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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

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  • Post #51,441
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  • Jan 13, 2010 9:37am Jan 13, 2010 9:37am
  •  gasgas
  • | Joined Nov 2008 | Status: Building Empire | 376 Posts
Quoting gasgas
Disliked
I see guys trading here...Me still waiting for a first valid trade in 2010. Can one become to picky?
Ignored
There they are...sweet. Just had to wait a little, haha
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  • Post #51,442
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  • Jan 13, 2010 9:53am Jan 13, 2010 9:53am
  •  didymario
  • | Joined Aug 2007 | Status: Naija 4 lyf | 64 Posts
Quoting supremeChaos
Disliked
(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
Ignored

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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  • Post #51,443
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  • Edited at 10:26am Jan 13, 2010 10:11am | Edited at 10:26am
  •  supremeChaos
  • Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
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
  • Post #51,444
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  • Jan 13, 2010 10:15am Jan 13, 2010 10:15am
  •  strateg119
  • | Joined Jul 2009 | Status: Member | 40 Posts
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
  • Post #51,445
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  • Jan 13, 2010 10:40am Jan 13, 2010 10:40am
  •  ppfx
  • | Joined Jan 2010 | Status: Member | 546 Posts
Quoting Dan Gilbert
Disliked
I took the time to draw all my round numbers manually....
Ignored
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
  • Post #51,446
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  • Jan 13, 2010 10:46am Jan 13, 2010 10:46am
  •  ppfx
  • | Joined Jan 2010 | Status: Member | 546 Posts
Quoting gasgas
Disliked
There they are...sweet. Just had to wait a little, haha
Ignored
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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  • Post #51,447
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  • Jan 13, 2010 10:49am Jan 13, 2010 10:49am
  •  Matrixxdg
  • | Joined Feb 2007 | Status: Trade to Live | 369 Posts
Quoting Dan Gilbert
Disliked
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...
Ignored
Hi Dan, This works well for me. Enjoy!!
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  • Post #51,448
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  • Jan 13, 2010 10:57am Jan 13, 2010 10:57am
  •  didymario
  • | Joined Aug 2007 | Status: Naija 4 lyf | 64 Posts
Quoting supremeChaos
Disliked
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
Ignored
U re welcome SC, i will surely check out jarroo's work when i am free. Thanks for the link.

Hunri
  • Post #51,449
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  • Jan 13, 2010 10:59am Jan 13, 2010 10:59am
  •  Angel65
  • | Joined Mar 2008 | Status: Member | 127 Posts
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
  • Post #51,450
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  • Jan 13, 2010 11:12am Jan 13, 2010 11:12am
  •  djmanu
  • | Joined Jul 2008 | Status: Member | 151 Posts
Quoting Angel65
Disliked
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
Ignored
Very true !
PPZ at Round Number (.00 & .50) are the best
  • Post #51,451
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  • Jan 13, 2010 11:20am Jan 13, 2010 11:20am
  •  Investor7
  • | Joined Nov 2009 | Status: Member | 55 Posts
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:
  • Post #51,452
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  • Jan 13, 2010 11:21am Jan 13, 2010 11:21am
  •  Angel65
  • | Joined Mar 2008 | Status: Member | 127 Posts
Merci djmanu

Happy and fun trading to European traders

Go CEE

Cheers

Angel
  • Post #51,453
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  • Jan 13, 2010 11:42am Jan 13, 2010 11:42am
  •  raczekfx
  • | Commercial Member | Joined Oct 2005 | 2,899 Posts
Quoting Forex007
Disliked
Giving Rac your money would have been a much wiser decision... ...
Ignored
I don't want friends' money. We're all friends here, right?

I'll take it from the market instead...
  • Post #51,454
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  • Jan 13, 2010 11:53am Jan 13, 2010 11:53am
  •  atclarkson
  • | Joined Aug 2009 | Status: Neutral. | 356 Posts
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
  • Post #51,455
  • Quote
  • Jan 13, 2010 12:20pm Jan 13, 2010 12:20pm
  •  raczekfx
  • | Commercial Member | Joined Oct 2005 | 2,899 Posts
loving it and loving it....

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


.
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  • Post #51,456
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  • Jan 13, 2010 12:20pm Jan 13, 2010 12:20pm
  •  KissFan
  • Joined Jan 2008 | Status: In Fibonacci We Trust | 2,334 Posts
Quoting Investor7
Disliked
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
Ignored
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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  • Post #51,457
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  • Jan 13, 2010 12:27pm Jan 13, 2010 12:27pm
  •  marxdhr
  • | Joined Jan 2010 | Status: Member | 35 Posts
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.
  • Post #51,458
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  • Jan 13, 2010 12:34pm Jan 13, 2010 12:34pm
  •  Investor7
  • | Joined Nov 2009 | Status: Member | 55 Posts
Quoting Cyrus
Disliked
Heya mate, where'd u get ur news from?
Ignored
Check it out...

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[url]http://radiofreewallstreet.fm/[/url]
That which does not kill me, makes me stronger.:cowboy:
  • Post #51,459
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  • Jan 13, 2010 1:02pm Jan 13, 2010 1:02pm
  •  ppfx
  • | Joined Jan 2010 | Status: Member | 546 Posts
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
  • Post #51,460
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  • Jan 13, 2010 1:04pm Jan 13, 2010 1:04pm
  •  gjworley1952
  • | Joined Apr 2008 | Status: mustangman | 48 Posts
Quoting KissFan
Disliked
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.
Ignored
Hey Roger , nice pin may be developing on 4 hr ?? good pips my friend , Gary
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