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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

  • #61,061
  • Apr 17, 2010 9:19pm Apr 17, 2010 9:19pm
Quoting cprao
Bearish pin
...
it's off of 1.55 & 1.54, actually.
looking at your chart, im not sure, if the pin's close is above the prior bar's high. also the pin's close is higher than the open. it's your chart, so im not in the position to firmly say this isnt a pin.
look at the surrounding bars/candles. does this pin stand out/jump out at u?
i had a quick look at the chart & that pin seem to be only bigger than less than 5-10 bars.
again, i am scrutinizing the bar u pointed out. achieving a winning trade off a small pin is a different matter.

Hope this helps
  • #61,062
  • Apr 17, 2010 9:23pm Apr 17, 2010 9:23pm
Quoting badhairday
Just a quick question, what's consider a scalp?
...
to be honest, i dont care about the definition anymore.

i think what u are referring to is what (i believe) Sir james16 said before-- "daytrading the daily chart".
u see, there are trades in the higher timeframes (H4, daily & up) wherein u only get, say, 20-50pips in profit, which takes about only a few minutes to a few hours to happen.
i think this is the 'scalp' u are hearing about & referring to.

Hope this clears it up
  • #61,063
  • Apr 17, 2010 9:34pm Apr 17, 2010 9:34pm
Quoting Dan Gilbert
Here's what I have been messing with lately:
have u relied before on putting PPZs off of the closing prices? or PPZs off of closing prices & hihgs/lows?
since u are relying more on the ZZ indicator than the (closing prices from the) line on close chart, i think what will happen here is that u will have more PPZs based off of the highs/lows than the clsoing prices.

let us know of any updates (if it suits u, if u find it better/more effective etc).
Thanks!
  • #61,064
  • Apr 17, 2010 9:39pm Apr 17, 2010 9:39pm
Quoting Dan Gilbert
Here's what I have been messing with lately:
Looks good Dan. Nice approach.

You can go to "Properties" and turn the "Line graph" to "None" to see the Zigzag even better.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,065
  • Apr 17, 2010 9:46pm Apr 17, 2010 9:46pm
Quoting jarroo
Looks good Dan. Nice approach.

You can go to "Properties" and turn the "Line graph" to "None" to see the Zigzag even better.
Yeah I do that.... It's just an extra step I figured I could go without to make it simpler
Many choose unhappiness over uncertainty.
  • #61,066
  • Apr 17, 2010 9:48pm Apr 17, 2010 9:48pm
Quoting Dan Gilbert
Yeah I do that.... It's just an extra step I figured I could go without to make it simpler
Cool.
Indicators show the past. Price Action "Indicates" the future.
  • #61,067
  • Apr 17, 2010 9:48pm Apr 17, 2010 9:48pm
Quoting supremeChaos
have u relied before on putting PPZs off of the closing prices? or PPZs off of closing prices & hihgs/lows?
since u are relying more on the ZZ indicator than the (closing prices from the) line on close chart, i think what will happen here is that u will have more PPZs based off of the highs/lows than the clsoing prices.

let us know of any updates (if it suits u, if u find it better/more effective etc).
Thanks!
I have no idea what you're asking???
Many choose unhappiness over uncertainty.
  • #61,068
  • Edited 10:12pm Apr 17, 2010 9:53pm | Edited 10:12pm
Quoting Mauzzz
Hey Guys,

I'm full of emotions right now and I don't know who else I can share them with that could understand me as well as you all can. Feel free to pay no attention to what I say, I just need to write it down to cool off.

So after two months of lurking around here I decided to get the forex tester and start applying some of the knowledge I've gained here. Well, as I should have expected - I failed horribly. I traded on the daily time frame, trying to follow all the rules - max 2% per trade, trying to take only the best pins, trying to...
Sure post a chart or two of any of these trades? Or give the pair and Date?
Indicators show the past. Price Action "Indicates" the future.
  • #61,069
  • Apr 17, 2010 10:13pm Apr 17, 2010 10:13pm
Quoting Dan Gilbert
I have no idea what you're asking???
i was asking if u plotted PPZs differently before (prior using the ZZ indicator to plot PPZ's)
sorry i got u confused.
never mind, just keep us updated if u can. http://cdn.forexfactory.com/images/s.../yim/happy.gif
  • #61,070
  • Apr 17, 2010 10:16pm Apr 17, 2010 10:16pm
Quoting supremeChaos
i was asking if u plotted PPZs differently before (prior using the ZZ indicator to plot PPZ's)
sorry i got u confused.

Maybe you could post a chart sChoas, to better illustrate what you mean.
Indicators show the past. Price Action "Indicates" the future.
  • #61,071
  • Apr 17, 2010 10:18pm Apr 17, 2010 10:18pm
Quoting supremeChaos
i was asking if u plotted PPZs differently before (prior using the ZZ indicator to plot PPZ's)
sorry i got u confused.
I used to just look at a candlestick chart and try to draw them in... It was a mess lol. I had more lines on the chart than I could count and it was very counter-productive. (not to mention it reduced my confidence in the level of importance the lines played)
Many choose unhappiness over uncertainty.
  • #61,072
  • Apr 17, 2010 10:29pm Apr 17, 2010 10:29pm
Quoting Mauzzz
Hey Guys,
I'm full of emotions right now...
we all go throught those same emotions

u must realize that
1. when u are not yet fully equipped with knowledge, it's easy to fail/lose than to win.
2. losing is part of this business.

since i've read quite a number of posts here, my observations are that traders make mistakes/have problems in these aspects (probably in this exact order):
1. taking PA setups outright (trading every PB, BUOB u see) regardless of size
2. plotting correct PPZs
3. plotting & being aware of other PPZs near price
4. risk & trade management (when to go to BE; managing the stop loss, take profit, exit; whether to leave some positions open or not)

DO post charts so we can all learn & observe
if u are zealous & persistent, your dilemma is temporary, i assure you
  • #61,073
  • Apr 17, 2010 10:30pm Apr 17, 2010 10:30pm
Quoting Mauzzz
Hey Guys,

I'm full of emotions right now and I don't know who else I can share them with that could understand me as well as you all can. Feel free to pay no attention to what I say, I just need to write it down to cool off.

