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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

  • #39,981
  • Aug 5, 2009 4:49pm Aug 5, 2009 4:49pm
Quoting KissFan
.
I like your style on this one Kiss. Saw an 8hr pin too (3-11am CT). Just broken now.

Got a daily chart posted here.

Pros
- long nose
- swing high
- with trend
- 38FIB
- Divergence

Cons
- Close not as near the low as I'd wished
- Do we have a definable PPZ? A nose up to 1.84 would have been much better evidence for me, but...
- I show some noise at 1.81, and of course 1.80...

Must break to be a pinbar...

Josh
Attached Image
  • #39,982
  • Aug 5, 2009 4:57pm Aug 5, 2009 4:57pm
Quoting Jduester
I like your style on this one Kiss. Saw an 8hr pin too (3-11am CT). Just broken now.

Got a daily chart posted here.

Pros
- long nose
- swing high
- with trend
- 38FIB
- Divergence

Cons
- Close not as near the low as I'd wished
- Do we have a definable PPZ? A nose up to 1.84 would have been much better evidence for me, but...
- I show some noise at 1.81, and of course 1.80...

Must break to be a pinbar...

Josh
I couldn't agree with you more on your take on this trade Josh. I will add one more pro to the trade. I really like the pins that are rejected off the 365 and the 150 ema's. This is just a regular 1% risk trade for me nothing more nothing less. As always I appreciate the commentary when I post. Especially from the regs here. I'll be moving my stop to BE if the trade fires off about 100 pips.

K.I.S.S.
  • #39,983
  • Aug 5, 2009 4:57pm Aug 5, 2009 4:57pm
Quoting triger88990
Hey guys
I want to share with you a recent pdf by M. Pring that I have found today over the internet maybe there are guys who have been readed but for those who didn't I found it very interesting

I hope you enjoy it!
Nice pdf...Thanks!
  • #39,984
  • Aug 5, 2009 4:58pm Aug 5, 2009 4:58pm
Quoting KissFan
.
I was looking at this one on the daily.

See charts
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  • #39,985
  • Aug 5, 2009 5:01pm Aug 5, 2009 5:01pm
Quoting batesmotel
IMHO...I try to take what the market will give me rather than insert my hopes and wishes into the future movement.

continuations can be missed because we inject our emotions into the charts....
The other way around.
It was less a saying of don't take setups and more a don't force them.

Usually trying to curve fit just about any justification of still buying in late is due to inserting/injecting hopes and wishes into the chart, due to feeling "left out" and "missing the move". I've experienced this as a pretty commonplace problem.

Given that I've repeatedly shown I'm more the "can't aim far enough out" type I thought it was more apparent what I felt the danger was

I've seen just about Tom, Josh and Harry post stuff like "Buying 1.44, what you guys think?" around the forum and it's at those junctions that red alerts go off in my head and my spidey sense tingles.

By all means, everyone take the setups they feel are good after good judgement and analysis. All I am saying is be careful you don't force something because you feel left out("you" being the generalized "you" as in "anyone").
I was trying to give a small reminder for asking ourselves whether we've been honest to ourselves before deciding on a trade. I think a lot of the things that can throw a wrench in the works happen in our head and it pays to pay attention to ourselves.

I surely wasn't claiming moves stop at 500 pips..
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Trust price. Know yourself.
  • #39,986
  • Aug 5, 2009 5:04pm Aug 5, 2009 5:04pm
Quoting scott087
I was looking at this one on the daily.

See charts
Nice chart Scott. Easy to read and I like that zone you put in... Mine, as you see, was much smaller.
  • #39,987
  • Aug 5, 2009 5:06pm Aug 5, 2009 5:06pm
Quoting jarroo
Bundy and Josh gave some excellent points and information on trading IBs. Also, Dale's Double Inside Bar (2IB) is definitely worth a deeper look to trade.

Inside Bar PA formations are just like any other PA formation that meet our strict criteria of Location, supporting confluences, and Location and also the Location. (as Bundy said. lol)

The trouble is with other PA formations i.e. PBs, Outside Bars, etc., we are looking for a sizable formation (for strength) to give us a more solid confirmation. Meaning, its not only that the Location...
Thanks Jim
  • #39,988
  • Aug 5, 2009 5:07pm Aug 5, 2009 5:07pm
Quoting SeekingLight
The other way around.
It was less a saying of don't take setups and more a don't force them.

Usually trying to curve fit just about any justification of still buying in late is due to inserting/injecting hopes and wishes into the chart, due to feeling "left out" and "missing the move". I've experienced this as a pretty commonplace problem.

