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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

  • #33,861
  • Jun 18, 2009 12:04pm Jun 18, 2009 12:04pm
Quoting jarroo
No, it's technically Pin Bar TN. The open and close are within the previous bar. Having a close lower then the open is preferred on a bearish PB, but not a game stopper.

Thanks for the clarification. I spotted this one earlier but like I said, I passed on it because I thought it wasn't a proper PB. Next time, I'll be ready to pull the trigger
  • #33,862
  • Jun 18, 2009 12:09pm Jun 18, 2009 12:09pm
Quoting TotalNewbie
Just had my first major H4 success. SL locked in behind 61.8% fib.
Very Nice TN. We're going to soon change your username from TN to OP. (Old Pro). lol
Indicators show the past. Price Action "Indicates" the future.
  • #33,863
  • Jun 18, 2009 12:11pm Jun 18, 2009 12:11pm
Quoting jarroo
Very Nice TN. We're going to soon change your username from TN to OP. (Old Pro). lol

  • #33,864
  • Jun 18, 2009 12:14pm Jun 18, 2009 12:14pm
Quoting marcelnyo
That's the spirit tom, and IMO the most correct path to take it, step by step, and I can assure you mike's mentoring will be one of the most valuable nugget you can find here in J16 thread, both technically, learning curve wise, and psychologically, there's a reason they made him the J16 Beginner Tutor, it's his unique quality of deeply understanding, and the most sincere way to write down the most easily interpretable information for us as newbies in this business.

When I write that about mike... I start to think about Aaron (TiaForex), too,...
Thanks Marcel & Mike! much appreciated I'm on the right track...

Think it was mentioned earlier but this looks (in my humble opinion) like a viable trade

anyone else considering a long entry just above the pin on this one?

thanks all!!!

Fat Tom
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  • #33,865
  • Jun 18, 2009 12:20pm Jun 18, 2009 12:20pm
Quoting fat_tom
Thanks Marcel & Mike! much appreciated I'm on the right track...

Think it was mentioned earlier but this looks (in my humble opinion) like a viable trade

anyone else considering a long entry just above the pin on this one?

thanks all!!!

Fat Tom
Just a small note about this. Even though still a lot of time left here. This is not the traditional place we look for Bullish pins. Note that this pin is at a swing high, and we would want it at a swing low. IMO this is what I would consider a breakout pin, as you are trading it as part of a breakout pullback type play. So the traditional place that we want to look for bullish pins are swing lows points. Again when you play them at swing high points like this, you have to watch b/c you are trading right into a previous "high" and could bounce your bar back very close by. So I prefer to look at these as breakouts when they line up like this.

Just a few thoughts
Mike
  • #33,866
  • Jun 18, 2009 12:24pm Jun 18, 2009 12:24pm
Quoting mbqb11
Awesome Tom, most just can not shake that need to trade, and won't listen. It takes a few hard smacks on the ass before they realize James knows what he is talking about and then they do it the easier way.

You might never ever want to move to the lower timeframes. Many don't. Nothing wrong with that! The process is that after you can learn to trade the higher timeframes with confidence and consistency. You can then move down to say the 4hr/1hr if that is your desire for more opportunities and put it through the same process that got you to be...
I think he said the same thing to me years ago. lol

I get PMs all the time from people asking how they can improve and get better with Price Action the J16 way. Listening and acting on the advise and guidance from Mike is the best way to go.
Indicators show the past. Price Action "Indicates" the future.
  • #33,867
  • Jun 18, 2009 12:30pm Jun 18, 2009 12:30pm
Quoting mbqb11
Just a small note about this. Even though still a lot of time left here. This is not the traditional place we look for Bullish pins. Note that this pin is at a swing high, and we would want it at a swing low. IMO this is what I would consider a breakout pin, as you are trading it as part of a breakout pullback type play. So the traditional place that we want to look for bullish pins are swing lows points. Again when you play them at swing high points like this, you have to watch b/c you are trading right into a previous "high" and could bounce...
Mike,

Thanks very much for this... what you have said makes so much sense... just a shame I couldn't see it with my own eyes!!!

Nice I can 'borrow' yours from time to time

Thanks again

Fat Tom
  • #33,868
  • Jun 18, 2009 12:31pm Jun 18, 2009 12:31pm
Quoting jarroo
Hey squeezy. My PPZs seem to match yours just fine.

