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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

  • #66,901
  • Jun 21, 2010 11:51pm Jun 21, 2010 11:51pm
Quoting cprao
Jarro, would you mind further explan the differrence between Fib level and retracement ?
....
hello cprao,
these are just words.
read them as is.
a level is a level
a retracement is a retracement or a 'step back'.

let's have fun.
let's say your house has 7 floors.
floors = Fib levels
let's say u are on the 7th floor (100% fib level drawn from the ground).
if u go down, & u are at the stairs (or elevator) midway of the 3rd & 4th floor of your mansion, then u just made a "50% retracement".
did that help?
  • #66,902
  • Jun 21, 2010 11:54pm Jun 21, 2010 11:54pm
Quoting ghous
Oh yes!

I definitely missed that point.

Proxy by that much (pressing thumb and index finger together very hard)

lol
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Indicators show the past. Price Action "Indicates" the future.
  • #66,903
  • Jun 22, 2010 12:21am Jun 22, 2010 12:21am
Quoting jarroo
Proxy by that much (pressing thumb and index finger together very hard)

lol
lol.
I believe . . .
  • #66,904
  • Jun 22, 2010 12:30am Jun 22, 2010 12:30am
I've been digesting this thread for the last month and it has been an absolute revelation to me,in fact I joined the group last night and can't believe the wealth of information.There is no FX BS which is such a pleasant change and relief from most of the garbage that is promoted by forums.
I'm demoing on daily and weekly charts with great success, just focusing on the basics.
One question for the experts,should I be restricting myself to certain pairs or can you attempt to trade all currency pairs with these techniques.
  • #66,905
  • Jun 22, 2010 12:38am Jun 22, 2010 12:38am
Hello edge40,
it's ultimately your decision.

u can trade as many pairs as u want.
& find/trade the best setups.

Welcome & looking forward to your posts.
  • #66,906
  • Jun 22, 2010 12:52am Jun 22, 2010 12:52am
On FxPro,
GC Daily IPB
1) At Trend Line
2) Off 1.6400
3) At Swing Low

GC M30 exhaustion pattern stopping down move

Enjoy!

waiting for your views

note * the last week was BEOB , so this may be just a retrace to prior BEOB

Winston
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #66,907
  • Edited 1:23am Jun 22, 2010 1:09am | Edited 1:23am
Quoting novice198
Hi Ghous,

Am I correct to say that this is not a Pinbar technically as the O & C of the bar are not within the eye of the bar on the left.

Cheers
Novice
That's why I wrote "Assuming this would be a PB..." Should have made this clearer. Thanks for pointing that out.

Quoting spookie94
How did you get the pink Sunday bars on your chart? I like how it makes them stand out.
It's the sunday colored bars indicator someone posted on this thread. I've attached it for you. It's pretty useful.

Quoting ghous
Hey Hans,

The bar is big enough but then it lacks that authoritative look.

You see to reverse this short yet powerful burst from the bulls this pin bar will have to do an awful lot and you need it to be looking very strong and capable of achieving something of that sort. A hard quick break would dispel it's intentions nicely.

g.
That's a very good advice. There's still so much more to see in charts. Thx!
Attached File(s)
File Type: ex4 sunday_colored_bars.ex4   3 KB | 461 downloads
Thanks J16, Sam Seiden, Udine and Jacko
  • #66,908
  • Jun 22, 2010 1:14am Jun 22, 2010 1:14am
I would like to thank all of you that have devoted so much time to this thread. I can tell that for many of you, it is a labor of love. I just learned about forex 4 weeks ago, and found this thread three weeks ago.

What drew me to it, was the 8 million views, especially give the less than glamorous title, "James16 Chart Thread." Then, what really held my attention was the distinctiveness of the approach.

Rather than promising me 900 pips a week if I followed this method, this thread promised to keep me from becoming a forex victim. I really appreciated the "treat it like a business" emphasis.

As you can probably tell by my name, I read through most of the thread before registering. lol. Thanks for the constant reminders, Mike.

For those of you who are intimidated by the 66,000 posts, here's a shortcut that I used. I read all of the posts on Page 1, and all of James16 posts. Then I read all of mbqb11's and Jaroo's posts. The great thing about concentrating on their posts is that they usually responded to all of the other great posts. Then I would place a few keywords that they quoted, and the users' name into a search, and I was able to read those posts, too.

Additionally, it was helpful to read all of James16, Jaroo's, Mbqb11's, and others posts all at once, because I really got a chance to study their methods without having multiple voices in my head at once.

