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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

  • #67,061
  • Jun 23, 2010 12:29am Jun 23, 2010 12:29am
Quoting joelcf
I swear.....
Quoting joelcf
Something like etrade...
hey joel do u have a substitute poster or
a sexytary like Mike?

i have seen u here 13hrs ago.
3hrs ago, u have made new posts.(& u are still online now)

u get no sleep yet still come up with lengthy informative posts.
  • #67,062
  • Jun 23, 2010 12:30am Jun 23, 2010 12:30am
Quoting spookie94
Did you consider this a PB by Proxy?
First thing that jumped out at me was the low of your PB could have become new support. Not clear why you took this one?
Yes I did consider this PB by Proxy. I didn't want to post more of this one because it was a Proxy PB.

The size stood out to me, the 64.00 PPZ level, DJIA30 Daily PB and the gap. I took a small position mainly because I knew the traffic was going to be choppy. Notice how the proxy level (left eye) acted as Resisitance after the break.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,063
  • Jun 23, 2010 12:30am Jun 23, 2010 12:30am
Quoting supremeChaos

u get no sleep yet still come up with lengthy informative posts.
fantastic ones
  • #67,064
  • Jun 23, 2010 12:32am Jun 23, 2010 12:32am
Quoting Pinbar
What perfect timing Joel.
I read the above after I succumbed once again to the indicator plague and returned from an extensive search of the web for the totally NON EXISTANT PPZ indicator, AGAIN.

I know this does not exists but it does not stop me from searching for it occasionally. And even if I found a good one, all it would do is prevent me from seeing the PPZ with my own eye.

Maybe I have a responsibility issue with this problem, I mean, if I draw my own PPZ and they fail me, I can only blame myself but if I use an indicator and it fails,...
This is a great post pin. The more you watch your charts, learn from your mistakes(which we always continue to make and improve on), the easier it all seems. This is that simplicity you seek. Glad to see you steer yourself back to the basics and simplicity. They work and the big guy has laid it out

Mike
  • #67,065
  • Jun 23, 2010 12:38am Jun 23, 2010 12:38am
Quoting mbqb11
This is a great post pin. The more you watch your charts, learn from your mistakes(which we always continue to make and improve on), the easier it all seems. This is that simplicity you seek. Glad to see you steer yourself back to the basics and simplicity. They work and the big guy has laid it out

Mike

Thanks Mike....

It encourages me to ask myself, Why do I have to make the search for making it easy, so complicated?
  • #67,066
  • Jun 23, 2010 12:42am Jun 23, 2010 12:42am
Quoting Pinbar
Thanks Mike....

It encourages me to ask myself, Why do I have to make the search for making it easy, so complicated?
I wish I had a good short answer for this one , but recognizing over complication is the first step towards simplification

Mike
  • #67,067
  • Jun 23, 2010 12:54am Jun 23, 2010 12:54am
Quoting mbqb11
I wish I had a good short answer for this one , but recognizing over complication is the first step towards simplification

Mike

Yeah, I think it is certainly a responsibility dodging issue with maybe a great lack of confidence as confluence.

I have learned a great deal in a short time and maybe it is a problem trying to internalize this.
Funny, the more I learn the less I am sure I do not know and this makes me feel a bit insecure. Of course demoing is the place to compound this and get them skeletons out of the cupboard for an airing.
  • #67,068
  • Jun 23, 2010 12:56am Jun 23, 2010 12:56am
Quoting supremeChaos
hey joel do u have a substitute poster or
a sexytary like Mike?

i have seen u here 13hrs ago.
3hrs ago, u have made new posts.(& u are still online now)
ha, I wish. Time off for final exams, but my brain hasnt adjusted to having nothing to do.
When you have to shoot, shoot. Dont talk.
  • #67,069
  • Jun 23, 2010 12:56am Jun 23, 2010 12:56am
Quoting Pinbar
Yeah, I think it is certainly a responsibility dodging issue with maybe a great lack of confidence as confluence.

