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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

  • #40,041
  • Aug 6, 2009 2:07am Aug 6, 2009 2:07am
Quoting Scotty B
I will when I can (although I don't know too much of your J16 lingo), One more thing..and I don't have all the time to go into it right now (you guys can figure it out though) When looking at eurusd, what other pair corrisponds very closely with it? Oh ummm, eurjpy? When you look at both charts they move very much alike..Move for move that is and even trend wise. knowing this very simple point, there are ways you can cover your own butt by trading both pairs in unison, and not using stops. Don't just jump in and start doing this, just think about...
There are lot of ppl questioning abt co relations here Scott, we don't deal in them extensively so...

If you can stay around, it would be great for them,

Thnx.

G.
I believe . . .
  • #40,042
  • Aug 6, 2009 2:11am Aug 6, 2009 2:11am
Quoting joelcf
(also, as an aside...Fibbonacci was crazy, not some magic mathemagician. Hay guyz, watch me turn this lead into gold!)

** my grandma isnt really dead. sorry gramma!
The way you're going Jeol,

You sure will, I promise you.

G
I believe . . .
  • #40,043
  • Aug 6, 2009 2:14am Aug 6, 2009 2:14am
Scotty B,
ah yes... i understand.
But u see we can all learn from others.
Probably u can chime in from time to time, like u did just now.
if bundyraider has what i call golden bundy nuggets, u have pineapple nuggets of wisdom (if any1 is curious, see his profile to know why).
thanks for sharing them here & for dropping by. (btw, what "magnetized" u to lurk & reply here today?)



Quote
Add equal parts Jim and Mike, you get the 'JimMi' system
joelcf,

another lengthy but great & funny post...
  • #40,044
  • Aug 6, 2009 2:21am Aug 6, 2009 2:21am
Quoting supremeChaos
joelcf,

another lengthy but great & funny post...
yeah but "JimMi" doesn't go well,

"Mijim system: the road to financial freedom" sounds much better.
I believe . . .
  • #40,045
  • Aug 6, 2009 2:26am Aug 6, 2009 2:26am
Thanks jarroo,

I know "THIS IS CRITICAL", but I am not sure if the PPZ in my last trade is strong or not that strong. Again, there is no way for me to lock any profit - it just triggered my order and went to the stop-loss all the way.

Cheers,

kk

Quoting jarroo
You do know "This is Critical" from James16, correct?

James16:

THIS IS CRITICAL.

WE MUST LEARN TO:

Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and...
  • #40,046
  • Aug 6, 2009 2:27am Aug 6, 2009 2:27am
Quoting ghous
yeah but "JimMi" doesn't go well,

"Mijim system: the road to financial freedom" sounds much better.
lol. In all fairness, that is only the entry/trade management side. The complete JamMiRacJimGh Wizard MCD system is going to compound your account so fast it will collapse on itself and create a black hole
When you have to shoot, shoot. Dont talk.
  • #40,047
  • Aug 6, 2009 2:33am Aug 6, 2009 2:33am
Quoting joelcf
lol. In all fairness, that is only the entry/trade management side. The complete JamMiRacJimGh Wizard MCD system is going to compound your account so fast it will collapse on itself and create a black hole
I believe . . .
  • #40,048
  • Aug 6, 2009 2:45am Aug 6, 2009 2:45am
How do you guys play BEOB or BUOB? Is is following the break of the bar or at the close of the bar?

IF it is a bUOB, where should the PPZ be?
  • #40,049
  • Aug 6, 2009 2:56am Aug 6, 2009 2:56am
Quoting kk007
Thanks jarroo,

I know "THIS IS CRITICAL", but I am not sure if the PPZ in my last trade is strong or not that strong. Again, there is no way for me to lock any profit - it just triggered my order and went to the stop-loss all the way.

Cheers,

kk
We have to back up a bit here kk007.

Let's first place our PPZ levels on the Weekly and Daily time frames and see if we can line them up with some round numbers. And see what we got.
Attached Image (click to enlarge)
Click to Enlarge Name: ujdaily.gif Size: 25 KB
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #40,050
  • Aug 6, 2009 2:57am Aug 6, 2009 2:57am
Hi guys

Iīve a dump quest, i didnīt find out what you means with IMHO.

Please, can somebody explain IMHO for me???

Thanks
Trade well and many pips to all. Martin
  • #40,051
  • Aug 6, 2009 2:58am Aug 6, 2009 2:58am
Quoting pipmax
Hi guys

Iīve a dump quest, i didnīt find out what you means with IMHO.

Please, can somebody explain IMHO for me???

Thanks
In My Humble Opinion
Indicators show the past. Price Action "Indicates" the future.
  • #40,052
  • Aug 6, 2009 2:59am Aug 6, 2009 2:59am
Hi Scotty,

Thanks a lot for your suggestion. Nevertheless, I cannot get your point you were making here and relate it to my trading method.

If I understand you correctly, you are suggesting that if I trade a swing high/low pinbar with the standard stop loss setting, the stoploss will be taken out mostly likely.

Nevertheless, about how to benefit from it, I am not really getting it.

