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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

  • #43,481
  • Sep 10, 2009 4:11pm Sep 10, 2009 4:11pm
here is one for Ben..

Aj buob on 4hr.. Wait for pullback to round number..
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  • #43,482
  • Sep 10, 2009 4:14pm Sep 10, 2009 4:14pm
Quoting benji533
HAHAHA cool. I had just time to enter this one in the morning
But did it only based on the 1H IB and most important - the major round number.

Ben
ooops! I's 4R, not 8R lol.
Just correcting myself in case someone was wondering
  • #43,483
  • Sep 10, 2009 4:39pm Sep 10, 2009 4:39pm
Quoting rustyjeff
here is one for Ben..

Aj buob on 4hr.. Wait for pullback to round number..
Hey buddy

Umm...I don't feel really comfortable with this setup. Reasons on the chart.

Ben
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  • #43,484
  • Sep 10, 2009 4:44pm Sep 10, 2009 4:44pm
...
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  • #43,485
  • Sep 10, 2009 5:25pm Sep 10, 2009 5:25pm
Quoting bakko85
...
One more thing to note -

Not at an extreme and trading into a bunch of bar lows.
I'm pretty much done with all this ...
  • #43,486
  • Sep 10, 2009 5:31pm Sep 10, 2009 5:31pm
big thanks to everyone who answered my question on logging trades earlier, you guys rock
  • #43,487
  • Sep 10, 2009 5:41pm Sep 10, 2009 5:41pm
Quoting benji533
Hey buddy

Umm...I don't feel really comfortable with this setup. Reasons on the chart.

Ben

thats fine..
It went right to the first area. (as you have marked on your chart). this is where I went to break even..79.25
it may work or may not. but i wont loose...

I agree that you would want a better location for a longer term trade. but these setups work in many places.. as long as traders realise where thay are & protect themselves accordingly.
  • #43,488
  • Sep 10, 2009 5:53pm Sep 10, 2009 5:53pm
Quoting rustyjeff
thats fine..
It went right to the first area. (as you have marked on your chart). this is where I went to break even..79.25
it may work or may not. but i wont loose...

I agree that you would want a better location for a longer term trade. but these setups work in many places.. as long as traders realise where thay are & protect themselves accordingly.
Yea that's right. It is also possible to trade B setups and just take full profit or BE at the first trouble area. What is important here is doing some thing after it stalls where you predicted and not taking a full bar lose.
I knew you will manage it good

Generally I look for more long moves...so I prefer trading into space, and with the trend. Then I can allow myself giving a trade a bit more space.

Ben
  • #43,489
  • Sep 10, 2009 6:18pm Sep 10, 2009 6:18pm
Quoting benji533
Yea that's right. It is also possible to trade B setups and just take full profit or BE at the first trouble area. What is important here is doing some thing after it stalls where you predicted and not taking a full bar lose.
I knew you will manage it good

Generally I look for more long moves...so I prefer trading into space, and with the trend. Then I can allow myself giving a trade a bit more space.

Ben

we all find our own way.. & you certainly look to have found yours..
I tend to trade shorter term than you with the occasional runner.. I also trade a lot less pairs now than I used to..but the ones I trade I might take more B & even C trades than others here... I dont post even half cause I dont want people trying to do the same...I trust what I do & have my strategies so am happy..

Again.. we each find what works for us & then take advantage of it..

go get them Ben.. you look to have a handle on a style that works for you well... soon you will be a fund manager.....
  • #43,490
  • Sep 10, 2009 7:12pm Sep 10, 2009 7:12pm
Quoting triger88990
1. Just wanted to know if there was a place that listed all the major Market Makers and
Internbanks positions that heavily influence FX.
Finding out who the major market makers are is easy. Not that know it helps much, though.

Getting their orderflow information is also easy. You can either get a job trading on a forex desk of a big insto, or you can start your own hedge fund and put a couple hundred mil in volume through them..pay enough in commissions and they will probably give you some tidbits.

Order flow information is incredibly valuable - it is one of the most valuable things a trading desk has, if not the most valueable. Think about it - if you know how to interpret it, you basically know what the market is going to do before pretty much everyone else knows. They arent posting it up on the internet for everyone to read for free.

