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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

  • #50,201
  • Dec 21, 2009 8:12pm Dec 21, 2009 8:12pm
Have a question regarding these semi-pins off weekend gaps (yellow arrow). If it happens on any day other than Monday, there is no gap and therefore we get a pin.

Do you guys treat this as a pin bar? I'm not trading this because of the location, but the shape of the bar interests me.

Thanks guys.

-- Danny
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  • #50,202
  • Dec 21, 2009 8:16pm Dec 21, 2009 8:16pm
Quoting bluetrader
Have a question regarding these semi-pins off weekend gaps (yellow arrow). If it happens on any day other than Monday, there is no gap and therefore we get a pin.

Do you guys treat this as a pin bar? I'm not trading this because of the location, but the shape of the bar interests me.

Thanks guys.

-- Danny
Hey Danny

You can't really look at it as a pin since it isn't a pin. The gap dynamic is part of the market and thus should be treated separate. Gaps are a whole beast in themselves, and I wouldn't try to dig into it in that regards personally.

Best
Mike
  • #50,203
  • Dec 21, 2009 8:50pm Dec 21, 2009 8:50pm
Quoting mbqb11
Hey Danny

You can't really look at it as a pin since it isn't a pin...
Thanks Mike... exactly what I thought.

-- Danny
  • #50,204
  • Dec 21, 2009 9:27pm Dec 21, 2009 9:27pm
Quoting TiaForex
It's only trading.

Now that's so tough to hear but partly what brings me to this level of the curve is work. Practice and dedication. Time studying, time demoing, time listening to webinars, time reading....work work and more work. I was damn proud too.

Now I need to turn that whole ethic around, have fun, relax, kick back and concentrate on the fun. I have a friend who has the same issues with work and he asked me once for help. The solution I came up with was "Think of solutions that don't involve more work" because his solutions to his problems...
Heya Tia,

Years back, (I'm making myself sound old. LOL) I listened to this interview with a pretty successful businessman, he said, "you can't want something too much. If not you end up paying 'wanting it' tax and that ends up screwing up your plan".

I think there's a portion where
(1) we have to work to understand the material.
(2) And then another portion where we customise the material to suit ourselves.
(3) Then the latter portion of internalising what we have customised.

(1) & (2) are similar in that "working" pays off. (3) is where we begin need to realise that "less is more". Cause majority of the work has been done in (1) & (2). A large part of (3) is also experience and well, I believe that's where the element of "play" comes in.

And we can't "play the game" without first knowing the basic rules (PA, MM, etc). That's a quick way to lose. But once we know the rules, it really becomes a matter of playing the game I suppose. This portion is perhaps the most difficult because we have to make everything work for ourselves, the same way Mike, Rac, etc have over time, customised & tailor made their systems to suit their own psychology.

I think a large part of "whatever, if it works it works, if it doesn't it doesn't" comes from knowing the boundaries of one's own system & psych. This is the "freedom within boundaries" concept. There are the basic rules, then the personal rules that are a customised subset of the basic.

Least that's what I'm finding works for me. I guess a large part of it is also my psychological wiring. I can't make sh*t up as I go and kinda stumble my way along. I need to know the boundaries and nature of a system/framework, then knowing that, proceed. Yes, i'm INTJ.

SP:
One of the major things that has kept me going despite much headwind and lack of mentorship (I actually started way before coming across James' material) is how the market has always shown me things about myself I would not have otherwise seen.

I enjoy becoming a better person. Death to prideful ego. That has always been the #1 killer of success, big or small.

Good to have u back SP.
One Mind, Any Market
  • #50,205
  • Dec 21, 2009 9:56pm Dec 21, 2009 9:56pm
If i am watching the daily charts and i see for example a double bottom higher close. Provided i am at an adequate support level like a round number, previous s/r level (called a pivot lvl i think), daily or monthly pivot, bollinger band or important moving average of support like the 21 ema. Once I've identified all this and it is in flow with the trend (or maybe it doesnt have to?)

