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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

  • #43,821
  • Sep 15, 2009 5:26pm Sep 15, 2009 5:26pm
I found something quite interesting last night going over the charts. I noticed on the gbpchf on the monthly chart this Inside bar formation after a retracement up in an overall downtrend. Seems like a good location to me and it broke to the downside. I entered short. This is only on demo but i will b interested to see what happens with this one. I dont normally do anything on the monthly charts or Inside bars either
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  • #43,822
  • Sep 15, 2009 6:15pm Sep 15, 2009 6:15pm
This closes within the hour on my feed . . . right off of what was support . . .
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"Don't trade to trade . . . trade to win." - James16
  • #43,823
  • Sep 15, 2009 6:17pm Sep 15, 2009 6:17pm
Quoting TiaForex

I imagine a lot of people go through this, and very few admit to it. And yeah, there is a difference in the feelings I have with drawdowns and losses when I have taken a trade perfectly according to rules and plan, versus drawdowns and losses when I've acted on a hunch, been silly, or followed someone else.

The second one makes me want to gnaw my own hand off.
Yeah - I've learn to ignore the herd. The USDCAD is a great example - lots of interest in seeing it go North - and a bunch in it till it died a hot steaming death.

Me - I was in it - went to BE as per my rules and got stopped out for a small +.

I think that this is the biggest reason that I do not post 'live' to either a journal or here in the J16 thread. That and doing so messes with my head because I have a big ego. If you knew me, you'd know why - I am ultra smart and cool. Chicks dig me.
I'm pretty much done with all this ...
  • #43,824
  • Sep 15, 2009 6:18pm Sep 15, 2009 6:18pm
Quoting Flem26
This closes within the hour on my feed . . . right off of what was support . . .
Don't forget though, this is at a swing low. We want to see bearish pins at swing highs. I am not saying this won't retest the lows, but we must be aware of this in the decision making process. I am still one to say avoid these until you can get them down at the j16 placing.

Best
Mike
  • #43,825
  • Sep 15, 2009 6:27pm Sep 15, 2009 6:27pm
Quoting mbqb11
Don't forget though, this is at a swing low. We want to see bearish pins at swing highs. I am not saying this won't retest the lows, but we must be aware of this in the decision making process. I am still one to say avoid these until you can get them down at the j16 placing.

Best
Mike
Will be interesting to watch . . .
"Don't trade to trade . . . trade to win." - James16
  • #43,826
  • Sep 15, 2009 6:28pm Sep 15, 2009 6:28pm
Quoting mbqb11
Don't forget though, this is at a swing low. We want to see bearish pins at swing highs. I am not saying this won't retest the lows, but we must be aware of this in the decision making process. I am still one to say avoid these until you can get them down at the j16 placing.

Best
Mike

In fact, I would not be surprised if this pair started to chop and consolidate for a while now between 92-ish and 90-ish. We are entering an area where it has done that before. History repeats itself, and PPZ's are not the only thing that repeats!
I'm pretty much done with all this ...
  • #43,827
  • Sep 15, 2009 6:35pm Sep 15, 2009 6:35pm
Quoting StoragePro
Yeah - I've learn to ignore the herd. The USDCAD is a great example - lots of interest in seeing it go North - and a bunch in it till it died a hot steaming death.

It's. Still. Going. North.

Still

*radio goes dead*
  • #43,828
  • Edited 7:20pm Sep 15, 2009 6:58pm | Edited 7:20pm
Quoting TiaForex
It's. Still. Going. North.

Still

*radio goes dead*
LOL...

Never know. I remember the good 'ol days when a Saw Buck got you $1.50 of that colorful stuff they hand out in Canada. Weekends in Toronto at a great discount. Them were the days, my friend.

Busting lower now would put us back into another 425 pip consolidation zone.

My only bias is that I play the PA appropriately.

