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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

  • #47,221
  • Oct 29, 2009 5:36pm Oct 29, 2009 5:36pm
Last time I was in college I took my laptop alright. It was early 2005 and the height of bonus whoring. I remember running blackjack bonuses and pai gow in class.
"Whether you think you can or can't, you're right." Henry Ford
  • #47,222
  • Oct 29, 2009 5:47pm Oct 29, 2009 5:47pm
Quoting bee24
I think I found something. Two day pin. I think it's safe to call it that, since will close in less than an hour. No divergence though...
http://www.forexfactory.com/showpost...ostcount=47217

Why do you say no div?
  • #47,223
  • Oct 29, 2009 5:48pm Oct 29, 2009 5:48pm
Quoting raczekfx
Thank you my friend..
Just for you, here's few more before I follow Storage's footsteps...
Know yourself, know The Zone, Trade the zone.

I hate repeating myself over and over again. It's all in here.. and just recently Jim threw few more puzzles, which I suspected he had all along since the time I watched his first video in the PF
I say trading is not for you if after watching his 'flicks' and reading this thread, you still lose...

So looong..
R
Thanks brother. These are always a treat.
Indicators show the past. Price Action "Indicates" the future.
  • #47,224
  • Oct 29, 2009 5:57pm Oct 29, 2009 5:57pm
Quoting kk007
Many thanks Jim,

I missed your post yesterday, but now I find it after Rac posted again. I have tried fading a Level without reading the price action for a while. I have been following the thread of No brainer Trades http://www.forexfactory.com/showthread.php?t=86429
my success rate is ok, but not very high as 90%.
PeterFM advices that those S/R is only potential turning point and not high probability holding.
I am still thinking when I should look at price action, when not.

kk007
PPZ levels at Swing Highs and Swing Lows. Try focusing on the PPZ levels at Round Numbers on higher time frames. Post some charts with these PPZ levels and let's have a look.

I would as well but I can't post charts right now.
Indicators show the past. Price Action "Indicates" the future.
  • #47,225
  • Oct 29, 2009 5:57pm Oct 29, 2009 5:57pm
it is always crazy for me - you guys have 6 pm and I am in the middle of the night. I am old fashioned
  • #47,226
  • Oct 29, 2009 5:59pm Oct 29, 2009 5:59pm
Hi Folks,
Its been an up and down month for me so far this month but I have managed to grow my demo account by 0.42% (at least it's positive return ).
I have placed two pending trades both Daily PB's on EURGBP & GBPCAD:

EURGBP - I decided this was a viable opportunity as I identified confluence with 50 Fib, PPZ and 150 EMA. I placed Buy Stop Order @ 0.9000 SL @ 0.8911 and TP @ 0.9185. I see the first problem area @ 0.9084 where I plan to take partial profits and move SL to BE.

GBPCAD - This trade like the first was based primarily on confluence of PPZ, 150 EMA and 50 Fib. Sell Stop Order was placed @ 1.7623 SL @ 1.7817 TP @ 1.7190. The first problem area I see is at the round number 1.7400 where partial profit should be taken and SL moved to BE.

I would really love to hear your thoughts and ideas on these two trades my charts are below.

Cheers,
Mikali
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  • #47,227
  • Oct 29, 2009 6:35pm Oct 29, 2009 6:35pm
Quoting jarroo
Thanks brother. These are always a treat.
Hey Jim,

I have a couple of questions about your style if you don't mind.

Do you have any different rules for your hard breaks when playing outside bars. I've noticed that these often nick the entry and retrace to the 50. So does your tight stop often get blown on outside bars. I've noticed pinbars retrace a lot less so I am more comfortable demoing a tight stop strategy with them. But I'm still trying to work something out with outside bars.

Also, with a highly volatile pair like GJ do you have wider stops. Taking the current daily OB as an example, wold you take an entry with a stop around 149.80? Which would be around 100 pips. And if the entry was nicked and then it retraced would you kill it quick like you usually do? Or would you hold longer thinking OBs often retrace before pushing on.

A lot of scattered thoughts and questions. Sorry, my mind is foggy right now for some reason. And I can't even blame the Yankees...
  • #47,228
  • Oct 29, 2009 6:51pm Oct 29, 2009 6:51pm
Quoting mbqb11
100k doesn't go very far in NY though.
No shit. When I think how much I spend in rent and taxes, this city kills me sometimes.

Simon
  • #47,229
  • Oct 29, 2009 8:04pm Oct 29, 2009 8:04pm
I am new to the thread. I have read to page 90 and still going. Being relatively new to trading and forex I have found it very informative.

