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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

  • #37,041
  • Jul 9, 2009 9:50pm Jul 9, 2009 9:50pm
Quoting clockwork71
I do a lot of "work" on the meaning of bars.....beyond something as simple as a pinbar. (It must open and close within the bar before, etc....) I have found that most of what you need to do is this:

Notice what areas truly matter. Listen to those bars, they tell stories. I would suggest this trader is only partially correct. Exhaustion is exhaustion, no matter if your broker is CMT, EST, or Martian Time.

I would explain further, but that is probably beyond the scope of a posting on a thread.
Appreciate your insight clockwork! I really enjoy reading what you have written in posts here. It is invaluable the knowledge that you share here, and even more so on the PF with your videos, chats, etc.

I respect all you guys in this forum for what you do.

For all I know the trader I saw in the interview doesn't even trade his own money, and you guys have earned your stay here by the success you have had trading for yourself. That in and of itself means a lot.

Ross
  • #37,042
  • Jul 9, 2009 9:51pm Jul 9, 2009 9:51pm
Quoting clockwork71
All markets are the same. The only difference is tick value, and liquidity. If it's not as liquid, the solution is simple: try higher time frames.

Even the MXN/JPY can be played if you look out far enough.

Trading is easy. Don't let anyone tell you any different. In fact, once I got my head right.....I am finding it's much simpler than most other things I have tried.

CW
Higher time frames do Rule, that's for sure. Having more opportunities can fine tune your pickiness.

It can be tough how easy it can be.
(does that make sense, I can't believe I said that).

Thanks,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #37,043
  • Jul 9, 2009 9:54pm Jul 9, 2009 9:54pm
Quoting Bemac
CiNBSeen: Dateline Friday July 10 2009.
With great trepidation we report that DOW Futures Trading has been ceased.
Possible causes of this range from Neuclear Weapon tests in the Far East or Consumer Lack of Confidence in Mid Europe.
However, This reporter has it on good authority that James took a Holiday.
Stay tuned to be first in the loop of when he returns.

LOL B is on a roll tonight
  • #37,044
  • Jul 9, 2009 10:28pm Jul 9, 2009 10:28pm
Quoting Jduester
In your case, I think looking at a much lower timeframe will tell you how well it broke the PA. For example, you are looking to enter a pinbar 10 pips below a daily pin. So you put a line on your chart there. Then you look down at a 5 or 15 minute timeframe and find where it first crossed that line, thus electing/filling your order. Then you can look how the subsequent bars traded. Maybe they continued to run through the line 50 pips. But maybe they went through it by 10 pips and came right back...

Hope this answers your question. If not, please...
Many thanks Josh and Ilr. Your anwers were very clear.
  • #37,045
  • Jul 9, 2009 10:43pm Jul 9, 2009 10:43pm
Quoting jarroo
I guess my immediate prediction on Price of the Gbp/Jpy was not very insightful. (current Price is 152.00).

I better just stick to Price Action around highly confluenced areas.
lol. me too, but its not over till the fat lady sings !!
one green daily IB in 5 big red bars...it was bound to happen?? wonder where shell go now?
jon
PATIENCE... DISCIPLINE
  • #37,046
  • Jul 9, 2009 10:46pm Jul 9, 2009 10:46pm
Quoting rossbennett
Check out the moves these two "small crappy pin bars" caught and their associated risks. I posted the ones that were the big runners because they were easy to identify as I was going through my charts so take it for what it is (just 2 trades that worked). Nevertheless, I think this is intriguing and will defenitely be keeping statistics on these as I demo. Again, take it for what it is, don't trade every SCPB that comes and think you are going to catch these moves.

