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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

  • #54,581
  • Feb 10, 2010 10:37am Feb 10, 2010 10:37am
Hi SAS, Cory, Albertsy,

Appreciate the quick responds ( I knew I didn't have to wait for more than 10 mins to get a reply in this thread!).
Actually I did try the methods u guys mentioned but what I see in the preview is an 'attachment' whereby one needs to click on it to view it (at least I think so as I never posted one to try to click on it). What I wanted to do is to see a chart on the post rather an attachment waiting to be clicked. I also noticed on posts where a chart is present, the headings on the top right of the chart is " Attached thumbnail" and if I were to do it the ways suggested here, the headings would be " Attached Image" ( the one you need to click on)
Any more comments please?

Quoting sas
Hi ertorque
You have to go down to "manage attachments" click that, and it will open a window, where you click browse to find your chart that you want to attach to your post.
I hope that helps.

PS: I guess I was way to slow, lol
  • #54,582
  • Feb 10, 2010 10:40am Feb 10, 2010 10:40am
Don't worry, just post it. It will be as you want it. The preview is misleading.
  • #54,583
  • Feb 10, 2010 10:44am Feb 10, 2010 10:44am
Quoting ertorque
Hi SAS, Cory, Albertsy,

Appreciate the quick responds ( I knew I didn't have to wait for more than 10 mins to get a reply in this thread!).
Actually I did try the methods u guys mentioned but what I see in the preview is an 'attachment' whereby one needs to click on it to view it (at least I think so as I never posted one to try to click on it). What I wanted to do is to see a chart on the post rather an attachment waiting to be clicked. I also noticed on posts where a chart is present, the headings on the top right of the chart is " Attached...
After you have attached the image as previous posters have said then click on 'Attachments' again. A drop down box appears then click on your image. This inserts the xml tag into your post.

Hope that helps.
  • #54,584
  • Edited 10:56am Feb 10, 2010 10:53am | Edited 10:56am
Hi Benji,

Try as I hard as I can, I am really at a lost at your train of thoughts on this USDCHF trade. Don't worry, it's not you but rather myself being a newbie I needed a little bit more explanation.

Quoting benji533
Hey chatzi,

Unfortunately, I got no PA bar on my feed, and even when combining those two 4H bars as a 8H pin bar, it needed to be lower, with the body of the bar off my level in order to be an A+++ bar in my book.
Please refer to the attached modified chart.
1) Could you point out which are the 2 bars you meant? If you meant the 2 bars where the red one touches 1.0500 before closing higher and the green one which opens higher than 1.0500 then would the combined pinbar not qualify as a good pin bar as per definition (long nose and body/openclose within 1/3 of total length)?

2) Which bar was your entry made?


Quoting benji533
So I took this trade as a B trade on my demo account. Now my mission was going to BE ASAP once my bar broke. Once price hit the purple line on my chart below, 25 pips away from my entry, i have moved my stop to BE.
If I follow your thoughts (which I obviously do not), you mentioned that your entry is 25pips below the purple line.
Does this mean entry at a price as highlighed by Line A on the attached chart? If so, what is your rational entering at this level? This entry level seems to be quite close to the purple line, doesn't it? Which bar and what kind of PA at this bar that gave you your entry?

Sorry if my questions seeem nonsense to you but I would most appreciate it if you could shed some light for me here. Thanks!

CY
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  • #54,585
  • Feb 10, 2010 11:03am Feb 10, 2010 11:03am
Now here's a hell of an IB.
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I dream, therefore I become.
  • #54,586
  • Edited 11:50am Feb 10, 2010 11:16am | Edited 11:50am
Just to evaluate my grasp on the concept of what constitutes a high probability location, I've added the chart below.

If we ignore for a moment the M30 timeframe (which I know is too low), and focus on the price action itself, I should think that apart from the round number not lining up with the 50 or the 62, but with the 38 fib retracement, the situation as shown below would be a good example of a location to look for price action. We've got a clear ppz, with historic significance to boot, we've got fib confluence, and finally round number confluence. We would be looking to short at the indicated area, since the ppz should now act as resistance. By going short, we would also be entering in line with the higher timeframe trend, which should increase our chance of success.

If there's anything I've missed or misunderstood, please let me know. I'm here to learn and who knows, maybe eventually to give some knowledge back.

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It's not about how much you make, it's about how much you don't lose.
  • #54,587
  • Feb 10, 2010 11:43am Feb 10, 2010 11:43am
Quoting jarroo

That being said, this PB is not an A+ setup on the 4 hour. So I would say that it is not OK to play it. But is it tradable ? Considering that it is a retracemant off a Weekly BEOB, at a RN, as a continuation trade is very risky. An easy pass for many traders. But for learning on a demo acct. Go for it.
Hi Jaroo,

Could you elaborate on your comment abt the trade (if taken) as a continuation trade is VERY risky? I asssume when u say continuation you mean price to move lower (since we see that the main trend is downtrend over the longer period). If that is the case, wouldn't the setup be at least an A (going for short) since we have a good PB touching RN and bouncing off 50Fib.
Thanks.



