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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

  • #55,801
  • Feb 23, 2010 7:30am Feb 23, 2010 7:30am
Quoting yarin
what went worng?
am i the only one who gonna take a full bar loss on this one?
Not my pair so i don't know where PPZ, Fibs or TL are

BUT

One thing that i can see clearly is the size of this PB.

Compare the size of this PB you took with recent huge Bearish bars.
.
  • #55,802
  • Feb 23, 2010 7:37am Feb 23, 2010 7:37am
no TL,no fibo and no ppz(only 1.5 price) because we are in all time low.
I notic the pin size isnt the biggest but he has a big nose and ALL TIME LOW so...
Wellcome to the good life!
  • #55,803
  • Feb 23, 2010 7:43am Feb 23, 2010 7:43am
Quoting KissFan
This all depends on the type of trader YOU are. The way that Jim has taught this is to wait for confirmation or a "break". This is the way I prefer to trade. I do not ever anticipate a break. My account suffered as a result of that philosophy on many an occasion. I will wait for a break and then a retrace on most occasions before I get in a trade. I miss out on some that way, but I am comfortable with that.

K.I.S.S.
thanks for your replay,

taugh thing is the fear of missing a trade at a good price that can give you the occasion to reduce your risk. There are some setups which gives you no chance to re-enter on a trade and you get frustrated.

There are uniqe setups that have the same ingredients,that repet over and over, and you can get in befor she breaks on a retrace level with some supported confluence, but you can spot them ,and this comes from your experience with the markets.

all the best!
  • #55,804
  • Feb 23, 2010 7:53am Feb 23, 2010 7:53am
Quoting yarin
no TL,no fibo and no ppz(only 1.5 price) because we are in all time low.
I notic the pin size isnt the biggest but he has a big nose and ALL TIME LOW so...

Come on. You haven't done your homework. The nearest support is 5066 and that was in the year 2000. It is a strong downtrend. You should be looking for pin bars at a swing high, to take them short, in a strong downtrend.
Gone to a better place
  • #55,805
  • Feb 23, 2010 8:04am Feb 23, 2010 8:04am
Quoting yarin
what went worng?
am i the only one who gonna take a full bar loss on this one?

LOL, look at the trend! Why do you think it's going to start going up? Because you want it too? If you are going 60mph in a car and I jump out in front of it do you think it will stop because I want it too?

Not trying to be a ass here just look at what is going on with the chart. Want what the market wants, if it's going down put in a sell and go down with it. Don't care what it does just do whatever it's doing with it.
Keep taking CT trades, I need more money
  • #55,806
  • Feb 23, 2010 8:06am Feb 23, 2010 8:06am
Quoting yarin
what went worng?
am i the only one who gonna take a full bar loss on this one?
I saw this when it formed but was an easy pass...

- I felt it would/will test 1.5 before thinking about moving higher.
- The bar itself didn't close close enough to it's high for my taste.
- The bar was small compared to the bar prior and in comparison to the move down recently.

I asked the question "Do I feel this pinbar has the potential to reverse this huge downtrend?" and of course, it failed for me...
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  • #55,807
  • Feb 23, 2010 8:07am Feb 23, 2010 8:07am
Quoting triger88990
thanks for your replay,

taugh thing is the fear of missing a trade at a good price that can give you the occasion to reduce your risk. There are some setups which gives you no chance to re-enter on a trade and you get frustrated.

If you have a way you trade when you have a long run and you have no way to jump in you need to change the way you are trading. You should always have a way to get in on a strong trend, if not you are going to miss out on a lot of big moves.
Keep taking CT trades, I need more money
  • #55,808
  • Feb 23, 2010 8:11am Feb 23, 2010 8:11am
... I'm learning that I can't simply have a checklist and make a decision blindly without using my God-given mind...

Instead, do the checklist... then ask

"What is the story with this chart?"

