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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

  • #62,301
  • Apr 29, 2010 8:28am Apr 29, 2010 8:28am
Quoting Ghettobuddha
Yea aud and cad both looked good. Both off the 61 retrace and TL

Great observations

+1
lowest draw down possible please.
  • #62,302
  • Apr 29, 2010 8:29am Apr 29, 2010 8:29am
Quoting joelcf

I feel like one of the great j16 mysteries has been solved tonight. Next week: where is Rac's cave?
Me likes it!
I believe . . .
  • #62,303
  • Apr 29, 2010 8:31am Apr 29, 2010 8:31am
Quoting ghous


g.

THanks! I might need some practice with that
  • #62,304
  • Apr 29, 2010 8:37am Apr 29, 2010 8:37am
Quoting ehrek
Great observations

+1
Thank you.

I don't know if it'll get there, but I'm gonna hold it thinking we'll get a daily pin.
  • #62,305
  • Apr 29, 2010 8:42am Apr 29, 2010 8:42am
Quoting lexx
Hi everyone.

What do you think about forming pin on EURGBP?
looks like it pierced price .8700 and there is possible entry on trend..

Attachment

Lexx
Hey Lex

Generally speaking we do want pins at swing highs, but ultimately they can be played in many locations. I do like how you have marked where price is likely to go(all things holding). This is more important then anything with these bars.

Best
Mike
  • #62,306
  • Apr 29, 2010 9:08am Apr 29, 2010 9:08am
Quoting mbqb11
Hey Lex

Generally speaking we do want pins at swing highs, but ultimately they can be played in many locations. I do like how you have marked where price is likely to go(all things holding). This is more important then anything with these bars.

Best
Mike
Thanks for quick answer, Mike
  • #62,307
  • Apr 29, 2010 9:11am Apr 29, 2010 9:11am
Quoting mbqb11
Hey Lex

Generally speaking we do want pins at swing highs, but ultimately they can be played in many locations. I do like how you have marked where price is likely to go(all things holding). This is more important then anything with these bars.

Best
Mike

Mike ---would you say this pin would be tightly managed because of the traffic area to the left?
  • #62,308
  • Apr 29, 2010 9:14am Apr 29, 2010 9:14am
Quoting Atc
Mike ---would you say this pin would be tightly managed because of the traffic area to the left?
Hey ATC

As this is all a moot point now since price has kept falling. But generally speaking on a pin like this at a swing low(that has not created a swing high point) you are coming right into a trouble area almost every time. This is also none as traffic yes. Now the catch is that certain continuation pins can turn into big runners at the right locations, but for the most part just finding a pin near a swing low(a bearish one that is), we have to watch that first close area, which for this one would have been decently far away but now is hitting it pretty much. The reason this is the first trouble area is the last few times it hit here we found buying, so we can't really ignore it.

Let me know if that makes sense
Mike
  • #62,309
  • Apr 29, 2010 9:23am Apr 29, 2010 9:23am
possibly the first time anyone has posted this pair
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  • #62,310
  • Edited 9:41am Apr 29, 2010 9:26am | Edited 9:41am
Quoting joelcf
I feel like one of the great j16 mysteries has been solved tonight. Next week: where is Rac's cave?
A huge bearish PB statue in the middle makes me feel like I found it

But the location is poor, swing low.
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  • #62,311
  • Edited 9:53am Apr 29, 2010 9:42am | Edited 9:53am
Quoting Ghettobuddha
Thank you.

I don't know if it'll get there, but I'm gonna hold it thinking we'll get a daily pin.
I've entered the AU short like this, the current candle doesn't look good,
but at least it's testing the waters to the downside.
I'd be interested to know how others in this see the first target areas, (they're 4 hourly high closes on the up move).
I've got the stop behind the 00 number and previous top in case of a last gasp spike up. (That's also 1x ATR 30 on the 4Hr).
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  • #62,312
  • Apr 29, 2010 9:46am Apr 29, 2010 9:46am
Quoting Dan Gilbert
I took a full bar loss on this weekly crude pin.

lesson learned: wait for a larger break over a BRN when price is heading at one.

luckily my wheat trade will keep me way in profit for the week on futures
Hey Dan,

Just noticed you have been talking pretty much a lot about the trend recently, so thought to share my thoughts if it's ok

Although that pin was going with the trend, I would never take it as it would be buying straight into an high - best location for my bearish PA bars.
As much as the trend direction can be important, it's still only one piece of the entire story that price is telling. Matching those pieces together is what I think James is trying to teach. Look at the entire story like location within the trend (pullbacks to significant areas?), bar size and structure, supporting confluences, traffic, etc.

Many say "go with the flow", "the trend is your friend", "stop being stupid taking those CTs and make money!!, etc.
As much ironically as it may sound, most of my trades are CTs and I ma doing quite well with them i think.
You can take crappy smallish reserval bars against a sharp move and blow it all, or you can take crappy trades with the trend and blow it all as well.
My focus is more on the overall picture and the pieces which match together putting the odds in my favor, rather than focusing on the trend direction.

Moreover, I can argue with your trades and you can argue with mine. In fact, I can say those that trade those MA systems in the PF are crazy. But they make money out of them, period. Again, there is no right or wrong. No better or worse. Almost everything can work technically. The more important thing is to just find one things that works and fits your character as a trader and a person. Then just focus on sticking to it, executing it smoothly, and most of all - remaining consistent by discipline and patience while developing confidence and experience.

Hope that makes a bit of sense.

