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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

  • #64,181
  • May 18, 2010 11:17pm May 18, 2010 11:17pm
Quoting james16
yes he is and a Texan to boot.
u had a long break, Sir.
  • #64,182
  • May 18, 2010 11:36pm May 18, 2010 11:36pm
Hi everyone, this is my first post on this, the mother of all threads.

I have a question to Mike or anyone really (you all seem very knowledgable) re Mike's video about traffic vs space (great btw!)

When looking to the left of current price action how far back do you look?

This is a real dilemma for me when drawing PPZ's. Should I draw S/R pivots all the way back to 2008, or should I focus on, say the last 30 days (on daily charts). I suppose I'm asking what chart scale to use to define space/traffic.

Does anyone have a rule of thumb?
  • #64,183
  • May 18, 2010 11:48pm May 18, 2010 11:48pm
gold pin about to die????

shocking!
Attached Image
Many choose unhappiness over uncertainty.
  • #64,184
  • May 18, 2010 11:49pm May 18, 2010 11:49pm
Quoting jarroo
Viewing a James16 and Mike video does the trick for me.

Did you veiwed many of James16 charts from the thread lately?

Yes, I have viewed all the videos in the guest area.

I must say, Jim makes it look real easy, then I come back to my charts and start putting PPZ on them and end up with a birdcage.

I noticed that Jim is making pretty good almost spot on analysis of where price may stop by using nearby bar highs and lows without really drawing PPZ.

Maybe this is something to start trying out on demo for a while.
  • #64,185
  • May 18, 2010 11:54pm May 18, 2010 11:54pm
Quoting Pinbar
Yes, I have viewed all the videos in the guest area.

I must say, Jim makes it look real easy, then I come back to my charts and start putting PPZ on them and end up with a birdcage.

I noticed that Jim is making pretty good almost spot on analysis of where price may stop by using nearby bar highs and lows without really drawing PPZ.

Maybe this is something to start trying out on demo for a while.
Absolutely Pb, try it out on demo. Also, view the videos many times.

I thought we got rid of the birdcage.

Keep going Pb. Beliveve it or not, you're doing great.
Indicators show the past. Price Action "Indicates" the future.
  • #64,186
  • May 19, 2010 12:01am May 19, 2010 12:01am
Quoting Arlo
Hi everyone, this is my first post on this, the mother of all threads.

I have a question to Mike or anyone really (you all seem very knowledgable) re Mike's video about traffic vs space (great btw!)

When looking to the left of current price action how far back do you look?

This is a real dilemma for me when drawing PPZ's. Should I draw S/R pivots all the way back to 2008, or should I focus on, say the last 30 days (on daily charts). I suppose I'm asking what chart scale to use to define space/traffic.

Does anyone have a rule of thumb?
Hey Arlo

It really varies for me on the situation. In general the further I am going back it is going to have to do looking for trade locations rather then actual mgmt. But that isn't always the case either, so it isn't one or the other. I think both long term and shorter term supply/demand areas are important. Then when a longer term lines up with a shorter term it becomes even more important.

Best
Mike
  • #64,187
  • May 19, 2010 12:05am May 19, 2010 12:05am
Quoting Pinbar
I must say, Jim makes it look real easy, then I come back to my charts and start putting PPZ on them and end up with a birdcage.
this little exercise has saved me from so many losing trades, it's not even funny....

http://www.forexfactory.com/showpost...ostcount=61058


utilize it if you wish, for me, it just prevents more loss
Many choose unhappiness over uncertainty.
  • #64,188
  • May 19, 2010 12:07am May 19, 2010 12:07am
Quoting Dan Gilbert
this little exercise has saved me from so many losing trades, it's not even funny....

http://www.forexfactory.com/showpost...ostcount=61058


utilize it if you wish, for me, it just prevents more loss
I almost forgot about that one Dan.

That's a good approach.
Indicators show the past. Price Action "Indicates" the future.
  • #64,189
  • Edited 12:18am May 19, 2010 12:07am | Edited 12:18am
Quoting Dan Gilbert
gold pin about to die????

shocking!
Lucky you didnt enter, since it didnt break the high

*edit* also, given what we know about pin bars, how they are played and where stops are placed...
When you have to shoot, shoot. Dont talk.
  • #64,190
  • May 19, 2010 12:07am May 19, 2010 12:07am
Quoting Dan Gilbert
this little exercise has saved me from so many losing trades, it's not even funny....

http://www.forexfactory.com/showpost...ostcount=61058


utilize it if you wish, for me, it just prevents more loss
great idea and manual! thanks!
meine augen sind die sterne
  • #64,191
  • May 19, 2010 12:35am May 19, 2010 12:35am
Quoting Dan Gilbert
gold pin about to die????
shocking!
markets are jittery..
crude oil getting whacked..

gold possibly moving down to 1000 - 1100, for discount buys??
Let's see.
  • #64,192
  • May 19, 2010 12:36am May 19, 2010 12:36am
Quoting mbqb11
Hey Arlo

It really varies for me on the situation. In general the further I am going back it is going to have to do looking for trade locations rather then actual mgmt. But that isn't always the case either, so it isn't one or the other. I think both long term and shorter term supply/demand areas are important. Then when a longer term lines up with a shorter term it becomes even more important.

