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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

  • #58,521
  • Mar 17, 2010 6:10pm Mar 17, 2010 6:10pm
Quoting KissFan
AUDUSD is starting to look like a good candidate for short. I'll be watching this one close. Id love to see a run up to 9300 overnight with a sell-off back down and close below 9200.

K.I.S.S.

My sentiments exactly. I see weakness but the thing is negating all the weakness daily
If you think you can or cannot do it you are correct
  • #58,522
  • Mar 17, 2010 6:46pm Mar 17, 2010 6:46pm
Quoting Bemac
Kudos to Mike & Jim Jarroo & all the others BUT;
"Some" of you appear to be glomming onto someone else to 'Call The Shot'.

I totally appreciate the "Nurturing Incubator" but, at some point in time, you have to fledge Your Wings.

I know & expect some hardship from this post but...
When it is time to Fly, (scarey, I know) Why should it be considered so different from...
When it is time to Study.


You will never know 'Who You Are' until you let 'You' fly.

MM is your Safety net. Get that in place and discover your apptitude.
To the young guns.
If you missed the above post read it again.

A mistake that most of us make is to think at some point in our lives we have now acquired all the knowledge we need to make real world decisions.
When you get to that point look back in time about 5 years and see if your opinions have changed in general. If they have wait another 5 years and see how that works. Point being we all need time to test our philosophies in life before we " bet the farm." Let me give a quote from a man respected around the world.

I have been rich and I have been poor. Rich is much better....Louis Armstrong.
  • #58,523
  • Mar 17, 2010 7:56pm Mar 17, 2010 7:56pm
[quote=nickypon;3561044]Im really unsure about this small pin. Would really like to have seen a longer tail but I think im going to play it anyway with a quick move to break even if it breaks.

On the plus side. Off 50 fib and good ppz. Uptrend on the daily

Hi Nicky

I've entered an order to open on this too. I agree it is a short pin, but it is bouncing off a major pivot zone as well as the 50 fib. My buy order is set at 10576 SL 10495. Looking to take half off at 10605 and let the rest run if it gets some momentum.
  • #58,524
  • Mar 17, 2010 9:21pm Mar 17, 2010 9:21pm
Quoting triger88990;
I'm in totally subscribe to your view.I wasn't saying at all that you cant grasp anything from fib tools,I'm usiying it myself a lot, But you just need to know way they work.I was trying to point out that using only one tool alone without knowing way is a dangerous road,and using it without any sort of confluence is like gambling,thats way I say it clearly that you can't use any random point from where to draw it

you are right that all the seniours guys have tehir one style and therfore they read price using different combination of this tools,they take the method of james and apply to their one style.
Oh, you were clear from the start mate. Thought I'd just chime in abit. No intention of directing it at you. U obviously get it. =)

Quoting triger88990;
YOU MUST GET THE CONCEPT OF MARKET STRUCTURE RIGHT TO UNDERSTAND THE CHARTS.
Yeeeaaahhh. Oorrddaaa faaallooowww

Quoting benji533;
As long as you have a way to enter and exit the market in a repetitive way which is proved to be profitable in the long run.

People spend years trying to create a better technical method instead of working on their mind. Their search will be endless due to the simple fact that this market is limitation-less.

If it works - I trade it. I just try to do my best following my approach smoothly. Not letting a single trade effect me.
I recently have had the honour of talking to an old pro on a regular basis. He said this to me,
'The market is uncertain. Therefore you must have a stable method of entry, and management unto exit. In an unstable (chaotic) market, this is your only stability'.

It is knowing what to look for. What to do when it the market gives you what you are looking for, and how/when to get out with a profit on a regular basis. Hence, Jim's "waiting in the bush with a rifle" mentality. We gotta wwaaiit for the setups, then do our thing. (my goal is to make my speculation this year, "boring")

Recently, it also struck me on another uber important point of having (and STICKING WITH) a firm method. Already as it is, every method has its losses. If one is not clear about the method (it's in our heads!), then there will also be stupid trades and thus stupid losses. These not only grate on the returns, but the WORST thing, is that it erodes one's psychological capital.

And no one can be profitable with a permanent brain fart.

Follow method + Win = Good Win
Follow method + Lose = Good
Don't follow method + win/lose = BAD
One Mind, Any Market
  • #58,525
  • Mar 17, 2010 9:27pm Mar 17, 2010 9:27pm
Quoting benji533
And when I finish army I will very rarely trade lower than daily and weekly.

Being able to put a trade and walk away for the next 24hrs is what trading is about. Being careless of the next single result.

