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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

  • #61,741
  • Apr 24, 2010 9:21am Apr 24, 2010 9:21am
Quoting jarroo
You spoke to soon nasir. lol

Jim
Yea but no one knows about this reversal IPB project except Ghous. How did you find out?
  • #61,742
  • Apr 24, 2010 9:26am Apr 24, 2010 9:26am
Just wondering what makes an A+ setup? How much of the information that needs to be stacked in our favor for a setup to be A+? For example, we have

1) dominant trend (most important?)
2) non-dominant trend lines
3) fibs
4) sweet spots
5) pivot points
6) emas
7) PA bars (PB > BUOVB/BEOVB?)

Do we need to have every of those stacked together in order to have an A+ setup? Or only a few of the most important information is needed? I mean, which of those should be given priority over the rest? How will you rate those information from the highest importance to the lowest importance?
  • #61,743
  • Apr 24, 2010 9:35am Apr 24, 2010 9:35am
Quoting jarroo
Just to add what Mike had said . . .

I understand your concerns with what's going on with the high time frames. But as Mike said, the time frame that the PA setup was presented on is what's important.

But let's look at the Weekly I4B and BUOB . . (chart).

The Weekly I4B hit its target, the previous High or more specifically the 1.0. IMO that I4B fullfilled its purpose. Targets on PA setups are usually levels where we know Price may either reversal on us or continue. Or in other words, they are levels that warn us that uncertainty is at this...
Thanks for your help and your welcome. What you write makes sense. I still have some trouble to keep in mind some of the pattern characteristics. Always have to peek at my notes:

BEOB/BUOB: Downtrend/uptrend continuation or Reversal @ Swing High/Low, 2nd Bar has lower/higher close than 1st one.

DBLHC/DBHLC: play at Swing Lows/Highs, Close of 2nd bar must be outside of entire 1st bar, DBs are also TBL

BTW, you guys are doing a hell of a great job here staying in touch with all the new traders and answering all the questions. Thanks for that!

Have a good weekend
Andreas
Thanks J16, Sam Seiden, Udine and Jacko
  • #61,744
  • Apr 24, 2010 10:23am Apr 24, 2010 10:23am
Quoting Greenhaze
Hi Jason

Imo this setup have a better potential on lower timeframe. Zoom it to H1/H4 and you'll see very good shaped spike with good support base at 0.9240-50.
I bet buy stop orders are stacking over the 0.9280 resistance ;]. I would play the break with very tight stop in case of this scenario.
Hi, Greenhaze,

Thanks for your comments.

IMO, even you can manage this trade with lower time-frame, it's still risky.

There are too many trouble areas that the price need to break for going up, and the FTA is too close.

If you put a stop buy order over 0.9280 and aim at 0.930x, that would be only 20-25 pips to go. Where would you put SL? 0.9240 seems resonable, that is 40 pips. Comparing with the risk, this R/R ratio doesn't fit my request.

It's just my opinions.

Jason
  • #61,745
  • Apr 24, 2010 10:46am Apr 24, 2010 10:46am
Quoting nasir.khan

What saves me from complete disaster and keeping me around BE is some strong charting skills that i have learned from great people here in this thread but again lack of patience and discipline is keeping me away from the big money i should be making easily.

I've read "Trading in the Zone/The Secrets Of Emotion Free Trading" but it did't help either.

.
Nas, I found one thing which really really helps - apathy. I believe it's the missing link for most people. Just simply don't care about the money, the potential profit, the dream of being a financially successful trader, etc, it all means nothing. Just shrug your shoulders and be grateful you aren't suffering like some real poor people in this world. If you win, great. If you lose, great. How dare any of us expect to win anyway? We dont have a God given right to win at trading or in life in general. Tough. We think the market owes us some money??! Apathy. It just don't matter.

Also, what has really helped me? The same thing Vegas said was his "PhD in trading"... a huge loss!! I have lost so much money in the past (when I didn't have many outgoing bills to pay) I want to vomit everytime I think of it. Especially now as I am saving for a house deposit. Ouch. Really didn't want to lose all those tens of thousands of pounds. But the years have rolled on and I am getting somewhere with J16 - big thanks.

The huge loss and apathy together make me a PESSIMISTIC trader - try it! Try being pessimistic. Try entering an optimal A+ trade and thinking "this'll probably lose like every other part of my cr*ppy life but oh well here goes" - expect the loss - when it doesn't lose, it really builds faith in these optimal entries.

Weird but true.

Trig
  • #61,746
  • Apr 24, 2010 10:55am Apr 24, 2010 10:55am
Quoting lovejoy80
The only thing I could maybe say about that was that there was a lot of upside 'pressure' on price. Although a great setup for the IPB itself the chances of a follow through down through the low of the IPB was very low.

