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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

  • #67,541
  • Jun 28, 2010 3:26am Jun 28, 2010 3:26am
Quoting ertorque
If there is an IPB to confirm that we make an entry, we wouldn't call it a touch trade would we? Unless a pending order is already placed at the desired level before the emergence of the PA, I should think


Wonder where he is now. Miss his posts although can be lengthy sometimes.........................
Yes this is true. So one trader takes a touch trade and the other waits for PA and its an IPB . . Who has the better trade in terms of risk at roughly the same location . . .that's all I'm saying.

Seeking is pretty active in the PF with his posts and videos.
Indicators show the past. Price Action "Indicates" the future.
  • #67,542
  • Jun 28, 2010 3:48am Jun 28, 2010 3:48am
this charter t USD-CHEF has three areas of convergence (fib 61% and 50%, trendline and SR.Is it true?So i would like to see in this area PA.What do you think about this?
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  • #67,543
  • Jun 28, 2010 3:53am Jun 28, 2010 3:53am
Quoting Javi
this charter t USD-CHEF has three areas of convergence (fib 61% and 50%, trendline and SR.Is it true?So i would like to see in this area PA.What do you think about this?
Looks good spot Javi, we will have to wait and see if some PA materializes, pretty strong downtrend as of late but a bounce may be coming with some divergence on the 4hr. Just be patient for some good PA

Mike
  • #67,544
  • Jun 28, 2010 4:16am Jun 28, 2010 4:16am
Quoting Cyrus
Hi guys,
Post summaries by the more senior folk here....
Previous summaries by Cyrus
1 to 2500
2501 to 3000
3001 to 3500
3501 to 4000

has this been requested to be a post#1 material?
wonderful job, Cyrus!

Quoting jarroo
....
Seeking is pretty active in the PF with his posts and videos.
that's great.
Looking forward to seeing them in the PF, in the future.
  • #67,545
  • Jun 28, 2010 4:22am Jun 28, 2010 4:22am
Thank you Mike.I am new, I think I analyze well the graphics about PA but I've failed two times with PA in GBP-USD last week. I will try to learn more with your advice.I've been studying this forum for 1 month
  • #67,546
  • Jun 28, 2010 4:33am Jun 28, 2010 4:33am
Hi everyone

firstly, thanks to Jim and all the seniors for the PA thread , i am learning loads, not with much success but im still here


ok, been looking at this for a while, praying for PA to give me an entry,

given the pbs close is equal to or higher than the open i have the following reasons to take it

1. Long nose
2. Off a 4.5 year low
3. Off a PPZ
4. Close to 365 MA
5. Off a SW low
6. In space

Trouble Areas

1. 1.25000
2. 1.28065


Whats your thoughts?
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  • #67,547
  • Jun 28, 2010 4:45am Jun 28, 2010 4:45am
Quoting antgal23
Hi everyone

firstly, thanks to Jim and all the seniors for the PA thread , i am learning loads, not with much success but im still here


ok, been looking at this for a while, praying for PA to give me an entry,

given the pbs close is equal to or higher than the open i have the following reasons to take it

1. Long nose
2. Off a 4.5 year low
3. Off a PPZ
4. Close to 365 MA
5. Off a SW low
6. In space

Trouble Areas

1. 1.25000
2. 1.28065


Whats your thoughts?

Interesting chart, can't see any candles on it.

I can sympathize with the learning difficulty.

I feel like a firework on Guy Fawkes night, without a match. LoL

Keep at it.
  • #67,548
  • Jun 28, 2010 4:46am Jun 28, 2010 4:46am
hello antgal23,
wow, monthly chart!
u must have a huge account if u trade off of these.

not really a long nose if u look at the entire chart, & specially in the context of the previous bearish bar.
assuming the pinbar closes like how it looks currently, then your 1.2400-1.2500 PPZ is an immediate trouble area, temporary or not.

always remember
James16 THIS IS CRITICAL
"....THIS IS CRITICAL.
WE MUST LEARN TO:
1. notice a strong s/r area just beyond our pa if it exists. {this is your 1.2400-1.2500 PPZ}
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared........."

this is not a good looking pin, shape/size wise.
but, again, like i often say, this is not to say this will not take off.
btw, this a is a monthly chart, u can get a more ''real-time' look via the daily/weekly charts. check it out. (i havent yet)