"Will other traders, and especially big traders/banks think this pair will move in this direction too? Or will I be trading against them?"

IMO, the answers can only come with chart time (experience) and learning from our trades, both good and poor trades.

Josh
  • #55,809
  • Feb 23, 2010 8:22am Feb 23, 2010 8:22am
Hi all


hope you are well

following 2 months reading the threads here I ve taken the plunge and decided to demo using Jims PA

Is the attached chart a correct interpretation of trading PBs at Price Pivot Zones?

Cheers

Anthony
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  • #55,810
  • Feb 23, 2010 8:23am Feb 23, 2010 8:23am
CJ second half finished its curse.
UCH BE.
  • #55,811
  • Feb 23, 2010 8:27am Feb 23, 2010 8:27am
Quoting Jduester
... I'm learning that I can't simply have a checklist and make a decision blindly without using my God-given mind...

Instead, do the checklist... then ask

"What is the story with this chart?"

"Will other traders, and especially big traders/banks think this pair will move in this direction too? Or will I be trading against them?"

IMO, the answers can only come with chart time (experience) and learning from our trades, both good and poor trades.

Josh

Perfect!
Keep taking CT trades, I need more money
  • #55,812
  • Feb 23, 2010 8:27am Feb 23, 2010 8:27am
Quoting Jduester
... I'm learning that I can't simply have a checklist and make a decision blindly without using my God-given mind...

Instead, do the checklist... then ask

"What is the story with this chart?"

"Will other traders, and especially big traders/banks think this pair will move in this direction too? Or will I be trading against them?"
Josh
Oooo, Yeeaaahhhhhh!
Now, You must REALY ACCEPT it, and PRACTICE it.
  • #55,813
  • Feb 23, 2010 8:33am Feb 23, 2010 8:33am
Quoting yarin
what went worng?
am i the only one who gonna take a full bar loss on this one?
Two reasons why this trade didn't "run". #1 Most Important--Look a the huge moves preceding your long entry. Now look at the puny bar you entered on? There should be a "Dirt Simple" moment forming in your trading mentality at this moment. I dont trade the puny bars. On some occasions I will with a confirming move later but I do not want to go into that now. #2 Pretty Important--Just tough to find on your chart as presented. You have to go back to Jan 2000 to find bar lows that will have an impact on your position. However, they are there and need to be looked at just as if they were formed in Jan 2010. Each bar low is resistance to your long position. You traded a puny bar into resistance. This is a B- short set up IMHO. For brevity I am cutting to the chase for you and all to benefit. I'm not trying to be funny or insulting. I've been right where you are and am trying to be a helpful part of your learning experience.


K.I.S.S.
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  • #55,814
  • Feb 23, 2010 8:38am Feb 23, 2010 8:38am
Quoting antgal23
Hi all


hope you are well

following 2 months reading the threads here I ve taken the plunge and decided to demo using Jims PA

Is the attached chart a correct interpretation of trading PBs at Price Pivot Zones?

Cheers

Anthony
Good chart and th answer to your question is "Yes". Now whait until the daily bar is formed and then decide if you will take a short position on the break.

K.I.S.S.
  • #55,815
  • Feb 23, 2010 8:38am Feb 23, 2010 8:38am
To say that I understand why Jarroo's stop was above 1.0830 on the usd/chf trade is an understatement. The fib level shown on this hourly chart is the level based on the daily bearish bar. Wait for the fave 50%, and we're in.

This has everything to do with price action, btw. Bars often retain after they get a retracement into themselves in order to build up more steam for a move. Think about it....if one guy trys to run through a brick wall, it's not going to happen and he'll get busted, but if he goes back and get a tank?
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I dream, therefore I become.
  • #55,816
  • Feb 23, 2010 8:45am Feb 23, 2010 8:45am
Quoting yarin
no TL,no fibo and no ppz(only 1.5 price) because we are in all time low.
I notic the pin size isnt the biggest but he has a big nose and ALL TIME LOW so...
I do trade this pair and took the IB that led to the recent short move (but closed out way too early!)

