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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

  • #37,961
  • Jul 19, 2009 10:01am Jul 19, 2009 10:01am
Quoting g_j_hook@yah
hi KissFan, when a bar like this forms in the last few hours of trading do you see the significance of the bar as different from any other?? i am always wary of trading these bars when the market opens again??
cheers
jon
To be clear, are you asking about a Friday bar?

K.I.S.S.
  • #37,962
  • Jul 19, 2009 10:05am Jul 19, 2009 10:05am
Quoting albchr
DON'T Jon, PLEASE! Keeping your risk low and manageable is the only "smart" way to survive this business long term. Yes, I've done well, (FOR A MONTH). Even if I'm here in a year and still doing well, I'd probably chalk it up more to LUCK than anything else. If I didn't have to trade this way, I DEFINITELY wouldn't.

No problem as long as they're going my way...LOL If not, they're dead FAST.

I look for the "bigger" runners and always mark my targets, take a portion at those targets and move my stop to a no loss trade quickly. If I'm confident...
cheers lol, dont worry i was talking about 3-5%, that is a large risk for me!!! haha
But no i am getting on top of the issues without having to do anything drastic.
its just so annoying when i give back wot i made with a dumb ass trade!! hehe
thanx
jon
PATIENCE... DISCIPLINE
  • #37,963
  • Jul 19, 2009 10:08am Jul 19, 2009 10:08am
Quoting g_j_hook@yah
hi KissFan, when a bar like this forms in the last few hours of trading do you see the significance of the bar as different from any other?? i am always wary of trading these bars when the market opens again??
cheers
jon
Hook-

I’m ok with trading them as long as the Sunday throw away bar looks as insignificant as it usually does. However,for example------ if the Sunday bar (that I usually ignore) gaps or ranges to the point that it breaks a pin, then I will disqualify the trade (if less than daily TF). If the pin or other PA set up is on daily TF I will wait for a retrace based on fibs. I know that’s a PA specific and Sunday bar general kind of answer but I wanted to get back to you before I went out with the folks for the day. I’d like to hear from Mike or Bundy on this as well as they may have some commentary on Friday PA that I haven’t thought of. More when I get back.

K.I.S.S.
  • #37,964
  • Jul 19, 2009 10:13am Jul 19, 2009 10:13am
Quoting g_j_hook@yah
cheers lol, dont worry i was talking about 3-5%, that is a large risk for me!!! haha
But no i am getting on top of the issues without having to do anything drastic.
its just so annoying when i give back wot i made with a dumb ass trade!! hehe
thanx
jon

Ok buddy........you had me worried there!
Ghost Rider - WWTBMD?
  • #37,965
  • Jul 19, 2009 10:41am Jul 19, 2009 10:41am
Yes good thread.
Just a boy playing with big bars.
  • #37,966
  • Jul 19, 2009 10:55am Jul 19, 2009 10:55am
Quoting tac
Ill be trading the daily charts for the next 3 months (at least)....
Firstly none of the approaches are wrong.

They say 'The path to successful forex trading is indeed a lonely one'

The answer to most of your questions lie within you.

I personally Like and use the 2nd approach. It's a good way to keep you trim and tidy of which I am a big fan, but again that's just me and you could be different.

I see it in your sig...'I do it and I understand'...a great advice! Just follow it Bro,

The best way to find the answer to your question is to try both of these and see which suits you.

Regards,
Ghous.
I believe . . .
  • #37,967
  • Jul 19, 2009 10:58am Jul 19, 2009 10:58am
Quoting KissFan
Hook-

[font=Calibri][size=3]I’m ok with trading them as long as the Sunday throw away bar looks as insignificant as it usually does....
cheers, good answer. i think i might go back and backtest these bars to see how they preformed in past. i think a plan is necsesary.
cheers
jon
p.s. have a good day with the folks ole bean.

Quote
Ok buddy....http://www.forexfactory.com/images/s...im/whew%21.gif....you had me worried there!
hehe sos.
jon
PATIENCE... DISCIPLINE
  • #37,968
  • Edited 11:28am Jul 19, 2009 11:12am | Edited 11:28am
We have this Daily IPB on NZD/USD.
If the Price breaches the 0,6400 and the low of the IPB we have a good signal to short the pair.

On H4 we have a fine PB that confirmed the IBP on the Daily, but don´t enter at the break low of this PB because it´s above the 0,6400and the 61.8 Fib.
Wait and be patiently for the break of the level and the low of the Daily IPB.

Hope i anlayze this correctly, we´ll see.

It´s only my view .


