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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

  • #62,181
  • Apr 28, 2010 3:42pm Apr 28, 2010 3:42pm
Quoting ppfx
anyone took this one? i closed half position and moved stops to BE at 93.80...


i took the weekly BUOB on the retrace at 93.00 cause it had a nice ppz area around it + its a RN
seems it was a good take since it catapulted up just when touching the 93.00 area


i also took this one (same strategy as the one above), but it wasnt moving so nice like the UJ so i closed it all at the FTA
Nice work ppfx.

The Hourly had a PB off that 93.00. It's nice to get that extra confirmation when your strategy comes together.
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Indicators show the past. Price Action "Indicates" the future.
  • #62,182
  • Apr 28, 2010 3:47pm Apr 28, 2010 3:47pm
Quoting triger88990
look at the daily chart of crude to the left prior yesterday and today, signaled by the 2 red arrows indicating strong rejection. The same happend with dj at 10920, it was a good call to buy yen crosses.

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Thanks Triger makes sense...focusing on the whole picture and analysing price in more detail is something I'm trying to improve. Need to slow down at times. I thought we were heading for a breakout as the 4HR bars this time didn't offer a quick rejection of the lows...price was hanging around that level so my bias was that were were winding up for a move lower...still got much to learn

Yes that was very strong clear support on dow futures.
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  • #62,183
  • Apr 28, 2010 3:50pm Apr 28, 2010 3:50pm
Quoting ghous
I remember in a webinar of yours you were asked a question about a bullish IPB on the euro weekly...despite the fact that you're not into them you provided the best explanation possible.

I tried to search through the members at the pf who this guy/gal was so I could talk the setup out with him/her, was his user name "spider" or what?
What does IPB stand for...? I'm looking at the examples you guys look at but I dont see what is special about them? If anything they look like bars that traditional J16 players wouldn't touch normally?

Thanks
  • #62,184
  • Edited 4:10pm Apr 28, 2010 3:59pm | Edited 4:10pm
Quoting lovejoy80
Thanks Triger makes sense...focusing on the whole picture and analysing price in more detail is something I'm trying to improve. Need to slow down at times. I thought we were heading for a breakout as the 4HR bars this time didn't offer a quick rejection of the lows...price was hanging around that level so my bias was that were were winding up for a move lower...still got much to learn

Yes that was very strong clear support on dow futures.
thats why if you feel insecure about your thoughts is smart to wait for the bar to close it will tell you a part of the story. Look at the bearish bar from the 3th arrow how nice it retrace back and close above support line, this fake breakouts are needed .

time for bed .

all the best!!
  • #62,185
  • Apr 28, 2010 4:09pm Apr 28, 2010 4:09pm
Quoting triggerju
What does IPB stand for...? I'm looking at the examples you guys look at but I dont see what is special about them? If anything they look like bars that traditional J16 players wouldn't touch normally?

Thanks
Inside Pin Bar, an IB that is also a pin bar.
  • #62,186
  • Apr 28, 2010 4:18pm Apr 28, 2010 4:18pm
Quoting o990l6mh
Inside Pin Bar, an IB that is also a pin bar.

Thanks dude I guessed I just wanted clarification... they just look nasty. Wondering how/why they have suddenly become popular with J16 group even though they go against the grain a bit?
  • #62,187
  • Apr 28, 2010 4:32pm Apr 28, 2010 4:32pm
Quoting jarroo
Nice work ppfx.

The Hourly had a PB off that 93.00. It's nice to get that extra confirmation when your strategy comes together.
wow didnt even saw that loll... and yes its definitely nice to get another confirmation at least for me, then i feel more confident about the trade...
  • #62,188
  • Apr 28, 2010 4:34pm Apr 28, 2010 4:34pm
Quoting triggerju
Thanks dude I guessed I just wanted clarification... they just look nasty. Wondering how/why they have suddenly become popular with J16 group even though they go against the grain a bit?
It doesn't really go against the grain it just isn't something introduced by James. Price bars themselves are a small portion of the bigger story. I prefer to look them as our trigger bars. So you can stick them into the list of IB, OBs, Pins, IPBs, DBLHC/DBHLC, etc

Best
Mike
  • #62,189
  • Apr 28, 2010 4:36pm Apr 28, 2010 4:36pm
Quoting o990l6mh
Inside Pin Bar, an IB that is also a pin bar.
isnt IPB inverted pinbar? at least ghous IPBs are inverted pinbars, dont know though if the abbreviation IPB has other meanings...
  • #62,190
  • Apr 28, 2010 4:42pm Apr 28, 2010 4:42pm
Quoting ppfx
isnt IPB inverted pinbar? at least ghous IPBs are inverted pinbars, dont know though if the abbreviation IPB has other meanings...
LOL I dunno all these bars hey?! All these mad FX crosses!! So many work out, so many don't. BRNs that hold well and many that don't, Pins that don't look good making 500pip+ runs with nice looking Pins failing etc..! LOL maybe I'll go back to buying index-outperforming stocks
  • #62,191
  • Apr 28, 2010 6:09pm Apr 28, 2010 6:09pm
How dya know which will outperform the index?
  • #62,192
  • Apr 28, 2010 6:26pm Apr 28, 2010 6:26pm
Quoting Ted1983
How dya know which will outperform the index?
If it has been for a while, then it prob will continue to. The risk reward on such methods, month on month, over a year perhaps, can be very very nice. People talk of 50% per year with J16... you can kill that number with stocks just following the general market bias!!

