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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

  • #33,981
  • Jun 19, 2009 4:40am Jun 19, 2009 4:40am
It's not just a phase.

We've ALL done it. You do have have WORK on it. So you may as well start now. lol

Not joking.

Quoting fat_tom
As some of you may know from my posts I'm trading on daily timeframes exclusively....
Bundy's status today: "Waiting..."
  • #33,982
  • Jun 19, 2009 4:47am Jun 19, 2009 4:47am
Quoting bundyraider
It's not just a phase.

We've ALL done it. You do have have WORK on it. So you may as well start now. lol

Not joking.
Ditto that Fat Tom. (no lol). lol
Indicators show the past. Price Action "Indicates" the future.
  • #33,983
  • Jun 19, 2009 4:50am Jun 19, 2009 4:50am
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
If I'm not mistaken, there's a post few hours ago by Jarroo regarding the shape of this PB in GBPJPY. Not a A+ PB, but the location of it is nice.

Daily : PB rejected by 200MA + PPZ + Fibo
http://i102.photobucket.com/albums/m...88/19junpb.gif

4H : Confluencing the breakout lvl, we got double IB in 4H
http://i102.photobucket.com/albums/m.../19junpb4h.gif

1H : Long when I have candle close confirmation. Profit 70 pips of it. Wouldn't let it run longer though. Perhaps it will reverse soon.
http://i102.photobucket.com/albums/m.../19junpb1h.gif


LSs
  • #33,984
  • Jun 19, 2009 4:56am Jun 19, 2009 4:56am
Quoting Bryan
Bad location? Looks like it has room to run with the bottom of the pin right on the 50ema.
Hi Bryan,

What Alm meant about the bad location was probably because while the pinbar itself is of great shape and has a real long nose, this is a more advanced way to trade PBs and would signal a breakout or continuation of trend, here in the J16 group we look for the best bullish PBs on swing lows or retracements, and bearish PBs on swing highs, therefore this PA (if you decided to trade it) is not recommended for beginners, it involves a thorough research and year long experience to be able to pick PAs like this to get the highest possible accuracy sniper trade we are always targeting in this thread.

IMO PPZ wise the Pinbar formed on a great place, bounced right from the strong weekly PPZ of 1.75, but the swing high itself would made me hesitate big time in trading the setup.

Hope that helps from a fellow newbie.

Marcel.
  • #33,985
  • Jun 19, 2009 4:57am Jun 19, 2009 4:57am
Quoting fat_tom
As some of you may know from my posts I'm trading on daily timeframes exclusively....
I second what others have written. It is something I and I know others struggle with... wasting time watching a daily/weekly trade on a smaller timeframe.
The only way I've been able to get around it is to 1) have something else to do whether that's working on trading stuff or away from your computer and 2) having your broker platform and charts minimized/closed.

But yes, it is tempting and it causes unneeded anxiety. At least it does when I do it.

Looks like some nice initial breaks on these setups from daily!

Josh
  • #33,986
  • Jun 19, 2009 4:58am Jun 19, 2009 4:58am
IB trade I posted earlier broke hard and did a re test like I expected. Hit first ppz and took a partial, hit second ppz and took another partial and now at break even +60 pips. Going to leave this remainder to see how it turns out. There's a good chance we could keep pushing lower to make a lower low at the trend line.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ibeuraud3.gif Size: 16 KB
Click to Enlarge Name: ibeuraud4.gif Size: 20 KB
  • #33,987
  • Jun 19, 2009 5:07am Jun 19, 2009 5:07am
Quoting jarroo
Nothing better then no draw down (ok, 1pip) after the break to confirm that the setup is correct. Daily PB in Blue

Nice.
JARROO! How many pips do you suggest as buffer for entry on these type of daily PB. What is the first target in your mind?
I used 9pips and the SL already at BE, looks like I will be stopped out. Thanks
ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #33,988
  • Jun 19, 2009 5:08am Jun 19, 2009 5:08am
Quoting LSs
If I'm not mistaken, there's a post few hours ago by Jarroo regarding the shape of this PB in GBPJPY. Not a A+ PB, but the location of it is nice.

