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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

  • #61,781
  • Apr 25, 2010 7:12am Apr 25, 2010 7:12am
It's my first post, I'm newbie, have been following the thread for 6 months. I would like to thank to all of you for your contribution to the thread. J16 group clearly opened my eyes. I do what you told me to do, hoping that I will not blow another real account again (demo now).
I'm confused about trading away from PPZ and taking the trade using PA at PPZ, it seems opposite to me, would you please clarify that. Thanks again.
  • #61,782
  • Apr 25, 2010 7:55am Apr 25, 2010 7:55am
Quoting Oskar
It's my first post, I'm newbie, have been following the thread for 6 months. I would like to thank to all of you for your contribution to the thread. J16 group clearly opened my eyes. I do what you told me to do, hoping that I will not blow another real account again (demo now).
I'm confused about trading away from PPZ and taking the trade using PA at PPZ, it seems opposite to me, would you please clarify that. Thanks again.
hi Oskar, and welcome to the thread. What is meant by that if i understand the question properly?? is that we are looking for PA at a PPZ to trade away from it, so if price is trending up but comes to a strong PPZ we would be looking for PA to shows a reversal/retrace at that price level. What we dont want is PA that sets up a trade running INTO the PPZ from a price nearby. or another method is to look for PA on a retrace after price has broken through a strong PPZ and prints a pin or beob or whatever to show that price is gonna contiunue in the direction of the break.
hope this clears it up a little.

jon
PATIENCE... DISCIPLINE
  • #61,783
  • Apr 25, 2010 8:04am Apr 25, 2010 8:04am
Mike,

I have downloaded the above which I know you use at certain times for stops.
Could you kindly tell me what settings you use. How to use it as a trailing stop loss by reference to a chart?

I would be very grateful,

Regards

Glynn
"Fail to prepare, prepare to fail."
  • #61,784
  • Edited 8:32am Apr 25, 2010 8:31am | Edited 8:32am
Quoting Oskar
It's my first post, I'm newbie, have been following the thread for 6 months. I would like to thank to all of you for your contribution to the thread. J16 group clearly opened my eyes. I do what you told me to do, hoping that I will not blow another real account again (demo now).
I'm confused about trading away from PPZ and taking the trade using PA at PPZ, it seems opposite to me, would you please clarify that. Thanks again.

Hey

Bascially you want a decent looking PA setup like a pin, inside bar etc to be around a decent looking PPZ but pointing away from it so you are trading away from it, as a PPZ is simply a brick wall the market is likely to bounce from. To play bounces away from it with no PA setup is very risky, it's called touch trading, and I have been demoing it, and I can recommend you do NOT do it, too many losses. Just wait for a look gooding pin or inside bar or outside bar (I only look at these 3 bars) at or close to a well defined PPZ, where the bar then breaks away like a swimmer pushing themselves off of the side of a swimming pool with their legs!
  • #61,785
  • Edited 8:40am Apr 25, 2010 8:38am | Edited 8:40am
Quoting Dan Gilbert
Jim does talk of trend. Go back and read this thread, you will see many times he has pointed to the importance of going with the flow on his charts. I am not going to find the example I currently have in my memory banks, but one chart he posted was in a serious down trend and he highlighted all the bullish PA bars that FAILED during that strong trend.

Will look for it, if you do come across please post it. I'm learning like everyone else so am not trying to be a voice of authority on this, it's just that most of the posts from Jim and most of the follow up stuff from others doesn't talk of trend, but I guess that may have been the point of your original post?! LOL!!

Will go searching for trend stuff. The thing is, as we all know, you see an uptrend I see a downtrend etc the age old argument. Yes get a 5 year old to look at chart to see the trend, I understand you shouldn't complicate "TREND" any more than that. But still, if you zoom right out, I mean RIGHT out, any trend is just a leg up or down in a historic sidewards market. I do get your point, and it is very valid, it just opens a can of worms we may never get to the bottom of.

Also as long as you get to B/E at the FTA you will at least cover yourself, and the runners will no doubt come from the trending charts yes you are right.

I just like the way most decent PA setups hit the FTA anyway, regardless of trend.

But this is all a very personal thing

Trig
  • #61,786
  • Apr 25, 2010 9:28am Apr 25, 2010 9:28am
Quoting g_j_hook@yah
hi Oskar, and welcome to the thread. What is meant by that if i understand the question properly?? is that we are looking for PA at a PPZ to trade away from it, so if price is trending up but comes to a strong PPZ we would be looking for PA to shows a reversal/retrace at that price level. What we dont want is PA that sets up a trade running INTO the PPZ from a price nearby. or another method is to look for PA on a retrace after price has broken through a strong PPZ and prints a pin or beob or whatever to show that price is gonna contiunue...
Now it's clear, thank you very much
  • #61,787
  • Apr 25, 2010 11:54am Apr 25, 2010 11:54am
  •  kk21
  • | Joined Sep 2009 | Status: ...the innocent bystander | 45 Posts
hello everyone,
i thank the experienced traders for the hand they are lending the new ones like me; i am a complete newbie. my very first post too!

