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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

  • #50,241
  • Dec 22, 2009 12:11pm Dec 22, 2009 12:11pm
Quoting lovejoy80
This is how I see it...

I played a short from the pullback to the PPZ area (and monthly pin bar low) as a 'touch-trade'...but you could have played it off the inside bar off the 1hour chart or outside bar on the 15min chart (both PA set ups had divergence too).

look at the 15min chart...can you guess where I went long again...pin bar with 'hidden divergence' (I think that's the right technical name?!).

Anyway...please remember lower time frames are for advanced trading...beginners should always follow Jim's rules as laid out on the first page...
Yes LoveJoy beautiful trade....i saw the 4h pin bar but i was a little concerned about the lower trend line where the price just show us rejection.
You played it like a pro-trader....my compliments to you.I'll take note of this trade.
Patience is essential
  • #50,242
  • Dec 22, 2009 12:16pm Dec 22, 2009 12:16pm
Today something has change in my mind....i hope in the right way.....
I started to look at the charts in a whole contest......

here is my view on eur/gbp......i hope you concur with me
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Patience is essential
  • #50,243
  • Dec 22, 2009 12:37pm Dec 22, 2009 12:37pm
Quoting benem
Today something has change in my mind....i hope in the right way.....
I started to look at the charts in a whole contest......

here is my view on eur/gbp......i hope you concur with me
I think you are zooming in too far on your chart...try zooming out and looking at the bigger picture...look from the top down i.e. monthly then weekly etc.

I don't trade E/G as I stick to USD and JPY crosses but pulling up a chart and my weekly chart would like something like this.
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  • #50,244
  • Dec 22, 2009 12:43pm Dec 22, 2009 12:43pm
Quoting mbqb11
Gold weekly pin hit my take profit. 1 trade this month. Taking the rest of the year off from trading for sure
Beautiful stuff, mike.

May i ask how did you play that pin? SL above the nose? No partial TPs, I believe.

Nos

EDIT: Probably your initial stop was that yellow line. Really nice trade.
  • #50,245
  • Dec 22, 2009 12:48pm Dec 22, 2009 12:48pm
Quoting lovejoy80
I think you are zooming in too far on your chart...try zooming out and looking at the bigger picture...look from the top down i.e. monthly then weekly etc.

I don't trade E/G as I stick to USD and JPY crosses but pulling up a chart and my weekly chart would like something like this.
Thank you----good advice
Patience is essential
  • #50,246
  • Dec 22, 2009 12:50pm Dec 22, 2009 12:50pm
Quoting mbqb11
Gold weekly pin hit my take profit. 1 trade this month. Taking the rest of the year off from trading for sure
Great trade Mike! I shorted and shorted gold until I left for Colorado for skiing. One of these days I'll get myself right and hold these until they give up all the move. Congrats again!

K.I.S.S.
  • #50,247
  • Dec 22, 2009 1:00pm Dec 22, 2009 1:00pm
here is my daily chart...notice the pin bar at the top with divergence
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  • #50,248
  • Dec 22, 2009 1:26pm Dec 22, 2009 1:26pm
Hi everyone,

Quite new here and have been learning heaps so a massive thanks to everyone who has contributed. And a high 5 for james16 for starting ths thread many moons ago . The thread moves so fast you need to be on your toes to keep up.

i did actually come across this thread about this time 2 years ago and attempted to trade the james16 teachings. I was neither successful but nor did i blow my account. Looking back i just think i was not ready to trade. Struggled wth the Psychology. Overall trading did my head in!!!

I've spent a little bit of time in the wilderness trying an indicator or 2 and now i've come full circle and now actualy feel "ready" to trade using PA. I know there has been plenty of chat on here re sorting out you head and that for me has been the hardest part. There has been plenty on here that has helped so thanks again for those wise words. It has been invaluable.

I have a question re USD/CHF 4hr possible short. There have been 2 consecutive pin bars off an S/R level at 1.0500. Price has moved up 500 points since the begining of december so you'd be shorting into a short term up trend but with the longer term down trend.
Sorry i'm unable to post a chart but 'd be interested in your thoughts.

Thanks,

Glen
  • #50,249
  • Dec 22, 2009 1:31pm Dec 22, 2009 1:31pm
Hello all
What's your view 4H chart?


Thanks
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  • #50,250
  • Dec 22, 2009 1:37pm Dec 22, 2009 1:37pm
Quoting egkid
Hello all
What's your view 4H chart?