Daily : PB rejected by 200MA + PPZ + Fibo
Hi LS, this is where our discretion as traders comes in, I'll rephrase what Jduester said awhile ago about his learning stages in this thread, he often post his favorite setups that will be validated by others, while at the same time, when he post his least favorite setups, some others might find them better than his so called "favorite best" setups.

It's all about trader personal preference, and we get it as our skill grow IMO, I'm just a newbie myself, but I get a lot of this examples from mike.

In my personal view, the PB is at so-so location PPZ wise, because it's on a minor daily PPZ, while I'm more leaned to look at weekly ones, and also, the nose doesn't protrudes far enough from the bar to the left, therefore my personal opinion is not to treat it as a great setup.
The great thing about the setup is of course it's with the trend, and fib confluence is great when you measure it from the last swing low and the swing low from 131.50, also it's off an ascending trendline (if you like trendlines)

Of course like Jacko said, I could be wrrroooongggg (he has to trademark that word or everyone will be using them)

It was a nice hard break congratulations on your trade analysis.

Just my opinion as a newbie.

Marcel.
  • #33,989
  • Jun 19, 2009 5:10am Jun 19, 2009 5:10am
Quote
I tell myself just to let it run and leave it alone.....
I hope the more experienced guys will tell me its just a phase and that I'll grow out of it!!!

fat_tom,
i agree with jarroo, Jduester.
another of bundyraider's golden bundy nuggets. Listen to him

Take it from an impulsively aggressive guy.
with james16 thread-invoked Patience, i'm now a less impulsively aggressive guy.
  • #33,990
  • Jun 19, 2009 5:12am Jun 19, 2009 5:12am
Quoting Almfx
JARROO! How many pips do you suggest as buffer for entry on these type of daily PB. What is the first target in your mind? Thanks
ALM
On the Daily I like 8 to 10 pips. We want the hard break to show or prove itself so the buffer can't be to small.

Targets: Previous bar Highs/Lows on the Daily look good. Previous bar Highs/Lows on the 8 hour and/or 4 hour for a more conservative approach.
Indicators show the past. Price Action "Indicates" the future.
  • #33,991
  • Jun 19, 2009 5:16am Jun 19, 2009 5:16am
Quoting supremeChaos
fat_tom,

Take it from an impulsively aggressive guy.
oh Come'on SC, It's just the way you view things , i.e your paradigm.

This would serve as an excellent reading through the weekend IMO

Enjoy the weekend people!

Marcel.
  • #33,992
  • Jun 19, 2009 5:20am Jun 19, 2009 5:20am
Quoting LSs
If I'm not mistaken, there's a post few hours ago by Jarroo regarding the shape of this PB in GBPJPY. Not a A+ PB, but the location of it is nice.
May not have been the best shape, but location was definately A+ and ....... WITH TREND

Working beautifully ... locked in 100+ at 159, if it gets past this congestion area then cha-ching !
  • #33,993
  • Jun 19, 2009 5:22am Jun 19, 2009 5:22am
Quoting jarroo
On the Daily I like 8 to 10 pips. We want the hard break to show or prove itself so the buffer can't be to small.

Targets: Previous bar Highs/Lows on the Daily look good. Previous bar Highs/Lows on the 8 hour and/or 4 hour for a more conservative approach.
Watch out... jarroo's not telling you everything... ask him about that voodoo spell he uses to determine the future.... the same thing that raczekfx uses... that's why they looked so cool.... >

Joking guys, we all know they're the product of years of practice and persistence .
  • #33,994
  • Jun 19, 2009 5:30am Jun 19, 2009 5:30am
[quote]oh Come'on SC, It's just the way you view things , i.e your paradigm.
This would serve as an excellent reading through the weekend IMO/QUOTE]

marcelnyo,
lol...
i should've said "idealistic" instead.
yes, i have read that book about 5-7 yrs ago.
Non-fiction books are my fave. I'm a non-certified psychologist, u see.
& i was referring mainly to trading with my post above.

thanks for your concern.
  • #33,995
  • Jun 19, 2009 5:38am Jun 19, 2009 5:38am
Quoting fat_tom
As some of you may know from my posts I'm trading on daily timeframes exclusively....
I completely identify with this Tom. I have even watched a weekly trade on the 15M TF.

People think that the practice period on daily and weekly is because the signals are more reliable and because the hurly burly of intraday needs more skill and discretion that comes from practice.