LOC
  • #66,909
  • Jun 22, 2010 1:20am Jun 22, 2010 1:20am
Quoting jarroo
Nice analysis Hans. I would like to have seen that BEOB rejecting on (not near) the 1.2500, like the BEB in purple. Not a bad setup but as you said, it has some traffic.

I like the Daily PPZ level at the 1.2350, previous bar low. This could help its cause.

Your target(s) are on the Daily, the time frame that the setup was presented.
Hi Jarroo, thanks for you analysis. I totally overlooked that it was rejected just near and not on the 1.25. As with the targets on the same TF of course you're right. I have to write this on my checklist because I tend to forget that.

I have moved my SL above the recent BEOB on the 4hr (see chart).

BTW, what is a BEB? Is it a BEarish Bar?
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Thanks J16, Sam Seiden, Udine and Jacko
  • #66,910
  • Jun 22, 2010 1:24am Jun 22, 2010 1:24am
I was really inspired by one of Kesh's posts, so I decided to create my on list of rules. This is my synthesis of what I've learned over the last three weeks. Because I am on summer break from school, I have really been able to devote 6-10 hours to studying the material daily. I must admit that I did not have a clue what I was doing until well past my 60th hour of reading.

Now, I am going to open a demo account on July 1. I am planning to get my "Game Plan" printed out, blown up, and laminated. Before I do so, I would love to get some feedback.

GAME PLAN for PRICE ACTION FORMATIONS

Trading is a Probabilities Game. My Game Plan is set before entering a trade because that’s when I am most able to think critically, rationally, and profitably.
1) Identify the PA formation. Cross check with PA Setup List.
2) Control your ego, fear, greed, and urge to trade.
3) Is this trade based on your plan? Hope and Ifs/Buts are not part of your plan. Trade what you see on your charts.
4) Space + swing high/low?
5) Size of bar relative to nearby bars?
6) PPZ? S/R?
7) Trending or sideways market?
8) Trend confluence? With the Trend? Countertrend?
9) Round number?
10) Fib confluence?
11) Moving averages/trendlines to consider?
12) MACD divergence?
13) First Problem Area? Nearby bar highs/lows?
14) Cross Check with Service Indicators: Rd numbers, Fibs, S/R, PPZ
15) Is this trade based on your ego, fear, greed, or urge to trade?
16) Trades that deviate from your plan, or have not met the “James16 Minimum,” can only be taken on a designated demo account.
17) Exit strategy? A+ trades= trailing stops. Other trades= move stop loss to breakeven quickly.
18) Stops always start on the opposite side of the bar (ie low of the pin)
19) Adjust Position Size. 2% for A+ trades. 1% for all others.
20) Wait for a break, if it doesn’t occur on the next bar, cancel your order. Use 10-15 pip buffer on Daily; 15-25 on Weekly.
21) Hard Break? Are you right, or are you out? Kill it?
22) Save charts for each day that you are in a trade.
23) After you close your position, review your initial plan. Did price do what you thought it would? What are the takeaways from this trade?
24) Did you deviate from your game plan? If so, here’s your punishment: You are banned from trading tomorrow (next trading day).
25) Down time is research time. Avoid “busy work” trades. Backtest. Demo. Read the thread. Review Pring and Bulkowski. Review past PA formations. Review past MBQB11, JAROO, and other seniors’ posts. Watch the videos again. Review your past trades.
  • #66,911
  • Jun 22, 2010 2:05am Jun 22, 2010 2:05am
Quoting HanSolo
Hi Jarroo, thanks for you analysis. I totally overlooked that it was rejected just near and not on the 1.25. As with the targets on the same TF of course you're right. I have to write this on my checklist because I tend to forget that.

I have moved my SL above the recent BEOB on the 4hr (see chart).

BTW, what is a BEB? Is it a BEarish Bar?
Yep that's it.
Indicators show the past. Price Action "Indicates" the future.
  • #66,912
  • Jun 22, 2010 2:23am Jun 22, 2010 2:23am
Quoting Location
Additionally, it was helpful to read all of James16, Jaroo's, Mbqb11's, and others posts all at once, because I really got a chance to study their methods without having multiple voices in my head at once.
Cyrus does a post every couple thousand pages where he pulls together all the posts for particular usernames using some kind of black magic. Get your condensed hit of Jaroo all in one place! Well worth searching for.

