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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

  • #57,301
  • Mar 5, 2010 3:41am Mar 5, 2010 3:41am
go to bed mike.
  • #57,302
  • Mar 5, 2010 3:42am Mar 5, 2010 3:42am
Dude!!! Post some charts.

Quoting bleek
another thanks to james from me.

I'll be honest i read the first 50 pages and then slowed down because it started to fill with other peoples analysis and that's not what i'm after - i'd rather 'discover for myself'.

I have to say moving away from candles to bars and trading pure pa has worked a treat for me, i've even been demo-ing just pa scalping without any real confluence - even ignoring the basic s/r!

I love this new found life in my trading and i can't thank james and also strat (in another thread who frequently references james) enough...
  • #57,303
  • Mar 5, 2010 3:45am Mar 5, 2010 3:45am
Quoting james16
go to bed mike.
haha wired
  • #57,304
  • Mar 5, 2010 4:09am Mar 5, 2010 4:09am
Quoting mbqb11
haha wired
What's the time there? Here is 11 AM =P

edit
OMFG I got member status! none of my post are gonna be left behind from now on XD

lol...
  • #57,305
  • Mar 5, 2010 4:12am Mar 5, 2010 4:12am
Quoting james16
Dude!!! Post some charts.
I'm currently at work and I'm out tonight but I'll post some of my trades tomorrow.
"I made all my money by selling too soon"
  • #57,306
  • Mar 5, 2010 4:35am Mar 5, 2010 4:35am
Quoting g_j_hook@yah
i believe it was this cad/chf pin he was refering to.

jon

Hands up another one that got whopped by this CAD/CHF stinger - v good learning points though

Thanks also to Jaroo for posting great pdf from Benem - which got me thinking (v dangerous!)

Presumably every A++ double merit PA doesn't have every conceivable confluence, perfection of bar etc in place but will have a lot. From reading this thread, clearly more weight is given to certain patterns, bar shape, location etc than others. Its a judgement call obviously but there does seem to be some concessus on both +ve and -ve factors i.e BRN big plus, CT big minus?

So would it be possible to gain an idea of some hierarchy of factors i.e is lack of divergence that critical if other major factors line up. On a complete flight of fancy would it be possible to rate different types of confluence etc in some way (smacks of system approach which would have its own pitfals).

Which leads me on to the weekly pin forming on GBP/USD on the mother of all BRNs, good fib placement but ... not looking like a higher close and CT - what to do???

Thanks

Jeremy
  • #57,307
  • Edited 5:03am Mar 5, 2010 4:40am | Edited 5:03am
Quoting Cyrus
Really bro? Equity and ccy don't seem to be that tightly linked recently.
Either way, this correlation, fundy stuff is interesting but it just complicates the crap out of real speculation.

Unless you've been at this for years, all these other factors just screw with your head when you've got money on the line. PA and PPZ is all we really need.

Actually what we really need is to find out how to make James' principles work for us and then just PRACTICE PRACTICE PRACTICE PRACTICE PRACTICE.

I've chopped out SO MUCH out and it made me realise...
Talking about experience, well you have to start from some point. Every body does everything for the first time.

Cyrus I can't talk that fancy stuff like Fundies.

But here's what my past chart experience tell me,

If you are looking for a PIP to PIP correlation your just throwing your money away!!

I only take hints when DOW , GOLD and OIL

hit major PPZ's,
or
Form A+ PA at a heavily confluence area,
or
are taking a breath for a breakout.

Take a look at the chart below and see what happened to ccy's when Dow breakout.
and they were posted live here and here.

Talking about the James16 teachings,

I can't be much thankful to Almighty for showing me this thread.otherwise it would've took me forever to figure out things that i've done on 6 months.

God bless this man.
.
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  • #57,308
  • Mar 5, 2010 5:16am Mar 5, 2010 5:16am
I like the look of this H4 EURCAD PB.

1. With trend
2. Decent shape
3. Off PPZ
4. Off Trendline
5. Off 50% FIB.

Only snag is the next candle has opened above the TL.

First trouble area, recent bar lows, around 1.4000.

Any thoughts?

ps. CADCHF H4 PB similar, but reverse setup, long trade.
...