Ross
hi rossbennett, becarefull here mate, i think he only plays these crappy bars with the trend. im sure he'll correct me if im wrong though??
thats not to say they are not worth researching though.
jon
PATIENCE... DISCIPLINE
  • #37,047
  • Jul 9, 2009 10:50pm Jul 9, 2009 10:50pm
Quoting g_j_hook@yah
lol. me too, but its not over till the fat lady sings !!
one green daily IB in 5 big red bars...it was bound to happen?? wonder where shell go now?
jon

Intersting area of high confluence on the Gbp/Jpy 4 hour PB (IBFX feed) that some took yesterday. (I did not).
155.00, 150 ema and 61.8 fib. Not a bad target to shoot for.

And not a bad area to shoot down from.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #37,048
  • Edited 11:21pm Jul 9, 2009 11:00pm | Edited 11:21pm
Quoting jarroo
Intersting area of high confluence on the Gbp/Jpy 4 hour PB (IBFX feed) that some took yesterday. (I did not).
155.00, 150 ema and 61.8 fib. Not a bad target to shoot for.

And not a bad area to shoot down from.
Also, at a PPZ level on the Daily.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #37,049
  • Jul 9, 2009 11:05pm Jul 9, 2009 11:05pm
Quoting jarroo
Intersting area of high confluence on the Gbp/Jpy 4 hour PB (IBFX feed) that some took yesterday. (I did not).
155.00, 150 ema and 61.8 fib. Not a bad target to shoot for.

And not a bad area to shoot down from.
yeah, i didnt get the bars on either of my feeds or i might have been tempted??lol
i have the area you mention marked on my chart also but i find the level its at now interesting also. What do you think of the PPZ running back to 1994 and 2000!? the IB closed right in it. worth trading either way i feel?
cheers
jon
Attached Image(s) (click to enlarge)
Click to Enlarge Name: monthly.jpg Size: 101 KB
Click to Enlarge Name: daily.jpg Size: 86 KB
PATIENCE... DISCIPLINE
  • #37,050
  • Jul 9, 2009 11:05pm Jul 9, 2009 11:05pm
Quoting jarroo
Intersting area of high confluence on the Gbp/Jpy 4 hour PB (IBFX feed) that some took yesterday. (I did not).
155.00, 150 ema and 61.8 fib. Not a bad target to shoot for.

And not a bad area to shoot down from.

Case study Eur/Gbp:

http://www.forexfactory.com/showpost...ostcount=32317

http://www.forexfactory.com/showpost...ostcount=32408
Indicators show the past. Price Action "Indicates" the future.
  • #37,051
  • Jul 9, 2009 11:09pm Jul 9, 2009 11:09pm
similar story on the au/yen but a smaller stop
jon
Attached Image (click to enlarge)
Click to Enlarge Name: daily.jpg Size: 124 KB
PATIENCE... DISCIPLINE
  • #37,052
  • Jul 9, 2009 11:09pm Jul 9, 2009 11:09pm
I'm currently holding onto GBP/JPY shorts at 150.30 & 151.36....Think GBP/JPY will sink in London????

Quoting jarroo
Also, PPZ level on the Daily.
  • #37,053
  • Jul 9, 2009 11:13pm Jul 9, 2009 11:13pm
Quoting g_j_hook@yah
yeah, i didnt get the bars on either of my feeds or i might have been tempted??lol
i have the area you mention marked on my chart also but i find the level its at now interesting also. What do you think of the PPZ running back to 1994 and 2000!? the IB closed right in it. worth trading either way i feel?
cheers
jon
Its also a 2 Day PB (IBFX feed). Worth a hard break look for me.
Indicators show the past. Price Action "Indicates" the future.
  • #37,054
  • Jul 9, 2009 11:16pm Jul 9, 2009 11:16pm
Quoting dpmode
I'm currently holding onto GBP/JPY shorts at 150.30 & 151.36....Think GBP/JPY will sink in London????
What were those shorts based on? If I may ask.
Indicators show the past. Price Action "Indicates" the future.
  • #37,055
  • Jul 9, 2009 11:20pm Jul 9, 2009 11:20pm
Quoting StoragePro
I have been asked to do that in the past. Means I'm in trouble... again...
Nope. Just means I see you have been paying attention.
  • #37,056
  • Jul 9, 2009 11:33pm Jul 9, 2009 11:33pm
Quoting clockwork71
All markets are the same. The only difference is tick value, and liquidity. If it's not as liquid, the solution is simple: try higher time frames.

