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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

  • #67,081
  • Jun 23, 2010 2:28am Jun 23, 2010 2:28am
Quoting HanSolo
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.



As for the EURUSD trade I took:...

Nice job Hans. . .you really did great on this one. You would been surprised by the number of traders still in this one wondering why their not rich yet or wondering why its not at 1.2000. lol

I'm sure you have noted that Price hit both previous bars lows, respectively.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,082
  • Jun 23, 2010 2:28am Jun 23, 2010 2:28am
Getting back to basic ans trying to simplify things is showing me all sorts of setups I missed.

Now, these Daily & H4 PBs really stands out and I can't believe I could miss them.
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  • #67,083
  • Jun 23, 2010 2:41am Jun 23, 2010 2:41am
Quoting Pinbar
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.
The .8420 is the "ish" in the .8425ish. lol

That's why they shoud be viewed often. As you start putting things together, you will see things differently after the 8th and 11th viewing.

He puts you in the right frame of mind. " Its dirt simple, folks"
Indicators show the past. Price Action "Indicates" the future.
  • #67,084
  • Jun 23, 2010 2:52am Jun 23, 2010 2:52am
hey guys what do you think about this pinbar on aud usd h1 .
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  • #67,085
  • Jun 23, 2010 2:52am Jun 23, 2010 2:52am
Quoting gc7
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

Just remember that this was not an A+ setup. For many smarter traders, this one was an easy pass too much traffic, but understood why it did what it did. I thought this was a good one to show how pure PA can be some what predictable, even if they're not A+.
Indicators show the past. Price Action "Indicates" the future.
  • #67,086
  • Jun 23, 2010 2:59am Jun 23, 2010 2:59am
Quoting serb_manu
hey guys what do you think about this pinbar on aud usd h1
A bit too small and no space, running into a lot of traffic. Yet, it was a successful PB. Hitting both of its targets.
Indicators show the past. Price Action "Indicates" the future.
  • #67,087
  • Jun 23, 2010 3:19am Jun 23, 2010 3:19am
Quoting jarroo
The .8420 is the "ish" in the .8425ish. lol

That's why they shoud be viewed often. As you start putting things together, you will see things differently after the 8th and 11th viewing.

He puts you in the right frame of mind. " Its dirt simple, folks"

Yes, it is some kind of infectious encouragement, quite interesting.

USC/CHF looks to be at an interesting area and starting to show some interesting PA. Not sure if we can deduce any intention from the close of these bars. I mean, the IB was bullish but the close was nearly half way up the bar.
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  • #67,088
  • Jun 23, 2010 3:30am Jun 23, 2010 3:30am
Buob on EUR / JPY 4 hours with space for up to 111.60
What do you think?
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  • #67,089
  • Jun 23, 2010 3:32am Jun 23, 2010 3:32am
Quoting Pinbar
Yes, it is some kind of infectious encouragement, quite interesting.

USC/CHF looks to be at an interesting area and starting to show some interesting PA. Not sure if we can deduce any intention from the close of these bars. I mean, the IB was bullish but the close was nearly half way up the bar.

That down trend sure is strong Pb. Price failed to even come close to breaking that BUOB. Not only because of the strong down trend but also the 1.1143ish PPZ level. The 1.1000 looks to be revisted.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,090
  • Jun 23, 2010 3:34am Jun 23, 2010 3:34am
Quoting extraneo
Buob on EUR / JPY 4 hours with space for up to 111.60
What do you think?

Any PPZ levels near by? Daily? Weekly?
Indicators show the past. Price Action "Indicates" the future.
  • #67,091
  • Jun 23, 2010 3:43am Jun 23, 2010 3:43am
Quoting jarroo
Any PPZ levels near by? Daily? Weekly?
I found these
I was wrong?
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  • #67,092
  • Jun 23, 2010 3:50am Jun 23, 2010 3:50am
Quoting Atc
Sorry people I'm at work...not enough time to do pros and cons...thought I'ld share this EUR/CAD 8hr dblhc and Daily small pin ...pretty good location off the 1.25 area but against the trend

Daily chart please look for yourself it messed up on me

GTG...Happy trading

Hey Atc.

