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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

  • #65,861
  • Jun 9, 2010 9:11pm Jun 9, 2010 9:11pm
Quoting Pinbar
Jarroo & indeed anyone else.
Obviously, I am lacking something basic and racking my brain out to try and find it.
This rant, is probably going to be long so, I will post it in pieces as I work out what it is I am missing, as I work it out or don’t work it out, whichever as, I think the process irrespective of the conclusion is important.


I have been really thinking about the TREND, what is it? Is it a series of bars, is it a single bar on a large TF, when does it start, when does it end? And, probably most importantly, how do we discover when...

I like where you're going with this Pb.
Indicators show the past. Price Action "Indicates" the future.
  • #65,862
  • Jun 9, 2010 9:13pm Jun 9, 2010 9:13pm
Quoting Pinbar
Jarroo & indeed anyone else.
Obviously, I am lacking something basic and racking my brain out to try and find it.
This rant, is probably going to be long so, I will post it in pieces as I work out what it is I am missing, as I work it out or don’t work it out, whichever as, I think the process irrespective of the conclusion is important....
I personally identify a trend simply and this is all I do

Bot left to top right the trend is up
Top left to bot right the trend is down
side to side, it is sideways.

Period. For me.

Now you are talking just about catching a reversal bar and then knowing it will trend. Well you have a variety of bars. Reversal bars against the major trend(see above definition). You have reversal bars that will put you back with the major trend. And then you have reversal bars within a sideways market.

So for me it is not about over complicating. It's about a good setup and then determine the make up of that setup. What type of market you are in and how use that to your advantage.

I'll start with bar 4 since the rest I can't see an am not by my charts. 3 is a pinbar and it is a reversal of the current up move. Will it start a new trend ? No one knows that. How do you decide to hold? Depends on your mgmt style and how it moves as you enter it. THe larger a bar at an extreme the more strength it usually holds. THis also applies for bar 8 and also the bar b/w 5 and 6 which you did not point out for some reason and is one of the better buobs.

Bar 3 is a continuation buob and not the traditional places James teaches new traders to take them. They are powerful if played right as they are with the trend and if taken as a breakout back in over a range can be easy to manage as they take off.

Bar 5 is not any j16 bar. This is not a pinbar. the open and close must be within the prior bar and the bar must have a higher high then the previous bar. This is ghous IPB which I will not go over here as it is not traditional j16.

Bar 6. Would be a pin on a very shallow pullback with the trend, poor close, and never breaks the low so never active. I see these pins misplayed the most.

Bar 8 great reversal bar at a swing high this is A+ stuff. Now overall at this point price is going side to side so I wouldn't be too hung up beyond managing it based on that bar and what is around.
]
Bar 9. CLose enough to a DBHLC but at a swing low, and not that traditional swing high we want them up. Could be a continuation bar but IMO not enough to trade off PERSONALLY.


Again the above are opinions on how i view the market
Mike
  • #65,863
  • Jun 9, 2010 9:27pm Jun 9, 2010 9:27pm
Quoting mbqb11
I personally identify a trend simply and this is all I do

Bot left to top right the trend is up
Top left to bot right the trend is down
side to side, it is sideways.

Period. For me.

Now you are talking just about catching a reversal bar and then knowing it will trend....

Mike

Thanks for your great analysis, it is indeed wonderful to read your post and see the total enthusiasm you have for it.

I know some of the better bars were not chosen, that is because I don't want to curve fit while I am trying to get my brain in gear in the right direction. I also think it is important to make mistakes with these bars, and learn why they did not work out.

As I said, this is a personal rant while trying to work things out so I can internalize things. People here are truly great and have offered me some great insights. But, maybe it is my personality and it is great to tell people this candle did this because of this, but somehow, I personally possibly need to be asked questions pointing me in the right direction rather than being told why. Don't get me wrong, you are doing a great job and I REALLY appreciate the input. I just seem to have problems absorbing it unless I work it out for myself. That is what I am trying to do.

If this is not the place to do this, pleas let me know ASAP so that I don't end up posting things that are out of place.


Ok, bar 1 on the weekly.
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  • #65,864
  • Jun 9, 2010 9:27pm Jun 9, 2010 9:27pm
Pb, how in the world did you miss bar 3.5. lol Beauty
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Indicators show the past. Price Action "Indicates" the future.
  • #65,865
  • Jun 9, 2010 9:28pm Jun 9, 2010 9:28pm
Quoting Pinbar
.....
I have been really thinking about the TREND, what is it?...
to add to what Sir Mike said..

we can say
-a trend is a series of bars (not necessarily all consecutive bearish or all consecutive bullish bars) moving predominantly in a single direction.
-a trend can be defined as price making higher highs & higher lows for an uptrend (lower highs & lower lows for a downtrend), just like a stair case
-a trend can be defined as a function of a moving average. example, if price is above a 200 day MA, then price is in an uptrend; reverse for a downtrend.

each time frame has its own trend. but eventually & always, price trends on lower time frames oscillates in sync/in harmony/synchronistic with the higher timeframes.


usually the patterns are
uptrend - consolidation - uptrend OR downtrend - consolidation - downtrend [trend continuation]

uptrend - consolidation - downtrend OR downtrend - consolidation - uptrend [trend reversal]

i hope i got it all right.
  • #65,866
  • Jun 9, 2010 9:32pm Jun 9, 2010 9:32pm
Quoting jarroo
Pb, how in the world did you miss bar 3.5. lol Beauty

Yes, Jarrooooooo

I missed it or perhaps I left it out.

