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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

  • #64,961
  • May 27, 2010 7:14am May 27, 2010 7:14am
Quoting mbqb11
Hey FX

There is no best kind of trade....
But don't great bars already cover much of the move? Does it mean that we spot the majority of a move and attempt to profit from the rest of its move?
  • #64,962
  • May 27, 2010 7:22am May 27, 2010 7:22am
Quoting Pinbar
Maybe a complete newbie to trading would find it advantageous to complete the free course at babypips, get the basics under their belt, then join the J16 PF.

In the meantime I am watching this EJ play out.

Now on H1 we have a DBHLC & price still refuses to break the support area.

This will teach me not to take shorts at bottoms and ranging areas.
I started forex in March 2010.
I wish I had joined J16 sooner than last week.
It would have saved me wondering round in a mess of half baked nonsense.

I consider J16 an investment - I would now be 25% of the way to being a lifetime member.

I agree read babypips - read stuff about candles and how they form.
If you like the look of J16 free thread then you will like the private site even more.

I have heard of people who are members of the private site and are still struggling. They might be questioning that investment.

Good things are not usually to be found at the end of the easy route.
Many never complete the journey.
It is said 95% of those who start out in forex trading lose.
That means 5% are winners and likely to be big winners.

I would join sooner rather than later.
I can't see any downsides to it - that is my point of view.
  • #64,963
  • May 27, 2010 7:32am May 27, 2010 7:32am
Quoting fxeturn
But don't great bars already cover much of the move? Does it mean that we spot the majority of a move and attempt to profit from the rest of its move?
not necessarily.
it mainly depends on the location & traffic/space... and sometimes, to some extent, on the timeframe that u are trading a great bar on.

sometimes, a great bar is just the start of a big move.
  • #64,964
  • May 27, 2010 7:38am May 27, 2010 7:38am
Quoting six gun
I started forex in...
I have heard of people who are members of the private site and are still struggling. They might be questioning that investment.
...
as far as u've read, how many are struggling?

that is not surprising.
traders are on different levels, experience-wise, dedication-wise & free time-wise.
  • #64,965
  • May 27, 2010 7:41am May 27, 2010 7:41am
I have been demo trading and studying pinbars only for about a month now.

While I know that doesn't make me anywhere near knowledgeable on the subject, I want to start demo trading another type of PA in addition to the pinbars.

Is there a logical next type of PA that I should try? Inside bars, outside bars, DBLHC/DBHLC? Or should I just pick one of them and go with it?

I would appreciate any input. Thank you.
  • #64,966
  • May 27, 2010 7:45am May 27, 2010 7:45am
Quoting Dan Gilbert
I16B= Inside16Bar

an inside bar that has a high and low range smaller than the previous 16 bars.
Dan,

Thanks for the explanation.

Cheers
novice198
  • #64,967
  • May 27, 2010 7:50am May 27, 2010 7:50am
Quoting relyt
I have been demo trading
...
I want to start demo trading another type of PA in addition to the pinbars.
Is there a logical next type of PA that I should try? Inside bars, outside bars, DBLHC/DBHLC? Or should I just pick one of them and go with it?
.
try this progression:
Pinbar - outside bar - DBHLC/DBLHC - IB

  • #64,968
  • May 27, 2010 7:51am May 27, 2010 7:51am
Quoting relyt
I have been demo trading and studying pinbars only for about a month now.

While I know that doesn't make me anywhere near knowledgeable on the subject, I want to start demo trading another type of PA in addition to the pinbars.

Is there a logical next type of PA that I should try? Inside bars, outside bars, DBLHC/DBHLC? Or should I just pick one of them and go with it?

I would appreciate any input. Thank you.
Stay away from inside bars for the time being.

