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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

  • #42,701
  • Aug 31, 2009 12:40pm Aug 31, 2009 12:40pm
Quoting Grousman
Maybe I am trying to "talk myself into the trade" but if you look at
around 7th July there is clear resistance at this level.
OK if you really want take it keep it tight then and beware of that green line also.

But remember these are the trades that will drive you away from your rules.
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  • #42,702
  • Aug 31, 2009 12:52pm Aug 31, 2009 12:52pm
Quoting TiaForex
stellar PA on higher timeframes at god locations. It's the kind of PA that is much harder to lose on.
This is the closest one will get to the Holy Grail.
  • #42,703
  • Aug 31, 2009 1:06pm Aug 31, 2009 1:06pm
Quoting TiaForex
Nope they haven't. Nothing like that.

Superb stuff Joel. I always learn so much from your posts. A great explanation and totally in keeping with the "keep it simple" ethos.
What's next? Joel16?? Thanks for posting that stuff Joel. These wiggly lines and histomamograms have some use, but understnad what they are!

Quote
I am an overthinker by nature and want to keep my trading so simple that I could do it drunk. In fact, I really do want to trade like a robot. See the same setup I've seen a hundred times before and pull the trigger. I don't want too much thinking to cloud the picture. Otherwise I'll start wondering if it's the "right kind" of divergence or pinbar.

Drunk? That's an idea... Rules help. I know you know that, and use them, but for our newer traders, RULES rule.

Quote
I have an British Ivy League style education that I was very proud of until I realised that it was getting in the way of my learning in so many areas. Rac once told me a story of how in his trading circle the doctors and lawyers and accountants were far from the best group. Who were the best group? Farmers.

I don't know who said it first, but the admonition was to 'park your bran at the door'. Every time I turn around, I learn that all those great skills for the 'real world' will just kill you as a trader. I have almost nothing left.
I'm pretty much done with all this ...
  • #42,704
  • Aug 31, 2009 1:10pm Aug 31, 2009 1:10pm
4hr close was at 11:00am CT... 2hrs ago.

got in on a small retracement. stop just above Round number/PPZ at 1.80.

Watched red line area (1.7875-1.7850) closely... broke and went where I suspected (previous bar highs)... stop to b/e.

nap time.

Josh
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  • #42,705
  • Aug 31, 2009 3:39pm Aug 31, 2009 3:39pm
nice pin at swing high
1.5800 round number / ppz
lots of space

already taken 2/3 of at 1st sign of trouble 1.5700. stop moved to b/e.
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  • #42,706
  • Edited 4:46pm Aug 31, 2009 4:30pm | Edited 4:46pm
Quoting faizal82
nice pin at swing high
1.5800 round number / ppz
lots of space

already taken 2/3 of at 1st sign of trouble 1.5700. stop moved to b/e.
Nice! I missed the 4H entry (stupid needing to sleep), but will probably take the daily bar if it closes as a pin.

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also, exited out of the AUDUSD last night at the pink PPZ. When price broke the top of the zone, moved my stop to the top of the zone, 0.8345. Came back and stopped me out (and just as well, since it seems headed to take out my original stop).

50th successful j16 trade!

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When you have to shoot, shoot. Dont talk.
  • #42,707
  • Aug 31, 2009 4:34pm Aug 31, 2009 4:34pm
Quoting faizal82
nice pin at swing high
1.5800 round number / ppz
lots of space

already taken 2/3 of at 1st sign of trouble 1.5700. stop moved to b/e.
nailed it my friend! This is it!
  • #42,708
  • Aug 31, 2009 4:39pm Aug 31, 2009 4:39pm
Anyone eyeing a long on GBPJPY?

Pin bar isn't a real beauty but the 150 level isn't half bad.

(Damn, I promised myself I wouldn't be one of those posting like "I know the nose isn't so long, but what do you think...")
Well, I couldn't help asking I guess.
  • #42,709
  • Aug 31, 2009 4:50pm Aug 31, 2009 4:50pm
I'm going to pass on it, I feel I should be more picky than that.