Thank You J16 and others contributing to the thread.

I am considering joining the PF. What point would you consider appropriate for joining? I am quite eager to go in!
  • #47,230
  • Edited Oct 30, 2009 9:33am Oct 29, 2009 8:18pm | Edited Oct 30, 2009 9:33am
Quoting TiaForex
Hey Jim,

I have a couple of questions about your style if you don't mind.

Do you have any different rules for your hard breaks when playing outside bars. I've noticed that these often nick the entry and retrace to the 50. So does your tight stop often get blown on outside bars. I've noticed pinbars retrace a lot less so I am more comfortable demoing a tight stop strategy with them. But I'm still trying to work something out with outside bars.

Also, with a highly volatile pair like GJ do you have wider stops. Taking the current daily OB as...
No, my rules for hard breaks do not change be it PBs, Outside Bars, DBHLC, etc. Yes I will change the size of the stop loss depending on the pair like the Gbp/Jpy.

The heart of this style as with any style of trade management (as I know you know well Aaron) is assessing the quality of the PA setup. Once that is assessed as high quality, then James16's "This is Critical" aka the traffic of the setup is observed.

Let's take the current Daily Gbp/Jpy. We have a BEOB at a swing High and a BUOB at a . . . uh . . . mid level area. Not the ideal location for a BUOB.

I sure you know that I was all over the BEOB with worked out nicely, hard break style. Hit the 1st target easily. And why I am a bit leery of the current BUOB. (Hourly chart to show the hard break).

Hope this helps if not . . .ask away.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #47,231
  • Oct 29, 2009 8:22pm Oct 29, 2009 8:22pm
SO THIS BEGS THIS QUESTION.

i swear i cant figure this out about places like the northeast and left coast.

WHY IN THE HELL do the majority of people in these areas keep voting in people thats sole desire is to raise taxes and take more and more of there money?

its not like its a secret. anyone with half a brain knows liberal politicians take and take and take thru never ending higher taxes.

can someone tell me why hard working people in these areas vote for an ideology that raises taxes year after year after year?

i swear i dont get it.

if a politician in texas even hinted at a state income tax he would be run out of the state.

its like knowing someone is going to rob you if you have him over for dinner and you invite him anyway. after he robs you you invite him over to rob you again in a couple of years.

pure insanity.









Quoting AnimalHungry
No shit. When I think how much I spend in rent and taxes, this city kills me sometimes.

Simon
  • #47,232
  • Oct 29, 2009 8:28pm Oct 29, 2009 8:28pm
Quoting james16
SO THIS BEGS THIS QUESTION.

i swear i cant figure this out about places like the northeast and left coast.

WHY IN THE HELL do the majority of people in these areas keep voting in people thats sole desire is to raise taxes and take more and more of there money?

its not like its a secret. anyone with half a brain knows liberal politicians take and take and take thru never ending higher taxes.

can someone tell me why hard working people in these areas vote for an ideology that raises taxes year after year after year?

i swear i dont get it....
I don't know if this the total reason but I believe their is more people voting that don't pay taxes and rely on thoses taxes as income (the welfare state). So their vote is their income or their job. Its pretty sick.

Just think if you could only vote if you own real property or paid taxes. I'm sure the results would be different, real different.
Indicators show the past. Price Action "Indicates" the future.
  • #47,233
  • Oct 29, 2009 8:32pm Oct 29, 2009 8:32pm
That can't be it, that makes way too much sense...LOL




Quoting jarroo
I don't know if this the total reason but I believe their is more people voting that don't pay taxes and rely on thoses taxes as income (the welfare state). So their vote is their income or their job. Its pretty sick.

Just think if you could only vote if you own real property or paid taxes. I'm sure the results would be different, real different.
  • #47,234
  • Oct 29, 2009 8:38pm Oct 29, 2009 8:38pm
any info from post 47230? just above?
I am watching and found both of these too - actually quite excited - that I was seeing - what someone else posted

in addition on the question for GPB/CAD - I think I see some resistance (resistance to a short order, resistance to making $) so a support line really : : oh geez am I confusing me? at about 1.7600 - actually just alittle less 1.7597 or so - which leaves basically no room to run????? I just put a line on the weekly resistance of ppz (price pivot zone?) it looks like this might be an ok trade but not A++?
  • #47,235
  • Oct 29, 2009 8:57pm Oct 29, 2009 8:57pm
another question on from graph on post 47230 -
Sorry Mikali - I am using you to ask my questions - but honestly hoping the answers will help you just as much as me.
In there for E/G you stated you see some resistance at .9084 - when I drew my lines 'blindly' I put one at .9000 - -- wondering, I notice this is about where you planned to enter - so if an entry of .9010 would be better? to get past that first area of resistance?

go vikings - just thought I'd let you know I am from Minnesota.
  • #47,236
  • Oct 29, 2009 9:00pm Oct 29, 2009 9:00pm
Thanks Jduester,

I am a learner too. For me, price action in general simply means how price moves, and this definition may include everything about chart reading, but often such a definition is to broad to be useful.