However, I would have to agree with Nasir on this, I dismissed this potential trade almost immediately.

After a strong move down that this pair has seen I would be looking for a large pinbar at a PPZ area and divergence would be handy too. If you think about what it takes to stop and reverse such a strong bearish move...a small pin bar just hanging out there without any other confluence does not have a high probability of causing a reversal IMO - it merely shows some profit taking / stalling.

Also, from what I recall when looking at this pair this is not an all time low...I might be wrong as dont have the monthly chart in front of me but I thought price has gone lower than this before?

But in summary remember we are looking for PA at key locations i.e. PPZ for the A+++ trades, I really do recommend that people mark the key locations on their charts and THEN look at PA when/if it forms at these areas rather than searching for PA first then assessing what supporting factors there are to take the trade...IMO this will stop people taking losses on mediocre setups like this...an A+++ setup will scream out at you and be so blo*dy obvious.

I used to have some printed versions of Jim's examples of A+ setups on the daily charts around me and whenever I was umming and ahhhing over whether to take a setup I would compare it to those and that would stop me jumping in and handing my money over to the market.
  • #55,817
  • Edited 10:07am Feb 23, 2010 9:49am | Edited 10:07am
Quoting yarin

what went worng?
am i the only one who gonna take a full bar loss on this one?
.

Quoting nasir.khan
Not my pair so i don't know where PPZ, Fibs or TL are

BUT

One thing that i can see clearly is the size of this PB.

Compare the size of this PB you took with recent huge Bearish bars.
.
Would it be unreasonable to attribute this loss to 'it-just-happened' kinda explanation. After all, trading is about probability and there is no 100% guarantee that every trade will be a winner even if it was an A++ setup.
In my opinion, we have good space and the PB touches the RN of 1.5100, so that is pretty okay, maybe B grade? I probably would have taken this trade myself....................
Just my 2 cents but would appreciate if someone could further on that.

******************************************************
Latest edit: Sorry guys. I must have jumped the gun; did not see other replies after Nasir's before submiting my questions. Ok, now I see how other view the PB and it's location. Thanks guys.........
  • #55,818
  • Feb 23, 2010 9:50am Feb 23, 2010 9:50am
Quoting nasir.khan
BEOB is still valid and momentum is building.
.
Quoting nasir.khan
TL Break and a Retrace.

Lets See.
.
Now if (which is a big IF) i could ride DJI all the way down to 10,115 and Gold until 1,082.

I could win this.
.
  • #55,819
  • Feb 23, 2010 9:56am Feb 23, 2010 9:56am
Quoting nasir.khan
Now if (which is a big IF) i could ride DJI all the way down to 10,115 and Gold until 1,082.

I could win this.
.

How about you push Gold to 1,081, which is where I have my TP. At that point I win my "own" contest of growing my account......ha ha.
  • #55,820
  • Feb 23, 2010 10:09am Feb 23, 2010 10:09am
Quoting ertorque
Would it be unreasonable to attribute this loss to 'it-just-happened' kinda explanation. After all, trading is about probability and there is no 100% guarantee that every trade will be a winner even if it was an A++ setup.
In my opinion, we have good space and the PB touches the RN of 1.5100, so that is pretty okay, maybe B grade? I probably would have taken this trade myself....................
Just my 2 cents but would appreciate if someone could further on that.
I agree with this statement on many trades.....there is no 100% guarantee even on perfect setups but this one was C+ at best to me. It is a fairly small bar and with the BIG round number of 1.5000 looming right below (which I believe was the low back in April/May of 2000), you would expect a pause before dropping to 1.5000 area soon.

No big pivot zone, fib or "jump out at you" bar to me. Granted, all trades can be looked at in hindsight and explained away to a point but I didn't see much going on with this one.

Nathan
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