Best
Mike
Thanks for the reply Mike. I like the idea of the longer term / shorter term confluence. I will keep my charts and mind open to both.
  • #64,193
  • May 19, 2010 12:39am May 19, 2010 12:39am
Quoting supremeChaos
markets are jittery..
crude oil getting whacked..

gold possibly moving down to 1000 - 1100, for discount buys??
Let's see.
I honestly was anticipating a run to 1400 TBH.... and still am
Many choose unhappiness over uncertainty.
  • #64,194
  • May 19, 2010 1:14am May 19, 2010 1:14am
While checking out the EUJP and NZJP charts, I just realised how closely correlated both pairs really are. The price movement (even some bars) are so similar its scary...........

CY
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  • #64,195
  • May 19, 2010 1:17am May 19, 2010 1:17am
sad, let's see what happen by close of the day

Quoting Dan Gilbert
gold pin about to die????

shocking!
  • #64,196
  • May 19, 2010 1:56am May 19, 2010 1:56am
Well, going live so soon due to my arrogance and impatience has proved not to be a good idea. My account balance is on a clear downward slope (that trend I can read!) and equally clear is that I don't really know what I'm doing yet!

It will come as no surprise to you all that the advice to demo extensively first seems to be the right idea. I still don't think it will fully prepare me for live, but the problem at the moment isn't my psychology, it's simply that my trading system isn't working!

The strange thing is, I seem to be doing much better on shorter time frames, making money on H1 and M15, whereas H4 and Daily are killing me.
  • #64,197
  • May 19, 2010 2:06am May 19, 2010 2:06am
Hello Ghous
According to your experience you can wait ret @ 114 of the outside bar, and if there is PA on 4h tf, go short?
and there is a risk of a reversal in that area?
Regards
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  • #64,198
  • May 19, 2010 2:06am May 19, 2010 2:06am
Quoting Daneel

The strange thing is, I seem to be doing much better on shorter time frames, making money on H1 and M15, whereas H4 and Daily are killing me.
This illusion alone will drag you into a still deeper hole. As far as you're after price action, higher time frames will always rule...but then again your approach here seems to be the culprit.

You're not talking about consistency, or number of wins over losses, or the time since you haven't had a loss or a win...you're talking about money and it's making.

At this stage, all that should matter to you is consistency which is best obtained on the higher time frames via sniping largely obvious A+ setups...sure that would mean less money than clicking buy and sell 5 times a day on the 15min but what you gain by mastering higher time frames first is a reward which cannot be weighed against any sum of money.

Learn to absolutely hate loosing and you'll find yourself doing a big favor by staying off 20 pip pin bars until you know PA like the back of your hand.

g.
I believe . . .
  • #64,199
  • May 19, 2010 2:16am May 19, 2010 2:16am
Quoting Daneel
Well, going live so soon due to my arrogance and impatience has proved not to be a good idea....


In this thread there is a good method but not easy
but we must learn to apply all the best.
the charts are full of pitfalls
let us engage but to overcome them
  • #64,200
  • May 19, 2010 2:24am May 19, 2010 2:24am
Quoting extraneo
Hello Ghous
According to your experience you can wait ret @ 114 of the outside bar, and if there is PA on 4h tf, go short?
and there is a risk of a reversal in that area?
Regards
According to my experience (which isn't a shit load) and trading style, this isn't a setup worth trading.

I never really fell in love with continuation PA bars as in ones that lie dead in the middle of a trend. For them to fall into my radar they almost certainly have to be at some sort of pull back to the trend.

Looking at the weekly a fear of reversal in my opinion isn't illegitimate. Another thing I am looking at is how buyers rushed in at the 111 and caught the falling knife, price has since somewhat regained it's downward persistence but given that it's headed once again for the strong reaction area of 111 I'd be extremely cautious on moving my bear pawns against this move I see...

A short for me is on once we have seen through 111 comfortably i.e a short of a daily bar. I keep my time frames separate and if good PA shows up on a lower time frame before the break of 111 I might go for it and manage it accordingly.

g.
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I believe . . .
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