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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

  • #57,661
  • Mar 9, 2010 12:27pm Mar 9, 2010 12:27pm
ok, i gotcha. I noticed the s/r, but i just added some fib's and they almost match the s/r to the pip!

one question about fibs - for example i'm looking at daily gold (and the pin being formed - personally i think there isnt much space for it to run before hitting some traffic @ 1125). where would you draw your fibs from? would it be the high of 11jan10 or 3dec09? and why would you choose it?
  • #57,662
  • Mar 9, 2010 12:36pm Mar 9, 2010 12:36pm
Quoting GotPips
ok, i gotcha. I noticed the s/r, but i just added some fib's and they almost match the s/r to the pip!

one question about fibs - for example i'm looking at daily gold (and the pin being formed - personally i think there isnt much space for it to run before hitting some traffic @ 1125). where would you draw your fibs from? would it be the high of 11jan10 or 3dec09? and why would you choose it?

it is more suitable to identify major swings high/low bc they are more relevante and more obvious.

look at chart below

hope it helps!!

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  • #57,663
  • Mar 9, 2010 12:36pm Mar 9, 2010 12:36pm
Quoting g_j_hook@yah
i have shown how i got the PPZ on the charts. i hope this explains my reasoning,feel free to ask anything if you want to.
cheers

jon
Interesting.... my assessment was that the current price movement (say Feb -> today) muddied the waters a bit.

This is based on my short experience.

jon, thanks for the explanation... very helpful.

-- Danny
  • #57,664
  • Mar 9, 2010 12:45pm Mar 9, 2010 12:45pm
Quoting triger88990
hey jon

I was thinking that the RAC cult is familiar think that people are use with it.Is the same repetition over and over as I sayed there is nothing new below the sky

at the moment I was thinking that my chart will be self explanatory

my long shuts are simple break-out and retrace,and look for the confluence

with my shorts is another long story

all the best!!
aha. got ye. so they are simply touch trades. it was this sentence that confused me..
Quote
They are not pure of S/R play, there it is more than that,they are taken off of zone with strong confluence,and based on price behavior
thanx for the confirmation.
cheers

jon
PATIENCE... DISCIPLINE
  • #57,665
  • Mar 9, 2010 12:49pm Mar 9, 2010 12:49pm
Quoting bundyraider
Two ways newjack...

Pull up "Navigator" to the side in MT4 then drag-drop your indicator into each chart as you control+tab.
Once you set the parameters the first time you should only have to hit the enter key each time.

.....
Hey bundyraider,

Sorry for not responding sooner, I've been on a long weekend away. Thanks for the info, I'll give the second method a try. I've tried a lot of charting packages and MT4 is the only one not to have a decent solution to this so hopefully they'll sort something out in the future.
  • #57,666
  • Mar 9, 2010 12:49pm Mar 9, 2010 12:49pm
Quoting bluetrader
Interesting.... my assessment was that the current price movement (say Feb -> today) muddied the waters a bit.

This is based on my short experience.

jon, thanks for the explanation... very helpful.

-- Danny
ye, i get what you mean,sometimes price seems to ignore the levels for a while then respect them later on. TLs are more prone to loose significance like that than good PPZs. Just shows the strength of horizontal PPZs !!
glad i could help

jon
PATIENCE... DISCIPLINE
  • #57,667
  • Mar 9, 2010 12:49pm Mar 9, 2010 12:49pm
Triger

Got to hand it to you. They where some beautiful trades. Been watching today and it was fun. Congratulations on a great day.

You took me to school anyway.
  • #57,668
  • Mar 9, 2010 12:50pm Mar 9, 2010 12:50pm
Quoting triger88990
it is more suitable to identify major swings high/low bc they are more relevante and more obvious.

look at chart below

hope it helps!!

Attachment
thanks for the help
  • #57,669
  • Mar 9, 2010 12:52pm Mar 9, 2010 12:52pm
Quoting Dan Gilbert
Be happy that you aren't like the millions of people who just accept the average process of life that everyone is encouraging them to take. Misery loves company and if you listen to those people, you will become them. Follow your dreams people - at all costs.
http://www.youtube.com/watch?v=GEkz1XK75XE
  • #57,670
  • Mar 9, 2010 12:53pm Mar 9, 2010 12:53pm
Quoting bapxyz
Triger

Got to hand it to you. They where some beautiful trades. Been watching today and it was fun. Congratulations on a great day.

You took me to school anyway.

thanks buddy

almost forgot how is being at school

all the best!!
  • #57,671
  • Mar 9, 2010 1:32pm Mar 9, 2010 1:32pm
Quoting printer69
Ciao Mike

...many thanks and please apologise my silly questions
I can understand this might be waste of time for you people walking at twousands of miles ahead of newbies...

appreciate your help very much

have a nice day
Andrea
There are NO silly questions. We all were at the same places at some point.

Don't apologize for that

Mike
  • #57,672
  • Mar 9, 2010 1:51pm Mar 9, 2010 1:51pm
Well I took the time to make this pic and post it as my final analysis of this daily BUOB USDJPY trade I took. This is probably the most "J16 textbook trade" I have ever taken/managed. Enjoy.
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Many choose unhappiness over uncertainty.
  • #57,673
  • Mar 9, 2010 2:04pm Mar 9, 2010 2:04pm
Quoting mbqb11
There are NO silly questions. We all were at the same places at some point.

Don't apologize for that

Mike

Mike, grazie!
Andrea
  • #57,674
  • Mar 9, 2010 2:17pm Mar 9, 2010 2:17pm
Quoting Prof Hunter
How did You manage to manage it Jim?
Tightly PH.