The green area on the 4 hour Eur/Gbp PB is a target. Taking some off the table here is a good decsion. Price is runnnig through it, so any sign of pull back and the 1st half is banked. We could be heading for .8500.
1st silly question J, hw many pips below the pin did u use
i used 10, but it looked kind of far from the pin and about 10 pip or so from 1st trouble area
i ended closing 1st half for 7pips or so, moved sl to -33 pips away....now at be after convincingly breaking 1st trouble area....sure u took 30 pips on the 1st half....thinking of holding this trade based on the pin forming on the daily...
wat do u think
still in usdcad wit drawdown, didnt reach my 30 pips tp on 1st half....reduced my risk to right eye area, waitng to see hw the bar closes
Simplicity is the key to success
  • #33,869
  • Jun 18, 2009 12:37pm Jun 18, 2009 12:37pm
Here you go.

entry 6352 (fibs/ppz confl)
stopped out @ 6393.

Next logical stop would've been above 6470 (above 1hr pb), but it was too high for my liking.

Now, that I'm out, just watch the cable fall and break today's low in the next 48hrs..lol
.
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  • #33,870
  • Jun 18, 2009 12:38pm Jun 18, 2009 12:38pm
Quoting jarroo
I think he said the same thing to me years ago. lol

I get PMs all the time from people asking how they can improve and get better with Price Action the J16 way. Listening and acting on the advise and guidance from Mike is the best way to go.
It is a funny thing - we can hear all day long from those who have traveled the road, but geeze, how many actually *listen* - not many ever do. Those that eventually listen tend to need a good beating or two to get the ears turned on for real.

It makes me think that we never really 'grow up', that we remain in the teenage syndrome forever. You know how it goes, Mom and Dad suddenly become stupid control freaks and we know better for ourselves. Ultimately we get burned often enough, or badly enough to realize that they were not joking.

Fast forward to Jim etc going on and on about the simplicity of all of this when we simply focus on taking the best setups. But what do nearly all of us do? We know better for ourselves and it will be different for me... then we get burned over and over again, finally slinking home to really start tot listen - or we are out forever.

Which reminds me - Look, a Pin bar! Yeah, I see the resistance right in front of it, but this is a PB and it will be different for me... I just love PB's. > singe <
I'm pretty much done with all this ...
  • #33,871
  • Jun 18, 2009 12:45pm Jun 18, 2009 12:45pm
Quoting squeezy
, are you in usdcad ....jst got triggered
I took 23 pips on the 1st half and stopped out on 2nd half.

If this was a A+ PB I may give it more leeway. I know . ."Why are you taking anything less jarroo?" I put this one in the A catagory and I manage it very carfully. It better run hard or I'm out.
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Indicators show the past. Price Action "Indicates" the future.
  • #33,872
  • Jun 18, 2009 12:45pm Jun 18, 2009 12:45pm
Quoting raczekfx
Here you go.

entry 6352 (fibs/ppz confl)
stopped out @ 6393.

Next logical stop would've been above 6470 (above 1hr pb), but it was too high for my liking.

Now, that I'm out, just watch the cable fall and break today's low in the next 48hrs..lol
.
Hey Boss - I've a question and observation. I do not do the blind entry - working on what works for me still.

For that particular trade I saw it too, but passed because the PPZ was not what I consider 'sharply defined' nor did I see a 'habit' of neatly bouncing off of it.

As far as PPZ characteristics go, and PA around them, do you look for certain things? Kind of like picking a wife - she gotta have a nice smile. She gotta have money. She gotta have a big car. She gotta have... ?

What she gotta have for you?
I'm pretty much done with all this ...
  • #33,873
  • Jun 18, 2009 12:51pm Jun 18, 2009 12:51pm
Jaroo,

I also took this, it was hard for me to take to because it was sub A+, but I did the same thing/ managed it carefully & put stups to BE after 20 pips. Got stopped out but wanted to be in in case it ran down.

I need to be more careful with these but knowing this material really puts you in the position of knowing what price will most liekly do it is great!



Quoting jarroo
I took 23 pips on the 1st half and stopped out on 2nd half.