Trade well

Martin
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZD-USD_D1_19july.jpg Size: 110 KB
Click to Enlarge Name: NZD-USD_H4_19july.jpg Size: 99 KB
Trade well and many pips to all. Martin
  • #37,969
  • Jul 19, 2009 11:17am Jul 19, 2009 11:17am
hey Ghous, wot do you think about these 2 ghous bars on the eu/yen??

cheers
jon
Attached Image (click to enlarge)
Click to Enlarge Name: daily.jpg Size: 109 KB
PATIENCE... DISCIPLINE
  • #37,970
  • Edited 11:41am Jul 19, 2009 11:28am | Edited 11:41am
Quoting g_j_hook@yah
hey Ghous, wot do you think about these 2 ghous bars on the eu/yen??

cheers
jon

OK, let me ask before Ghous answers. See this is a perfect example of what I meant by being mystified about these bars.

Since both of them were unable to break (close) the previous bar, and with everything else you mentioned, this would be a shot at a short? Or because buyers were able to push them back up after a series of bullish climbs in previous days, a long? My thinking is this is a nice retrace and a shot at going short.

Geezzz SO much to learn....
Ghost Rider - WWTBMD?
  • #37,971
  • Jul 19, 2009 11:48am Jul 19, 2009 11:48am
Quoting ghous
Firstly none of the approaches are wrong.

They say 'The path to successful forex trading is indeed a lonely one'

The answer to most of your questions lie within you.

I personally Like and use the 2nd approach. It's a good way to keep you trim and tidy of which I am a big fan, but again that's just me and you could be different.

I see it in your sig...'I do it and I understand'...a great advice! Just follow it Bro,

The best way to find the answer to your question is to try both of these and see which suits you....
Thanks Ghous, I agree you have to find your own way of doing this using the great advice and studying the charts.

I spent all afternoon playing with the charts and I came to the realisation that most ppz or s/r are at round numbers, ive added a round number indicator and will be using that along with ma/fib for confluence. Ill be looking for good bars at swing high/lows with confluence. I know Jim advises the daily and I said ill be sticking to daily, but i'll focusing on the 4 hour as I feel more comfortable there (will be on tiny account first). Im not new to PA and SR just to James16 so ill see how it goes.

Regards

Tac
I hear and I forget. I see and I remember. I do and I understand.
  • #37,972
  • Edited 12:07pm Jul 19, 2009 11:52am | Edited 12:07pm
Quoting forexngo
Hey Ghous,

Finding your chart is so nice & clear..so i am aping setting up my chart to yours
In my chart..i see the IPB is better that not much choppy with whippy tails. And i found the weekly support and 50% fibo, plus trendline...as a strong confluence. But what i am confusing is that the price now is completed F Wave of Inversed Flag Pattern...so it may break at this point?

i am finding this J16 method is the great and sticking to play this price of action as the best method...but, to be honest...i am still confusing on how...
I see what you're talking abt,

Firstly we're not dealing with a holy grail...

Get this straight as an arrow...no space for any variables or exceptions of any degree sort or class...just a flat simple fact.

So when you cannot expect to win 100% of the times, and losses are inevitable, it's always a good idea to greet them well and learn to accommodate them amongst your winners that make you proud.

All that you've got to do is to clearly outline the confluence sources, and trade good obvious locations and PA bars most conservatively i.e with a stop loss above/below the PA bar and let price do it's thing...

Abt the "huge" stop loss thing....it stops worrying you when you stop looking at it as a 150 pip stop. If the 150 pips make up 2-3% of your account and you look at it like this would you still worry?

Just focus on good bars at good locations concentrating your efforts on higher time frames, fill up any gap left with good sensible money management and you're on your way.

PS try to keep your studies based strictly off Price Action and support and resistance. Price patterns and wave formations are both entire methods on their own and you're probably stretching it a little too much by trying to include these in your analysis, not putting a question mark on these methods but keeping it simple...as simple as possible for at least the first few months is a paramount factor to your long term success with this method.

All the best Bro,

Regards,
Ghous.
I believe . . .
  • #37,973
  • Jul 19, 2009 11:54am Jul 19, 2009 11:54am
Quoting tac
Anyone watching the Open? Its only 50 miles from where i live, would be good to see Watson win at his age.
Well hes 1 up with 2 to play, just about 60 years old as well!
I hear and I forget. I see and I remember. I do and I understand.
  • #37,974
  • Jul 19, 2009 11:56am Jul 19, 2009 11:56am
Quoting g_j_hook@yah
hey Ghous, wot do you think about these 2 ghous bars on the eu/yen??

cheers
jon
Was abt to post that as a potential setup Jon,

Looks good with all the supporting confluences

Cj is another beautiful sight.