So after two months of lurking around here I decided to get the forex tester and start applying some of the knowledge I've gained here. Well, as I should have expected - I failed horribly. I traded on the daily time frame, trying to follow all the rules - max 2% per trade, trying to take only the best pins, trying to set...
Welcome Mauzzz,

It'll most likely be location, or where you are taking trades on the chart , that's causing the most problems. And it does take a bit of work getting the trade management to suit the trades you personally will take too.

Like Jaroo said, go ahead with posting your charts!
Bundy's status today: "Waiting..."
  • #61,074
  • Apr 17, 2010 10:33pm Apr 17, 2010 10:33pm
Quoting badhairday
Isn't scalping supposed to be too risky and stupid for J16? or is scalping also considered just a trade for quick $$?
Real scalpers take super high frequency trades for 1 or 2 pips and such. Which is not the J16 way at all.

People in here use the term loosely to mean the way Supreme and GJ mentioned.
Bundy's status today: "Waiting..."
  • #61,075
  • Apr 17, 2010 10:33pm Apr 17, 2010 10:33pm
Quoting jarroo
Maybe you could post a chart...
hahahah...Not again, Sir


Quoting Dan Gilbert
I used to just look at a candlestick chart and try to draw them in... It was a mess...
I see. that answers my question. Thanks
  • #61,076
  • Apr 17, 2010 10:38pm Apr 17, 2010 10:38pm
Quoting Dan Gilbert
Here's what I have been messing with lately:
You just made my year!! Amazing.
Cap
  • #61,077
  • Apr 17, 2010 10:44pm Apr 17, 2010 10:44pm
Quoting g_j_hook@yah
heres a couple of classic pinbar trades that worked out well. 1h TF,not for everyone. i have noted on the chart my views on this trade. the great thing about getting a nice run like this is that you get the chance to turn your scalp into a longer term trade fairly easily.

jon
Great posts jon. Just for the fact that if one wanted to trade on the Hourly, it all starts on the Daily/Weekly. This info alone from your posts is Gold.
Indicators show the past. Price Action "Indicates" the future.
  • #61,078
  • Apr 17, 2010 10:49pm Apr 17, 2010 10:49pm
Quoting ghous
Hey guys,

I received a pm with a query regarding the validity of an IPB which was on the Hewlett Packard daily chart.

Thought I'd share my views with the entire gang, as this one's a great example that we can all learn from.

***---***

I have been mentioning repeatedly that being meticulous with IPBs is imperative. There are several reasons that justify this.

1) Most of us are very new to these PA bars and their dynamics.

2) There is no "buffer" i.e an entry based on X number of pips from the PA bar low/high.

3) The stop is almost...

Great post g. I'm sure this one on the Weekly Nzd/Jpy would meet your approval and illustrate your above post.

Now . .how did I miss this one. .
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Indicators show the past. Price Action "Indicates" the future.
  • #61,079
  • Edited Apr 18, 2010 1:46am Apr 17, 2010 10:57pm | Edited Apr 18, 2010 1:46am
Quoting supremeChaos
it's off of 1.55 & 1.54, actually.
looking at your chart, im not sure, if the pin's close is above the prior bar's high. also the pin's close is higher than the open. it's your chart, so im not in the position to firmly say this isnt a pin.
look at the surrounding bars/candles. does this pin stand out/jump out at u?
i had a quick look at the chart & that pin seem to be only bigger than less than 5-10 bars.
again, i am scrutinizing the bar u pointed out. achieving a winning trade off a small pin is a different matter....
Thank you for your comments.





Quote

A pin bar must:




1• have open/close within the first eye,
2• protrude from surrounding prices (‘stick out’ from surrounding prices); it
cannot be an inside bar.
A good pin bar has:
3• a long nose (and a long nose relative to the open/close/low),
4• a nose protruding a long way from the prices around it (it ‘sticks out’),
5• the open / close both near one end of the bar.

From the above checklist,
1) One gets qualified. Bcoz the close of the pibar is aligned with the high of the previous bar. Exactly aligned. See the green line in the chart.


2. Barely gets qualified. it is not bigger than the PIN (03/16)that happened 5 weeks back at swing low..


3. Barely.. Not very long
4. Barely
5. Yes. This gets qualified.


Since I believe it is not a tradable Pin bar. does this make sense to seniors ?

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  • #61,080
  • Apr 17, 2010 11:05pm Apr 17, 2010 11:05pm
Quoting jarroo
Now . .how did I miss this one. .
you missed it because interbank doesn't finish drawing the weekly bar until the sunday daily bar of the NEXT week on IBFX closes.


edit: actually that wouldn't have made a difference in this case lol
Many choose unhappiness over uncertainty.
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