All the others you mentioned. ....Weighted towards Outside arBs. (easy to define and spot.)
Bundy's status today: "Waiting..."
  • #64,969
  • May 27, 2010 7:55am May 27, 2010 7:55am
Quoting supremeChaos
as far as u've read, how many are struggling?

that is not surprising.
traders are on different levels, experience-wise, dedication-wise & free time-wise.
This what not what I read, it was a personal communication and concerned someone who had been at it for a year.
My reply to that was even if I had 1000 hours of music lessons I would still not be able to play an instrument.
That would not be my teachers' fault or my own. I am a hopeless case when it comes to music.
I can draw and paint anything - I did not need a lesson to do that.
Some people just will not get it.
There is knowledge and there is skill and then there is art in this business.

Some of it can be taught and some cannot.
You may never be a brilliant trader but if you really want to be a competent trader you have to have dedication and perseverance. A book my be full of knowledge but is useless if you do not read it and learn from its contents.

What I am saying here is there is so much rubbish out there. So many con merchants and sharks. Why waste time, money and effort on them when you know where true information and proper guidance lies?

The private J16 site is a place I know to be full of proper information and people who want to help each other achieve more.
  • #64,970
  • Edited 8:14am May 27, 2010 7:55am | Edited 8:14am
Quoting fxeturn
But don't great bars already cover much of the move? Does it mean that we spot the majority of a move and attempt to profit from the rest of its move?
Ahahh!! ...That's not quite it.

Big bars after longer runs are much easier to play than the more plentiful big bars in small ranges that I think you are noticing more often.

I can see where you are coming from. If a big bar has already travelled over half the distance of the last trend it get's harder to trade. Not impossible . Just harder.

Big bars after long runs though are waaaaaaay easier to trade. Look/wait for them.

Example... ("BIG" isn't necessarily "Gigantic" . It'll take a while to calibrate what your looking for. This bar is big compared to nearly everything around it. Can you see how something happened in the market at that point? )

I'll look for a second example with an even better chance of success. This one here doesn't "shout out loud". ....But it's close (And remember location location location above all else. )
Attached Image (click to enlarge)
Click to Enlarge Name: uj big bar example.gif Size: 23 KB
Bundy's status today: "Waiting..."
  • #64,971
  • May 27, 2010 7:59am May 27, 2010 7:59am
Quoting supremeChaos
try this progression:
Pinbar - outside bar - DBHLC/DBLHC - IB

Quoting bundyraider
Stay away from inside bars for the time being.

All the others you mentioned. ....Weighted towards Outside arBs. (easy to define and spot.)
Thanks sC and bundy for the quick replies. Looks like I'll try outside bars next.

I really appreciate your help.
  • #64,972
  • May 27, 2010 8:15am May 27, 2010 8:15am
Well, I got out of that EJ trade for +15 pips.
It could have been worse but now I understand the point about position of PA.

As I said, it was an experiment in the learning process and I want to make these mistakes now on demo.
Attached Image (click to enlarge)
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  • #64,973
  • May 27, 2010 8:17am May 27, 2010 8:17am
Quoting relyt
Thanks sC and bundy for the quick replies. Looks like I'll try outside bars next.

I really appreciate your help.
No worries Rellyt.

You could spend the rest of your life trading Pins and Outside bars and make your fortune.

"Location location" should be your primary focus in all of this. Teach yourself the best places to trade as well as learning the bars.
Bundy's status today: "Waiting..."
  • #64,974
  • May 27, 2010 8:20am May 27, 2010 8:20am
Noticed a pinbar (PB) on the H4 TF. It seems to be at swing low and around a rn 1.1500 ( though missed testing 1.1500)
Any comments from the experts??