Quoting nasir.khan
Hey Joel I was going have a go at this book by Ashraf Laidi "Currency Trading and Intermarket Analysis." Have you read it,..... any thoughts?
It's a nice backgrounder in some basic theory (things like exchange rate models, risk flow theory, *very* basic yield curve analysis, market cycle theory, etc) and a big whack of history, but you wont find very much practical information in there. But as a jumping point for your own research, it is pretty good. Well written, if a bit on the dull side for some people.

That said, it has plenty of thought, research and analysis. And doesnt waste your time with basic crap like most books seem to - honestly, I know what a currency pair is. And a long position. FFS.

John J Murphy's 'Intermarket Analysis' (which is a rewrite and update of 'intermarket technical analysis), while old, is probably more useful as a starting point though. I'd read that first. Laidi's book is more advanced.
When you have to shoot, shoot. Dont talk.
  • #66,913
  • Jun 22, 2010 2:36am Jun 22, 2010 2:36am
Quoting Location
I was really inspired by one of Kesh's posts, so I decided to create my on list of rules. This is my synthesis of what I've learned over the last three weeks. Because I am on summer break from school, I have really been able to devote 6-10 hours to studying the material daily. I must admit that I did not have a clue what I was doing until well past my 60th hour of reading.

Now, I am going to open a demo account on July 1. I am planning to get my "Game Plan" printed out, blown up, and laminated. Before I do so, I would love to get some feedback....

Nice game plan.

Love that user name Location.
Indicators show the past. Price Action "Indicates" the future.
  • #66,914
  • Jun 22, 2010 2:41am Jun 22, 2010 2:41am
Pinbar and Location should get together
They'd make a great team


.... I'm so funny
  • #66,915
  • Jun 22, 2010 2:42am Jun 22, 2010 2:42am
Quoting Jonnyislost
Pinbar and Location should get together
They'd make a great team


.... I'm so funny

I was thinking the same thing . . lol

Is there a "PPZ" out there.
Indicators show the past. Price Action "Indicates" the future.
  • #66,916
  • Jun 22, 2010 2:51am Jun 22, 2010 2:51am
Quoting vlazaf
Hi Ghous,

How does this bullish IPB grab you?

Seems to be coiling off area of previous congestion.

Your views appreciated.
Hi vlazaf,

Would this be for a short or long, it's just that you called it a bullish IPB? And a quick glance of the chart on the daily shows me two candles rejecting 1.65.

Just trying to understand your view.

Thanks, Dan
  • #66,917
  • Jun 22, 2010 2:57am Jun 22, 2010 2:57am
Quoting jarroo
I was thinking the same thing . . lol
Is there a "PPZ" out there.
i'm sure it wont take long


Quoting Dan-FX
...
Would this be for a short or long...
Hey Dan,
bullish IPB = long.
bearish IPB = short
it sounds mechanical, but it's actually discretionary like many things.

do remember ghous's signature:
"IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!"
  • #66,918
  • Jun 22, 2010 3:05am Jun 22, 2010 3:05am
Welcome edge and thanks for the kind words.

feel free to demo a wide range of markets.

along with forex try gold, oil, silver etc and throw in 5 or 10 stocks. the key is doing it on daily and weekly time frames and following the guidelines set out in post one.

im available via email if you need me,

jim

Quoting edge540
I've been digesting this thread for the last month and it has been an absolute revelation to me,in fact I joined the group last night and can't believe the wealth of information.There is no FX BS which is such a pleasant change and relief from most of the garbage that is promoted by forums.
I'm demoing on daily and weekly charts with great success, just focusing on the basics.
One question for the experts,should I be restricting myself to certain pairs or can you attempt to trade all currency pairs with these techniques.
  • #66,919
  • Jun 22, 2010 3:07am Jun 22, 2010 3:07am
welcome location.

feel free to email me if you ever have a need or desire.

make it a fun journey.

jim

Quoting Location
I would like to thank all of you that have devoted so much time to this thread. I can tell that for many of you, it is a labor of love. I just learned about forex 4 weeks ago, and found this thread three weeks ago.

What drew me to it, was the 8 million views, especially give the less than glamorous title, "James16 Chart Thread." Then, what really held my attention was the distinctiveness of the approach.

Rather than promising me 900 pips a week if I followed this method, this thread promised to keep me from becoming a forex victim. I really...
  • #66,920
  • Jun 22, 2010 3:16am Jun 22, 2010 3:16am
Quoting supremeChaos
i'm sure it wont take long



Hey Dan,
bullish IPB = long.
bearish IPB = short
it sounds mechanical, but it's actually discretionary like many things.

do remember ghous's signature:
"IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!"
That's what I thought. I looked at it and couldn't see the logic of a long under the BRN and wondered what I'm not seeing?
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