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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

  • #41,681
  • Aug 21, 2009 2:42am Aug 21, 2009 2:42am
But i don't have it as pin bar in my charts so should i combine these bars to "MAKE" it.
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  • #41,682
  • Aug 21, 2009 2:43am Aug 21, 2009 2:43am
Quoting krue
Jarroo, thanks a ton, for the enlightment, this is exactly the insight I am looking for, and, I am trying hard to learn your trade management technique.

Yes, I think this seems to me an A category, if looking into daily. daily ppz, 50/61 fib ret, trendline. there are a lot trouble areas as you indicated already, hence not an A+

Hope I made a sense, still struggle in learning this method.

The size looks good. Above the daily PPZ level, 155.00. At the bottom of a consolidation area. It does have good potential krue. Good confluences that you have there.

I would play it tightly, meaning I would not have my stop loss below the PB. But that's just me. It could retrace into the PB and work out just fine. How Price cuts through that traffic and how strong the 155.00 acts as support would be what I would be watching.
Indicators show the past. Price Action "Indicates" the future.
  • #41,683
  • Aug 21, 2009 2:54am Aug 21, 2009 2:54am
Hi Ryan,

Another question while you're here. And thanks again for taking the time to contribute.

When you trade a fast market like the 5M and 3M what were your contingencies? You must have had backup laptops with wireless connections and a generator. After all, one power spike and you could lose big with that stuff.

Also, I've always wondered, do you have time enough to enter a stop loss and take profit on those 5M/3M markets. Or do you just buy/sell to market and edit once the order is in (which always sounds dangerous).

When I thought of you trading I could never imagine you filling out a ticket, entering a stop loss and take profit, calculating position size based on how many pips the pinbar is.... I mean, when you're looking for a handful of pips that kind of stuff just kills time.

I suppose the way I always imagined it was that with some platforms there's be a way of doing it super numbly, with a preset 10 pip SL and 20 pip TP, and that you'd just know how many lots 2% of your account would be for 6 pip, 7 pip, 8 pip, 9 pip SLs etc.

The more I trade the more it's the other stuff that interests me. Systems I can pick up in 5 minutes. It's psychology, implementation, all that stuff where the real fascination lies.
  • #41,684
  • Aug 21, 2009 2:58am Aug 21, 2009 2:58am
Quoting Lugner
EURJPY is reverse head and shoulders pattern too. See it?
Yes, I see it. Add that to the list of confluences. The more the merrier.
Indicators show the past. Price Action "Indicates" the future.
  • #41,685
  • Aug 21, 2009 3:05am Aug 21, 2009 3:05am
Quoting nasir.khan
But i don't have it as pin bar in my charts so should i combine these bars to "MAKE" it.
I think i should pass this one feels like chasing.
  • #41,686
  • Aug 21, 2009 3:06am Aug 21, 2009 3:06am
Hi guys,

Been out of action the past few days. Busy with somethings but had sometime to browse through all your replies.

Thanks for your advice on the CANDLESTICKS and I agree that we should just KISS Though I still think it is a valid pattern but it will take more experience to trade it and when I posted that pattern up, please don't get me wrong that we are not going to bother about CONFLUENCES at all it must come at the CORRECT LOCATION as you guys have always taught me.

I need your advice.

There are many BEOBs and BUOBs forming in the past hour and in my 4H chart I want to show you one.

Would you play this BUOB?
Breakout of consolidation range, PPZ just above but entry can be above the PPZ below the 150EMA is support it,

I don't like it cause it is not a BUOB at swing low so to me I will not trade that but would like some opinions.


P.S. is it just me or are there no A setups to trade these 2 days
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  • #41,687
  • Aug 21, 2009 3:13am Aug 21, 2009 3:13am
Quoting jarroo
The size looks good. Above the daily PPZ level, 155.00. At the bottom of a consolidation area. It does have good potential krue. Good confluences that you have there.

I would play it tightly, meaning I would not have my stop loss below the PB. But that's just me. It could retrace into the PB and work out just fine. How Price cuts through that traffic and how strong the 155.00 acts as support would be what I would be watching.

Jarroo,

Just wanted to ask you something on your HARD BREAK

You have always said that you will see how price reacts and if there is a hard break.

I would like to know.

Say for example:

We are long at a position 1.0300 and we know there is traffic at around 1.0310

So when we enter the trade, and price moves up to 1.0310 and slows down, ie no hard break, what do we do? Close out the position immediately?

I would like you to elaborate a little bit more on this HARD BREAK thinggy if you have sometime.
  • #41,688
  • Aug 21, 2009 3:16am Aug 21, 2009 3:16am
Quoting tradertt

I don't like it cause it is not a BUOB at swing low so to me I will not trade that but would like some opinions.

P.S. is it just me or are there no A setups to trade these 2 days
You answered your own question correctly tradertt. And no, its not just you that sees no obvious A setups in the past 2 Days on the 4 hour Euro.

You could play the BUOB but its a bit risky so I would manage it very tight.
Indicators show the past. Price Action "Indicates" the future.
  • #41,689
  • Edited 3:42am Aug 21, 2009 3:25am | Edited 3:42am
Quoting KissFan
Hey Bates! Did you enter the UJ short that we discussed Sunday? Looks like she's moving down. I shorted at 94.24 and the first TP is 92.01. Just curious. Here is my 4 hr view. I am watching that trendline to add as price moves down. I'd re-post the W2 chart but it doesn't look that same as when I posted it last Sunday.