I will miss bars when trading also, it is a part of the experiment.

And Jarroo, Without you letting make those mistakes on that NZD/USD Weekly PB, none of this would have started in my head.

You get the credit for putting my brain in this mode of thought.

You could have just told me the answer and I would have forgotten it overnight.
  • #65,867
  • Jun 9, 2010 9:33pm Jun 9, 2010 9:33pm
Quoting Pinbar
Mike

Thanks for your great analysis, it is indeed wonderful to read your post and see the total enthusiasm you have for it.

I know some of the better bars were not chosen, that is because I don't want to curve fit while I am trying to get my brain in gear in the right direction. I also think it is important to make mistakes with these bars, and learn why they did not work out.

As I said, this is a personal rant while trying to work things out so I can internalize things. People here are truly great and have offered me some great insights. But,...

Hey Pinbar

What I should have ended my rant on but I was outside, was that I worry about people over complicating before grasping the basics(not saying you are necessarily over complicating per se, but I can see you churning away and don't want you to veer to far off) . And those basics are POWERFUL. A powerful bar at a prime location is an AMAZING thing. Everything else aside. Look at jarroos bar he just pointed out which I am sure you saw. Forget about everything else that you have ever learned but a beautiful bar at a swing high there. Then work from there. I think the mindset should be really more simple in terms of what works vs trying to make everything work. And over time you will grow into yourself as a trader and the things that bring your trading to that next level. But it is supremely important to get there by doing the core basics that we teach in this thread first. This of course goes for all those reading this and is just a stepping stone for me.

To take it a step further there are 3 bars that jump out at me that I just think anyone could make money with. The one Jarroo pointed out, the BUOB at the swing low, and the Big pinbar on the way back up again. 3 bars, 3 beautiful locations and NOTHING else! Amazing stuff in my eyes. Really think about the chart I am posting right now, and forget everything else ever but the beautiful bars in a clear nice area. THey SMACK you in the face, or they should(or will eventually). Nothing else here.

That is powerful stuff my friends

Mike
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  • #65,868
  • Jun 9, 2010 9:39pm Jun 9, 2010 9:39pm
Quoting mbqb11
Hey Pinbar

What I should have ended my rant on but I was outside, was that I worry about people over complicating before grasping the basics(not saying you are necessarily over complicating per se, but I can see you churning away and don't want you to veer to far off) ....


Yeah, I hear you Mike.

But, and please don't take this the wrong way, these are really conclusions, I need to grasp the questions right now.


It is Dirt Simple, yet it is Cosmically difficult at the same time.

It is like watching an artist put a few strokes of ink on paper and within seconds seeing an image appear. It may look dirt simple, and it is for the artist, but to get there it is cosmically hard.

I see people making some really difficult technical analysis sometimes in this thread, It just goes over my head.
Probably because I have yet to put in the cosmic hard work. I don't want to spin my wheels anymore.

Or maybe,I am spinning my wheels right now and need to spin them harder.
  • #65,869
  • Jun 9, 2010 9:41pm Jun 9, 2010 9:41pm
Quoting novice198
Hi Jarroo,

Pls give a call here on the forum if you see the above PB in any currency or futures. Lets make some money (demo or real) doesn't matter.

Cheers
Novice 198
Will do, novice198. lol

Can you image only taking setups that look like that? Well that's the point of it all. Taking only A+ trades. They don't happen all the time . . unless . . . you look at more pairs . .so look at as many pairs as you can.
Indicators show the past. Price Action "Indicates" the future.
  • #65,870
  • Jun 9, 2010 9:45pm Jun 9, 2010 9:45pm
Quoting mbqb11
Hey Pinbar

What I should have ended my rant on but I was outside, was that I worry about people over complicating before grasping the basics(not saying you are necessarily over complicating per se, but I can see you churning away and don't want you to veer to far off) . And those basics are POWERFUL. A powerful bar at a prime location is an AMAZING thing. Everything else aside. Look at jarroos bar he just pointed out which I am sure you saw. Forget about everything else that you have ever learned but a beautiful bar at a swing high there. Then...

One trade a year per pair . . . I like it Mike.

Great post(s).
Indicators show the past. Price Action "Indicates" the future.
  • #65,871
  • Jun 9, 2010 9:50pm Jun 9, 2010 9:50pm
Quoting Pinbar
Yes, Jarrooooooo

I missed it or perhaps I left it out.

I will miss bars when trading also, it is a part of the experiment.

And Jarroo, Without you letting make those mistakes on that NZD/USD Weekly PB, none of this would have started in my head.

