 2009 8:12am
I took a nice raczekfx type of trade on euro 4h from 50/61.8%fibs / PPZ/ 2bar pin... Working out great so far

Cheers

Matty
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  • #33,044
  • Jun 10, 2009 8:12am Jun 10, 2009 8:12am
Quoting pipmyride
...
Hi Pipmyride

For what its worth, your knowledge and posts overall have taken a step up as you are relentlessly trying to understand how to make a dollar in this market. Keep at it!

Cheers

Adam
WARNING: Don't follow me as I'm just learning
  • #33,045
  • Jun 10, 2009 8:14am Jun 10, 2009 8:14am
Quoting supremeChaos
fat_tom,
Greetings & welcome!

mibqb11 made a great response to your post.

just like to add that, i too, have a very very small acct. most probably mine is smaller than yours. so i emphatize with your situation.
i suggest u use j16 as a patience, discretion & foresight tool & at the same time use it to slowly build your account. imo, at your current situation (which is likely similar to mine), u have absolutely no reason to let 130pips slip away just like that. u could have at least taken 50-100 pips out of that 130 pips.

[u]if...
Thanks for your replies everyone.

supremeChaos - I really think mine is smaller than yours I have a £200 account with 100:1 leverage trading in 0.01 lots sizes... works out something like 6p a pip!!!!

Your right of course about letting 130 pips slip but then you do need to give the trade room to move about. I guess this is where my lack of experince comes in. I don't seem to be able to sell of half my trade at certain points (probabely as I am trading the minimum lot size for my broker!!) and putting on 2 same trades at the minimum size would put potential exposure up to the region of 5-6% - I really wanted to stick to the recommended 2% exposure as recommended by the vast majority of traders here!

I haven't really demo traded as I found myself not taking trades as seriously as I should - This £200 account I consider my demo - suprising how much more seriously you take a trade even when the amounts are the equivalent to a packet of fags!. I am fully aware that I may well blow the entire account but I can afford this.... once I am profiting for 6 months I will up the acct to say £500 and then a further 6 months £1000 etc. After this I may try and find a more substantial amount - we shall see.

I am strictly trading daily charts at the moment... I'm finding it hard to resist all the chat and posts about H4 and H1 thou but I will be good!!!

Thanks again.

Fat Tom
  • #33,046
  • Jun 10, 2009 8:41am Jun 10, 2009 8:41am
Quoting adam777
Hi Pipmyride

For what its worth, your knowledge and posts overall have taken a step up as you are relentlessly trying to understand how to make a dollar in this market. Keep at it!

Cheers

Adam
lol thx, im trying - and i thought i was staying under the radar here ...
  • #33,047
  • Edited 9:10am Jun 10, 2009 8:46am | Edited 9:10am
Quoting Sohail786
Hi Folks
is this a price flip, resistance turning into support (green zone)?
i need to look for price action at this area to go long?
just want to make sure am identifiying price flips correctly
thanks
sohail
sohail,
seems like a price flip/PPZ.
looking at oct19'08 area... is that 91 - 91.50? then sept11 area is 93.50 - 94? those are possible initial resistances (& PPZs) in case price moves further up. the 1st one (91 - 91.50) is actually holding price for the past 6-8 bars/candles.

Practice further & discover the "beauty" of PPZs!
early this year, i just did.

Good luck!

Have u checked out james16 guest videos?
  • #33,048
  • Jun 10, 2009 9:03am Jun 10, 2009 9:03am
Quote
Your right of course about letting 130 pips slip but then you do need to give the trade room to move about

fat_tom,
u need to give trades some space, yes, but right now, your aim is to slowly build your account up. to at least, 2000 - 10000 dollars or pounds (either thru add-on capital or trading profits). i believe this is still deemed small by many here (i believe otherwise; & i have no means to produce capital beyond that amount range).

if u consider a £200 account as your "demo", then i think it's fair to presume that u currently have the time (to demo) & means to increase that amount further if necessary. if this is so, then i suggest u trade exclusively on demo for now, for at least 3-6months. this way, u don't risk real money, u get to focus on practice & learning, & u can also , at the same time, save up for a bigger trading capital.
demoing exclusively will train u in plotting correct PPZs which will eventually spillover & improve your trade discretion, foresight, & patience.

Quote
I haven't really demo traded as I found myself not taking trades as seriously as I should
u have to move away from this thinking/paradigm. this "demo trading equates to non-serious trading" thinking. take charge of your mind, your thinking.

Quote
I am strictly trading daily charts at the moment... I'm finding it hard to resist all the chat and posts about H4 and H1 thou but I will be good!!!
doing great to resist the temptation. patience & discipline will reap great rewards in the near future. just keep at it!
  • #33,049
  • Jun 10, 2009 9:06am Jun 10, 2009 9:06am
Quoting Matiasfx
I took a nice raczekfx type of trade on euro 4h from 50/61.8%fibs / PPZ/ 2bar pin... Working out great so far
Cheers
Matty
Hmmmmm.......
raczekfx fave retrace + PB.. Nice one, Matty!
Let it tank further down... 1.3950 (currently stopped price in its tracks), 1.39, 1.3850 & hopefully down more... lol

Hey, do post more of this, will u?
  • #33,050
  • Jun 10, 2009 9:22am Jun 10, 2009 9:22am
Could it be a good opportunity on GBPUSD if closes as a PB?

Price has previously bounced from a confluence area of support on 1.5800, but it seems fail to hit the previous swing high, not being able to close above 61% Fibo, and if closes as it is right now, would have done an "ugly" candle (PB) for a bullish trend continuation....