We have had a lot of matching highs and have an ascending triangle and with the formation of the IPB we have had a lower low than the 2 previous bars and atouch of the ascending TL...Thus in the formation of the IPB itself we have had a very quick rejection of the the TL and you could say that you can now expect buyers to have...
Good observation.

g.
I believe . . .
  • #61,747
  • Apr 24, 2010 10:58am Apr 24, 2010 10:58am
[quote=jarroo;3667853]I would have the Fib levels at the most recent High and Low, still at the 38.2.

Thanks for the comments

Will pay more attention to drawing fibs
  • #61,748
  • Apr 24, 2010 11:01am Apr 24, 2010 11:01am
Quoting nasir.khan
Yea but no one knows about this reversal IPB project except Ghous. How did you find out?
Jarroo being the experienced trader that he is, understood the potential of this PA bar the first time I mentioned it, he's been since watching them and was demoing them parallel to my experimentation.

smart A$$



g.
I believe . . .
  • #61,749
  • Apr 24, 2010 11:12am Apr 24, 2010 11:12am
Hey there chaps,

I am trying to get some historical exchange rate data that I can manipulate in excel. Don't need the open closes etc. just the average will do. I went onto x-rates, but their data for the icelandic krona only goes back to the beginning of 2009.

Anyways, thanks in advance,



Stef
  • #61,750
  • Apr 24, 2010 11:27am Apr 24, 2010 11:27am
Quoting fxeturn
Just wondering what makes an A+ setup? How much of the information that needs to be stacked in our favor for a setup to be A+? For example, we have

1) dominant trend (most important?)
2) non-dominant trend lines
3) fibs
4) sweet spots
5) pivot points
6) emas
7) PA bars (PB > BUOVB/BEOVB?)

Do we need to have every of those stacked together in order to have an A+ setup? Or only a few of the most important information is needed? I mean, which of those should be given priority over the rest? How will you rate those information from the highest importance...
Hey FX

THe simple answer is it could be all or none. Sometimes everything lines up in terms of confluence but it still might not be an A trade or look right. Sometimes you have just one of those things and it lines up perfect that it is an A trade. I think it is important to be flexible and open to the situations at hand. So for me I don't have a checklist like 1, 2, 3 then if they all line up trade. I am open to what is going on. After chart time this will make more sense. As for PB> OB defintely not. I actually like outside bars more then pinbars. I think a good starting place is to formulate what things YOU want to look for. This will help narrow it down in the beginning and keep you from over trading .

Hope that helps
Mike
  • #61,751
  • Apr 24, 2010 11:29am Apr 24, 2010 11:29am
Quoting jarroo
Just to add what Mike had said . . .

I understand your concerns with what's going on with the high time frames. But as Mike said, the time frame that the PA setup was presented on is what's important.

But let's look at the Weekly I4B and BUOB . . (chart).

The Weekly I4B hit its target, the previous High or more specifically the 1.0. IMO that I4B fullfilled its purpose. Targets on PA setups are usually levels where we know Price may either reversal on us or continue. Or in other words, they are levels that warn us that uncertainty is at this...

Awesome Jim^2 thanks for adding that bud

Mike
  • #61,752
  • Apr 24, 2010 11:33am Apr 24, 2010 11:33am

Quoting fxeturn
Just wondering what makes an A+ setup? How much of the information that needs to be stacked in our favor for a setup to be A+? For example, we have

Quoting fxeturn
...

Most of what you asked has to be discretionary and hence will vary from trader to trader. This variance however has nothing to do with how successful or unsuccessful the trader is.

Mike (mbqb11) e.g would never take many of the setups Jarroo takes, because he's always on the look out for the ones that really stand out. Jarroo on the other hand will fiddle around (lucratively) with even the pretty ordinary bars because he knows how to handle them
.

In other words what's A+ for jarroo may not be A+ for Mike, as is true for most other combos of traders you can think of.

I for one normally don't include pivot points or MAs in my analysis, and feel utterly satisfied if a good sized pin bar can come along at a decent location, at a round number pp,z with divergence maybe, but again that's just me, my style and risk appetite that I know works for me...

Take Nasir as an example. He'll go about trading the good locations even before PA provides the trigger, and has he been a failure because he didn't follow any "rules that were supposedly laid in stone by James16"??...hell NO!

Patience, common sense, time, and demo accounts is what you'll need to apply to a trial and error method to find the right system of entry/exit/management for your trades.


What we teach here, is a method not a system.

g.