Quoting triger88990
2. and how do you use the information about order flow in your favor
Learn to tape trade, get a job where you have access to order books, make money. Should only take about 5 - 7 years to get qualified, a couple of years to get experience and then a couple more years to get into a position to use that info

Quoting triger88990
do you guys think that it's better to stick only to the information from this thread,
Definitely. Until you have the basics down to an artform, everything else is just noise and will lead to poor decisions or paralysis. Wish I had figured this out earlier.

Quoting triger88990
do you think that I'm overcomplicate all this stuff
As someone who also massively overcomplicates things: yes.

That's the beauty of the stuff Jim teaches us - it works brilliantly in isolation. You dont need to know fundamental analysis, economics, statistics, monetary policy, trade theory, whether Hugo Boss make better suits than Zegna or which subway gets you to the corner of Broad and Wall.

All you need is this thread, a chart and discipline. The rest is a matter of time

Quoting supremeChaos
Just FYI.... are most of u aware of this??

i dug up in my subscribed thread's...
Tesla's trendline alerter indicator.
it's in post#1 of his thread (check it out).
Wow. That is ridiculously awesome.

Now I just have to figure out how the make the email push to my iphone, and setup the logmein thing and I will be in trading heaven.

Oh, and figure out how to use the stupid iphone in general.

Thanks for posting this, I would have never found it.. I occasionally venture into the FF wilderness outside this thread, but it never turns out well. Last time I did it, I ended up reading about how to trade the 5m chart with dynamite and a detonator that you have to prime with a three red light indicator, or something
When you have to shoot, shoot. Dont talk.
  • #43,491
  • Edited 9:21pm Sep 10, 2009 7:32pm | Edited 9:21pm
Quoting the novice
Hi Jarro

1. I had placed my stop below the breaking bar as was your method (is it still your practice?).

2. I took partial profit at the first target, and moved the rest to breakeven but SL was hit at the BE.

3. Given the stall in the past 24 hours, would you consider reentering?

4. Also, I am not sure the orange line you drew is that much of a S/R line. Would that have prevented you from taking this trade?

Thanks.
1. I do use the Bar that breaks on many setups, but if there is a more obvious S/R level within the setup itself, I will use that one. In the case of the Daily PB Usd/Cad the left eye, as with many Pin Bar setups, is a common S/R level and not a bad place to put your stop loss to avoid a full bar loss (black line). And of course, below the PB itself is indeed the best place for a stop loss on a setup that is of high quailty. I believe the Daily Cad PB is of high quality.

2. & 3. I did the same. I re-entered on the 10th at 1.0825 and once it got to the 1TP (blue) I took 28 pips and move to break even, and then stopped out. My stop loss was just below the 1.0800 at 1.0785. Why did I have such a tight stop loss if I believe this is a high quality setup? Because I subscribe to the same mindset that James16 has so perfectly spoken of recently: http://www.forexfactory.com/showpost...ostcount=43401

I personally would rather "hope" for a runner with my stop at breakeven than "hope" for a target area while in a drawdown.

4. The orange line is clearly a S/R level. I veiw these levels stronger then just previous Highs or Lows, bacause they are made up of both.

(Sorry I can't post current charts)

http://i29.tinypic.com/ejhsic.jpg
Indicators show the past. Price Action "Indicates" the future.
  • #43,492
  • Sep 10, 2009 7:38pm Sep 10, 2009 7:38pm
Quoting benji533
Hey bro,

Well, Here are the charts

Great stuff Ben.

Well thought out and delivered.

Go, Ben, Go.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #43,493
  • Sep 10, 2009 7:42pm Sep 10, 2009 7:42pm
Quoting benji533
LOL

"A" category?

You are brave..

I don't even consider this one...this traffic is too much alone. But you are probably making your money out of it..like you know to do

Did you eventually enter it? If yes, I guess you took full profit at my first line, right?

Ben
Not brave at all, my brother. lol

You will find that these PA setups at the edges of consolidation can be more predictable then any other.