Watching your Eur/Cad 8Hour and Daily PB. Don't know if you took it or not.

You got to love the hard break. Why can't they all be like this . .

I'll tell you, on some setups if they don't act like this I cut them quick.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,093
  • Jun 23, 2010 4:10am Jun 23, 2010 4:10am
Quoting extraneo
I found these
I was wrong?

The level isn't too bad, the 111.00. The 110.00 would be better. But the size of the setup looks pretty small to over come that down trend . .wouldn't you agree extraneo?
Indicators show the past. Price Action "Indicates" the future.
  • #67,094
  • Jun 23, 2010 4:18am Jun 23, 2010 4:18am
Quoting jarroo
The level isn't too bad, the 111.00. The 110.00 would be better. But the size of the setup looks pretty small to over come that down trend . .wouldn't you agree extraneo?
thanks for reply, Jarroo
yes, I agree
I thought to protect BE after making 20 pips
and so I thought I'd be safe ...
  • #67,095
  • Jun 23, 2010 4:23am Jun 23, 2010 4:23am
Quoting extraneo
thanks for reply, Jarroo
yes, I agree
I thought to protect BE after making 20 pips
and so I thought I'd be safe ...

Good to protect yourself on such a setup. Better setups are just around the corner.
Indicators show the past. Price Action "Indicates" the future.
  • #67,096
  • Jun 23, 2010 4:26am Jun 23, 2010 4:26am
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

Yeah I saw it Grant. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #67,097
  • Jun 23, 2010 4:29am Jun 23, 2010 4:29am
Hello everyone. Hope you have a great week!

GBPCHF day pinbar made itīs way to FTA (1.65), letīs cover our dear money now

Thank you
  • #67,098
  • Jun 23, 2010 4:52am Jun 23, 2010 4:52am
nuclear62,
Great job, Sir

comparing the last few bars (on H4 chart), gbpchf had a cleaner upmove than gbpjpy.
Nice one.
  • #67,099
  • Edited 5:49am Jun 23, 2010 5:07am | Edited 5:49am
joelcf - the message I get is not to bother changing the time zone.

I can change the timezone on my charts in a minute so I am going to run London and NY to see. If the majority here are on NY time then it makes sense if this is where I'm at to use NY time.

If there isn't any difference I can benefit from I will stick with UK time. This is what you prefer and this is what I would default into.

Quoting joelcf
You make the assumption that big money is trading the candles, not creating them.

You also assume that everyone is looking at daily candles. Or 4 hour candles. Or candles at all.

On top of that, this line of reasoning requires that even if 'they' see these candles and operate on that timeframe, they are trying to trade 'setups'.

They arent. The SNB couldnt give a damn about your A++ DBHLC. A guy on a desk for Sumi with a client trying to hedge out a billion yen isnt going to *not* fill his orders because there is a gravestone doji....
I follow exactly what you say here.

You imply you do know what the bigger players are trading.
SNB, the guy hedging out a billion yen - these are not speculators.
We are speculators.

Some of the big money will be triggered by levels in price. Some of the big money will be there for practical reasons, buying 1 million barrels oil or a company.

But what are speculators using?

You say I am assuming - I am guessing. As I have not been round all the dealing desks of big players interviewing them I have to guess.

I am sure it is known what the bigger player speculators use.
They are not all making candles ignoring what went before, so they must be reacting to something.
Maybe it is computers doing it all.

I am genuinely interested to know about this. Then I don't have to assume wrongly.

Edit
In Jack Schwager's book "New Market Wizards" which I know some people here have read, does he say anything about this aspect?
  • #67,100
  • Jun 23, 2010 5:50am Jun 23, 2010 5:50am
Quoting jarroo
Yeah I saw it Grant. lol
Hey jarroo, I'm watching it out of curiosity, but not quite sure what to do if it stays inside the daily BEOB. Would it be a low risk, but maybe foolish trade to short it now, around 1.4912?
Grant
“Make everything as simple as possible, but no simpler.” – Albert Einstein
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