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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

  • #68,581
  • Jul 13, 2010 9:31pm Jul 13, 2010 9:31pm
Quoting Pinbar
Thanks for the info Jarroo.

I am trying to use the EMA for slope direction but primarily as S&R and perhaps target areas.

Just looking at EUR/USD which seems to be showing a So so setup with a BUEOB on D1, the weekly is showing us an uptrend although we are just below a BRN of 1.2800
It is at a swing high and not a swing low.

I don't think I will take this even on demo but I will watch how it addresses the 1.2800 area & I have the FTA taken from the weekly high and low bars at the blue rectangle at 1.2880.

It is interesting that the market...

Nice Pb. EMAs work stronger when they line up with PPZ level and target levels. The 1.2500 is a strong level and could help that BUOB which is at a swing high . .not good. I would like to see Price retrace back down to the 1.2500 for some bullish PA.

We could be heading to the 1.3000, which would be nice level because we would have a nice confluenced levels . .1.3000, 61.8 fib and 150 ema.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,582
  • Jul 13, 2010 9:33pm Jul 13, 2010 9:33pm
Quoting Pinbar
On the so so setup above, I just took a quick look at H4 which seems to show this sort of speaker on a stick flagging going on. Perhaps it is going to pop, one way or the other come LO.

That's a Dale Special . . .Double Inside bar.

Pop goes the weasel because the weasel goes pop.
Indicators show the past. Price Action "Indicates" the future.
  • #68,583
  • Jul 13, 2010 9:39pm Jul 13, 2010 9:39pm
Quoting jarroo
That's a Dale Special . . .Double Inside bar.

Pop goes the weasel because the weasel goes pop.

Jarroo, I am thinking that while this daily BUOB is at a swing high, it may act rather like the Ghous bars and take us in the other direction.

Dale? Hmm, I must have missed those posts.
  • #68,584
  • Jul 13, 2010 9:49pm Jul 13, 2010 9:49pm
Quoting Pinbar
Jarroo, I am thinking that while this daily BUOB is at a swing high, it may act rather like the Ghous bars and take us in the other direction.

Dale? Hmm, I must have missed those posts.
Yeah I've thought of that too . . if PA is not at its proper swing location why do take it the other way. Much like an IPB. There may be some merit to that like a small pausing bullish PB after a strong move down. Something to look into.

Search out some of Dale's post on Double Inside Bars . . good stuff.
Indicators show the past. Price Action "Indicates" the future.
  • #68,585
  • Jul 13, 2010 10:39pm Jul 13, 2010 10:39pm
hi, jarroo, i am just wondering this, bullish pinbar, for instance, is supposed to be at swing low, in order for it to be qualified as a long setup; when the bullish looking pinbar is located at swing high, it is not at the proper location, however, it turns out to be an IPB, so, you got a short setup, isn't it ?

i got a pic of type of fish,which could be as huge as 45kg per head, retailing price in China is about USD2.00/kg. this fish is an invador and causes ecological damage in your country. if I could get license to US, I would be more than happy to clean it for your Americans for free, and for me, it could be a very good business. pity, I am too small to fulfill my wish.


jeurre



Quoting jarroo
Yeah I've thought of that too . . if PA is not at its proper swing location why do take it the other way. Much like an IPB. There may be some merit to that like a small pausing bullish PB after a strong move down. Something to look into.

Search out some of Dale's post on Double Inside Bars . . good stuff.
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  • #68,586
  • Jul 13, 2010 10:46pm Jul 13, 2010 10:46pm
Quoting mbqb11
Hey SJ
General rule is micro account (10cent a pip) up to 50k, once 50k + you can be on a mini account. But even when you get to 50k+ having the ability to position size as best as possible is always a plus. If you want to put on a position size that calls for 70,500 units and you can only put on 70,000(7minis) you are hurting your ability to compound both for and against when you are winning as losing. You want to be able to get as close as possible to that % risk per trade.
Hope that makes sense
Mike
Mike, I didn't get this concept.. sorry. When we apply 2% risk for all the trades, position size is derived from this risk, right ?
which means, one never need to (unless some one likes it) move from Micro to mini account. Being in Micro only, I can adjust my position,, which could be 1,000 units or 5000 or 10,000 or 12,000 units ?
The only exception is that most of the brokers (except Onida) only accept multiples of micro.. not fractional micros ..