I believe . . .
  • #61,753
  • Apr 24, 2010 11:34am Apr 24, 2010 11:34am
commentary fodder.

divergence, B quality OB, uptrend, MRN (minor round number)

looks like a pass
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  • #61,754
  • Apr 24, 2010 11:48am Apr 24, 2010 11:48am
Quoting triggerju
Nas, I found one thing which really really helps - apathy. I believe it's the missing link for most people. Just simply don't care about the money, the potential profit, the dream of being a financially successful trader, etc, it all means nothing. Just shrug your shoulders and be grateful you aren't suffering like some real poor people in this world. If you win, great. If you lose, great. How dare any of us expect to win anyway? We dont have a God given right to win at trading or in life in general. Tough. We think the market owes us some money??!...
So it goes like this...

I am walking in the jungle when a large lion jumps out of the bushes, lick's its paws and locks his eyes on mine. I should really be expecting this lion to pounce on me the next second and tear me to pieces. If it just gives me a long stare and walks off I'd be...oh wait...real happy.

Good philosophy, not sure if it would apply to trading though. Pessimism as in
expecting a trade to lose is wrong. Excepting the capricious nature of markets is one thing, saying "this'll probably lose like every other part of my cr*ppy life but oh well here goes" before you take a trade is another. The differentiation is important (IMHO)

g.
I believe . . .
  • #61,755
  • Apr 24, 2010 11:56am Apr 24, 2010 11:56am
Quoting 4X=0
commentary fodder.

divergence, B quality OB, uptrend, MRN (minor round number)

looks like a pass
What would matter for me the most is the close of the bar. To qualify as a trading opportunity in my book this BEOB needed to close below the 2 bar lows prior to this outside bar (marked on chart) AND with authority.

You could always play the "Jarroo hard break play" or any other that you may be comfortable with. In my book what took away the rosiness of this bar is the above mentioned fact.

I like'm bullying price

g.
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I believe . . .
  • #61,756
  • Edited 12:04pm Apr 24, 2010 12:02pm | Edited 12:04pm
Anyone greenheads out there trading carbon emissions?

Bullish outside bar after a few days of slow action. The IB failed but you would have known there was a decent PPZ area you would have been shorting into... so... you prob wouldn't have take it OR got to B/E quicker than our earth is dying.

Yes I can be funny about green issues, I don't take global warming seriously because our top world leaders don't. As soon as they stop saying "we need to go green" only to then fly/drive in a private plane/car to their next conference, the sooner I will change all my lightbulbs to energy saving ones (the ones that don't light the room up) and I will stop driving needlessly arond. If they wont take it seriously, sorry I can't either! I refuse to be "urinated" on anymore than I already am by our "leaders".

Still, with decent PA on carbon emission contracts, well... maybe there's something genuine in all this save the planet cr*p afterall.

Trig
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  • #61,757
  • Apr 24, 2010 12:11pm Apr 24, 2010 12:11pm
Quoting ghous
This one will go down as a forever memorable trade setup. Won't ever find a better example of the fact that markets are never 100% predictable.

g.
I went long on the break upward lol.... once again, strong trends are not meant to be grinded against
Many choose unhappiness over uncertainty.
  • #61,758
  • Apr 24, 2010 12:13pm Apr 24, 2010 12:13pm
Quoting ghous
What would matter for me the most is the close of the bar. To qualify as a trading opportunity in my book this BEOB needed to close below the 2 bar lows prior to this outside bar (marked on chart) AND with authority.

You could always play the "Jarroo hard break play" or any other that you may be comfortable with. In my book what took away the rosiness of this bar is the above mentioned fact.

I like'm bullying price

g.

Yep. and with more time after the run-up, more indecision
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  • #61,759
  • Apr 24, 2010 12:14pm Apr 24, 2010 12:14pm
Anybody tell me how to take jarroo hard break trade.
  • #61,760
  • Apr 24, 2010 12:20pm Apr 24, 2010 12:20pm
You guys posting all these anti-trend trades leaves me feeling very scared for you!

Anybody thinking that going long on EURAUD/EURCAD, c'mon now! zoom out and see what you're doing.

Go with the flow. If we are in a ranging market, then we can buy OR sell easily (like CHFJPY for example), but if we are in a massive unrelenting downtrend and you guys want to buy, you need to be so 100% sure of what you're doing, and the PPZs you are heading straight into are going to stop your position dead in it's tracks, many times making the trade useless to even take in the first place.

I'm going to post this futures chart, and you will see how following trend, combined with a B+ pin bar, you will have a ton more confidence in what you're doing.
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Many choose unhappiness over uncertainty.
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