I have learned a great deal in a short time and maybe it is a problem trying to internalize this.
Funny, the more I learn the less I am sure I do not know and this makes me feel a bit insecure. Of course demoing is the place to compound this and get them skeletons out of the cupboard for an airing.
This is very normal, and all part of what we term the process. It is never easy, but looking back is pretty cool even when you are still learning

Best
Mike
  • #67,070
  • Jun 23, 2010 1:02am Jun 23, 2010 1:02am
Just wondering if anyone has compiled a 'best of' for this threads set ups. Kind of like the greatest hits It would be good for beginners to this thread to have a collection of charts of the A++ set ups that were traded, discussed and were profitable. Just a thought. If there is such a thing could you point me in the right direction Thanks
  • #67,071
  • Jun 23, 2010 1:17am Jun 23, 2010 1:17am
Quoting gc7
jarroo, I thought the bounce off the orange trend line was so precise that it may be enough resistence to keep price going down a bit further before heading towards the 1.5000 level. In this type of situation, should I be placing more emphasis on PPZ's than on trend lines?

Grant

Hey Grant.

I would emphasize more on the PPZ level. Don't get me wrong, a well defined trendline can be very effective as an added confluence with a setup. Your chart shows this with the trendline you drew.

But let me ask you this . . was it the trendline or the BEOB rejecting the 1.4800 PPZ that got Price to the next PPZ level, the 1.4700? Probably both. . .maybe. Trendlines can de very subjective where PPZ levels can be very defined and clear. That's the difference I see in them.

All in all, the Daily BEOB Gbp/Usd was not an A+ setup, clearly just too much traffic. But for me, is was tradable with a clear take profit (target) in mind.
Sure it could have ran hard to the 1.4500, but it didn't. Price failed to cut through that traffic or the 1.4700 PPZ level.

Could this setup still lead the way down , trendline and all? Maybe. Once this BEOB gave up the 1st target (and pips into my account) on a non-A+ setup, I would rather sit on the sidelines and watch and learn from it then to be in it, in a draw down, "hoping" to get out at breakeven.

As you can see I like the 1.5000 level. Nice conflunce there . . if it gets there.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,072
  • Jun 23, 2010 1:20am Jun 23, 2010 1:20am
Quoting djmartymac
Just wondering if anyone has compiled a 'best of' for this threads set ups. Kind of like the greatest hits It would be good for beginners to this thread to have a collection of charts of the A++ set ups that were traded, discussed and were profitable. Just a thought. If there is such a thing could you point me in the right direction Thanks
Ive thought of this too. I don't think there is one out there. Its a good idea.
Indicators show the past. Price Action "Indicates" the future.
  • #67,073
  • Jun 23, 2010 1:32am Jun 23, 2010 1:32am
Hi Jim
This would be realy good as there is now so much to read and not all
is relervent to the PA that you teach.
Regards
Colin

Quote: Originally Posted by djmartymac http://cdn.forexfactory.com/images/buttons/viewpost.gif
Just wondering if anyone has compiled a 'best of' for this threads set ups. Kind of like the greatest hits http://cdn.forexfactory.com/images/s.../yim/happy.gif It would be good for beginners to this thread to have a collection of charts of the A++ set ups that were traded, discussed and were profitable. Just a thought. If there is such a thing could you point me in the right direction http://cdn.forexfactory.com/images/s.../yim/happy.gif Thanks
  • #67,074
  • Jun 23, 2010 1:35am Jun 23, 2010 1:35am
Quoting jarroo
Ive thought of this too. I don't think there is one out there. Its a good idea.
Maybe I have talked myself into a lot of homework It might be possible if you could get enough participation from a few long time posters. I like the idea of being able to print out the very best examples and always have them near hand when trading to compare current set ups.
  • #67,075
  • Jun 23, 2010 1:40am Jun 23, 2010 1:40am
Patience, Patience.....!
EDIT:

Just watching some of the videos and realize I need only this one line for the time being on the weekly (right Pic).
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  • #67,076
  • Jun 23, 2010 1:41am Jun 23, 2010 1:41am
Quoting djmartymac
Maybe I have talked myself into a lot of homework It might be possible if you could get enough participation from a few long time posters. I like the idea of being able to print out the very best examples and always have them near hand when trading to compare current set ups.