Regards,
Ghous.
Attached Image
I believe . . .
  • #37,975
  • Jul 19, 2009 12:00pm Jul 19, 2009 12:00pm
Quoting albchr
OK, let me ask before Ghous answers. See this is a perfect example of what I meant by being mystified about these bars.

Since both of them were unable to break (close) the previous bar, and with everything else you mentioned, this would be a shot at a short? Or because buyers were able to push them back up after a series of bullish climbs in previous days, a long? My thinking is this is a nice retrace and a shot at going short.

Geezzz SO much to learn....
I am looking at it as a short for sure.

This is just like dealing with a 2 bar pin bar or any other PA bar. so when a pin bar occurs after a pin bar it is only considered a 2 bar pin bar and does not loose it's authenticity, same goes for an IPB.

@TAC

IPB would be an inverted pin bar not an inside pin bar.

Regards,
Ghous.
I believe . . .
  • #37,976
  • Jul 19, 2009 12:05pm Jul 19, 2009 12:05pm
Quoting pipmax
We have this Daily IPB on NZD/USD.
If the Price breaches the 0,6400 and the low of the IPB we have a good signal to short the pair.

On H4 we have a fine PB that confirmed the IBP on the Daily, but don´t enter at the break low of this PB because it´s above the 0,6400and the 61.8 Fib.
Wait and be patiently for the break of the level and the low of the Daily IPB.

Hope i anlayze this correctly, we´ll see.

It´s only my view .


Trade well

Martin
Honestly I was hoping to see 0.64 but this last Friday turned out to be just another Friday at the office.

Let's see what Monday and the week/s ahead bring...

Regards,
Ghous.
I believe . . .
  • #37,977
  • Jul 19, 2009 12:19pm Jul 19, 2009 12:19pm
Quoting albchr
OK, let me ask before Ghous answers. See this is a perfect example of what I meant by being mystified about these bars.

Since both of them were unable to break (close) the previous bar, and with everything else you mentioned, this would be a shot at a short? Or because buyers were able to push them back up after a series of bullish climbs in previous days, a long? My thinking is this is a nice retrace and a shot at going short.

Geezzz SO much to learn....
ye wot ghous said,
the bars show that the bears tried to take over but didnt quite succeed.( the lower shadow) but the fact that the bulls were unable to continue to push the price higher again shows that it is possible the upward momentum is over?? these bars are not a reversal bar like the PB but can still show the turning point. confirmation is nesesary to show that the bears(in this case) have indeed begun to take over.
to me they are very similar to IBs, except, (this is just my thinking i dont know how correct it is,) that i would be wary of playing them long if they break to the upside as, like i said, the bars show a certain lack of upside monentum.
hope this helps
jon
PATIENCE... DISCIPLINE
  • #37,978
  • Jul 19, 2009 12:28pm Jul 19, 2009 12:28pm
Quoting tac
Well hes 1 up with 2 to play, just about 60 years old as well!
Thanks Ghous, I am still making my way through the other side of the thread (page 121). so ill concentrate on the common bars, but itll be good toadd those to my toolset.

I know no one else is following but Watson just missed a 10 footer to win the Open, playoff now.
I hear and I forget. I see and I remember. I do and I understand.
  • #37,979
  • Jul 19, 2009 12:49pm Jul 19, 2009 12:49pm
Quoting tac
Ill be trading the daily charts for the next 3 months (at least)....
Either of those are perfectly fine if that is what is comfortable. The most important thing I stress to new traders(or new to this material). Is sticking to the obvious. So If you want to use the most obvious areas on the monthly/weekly/daily. That is fine. Another thing is to draw from the timeframe you are trading on. If you are looking at weekly charts, stick to weekly s/r(ppzs) etc. If you are on the daily, stick to daily, etc. I do that for one reason. Not b/c it is the best way. Simply b/c it allows me to keep things segregated in a way I can process SIMPLY and efficiently in my own head. I also use major areas to trade off of, and the less major PPZ(s/r etc), to manage trades once in. This prevents paralysis analysis for me and having lines filling up my chart. Keeping it simple, is my motto. And if there is one thing you will notice about my trading like bundy said as you work through this thread. I simplified, and tighten up the screws on this bad boy


Best
Mike
  • #37,980
  • Jul 19, 2009 12:56pm Jul 19, 2009 12:56pm
Quoting mbqb11
Either of those are perfectly fine if that is what is comfortable....
Great Mike thanks, I want to keep it simple, if I could would just trade good bars at swing high/lows, pure pa. Im making use of round numbers and ill only be marking ppz in the direct area on that TF.
I hear and I forget. I see and I remember. I do and I understand.
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