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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

  • #47,681
  • Nov 7, 2009 9:53am Nov 7, 2009 9:53am
Quoting benji533
Cool Jarroo!!!

Me also making my Friday pips
Just look what a great location for this trade on higher TF.
I remember Jaroo saying this, and I agree. Every time I try to scroll back on my charts , back test and search for ways to improve my trading on those lower TFs, I find that the best trades are located on obvious higher TF interesting locations.

I'm sure rac as all over it and helped me push this trade hehe

Thanks Jarroo
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  • #47,682
  • Nov 7, 2009 10:41am Nov 7, 2009 10:41am
Quoting Pipage
This is a Gap related question.
Example: If I have a long position open overnight or over the weekend and have moved my S/L to breakeven. The following trading session the price gap opens in my favour ie. Higher than previous bar close, then I would have made the extra pips. What would be the case if the gap opens against me, i.e the new bar opens far below the close of the previous bar. Would I have been closed at my S/L(breakeven) or would I incur the penalty of the gap.?

Hope my question makes sense?

Cheers
Hey Pipage

Unless your broker guarantee your stops(which is very few and tends to be a sketchy thing as is), you are going to get your stop loss skipped over and you can incur that loss. Either the second the market opens it will close your order wherever price gaps(if it executes it as a market order closing at best price possible which would be for a loss). Or it simply will skip over all together leaving you in the negative and for you to adjust too.

Best
Mike
  • #47,683
  • Nov 7, 2009 10:57am Nov 7, 2009 10:57am
Quoting mbqb11
Hey Pipage

Unless your broker guarantee your stops(which is very few and tends to be a sketchy thing as is), you are going to get your stop loss skipped over and you can incur that loss. Either the second the market opens it will close your order wherever price gaps(if it executes it as a market order closing at best price possible which would be for a loss). Or it simply will skip over all together leaving you in the negative and for you to adjust too.

Best
Mike

Cheers Mike
  • #47,684
  • Edited 8:14pm Nov 7, 2009 3:34pm | Edited 8:14pm
Quoting didymario
Thank Godness someone is beginning to notice this. I had thesame headache a yr ago when I just started. This is a BIG hurdle for beginners because when they look at most peoples post they see mostly winners. In a short while their minds get programmed to see mostly winners and any trading result they have that does not reflect this creates a mental imbalance which can be difficult for some people to resolve especially if you still dont know the source of the frustration.

IMHO If we can all post our losses as much as we post our winners it will...
Quoting didymario
We can get very fustrated in this business. We can have a setup that meets an A+ trade criteria (we think) and it fails miserably.

IMO These are the type of losses we should be posting.

Thanks for pointing this one out Jim

Hunri
Fair enough, Hunri. To be honest, I don't have many losses. I do have many break even trades. My trade management style is very very tight. I look for high quality setups and will move to break even very quickly, some times after a 10-15 pip move. Do I do this on all setups? No. Each setup is different. I have posted many real time trades showing this and other approaches.

Let me show some examples that can get some traders into trouble. (Ok, they have got me into trouble in the past. lol)

#1. Great looking 2 Day PB at a double bottom, with divergence. Good for 200-300+ pips. They only way a loss would occurr is if the trader has delusions of grandeur that this trade would go farther to the moon then it did. The obvious take profit targets (blue) should have signaled one to take some off the table and protect yourself from a loss.

#2. Good size PB with divergence, but a strong PPZ level right in front of it. I actually like this type of setup because if it breaks through this PPZ level there's a good chance that it will act as support right at my entry. James16's "This is Critical" is applied all over this one. Obviously, a loss would occurr if you didn't see that PPZ level right in front of the PB.

#3. Good size PB with divergence. A loss would occurr by not waiting for the break of the PB. It only takes a few big losses of not waiting for the break to realize that we . . . . always wait for the break.

The other examples (the Xs) shows many successful PB setups with supportive confluences (not shown). It would be very hard to take a loss on these setups.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #47,685
  • Edited 4:38pm Nov 7, 2009 4:09pm | Edited 4:38pm
Quoting benji533
Just look what a great location for this trade on higher TF.
I remember Jaroo saying this, and I agree. Every time I try to scroll back on my charts , back test and search for ways to improve my trading on those lower TFs, I find that the best trades are located on obvious higher TF interesting locations.

I'm sure rac as all over it and helped me push this trade hehe

Thanks Jarroo
Higher Time Frames Rule. Especially when you venture down to lower time frames.

But why do they Rule? As I learned from Mike its pretty obvious, they provide more data, more info . . .thus more strength.

That 1.4900 PPZ level was not only strong on the hourly but more importantly on the Daily and Weekly charts as well.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #47,686
  • Nov 7, 2009 4:54pm Nov 7, 2009 4:54pm
Quoting scott087
try taking a look at the futures (I use fxpro). This is Dec 09 Daily Wheat futures. Take a look at this setup..I think it speaks for itself
Hey Scott, I caught that one too ez pz Japaneze. I've also had some success with Dow and Oil at FxPro. Have you noticed any differences going from demo to live in respect to getting fills and stop losses etc? I guess just wondering if you are happy with them? I like the way you can trade the commodities without paying the full commission.
"Whether you think you can or can't, you're right." Henry Ford
  • #47,687
  • Nov 7, 2009 9:26pm Nov 7, 2009 9:26pm
I have reached page 200 of thread. Slow progress but learning a lot.