Does this make sense, Mike ?
  • #68,587
  • Jul 13, 2010 10:51pm Jul 13, 2010 10:51pm
Quoting cprao
Mike, I didn't get this concept.. sorry. When we apply 2% risk for all the trades, position size is derived from this risk, right ?
which means, one never need to (unless some one likes it) move from Micro to mini account. Being in Micro only, I can adjust my position,, which could be 1,000 units or 5000 or 10,000 or 12,000 units ?
The only exception is that most of the brokers (except Onida) only accept multiples of micro.. not fractional micros ..

Does this make sense, Mike ?
Well sort of. It all comes back to the broker you trade with. Depending on your account size you might not be able to be with a broker and be chopping up your lot sizes in micro lots. The basic idea is as long as you can do it and it isn't causing execution issues you should be with a broker where you can position size properly. To many people open a 5k account where all they can trade is a mini lot minimum, and they are immediately putting themselves in the wrong position, instead of taking control.

Mike
  • #68,588
  • Jul 13, 2010 11:20pm Jul 13, 2010 11:20pm
Quoting mbqb11
Well sort of. It all comes back to the broker you trade with. Depending on your account size you might not be able to be with a broker and be chopping up your lot sizes in micro lots. The basic idea is as long as you can do it and it isn't causing execution issues you should be with a broker where you can position size properly. To many people open a 5k account where all they can trade is a mini lot minimum, and they are immediately putting themselves in the wrong position, instead of taking control.

Mike
Thank you Mike. Got the idea.
  • #68,589
  • Jul 14, 2010 12:18am Jul 14, 2010 12:18am
Sjr post #68566:
I'm in NZ and have been working with this stuff for nearly two months now and have taken a total of 10 trades using only pinbars and outside bars on daily and weekly charts.I've had 8 winners,1 loss and 1 b/e.I used to trade low time frames intra day and lost my shirt,this thread is pure gold.I've joined the group and slowly making my way through the material,I just wish I'd discovered this 5 years ago.So my advice to you is to stick with the higher time frames and devour the information in the thread.The good thing about being in NZ is that you can put your trades on in the morning check/manage them before turning in at night and forget about them until the next day.
  • #68,590
  • Jul 14, 2010 12:52am Jul 14, 2010 12:52am
Anybody got there eye on this Buob?
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  • #68,591
  • Jul 14, 2010 1:21am Jul 14, 2010 1:21am
Quoting tubguy
Anybody got there eye on this Buob?
Do we trade buobs at swing highs?
  • #68,592
  • Jul 14, 2010 1:27am Jul 14, 2010 1:27am
Good point Maxx. I sometimes overlook the obvious. Thats when I pop in here and get another perspective.

Thanks
Mike
  • #68,593
  • Jul 14, 2010 1:37am Jul 14, 2010 1:37am
Quoting TheMaxx
Do we trade buobs at swing highs?
It's not as ideal as a swing low obviously. However, if the BUOB is coming off a PPZ or BRN and has some other confluence (50% fib, third touch of a trendline etc) it may be well worth taking as a continuation play. Of course, the bar has to be a big size!

On the other hand, if it's trading into PPZ or a BRN and confluence, it's mostly a very easy pass.
  • #68,594
  • Jul 14, 2010 1:38am Jul 14, 2010 1:38am
Quoting tubguy
Good point Maxx. I sometimes overlook the obvious. Thats when I pop in here and get another perspective.

Thanks
Mike

You are not the only one.