Thanks
What pair is that?
  • #50,251
  • Dec 22, 2009 1:43pm Dec 22, 2009 1:43pm
What pair is this? I'd be cautious about taking trades in the current market due to low liquidity
  • #50,252
  • Dec 22, 2009 1:44pm Dec 22, 2009 1:44pm
Quoting o990l6mh
What pair is that?
It's US Index, What you think?
  • #50,253
  • Dec 22, 2009 1:49pm Dec 22, 2009 1:49pm
Quoting egkid
It's US Index, What you think?
I don't have this on my MT4 platform. Personally I think the pin bar itself looks ok and is at a swing high but as it's a 4H chart I can't see the bigger picture, also is it near a round number and / or is there divergence and / or fibs / other PPZ / confluence??

Have you identified where price might stall i.e. is there a lot of room for the trade to run...
  • #50,254
  • Dec 22, 2009 1:50pm Dec 22, 2009 1:50pm
Quoting egkid
It's US Index, What you think?
I don't have the USD index on any of my brokers so I'm not familiar with it. I would want that pin to be in a very good location to trade it and I'd be mindful that markets are very slow now before X-mas.

The pin itself is pretty ok although a lower close would have been nice and the nose can always be taller, right?
  • #50,255
  • Dec 22, 2009 2:02pm Dec 22, 2009 2:02pm
Quoting o990l6mh
I don't have the USD index on any of my brokers so I'm not familiar with it. I would want that pin to be in a very good location to trade it and I'd be mindful that markets are very slow now before X-mas.

The pin itself is pretty ok although a lower close would have been nice and the nose can always be taller, right?
Ok, Thanks for reply
wish you the green ++
  • #50,256
  • Dec 22, 2009 3:03pm Dec 22, 2009 3:03pm
these PPZs, breakouts, retracements are possibly the most predictable thing i have seen...

The euro example in the picture hasn't exactly made a big run down, YET, but I think a 25 pip run is enough to consider the trade a legitimate good decision... especially on a 1hr intra-day trade
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Many choose unhappiness over uncertainty.
  • #50,257
  • Dec 22, 2009 3:14pm Dec 22, 2009 3:14pm
Quoting NosferatuMan
Beautiful stuff, mike.

May i ask how did you play that pin? SL above the nose? No partial TPs, I believe.

Nos

EDIT: Probably your initial stop was that yellow line. Really nice trade.
Hey Nos

My initial stop was above the pin as it always is for me. No partial take profits. The orange line is where I moved my stop at the beginning of this week and the red is my full take profit area.

Best
Mike
  • #50,258
  • Dec 22, 2009 3:14pm Dec 22, 2009 3:14pm
Quoting KissFan
Great trade Mike! I shorted and shorted gold until I left for Colorado for skiing. One of these days I'll get myself right and hold these until they give up all the move. Congrats again!

K.I.S.S.
Had it not been for the holidays/new years, I prob would still be holding this, but I just think it's a good time to close and enjoy the rest of this time

Mike
  • #50,259
  • Dec 22, 2009 3:19pm Dec 22, 2009 3:19pm
Quoting Glenborrell
Hi everyone,

Quite new here and have been learning heaps so a massive thanks to everyone who has contributed....
Hey Glen

Welcome back, most come full circle end up in some form of "price" type trading.

Usd/chf is interesting. We have great divergence, running up into a round number. This is an IDEAL area I look for trades. Here are the cons. TIME OF YEAR. This is the biggest. Coming into xmas/new year. You would have to do a lot to get me into a trade. I am not even going to touch the markets. They are so thin that even the most ideal conditions can warrant wacky behavior simply b/c how thing liquidity tends to run now. This to me trumps any and everything that PA might show. It is just common sense in my book. When I see people trying to nit pick all these trades this time of year it really shows impatience to me more then anything(again this is a general comment I have made the last week or so about all trades). The smallish pin you see is showing we are gassing a bit, but due to the strong up move, I would never trade those. That is trying to pick a top. I want a true LARGE bar of exhaustion off this area. That would be super ideal. For example a lot of times you see this stall out at the round number + divergence. Then you get a final push higher, to induce buyers and clear out stops before you finally get the large exhaustion true reversal bar. Those are my bread and butter

Best
Mike
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  • #50,260
  • Dec 22, 2009 3:22pm Dec 22, 2009 3:22pm
Quoting mbqb11
Had it not been for the holidays/new years, I prob would still be holding this, but I just think it's a good time to close and enjoy the rest of this time

Mike
Can you dig this one for 2010?
Attached Image
Many choose unhappiness over uncertainty.
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