I would start by going through all of James16 charts and put them in a folder and go from there.

Here's one for starters. Nov. 2007, Weekly Usd /Cad Pin Bar.


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Indicators show the past. Price Action "Indicates" the future.
  • #67,077
  • Jun 23, 2010 2:05am Jun 23, 2010 2:05am
Quoting Pinbar
Funny, the more I learn the less I am sure I do not know and this makes me feel a bit insecure. Of course demoing is the place to compound this and get them skeletons out of the cupboard for an airing.
PB, I know so well what you are talking about. Lately it happened that I had to take a week off of trading. Something magical happened when I came back: Many of the things I was struggling with before suddenly fell into place and maked perfect sense. I guess what holds for sports/working out seems to hold for trading and mental learning tasks, too: To get better you have to rest. It's an important part of training. Take some time out once in a while (e.g. on weekends) and you'll get back as a better trader.

Quoting HanSolo
What do you think of the BEOB on daily EURUSD?

Pro:
* VBRN @ 1.2500
* Fib Confluence on daily chart
* Weekly PPZ
* Monthly 150EMA
* With the downtrend

Contra:
* Could be retrace to minor daily TL
* Daily bullish divergence
* Not so much space

I would like to see the daily close below the low of the weekly bar @ 26th Oct 2008 (1.2329) and below the weekly pivot (turquoise line on my chart). FTA and the minor daily TL I mentioned above @ ~1.2258 would be a good point to move to BE.
As for the EURUSD trade I took: After I put my SL beyond the BEOB on 4h, my target at 1.2250 was missed by one pip. Because I was unsure how it would develop I then put my SL to BE + 5Pips where I was stopped out later that day.
Looking back I could have made it to my TP level if I would have let my SL beyond the 4h BEOB. Coulda, woulda, shoulda... LOL. Still a free trade and some minor pips.
Thanks J16, Sam Seiden, Udine and Jacko
  • #67,078
  • Jun 23, 2010 2:06am Jun 23, 2010 2:06am
Quoting Pinbar
Patience, Patience.....!
EDIT:

Just watching some of the videos and realize I need only this one line for the time being on the weekly (right Pic).
Nice Pb.

I would add just one more line at the .8425ish level. A clear Support level. Price may swing up there (pun intended) and give some nice PA turning Support into Resistance.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,079
  • Jun 23, 2010 2:16am Jun 23, 2010 2:16am
Quoting jarroo
Nice Pb.

I would add just one more line at the .8425ish level. A clear Support level. Price may swing up there (pun intended) and give some nice PA turning Support into Resistance.

Yes, I see what you mean. Hate to split hairs over 5 pips on the weekly TF, but I think I will leave it at 0.8420. LoL


I see what you mean about watching the Big Guys videos though.
I just wish he would moan more about how difficult it is & not make it look so easy.

PS: Hansolo, yes, I believe you are right, I have been taking time off last week to swim in the Ocean and training, 15 hours a day solid everyday including weekends is just too much.
Enough to anyone go candle blind.
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  • #67,080
  • Jun 23, 2010 2:19am Jun 23, 2010 2:19am
Quoting jarroo
Hey Grant.

I would emphasize more on the PPZ level. Don't get me wrong, a well defined trendline can be very effective as an added confluence with a setup. Your chart shows this with the trendline you drew.

But let me ask you this . . was it the trendline or the BEOB rejecting the 1.4800 PPZ that got Price to the next PPZ level, the 1.4700? Probably both. . .maybe. Trendlines can de very subjective where PPZ levels can be very defined and clear. That's the difference I see in them.
Thanks jarroo, it is starting to make sense how I should be prioritizing the information. I did not take profit where you did (as I should have), because I thought the R:R would be so bad...only 25 pips profit, risked against the whole BEOB. With that type of R:R, one full bar loss every so often will wipe out many small profitable trades.
It may take a while for me to unlearn previous mindsets, and replace it with the J16 approach. Also, it would be less stressful taking the trade the way you did.
thanks, Grant
“Make everything as simple as possible, but no simpler.” – Albert Einstein
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