I posted that this morning, I did mention that it was at a swing high and a so so setup at best.

However, originally I did not notice it either.

These mistakes are good, we learn from them and then hopefully we will not even notice a BUOB at a swing high.
  • #68,595
  • Jul 14, 2010 2:09am Jul 14, 2010 2:09am
Just bored and taking this on demo.

It is one of jarroo's favorite BEOB hybrid PB.
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  • #68,596
  • Jul 14, 2010 2:14am Jul 14, 2010 2:14am
Bearish PB forming on the 8H. Size could be larger but I think the location is not too bad.

Tested resistance zone of 1.523ish and it looks like confluence with TL and 32% FIB is present
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  • #68,597
  • Jul 14, 2010 3:11am Jul 14, 2010 3:11am
Quoting edge540
Sjr post #68566:
I'm in NZ and have been working with this stuff for nearly two months now and have taken a total of 10 trades using only pinbars and outside bars on daily and weekly charts.I've had 8 winners,1 loss and 1 b/e.I used to trade low time frames intra day and lost my shirt,this thread is pure gold.I've joined the group and slowly making my way through the material,I just wish I'd discovered this 5 years ago.So my advice to you is to stick with the higher time frames and devour the information in the thread.The good thing about being...
Thx Edge, that's exactly the advice I was looking for given our location. Don't laugh but Ive just counted 22 demo trades in the last 4 months. OK now you can laugh... But having said that, I'm still at break even. I'm using Track n trade thru FXCM Australia, and im not sure they do micro accts, so in your opinion, if I did move up to the daily time frame, what minimum opening balance should I expect to open, 5k, 10K ? Thanks in advance SR.
  • #68,598
  • Jul 14, 2010 3:24am Jul 14, 2010 3:24am
That H1 P entry did not get triggered and the back of it broke.
It was pretty small.
  • #68,599
  • Jul 14, 2010 3:29am Jul 14, 2010 3:29am
Quoting Pinbar
That H1 P entry did not get triggered and the back of it broke.
It was pretty small.
Hi Pinbar, Id like to say Ive read lots of your posts and find them very interesting. I note that you commented on moving up to the daily time frame. As I am new, and still finding my feet, can you comment on your outcome so far? Im curious as I really like the 4 hrly time-frame as it gives me "more to do" lol
  • #68,600
  • Jul 14, 2010 3:50am Jul 14, 2010 3:50am
Quoting Sjr
Hi Pinbar, Id like to say Ive read lots of your posts and find them very interesting. I note that you commented on moving up to the daily time frame. As I am new, and still finding my feet, can you comment on your outcome so far? Im curious as I really like the 4 hrly time-frame as it gives me "more to do" lol

Hi,

I think I was watching too many pairs for a newbie.

I am now confining myself to 8 pairs and the ones with lower spread, where possible. I also like the H4 TF personally but, there is certainly more noise on H4. I have read many posts from james 16 about how he sees people doing really well on the weekly and daily for months, then he sees an H4 chart from them and low & behold their trading starts going down the drain. There are probably many reasons they do not recommend the H4 for new people like me and I am starting to see some of them.

I think the H4 is ok once we are proficient at waiting for a good setup to occur. On the minus side of things on H4, I feel that it could lead us to over trading. thus exposing our equity to the market too often, also why pay the spread 2 or 3 times when we can get away with a only paying it once on the daily. I know the SL's are quite serious on the Daily but then again, it makes us wait for a good setup with high probability.
I am quickly thinking that if there is anything close to a holy grail, it is setting up our PPZ and digging in till price shows us its real intentions at these areas. perhaps on the H4 there are more fake outs and PA is not going to be as reliable as D1.


Hope you are enjoying this journey and where you are in it right now.

I am truly loving it, even though I am battling with myself a great deal recently. I also think this is a necessary phase in our journey, till we realize it is not the system or indicator that makes or breaks us, it is ourselves.

We will get there, we just have to realize that we are already there.
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