I enter at the close of that higher bar. Or do i need a retrace of that bar? or is it by instinct depending on each trade? what is the rule in this method to open the trade? It would seem like after waiting so long for that "A" setup that waiting for a retrace of that bar means mssing the trade alltogether. DO YOU J16 TRADERS WAIT?

thx
bulls
Whats happening in EUR/USD should be happening to you!
  • #50,206
  • Dec 21, 2009 10:12pm Dec 21, 2009 10:12pm
Quoting BullsAndBear
If i am watching the daily charts and i see for example a double bottom higher close. Provided i am at an adequate support level like a round number, previous s/r level (called a pivot lvl i think), daily or monthly pivot, bollinger band or important moving average of support like the 21 ema. Once I've identified all this and it is in flow with the trend (or maybe it doesnt have to?)

I enter at the close of that higher bar. Or do i need a retrace of that bar? or is it by instinct depending on each trade? what is the rule in this method to open...
If you are at a real good pivot zone level, you would want to wait to enter till the price breaks the high by at least 10 pips of the double low bar higher closed formation. some people might enter on a retrace from the high, but it is a higher risk entry.
You got to know when to hold them, and know when to fold them.
  • #50,207
  • Dec 21, 2009 10:17pm Dec 21, 2009 10:17pm
keep going....
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Many choose unhappiness over uncertainty.
  • #50,208
  • Dec 21, 2009 10:21pm Dec 21, 2009 10:21pm
Quoting sas
If you are at a real good pivot zone level, you would want to wait to enter till the price breaks the high by at least 10 pips of the double low bar higher closed formation. some people might enter on a retrace from the high, but it is a higher risk entry.
So on the close of that second bar, you put a buy stop 10 pips above that bar so if price takes out the high of that bar you are in a trade. do i got it? And vice versa on a double or triple top lower close.
Whats happening in EUR/USD should be happening to you!
  • #50,209
  • Dec 21, 2009 10:22pm Dec 21, 2009 10:22pm
Quoting BullsAndBear
So on the close of that second bar, you put a buy stop 10 pips above that bar so if price takes out the high of that bar you are in a trade. do i got it? And vice versa on a double or triple top lower close.
Yep you git it B&B. Technically a bar is not valid until price breaks above the high/low. Taking a retrace vs a break vs a open on close is just all style. They all have drawbacks and advantages. One way is not greater then the other in the end. It is only a matter of what works for the trader.

Best
Mike
  • #50,210
  • Dec 21, 2009 10:24pm Dec 21, 2009 10:24pm
Inserted Video


Here is a song that sums up alot of what trading is about in my opinon
You got to know when to hold them, and know when to fold them.
  • #50,211
  • Dec 21, 2009 10:53pm Dec 21, 2009 10:53pm
Quoting mbqb11
Yep you git it B&B. Technically a bar is not valid until price breaks above the high/low. Taking a retrace vs a break vs a open on close is just all style. They all have drawbacks and advantages. One way is not greater then the other in the end. It is only a matter of what works for the trader.

Best
Mike
Thx mike.

I havent got to stops yet. Im guessing the stop is below that bar OR below the strongest support lvl, possibly the bollinger or pivot lvl that was identified. As i have watched price myself, it seems a high percentage of the time that price will retrace the previous bar by 30% and a lesser percentage to 50& or more. So i thought you were going to say get in at a 30% retrace of the previous bar so that you are closer to your stop, but i was wrong there i guess.

i attached a shot of my pivot lvls for the eur/usd on a weekly to see if it is correct. Guess you could say Im turning in some homework assignments to be graded, lol. i felt like i could have drawn more but then it may have gotten messy. Then on a daily...

ty
bulls
Attached Images
Whats happening in EUR/USD should be happening to you!
  • #50,212
  • Dec 21, 2009 11:34pm Dec 21, 2009 11:34pm
Bulls, can I make a suggestion?
Clean up your charts. Less is more.