Given that I've repeatedly shown I'm more the "can't aim far enough out" type I thought it was more apparent what I felt the danger was

I've seen just about Tom, Josh and Harry post stuff like...
Oh yeah, Uh, Do you think I should trade the G/CAD Seeking?
  • #39,989
  • Aug 5, 2009 5:14pm Aug 5, 2009 5:14pm
Quoting Jduester
Oh yeah, Uh, Do you think I should trade the G/CAD Seeking?
I've got no opinion on that pair as it's not "one of mine"

When pondering a setup, usually occam's razor ends up being:
If despite weighing pros and cons I still feel (so) bad about a trade(as not to immediately want to take it) instead of seeing great potential, why take it?

Taking a trade with less than 100% conviction just lays a foundation for interfering, self-manipulation and general sources of worry.
Trust price. Know yourself.
  • #39,990
  • Edited 5:51pm Aug 5, 2009 5:17pm | Edited 5:51pm
I have just posted a answer with my opinion to someone on another forum.
I planed to make it short, but while writing I felt that things are starting to sink....so I kept on.
So I thought why not posting it here as well?
I love posting here my thoughts because every time I do that, I get from you guys feedbacks with corrections on how to do things, and it helps me to improve. I am still new to this.
If someone here is new and didn't go through the 100+ first pages of these thread plus watching the videos in the guest area, I strongly advise you to do so

I have attached the charts at the bottom of the post. So just fit the first chart to the first post and the second chart to the second post.


Here:

========================================================

Quoting o990l6mh
That's reassuring to read.
Does that mean that you don't manually move your SL to BE during the week when the trade has gone into profit?

I had a long position on AUDCAD that I opened Sunday afternoon and everything was looking very nice until I opened up my charts this pm and found that the paper profit had turned into -15 pips as a bearish outside day seemed to be forming. I chickened out and closed it for a small loss. I feel like I should have moved the SL to BE sooner. That's what I understand James16 does as he will go to lengths to avoid...
Hi o990l6mh,

As far as I know, Jim is teaching to go only for the A++++ setups which will in average occurs 3-4 times a month if you follow many pairs at higher time frames (daily and weekly). If you pick these WITH UNDERSTANDING OF SIMPLE PRICE PIVOT ZONES (SR ARERAS WHERE PRICE FLIPS), you will be able to take 9 successful trades out of 10. But here is the problem....Jim can sit and view his charts for months without entering even single one trade, cause he knows that when he will enter, a few tens of pips will make him ton of money. That's because he is trading a very large account. But it is hard for small account holders.
Yes, one of the things I have noticed by reading through his thread, is that letting a winner turn into a loser is the worst thing in his book. Moving stop to BE is important.
When you enter a trade with an understanding of PPZs, you can easily identify the first place the price will may have trouble, and then move your stop to BE. Jim calls the trades which stop at BE winners.

For example, I'll take your trade of the AUDCAD and show you exactly why the price retaced and at which point you sould have to move your stop to BE. As I see it, there is a reason for every single bar move on the charts. Never will happen something without a reason...that's the nature of the markets.

I am may sounding like an experienced trader with this material, but please take note I am only 6 weeks into forex, and maybe two or three into the J16 material. It is very simple material after it sinks.
I would also wait for Ray_1 or JohnnyKanoo to confirm.

Here is how I read the market:



Ben


=======================================================

Zooming in:

Let’s go one bar at a time and see the reason for each bar making highs and lows at its certain point. Take note I will begin from bar 4 because I need a bit historic price to base my decisions on. This is the AUDCAD exactly what I have explained in the previous post, just zoomed in.