So if you can point me to some of your previous explanation, it will be great.

cheers,

kk

Quoting Scotty B
Just throwing this out there...I am not a J16 member but have thought time and time again about becoming one. I am familiar with many PA patterns and don't ussually trade them, but I do find them extremely interesting none the less. Saying that, I notice you are trying to trade a PB on the 1 hour. From a mere statistical standpoint, ~90% of swing highs or lows on that time frame are breached. Sometimes it takes price a while to come back and take out the price level in question, but those are the numbers. Often times there are stops waiting just...
  • #40,053
  • Aug 6, 2009 3:00am Aug 6, 2009 3:00am
Quoting pipmax
Hi guys

Iīve a dump quest, i didnīt find out what you means with IMHO.

Please, can somebody explain IMHO for me???

Thanks
In My Humble Opinion

Generally used when being condescending towards someone on the interbirds
When you have to shoot, shoot. Dont talk.
  • #40,054
  • Aug 6, 2009 3:04am Aug 6, 2009 3:04am
Hi Jarroo,

Thanks. So you are suggesting that 95.00 is a key level here. Nevertheless, my short was slightly below that level @ 94.94.

kk


Quoting jarroo
We have to back up a bit here kk007.

Let's first place our PPZ levels on the Weekly and Daily time frames and see if we can line them up with some round numbers. And see what we got.
  • #40,055
  • Aug 6, 2009 3:07am Aug 6, 2009 3:07am
Thanks Ghous & Joelcf.

This special shortcuts are difficult for me because my native language is german.
Trade well and many pips to all. Martin
  • #40,056
  • Aug 6, 2009 3:14am Aug 6, 2009 3:14am
Hi Joelcf,

Thanks a lot. Your reply was a very good detailed one indeed, although a bit personal.

I use 2-3 pip for H1 was to scale down the 10 pip for D1.

I seldom look at the daily pivot, but yes, I have to learn to look at it now.

The Fibo 61.8 was not some too exact here. It is just representing that more than half have gone.

I have to decide to use H1, until I master it. If someone can do it, I can too. Perhaps, it may take a bit longer.

If enter on retracement in your method, the inner end of the pinbar may not be broken, even if it break 38.2? Right?

In fact the only successful trade out of the 4, I entered on retracement, but the inner end of pinbar was broken first and then retraced and I entered. It did give me a much better R:R.

Your winrate shot through the roof. Congratulation! Can you reveal your winrate and average R:R.

Yes. I spent more than half-year full time on trading method in general. No way to return.

cheers,

KK



Quoting joelcf
1. Almost everyone I have seen trades ten pips below the break, not 3. To make sure it breaks and all. 3 pips doesnt even make the spread on some pairs. You cant judge a break of a previous pin based on something that barely touches it - especially when the break is an integral part of the PA setup!

I used to try and trade on the exact pip that a bar broke and a setup was 'valid' - why waste ten pip profit?! It was a disaster.

Now, if I want a quick entry on the first break of the bar/validation of the setup, I wait for a Jaroo-style...
  • #40,057
  • Edited 3:30am Aug 6, 2009 3:17am | Edited 3:30am
Quoting kk007
Hi Jarroo,

Thanks. So you are suggesting that 95.00 is a key level here. Nevertheless, my short was slightly below that level @ 94.94.

kk

Yes, it was. Now was it at a swing high or low on the hourly time frame inrelation to the previous bars (candles)? No.

We look for PBs, outside bars, etc. at swing high/lows at strong locations i.e. Daily/Weekly PPZ levels.

Edit: Forgot to show the divergence on the hourly BUOB (in green). The more confluences you have the better. Especially on the lower time frames like the hourly.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ujdaily.gif Size: 25 KB
Click to Enlarge Name: uj1.gif Size: 29 KB
Indicators show the past. Price Action "Indicates" the future.
  • #40,058
  • Aug 6, 2009 3:33am Aug 6, 2009 3:33am
Yes. Not a grade A one. cheers!

Quoting jarroo
Yes, it was. Now was it at a swing high or low on the hourly time frame inrelation to the previous bars (candles)? No.

We look for PBs, outside bars, etc. at swing high/lows at strong locations i.e. Daily/Weekly PPZ levels.

Edit: Forgot to show the divergence on the hourly BUOB (in green). The more confluences you have the better. Especially on the lower time frames like the hourly.
  • #40,059
  • Aug 6, 2009 3:41am Aug 6, 2009 3:41am
Quoting kk007
Yes. Not a grade A one. cheers!
Also, forgot the fib level as well.

As you can see lower time frames like the hourly and 4 hour need higher time locations (PPZ levels) and supporting confluences (the more the better) to give the setup a higher probability of success.
Attached Image (click to enlarge)
Click to Enlarge Name: uj1.gif Size: 29 KB
Indicators show the past. Price Action "Indicates" the future.
  • #40,060
  • Aug 6, 2009 3:49am Aug 6, 2009 3:49am
Hi Jarroo,

Is the Fib level on your chart not updated yet? The recent high was not included in your fib.

cheers,

kk

Quoting jarroo
Also, forgot the fib level as well.

As you can see lower time frames like the hourly and 4 hour need higher time locations (PPZ levels) and supporting confluences (the more the better) to give the setup a higher probability of success.
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