If this was a A+ PB I may give it more leeway. I know . ."Why are you taking anything less jarroo?" I put this one in the A catagory and I manage it very carfully. It better run hard or I'm out.
  • #33,874
  • Jun 18, 2009 12:53pm Jun 18, 2009 12:53pm
Quoting StoragePro
It is a funny thing - we can hear all day long from those who have traveled the road, but geeze, how many actually *listen* - not many ever do. Those that eventually listen tend to need a good beating or two to get the ears turned on for real.

It makes me think that we never really 'grow up', that we remain in the teenage syndrome forever. You know how it goes, Mom and Dad suddenly become stupid control freaks and we know better for ourselves. Ultimately we get burned often enough, or badly enough to realize that they were not joking.

Fast forward...

Great post StoragePro. lol. Sadly that's how we learn sometime. Once bitten, twice shy. Or 10 times bitten, never shy. lol

I should have highlighted and put in bold the key works . ." acting on the advise and guidance from Mike is the best way to go."
Indicators show the past. Price Action "Indicates" the future.
  • #33,875
  • Jun 18, 2009 12:54pm Jun 18, 2009 12:54pm
Nice pin bar forming on Eur/Gbp on the daily, i see some of u are in on the 4 hr, might be worth setting an entry order after the bar closes ?
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  • #33,876
  • Jun 18, 2009 12:57pm Jun 18, 2009 12:57pm
Quoting StoragePro

As far as PPZ characteristics go, and PA around them, do you look for certain things?
Yes.

1. I have established 300ps range
2. Looked at two consecutive Beovb setups over the last 48hrs.
3. those 2 bearish bars (especially the last one - its size and momentum) sold me a hint that temp top has been established and it would be safe playing a retrace for another test of lower range.
I'm pretty sure, If I had a 120ps stop, I would not be taken out, since I still see that ship tanking in the near future (perhaps even tonight....)
Onto the next one...

.
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  • #33,877
  • Jun 18, 2009 12:58pm Jun 18, 2009 12:58pm
Quoting dmc
Jaroo,

I also took this, it was hard for me to take to because it was sub A+, but I did the same thing/ managed it carefully & put stups to BE after 20 pips. Got stopped out but wanted to be in in case it ran down.

I need to be more careful with these but knowing this material really puts you in the position of knowing what price will most liekly do it is great!

You got it. This is it. Right here dmc. Wait until you get stopped out to the pip and then it runs 300 pips. When this happens, it means you have arrived.

Great job.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #33,878
  • Jun 18, 2009 1:01pm Jun 18, 2009 1:01pm
Quoting dmc
Jaroo,

I also took this, it was hard for me to take to because it was sub A+, but I did the same thing/ managed it carefully & put stups to BE after 20 pips. Got stopped out but wanted to be in in case it ran down.

I need to be more careful with these but knowing this material really puts you in the position of knowing what price will most liekly do it is great!
Hello Run -

For those who can sit by and manage the trade, it was doable. I could not do that today, so I sits on the sidelines, and wait...

Tell you what, watching PB's like that one do precisely what I suspect they will do is oddly gratifying. Kind of like watching the Yankees lose is gratifying to a Red Sox fan...
I'm pretty much done with all this ...
  • #33,879
  • Jun 18, 2009 1:07pm Jun 18, 2009 1:07pm
Quoting raczekfx
missed my limit by 4 or 5 pips last night. I have moved it a bit higher since.

.
my limit didn't get hit and I pulled the trigger manually.
Just closed this trade as it approached support @ 3886. I will reevaluate fiber later. You know my bias anyways...lol

Ok.. enough posting for some time. Need to concentrate more on trading.
see you in a bit.

.
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  • #33,880
  • Jun 18, 2009 1:07pm Jun 18, 2009 1:07pm
If I couldnt be by my computer I definitely wouldnt have taken it, the Break even expert is great! and knowing where to set to break even is very gratifying indeed, it is odd even though I didnt profit from it.

Also you need to take it easy with the Boston references, I am from New Jersey and work in NY and I just finished school up in the Bronx. Guess what type of fan I am???? Or else! Haha. Thanks for your insight



Quoting StoragePro
Hello Run -

For those who can sit by and manage the trade, it was doable. I could not do that today, so I sits on the sidelines, and wait...

Tell you what, watching PB's like that one do precisely what I suspect they will do is oddly gratifying. Kind of like watching the Yankees lose is gratifying to a Red Sox fan...
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