Time for some beauty sleep
  • #42,710
  • Aug 31, 2009 4:58pm Aug 31, 2009 4:58pm
Quoting o990l6mh
I'm going to pass on it, I feel I should be more picky than that.

Time for some beauty sleep
Hey no worries. I pass on setups left and right then end up working out. But the good ones are pretty stress free and do their thing. The main thing is sure it is hinting up, and I do believe we will move higher at least till 152.50 area, but I would like to see another push down and some bigger reaction around 150.

Enjoy your sleep! (ps the trades I know that are bad for me is when I enter and can't sleep and wake up every 15-30 mins running to the comp, I tend to close em right out if I am discipline enough).

Mike
  • #42,711
  • Aug 31, 2009 5:00pm Aug 31, 2009 5:00pm
excuse my lack of knowledge but what would make g/j better? Its at a swing low with some space. I know the pin isnt text book. Would a more convincing body be better and no upper wick? sorry I dont talk in bar form I only can understand candlesticks better
  • #42,712
  • Aug 31, 2009 5:05pm Aug 31, 2009 5:05pm
Quoting supermatt
excuse my lack of knowledge but what would make g/j better? Its at a swing low with some space. I know the pin isnt text book. Would a more convincing body be better and no upper wick? sorry I dont talk in bar form I only can understand candlesticks better
Hey Matt

For me, the problem is simply the nose isn't long enough compared to this recent downward move. So longer tail. And also technically speaking the body(open and close) are not within the prior bar. We have some gap issues that caused this, so this could be a pin by proxy using the candle from 8/27. But at the end of the day, I would just simply prefer a longer nose to actually trade it. Doesn't mean others can't trade it. Just part of my plan and since I know the bars I like to trade it really isn't a matter of if it does go I missed out etc.

Hope that helps

Mike
  • #42,713
  • Aug 31, 2009 5:12pm Aug 31, 2009 5:12pm
hi guys just wanted to share an amazing setup today that proves time and time again that PA on all timeframes works like a charm given the appropriate risk control and confluence factors and of course....patience. This is a ryanmcd inspired setup I know that there is a whole separate thread dedicated for this purpose but just wanted to share this little nugget with you. I know rac is also interested in these kinds of PA on smaller timeframes and I am pretty well sure he took as well. I apologize beforehand if this post is inappropriate and upon request will immediately delete it.

This gu setup divergence, CT trade and a wonderful pin giving 1R right away with no hesitation. Nice place to take all off the table or leave half position @ b/e for a possible runner trade
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Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #42,714
  • Aug 31, 2009 5:12pm Aug 31, 2009 5:12pm
ok thanks alot for your help. So you would prefer something looking like this
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  • #42,715
  • Aug 31, 2009 5:14pm Aug 31, 2009 5:14pm
Quoting supermatt
ok thanks alot for your help. So you would prefer something looking like this
If you moved that bar over to today with the nose sticking out like todays and through 150, I would be all over that bad boy. A lot of these less then A setups still give pips, they just need to be managed with the mindset I am not going to take a full loss, I am not going to take a full loss, I will take what I can get , or get my stop to b/e etc.

Best
Mike
  • #42,716
  • Aug 31, 2009 6:17pm Aug 31, 2009 6:17pm
Heres my trades from the last few weeks that I said I'd post.
I see from scanning through some of the posts I've been missing out on that this GBPUSD weekly pin was taken by many. Great bar at a great location. I think it has much further to run in the medium term but I was in and out of that baby in a day. Call me cautious. A nice 220 pips.

My second trade was on oil. Dont have access to my oil charts on this computer but it was from 7433 level on Nov contract. It wasnt a James16 trade so I wont get into it, but after going 310 pips up, it hit my stop at +43...dont know if any of you spotted oil today...but it tanked...real hard...what a kick in the nuts!Live and let die - I didnt chase it. There'll be other trades.