I had .05% in a 60 pip stop loss. You may say that's a big stop loss for being tight. Being that the Weekly PB is 430 pips long, I consider that tight. But the 60 pip stop loss was not determined by me, the chart told me. This is just like the Weekly Usd/Chf PB I took in Jan.

Let me explain better with some charts . . .
Indicators show the past. Price Action "Indicates" the future.
  • #57,675
  • Mar 9, 2010 2:32pm Mar 9, 2010 2:32pm
Quoting oromek
anybody watching usdcad? i decided to give it a try
hey oromek

yeah, i went long @ 1.02520. I kinda forgot about the trade until i read your post. Still in demo mode and sometimes don't give trades my full attention. I had to look at the damn thing for a little while to figure out why i even took it. I'd been watching videos explaining inside bars all morning and i think i liked the IB on the 15m chart, just off the bounce. I think.
Hoping i'll learn something from it, but mostly just passing time while waiting for a killer pinbar on the daily and weekly charts.
What did you like about it?

Mike
  • #57,676
  • Edited 3:55pm Mar 9, 2010 2:50pm | Edited 3:55pm
Quoting jarroo
Tightly PH.

I had .05% in a 60 pip stop loss. You may say that's a big stop loss for being tight. Being that the Weekly PB is 430 pips long, I consider that tight. But the 60 pip stop loss was not determined by me, the chart told me. This is just like the Weekly Usd/Chf PB I took in Jan.

Let me explain better with some charts . . .

The Weekly Gbp/Usd PB has yet to be broken and is still ever much in play in my book. I saw the break of the Daily BUOB (in white) as an early entry to the weekly PB. As we know, a Price Action Setup has inherent momentum build in to it. The higher the quality of the setup, the higher the momentum. The Daily BUOB showed me the potential bullish momentum.

The left eye of the weekly PB tends to act (not all the time) as nice Support level in the case of a bullish PB. On the Daily chart, this level shows the Daily Highs acting as Resistance (purple line). I placed my stop loss under this Daily PPZ level, albeit a young one.

Very similar to the Weekly Usd/Chf PB . .
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Indicators show the past. Price Action "Indicates" the future.
  • #57,677
  • Mar 9, 2010 3:12pm Mar 9, 2010 3:12pm
Quoting Pinhead
hey oromek

yeah, i went long @ 1.02520. I kinda forgot about the trade until i read your post. Still in demo mode and sometimes don't give trades my full attention. I had to look at the damn thing for a little while to figure out why i even took it. I'd been watching videos explaining inside bars all morning and i think i liked the IB on the 15m chart, just off the bounce. I think.
Hoping i'll learn something from it, but mostly just passing time while waiting for a killer pinbar on the daily and weekly charts.
What did you like about...
well, i saw BUOB there,but i took a closer look for this trade and decided to close with 20 pips loss. Depending on how you draw trend line this BEOB not always break through this TL. The only coincidence that left is RN=1.03, and that rather is too small for such strong TL on the opposite.
Price also broke this BUOB but didnt want to go lower. Let see where it go.
I'm also on demo.
regards
  • #57,678
  • Mar 9, 2010 3:13pm Mar 9, 2010 3:13pm
Quoting jarroo
Very similar to the Weekly Usd/Chf PB . .
The Weekly Usd/Chf PB in Jan. was the same sitiuation. Although there was no early entry on the Daily. (Notice on the Gbp/Usd my entry was not random, it was based on PA.) Again, stop loss placed under the Daily PPZ level, purple line. But it didn't last there very long. The ensuing hard break was confirmation that the momentum was clearly present.
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Indicators show the past. Price Action "Indicates" the future.
  • #57,679
  • Mar 9, 2010 3:27pm Mar 9, 2010 3:27pm
Quoting Dan Gilbert
Well I took the time to make this pic and post it as my final analysis of this daily BUOB USDJPY trade I took. This is probably the most "J16 textbook trade" I have ever taken/managed. Enjoy.
Classic Dan. Very nice work.
Indicators show the past. Price Action "Indicates" the future.
  • #57,680
  • Mar 9, 2010 3:33pm Mar 9, 2010 3:33pm
Quoting wh1zz0
Great post.

In addition to this, One important thing we should not forget is that this is a probabilities game and out of any sample size in probability studies you have to be available to take ALL instances that define your edge.

It's not like one cannot be profitable on any time frame (if he/she is experienced and good - disciplined) but the issue/problem is being able to catch all the instances that define your edge on a small time frame. And if Ryan says that there's a specific time he goes online to take trades which fits into...
I used to think about that too, when I took a shower I missed that 1 trade but guess what? It does not work like that, I trade the 8am-3pm EST everyday, yes I miss a few hours and miss a few trades daily, Are they all winners that I miss? Hell no it's about the same as if I was at the screen, it's about like saying that you got up from the blackjack table as soon as they started hitting 21's it does not matter and each trade does not stack against the next at all, I have went to lunch for 2 hours and came back and looked to see I missed 3 losses before too and glad I took the long lunch, I have no "pips per day" rule because that's stupid and you miss out on the good days. It boils down to if you can trade then you can do it and if you miss a few who cares it does not change ANYTHING about your edge or whatever goes on. Also talking about the time being random that is wrong and let me show you why.


NY 9:30 market opens, people thing "Okay lets get this day going" they start to trade, then 10:30 rolls around they are thinking about getting work done before lunch at 12:00, 12-2 = lunch time, all the big players are out, 2:30 people want to finish the day up and go home. They are PEOPLE just like you and I and everyone has a set day, if you are at work and get out at 4:00 and you have to unload 4 million shares and it's 2:30 what is going to happen? This is why rotation works, and yes it does not hit it on the dot everyday but it's nice to know why we are going sideways or why 10:30 and 2:30 EST matter.
Keep taking CT trades, I need more money
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