Keep it up!
  • #67,549
  • Jun 28, 2010 4:54am Jun 28, 2010 4:54am
Quoting antgal23
Hi everyone

firstly, thanks to Jim and all the seniors for the PA thread , i am learning loads, not with much success but im still here


ok, been looking at this for a while, praying for PA to give me an entry,

given the pbs close is equal to or higher than the open i have the following reasons to take it

1. Long nose
2. Off a 4.5 year low
3. Off a PPZ
4. Close to 365 MA
5. Off a SW low
6. In space

Trouble Areas

1. 1.25000
2. 1.28065


Whats your thoughts?
hey there,

Let's take a look at the factors you pointed out:

1) Long nose. Sure? The purpose of the long nose is to provide the bar with that authoritative look and the size to match the trend it is looking to reverse. When you are judging the length of the nose of a PB refrain from making wild guesses based on how long it appears to be in isolation to preceding price action. The relative measure of matching the size of the bar (along with the nose) with the bars preceding it can be an accurate way to judge a pin bar. Look at the size of your bar and match it with the bar preceding it and you'll know what i mean.

2) Off a 4.5 year low. umm...ok.

3) Off a PPZ. 1.2 Agreed.

4) Close to 365 MA Ok.

5) Off a SW low. the swing low is yet to be proven and that can come along only if the Pin bar works and that will depend on all the other factors.

6) In space Definitely not. Space is the area between your trade entry and the first trouble area, in this case it's minimal so you actually don't have enough space to play around with unless you want to enter at the break of 1.25 which would be roughly about a 100 points above the 1.25 BRN

hope that helps a bit.

g.
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I believe . . .
  • #67,550
  • Jun 28, 2010 5:03am Jun 28, 2010 5:03am
cheers PinBar and Supreme Chaos! i feel like im hitting my hitting my head off a brick wall

i susspected the 1.2400 - 1.2500 s/r to cause a reverse,

may be i should wait to see if price can break it, then use it as support , then enter, what u think?
  • #67,551
  • Jun 28, 2010 5:18am Jun 28, 2010 5:18am
cheers Ghous , as always an education

ok ,

so ive learnt we need the nose to be long , in relative terms with the other preceding bars

and, we need there to be space (like a run) between entry and the first TA

when Jim refers to taking some off the table and moving the SL, he is referring to taking advantage of this space (a run) and then waiting to see how Price reacts with the first TA,

could I wait to see if the first TA1 gets broken then acts as support before entering?
  • #67,552
  • Jun 28, 2010 5:26am Jun 28, 2010 5:26am
Quoting antgal23
cheers PinBar and Supreme Chaos! i feel like im hitting my hitting my head off a brick wall

i susspected the 1.2400 - 1.2500 s/r to cause a reverse,

may be i should wait to see if price can break it, then use it as support , then enter, what u think?

It takes time to sink in and become second nature.

For Jarroo & Mike it is like riding a bicycle, I believe.
Remember the scars we got both mental and physical as kids when learning to ride or rather not fall off the bicycle?

Fortunately for us Jarroo & Mike have not forgotten the times they fell of their bikes, the scars they got and are trying to prevent us from taking unnecessary knocks.

Could be worse, we could be full of ourselves after a few wins and start leveraging our lot size, that is when we will fall off and skin our knees or worse.

We will get there, we just have to make sure we have our safety wheels on and then we will gain the confidence to take them off while maintaining good MM, just in case we fall off.

As they say here in Japan, Ganbare!
  • #67,553
  • Jun 28, 2010 5:42am Jun 28, 2010 5:42am
i feel like that kid at school, when the teacher gives everyone a simple equation and everyone gets the desired answer except me

if forex was easy everyone would be doing it

like so many seniors say here, if it takes years to be a professional in any field , how can we expect forex to be any different?
  • #67,554
  • Jun 28, 2010 5:55am Jun 28, 2010 5:55am
Quoting antgal23
i feel like that kid at school, when the teacher gives everyone a simple equation and everyone gets the desired answer except me

if forex was easy everyone would be doing it

like so many seniors say here, if it takes years to be a professional in any field , how can we expect forex to be any different?
Yeah, exactly.

I have been doing this from morning to night for two years now, and I never fail to surprise myself, with how little I actually know.

I am in for the Long Haul....It just gets a little frustrating after a while.
I may have fallen into the learning trap and learn and learn then can not pull the trigger because I always see another PPZ or at least feel there is one 5 pips from my entry.