Yes, I took partial profits at your 1st line area. I have to let some of the position run to the moon. lol
Indicators show the past. Price Action "Indicates" the future.
  • #43,494
  • Sep 10, 2009 9:59pm Sep 10, 2009 9:59pm
Hi guys, there is a pinbar on daily EURAUD.
The pinbar itself looked good, but there is divergence (Chart1)
and when I zoom out, I can see that the low of the pinbar will hit a very strong PPZ (Chart2). So this bar is no go?
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  • #43,495
  • Edited 11:01pm Sep 10, 2009 10:47pm | Edited 11:01pm
Quoting esbatu
Hi guys, there is a pinbar on daily EURAUD.
The pinbar itself looked good, but there is divergence (Chart1)
and when I zoom out, I can see that the low of the pinbar will hit a very strong PPZ (Chart2). So this bar is no go?
The divergence you have highlighted isnt actually divergence, and doesnt really mean what you think it does. If anything, it just confirms what price already did - made lower lows, then reversed back up to hit the area it is in now.

You should probably do a bit more research into divergence before trying to incorporate it into your trading. Start at http://www.babypips.com/school/diver...eat_sheet.html

Personally, I dont even think that divergence, if it was actually there, is a reason not to take a trade anyway.

As you also note, there is a big PPZ. That, on the other hand, is a reason no to enter. If price broke that band, I might consider it. I'd be careful though... as it is, this one is definitely not an A+ trade for me. I'd have to be bored, drunk or demoing.

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When you have to shoot, shoot. Dont talk.
  • #43,496
  • Edited 11:22pm Sep 10, 2009 11:10pm | Edited 11:22pm
Quoting triger88990
thanks mike for your input, and for your encouragement!
I was thinking about to look at IFR orders watch but as you says where are building those order flow right on S/R.......n
Hmmm... have been reading up on this thread?

Darkstar & Gaston...
(Darkstar & mbqb11 - awesome mentor & student, respectively ;
the student is now a mentor too )
  • #43,497
  • Sep 10, 2009 11:13pm Sep 10, 2009 11:13pm
Quoting jarroo
............
(Sorry I can't post current charts)
jarroo,
i have been curious about this(not sure if u have answered this previously):
why are there instances when u cant post charts?
are u on holiday or something (away from your PC)?
Thanks Sir.



btw, james16 thread, now 2900 pages (default setting) wohoo...
  • #43,498
  • Sep 10, 2009 11:19pm Sep 10, 2009 11:19pm
Quoting joelcf
The divergence you have highlighted isnt actually divergence, and doesnt really mean what you think it does.....
You should probably do a bit more research into divergence before trying to incorporate it into your trading. Start at http://www.babypips.com/school/diver...eat_sheet.html
or this post here.
  • #43,499
  • Sep 10, 2009 11:20pm Sep 10, 2009 11:20pm
Quoting esbatu
Hi guys, there is a pinbar on daily EURAUD.
The pinbar itself looked good, but there is divergence (Chart1)
and when I zoom out, I can see that the low of the pinbar will hit a very strong PPZ (Chart2). So this bar is no go?
I think there are much better opportunities. Look for bars at swing high's and lows and a bar that is significantly larger that the preceding bars. That and there is a local price flip. This area is a tough one. And price is headed back into that blasted channel..

Look at the attached chart - the marked Outside bar was a nice one. Confluence out the wazoo! Perfection.

  1. Big Bar
  2. At a big round number (1.8000) shared by a PPZ
  3. At the 61.8% retrace
  4. At the 365 EMA


These are totally worth waiting for. Take the months of June, July and August this year. You'll find a trade (or more) in each of them that was worth waiting for. What is even better, the great setups don't often draw down at all. (Jarroo pointed this out once. Won't forget it.)
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I'm pretty much done with all this ...
  • #43,500
  • Edited 11:33pm Sep 10, 2009 11:22pm | Edited 11:33pm
Quoting supremeChaos
Hmmm... have been reading up on this thread?
After about two minutes, I can safely say that only a handful of people in that thread have any idea what they are talking about - and the rest is a whole bunch of people misinterpreting things they have read/overheard, twisting basic concepts to fit their ideas and just plain talking rubbish..

(which is unfortunately, because there are some IF, D, H&A hidden in amongst the truckloads of quartz and zirconia)

protip: the wisest people are usually the quietest ones. It isnt hard to see who you should listen to.

Quoting supremeChaos
Darkstar & Gaston...
(Darkstar & mbqb11 - awesome mentor & student, repsectively )
When you have to shoot, shoot. Dont talk.
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