Even the MXN/JPY can be played if you look out far enough.

Trading is easy. Don't let anyone tell you any different. In fact, once I got my head right.....I am finding it's much simpler than most other things I have tried.

CW
i beg to differ..
have you read "The Outliers" by Malcom Gladwell?
well neither have i.. but one of the points he tries to make is the 10,000-hour-rule, meaning if you spend 10,000 hours at anything you are most likely going to get good at it..
forex is the same way i think. as with all things it requires practice practice and more practice.. it takes months or years to develop the psychology and discipline required to successfully trade consistently month after month, year after year. it is not developed overnight. or in a month.

everyone here says "trading is easy" yea sure its easy after you have years of experience, just like shooting a 3 pointer and making it is easy after you have practiced shooting 3s for five years and shot over 10,000 of them.
just like a doctor performing a surgery 100x, on his 101th time its easy.
anything is easy after a lot of practice..
  • #37,057
  • Jul 9, 2009 11:36pm Jul 9, 2009 11:36pm
Quoting jarroo
Its also a 2 Day PB (IBFX feed). Worth a hard break look for me.
This is the pin I am watching for too.

Stops are pretty huge though >:/

GBPJPY Daily pin (2d)
Nose to 146.76
Break at 152.35
Entry Target 152.45

Potential roadblocks: 152.84(ish) 200EMA
155.10 - big s/r ppz (daily), 61.8 retrace of last big move down

Potential stops:
149.90: r=255 - below big PPZ, 150.00 huge level, 38.2 retrace, H4 pin nose
149.40: r=305 - below 50% retrace
148.80: r=365 - below 61.8 retrace, H4 pin break, 23.6 retrace of last move
146.86: r=559 - below nose (10 pips)

Notes:
@1300: has retraced to the 23.6, formed a small crappy pin bar (scpb)
@1400: 1H pinbar broke north hard

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy d1.gif Size: 14 KB
When you have to shoot, shoot. Dont talk.
  • #37,058
  • Jul 9, 2009 11:38pm Jul 9, 2009 11:38pm
Quoting Bemac
Nope. Just means I see you have been paying attention.
Amazing what I missed in a day or two when I was away.

Bemac, SL in the house doing what we've been wishing they would do a lot more frequently. I wish I had caught it live.

Bemac,
Was expecting to see some of those martian posts from you but didn't see them. lol!

SL,
Thank you for those couple of "James like posts" They will remain in the highlights for months to come....unless you can drop bacj in to please us more.

Catch ya guys around,

Ghous.
I believe . . .
  • #37,059
  • Jul 9, 2009 11:41pm Jul 9, 2009 11:41pm
Quoting jarroo
What were those shorts based on? If I may ask.
Mmmm that would be nice, up to 155 and back again...
well an hours snooze for me
happy hunting
jon
PATIENCE... DISCIPLINE
  • #37,060
  • Jul 9, 2009 11:43pm Jul 9, 2009 11:43pm
Quoting dengzhi
i beg to differ..
have you read "The Outliers" by Malcom Gladwell?
well neither have i.. but one of the points he tries to make is the 10,000-hour-rule, meaning if you spend 10,000 hours at anything you are most likely going to get good at it..
forex is the same way i think. as with all things it requires practice practice and more practice.. it takes months or years to develop the psychology and discipline required to successfully trade consistently month after month, year after year. it is not developed overnight. or in a month.

everyone here...
Yes,

But in the context of your post nothing is simple then, because everything no matter how simple would require a skill to be mastered.

Perceiving the difficulty of the skill is up to you. So is waiting for an A+ trade at a prime location as Chris mentioned difficult? Your answer might differ from someone else's.

So in a nutshell of coarse trading is easy...when you know how to do it, just like everything else, and Chris was trying to outline this very thing.

Regards,
Ghous.
I believe . . .
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