I am working on resolving this.
  • #67,555
  • Jun 28, 2010 5:57am Jun 28, 2010 5:57am
Quoting antgal23
....
may be i should wait to see if price can break it, then use it as support , then enter, what u think?
yes, u can do something like that --- wait for PA off support then enter.

i had a proper look at the charts...
Daily & weekly charts show 1.2467ish is the high last week.
so price already touched, & reversed off of your plotted 1.2400-1.2500 PPZ.
price may now re-visit 1.2100-1.2300.
or continue to bounce around 1.2200 - 1.2400 before making a decisive move up or down.

Let's see...
  • #67,556
  • Jun 28, 2010 7:18am Jun 28, 2010 7:18am
Hey all, I have a new trade setup on AUDCAD 4h, a pinbar on 50% ret (to the pip) from previous downtrend in the current uptrend. Waiting for feedback Just to mention that 9 out of 10 trades so far have been winning trades using james16 method. So a big thank you is in order.
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  • #67,557
  • Jun 28, 2010 7:33am Jun 28, 2010 7:33am
Hello mordre,
awesome job!

hey, u are bullish but u are using a Fib projection for a downmove...
nevertheless, 0.9015area seem to be a PPZ (as seen in your chart).

my concern is your entry, which seem to be at 0.9050, is right below a possible trouble area at 0.9050-0.9080.
it might be better to put a buy stop above 0.9070 or, better if above 0.9100/0.9110.
if price goes in your favor, next possible trouble areas are 0.9170, & 0.9200-0.9250 areas.

Hope to see u post more
  • #67,558
  • Jun 28, 2010 7:40am Jun 28, 2010 7:40am
Quoting supremeChaos
Hello mordre,
awesome job!

hey, u are bullish but u are using a Fib projection for a downmove...
nevertheless, 0.9015area seem to be a PPZ (as seen in your chart).

my concern is your entry, which seem to be at 0.9050, is right below a possible trouble area at 0.9050-0.9080.
it might be better to put a buy stop above 0.9070 or, better if above 0.9100/0.9110.
if price goes in your favor, next possible trouble areas are 0.9170, & 0.9200-0.9250 areas.

Hope to see u post more
Ok, I agree to your advice, but... as seen in the daily chart below every price you mentioned has a resistance ~ 20 pips above. Only above 0.9119 (61% ret ) would be a really safe bet. So my thought is this, Should I move the buy stop above 0.9070 since the Daily pin 2 days ago, or should i cancel the order altogether ?
P.s My logic regarding the downmove fib was that price should move between 2 fib lines on the last major swing... ) Since the ret on the current uptrend is a shallow one.
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  • #67,559
  • Jun 28, 2010 7:55am Jun 28, 2010 7:55am
Quoting antgal23
cheers Ghous , as always an education

ok ,

so ive learnt we need the nose to be long , in relative terms with the other preceding bars

and, we need there to be space (like a run) between entry and the first TA

when Jim refers to taking some off the table and moving the SL, he is referring to taking advantage of this space (a run) and then waiting to see how Price reacts with the first TA,

could I wait to see if the first TA1 gets broken then acts as support before entering?
In this case yes that would be a good idea, to just stay aside until the FTA which is very close get's broken and sustains that break. It in turn will also ensure that the setup you are looking to go for is really valid and has order flow in it's favor.

g.
I believe . . .
  • #67,560
  • Jun 28, 2010 7:56am Jun 28, 2010 7:56am
Quote
..since the Daily pin 2 days ago..
mordre,
i think it's safer to remove your current buy stop order.

still, it depends on your experience with audcad.
& your comfort level. (are u comfortable trading this pair & are u used to trading this way, putting buy stop in this areas, etc?)

i havent traded this pair in a long while... it's a fairly choppy pair (both are commodity currencies).
but personally i'll be comfortable waiting for 0.9100 area to act as support before going long.
i feel that we still have a neutral bias in this pair, slightly bearish.
if we dont reach/get past 0.9150-0.9250, it is still in danger of moving down, or at least consolidate further..IMHO

the decision is all yours to make.
i refrain from making direct suggestions because i know & believe we all trade uniquely/differently.


[EDIT: i just saw your daily chart, yours seem to have a Sunday bar]
Slightly similar situation with antgal23's post/chart, wherein there is an immediate trouble area above current price
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