Trading is just much much much more simple than most people think.
I like the market. I didn't like the army. LOL.
Money in the hands of a good man, is a force for good.

And its uber impressive that you got those other 2 points... it's taken me a loong time to get them.. better late than never. heh. =) Good on ya bro.

PS: This thread moves reallly fast. It's almost time for a 500 page post summary again. =P
One Mind, Any Market
  • #58,526
  • Mar 17, 2010 9:49pm Mar 17, 2010 9:49pm
Hi All,

I have some question on trading pinbar. In my chart, currently there is a pinbar form, so how can i determine if it is a more reliable pin. Like if i play in a conservative way (break abv 10pt of pin then enter). But when i look at the previous pin in my chart, it also break but price retrace back up. So can anyone help to explain why you will not enter the first pin or u actually have a loss on the first pin, and is the current pin a good entry.... thank you..

skin
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  • #58,527
  • Mar 17, 2010 9:52pm Mar 17, 2010 9:52pm
Quoting nickypon
Im really unsure about this small pin. Would really like to have seen a longer tail but I think im going to play it anyway with a quick move to break even if it breaks.

On the plus side. Off 50 fib and good ppz. Uptrend on the daily

see chart
My chart shows this pin goes thru the 150 ema and the 38.2% fibo. Close above the 150 too.
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  • #58,528
  • Mar 17, 2010 9:55pm Mar 17, 2010 9:55pm
Quoting skinfx
Hi All,

I have some question on trading pinbar. In my chart, currently there is a pinbar form, so how can i determine if it is a more reliable pin. Like if i play in a conservative way (break abv 10pt of pin then enter). But when i look at the previous pin in my chart, it also break but price retrace back up. So can anyone help to explain why you will not enter the first pin or u actually have a loss on the first pin, and is the current pin a good entry.... thank you..

skin
Hey Skin

The first pin, although one I would not personally trade as at the time I would have wanted a bigger bar that pierced and tested what was above the prior time we reached the 1.0500 area, was actually not a loss. For those that take these smaller bars we have to think about where price is likely to go and what we will do as traders there(this will vary depending on your style). As you can see by my chart price went to this first area stalled out and turned around. So no surprises here(this is the key that we are never caught off guard). Now ones trading plan might dictate to take profit there, get to b/e, move stops down, do nothing. There are no hard and fast rules with discretionary price action trading.

As for the second bar, this is even smaller then that other one. To me shows very little strength. Remember it is not the bar alone that we must consider. Why would a pin form here that is strong enough to really carry us higher when the pressure is to the downside(see those big bearish bars). Now this areas we are approaching is a VERY good area to watch for PA, but we want the right kind of PA. My guess is if we do break higher we hit the first trouble area and bounce back down to retest 1.0500.

Hope this helps and again just how i see it
Mike
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  • #58,529
  • Mar 17, 2010 10:25pm Mar 17, 2010 10:25pm
Quoting mbqb11
Hey Skin

The first pin, although one I would not personally trade as at the time I would have wanted a bigger bar that pierced and tested what was above the prior time we reached the 1.0500 area, was actually not a loss....
Hi Mike,

Thanks for all the explanation, cos i always tot that the first pin is forming a lower high then the first high (dec high). it mean to me the strength of uptrend is over. I think i need alot more practice to change my view on looking at the chart....

skin
  • #58,530
  • Mar 17, 2010 10:39pm Mar 17, 2010 10:39pm
Quoting Cyrus
I ...
PS: This thread moves reallly fast. It's almost time for a 500 page post summary again. =P
I was just about to mention that to u. u've read my mind
  • #58,531
  • Mar 17, 2010 10:42pm Mar 17, 2010 10:42pm
Quoting bapxyz

I have been rich and I have been poor. Rich is much better....Louis Armstrong.
So - THAT is who originally said that....


Quote
I may be slow now, but remember I was once the fastest sperm in the school.

You sir, are the KING. (I will never forget this...)
I'm pretty much done with all this ...
  • #58,532
  • Mar 17, 2010 10:50pm Mar 17, 2010 10:50pm
Quoting skinfx
Hi Mike,
Thanks for all the explanation, cos i always tot that the first pin is forming a lower high then the first high (dec high)...
Hello skin,
the price difference of both tops (first pin vs. December high) is negligible, so it's considered a 'double top' (at that time).
to me, it would be considered a lower high, if the first pin appeared around the first blue box or lower.