I think it's important to remember that trading traditional daily J16 grows ALREADY-LARGE accounts - most people come on here with their $250 mini FX account and want to be rich. Unless you are rich enough to have $1000's to trade with and you are young enough to have at least 10 good trading years in you then this PA trading probably aint for you. But how many can really stick at this properly for 10 years + ??? Prob not many. We all want the 1000% return per year using an auto system, it ain't gonna happen. But PA is not bullet proof; it is subjective to your settings and feed. I'm not trying to put a downer on it, but none of us on here know each other we could all be bullsh*tting each other in all fairness. Some people talk the talk but blow the account. Who's to know? The others in the forum?! Of course not.

Using daily PA is a very painful way to trade. If you see a half decent pin which has at least the same distance to go until its FTA as it has to the stoploss (in other words 1:1 risk reward) then that's probably all you will get from this method. Take it, hope and move to BE asap. Everyone around here seems to hate the idea of risk reward but the maths cannot be denied: you make $1 x 3 good Pins then lose $3 on one bad one.... well, do the math.

I know Jim, Mike and all mean well and there is obviously some good in this PA daily chart trading for them, but a warning to newbies and anyone else you will not get an easy ride with PA trading and your account will grow painfully. If you wanna take a risk and try to get rich with this you do need to drop down timeframes AND TAKE A GAMBLE (yes, lower frames are riskier I cannot deny). If you risk 3% on a low frame, you could make 20% per month most months using J16 PPZs and decent pins with a GOOD RISK REWARD RATIO. But it is a gamble, be quick on those fingers.

I believe the rich can grow an account with traditional daily J16 PA trading.

I believe the poorer of us can't. You need to listen to RISK REWARD to grow small accounts.
  • #62,193
  • Apr 28, 2010 6:31pm Apr 28, 2010 6:31pm
Quoting triggerju
People talk of 50% per year with J16... you can kill that number with stocks just following the general market bias!!
.

ughh really? Where do we do this, I'll gladly stop trading if it's that easy
  • #62,194
  • Apr 28, 2010 6:34pm Apr 28, 2010 6:34pm
Quoting mbqb11
ughh really? Where do we do this, I'll gladly stop trading if it's that easy
why would you stop trading if its even easier?
  • #62,195
  • Apr 28, 2010 6:36pm Apr 28, 2010 6:36pm
Quoting 4X=0
why would you stop trading if its even easier?
If I can get easy 50% ROI year over year without trading? Show me where this is and I will shift all my money there now. Of course this an easy 50% since its just following general market bias means its nearly risk free.

My point is this "easy" 50% does not exist out there. So yes I will continue to trade
  • #62,196
  • Apr 28, 2010 6:38pm Apr 28, 2010 6:38pm
Triggerju,

I agree with some of what you're saying, but consistent 5% per month returns will should investor capital in spades, even if you haven't the funds yourself.
(And I'm not saying that's easy, just that it looks quite possible)

If you can return 50%pa, trouncing the indexes year in year out, you really should be millionaire already.

WRT to R:R ratio I think a purely probabilistic minset has to be destructive.
The most sensible compromise is surely to cover risk at a reasonable level (maybe some multiple of ATR) and then look for a runner? Possibly with a simple mechanical trail.
  • #62,197
  • Apr 28, 2010 6:40pm Apr 28, 2010 6:40pm
Quoting mbqb11
If I can get easy 50% ROI year over year without trading? Show me where this is and I will shift all my money there now. Of course this an easy 50% since its just following general market bias means its nearly risk free.

My point is this "easy" 50% does not exist out there. So yes I will continue to trade
no one said anything about not trading, merely changing markets and strategies. no one said it was easy. no one said it was risk free. start shifting buddy.
  • #62,198
  • Apr 28, 2010 6:42pm Apr 28, 2010 6:42pm
Quoting triggerju
If it has been for a while, then it prob will continue to. The risk reward on such methods, month on month, over a year perhaps, can be very very nice. People talk of 50% per year with J16... you can kill that number with stocks just following the general market bias!!

I think it's important to remember that trading traditional daily J16 grows ALREADY-LARGE accounts - most people come on here with their $250 mini FX account and want to be rich. Unless you are rich enough to have $1000's to trade with and you are young enough to have at least...
The main mistake is to want something for nothing. Nobody in the world can turn 250 in to a million without giving years of dedication and thats not realistic even though.

Easy and quick money is the biggest illusion in this world in any industry.
  • #62,199
  • Apr 28, 2010 6:43pm Apr 28, 2010 6:43pm
I noticed that some of you guys seem to only try to catch 1 bar whenever going into a trade, or was I wrong? So nobody really rides the profit or there's just too little to risk to reap the rewards (chicken out)? I'm not against anything but I'd like to understand what's the difference that makes one satisfied with taking 1 bar of 50 pips and the other who rides all the bars along the way for 500 pips.

By the way, I'm 27
  • #62,200
  • Apr 28, 2010 6:46pm Apr 28, 2010 6:46pm
Thats really the 64 gallion dollar question isnt it.
The conundrum of where to take profit is the same as where to place a stop, in reverse, and equally important.
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