started trading a year ago and blew two small accounts before i stumbled on this thread some 6 months ago. this is my second profitable month, courtesy of j16 style.

for that and more, i cannot thank the originator of this thread and other selfless contributors enough for what they are giving whole-heartedly.
thank u.thanku.thank u...

i have a question about weekend trades: do you guys place pending orders (dailies of course) on fridays? there are so many tradable pins this weekend. i am always scared out of taking trades 'cause of gaps.

your responses are appreciated
  • #61,788
  • Apr 25, 2010 11:58am Apr 25, 2010 11:58am
The trend is your friend is the oldest saying relating to trading and everyone seems to know and understand this, but our actions often contradict.

There was a time when I discovered that all my positions were CT. I took my time and thought about it a lot, why was i acting like a sucker and came to the conclusion that I was trying to catch the bigger moves, paradox but I was searching for that moves CT. You know why? because if the movement has just begun there has to be more out there, that is the mindset of a classic sucker IMO and I proved it with my draw downs. In trading reality big moves can be caught only when the trend is established, PAs that we are studying here are just a tip for the establishment of the trend. Now tell me which tip is more powerful that is with the trend or counter trend. CT tip takers are the biggest sucker community in this industry and thats exactly why the trends develop, they are some kind of fuel for the trend. If sucker thinks that the trend is reversing the trend resumes with even more power. That is the reason of every failed PB, or BEOB/BUOB or every failed pattern or broken S/R/PPZ or you name it what else. So the main point in this business is not to learn how to see tips, that market is giving us (this tips are often exclusively for suckers), but to learn how not to be a sucker.

So why do I have to be a sucker? Only because to feed my pride of being the smartest bear on the bulls market or vise versa, with one winer that hardly ever turns into a runner between thousand loses?

Or on the other side wait until established trend retraces and be with the flow and feed my financial need instead of pride.

The choice is very obvious for me, I don't want to be a sucker. lol
  • #61,789
  • Apr 25, 2010 1:38pm Apr 25, 2010 1:38pm
Quoting packhorse
Mike,

I have downloaded the above which I know you use at certain times for stops.
Could you kindly tell me what settings you use. How to use it as a trailing stop loss by reference to a chart?

I would be very grateful,

Regards

Glynn
Hey Glynn

I use it mostly for breakouts in order to trail out a trade. I use an ATR period of 3 and a factor of 1.5. I basically wait till price clearly closes under the trailing line or above. So if you are going short in the chart I marked where you would close out your trade. So the red line would be used to trail out short and blue for longs(the colors I use). Red x is where we would close it.

Hope that helps
Mike
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  • #61,790
  • Apr 25, 2010 1:39pm Apr 25, 2010 1:39pm
Quoting kk21
hello everyone,
i thank the experienced traders for the hand they are lending the new ones like me; i am a complete newbie. my very first post too!

started trading a year ago and blew two small accounts before i stumbled on this thread some 6 months ago. this is my second profitable month, courtesy of j16 style.

for that and more, i cannot thank the originator of this thread and other selfless contributors enough for what they are giving whole-heartedly.
thank u.thanku.thank u...

i have a question about weekend trades: do you guys place...
Hey KK

Welcome

I place my trades on sunday evening when the market reopens. This will prevent worrying about dealing with gaps and widened spreads that might prematurely take you in.

Best
Mike
  • #61,791
  • Apr 25, 2010 1:51pm Apr 25, 2010 1:51pm
Quoting mbqb11
Hey Glynn

I use it mostly for breakouts in order to trail out a trade. I use an ATR period of 3 and a factor of 1.5. I basically wait till price clearly closes under the trailing line or above. So if you are going short in the chart I marked where you would close out your trade. So the red line would be used to trail out short and blue for longs(the colors I use). Red x is where we would close it.

Hope that helps
Mike
Mike,

As a UK member, I can only say how grateful I am for all of the guidance you give me/us; you really are an inspiration to us all.

Thanks again

Glynn
"Fail to prepare, prepare to fail."
  • #61,792
  • Apr 25, 2010 1:52pm Apr 25, 2010 1:52pm
Quoting packhorse
Mike,

As a UK member, I can only say how grateful I am for all of the guidance you give me/us; you really are an inspiration to us all.

Thanks again

Glynn
You are very welcome sir

I appreciate how hard this stuff is and the dedication we must put in to get there

Keep at it

Mike
  • #61,793
  • Apr 25, 2010 2:12pm Apr 25, 2010 2:12pm
Some setups that I'll be taking @ market open (presuming no significant gaps) or watching tomorrow etc.

(note that I consider myself as a more aggresive trader than average).

