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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

  • #35,781
  • Jul 1, 2009 5:07pm Jul 1, 2009 5:07pm
Quoting Jduester
Hey Headless,

I passed on this one and I'll explain why.

The question I ask myself is, "Why such a long lower tail?" Why couldn't price stay near those day lows? Well... it bounced off 1.62. If you strike a line right at 1.62, you may find it holds as a very good PPZ... Therefore, the price actually closed Above the PPZ, thus invalidating the setup for me, despite the nice touch of the downward trendline.

Good post Headless.

Just my 2.
Yep I agree and had decided not to take it myself. I ignored the fib level and redrew it like this:
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  • #35,782
  • Jul 1, 2009 5:10pm Jul 1, 2009 5:10pm
wow my first 4h demo trade was money. longed the fiber off the 1.400 PPZ, got stopped out on my 2nd lot....need to work on picking up on jarroo's right eye stop loss.
  • #35,783
  • Jul 1, 2009 5:15pm Jul 1, 2009 5:15pm
Quoting Jduester
Hey Headless,

I passed on this one and I'll explain why.

The question I ask myself is, "Why such a long lower tail?" Why couldn't price stay near those day lows? Well... it bounced off 1.62. If you strike a line right at 1.62, you may find it holds as a very good PPZ... Therefore, the price actually closed Above the PPZ, thus invalidating the setup for me, despite the nice touch of the downward trendline.

Good post Headless.

Just my 2.
Excellent Post Josh. Exactly how I Look at iffy bars. Plus if you have gone through the charts and had to pick a better xxx/cad bar,. the USD/CAD has a much better overall shape.

Mike
  • #35,784
  • Jul 1, 2009 5:18pm Jul 1, 2009 5:18pm
Quoting Basber
Hi Everyone,

Thanks To All Who Put Their Time And Effort To Help Traders In This Threat (Or Any Other ) It's Really A Great Stuff ...
I've Just Reading The Hole Threat ... Just Important Parts.
I Have A Question, Id This A Good Entry ? PB Formed, Left Eye Hit, And If There Was A Sell Stop Order, It Will Be Trigered ...

Regards,
Basber
Hey Basber,

Welcome Bud. Yes technically speak that bar is a pinbar, but the location and size of the bar is very poor. If you look to the left of that bar it has traffic everywhere. Meaning price is going to have a hard time to penetrate all that consolidation(traffic = congestion = messy). The size of the bar is also important to me. A big bar indicates a lot of "action". This is a very small bar, which could be nothing more then a small bounce. Finally along side the congestion we are trading right into a PPZ(this happens when a bar is in traffic), of the .8000 mark.

Hope that helps you
Mike
  • #35,785
  • Jul 1, 2009 5:29pm Jul 1, 2009 5:29pm
Happy Canada Day! Woohoo I have the day off so I have some time to post

Concerning the EUR/CAD, I actually like this setup. It's at a swing high and weekly ppz. You can even say it's smack between the 50 and 61.8 fib retrace of the last swing for extra confluence. There is also ample space for it to run. However, having said that, You would want a clean break of the minor ppz at 1.62 and be cautious of the bid rate and ECB news conference tomorrow. You never know what you're gonna get with Central Banks.

I'd love to stay and chat some more, but I gotta run. It's gorgeous outside and I wanna enjoy it! I'll post some charts if I have time tonight. Have a great day everyone!
  • #35,786
  • Jul 1, 2009 5:35pm Jul 1, 2009 5:35pm
For anyone still in this trade, 1.89 could be an area it may pause at..

But i have half off and the rest to breakeven

Nice and simple
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  • #35,787
  • Jul 1, 2009 5:37pm Jul 1, 2009 5:37pm
Quoting Ryanmcd
I can give you some hints, 1st thing, remove ALL signs of money from your charts, no % gained no $$$ amounts anywhere. It used to freak me out but now I watch the charts and price and tell myself I am only paper trading it and it's only paper.... Because it really is just that LOL
hints are always appreciated...
that's a good idea, I'll do it with my next chart I post.
  • #35,788
  • Jul 1, 2009 5:38pm Jul 1, 2009 5:38pm
I feel this method of trading is very discretionary. Entry is based on the traders' perception of the price action bar, location, and however many other factors. Exit might or might not be discretionary.