Edit - what would you think if I said this thing might consolidate for an extended period of time? It did it from Nov 07 to Aug '08 in a 550 pip range. How long could this one go? Mid December? Nothing would surprise me anymore. Unless the calls for LONG died down...
I'm pretty much done with all this ...
  • #43,829
  • Sep 15, 2009 7:58pm Sep 15, 2009 7:58pm
Quoting mbqb11
Don't forget though, this is at a swing low. We want to see bearish pins at swing highs. I am not saying this won't retest the lows, but we must be aware of this in the decision making process. I am still one to say avoid these until you can get them down at the j16 placing.

Best
Mike
Hi Mike,

Can that be classified under your breakout trading? Breakout, Pull back pin bar form?
  • #43,830
  • Edited 9:56pm Sep 15, 2009 9:31pm | Edited 9:56pm
I think I'm getting a hang of this.

Been just reading through the thread and going through lotsa old posts & charts by the seniors.
Personally realised that I have a tendency to overcomplicate stuff.
This stuff is simple (didn't say easy!). James, Mike & the rest of the seniors teach principles of price action.
Realised that the application of the principles is really up to the individual.
I am doing my best to understand the principles behind the price action, and then applying it with my own elements of style.
Still working on it heavily.

Being very new to this methodology, when I first was scouting out the thread, I saw SO MANY WAYS of applying these principles.
Some seniors like Rac likes trendlines, Mike seems to prefer small winners and losers while gunning for that BIG KAHUNA from a A+++ textbook setup or great breakouts with the trend etc etc.

I was like, "all this works!"
And to be honest, it was all DAMN CONFUSING.

Paraphrasing what Bruce Lee said,
It is not the complexity of techniques, it is the simplicity of expression by the individual.
If I try to learn 1000 variations of PBs in varying market conditions & scenarios, the market will come up with another 1000 that I have yet to even see before, not to mention know and master.
And when there is a setup, it would make me ask... which of the 1048 variations that I know suits this?
--> Confusion --> Stupid trades --> Disturbed psychology --> Lack of confidence --> Must learn the 2000 variations!!
Wash, rinse, repeat.
It will never end!!!!

After much reflection, I realised that these were really different ways that each individual has chosen to express the PA principles taught by big man James. The principles are very very sound. They work in any liquid market.
My little epiphany has been that I must make the principles work for me. To suit my own psychological wiring.

Sorry for the rant. It's like the lights suddenly went on! =)

GBPJPY, 4 hour.
[A grade setup?]
Over all downtrend.
Retracement to 50% + PPZ + weekly Pivot
Pinbar was so so, but location looked good
Traffic to downside decently light
Decent amount of "empty space" (the way Mike teaches it)
Tgt 149.55 (PPZ + weekly S1 + that long PB tail in the PPZ to the left)

EURGBP, 1hour. Still in this one.
[I think this is an A+ setup?]
Overall broad trend nicely up
Pretty PB @ 50% ret + 365ma + 200ma
Very light traffic to upside
Good amount of "empty space" (the way Mike teaches it)
1/2 off @ wR2.
Trailing the rest (hopefully to the moon!)
Hid stop behind tail @ 8875
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One Mind, Any Market
  • #43,831
  • Sep 15, 2009 9:32pm Sep 15, 2009 9:32pm
Quoting tradertt
Hi Mike,

Can that be classified under your breakout trading? Breakout, Pull back pin bar form?
Not for me trader. I am looking for patterns (wedges horizontal breakous etc), clear ones, to trade breakout + pullback.

Best
Mike
  • #43,832
  • Sep 15, 2009 9:33pm Sep 15, 2009 9:33pm
Quoting Cyrus
I think I'm getting a hang of this.

