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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

  • #62,901
  • May 6, 2010 5:24am May 6, 2010 5:24am
Quoting jarroo
If that Daily closes as a PB with a double top and the close is lower then the PPZ level then yes this would be a good PA setup to enter.
thanks for the explanation
  • #62,902
  • May 6, 2010 5:26am May 6, 2010 5:26am
Quoting s005606
Hi Jarroo, how are u?
Kindly pls allow me to jump in and ask a question. Would the failure of the 1st pin affect your decision in taking the 2nd pin? Coz considering both pins are at around the similar position, with similar length and they are so close (in time) to each other.

Or you would judge them individually? Thanks for ur comment in advance!
No, not really. The failure of the 1st PB basically tells me something that we already know.: The uptrend is strong. With the 2nd PB, it has potential. There is a real battle going on at this level. I may just wait until the dust settles and see what deveolps.
Indicators show the past. Price Action "Indicates" the future.
  • #62,903
  • May 6, 2010 5:32am May 6, 2010 5:32am
Quoting jarroo
No, not really. The failure of the 1st PB basically tells me something that we already know.: The uptrend is strong. With the 2nd PB, it has potential. There is a real battle going on at this level. I may just wait until the dust settles and see what deveolps.
I was discouraged by the 1st pin's failure to ever think about the 2nd pin. Thanks Jarroo for your great reply, as always!
Dreams are hard to follow, but don't let anyone, tear them away...
  • #62,904
  • May 6, 2010 5:32am May 6, 2010 5:32am
Quoting jeurre
as long as the daily closes as a pinbar, we will have good chance to expect something.
Yes it could tell us many things. If the PB breaks hard the current long term down trend could continue. If it doesn't break or hits a short term target or FTA, then the up tend could continue.
Indicators show the past. Price Action "Indicates" the future.
  • #62,905
  • May 6, 2010 5:34am May 6, 2010 5:34am
Alright gang . . gotta go.


(Man . . .I love this stuff)

Later.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #62,906
  • May 6, 2010 5:59am May 6, 2010 5:59am
How did i missed that.

http://www.ci.desoto.tx.us/images/pa...0on%20head.jpg

.
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  • #62,907
  • May 6, 2010 6:20am May 6, 2010 6:20am
Quoting nasir.khan
How did i missed that.

http://www.ci.desoto.tx.us/images/pa...0on%20head.jpg

.
But the rule of jim demands that the candle is close and also in a sure way ...
  • #62,908
  • May 6, 2010 6:46am May 6, 2010 6:46am
Quoting jarroo
We know Mike gives a lot of weight to BRNs and well he should, because you'll see it all the time that strong PPZ levels will develop around these BRNs.

Then you'll have others that well ignore BRNs or RNs unless they are confluencing with a strong PPZ level or other confluencing levels. But mainly its PPZ level that is the focus.

If a very obvious and strong PPZ level is at the 138.50 and not at the 140.00. I'll go with the 138.50 but I will not ignore the 140.00.

Its the obvious looking PPZ level that I look for. If they line up with...

Thank you 4 the replay
Patience is essential
  • #62,909
  • May 6, 2010 6:49am May 6, 2010 6:49am
Quoting mbqb11
yes all those do play a role to some extent. If it's on the chart I do not ignore it. I don't use trendlines much except for when I am looking at breakout patterns or real obvious ones for a little extra confluence.

Best
Mike
Thanks a lot!

I also want to thank Jarroo, I followed his way of drawing PPZ and got rid of many unnecessary lines .
  • #62,910
  • May 6, 2010 7:24am May 6, 2010 7:24am
Wow, take a look at EUR/CHF. It's dived over 200 pips on the current H4! It's at a new low for the past several years (looking back to 2002) so no prior SR for it to bounce off!!

Where will it stop and what caused the fall? 1.40?

Edit - The answer for the moment appears to be 1.41
  • #62,911
  • May 6, 2010 7:38am May 6, 2010 7:38am
I recently opened my first demo account and I wanted to get the perspective of more experienced people on this situation. What do you typically do when you find what you think is a good setup, put in a limit order, and then the trade goes in the opposite direction, not even triggering the trade?

In this specific instance, it was a pin-bar and I set a limit-buy order at 10 pips above the high of the pin-bar, but price pretty much went straight down and passed the nose (I canceled the order at that point).

1. Is it a bad idea to cancel the order after you've already made a decision to place it?
2. In this instance, do you just forget about the order and move on, or do you try to go back and figure out why price went the other way?

I'm a big believer in trying to learn from mistakes, but I don't even know if this is considered a "mistake" since the trade never even happened.
  • #62,912
  • Edited 8:06am May 6, 2010 7:45am | Edited 8:06am
Quoting s005606
Hi guys,

It's been some time since I posted again.
Regarding the USDJPY daily setup that many members discussed few pages ago, I took it on my demo a/c but was out at a loss.

