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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

  • #58,241
  • Mar 15, 2010 3:40pm Mar 15, 2010 3:40pm
Quoting benji533
Hey neutro,

I would say, stick to the plan no matter what. If you are trading the weekly, I wouldn't care about what's going on with the daily. I found that many of the winners I have back tested wouldn't be winners if I would dive down to lower TF, analyze it too deeply, complex thing, keep staring at how price moves, think too much about what could and couldn't be if I would do this or that then or now etc.
If you would think hard enough, you will always be able to find reasons to do the opposite of what you have planed of doing. But that's not...
Sure it helps.

Thanks for the heads up. You too Mike.

Keep up the good work.
  • #58,242
  • Mar 15, 2010 3:46pm Mar 15, 2010 3:46pm
Quoting nasir.khan
Well in the first place i would like it to hit the TL+ (so so) PPZ and go through the BRN.
Well i know the PPZ i have drawn is not the best one but i like way price fell hard (2 big red bars) and look at those retracement (small) bars.

If this plan fails then i would like to see some PA on 50 or 61.
.
i came home now and i saw that it seems that gold has a small resistance line at 1108.50 just like you have predicted it damn you're good after a month of absence i forgot a little how do you guys trade and how accurate you can be. But i remember now the memory is coming back its like riding a bike ... the problem is that im not yet good at riding it

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  • #58,243
  • Mar 15, 2010 4:32pm Mar 15, 2010 4:32pm
Quoting mbqb11
Agreed

A rough breakdown of my buffers(rough)

hourly - 5-12
4hr - 10-20
daily 15-30
weekly 20-40

Again real rough as you have to see what else is close by and type of pair etc

Mike
Mike thanks so much for that info!
It's something I had been wondering about also.

Cherry
  • #58,244
  • Mar 15, 2010 4:56pm Mar 15, 2010 4:56pm
Quoting mbqb11
Agreed

A rough breakdown of my buffers(rough)

hourly - 5-12
4hr - 10-20
daily 15-30
weekly 20-40

Again real rough as you have to see what else is close by and type of pair etc

Mike
Mike
Do you ever enter a trade based on price action but at a level b4 or after your plotted S&R level. You know how the levels can move slightly. Recently I have had some favorable results using the 5 minute too spot where the S&R is going to be.
  • #58,245
  • Edited 5:53pm Mar 15, 2010 5:38pm | Edited 5:53pm
Quote
I may be slow now, but remember I was once the fastest sperm in the school.

hey bapxyz, i cant help but laugh everytime i read that !!!



jon

EDIT: forgot the quote!!
PATIENCE... DISCIPLINE
  • #58,246
  • Mar 15, 2010 5:52pm Mar 15, 2010 5:52pm
Quoting bapxyz
Mike
Do you ever enter a trade based on price action but at a level b4 or after your plotted S&R level. You know how the levels can move slightly. Recently I have had some favorable results using the 5 minute too spot where the S&R is going to be.
hi mate, im not Mike but if i were to offer my opinion it would be to think about the reasons why we have marked a certain area of price on the chart/in our head in the first place. Of course the PPZs are zones not single prices so we have to give out selves some room, but the further away you get from the ppz the less influence the supporting factors ( fibs, BRN,TL...confluence) will have on price. As its those supporting factors which give the strength to the setup so we dont want to loose them. im not saying setups near to PPZs wont work out but they need to be treated differently imo according the overall conditions.

hope this helps

jon
PATIENCE... DISCIPLINE
  • #58,247
  • Mar 15, 2010 6:26pm Mar 15, 2010 6:26pm
Quoting g_j_hook@yah
ye me too, our timing may turn out to be wrong but i definately think it wil turn around here also.
good luck
jon

p.s. why dont you save your charts with the "active chart(as is )" option checked and it will get rid of all the menu bars etc. ??
OK I see that now. Thanks Jon.

K.I.S.S.
  • #58,248
  • Mar 15, 2010 6:28pm Mar 15, 2010 6:28pm
doing demo trade, i saw this pair retrace back to low's of pinbar in daily chart, and 61.8% lvl of my fib is just below the price i enter. so normally should i wait for the price to break 61.8% then enter? Another concern, the chart in D1 is like forming higher high and higher low, so is it still advisable to look for a short?

thank you.
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  • #58,249
  • Mar 15, 2010 6:33pm Mar 15, 2010 6:33pm
Quoting bapxyz
Mike
Do you ever enter a trade based on price action but at a level b4 or after your plotted S&R level. You know how the levels can move slightly. Recently I have had some favorable results using the 5 minute too spot where the S&R is going to be.
Hey B

I would say the majority of the time I have levels pre marked or an idea of where I am looking, but I am also open to what might happen. So I might be watching X price level and wait for price to get there and see what happens. Or I might be watching a breakout pattern so I have an idea of where to be looking. But this is not always the case. We might get some huge pin/outside bar printed on say the daily and weekly and I have nothing marked there but it is too juicy to ignore.

Hope this helps
Mike
  • #58,250
  • Mar 15, 2010 6:50pm Mar 15, 2010 6:50pm
Quoting jarroo
breakout . . . pull back . . . PA.
another little scalp i took on my demo

jon
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PATIENCE... DISCIPLINE
  • #58,251
  • Mar 15, 2010 6:52pm Mar 15, 2010 6:52pm
Quoting skinfx
doing demo trade, i saw this pair retrace back to low's of pinbar in daily chart, and 61.8% lvl of my fib is just below the price i enter. so normally should i wait for the price to break 61.8% then enter? Another concern, the chart in D1 is like forming higher high and higher low, so is it still advisable to look for a short?

thank you.
Hey Skin

These are tough here, where your 61.8 is lines up with the first trouble area(that is why I am referencing that line). So essentially if price bounces here it won't be a huge surprise. Overall the daily is a big huge mess, or one big sideways choppy market. This is a very small pin. So what can you do? Pass on it(my prefrence). Or manage it tight. So say you took a shrot 10 pips below the low. This is going to give you roughly 20 pips to see what happens. That means if you get a hard break great, if not you are probably going to get stopped out for b/e. Again 20 pips isn't a ton of room to play with but for some it is enough to see what happens at this first trouble area. Again these are tough, overall IMO these are much easier to pass and wait for something better.