Inside bars 4 are the PA I least understand. Could someone give me some clarification?
Is it the high and the low that needs to be within the H and L of previous bar or is it the Open and Close that have to be inside the O and C of previous bar? Any chart eg would be greatly appreciated.

Also this is what I have gathered so far on their significance:
They reflect a moment of indecision and in themselves do not point towards a direction , but rather the break direction of the subsequent price action will determine whether it goes long or short.

So you can place an order on both sides and take the direction towards where it breaks, right?
  • #47,688
  • Nov 7, 2009 10:31pm Nov 7, 2009 10:31pm
Quoting PeterPan
I have reached page 200 of thread. Slow progress but learning a lot.

Inside bars 4 are the PA I least understand. Could someone give me some clarification?
Is it the high and the low that needs to be within the H and L of previous bar or is it the Open and Close that have to be inside the O and C of previous bar? Any chart eg would be greatly appreciated.

Also this is what I have gathered so far on their significance:
They reflect a moment of indecision and in themselves do not point towards a direction , but rather the break direction of the...
High and the low that needs to be within the H and L of previous bar. I look for these just under resistance or just over support for trading reversals. You can place an order just above or just below these bars and many traders do just that. I do not trade this way because I always have a bias before pulling the trigger based on other factors. Go back and look at your charts, you will observe that so many times these bars get engulfed by the next bar. If you have a SL at the top of the IB when you are selling short it could get taken before the price resumes down and vice versa.

K.I.S.S.
  • #47,689
  • Nov 7, 2009 11:14pm Nov 7, 2009 11:14pm
Quoting PeterPan
I have reached page 200 of thread. Slow progress but learning a lot.

Inside bars 4 are the PA I least understand. Could someone give me some clarification?
Is it the high and the low that needs to be within the H and L of previous bar or is it the Open and Close that have to be inside the O and C of previous bar? Any chart eg would be greatly appreciated.

Also this is what I have gathered so far on their significance:
They reflect a moment of indecision and in themselves do not point towards...
Hey PeterPan

Here are some reference posts for you as well as Kiss's above


http://www.forexfactory.com/showpost...ostcount=15851
http://www.forexfactory.com/showpost...ostcount=33436

As well as an example of a current I4B


Best
Mike
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  • #47,690
  • Nov 8, 2009 12:26am Nov 8, 2009 12:26am
Happy Birthday Jim.

And thanks for the gift of this thread!

Congratulations on helping so many people to become better traders.

I for one have become a better trader due to this thread.

A big thanks to you.

A51
  • #47,691
  • Nov 8, 2009 12:37am Nov 8, 2009 12:37am
Quoting Area51
Happy Birthday Jim.

And thanks for the gift of this thread!

Congratulations on helping so many people to become better traders.

I for one have become a better trader due to this thread.

A big thanks to you.

A51
For sure!

Happy bday Jim!

1 more year before the big 50, enjoy it

Mike
  • #47,692
  • Nov 8, 2009 12:49am Nov 8, 2009 12:49am
Happy Bday Big Guy!

I hope I can say I've touched as many lives as you have at the ripe old age of 49....

All the best
  • #47,693
  • Nov 8, 2009 1:40am Nov 8, 2009 1:40am
Many Happy Returns
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If you can wait and not be tired by waiting...
  • #47,694
  • Nov 8, 2009 2:34am Nov 8, 2009 2:34am
Wishing you another wonderful year of happiness and joy. Happy Birthday!
  • #47,695
  • Nov 8, 2009 3:03am Nov 8, 2009 3:03am
Quote
IMHO If we can all post our losses as much as we post our winners it will help new people adjust faster.

I am with family right now, so I must be brief........


No it won't. Rarely does the student know what they truly need to learn quickly. Trust the experienced teacher's who know the fastest way to teach and apply yourself to understand what they are saying.

I know, not what you wanted to hear. Just watch any movie with these relationships and you can observe the principle. This principle holds true in many aspects of our lives.


Best regards,

Dale
  • #47,696
  • Nov 8, 2009 3:08am Nov 8, 2009 3:08am
Happy Birthday Jim,

May you find this year the answer to your questions.


Dale
  • #47,697
  • Nov 8, 2009 4:36am Nov 8, 2009 4:36am
Happy Birthday Jim

I think it doesn't need pointing out what you've done here with this thread and for how many people.

Have a great day, week, year +++..

My very best,

Patrick
Trust price. Know yourself.
  • #47,698
  • Nov 8, 2009 5:50am Nov 8, 2009 5:50am
My best wishes on your birth day, live long and stay healthy for all of us.
luv to loose.....
  • #47,699
  • Nov 8, 2009 6:17am Nov 8, 2009 6:17am
Happy birth day James!

Ben
  • #47,700
  • Nov 8, 2009 6:30am Nov 8, 2009 6:30am
Happy Birthday James! Have a great day!

Josh
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