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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

  • #67,621
  • Jun 28, 2010 11:39pm Jun 28, 2010 11:39pm
Quoting jarroo
Target hit, in my book.


Thanks Mike and ghous.

Mee too! Closed half at 0.7069 and moved SL to BE and let the other half ride all the way down for 98 pips gain.
IPB kudos!
  • #67,622
  • Jun 28, 2010 11:41pm Jun 28, 2010 11:41pm
Quoting mbqb11
If you want something fun an easy to do. Go back through your charts(start longer timeframe cause they are more significant and easier to do IMO). Look for times you get Multiple bar highs or lows, either in a row, or spread out. Then when price finally makes its way through it breaks hard and fast.

Here are just a few(note when I do these I want pretty perfect highs/lows). This is a good idea for a video

Good idea, thanks Mike.

Don't see too many PA setups there though, is this pure breakout stuff?
I imagine there are if we drop down a TF.
  • #67,623
  • Jun 28, 2010 11:42pm Jun 28, 2010 11:42pm
Quoting Pinbar
Good idea, thanks Mike.

Don't see too many PA setups there though, is this pure breakout stuff?
yes you are using the multibar highs and lows as breakout points. James talks about this early on in the thread it seems to get missed
  • #67,624
  • Jun 28, 2010 11:42pm Jun 28, 2010 11:42pm
Quoting joelcf
That would be an easier way to say it

I think it goes back to what we were talking about in the pf. A range is showing us accumulation/distribution (or, if you prefer, basing/topping*) and so by taking this bar, you are shorting straight into buyers who are just waiting to absorb the orders (ie, what we call a PPZ).

Without further information, we dont know if it is [list][*]new sellers coming into the market, possibly starting a new trend[*]fundamental buyers taking profits (or at least reducing exposure) as price has been pushed too...
Admiral Ackbar

Mood/consensus/perception is the thing. I can't quite explain it in words and I dont think it's possibly to quantify into an indicator either....

It's about going where the mind of the market wants to go. John Maynard Keynes (whom I recently found out for a fairy!!! wtf! until he met some really smokin' hot russian ballarina. then he became bi. haha) said it well when he compared playing the markets to a beauty contest where you win by guessing whom everyone else thought would be the most beautiful.

It really is just that. PA becomes a confirmation trigger to participate in the ongoing mood. Guess why the old pit boys say "go with the flow" per se. I know it's diff from actually hearing or seeing the orders come in, but in principle it is the same school of thought but different application.

The part that always always needs work is reigning in one's personal greed and fear and being really professional about this business.
One Mind, Any Market
  • #67,625
  • Jun 28, 2010 11:44pm Jun 28, 2010 11:44pm
Quoting ertorque
Mee too! Closed half at 0.7069 and moved SL to BE and let the other half ride all the way down for 98 pips gain.
IPB kudos!

The added confluences always makes the difference.
Indicators show the past. Price Action "Indicates" the future.
  • #67,626
  • Jun 28, 2010 11:45pm Jun 28, 2010 11:45pm
Quoting ghous
Hey buddy that looks like a good software you have there,

just pmed you, if you don't mind.


lol

...
Kinda like the IPB PMs you've been getting huh?
Was reading some of your old posts btw. Spoke to me in a different way from when I first started off here. It's been a year already... or abit more. Time flies doesn't it?
One Mind, Any Market
  • #67,627
  • Jun 28, 2010 11:50pm Jun 28, 2010 11:50pm
Quoting mbqb11
... James talks about this early on in the thread it seems to get missed
i havent read the whole thread, but not everyone missed it.
breakouts = Good orderflow
  • #67,628
  • Jun 29, 2010 12:00am Jun 29, 2010 12:00am
Quoting joelcf
....
I think it goes back to what we were talking about in the pf. A range is showing us accumulation/distribution (or, if you prefer, basing/topping*) and so by taking this bar, you are shorting straight into buyers who are just waiting to absorb the orders (ie, what we call a PPZ)....
aha...so u talk about that stuff in the PF, huh.
it's getting much more interesting.

Quoting Cyrus
....
Mood/consensus/perception is the thing. I can't quite explain it in words and I dont think it's possibly to quantify into an indicator either....
...
if it were possible, that is tantamount to saying u have a crystal ball indicator
  • #67,629
  • Jun 29, 2010 12:10am Jun 29, 2010 12:10am
Quoting supremeChaos
aha...so u talk about that stuff in the PF, huh.
it's getting much more interesting.


if it were possible, that is tantamount to saying u have a crystal ball indicator
Sounds like swimming with a shoal of fish.