Do you think that having into account the previous weekly PB and what is happening today could be the posibility for shorts, at least until the uptrendine area where it is a PPZ around 1.600?
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  • #33,051
  • Jun 10, 2009 9:28am Jun 10, 2009 9:28am
Quoting supremeChaos
sohail,
seems like a price flip/PPZ.
looking at oct19'08 area... is that 91 - 91.50? then sept11 area is 93.50 - 94? those are possible initial resistances (& PPZs) in case price moves further up. the 1st one (91 - 91.50) is actually holding price for the past 6-8 bars/candles.

Practice further & discover the "beauty" of PPZs!
early this year, i just did.

Good luck!

Have u checked out james16 guest videos?

Hi Supreme

I can see the previous PPZ in sep, and oct,

i was trying to identify a price flip while it is happening, i think, that is the most challenging thing i have found so far.

i been through all the videos, i go through them at least once a month, ive been reading this thread as well, been following this thread from Page 1000,

am currently on page 502 of this thread, jeez its been a long way, only 498 pages to go till am fully ontop of this thread.

your help much appretiated

sohail
  • #33,052
  • Jun 10, 2009 9:39am Jun 10, 2009 9:39am
Hi,

This is my first post on this thread. I am attaching a chart for a short trade I did on Demo. Would appreciate your comments. Here are my reasons to go short on this trade.

1) Double Bar High Lower Close (7 Pips difference)

2) Price close to Daily 50% Fibonacci Retracement (Swing High July 15, 2008 & Low October 27, 2008).

3) Price only reached twice above 50% retracement. First time on December 18, 2008 touching 61.8 but closed with pinbar between 61.8 & 50 FIB. Second time on December 26, 2008 crossed 50% FIB but closed below with pinbar. As such I considered it as nice resistance.

4) After DBHLC, next bar retraced about 50% but I did not shorted there.

5) Shorted on next bar after price crossed DBHLC (Second Bar Low).

Would appreciate your comments on this trade.

Thanks,

Alifari
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The purpose of knowledge is action, not knowledge
  • #33,053
  • Jun 10, 2009 9:43am Jun 10, 2009 9:43am
Hey Alifari

Welcome to the thread. Few comments. Careful this is probably the most common mistake. This bar is actually only a TBH(two bar high - if 7pip difference is ok to you). For it to be a DBHLC, the close has to be LOWER then the previous bars LOW. How did you manage this trade? I will post a chart after to show where I see the trouble spots

Best
Mike

Quoting alifari
Hi,

This is my first post on this thread. I am attaching a chart for a short trade I did on Demo. Would appreciate your comments. Here are my reasons to go short on this trade.

1) Double Bar High Lower Close (7 Pips difference)

2) Price close to Daily 50% Fibonacci Retracement (Swing High July 15, 2008 & Low October 27, 2008).

3) Price only reached twice above 50% retracement. First time on December 18, 2008 touching 61.8 but closed with pinbar between 61.8 & 50 FIB. Second time on December 26, 2008 crossed 50% FIB but closed below with...
  • #33,054
  • Jun 10, 2009 9:45am Jun 10, 2009 9:45am
Quoting jplo

Do you think that having into account the previous weekly PB
That is exactly what is swaying me to think short ...
  • #33,055
  • Jun 10, 2009 10:00am Jun 10, 2009 10:00am
Quoting pipmyride
That is exactly what is swaying me to think short ...
And what about the today's candle?... It would be a valid PB for you?
  • #33,056
  • Jun 10, 2009 10:49am Jun 10, 2009 10:49am
Quoting mbqb11
Hey Alifari

Welcome to the thread. Few comments. Careful this is probably the most common mistake. This bar is actually only a TBH(two bar high - if 7pip difference is ok to you). For it to be a DBHLC, the close has to be LOWER then the previous bars LOW. How did you manage this trade? I will post a chart after to show where I see the trouble spots

Best
Mike
Hi Mike,

Thanks for your reply. I will keep this in mind for future trade. Luckily, this trade worked for me this time and I closed it at close of day for about 140 pips.

Thanks,

Alifari
The purpose of knowledge is action, not knowledge
  • #33,057
  • Jun 10, 2009 11:06am Jun 10, 2009 11:06am
wow what a good fred, loads to read through, i think mike, and james are the stars here, did i read wrong but the ryan man was being horrible a last year to return and trade the way he slated? just goes to show you the power of this fred and the great trader chicks with their mouths wide open can do. power to the weekly pin and dd!

keep up the good work guys and gals!
  • #33,058
  • Jun 10, 2009 11:26am Jun 10, 2009 11:26am
i have been a lurker for around 2 years and finally got on board!
I am very similar to you, small acc £500, alpari... find it hard to watch and trade virtual.. me thinks the time has come! to start small...build from there..

every journey begins with a single ....



Revstar


Quoting fat_tom
Thanks for your replies everyone.

supremeChaos - I really think mine is smaller than yours I have a £200 account with 100:1 leverage trading in 0.01 lots sizes... works out something like 6p a pip!!!!

Your right of course about letting 130 pips slip but then you do need to give the trade room to move about....
  • #33,059
  • Jun 10, 2009 12:00pm Jun 10, 2009 12:00pm
Any insight guys??
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  • #33,060
  • Jun 10, 2009 12:11pm Jun 10, 2009 12:11pm
we'll let you know once price actually gets there and does something =p

yes there is a ppz there, would i take it short on the weekly TF? probably not
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