I've been @ a stage when my charts looked like star wars as well and more indicators usually serve more to confuse than to aid.

I've cut mine down to long moving averages for S/R, wkly/monthly pivots & RSI.
I have to say I've practically tried every other jack indicator from MTF moving averages, MTF oscillators, Bbands, bandwidth, blablablablaa.

Thrown all that gunk out. I think most here will concur that less is more.
Less indicators, more clarity.

My 2 cents.
One Mind, Any Market
  • #50,213
  • Dec 22, 2009 2:49am Dec 22, 2009 2:49am
Bulls, i second Cyrus, clean up your charts and you will see things abit more clearer.

I am also a fun of MACD (from Phil) but i do not use it to get into trades but just for confirmation.......look at the last RB in Oversold it has given.............would you have bought there?

Clean Charts.......

Quoting Cyrus
Bulls, can I make a suggestion?
Clean up your charts. Less is more.

I've been @ a stage when my charts looked like star wars as well and more indicators usually serve more to confuse than to aid.

I've cut mine down to long moving averages for S/R, wkly/monthly pivots & RSI.
I have to say I've practically tried every other jack indicator from MTF moving averages, MTF oscillators, Bbands, bandwidth, blablablablaa.

Thrown all that gunk out. I think most here will concur that less is more.
Less indicators, more clarity.

My 2 cents.
  • #50,214
  • Dec 22, 2009 4:51am Dec 22, 2009 4:51am
Hi guys,i just wanted to point out something i just realized on Nzd/Usd even i am pretty shure you all ready saw it......but may be is nice to have a look again.
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Patience is essential
  • #50,215
  • Dec 22, 2009 5:00am Dec 22, 2009 5:00am
Quoting squeezy
wow! the better my eyes gets at seeing plays the easier fx looks ....
im seeing plays all over ......
most of them wont be played but observed to get my eyes better acquinted
more charts coming soon ......lol

untested zone, im sure there were a couple of sell limit orders waiting but never got triggered on the eurcad but the usdcad would hav been a better option for touch traders(im not one of them).
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Simplicity is the key to success
  • #50,216
  • Dec 22, 2009 5:07am Dec 22, 2009 5:07am
Quoting Cyrus
Heya Tia,

Years back, (I'm making myself sound old. LOL) I listened to this interview with a pretty successful businessman, he said, "you can't want something too much. If not you end up paying 'wanting it' tax and that ends up screwing up your plan".

I think there's a portion where
(1) we have to work to understand the material.
(2) And then another portion where we customise the material to suit ourselves.
(3) Then the latter portion of internalising what we have customised.

(1) & (2) are similar in that "working" pays off....
Love this Cyrus. Thanks.
  • #50,217
  • Dec 22, 2009 5:10am Dec 22, 2009 5:10am
heads up! 4hr pinbar developing on NZD/USD , if that breaks its lost support and monthly pins will trigger ! also weekly inside bars break to the downside
  • #50,218
  • Dec 22, 2009 5:28am Dec 22, 2009 5:28am
dedicating this chart to rac the monster......
ive actually been catchin a couple like this
this is for the $200 challenge , sorry cant post it there
ill pm u soon
cheers
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Simplicity is the key to success
  • #50,219
  • Dec 22, 2009 5:32am Dec 22, 2009 5:32am
Yep, there it is 4Hr PB to break 0.7020 and a new low
Without women, money would have no meaning - Aristotle Onassis
  • #50,220
  • Dec 22, 2009 6:07am Dec 22, 2009 6:07am
Quoting Cyrus
Heya Tia,

Years back, (I'm making myself sound old. LOL) I listened to this interview with a pretty successful businessman, he said, "you can't want something too much. If not you end up paying 'wanting it' tax and that ends up screwing up your plan".

I think there's a portion where
(1) we have to work to understand the material.
(2) And then another portion where we customise the material to suit ourselves.
(3) Then the latter portion of internalising what we have customised.

(1) & (2) are similar in that "working" pays off. (3)...


Great post cyrus
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