- TTP -
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  • #57,309
  • Edited 6:07am Mar 5, 2010 5:54am | Edited 6:07am
Quoting jspeakman
Which leads me on to the weekly pin forming on GBP/USD on the mother of all BRNs, good fib placement but ... not looking like a higher close and CT - what to do???
Was just about to post about this one - you beat me to it!

[Edited to add: Oops, sorry Jeremy, I'm talking about EURGBP in this post, not GBPUSD. The PB forming on the GBPUSD weekly is also at the top of my watch list though]

Pros:

 

  1. If it completes, there's a bearish PB at a swing high on the weekly (there were significant gaps up on the last two weekly bars, which I'm hoping will encourage price down below 90)
  2. PB goes through a couple of PPZs
  3. PB goes through a serious BRN (90)
  4. PB is off a downward trend line
  5. There's space around it and no recent traffic to get through
  6. Quite a lot of fib confluence
  7. We're reaching the end of a pennant formation, so hopefully there's a chance of some decisive action soon. No guarantees, of course, but nice if this happened to be it
  8. I've only just started learning about MACD and divergence, but it does seem that the MACD hasn't reacted as strongly to the last three weeks of bullish moves as might be expected. That could be a complete crock though - happy to hear from others about this

Cons:

 

  1. PB could be larger (it's probably big enough though)
  2. It's counter trend compared to higher-order MAs. However, while the long term trend has been bullish, I think the trend has died during the pennant and is waiting for longer term MAs to catch up

Managing a Trade:
Entry at around 0.8955.

First danger zone is probably the minor PPZ at about 0.8910.

Next (and probably more serious) is the PPZ at about 0.8860, to which price has reacted strongly in recent weeks. It would also be near the 50% retracement point.

Next Move?
I'll be watching this as the day ends, crossing my fingers for a close below 90.

Any thoughts? I'm particularly interested in whether there are any potential cons I've missed, or errors in my pros (or prose, for that matter!)

olpip

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  • #57,310
  • Mar 5, 2010 5:57am Mar 5, 2010 5:57am
Quoting miracle16
Hi all,

I've been leeching from this thread for the past 5 months and decided to post my first reply as JAmes' casual remark on the "invisibles" 2 days back got through to me

Had some previous experience trading stocks, options, futures for the past 3 yrs and never got anywhere except 2 blown accounts under my belt. Started on forex about 5 months back under influence from a close friend and the best thing that happened to me after that was stumbling upon this thread before i blew the third account trading inside bars on 15 mins charts

Just...


Hi Miracle16,

You would have been better off trading 15 min pin bars
  • #57,311
  • Mar 5, 2010 6:43am Mar 5, 2010 6:43am
Quoting takingthepip
I like the look of this H4 EURCAD PB.

1. With trend
2. Decent shape
3. Off PPZ
4. Off Trendline
5. Off 50% FIB.

Only snag is the next candle has opened above the TL.

First trouble area, recent bar lows, around 1.4000.

Any thoughts?

ps. CADCHF H4 PB similar, but reverse setup, long trade.
...

- TTP -
Only thing I don't like is you'd be shorting straight in to 400 which has provided support long, the down trend line is also pretty aggressive so will it carry momentum i.e. PB breaks over and closes below or will this level turn the trend bullish?

I'd trade this off the 1H because it gives you a good view of that trend line, consistently hit for the past 5 hours inc PB open/close.

You could also just take a 20-30 pips scalp breaking below 399 of course.
"I made all my money by selling too soon"
  • #57,312
  • Mar 5, 2010 6:51am Mar 5, 2010 6:51am
Quoting Bleek
Only thing I don't like is you'd be shorting straight in to 400 which has provided support long, the down trend line is also pretty aggressive so will it carry momentum i.e. PB breaks over and closes below or will this level turn the trend bullish?

I'd trade this off the 1H because it gives you a good view of that trend line, consistently hit for the past 5 hours inc PB open/close.

You could also just take a 20-30 pips scalp breaking below 399 of course.
In fact you know what I'm in.

1:1 scalp, 20SL 20TP, Entry SHORT 1401.