4 – Low ends in line with the high of bar 2 (old resistance now acting as support).
5 – Dropping to the line where the highs of box number 0 are. Than starts to go up and closes in line with the low of bar 2 (old support now resistance).
6 – Heading up to the line where the low of bar 3 is.
7 – Retraces to the lows of bars 5 and 6 which are now support (in the past resistance of box 0).
8 – After meeting support at bar 7, now time to rise up and reach the resistance which the bar lows 4 occurred in the past (old support now resistance….pretty simple).
9 – Price keeping rising…but where will it stop? The answer is in line with the old resistance of the 3 and 4 bar highs. Now time to drop again after meeting resistance…price drops and makes a new low in line with the high of bar 7. (Old resistance now support. The price than goes up again and closes in line with the high of bar 8 and the lows of bars 4 (there are two bars for number 4.
10 prices retraces to the lows of 6, 7, 8 and highs of box 0, but the bar closes a bit before price reaches there.
11 – Bar 11 is completing the work of bar 10 and retraces to the level I have mentioned above (take note how the 365ema is acting as a wonderful support. I use moving averages only for that purpose…usually 150ema and 365ema). After meeting support, price rises and makes a line with the highs of bars 10, 8, 5, 2 and the low of bar 4 (awesome!! I am reading price like a book!).
12 - After meeting resistance, time to retrace and make a low where bar 7 formed old resistance, and bar 9 new support.
13 – Price breaks through the bunch of resistance and shooted up like a rocket…..where will it stop? Where will I want to take my profit? At the major PPZ I have marked after zooming out of my charts and looking for the major PPZ areas.
14 – Price retraces and stops at support. Where is that support? At old bunch of resistance which was created by the highs of bars 2, 4 and 9.
1516 – price rises again and meets resistance at major PPZ which is now also the bar highs location of bars 13 and 14.
17 – Price retraces off the resistance and finds mini micro support at the high of bar 15.
18 – Retraces and finds support at the lows of bars 5, 6, 7, 10 and 12.
19 – Price goes up and finds resistance at the bar highs of 2, 5, 8, 10, 11 and lows of bars 4 and 13 – that is a PPZ – a place where price flips.


Price action setups:

- The two bars in box number 4 are inside bars. The highs of them are at a PPZ. So I will trade a break of them short. Ok I took short on the breakout. When to exit? Where price will have trouble? Exactly where it suppose to have. At the highs of bars in box number 0.

- Bars 6 and 7 are inside bars. Will I trade them long? No. There is a PPZ right above – lows of previous bars 3 and 4. There is no room for price to go long unless it breaks out, but then I will wait for that breakout before I enter a trade.

- Bar 9 is a PB off a PPZ. I wouldn’t take it because there is no room for it to move. This time it dropped lower than bars 5, 6, 7, 8, lows….but rarely happen.




Hope that helps!!
It took me a lots of time to write and draw all of these in the two last posts
But that's completely fine. I did it cause I do it all day long when I have a bit space of time. (this time I just uploaded it). Before two weeks I didn't have a clue. I just practice and practice....eventually it sinks and now I even see them automatically without thinking a lot when I open my charts.

Ben




===========================


PS - hope you can see the charts.
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  • #39,991
  • Aug 5, 2009 5:31pm Aug 5, 2009 5:31pm
C'mon Seek... Throw us a bone...


Occam lives here -

Here is my chart as I see it.

Nice 2bar PB.
At a PPZ
With space
At 50% From the last swing high
Bounce off of an established trend line

Negative - closed on my chart right smack on 1.8200.



Quoting SeekingLight
I've got no opinion on that pair as it's not "one of mine"

When pondering a setup, usually occam's razor ends up being:
If despite weighing pros and cons I still feel (so) bad about a trade(as not to immediately want to take it) instead of seeing great potential, why take it?

Taking a trade with less than 100% conviction just lays a foundation for interfering, self-manipulation and general sources of worry.
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I'm pretty much done with all this ...
  • #39,992
  • Aug 5, 2009 5:37pm Aug 5, 2009 5:37pm
Quoting benji533
I have just posted a answer with my opinion to someone on another forum.
I planed to make it short, but while writing I felt that things are starting to sink....so I kept on.
So I thought why not posting it here as well?
I love posting here my thoughts because every time I do that, I get from you guys feedbacks with corrections on how to do things, and it helps me to improve. I am still new to this.
If someone here is new and didn't go through the 100+ first pages of these thread plus watching the videos in the guest area, I strongly advise you...
Yes, you are Ben. Reading Price like a book.

Very impressive.
Indicators show the past. Price Action "Indicates" the future.
  • #39,993
  • Edited 6:06pm Aug 5, 2009 5:48pm | Edited 6:06pm
Quoting SeekingLight
The other way around.
It was less a saying of don't take setups and more a don't force them.

Usually trying to curve fit just about any justification of still buying in late is due to inserting/injecting hopes and wishes into the chart, due to feeling "left out" and "missing the move". I've experienced this as a pretty commonplace problem.

Given that I've repeatedly shown I'm more the "can't aim far enough out" type I thought it was more apparent what I felt the danger was

I've seen just about Tom, Josh and Harry post stuff like "Buying...
I hear you SL...sorry if I mistakingly accused you of eisegesis...I was just thinking out loud for the sake of all the readers in this thread...

GregB
  • #39,994
  • Aug 5, 2009 6:33pm Aug 5, 2009 6:33pm
Quoting StoragePro
C'mon Seek... Throw us a bone...

Negative - closed on my chart right smack on 1.8200.
I have 2 reasons why I am hesitant to take a short on GBPCAD.