I suppose the PPZ are areas where buyers or sellers are exhausted and the shoal collectively decides to swim in the other direction, till they regain enough confidence and stamina to break through.
  • #67,630
  • Jun 29, 2010 12:15am Jun 29, 2010 12:15am
Quoting supremeChaos
if it were possible, that is tantamount to saying u have a crystal ball indicator
I have an idea of how that feels like though. It feels like "ARRRGGHHH OMG OMG OMG OMG OMG" on one side and "WAHAHAHAHAAHAHA $$$$$$$$$$$$$$$" on the other. =)

It's like Sun Tzu,

"he who is skilled in attack flashes forth from the topmost heights of heaven.
Thus on the one hand we have ability to protect ourselves;
on the other, a victory that is complete."

I'll figure it out soon! But just sticking to simple bread and butter stuff that's reliable in the mean time.
One Mind, Any Market
  • #67,631
  • Jun 29, 2010 12:15am Jun 29, 2010 12:15am
Quoting Noses&Sight
Ghous,

Did you play this as a breakout trade? It looks to me as if you entered on the retrace. Or did you use the inside bar to line up your entry?

Thanks,
John
Both.

I-lot's of-B at a BO + Pull back to the wedge.

Is also a valid trade as per my system based on the 2 MAs, so goes into my journal at the pf as well.

g.
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I believe . . .
  • #67,632
  • Jun 29, 2010 12:25am Jun 29, 2010 12:25am
Quoting Cyrus
Kinda like the IPB PMs you've been getting huh?
Was reading some of your old posts btw. Spoke to me in a different way from when I first started off here. It's been a year already... or abit more. Time flies doesn't it?
It sure does,

Back in Feb 2008 I made my first post here on the thread, asking what a pin bar is, and what James meant by the word "confluence".

really can't believe it's been more than 2 years since.

g.
I believe . . .
  • #67,633
  • Jun 29, 2010 12:44am Jun 29, 2010 12:44am
hey guys what do you think about chf jpy .double top MACD divergence and trix is starting to make a bear cross .how low will it go?
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  • #67,634
  • Jun 29, 2010 12:55am Jun 29, 2010 12:55am
Quoting Pinbar
Sounds like swimming with a shoal of fish.
I suppose the PPZ are areas where buyers or sellers are exhausted and the shoal collectively decides to swim in the other direction, till they regain enough confidence and stamina to break through.
Shoaling is a nice concept to think of.

having said that, i think it's the opposite.

Please refer back to joel's post. (he explains better than i do)
PPZs are where buyers/sellers rest.
on the other hand, exhaustion happens when there are not enough buyers/sellers to keep the momentum going, making price fall/retrace (in an uptrend, as an example) until price reaches such a price point where sufficient demand has come back again, or a price point where demand/supply seem to be balanced (this are the range/consolidation areas).

(***price moves up when demand exceeds supply, & vice versa***)
  • #67,635
  • Jun 29, 2010 12:57am Jun 29, 2010 12:57am
New trade setup on USDCHF 4H. Pinbar on a 50% ret in uptrend with space. Buy stop at 1.0893. First target at 1.1000.
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  • #67,636
  • Jun 29, 2010 1:01am Jun 29, 2010 1:01am
Had to move to my laptop but I before I moved I took half off and moved SL to BE.

I shall TP at the upper red line. Mainly because this was a late entry.
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  • #67,637
  • Jun 29, 2010 1:02am Jun 29, 2010 1:02am
Buying into such a steep downtrend? With such a profit target?
If you don't risk, you don't ever have to lose.
  • #67,638
  • Jun 29, 2010 1:04am Jun 29, 2010 1:04am
Quoting bug
Buying into such a steep downtrend? With such a profit target?
PB managed to squeeze his post in front of mine. I am referencing to the USDCHF trade here.
If you don't risk, you don't ever have to lose.
  • #67,639
  • Jun 29, 2010 1:09am Jun 29, 2010 1:09am
Quoting mordre
New trade setup on USDCHF 4H. Pinbar on a 50% ret in uptrend with space. Buy stop at 1.0893. First target at 1.1000.
Lots and lots of reasons on H4 chart not to take a bullish position.
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If you don't risk, you don't ever have to lose.
  • #67,640
  • Jun 29, 2010 1:09am Jun 29, 2010 1:09am
Quoting bug
Buying into such a steep downtrend? With such a profit target?
If you would have even bothered to open a chart of the pair, you would have seen that the major trend is UP and the "steep downtrend" is a correction to the 50% fib, which I mentioned.
Waiting for a wiser oppinion on the setup...

I retract the "oppening a chart" part...
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