Hope this helps and again just my opinion
Mike
  • #58,252
  • Mar 15, 2010 6:54pm Mar 15, 2010 6:54pm
Quoting skinfx
doing demo trade, i saw this pair retrace back to low's of pinbar in daily chart, and 61.8% lvl of my fib is just below the price i enter. so normally should i wait for the price to break 61.8% then enter? Another concern, the chart in D1 is like forming higher high and higher low, so is it still advisable to look for a short?

thank you.

Hey Skin. Id say that he safe money has already been made in that trade. The price did exactly what we would expect. It broke the pin, went to the first area of support and retraced back. You can wait and hope for the price to go down here and it just might but that's not how we do it.

K.I.S.S.
  • #58,253
  • Mar 15, 2010 11:14pm Mar 15, 2010 11:14pm
I'm going to post this order before I delete it. missed sell limit order @ 1.6000 on the retracement after the break of the multiple inside bar setup below the 1.6000 makes me cry.

you can see how far up my initial S/L is.... I wasn't taking any chances.
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Many choose unhappiness over uncertainty.
  • #58,254
  • Mar 15, 2010 11:51pm Mar 15, 2010 11:51pm
Hey Jon and Mike

Thanks for your input.
I just have spent a lot of time playing with 5 min charts in the past and still use them to manage a runner.
Still thinking I may find a use for them someday managing entry levels. Not selecting what is S&R but gauging a trade around the PPZ.
  • #58,255
  • Mar 16, 2010 12:09am Mar 16, 2010 12:09am
Quoting Dan Gilbert
I'm going to post this order before I delete it. missed sell limit order @ 1.6000 on the retracement after the break of the multiple inside bar setup below the 1.6000 makes me cry.

you can see how far up my initial S/L is.... I wasn't taking any chances.

ive been watching this i?bs(sorry about the ?, i still cnt figure out the nos,just know how they look) for a while now to get a feel of how to possible play them at the right places....
im just going to watch this, i know those that play this put orders both ways
anyways shld be fun to watch
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Simplicity is the key to success
  • #58,256
  • Mar 16, 2010 12:29am Mar 16, 2010 12:29am
Quoting squeezy
ive been watching this i?bs(sorry about the ?, i still cnt figure out the nos,just know how they look) for a while now to get a feel of how to possible play them at the right places....
im just going to watch this, i know those that play this put orders both ways
anyways shld be fun to watch
be careful on H4 I4B's.... a lot of "noise" there... needs to be optimal setup on that time frame.
Many choose unhappiness over uncertainty.
  • #58,257
  • Mar 16, 2010 12:31am Mar 16, 2010 12:31am
Quoting squeezy
ive been watching this i?bs(sorry about the ?, i still cnt figure out the nos,just know how they look) for a while now to get a feel of how to possible play them at the right places....
im just going to watch this, i know those that play this put orders both ways
anyways shld be fun to watch
Hi Squeezy,

I just wanted to clarify the I4B concept for you. An I4B is an inside bar which is the smallest bar of the last 4 bars. Since your last bar is not an inside bar, this is no longer an I#B formation. Several bars being within a previous large bar just means there is consolidation, which of course can break out, but an I4B is just saying an inside bar has a small range (compared with the last 3 bars).

This is a common area of confusion, I hope this helps, squeezy.

Sincerely,

Cory
  • #58,258
  • Mar 16, 2010 12:37am Mar 16, 2010 12:37am
Not Squeezy. But it sure helped me.
  • #58,259
  • Mar 16, 2010 12:50am Mar 16, 2010 12:50am
Quoting Dan Gilbert
be careful on H4 I4B's.... a lot of "noise" there... needs to be optimal setup on that time frame.
thanks Dan, could u post some later u believe to be good takers & how u would playthem, im just watching them for now

Quoting Cbh123
Hi Squeezy,

I just wanted to clarify the I4B concept for you. An I4B is an inside bar which is the smallest bar of the last 4 bars. Since your last bar is not an inside bar, this is no longer an I#B formation. Several bars being within a previous large bar just means there is consolidation, which of course can break out, but an I4B is just saying an inside bar has a small range (compared with the last 3 bars).

This is a common area of confusion, I hope this helps, squeezy.

Sincerely,

Cory
hmmm!!! are you serious, i just thought as long as they were still inside the previous large bar....but i do agree that the concept of the i4b is the expectancy of a breakout, it just has to appear at the right location.
thanks it helped
cheers guys
Simplicity is the key to success
  • #58,260
  • Mar 16, 2010 12:55am Mar 16, 2010 12:55am
Quoting squeezy
thanks Dan, could u post some later u believe to be good takers & how u would playthem, im just watching them for now



hmmm!!! are you serious, i just thought as long as they were still inside the previous large bar....but i do agree that the concept of the i4b is the expectancy of a breakout, it just has to appear at the right location.
thanks it helped
cheers guys
Location/trend/speed of trend/break+retracements/stop loss location/big round numbers/is it a flag pattern/is it not a flag pattern/minor PPZs.... really there is a lot to them man. I could make a lot of different charts lol
Many choose unhappiness over uncertainty.
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