In this thread, I usually treat price action as J16 price action specifically, i.e. those multi-bar reversal price patterns. Perhaps, the difference in the interpretation between us mess up the conversation.

cheers,

kk

Quoting Jduester
I think I have the definition of PA, Price Action wrong. I've always thought of price action as the charts formed from price movements. I've always thought that included much more than bar/candle patterns. Thought it included how price 're'-acts(ion) to previous highs/lows, round numbers, trendlines and some retracements.

Price Action or Price Reaction to certain points on a chart...

By the correct definition of price action, however, Rac doesn't trade using it. My guess is he trades off support/resistance, FIBS, TLs, maybe round numbers....
  • #47,237
  • Oct 29, 2009 9:05pm Oct 29, 2009 9:05pm
Quoting jarroo
PPZ levels at Swing Highs and Swing Lows. Try focusing on the PPZ levels at Round Numbers on higher time frames. Post some charts with these PPZ levels and let's have a look.

I would as well but I can't post charts right now.
Thanks Jarroo,

I like posting chart here for discussion. Nevetheless, I have determined to be a daytrader from the very beginning. When I post chart here, almost everyone here keep asking me to trade higher timeframe instead.

kk007
  • #47,238
  • Oct 29, 2009 9:06pm Oct 29, 2009 9:06pm
Quoting james16
SO THIS BEGS THIS QUESTION.

i swear i cant figure this out about places like the northeast and left coast.

WHY IN THE HELL do the majority of people in these areas keep voting in people thats sole desire is to raise taxes and take more and more of there money?

its not like its a secret. anyone with half a brain knows liberal politicians take and take and take thru never ending higher taxes.

can someone tell me why hard working people in these areas vote for an ideology that raises taxes year after year after year?

i swear i dont get it....

Agree with you 100%, but things are a little more complex.
I live in NY and everything is, well , pretty expensive. lol
But think about the huge expenses this city has.
Huge police force, subway system, streets cleaning city schools and hospital and list goes on.
That's a lot of revenues to be raised.If the budget was somehow balanced before the financial crisis ,now that businesses are down all over and that means less taxes coming in.This creates an deficit and actually there is a huge gap in NY State budget.The way it goes, NY may go bankrupt if they don't find a way to fill the holes.
I feel the same way you do,but the thing is no matter who comes in they will raise taxes if is deficit.Some will raised for the riches some will cut social services for the poors.
  • #47,239
  • Oct 29, 2009 9:11pm Oct 29, 2009 9:11pm
I got some PMs about the Rac Cad trade so I'll give it a go.

We are looking for heavily confluenced levels i.e. PPZ levels with 61.8 Fibs and/or 50% ret level. There may be more to it then this but this is my take.

I was looking at the 1.0700 level as a KaBoom level, because it fit the setup. And it did provide some good pips if managed tightly. 1.0700 lined up with the recent 61.8 fib level and a support level (Weekly PPZ) that could have acted as resistence. (1st chart)

The Rac Kaboom level (the real KaBoom) had the 61.8 fib level high at the top of the recent consolidation area, 1.0800 PPZ level which had an added highlighted area that Rac pointed out (check mark, 2nd chart).
Both trades were with the current trend.

Bottom line . . . PPZ levels that are confluenced with our many tools on higher time frames RULE. Can anyone find good old PA at these level that worked out nicely . . I do.
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Indicators show the past. Price Action "Indicates" the future.
  • #47,240
  • Oct 29, 2009 9:19pm Oct 29, 2009 9:19pm
Quoting kk007
Thanks Jarroo,

I like posting chart here for discussion. Nevetheless, I have determined to be a daytrader from the very beginning. When I post chart here, almost everyone here keep asking me to trade higher timeframe instead.

kk007

I would have to agree with the other as well. Higher time frames do produce stronger setups and higher gains.

But if you do want to trade the lower time frames, it still is a must to know where these higher time frame PPZ levels are inrelation to your intraday trading. So go ahead and post away, we are all here to help and learn.

Jim
Indicators show the past. Price Action "Indicates" the future.
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