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Where can I learn more about Price Action like those in James16 charts? 9 replies

james16 Chart Thread

Quoting gasgas
I see guys trading here...Me still waiting for a first valid trade in 2010. Can one become to picky?
There they are...sweet. Just had to wait a little, haha
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Quoting supremeChaos
(depending on your learning curve &/or profit goal)
Careful here, ninreznor..
an inside bar can move in either direction. this IB may be a temporary pause or reversal.
btw, are u comfortable trading the 'regular' PA setups (PB, BEOB, etc) & 4H & up charts already? if not, it is advisable to do so prior trading H1 & below charts & other PA setups like IB's.

Just a small reminder

There is the notion here (I stand to be corrected) that inside bars are more complicated to play than pinbars and outside bars. IMHO just as we have A+, A, B+ e.t.c PB and OB thesame can also be said about IB. Below is what 1 should look out for to spot an A+ IB as described by Peter Bain in his book 'Reading Bars'

1. IB shud be preceeded by a sharp up or down price move
2. trading range of the 1st bar shud be wide by previous standards
3.the trading range of the second bar shud be much SMALLER compared to the first. ( the sharper the contrast the better)

If U stick to these rules (from by backtesting experience) in selecting IB they are equally as powerful as the other bars.(dont take my word for it just do some backtesting).

here is 1 i am currently watching and another which occured last week.
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didymario,
Thanks for sharing.
for those interested to read about IB's, check out jarroo's thread here.
let me reiterate, IB trading is not ideal for newer traders. focus on the basic PA setups first (pinbar, outside bar, mainly)

jarroo, we are waiting for u
Now I am thinking, could it be a good PB or it's upper nose is to short ?
Upper horizontal line - weekly resistance.
Lower horizontal line - H4 support, place where to look for TP.

http://picnac.com/images/1512h4eu.gif
Quoting Dan Gilbert
I took the time to draw all my round numbers manually....
woow!! good work it would be good that i do this too since i dont pay enough attention to the round numbers and drawing all that lines would be a very good reminder for me that they are there and that they are important to tell you the truth i didnt even see those dot lines around round numbers on your charts since now and i was so curious that i had to check your screenshots
again good work man im really learning a lot on this thread from you guys
Quoting gasgas
There they are...sweet. Just had to wait a little, haha
i took that AUDUSD trade too normally for now i try to avoid trades under 4h charts but this one was to tempting

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Quoting Dan Gilbert
I took the time to draw all my round numbers manually. It was a real pain, but everyone kept saying the round number indi's were bogging down their computers, so I figured it was worth it.

What I did was draw a white dotted line every 500 pip increment (ie, 1.5000, 1.5500, 1.6000 etc), and then a dark gray dotted line every 100 pip increment.

What I did was first draw all the lines for the entire monthly price range on my broker for the euro, then I saved the template, loaded that template on USDJPY next, and drew the lines for entire monthly...
Hi Dan, This works well for me. Enjoy!!
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File Type: mq4 funny-rect.mq4   3 KB | 462 downloads
Quoting supremeChaos
didymario,
Thanks for sharing.
for those interested to read about IB's, check out jarroo's thread here.
let me reiterate, IB trading is not ideal for newer traders. focus on the basic PA setups first (pinbar, outside bar, mainly)

jarroo, we are waiting for u
U re welcome SC, i will surely check out jarroo's work when i am free. Thanks for the link.

Hunri
Dan,

I know that you hunt trades around .00 round number but did you notice that .50 round number combined with major weekly and daily's PPZ and Fibs/Trend Line is where you can also find a high % of winning trades ?

Thanks

Cheers

Angel
Quoting Angel65
Dan,

I know that you hunt trades around .00 round number but did you notice that .50 round number combined with major weekly and daily's PPZ and Fibs/Trend Line is where you can also find a high % of winning trades ?

Thanks

Cheers

Angel
Very true !
PPZ at Round Number (.00 & .50) are the best
For the touch and confluence lovers.........
I think it will go to the triple confluence of 1.66000 before coming down, down, down.....
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That which does not kill me, makes me stronger.:cowboy:
Merci djmanu

Happy and fun trading to European traders

Go CEE

Cheers

Angel
Quoting Forex007
Giving Rac your money would have been a much wiser decision... ...
I don't want friends' money. We're all friends here, right?

I'll take it from the market instead...
If you set a trade with a limit order, a stop loss and a take profit, then the market moves up to and past your stoploss, then pulls back towards your entry, should you leave the trade on? Do YOU leave the trade on?

I'm a little confused what I should do. If it had of entered me, and then hit my stoploss, I would have been out at my stop.

(Went past SL by 17 pips, btw)


???

Thanks
loving it and loving it....

how much more? 200, 300, 600 pts?
or maybe just ....


.
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Quoting Investor7
For the touch and confluence lovers.........
I think it will go to the triple confluence of 1.66000 before coming down, down, down.....
Attachment 391669
Here is my chart. There is a longer term trendline at play as well with third touch. So waht do we have? Round #/PPZ, 150 ema, third touch of two trendlines am I missing anything? O yeah, let's have some PA as well.

K.I.S.S.
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Hi James 16:

I am new to this site. I have read over half of the posts in your "James 16 Chart Thread", post no. 23250 and intend to finish reading all of them this week.

Can you please direct me to any threads that discuss your mini Dow method of trading with your methods, or how others may have sucessfully applied your methods trading 5 minute charts in other high volume ETFs or other instruments? I understand if your mini Dow method is proprietary and not for public sharing. If the information is out there I could use some assistance finding it as this site has many posts and I am having trouble finding information on trading in the smaller intraday time frames with your methods.

I do get and understand the points made numerous times already that you do not recommend that traders trade lower than daily or 4 hour time frames, but I do at least want to read about and test your methods on lower intraday time frames such as 15 and 5 minute charts if others have been successful in those time frames. I have a lot of intraday experience on 5 and 3 minute charts so I am familiar with how fast they move.

Thank you for considering my inquiry.
Quoting Cyrus
Heya mate, where'd u get ur news from?
Check it out...

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[url]http://radiofreewallstreet.fm/[/url]
That which does not kill me, makes me stronger.:cowboy:
just saw this huuuuge pin on gold... i know that is kinda pinbar in traffic but it has a support area on 1119.00

(note that the 4h chart ends in 5 minutes)
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maybe i should have bought when i saw the pinbar on the 5min chart when i could afford the SL, because on the 4h chart the SL would be just too much for my tiny account
Quoting KissFan
Here is my chart. There is a longer term trendline at play as well with third touch. So waht do we have? Round #/PPZ, 150 ema, third touch of two trendlines am I missing anything? O yeah, let's have some PA as well.

K.I.S.S.
Hey Roger , nice pin may be developing on 4 hr ?? good pips my friend , Gary
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