Cheers
Novice198
Attached Image (click to enlarge)
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  • #64,975
  • May 27, 2010 8:27am May 27, 2010 8:27am
Quoting six gun
This what not what I read, it was a personal communication and concerned someone who had been at it for a year.
My reply to that was even if I had 1000 hours of music lessons I would still not be able to play an instrument.
That would not be my teachers' fault or my own....
...
Some people just will not get it.
There is knowledge and there is skill and then there is art in this business.
...
i see.. u have a point.

however, i am of the opinion that most things can be learned & assimilated.. provided a person gives time & dedication. passion helps too.

im very much into music instruments so i'd like to share my view.
in your music example, 1000 hours may not be enough as maximum dedicated time for certain people.
it depends entirely on the person (how gifted he/she is; how much time is dedicated on a particular craft; etc..)
if one is serious at wanting to achieve trading (or music) success, he will dedicate adequate time to learning all about it.... no matter how long it takes.
There are deterrents, obstacles, failures along the way, but that's just a natural part of every process/progression.


Quote
..Why waste time, money and effort on them when you know where true information and proper guidance lies?.....
dont forget, things dont start in an ideal way.

u have a fair share of the bad & the worse information (like here & here).... we all do.....
the usual process is:
we search through the web.. sooner or later we come across a gold mine (such as Forex Factory)... & in it, after minor/intense search, we find a gold bar(James16 thread).
  • #64,976
  • Edited 8:54am May 27, 2010 8:34am | Edited 8:54am
Quoting fxeturn
But don't great bars already cover much of the move? Does it mean that we spot the majority of a move and attempt to profit from the rest of its move?
Quoting bundyraider
I'll look for a second example with an even better chance of success. This one here doesn't "shout out loud". ....But it's close (And remember location location location above all else. )
Long run up. Months of smaller bars here that are useless as entry signals (in context of the bigger ones)

This goes on much further to the left too, but didn't want to zoom out.

That last bar would be killer if the close was right near the low of the bar. Open your charts and check out how far that last bar took us.

(edit: Missed at least one tradable 'larger than other bars' signal in there. lol)
Attached Image (click to enlarge)
Click to Enlarge Name: au big bar example 2.jpg Size: 96 KB
Bundy's status today: "Waiting..."
  • #64,977
  • May 27, 2010 8:40am May 27, 2010 8:40am
bundyraider,
on your last chart (with 5 highlighted bars).
the first, 4th & 5th (last) bar look like (what i call) "non-strict" BEOB or DBHLC.
do u trade them often?
Thanks Sir!
  • #64,978
  • May 27, 2010 8:48am May 27, 2010 8:48am
I4B on EURAUD approaching my TP....
Attached Image (click to enlarge)
Click to Enlarge Name: ea3.gif Size: 10 KB
Market is like a puzzle, YOU have to fit the pieces!!
  • #64,979
  • May 27, 2010 8:50am May 27, 2010 8:50am
Quoting fxeturn
But don't great bars already cover much of the move? Does it mean that we spot the majority of a move and attempt to profit from the rest of its move?
Quoting bundyraider
Example... ("BIG" isn't necessarily "Gigantic" . It'll take a while to calibrate what your looking for. This bar is big compared to nearly everything around it. Can you see how something happened in the market at that point? )
Example 1 again.... But the location location location side of the picture.

61.8% fib (deep fibs are best.)
109.00 round number.
....And a history of the level being support and resistance (PPZ) ...Great sign.
Attached Image (click to enlarge)
Click to Enlarge Name: uj big bar example part 2 --location.jpg Size: 120 KB
Bundy's status today: "Waiting..."
  • #64,980
  • May 27, 2010 9:00am May 27, 2010 9:00am
Quoting supremeChaos
most pairs seem to warrant retracements... & its probably time.
it's either starting a retracement or reversal.

in gbpjpy, for instance, i think if we dont get a sustained break above 131/132 then we may have a false upside breakout of the current range.

Let us see..

in the meantime, how much of the current trend are people missing out on, while searching for the "reversal"

BTW, if GBPUSD closes as a bearish pin today off that 1.45, doesn't that seem a LOT easier to trade, than all these counter trending huge pins we have seen on GBPJPY....? I think so!
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