Ben


Counter Trend:

http://img291.imageshack.us/img291/3...9999999999.gif

http://img688.imageshack.us/img688/3...9999999999.gif


with the trend:

http://img101.imageshack.us/img101/3...9999999999.gif

http://img696.imageshack.us/img696/3...9999999999.gif
  • #62,313
  • Apr 29, 2010 9:52am Apr 29, 2010 9:52am
Quoting ehrek
Any of you short aud?
Ten minutes before the bar closed I thought about it. Back then it seemed like a possible 8h PB. But the price managed to close higher and spoiled the fancy pinbar look (at least on my chart). On the 1h it even formed a very nice long nose bullish PB.

Of course we could be at the end of the weekly uptrend. But who knows, maybe we will see another upwards breakout out of the flag we're in. The pinbar-like bar that's forming on the weekly and bounces off the TL could be a hint for that.

I want to emphasize that I'm a not an advanced trader. I still got my diapers on in terms of James16 trading. So maybe I am missing something.
Thanks J16, Sam Seiden, Udine and Jacko
  • #62,314
  • Apr 29, 2010 9:54am Apr 29, 2010 9:54am
Quoting benji533
Hey Dan,

Just noticed you have been talking pretty much a lot about the trend recently, so thought to share my thoughts if it's ok

Although that pin was going with the trend, I would never take it as it would be buying straight into an high - best location for my bearish PA bars.
As much as the trend direction can be important, it's still only one piece of the entire story that price is telling. Matching those pieces together is what I think James is trying to teach. Look at the entire story like location within the trend (pullbacks...

GREAT POST!
  • #62,315
  • Apr 29, 2010 10:03am Apr 29, 2010 10:03am
Quoting benji533
Hey Dan,

Just noticed you have been talking pretty much a lot about the trend recently, so thought to share my thoughts if it's ok

Although that pin was going with the trend, I would never take it as it would be buying straight into an high - best location for my bearish PA bars.
As much as the trend direction can be important, it's still only one piece of the entire story that price is telling. Matching those pieces together is what I think James is trying to teach. Look at the entire story like location within the trend (pullbacks...
Great post and great examples. I learned a lot from your post. Thank you very much!
Thanks J16, Sam Seiden, Udine and Jacko
  • #62,316
  • Apr 29, 2010 10:17am Apr 29, 2010 10:17am
Quoting Ted1983
I've entered the AU short like this, the current candle doesn't look good,
but at least it's testing the waters to the downside.
I'd be interested to know how others in this see the first target areas, (they're 4 hourly high closes on the up move).
I've got the stop behind the 00 number and previous top in case of a last gasp spike up. (That's also 1x ATR 30 on the 4Hr).
Hi Ted,

Hope you don't mind me asking what indicator plots the ATR figures at the top LH corner of your charts,

Cheers

Glynn
"Fail to prepare, prepare to fail."
  • #62,317
  • Edited 10:31am Apr 29, 2010 10:18am | Edited 10:31am
Quoting Ted1983
I've entered the AU short like this, the current candle doesn't look good,
but at least it's testing the waters to the downside.
I'd be interested to know how others in this see the first target areas, (they're 4 hourly high closes on the up move).
I've got the stop behind the 00 number and previous top in case of a last gasp spike up. (That's also 1x ATR 30 on the 4Hr).
The first target area from when i entered was already hit T1 @ .9260 but I held it... T2 @ .92266 and T3 @ .91700. But like you said....it doesn't look too good right now lol. I was thinking a daily pin would form and I would watch to see what happen at T2. So even if the daily pin did form it would be sitting on a PPZ. If it broke south I'd hold till T3 then prob go long if there was some PA. At the rate its going... now I'll prob get stopped out at BE =P

If this holds as a pin maybe it'll help it push down a bit
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  • #62,318
  • Apr 29, 2010 10:30am Apr 29, 2010 10:30am
Quoting benji533
Hey Dan,

Just noticed you have been talking pretty much a lot about the trend recently, so thought to share my thoughts if it's ok

Although that pin was going with the trend, I would never take it as it would be buying straight into an high - best location for my bearish PA bars.
As much as the trend direction can be important, it's still only one piece of the entire story that price is telling. Matching those pieces together is what I think James is trying to teach. Look at the entire story like location within the trend (pullbacks...
I am happy I took that trade, still. Even though people have presented evidence of why it was "bad".

I see too often, people seeing stuff hindsight, and showing all these examples of past PA, and how it has failed THOSE TIMES. I can show you 10 times as many examples of failed counter trend PA as I can pro-trend PA (especially on longer timeframes).

Jarroo brought up a good point, that I should not have taken a FULL BAR LOSS. I believe that was my biggest error in this particular trade.

Another error is not waiting for a larger break over the 85 round number, AND the fact that pin was not bouncing OFF a very big round number (like, 80 for example)

I am still working on my "rules" as far as not taking a full bar loss, perhaps that will be my next breakthrough.

Not every trade works, so what? losing trade=who cares.

also, I took this silver daily pin.

Hit the FTA in a snap, and is similar in shape/location to the crude pin (except for this one was coming off a BRN).

I'm not going to let a losing trade scare me away from the markets! It's just part of the business, and I'm willing to stick my neck out.
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Many choose unhappiness over uncertainty.
  • #62,319
  • Apr 29, 2010 10:49am Apr 29, 2010 10:49am
Anybody in this trade? I was considering it but at the end only paper traded. It engulfs a few 4h bars. I would be out by now, but if it closes above 1.53 I think there is a good chance it holds as support (RN, PPZ, EMA).
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  • #62,320
  • Apr 29, 2010 11:06am Apr 29, 2010 11:06am
Here is a Mike trade
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Many choose unhappiness over uncertainty.
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