You get the credit for putting my brain in this mode of thought.

You could have just told me the answer and I would have forgotten it overnight.

I use to miss the great ones all the time. Still do at times.

Keep at it Pb. After awhile you will go back to these posts and smile.
Indicators show the past. Price Action "Indicates" the future.
  • #65,872
  • Jun 9, 2010 10:12pm Jun 9, 2010 10:12pm
Quoting nasir.khan
2H PB entered at the test of PPZ.
.
Hi Nasir,

How do you play your PB entry? Is it the break of PB, or do you wait for retracement or a combination of both. Likewise what is the strategy for BUOB and BEOB entries.

Cheers
Novice198
  • #65,873
  • Jun 9, 2010 10:17pm Jun 9, 2010 10:17pm
Quoting jarroo
I use to miss the great ones all the time. Still do at times.

Keep at it Pb. After awhile you will go back to these posts and smile.

Hopefully, Jarroo

Please don't hesitate to nudge me if I am going off at a tangent or am too far down the wrong road. Same goes for Mike.
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  • #65,874
  • Jun 9, 2010 10:28pm Jun 9, 2010 10:28pm
Quoting ghous
chart says it all.

EDIT: The last statement in the chart goes like "this bar is a no trade for me"...it somehow got effaced.

g.
Hi Ghous,

The PB seemed to be in a swing High posn. Not much confluence with fibs or PPZ plus too close to traffic. So would be a pass. Though in hind sight it would have been ok to trade.

Cheers
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  • #65,875
  • Jun 9, 2010 11:11pm Jun 9, 2010 11:11pm
I can see on the daily that there is PA forming around the support & resistance areas inside the Monthly bar #1 range, albeit CT.

Not anything outstanding here yet.
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  • #65,876
  • Jun 9, 2010 11:29pm Jun 9, 2010 11:29pm
Thanks Mike, Jim for the advise. I think I will skip that one, but am curious how the MM would work for a trade that is in a bit of traffic.
Mike, from what I understand from some of your posts, you would not trail under those circimstances. Would that mean exit everything at the first trouble area? Or could you enter AFTER the first trouble area, from which point you may have a cleaner run?
Jim, are you still in that H4 trade?

Grant
“Make everything as simple as possible, but no simpler.” – Albert Einstein
  • #65,877
  • Jun 9, 2010 11:32pm Jun 9, 2010 11:32pm
Quoting gc7
Thanks Mike, Jim for the advise. I think I will skip that one, but am curious how the MM would work for a trade that is in a bit of traffic.
Mike, from what I understand from some of your posts, you would not trail under those circimstances. Would that mean exit everything at the first trouble area? Or could you enter AFTER the first trouble area, from which point you may have a cleaner run?
Jim, are you still in that H4 trade?

Grant
Hey Grant

If I still like a trade that is coming into some heavy traffic I will most likely take full profit at that area, or at worst reduce my stop greatly and see if we can break it and then that trouble area becomes a good place to further reduce our stop. Many people will take 1/2 off at these areas and get their stop to b/e, or just move stop to b/e all together. Some like jarroo will sometimes take 1/2 off and then reduce their stop so that they get stopped out at b/e but use that 1/2 profit so they can keep their stop a bit further away.

Keep playing with different ways and see what feels comfortable as you demo

Mike
  • #65,878
  • Jun 9, 2010 11:58pm Jun 9, 2010 11:58pm
Ok, here we are on the same Monthly candle on H4.

As price is currently at this area, I may skip the rest of those monthly candles and do this in real time on the NZD/USD.

It will probably offer me a better understanding doing it in real time, or it will certainly show me my mistakes. Now I have just the history to use to work out the mystery on the right hand side of the chart.
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  • #65,879
  • Jun 10, 2010 12:16am Jun 10, 2010 12:16am
Quoting Pinbar
Ok, here we are on the same Monthly candle on H4.

As price is currently at this area, I may skip the rest of those monthly candles and do this in real time on the NZD/USD.

It will probably offer me a better understanding doing it in real time, or it will certainly show me my mistakes. Now I have just the history to use to work out the mystery on the right hand side of the chart.

Its good that your looking through the charts and seeing how Price moves and behaves, Pb.

But let me ask you on your 4 hour chart, is there a setup that just really stands out . . like Mike's 3 PA setups on the Monthly. Anything you see on the 4 hour like that?
Indicators show the past. Price Action "Indicates" the future.
  • #65,880
  • Jun 10, 2010 12:24am Jun 10, 2010 12:24am
Quoting novice198
Hi Nasir,

How do you play your PB entry? Is it the break of PB, or do you wait for retracement or a combination of both. Likewise what is the strategy for BUOB and BEOB entries.

Cheers
Novice198
I enter at the break especially in lower TF's like 1h and 4h. But I seek for retracments in heigher TF's like Weekly and Daily.

In this case I entered @ the retracement back to the PPZ and yeah its a very risky method of playing PA especially in 1h. But there was not much space if I waited for the break and by the it was more of a location trade rather than a PA trade.
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