Jduester,

I hope that you don't mind if I piggyback on part of your statement... Considering the different closing of candle/bars that we get from brokers..... which 4hr candle closing would be generally better for the execution of James16 method during the London/NY session? ODL's Gmt or FXPRO's GMT+3? It just seems to me that the difference between these closing times affects our decision as to the quality of a PB (for example) and how price action is represented within the candles/bars. I apologize if some or most of you feel that this is a moot point..."just trade what you see" yet it has been my experience that because of this issue we don't see or trade the same pinbars or situations. I guess this is part of the discretionary aspects of any method.


Unus pro omnibus, omnes pro uno
  • #35,789
  • Jul 1, 2009 5:40pm Jul 1, 2009 5:40pm
Quoting billye
do you have a explanation why oil drops back to yesterday's point after inventry today? I don't see anything very bad...
I have no idea, it just got to a point where my system gave me 'all go' signal.
What happened after is an added bonus. I can only speculate that someone in power wants oil to stay below 70 and ideally around $55 level. Anything above it will cause inflation to jump and eventually kill fragile economy, but these are just my thoughts.

Quoting sertio
Hi rac

There are rumours that the Chinese have asked the G8 to discuss the issue of new global reserve currency
I've heard that, but the truth is that chinese are married to $$$ for many more years to come. They also stuck with buying US debt, so any new global reserve currency will hurt them very, very badly. Whether we like it or not, US$ will remain global currency for years to come, but if you hear a rumor like that in the future, you can temporarily use is as an advantage.
  • #35,790
  • Jul 1, 2009 5:41pm Jul 1, 2009 5:41pm
Quoting Jduester
Hey Headless,

I passed on this one and I'll explain why.

The question I ask myself is, "Why such a long lower tail?" Why couldn't price stay near those day lows? Well... it bounced off 1.62. If you strike a line right at 1.62, you may find it holds as a very good PPZ... Therefore, the price actually closed Above the PPZ, thus invalidating the setup for me, despite the nice touch of the downward trendline.

Good post Headless.

Just my 2.
I have been looking for an invitation to go short on this pair at about 1.633. Price has not reached that area as of yet. I have some cool confluence there just not clear cut PA giving me the wink. My daily has not closed yet. If it ends up with a strong bearish bar (stronger than what this chart shows) I'll look for an entry and TP.

K.I.S.S.
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  • #35,791
  • Jul 1, 2009 5:42pm Jul 1, 2009 5:42pm
Quoting mbqb11
Hey Basber,

Welcome Bud. Yes technically speak that bar is a pinbar, but the location and size of the bar is very poor. If you look to the left of that bar it has traffic everywhere. Meaning price is going to have a hard time to penetrate all that consolidation(traffic = congestion = messy). The size of the bar is also important to me. A big bar indicates a lot of "action". This is a very small bar, which could be nothing more then a small bounce. Finally along side the congestion we are trading right into a PPZ(this happens when a bar is in...
Thank You For Your Time And Support

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #35,792
  • Jul 1, 2009 5:42pm Jul 1, 2009 5:42pm
Quoting sir6
Happy Canada Day! Woohoo I have the day off so I have some time to post

Concerning the EUR/CAD, I actually like this setup. It's at a swing high and weekly ppz. You can even say it's smack between the 50 and 61.8 fib retrace of the last swing for extra confluence. There is also ample space for it to run. However, having said that, You would want a clean break of the minor ppz at 1.62 and be cautious of the bid rate and ECB news conference tomorrow. You never know what you're gonna get with Central Banks.