Would any members kindly give me some comments on this? Was I wrong on anything?

Setup: USDJPY DBHLC

Pros reasons:
- off weekly PPZ (around 93.80 as marked as yellow line)
- off BRN 94.00
- divergenece on MACD

Cons reasons:
- counter-trend?

Entry: I entered on 93.30 as I wanted to give some buffer.

FTA: 93.00

Result:...

As nobody seems to have answered you, here is MHO.

If you put a fibo on USD/JPY from the swing low 91.47 to the swing high 94.97 you can see that you sold into it at the major reversal fibo of 50% with confluence of the 25 EMA (RED).
PS: if we look at the H4 we can see 93 is a flip area where price has bounced several times and there are a few PPZ around it.


Hope this helps.
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  • #62,913
  • May 6, 2010 7:59am May 6, 2010 7:59am
short geppy 141.72.

Anyone else in on it ?
lowest draw down possible please.
  • #62,914
  • May 6, 2010 8:13am May 6, 2010 8:13am
Looks like that USD/CHF PB I mentioned earlier today was a reasonable trade.

I think it will go all the way to 1.1022 area.
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  • #62,915
  • May 6, 2010 8:15am May 6, 2010 8:15am
Quoting relyt
traight down and passed the nose (I canceled the order at that point).

1. Is it a bad idea to cancel the order after you've already made a decision to place it?
2. In this instance, do you just forget about the order and move on, or do you try to go back and figure out why price went the other way?

I'm a big believer in trying to learn from mistakes, but I don't even know if this is considered a "mistake" since the trade never even happened.
Your main problem there is that you are very rarely going to know why the setup failed, if ever. What you are describing isnt even a mistake in my book, you played it perfectly by not taking a trade that didnt meet your criteria
When you have to shoot, shoot. Dont talk.
  • #62,916
  • May 6, 2010 8:19am May 6, 2010 8:19am
Closed 30% at the previous traffic zone and SL has been moved to BE. I'll see next week how it has worked out.

My weekend starts now, flying to Spain in a couple of hours to enjoy some time off. Happy NFP day to all of you and don't forget this chart. PA can get you ahead of the NFP
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  • #62,917
  • May 6, 2010 8:20am May 6, 2010 8:20am
Quoting ehrek
short geppy 141.72.

Anyone else in on it ?
nope but just saw something thnx.....we shld hit 140.20 real soon
chf was pretty generous on most chf pairs......
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Simplicity is the key to success
  • #62,918
  • May 6, 2010 8:28am May 6, 2010 8:28am
Quoting squeezy
nope but just saw something thnx.....we shld hit 140.20 real soon
chf was pretty generous on most chf pairs......

Shorted from UPTOP - Liquidated my shorts and took profits @ area of possible reversal.

Entered sell orders underneath a key support area.. and took her all the way down.
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lowest draw down possible please.
  • #62,919
  • May 6, 2010 8:32am May 6, 2010 8:32am
Quoting relyt
I recently opened my first demo account and I wanted to get the perspective of more experienced people on this situation. What do you typically do when you find what you think is a good setup, put in a limit order, and then the trade goes in the opposite direction, not even triggering the trade?

In this specific instance, it was a pin-bar and I set a limit-buy order at 10 pips above the high of the pin-bar, but price pretty much went straight down and passed the nose (I canceled the order at that point).

1. Is it a bad idea to cancel the order...
Perfect Relyt. The primary way to trade pins the james16 way is to wait for the break. The pin isn't valid until that break happens. It saves you from exactly this situation. When it fails to break and then heads down past the nose of the pin the bar is made invalid, and it saves you money you would have lost if you entered prematurely.

Time to cancel the order and wait for the next one.
Bundy's status today: "Waiting..."
  • #62,920
  • May 6, 2010 8:40am May 6, 2010 8:40am
Quoting joelcf
Your main problem there is that you are very rarely going to know why the setup failed, if ever. What you are describing isnt even a mistake in my book, you played it perfectly by not taking a trade that didnt meet your criteria http://cdn.forexfactory.com/images/s...im/winking.gif
Quoting bundyraider
Perfect Relyt. The primary way to trade pins the james16 way is to wait for the break. The pin isn't valid until that break happens. It saves you from exactly this situation. When it fails to break and then heads down past the nose of the pin the bar is made invalid, and it saves you money you would have lost if you entered prematurely.

Time to cancel the order and wait for the next one.
Thanks joel and bundy. I think I understand now. Since there was no "second eye" then it turns out that is wasn't even a "pin-bar" in the first place. It looked like a pin-bar when it closed, but if the second eye never comes, then it isn't a pin-bar.

I guess I can just be glad it went south right away instead of triggering my order, then heading south. Like bundy said, I'll just sit here in the bushes and wait for the next one.

I'm very appreciative that I can learn from you guys while demo trading. Thank you!
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