CY
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  • #54,588
  • Feb 10, 2010 12:07pm Feb 10, 2010 12:07pm
Quoting Dhb
Just to evaluate my grasp on the concept of what constitutes a high probability location, I've added the chart below.

If we ignore for a moment the M30 timeframe (which I know is too low), and focus on the price action itself, I should think that apart from the round number not lining up with the 50 or the 62, but with the 38 fib retracement, the situation as shown below would be a good example of a location to look for price action. We've got a clear ppz, with historic significance to boot, we've got fib confluence, and finally round number confluence....
Hey DHB

Yes this is in general the type of things we are looking to do to narrow our areas down. Areas of confluence.

Mike
  • #54,589
  • Feb 10, 2010 12:25pm Feb 10, 2010 12:25pm
Quoting ertorque
Hi Jaroo,

Could you elaborate on your comment abt the trade (if taken) as a continuation trade is VERY risky? I asssume when u say continuation you mean price to move lower (since we see that the main trend is downtrend over the longer period). If that is the case, wouldn't the setup be at least an A (going for short) since we have a good PB touching RN and bouncing off 50Fib.
Thanks.



CY
Hey CY

Not going to put words into Jarroo's mouth but actually technically speaking that bar is not a pin as it did not close within the prior bar. It could be considered by proxy pin, but again it has a very tiny nose and a poor close. On the 4hr you are going to see much better bars then this that make passing on this quite easy.

Best
Mike
  • #54,590
  • Feb 10, 2010 12:29pm Feb 10, 2010 12:29pm
Hey ertorque,

No worries. Answers in bold.

[QUOTEHi Benji,

Try as I hard as I can, I am really at a lost at your train of thoughts on this USDCHF trade. Don't worry, it's not you but rather myself being a newbie I needed a little bit more explanation.

Please refer to the attached modified chart.
1) Could you point out which are the 2 bars you meant? If you meant the 2 bars where the red one touches 1.0500 before closing higher and the green one which opens higher than 1.0500 then would the combined pinbar not qualify as a good pin bar as per definition (long nose and body/openclose within 1/3 of total length)?

You got it right about the two combined bars. The resulting bar is a good bar by itself. I was referring to the location of it when I said it isn't for my liking. I like these kind of PA bar right at the middle of the round number. In this case, the bar was "standing" on top of the round number/price flip line. The reason for this, is 1) having that particular level protecting my trade from a possible drawdown (usually when getting a retrace to a PA bar, it will end once hitting the round number, triggering the built orderflow, and then kick off in your direction. 2) The key is location. PA is the trigger. By entering at the break of this bar, we actually miss most of the initial move created by the bounce off our key level 1.05000 .

2) Which bar was your entry made?

The entry was at the break of the resulting combined bar discussed above (1.0574 - 1 pips far from getting out at BE latter).

If I follow your thoughts (which I obviously do not), you mentioned that your entry is 25pips below the purple line.
Does this mean entry at a price as highlighed by Line A on the attached chart? If so, what is your rational entering at this level? This entry level seems to be quite close to the purple line, doesn't it? Which bar and what kind of PA at this bar that gave you your entry?

From the break of the bar (1.0574) to the purple line (1.0600) there are 26 pips. You can also notice that my first trouble area was at a round number (1.06000) - watch for those minor round numbers as initial trouble areas, and take them into consideration as well while managing your trades.

Sorry if my questions seeem nonsense to you but I would most appreciate it if you could shed some light for me here. Thanks!

No problems

CY
[/quote]
  • #54,591
  • Feb 10, 2010 1:00pm Feb 10, 2010 1:00pm
Interesting bearish PIN on AUD/JPY H1. I'm learning about trendlines and this one looks valid. A great looking pin at swing high off RN and TL.

Thoughts?

...
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  • #54,592
  • Feb 10, 2010 1:40pm Feb 10, 2010 1:40pm
I am going to start demoing this method on Monday as per Jims first post. I have a few questions if anyone would be kind enough to answer I would be grateful.

1. I am using FXPro as my broker (demo), they seem to have a lot of instruments, anyone traded live with them?

2. About risk per trade, I agree completely with the 1-3% risk of account, but do you guys that are live keep your whole account with the broker? I would feel more comfortable keeping say 25% of my account at the broker, but basing % risk on full amount.

3. Regarding PPZ, do you guys fill you charts with ppz's or just draw at "The next zone of interest" as it were i.e. first zone above and below price.

Regards

chatzi
  • #54,593
  • Feb 10, 2010 2:16pm Feb 10, 2010 2:16pm
Hey Chatzi my answers are below in bold

quote=chatzi;3452065]I am going to start demoing this method on Monday as per Jims first post. I have a few questions if anyone would be kind enough to answer I would be grateful.