This is absolutely true. But IMO they key part of 3 months demo and further time going live on daily/weekly is patience.

Night after night of opening your charts seeing nothing and closing them. Day after day of watching people make hay on the intraday through the thread. It totally changes your trading mindset. You learn that trading is more about passing than actually taking trades, and you learn to watch less than perfect setups sail by, even when they go to the moon.

That is a skill that underpins absolutely everything else you do in this business. It's the good habits that provide the foundation for success. See how easy it will be to pass on hundreds of ify 4H pins if you're doing this now.

And as for watching the charts, I do it all the time. But why not try and wean yourself up? Look at them at every hourly close for example. And then work up to every 4h close.

It also depends on your style. If you're Mike you'll take a daily trade and move your stops at the end of each day. If you're Jim you're a daytrader off the daily chart and you'll be watching like a hawk at key levels. Jarroo too. You need to watch it regularly if you're looking for 30 pips off a hard break.

In my experience, everything in trading is a phase we move beyond. Which is why it's so important not to risk real money in the early phases. You're doing what we all did. That's another plug or reading this thread from the beginning. You get to see everyone's learning curve across the last 4 years.

Just some waking up thoughts. Hope they make sense.
  • #33,996
  • Jun 19, 2009 5:44am Jun 19, 2009 5:44am
[quote=TiaForex;2815554]I completely identify with this Tom. I have even watched a weekly trade on the 15M TF.

People think that the practice period on daily and weekly is because the signals are more reliable and because the hurly burly of intraday needs more skill and discretion that comes from practice.

This is absolutely true. But IMO they key part of 3 months demo and further time going live on daily/weekly is patience.

Night after night of opening your charts seeing nothing and closing them. Day after day of watching people make hay on the intraday through the thread. It totally changes your trading mindset. You learn that trading is more about passing than actually taking trades, and you learn to watch less than perfect setups sail by, even when they go to the moon.

That is a skill that underpins absolutely everything else you do in this business. It's the good habits that provide the foundation for success. See how easy it will be to pass on hundreds of ify 4H pins if you're doing this now.

And as for watching the charts, I....quote]

TiaForex and others,

Thanks for all this feedback... its not just me then...

I think I am gaining a little patience now but not nearly enough! it will come though I am sure... - I'll make sure it does!

I have to say I am very impressed with this forums attitude to newbs like myself - many other forums I have hung out on (Technical forums often as I'm an IT consultant) are less than patient with basic questions but here... wow... its just different...

Thanks to all for all comments on my previous posts!!!

Fat Tom
  • #33,997
  • Jun 19, 2009 6:01am Jun 19, 2009 6:01am
Quote
I have to say I am very impressed with this forum's attitude to newbs like myself - many other forums I have hung out on (Technical forums often as I'm an IT consultant) are less than patient with basic questions but here... wow... its just different...
Thanks to all for all comments on my previous posts!!!

fat_tom,
that's how forums should be, shouldn't they?
A forum is a place where u can exchange ideas, & expects questions & answers.
We all have to take part/are taking part in this forum, as members.
& we all have to pay it forward.
  • #33,998
  • Jun 19, 2009 6:08am Jun 19, 2009 6:08am
Hi all,

I'm new to the thread and have recently joined up James16 Group in order to try and improve my price action analysis and patience! Some great posts here and I've really learnt so much off you guys by silently watching already. Hope to contribute more.

I'm currently demoing and have a long way to go but have noticed a nice pinbar formed on AUDCHF 4H charts which has rebounded off a pivot zone. Looks like theres some good downside potential here and wanted to know people's views on this one. I might have some myself here.

Best trading to all.

http://img198.imageshack.us/img198/808/audchf.jpg
  • #33,999
  • Jun 19, 2009 6:24am Jun 19, 2009 6:24am
Just a heads up for those.

There is a possible pinbar forming on the usd/jpy 4hrs
Nose went through the 150 and 365ema and ppz.
lets see if the PB will hold in 35mins time
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 29 KB
  • #34,000
  • Jun 19, 2009 6:29am Jun 19, 2009 6:29am
Hi,

When looking for pivot point zones is it better to be looking at previous highs and lows (clear on a bar chart) or previous close levels (clearer on a candle chart)? Is one level likely to be stronger than the other?

Appreciate your input.

Thanks
Matt
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