1. Jim Flaherty (Canadian Finance Minister) yesterday fired a warning shot across the bow of Bay St (Canada's Wall St), threatening to intervene if the Canadian dollar gets any stronger (bluffing maybe?)...

2. NFP will release in about 36 hours from now....

Either of the above could cause the Looney Looney to lose some strength...EU and GU for some reason have been gaining strength, even with spectacular reports coming out in favour of the USD...

I know this is not PA...but the EU and GU have been acting opposite to what one might expect....Risk Appetite coming back into the market perhaps?

Anyways...that's my 2 cents on the GBPCAD.

GregB
  • #39,995
  • Aug 5, 2009 6:41pm Aug 5, 2009 6:41pm
Is this a sideways market?


.
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I'm pretty much done with all this ...
  • #39,996
  • Aug 5, 2009 6:43pm Aug 5, 2009 6:43pm
Quoting StoragePro
Is this a sideways market?


.
HELLO stop hunt
  • #39,997
  • Aug 5, 2009 6:44pm Aug 5, 2009 6:44pm
Quoting batesmotel
I have 2 reasons why I am hesitant to take a short on GBPCAD.

1. Jim Flaherty (Canadian Finance Minister) yesterday fired a warning shot across the bow of Bay St (Canada's Wall St), threatening to intervene if the Canadian dollar gets any stronger (bluffing maybe?)...

2. NFP will release in about 36 hours from now....

Either of the above could cause the Looney Looney to lose some strength...EU and GU for some reason have been gaining strength, even with spectacular reports coming out in favour of the USD...

I know this is not PA...but the EU...
I am not trading gbp/cad b/c it doesn't line up with my methods.

But let me just share that many of us don't have the slightest clue about any fundamentals, and for most(notice I say most so if you use it and it works don't yell at me lol) of us it simply distracts from just reading the chart. THis is not to get into a fundies vs techs , too many of that. But since this is Jims thread i will throw this out. Someone once asked James "what do you do about news?" Jim's reply "I avoid news like the plague."

So do I.

Mike
  • #39,998
  • Aug 5, 2009 6:48pm Aug 5, 2009 6:48pm
Quoting mbqb11
HELLO stop hunt
And yes - the PB marked was mine, all mine.... BWA A A A AHHH!!!
I'm pretty much done with all this ...
  • #39,999
  • Aug 5, 2009 6:56pm Aug 5, 2009 6:56pm
Quoting mbqb11
I am not trading gbp/cad b/c it doesn't line up with my methods.

But let me just share that many of us don't have the slightest clue about any fundamentals, and for most(notice I say most so if you use it and it works don't yell at me lol) of us it simply distracts from just reading the chart. THis is not to get into a fundies vs techs , too many of that. But since this is Jims thread i will throw this out. Someone once asked James "what do you do about news?" Jim's reply "I avoid news like the plague."

So do I.

Mike
Mind discussing why not taking the GC trade? I'd enjoy your take on it myself.

News -

I don't understand it anyway, and I am willing to bet that the economists at the big funds and banks have most, if not all the same data the government does anyway, and price sets itself up as a result. How many times do we see PA in agreement with an impending event. Lots.

Besides, my wife had the news on today and I was regaled with a story about a man who shot up a gym in Pennsylvania because he could not get sex.... Guess we know why.
I'm pretty much done with all this ...
  • #40,000
  • Aug 5, 2009 7:09pm Aug 5, 2009 7:09pm
Quoting StoragePro
Mind discussing why not taking the GC trade? I'd enjoy your take on it myself.

News -

I don't understand it anyway, and I am willing to bet that the economists at the big funds and banks have most, if not all the same data the government does anyway, and price sets itself up as a result. How many times do we see PA in agreement with an impending event. Lots.

Besides, my wife had the news on today and I was regaled with a story about a man who shot up a gym in Pennsylvania because he could not get sex.... Guess we know why.
From the PF for you

Quoting mbqb11
Hey Tracy

You really hit on all the points that I would be looking at....
When I find a trade that doesn't scream out at me, or when I see it I just say EH. I could find reasons both to take and not to take. Maybe if this was the end of the month and I was up doing real well, I would go for it. But a slow june(2.5%), slow starting week for me. Doesn't really do it for me. Easy no trade for me.

AGAIN reminder to all(not SP he knows this). Just b/c one person doesn't take a trade should have NO influence on your choosing process. Learn what works for you by observing others and more importantly observing and learning(by demo) yourself. There are plenty of trades I pass on that end up working, and plenty I pass on that don't work. I just do what works for ME.

Ok end of disclaimer LOl
Mike
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