Last trade I'm posting up was a combination of the 1hr and 4hr charts today on Eur/Cad:
-ppz
-4hr divergence
-swing high
-80 DMA
-with the weekly trend

Didnt take it as I'm resisting all temptations at the moment and keeping it to daily and weekly bars. But I watched it go right to where I expected at previous resistence and the 4hr 365 EMA. And it felt good.

Been spending alot of time at the guest section on the private forum. The videos are sublime. Weirdly, after watching nearly all of Jim's vids I was overcome with a sense of calmness and serenity...feeling like, "Yeah, this IS simple. Im gonna nail this stuff". Ha, maybe it was the Texan accent.

Anyways, Im really enjoying all the free time to spend on the thread. Thanks to all the senior and active members for this well of information. It really is fascinating.

Dermot
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  • #42,717
  • Aug 31, 2009 6:36pm Aug 31, 2009 6:36pm
Quoting mbqb11
I would be all over that bad boy.

Best
Mike
Been a while since we've heard that one....

I remember when every second Mikey post had that phrase in it.
  • #42,718
  • Aug 31, 2009 7:23pm Aug 31, 2009 7:23pm



Quoting Rocket!
Been spending alot of time at the guest section on the private forum. The videos are sublime. Weirdly, after watching nearly all of Jim's vids I was overcome with a sense of calmness and serenity...feeling like, "Yeah, this IS simple. Im gonna nail this stuff". Ha, maybe it was the Texan accent.

Anyways, Im really enjoying all the free time to spend on the thread. Thanks to all the senior and active members for this well of information. It really is fascinating.

Dermot
  • #42,719
  • Aug 31, 2009 7:27pm Aug 31, 2009 7:27pm
[quote=Janegra;3004368]
Quoting james16
4000 tick mini dow chart.

high odds trades.

most people that daytrade this/these markets trade on a tick chart in the 50 to 250 range and take many trades a day.
VERY INTERESTING JIM.
ARE THERE ANY BROKERS THAT PROVIDE FREE DEMO'S WITH TICK CHARTS AND INDEX'S
GRAHAM.
FROM THE RESPONCE TO MY EARLIER QUESTION, DO I ASSUME THAT THERE ARE NO DEMO'S AVAILABLE????
GRAHAM
  • #42,720
  • Edited 7:50pm Aug 31, 2009 7:34pm | Edited 7:50pm
[quote=Janegra;3009829]
Quoting Janegra

FROM THE RESPONCE TO MY EARLIER QUESTION, DO I ASSUME THAT THERE ARE NO DEMO'S AVAILABLE????
GRAHAM
Ninjatrader + Zen Fire demo account. Free, but limited historical data on some contracts (not sure why). Platform is very good, but definitely has its issues (like constructing continuous contract, ugh - god I want tradestation). NT7 should fix alot of the problems.

The thing is, futures data costs money. The exchanges charge companies for it, so companies arent just handing it out for free. A couple of places, like Mirus, will give you a month free or whatever. Even once you have an account, they will pass the data charges on to you, although most will rebate it if you do a certain volume of trades per month.

This is markedly different from forex. Because forex is an OTC market with no exchange, there is no data charge. So companies like IBFX or Oanda will happily let you demo forever and a day.

But honestly, if you have a small account, futures trading isnt for you. Yet*.

*edit* I note you are from Australia. You can probably get data to play with from a CFD provider, but just remember that you arent getting *true* exchange data, you are getting their own version of it. Oh, and the charting platforms all suck. All of them.

Anyhoo, I use Interactive Brokers. And have used them for years, and still very happy with them. Easily the best choice for locals, imho.

*this wasnt directed at you specifically, but I have had a bunch of 'so, can i trade the futures with $100 like forex?!'. No, you cant. Exchanges have minimum margin requirements that you need to be able to meet. You can sneak around this by daytrading because most brokers only require o/n margins, sometimes.
When you have to shoot, shoot. Dont talk.
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