1. NJ...breakout and retrace area to watch

2. S/JPY - same as (1) plus we havea continuation weekly BUOB

3. U/NOK - BEOB across a major PPZ - look how clear and defined that PPZ is with 150 EMA there too. Not the best size BEOB but the location is great...a buffer below the bars to the left and a FTA of the TL with SL just above the PPZ is how I'd play this.

4. G/CHF - BEOB with divergence - would have preferred a close below the PPZ but bouncing off a TL, fib PPZ confluence - if the bar low breaks then this stands a high probability of hitting the FTA IMO.

5. E/G not playing this myself as FTA is too close for me but a BUOB bouncing of a doublw low and above a PPZ and TL makes it a good location for me.
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  • #61,794
  • Apr 25, 2010 2:55pm Apr 25, 2010 2:55pm
  •  kk21
  • | Joined Sep 2009 | Status: ...the innocent bystander | 45 Posts
Quoting mbqb11
Hey KK

Welcome

I place my trades on sunday evening when the market reopens. This will prevent worrying about dealing with gaps and widened spreads that might prematurely take you in.

Best
Mike

thank you mike for your quick reply
  • #61,795
  • Apr 25, 2010 5:34pm Apr 25, 2010 5:34pm
very well said, datogio. the only issue with me is how to stand on the side of current trend. there are so many grey areas where people could not see the trend direction. technically yes, the trend could be judged based on HH/HL and vice versa, however, how many times, when you were convinced of the so called established trend, the market immediately turn against your position. this really makes trading career more difficult than could be imagined.



Quoting datogio
The trend is your friend is the oldest saying relating to trading and everyone seems to know and understand this, but our actions often contradict.

There was a time when I discovered that all my positions were CT. I took my time and thought about it a lot, why was i acting like a sucker and came to the conclusion that I was trying to catch the bigger moves, paradox but I was searching for that moves CT. You know why? because if the movement has just begun there has to be more out there, that is the mindset of a classic sucker IMO and I proved...
  • #61,796
  • Apr 25, 2010 5:41pm Apr 25, 2010 5:41pm
I was hoping for a gap on GBPCHF tonight and sure enough we had one. I took an entry as soon as my broker opened. Let's see if price can break the BEOB low.
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  • #61,797
  • Apr 25, 2010 6:11pm Apr 25, 2010 6:11pm
Quoting jeurre
very well said, datogio. the only issue with me is how to stand on the side of current trend. there are so many grey areas where people could not see the trend direction. technically yes, the trend could be judged based on HH/HL and vice versa, however, how many times, when you were convinced of the so called established trend, the market immediately turn against your position. this really makes trading career more difficult than could be imagined.
Nothings 100% sure in this business and in the whole world my friend. You'll always have losing trades even with the trend, but the point is to minimise the risk caused by our opinion or wishful thinking. There's only one opinion the trend, the flow or whatever we call it and no rush even if we miss the opportunity.

The great way to see direction of the smart money is to switch to the line charts as Rac once said, its very helpful trick and stick to higher time frames.
  • #61,798
  • Apr 25, 2010 6:39pm Apr 25, 2010 6:39pm
that's true, nothings are 100% sure in trading. what I am looking for is an edge of delivering 70% win rate minimum consistantly, riding with the trend is definitely a good approach to pursue, the puzzle however is still the ability to judge the current trend. it's good to know that you have grasped the trick, please share more along the way toward excellence.

Quoting datogio
Nothings 100% sure in this business and in the whole world my friend. You'll always have losing trades even with the trend, but the point is to minimise the risk caused by our opinion or wishful thinking. There's only one opinion the trend, the flow or whatever we call it and no rush even if we miss the opportunity.

The great way to see direction of the smart money is to switch to the line charts as Rac once said, its very helpful trick and stick to higher time frames.
  • #61,799
  • Apr 25, 2010 7:06pm Apr 25, 2010 7:06pm
Quoting jeurre
that's true, nothings are 100% sure in trading. what I am looking for is an edge of delivering 70% win rate minimum consistantly, riding with the trend is definitely a good approach to pursue, the puzzle however is still the ability to judge the current trend. it's good to know that you have grasped the trick, please share more along the way toward excellence.
You've come to the right place my friend, the edge that you're looking for is possible to achieve with the material shared in this thread, but only after you put in some effort. The trick is very simple just switch to the line charts and you'll see clearly where the market is flowing and in witch direction is the power.
  • #61,800
  • Apr 25, 2010 7:33pm Apr 25, 2010 7:33pm
James16 told us. datogio reminded us. There are countless posts from every other contributing member in this thread that did the same.

I've drilled this in my brain and will knock myself on the head every time I think of taking a CT trade. When it's bullish, I'll only look for bullish retracement PA, and vice versa for bearish trends. I hope it's a right method this way.

edit: and by the way, a true trend reversal is a small part of the whole previous trend, that's why going with the trend minimizes the losing possibility. going with the trend also helps us to know the trend along the way and we know when it's a reversal breakout.
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