K.I.S.S.
Hi Kiss:

Yes, finally the UJ has begun to move down (I'm up 58 pips on oanda)....one has to be patient on weekly charts, that's for sure!!....even daily charts this week have been stuck!!....lots of consolidation...Perhaps USD Existing Home Sales will shake things up a bit...or Ben might shovel some more BS to get the markets moving at 10am EST.

GregB
  • #41,690
  • Aug 21, 2009 3:36am Aug 21, 2009 3:36am
Quoting tradertt
Jarroo,

Just wanted to ask you something on your HARD BREAK

You have always said that you will see how price reacts and if there is a hard break.

I would like to know.

Say for example:

We are long at a position 1.0300 and we know there is traffic at around 1.0310

So when we enter the trade, and price moves up to 1.0310 and slows down, ie no hard break, what do we do? Close out the position immediately?

I would like you to elaborate a little bit more on this HARD BREAK thinggy if you have sometime.
Yes, close the postion or move to break even.

This hard to say because we have to assume that 1.0300 is a break of a high quality setup.

A high quailty J16 PA setup is a high momentum setup.

The initial break should be strong and continuous. By continuous I mean that Price should run a good amount of pips. One reason being, is that there is limited traffic in our way. A strong characteristic of an "A" setup.
So was the 1.0310 slow down caused by traffic? If not, I would give it more room to run.
Indicators show the past. Price Action "Indicates" the future.
  • #41,691
  • Aug 21, 2009 3:59am Aug 21, 2009 3:59am
Thank you for your reply Jarroo.

It was just a Hypothetical example hehe just wanted to understand as I see you talking about Hardbreaks so many time.

I was going through some old posts and do you see use the Bar Break stop?

Is it applicable to all PA setups?
  • #41,692
  • Aug 21, 2009 4:19am Aug 21, 2009 4:19am
Quoting tradertt
Thank you for your reply Jarroo.

It was just a Hypothetical example hehe just wanted to understand as I see you talking about Hardbreaks so many time.

I was going through some old posts and do you see use the Bar Break stop?

Is it applicable to all PA setups?
Yes I do use the BarBreak stop loss at times. It is applicable to all PA setups, but there some better placements.

Could you post a daily Cad chart? I want to show you datogio's 2 Day PB setup.
Indicators show the past. Price Action "Indicates" the future.
  • #41,693
  • Aug 21, 2009 4:27am Aug 21, 2009 4:27am
Hi

Here it is thanks
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  • #41,694
  • Aug 21, 2009 4:29am Aug 21, 2009 4:29am
Quoting tradertt
Hi

Here it is thanks

Darn it. I gotta run. Give me about a hour.
Indicators show the past. Price Action "Indicates" the future.
  • #41,695
  • Aug 21, 2009 4:30am Aug 21, 2009 4:30am
Quoting jarroo
Yes I do use the BarBreak stop loss at times. It is applicable to all PA setups, but there some better placements.

Could you post a daily Cad chart? I want to show you datogio's 2 Day PB setup.
usdcad daily
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  • #41,696
  • Aug 21, 2009 4:30am Aug 21, 2009 4:30am
Quoting krue
if it breaks out the neckline, then, yes. will take profit near the neckline. and to be safe to play breakout retrace, if a pa present itself in future
Yes it is good to wait for retrace on any patterns above intraday charts. Just my experience.
  • #41,697
  • Aug 21, 2009 4:31am Aug 21, 2009 4:31am
No problem. I will be out for a while too. Talk when you are back.
I also need to understand what you mean by some bar break stops are better.
  • #41,698
  • Edited 6:16am Aug 21, 2009 5:47am | Edited 6:16am
Quoting tradertt
P.S. is it just me or are there no A setups to trade these 2 days
Depends how risk averse you are

I like this lil lady for a bounce down... if you missed the 1H, the 4H train is still in the station, waiting to depart with a beautiful 2bar pin.

(obviously, it should go without saying that if you want to play this, you should watch out for some idiot action around those purple areas)

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So, just to make it clear, this is a consolidating market. I think it could easily head to the bottom blue line, as outlined on the daily. But it could also bounce back up and retest the top blue line. Might even get a false breakout, who knows.

The senior guys have talked about this a bunch of times, and why no one should lose a bunch of money on it.

Its strictly a 'stops to breakeven' type trade for me. I've got my 20 pips buffer and my stops at +5. I'm not losing money. Are you?

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Yes, I'm talking to you, lurkers who use this thread as a signal service. Dont go losin your houses because you dont know the difference between a flat market and a trending market
When you have to shoot, shoot. Dont talk.
  • #41,699
  • Aug 21, 2009 5:59am Aug 21, 2009 5:59am
Gbp Chf H4

PB

+Rejected off serious level (1.7440ish) this level goes back to Oct 2008..
+ Rejected strongly..

-Lots of busyness to get through to get anywhere...

The 1hr was a reasonable pb with good rejection.. we shall see!
1st level for me is 1.7650ish..
The winner of the rat race is still a rat.
  • #41,700
  • Aug 21, 2009 6:07am Aug 21, 2009 6:07am
Quoting LittleLuca
Gbp Chf H4

PB

+Rejected off serious level (1.7440ish) this level goes back to Oct 2008..
+ Rejected strongly..

-Lots of busyness to get through to get anywhere...

The 1hr was a reasonable pb with good rejection.. we shall see!
1st level for me is 1.7650ish..
Good spotting - nice big BUOB at swing low bouncing off the bottom of the channel, strong support.



(same comments as the EURGBP above)

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When you have to shoot, shoot. Dont talk.
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