If the 4H breaks that trend line closing high I'll cancel this order for now and see how she retraces.
"I made all my money by selling too soon"
  • #57,313
  • Mar 5, 2010 6:55am Mar 5, 2010 6:55am
Quoting Bryan
Hi Miracle16,

You would have been better off trading 15 min pin bars
Hi bryan,

if only i knew what pin bars were then =)
  • #57,314
  • Edited 7:18am Mar 5, 2010 7:04am | Edited 7:18am
Hi all

is this a buob?

does the whole range of the previous bar have to be in the buob or just the body?

ooops! if it is a valid buob,judging by my trend lines think i am 2 days too late

Anthony
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  • #57,315
  • Mar 5, 2010 7:07am Mar 5, 2010 7:07am
Quoting Bleek
In fact you know what I'm in.

1:1 scalp, 20SL 20TP, Entry SHORT 1401.

If the 4H breaks that trend line closing high I'll cancel this order for now and see how she retraces.
Thanks for your comments, Bleek. I've set a pending short just below 1.4000 at 1.3995. If it triggers, I'll be watching carefully to see if price stays below that level.

As suspected, the TL is now providing support. Just have to wait and see.

- TTP -
  • #57,316
  • Mar 5, 2010 7:28am Mar 5, 2010 7:28am
Quoting takingthepip
Thanks for your comments, Bleek. I've set a pending short just below 1.4000 at 1.3995. If it triggers, I'll be watching carefully to see if price stays below that level.

As suspected, the TL is now providing support. Just have to wait and see.

- TTP -

guys i know the "news" is considered a bad word in these parts but i've got to say placing orders this close to non-farm isn't a good ldea!

if your in an established position with room to move (get out of the trade win profit or b/e) then fine but an entry like yours is likely to picked up in any whipsaw and then getting stops honored is a bit of a gamble.

it's your call just pointing out the facts though.

regards ic
  • #57,317
  • Mar 5, 2010 7:29am Mar 5, 2010 7:29am
Good to see you in this thread!

Back in the days I went through the school of pipsology on Babypips. In their forum I found the "other" James with his IB trading room for the London open. I almost signed up.

But now we both are in the "real" James thread All the best!

Quoting miracle16
Haha nope just a crappy web seminar i attended and thought to myself
"hey this might work out"
which of course never did. not to mention the hours spent squinting my eyes in front of the comp screen. gave me a splitting headache everytime i did that

never looked back at anything shorter than 4hrs after reading through this thread and with all the "noise" in shorter TFs
  • #57,318
  • Mar 5, 2010 7:33am Mar 5, 2010 7:33am
Quoting takingthepip
Thanks for your comments, Bleek. I've set a pending short just below 1.4000 at 1.3995. If it triggers, I'll be watching carefully to see if price stays below that level.

As suspected, the TL is now providing support. Just have to wait and see.

- TTP -
That scalp was a success, I'm out for +20 - hope you took it.
"I made all my money by selling too soon"
  • #57,319
  • Mar 5, 2010 7:36am Mar 5, 2010 7:36am
Quoting icarusfx
guys i know the "news" is considered a bad word in these parts but i've got to say placing orders this close to non-farm isn't a good ldea!

if your in an established position with room to move (get out of the trade win profit or b/e) then fine but an entry like yours is likely to picked up in any whipsaw and then getting stops honored is a bit of a gamble.

it's your call just pointing out the facts though.

regards ic
I understand what you're saying but for a scalp it actually helps especially when we were sat at the epicentre! I wasn't greedy, took just 20 pips, thanks to the whipsaw which carried on the momentum of the trend.

I wouldn't have entered if my target open was far away but as I say we were literally a few pips from my Limit order as news was about to break.
"I made all my money by selling too soon"
  • #57,320
  • Mar 5, 2010 7:38am Mar 5, 2010 7:38am
Quoting icarusfx
guys i know the "news" is considered a bad word in these parts but i've got to say placing orders this close to non-farm isn't a good ldea!

if your in an established position with room to move (get out of the trade win profit or b/e) then fine but an entry like yours is likely to picked up in any whipsaw and then getting stops honored is a bit of a gamble.

it's your call just pointing out the facts though.

regards ic
Thanks Icarusfx. Completely forgot about the calendar....!
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