Hope this helps
  • #58,533
  • Mar 17, 2010 10:53pm Mar 17, 2010 10:53pm
Quoting Bemac
Kudos to Mike & Jim Jarroo & all the others BUT;
"Some" of you appear to be glomming onto someone else to 'Call The Shot'.

I totally appreciate the "Nurturing...
Ain't it the truth. Ain't it the truth.

Funny happened to me today. I went to ParacletesXP in Raeford, NC. Indoor skydiving, with my son of 12 and his buddy Schuyler.

115 MPH wind rushing up throw the floor, and I've NEVER done anything like it, sooooo....

First a 15 minute 'class' on hand signals and positioning.


Standing in the door - chin up, and step in to the breeze.....

30 seconds or so of help from the instructor, bouncing around a little, got stable, and

he let go of me....


OMFG



Dude - I was FLYING. And doing it real well. The last thing the guy told me was that going in was humbling getting in there, so in I went to take a beating in front of my son and is friend... but holy guacamole, I was flying!!!

The point is, I had to do it to do it. I bounce around a little, but I remembered the basic rules, and then just paid attention to the air.

And as proud of the fact that i survived without a face plant into the glass, you ought a see THAT dude fly. Wow.


(BTW - I heartily recommend the experience. Fun as all get out!)
I'm pretty much done with all this ...
  • #58,534
  • Mar 17, 2010 10:58pm Mar 17, 2010 10:58pm
Quoting StoragePro
Ain't it the truth. Ain't it the truth.
Funny happened to me today. I went to ParacletesXP in Raeford, NC. Indoor skydiving, with my son of 12 and his buddy Schuyler....
(BTW - I heartily recommend the experience. Fun as all get out!)
Today? wow. awesome
how young are u Sir?
i think there are some 60-80y.o. who still do it. (outdoor skydiving)
havent tried that, but love to . in fact, a few times before, i thought of doing that (outdoor skydiving) as a birthday present.
  • #58,535
  • Mar 17, 2010 11:01pm Mar 17, 2010 11:01pm
Quoting supremeChaos
Today? wow. awesome
how young are u Sir?
Just the tender age of 47

Quote
i think there are some 60-80y.o. who still do it. (outdoor skydiving)

Thanks for the comparison... Now I'm going to have to come to your home and lay a wrinkle on you...


Quote
havent tried that, but love to . in fact, a few times before, i thought of doing that (outdoor skydiving) as a birthday present.

Those that tried it, love it. I won't. But that is just me....
I'm pretty much done with all this ...
  • #58,536
  • Mar 17, 2010 11:06pm Mar 17, 2010 11:06pm
StoragePro,
LOL.
now let's see Sir Bemac have his say on this.
skydiving, Sir Bemac? (& the other 'seniors' down there)
  • #58,537
  • Mar 18, 2010 1:02am Mar 18, 2010 1:02am
Quoting supremeChaos
StoragePro,
LOL.
now let's see Sir Bemac have his say on this.
skydiving, Sir Bemac? (& the other 'seniors' down there)
skydiving, I'm definitly going to do that before too long.... maybe this week? should I take pics for the J16 group? i wanted to last summer but never did...

I looked into hang gliding but that is EXPENSIVE! Skydiving is way more affordable.

I wish I didn't have to do the tandem thing off the start though I want to fly solo on my first time ...
Many choose unhappiness over uncertainty.
  • #58,538
  • Mar 18, 2010 1:13am Mar 18, 2010 1:13am
Quoting Dan Gilbert
I wish I didn't have to do the tandem thing off the start though I want to fly solo on my first time ...
Once you swing your legs out of a plane door at 12,000ft, you will quickly change your mind
When you have to shoot, shoot. Dont talk.
  • #58,539
  • Mar 18, 2010 2:09am Mar 18, 2010 2:09am
The EG 4HR BEOB is not in play - a fair amount of space with this one which was formed habing broken PPZ and wedge formation...hid the stop above the PPZ and round number.
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  • #58,540
  • Mar 18, 2010 2:12am Mar 18, 2010 2:12am
Quoting Dan Gilbert
skydiving, I'm definitly going to do that before too long.... maybe this week? should I take pics for the J16 group? i wanted to last summer but never did...

I looked into hang gliding but that is EXPENSIVE! Skydiving is way more affordable.

I wish I didn't have to do the tandem thing off the start though I want to fly solo on my first time ...
Do it Dan, or anyone else for that matter!!!!

It is an experience you won't forget..........HUGE RUSH followed by
serenity......actually my words are pointless!!!!!!!

As they say at Nike...........JUST DO IT !!!

Dave.
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