GBPJPY, 4 hour.
[A grade setup?]
Over all downtrend.
Retracement to 50% + PPZ + weekly Pivot
Pinbar was so so, but location looked good
Traffic to downside decently light
Decent amount of "empty space" (the way Mike teaches it)
Tgt 149.55 (PPZ + weekly S1 + that long PB tail in the PPZ to the left)

EURGBP, 1hour. Still in this one.
[I think this is an A+ setup?]
Overall broad trend nicely up
50% ret + 365ma + 200ma
Light traffic to upside
Good amount of "empty space" (the way Mike teaches it)
Nice...
WOW talk about massive pips

Nice cyrus. those things never looked back huh

Mike
  • #43,833
  • Sep 15, 2009 10:03pm Sep 15, 2009 10:03pm
Quoting mbqb11
WOW talk about massive pips

Nice cyrus. those things never looked back huh

Mike
I've been uber reclusive watching heaps of your vids and James' over the past.... 2 weeks or so? ^_^

Your "pinbar that hangs out like a cherry" setup, concept of space and trade with the overall broad trend put together was like someone flipped on a really massive high intensity light in my head.

Fiji's stuff made me look inward deeply as well.

THANKS MIKE!

James is right. If you can't make money with this material. Forget about trading. =)
One Mind, Any Market
  • #43,834
  • Edited 11:15pm Sep 15, 2009 10:56pm | Edited 11:15pm
Quoting mike w
I'm definitely....
I'm also damn surprised the E/U moved up again..
Quoting TiaForex
I was....
EU surprised me too. UCAD has also surprised me with its move down ....
....
eur has been strong. usd is 'somewhat strong' too but not as strong as eur.
yesterday, gbp weakened further but did not drag eurusd down with it because eurgbp strengthened & acted as an anchor (for eurusd, preventing the 'down drag') &/or 'rocket' (it propelled upwards, lol).
  • #43,835
  • Sep 15, 2009 11:00pm Sep 15, 2009 11:00pm
Quoting StoragePro
Confession time.
I took a fairly dumb trade today.........
Me too. today & a few days ago.
Let's try & cheer up.


Quoting supermatt
I found something quite interesting last night going over the charts. I noticed on the gbpchf on the monthly chart this Inside bar formation....
i am learning about IB's too. do check out posts by jarroo, mike w, Dale.
Also the DIBS thread.


Quoting Cyrus
I think I'm getting a hang of this.
...
u think?
NO, u did.
  • #43,836
  • Sep 15, 2009 11:55pm Sep 15, 2009 11:55pm
Quoting mbqb11
Not for me trader. I am looking for patterns (wedges horizontal breakous etc), clear ones, to trade breakout + pullback.

Best
Mike
Thanks
  • #43,837
  • Sep 16, 2009 1:46am Sep 16, 2009 1:46am
We should fall preety soon...

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  • #43,838
  • Sep 16, 2009 2:19am Sep 16, 2009 2:19am
Quoting raczekfx


PA of solid PPZ and fibs confl and lift off...?
And so on, and so....

K, enough of my presence here. Don't you get bored talking about the same thing over and over again?
Flying is not meant for everyone.
You would think I would . . . but I don't. I love this stuff. The people, the culture . .everything . . . . . Oh yeah, the MONEY. lol.

There is nothing like waiting for a setup, at a foreseen location, develop, mature and then . . . BANG . . . . right between the eyes.
Indicators show the past. Price Action "Indicates" the future.
  • #43,839
  • Sep 16, 2009 2:30am Sep 16, 2009 2:30am
Quoting Flem26
Will be interesting to watch . . .
cha-ching . . .
Attached Image (click to enlarge)
Click to Enlarge Name: usd_yen.gif Size: 16 KB
"Don't trade to trade . . . trade to win." - James16
  • #43,840
  • Sep 16, 2009 2:47am Sep 16, 2009 2:47am
I entered this trade as well. It seems to me a quite decent set up. Thy only good thing is that I had moved my stop loss quickly below right eye (149.80) so at least it wast not a full bar loss.

Quoting FinnTrader
GBPJPY 4H pin bar

+At swing low
+Previous S/R
+Off 150.00
+Nicely formed pin bar

-First trouble area 30pips above

Opinions of this trade? I'm going to set the stop BE on the yellow line at 150.60.
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