1. I am using FXPro as my broker (demo), they seem to have a lot of instruments, anyone traded live with them?
I use them only for demo, so can't answer you here

2. About risk per trade, I agree completely with the 1-3% risk of account, but do you guys that are live keep your whole account with the broker? I would feel more comfortable keeping say 25% of my account at the broker, but basing % risk on full amount.
Yes this is very very normal and what I do and many other people. As long as the rest of your account funds are available for transfer as needed this is a way to safeguard one self against the mother of all catastrophes

3. Regarding PPZ, do you guys fill you charts with ppz's or just draw at "The next zone of interest" as it were i.e. first zone above and below price.
I don't. I tend to just have my round numbers on the charts and then I plot PPZs as I enter into trades or am focused in on an area. I like to keep my charts as clean as possible but a lot of people have their charts all marked up. It is really up to you.

Regards

chatzi[/quote]
  • #54,594
  • Feb 10, 2010 2:32pm Feb 10, 2010 2:32pm
Quoting mbqb11
Hey Chatzi my answers are below in bold

quote=chatzi;3452065]I am going to start demoing this method on Monday as per Jims first post....
[/quote]

Thanks mbqb11,

I like the idea of clean charts also, reading through the thread, a tip Jim suggests, that I like, is drawing a box at fib confluence, so you don't have fib lines all over the place, really messes up a chart. Not that you need to know this, but for other new J16ers.

Thanks again

chatzi
  • #54,595
  • Feb 10, 2010 2:33pm Feb 10, 2010 2:33pm
Thanks mbqb11,

I like the idea of clean charts also, reading through the thread, a tip Jim suggests, that I like, is drawing a box at fib confluence, so you don't have fib lines all over the place, really messes up a chart. Not that you need to know this, but for other new J16ers.

Thanks again

chatzi[/quote]

It sure is
  • #54,596
  • Feb 10, 2010 2:38pm Feb 10, 2010 2:38pm
Quoting takingthepip
Interesting bearish PIN on AUD/JPY H1. I'm learning about trendlines and this one looks valid. A great looking pin at swing high off RN and TL.
Not the biggest pin or the best location, but as long as you know where it is heading, you should be able to grab a few bucks with very little risk... I'd wait for a break of that ppz first though, and be aware of possible support around the 7850ish area.

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When you have to shoot, shoot. Dont talk.
  • #54,597
  • Feb 10, 2010 4:07pm Feb 10, 2010 4:07pm
Quoting triger88990
if you have some further question regarding it feel free to ask
Yes, me please.

How is it I only see entries, but no stops and
how is it I only see entries, but no setups?

Basically I think part of the question is a) what is your risk and / or b) how could you know your risk this way?
Another way to put it would be to say "What ARE you doing?".

Also, it is possible that the intention why I'm asking isn't purely in getting an answer.


---


@Mark: TL or MA for the DJI and JPY effect? Just guessing
Trust price. Know yourself.
  • #54,598
  • Feb 10, 2010 4:12pm Feb 10, 2010 4:12pm
Pin bar on 2 day chart. Thinking about placing my entry 10 pips below the previous bar low. Or should I wait for the break and a retest?


Bartstop
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  • #54,599
  • Feb 10, 2010 4:17pm Feb 10, 2010 4:17pm
Quoting bartstop
Pin bar on 2 day chart. Thinking about placing my entry 10 pips below the previous bar low. Or should I wait for the break and a retest?


Bartstop
Hi Bartstop. I'm not sure what your experience level is so if you've been doing this for awhile please forgive me. If you are new, however, I would be careful trading this pin. We typically look for bearish pinbars at a swing high (in this case as the trend is down we would be looking for a retracement) and not a swing low.

This bar is right at a swing low, so this would be a continuation play. These are more difficult, so if you are new (again apologize if this is the wrong assumption, just need to look out for new people in the thread) I would wait for A+ setups where there is a pinbar at a swing high (or low if bullish) with confluence from fibs, ppzs, divergence, and or 365/150 emas.

Please let me know if any of this needs more explaining.

Good luck and welcome.

Cory

Edit: Technically this is not a 2 day pinbar, as your 2 day chart combines the sunday bar to make the bar before it. It wouldn't stick out from the previous bars high if combined correctly, so it is not a pin bar, just a bearish looking bar (really a 2 day inside bar in this case)
  • #54,600
  • Feb 10, 2010 4:30pm Feb 10, 2010 4:30pm
Quoting Cbh123
Hi Bartstop. I'm not sure what your experience level is so if you've been doing this for awhile please forgive me. If you are new, however, I would be careful trading this pin. We typically look for bearish pinbars at a swing high (in this case as the trend is down we would be looking for a retracement) and not a swing low.

This bar is right at a swing low, so this would be a continuation play. These are more difficult, so if you are new (again apologize if this is the wrong assumption, just need to look out for new people in the thread) I would...
Cory, thanks for the quick reply. I am new to this method. Now that I think about it, this would be a pretty risky trade. Thanks for pointing that out. If the pinbar was in the other direction, would you be looking to trade that or are you only looking for a pinbar at the top of a retracement?
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