I'd love to stay and chat...
AUD/CAD has the most space, technically isn't a BEOB but within 2 pips to make a DBHLC. Also has some bearish divergence. First trouble area is 29 pips from the bottom of the bar. 94 PPZ has acted pretty well in the past.
  • #35,793
  • Jul 1, 2009 5:49pm Jul 1, 2009 5:49pm
Quoting raczekfx
got my PA....
and.. kaboom
Let's see if we can get 68.80 later today..
At the same time I also sold dj (it reached my sell zone).. and few others on which I won't comment for now.
Stop was few points above previous swing high.
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  • #35,794
  • Jul 1, 2009 5:57pm Jul 1, 2009 5:57pm
Anyone notice the monthly dow chart?
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  • #35,795
  • Jul 1, 2009 6:36pm Jul 1, 2009 6:36pm
Quoting mbqb11
Excellent Post Josh. Exactly how I Look at iffy bars. Plus if you have gone through the charts and had to pick a better xxx/cad bar,. the USD/CAD has a much better overall shape.

Mike
U/Cs the only one that's got my ears pricked up, but dang it, would be nice to have a cleaner entry proposition. Most the time you get it, but most pairs are untidy at the minute to me.

On 4 hour , even without pulling up a MACD or something, i can see there is obvious Duh-vergence.

(Pink "untidy level" PPZ line is current 365 on the daily too. A good thing.)

I'm guessing PA off of the Pink PPZ line/area (daily 365), but it will wanna be pretty good. I'll take poorer PA off of the small boxed area possibly if it gets there.

Waiting for now.
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Bundy's status today: "Waiting..."
  • #35,796
  • Jul 1, 2009 6:54pm Jul 1, 2009 6:54pm
Quoting moneda

I hope that you don't mind if I piggyback on part of your statement... Considering the different closing of candle/bars that we get from brokers..... which 4hr candle closing would be generally better for the execution of James16 method during the London/NY session? ODL's Gmt or FXPRO's GMT+3
I'm going to go out on a limb here and say FXPRO. As much as I believe in trade what you see, at this time of year NY close charts rule. ...For whatever reason. The 4 hour signals just seem more powerful.

I'm just about convinced now that everyone trying to learn here should get an FXPRO demo going. At the very least, just as an alternative to their other charting. You can still execute your trade wherever.
Bundy's status today: "Waiting..."
  • #35,797
  • Jul 1, 2009 7:15pm Jul 1, 2009 7:15pm
Quoting Jduester
This post is not directed to you Ryan, as I'm sure you know all of this (although you may not agree with it). This is more just how I have my trading strategy.
I have a different opinion on this subject. I feel this method of trading is very discretionary. Entry is based on the traders' perception of the price action bar, location, and however many other factors. Exit might or might not be discretionary.
If I have even 5 straight losses, I feel pretty confident that I'VE changed my discretionary entry, and that the losses aren't from the randomness...

That is true, what happens is someone starts with a good system, they make a few great trades, start thinking about a new car, new house all this great stuff. Then they lose, the next thing they do is lose a few more times, next up NEW SYSTEM TO TRADE, that is where people fail. I have had about 12 losses in a row it was just a bad run and happens on the 5min, may happen on the 4hr not sure yet, but I also had a run over 40 wins in a row. It's all odds you do not know when you will get a run good or bad but after 10,000+ trades I know it can and will happen just like flipping a coin or one time when I was watching roulette and it hit black *17* times in a row! Does that happen much, nope but I will tell you it blew away LOTS of people playing that where thinking that the odds get better per spin but they forgot it really RESETS the odds each spin just like a trade
Keep taking CT trades, I need more money
  • #35,798
  • Jul 1, 2009 7:16pm Jul 1, 2009 7:16pm
Quoting raczekfx
hints are always appreciated...
that's a good idea, I'll do it with my next chart I post.

lol not the charts take it off whoever you trade with, so you dont see a gain or loss unless you count where you entered and then add it up, I never have done that prob too lazy
Keep taking CT trades, I need more money
  • #35,799
  • Jul 1, 2009 7:21pm Jul 1, 2009 7:21pm
Quote
(traffic = congestion = messy).

thanks for the helpful post mike. i thought traffic meant alot of previous bar lows or highs.

so my newb question is than, is space the opposite of traffic? in that the candle has room to move before hitting a ppz and stalling or reversing.

please forgive me if this has been asked a million times already im currently working my way through the whole thread + pf. its alot of material

thanks, john
  • #35,800
  • Jul 1, 2009 7:25pm Jul 1, 2009 7:25pm
lol i have been wondering that same questions good think u asked
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