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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

  • #69,261
  • Jul 20, 2010 10:34pm Jul 20, 2010 10:34pm
Hiya, great thread thanks James16 and contributors. Very interesting stuff. This sort of trading definitely suits me, I work full-time so spending all day in front of the screen is not an option. Still for the life of me can't work out why this thread is classified commercial, I certainly haven't been compelled to buy anything

Thought I'd try my hand at drawing in some weekly ppz's on the EU.

I think I could squeeze another in at the 1.21/22 region.

Any comments/suggestions?

Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: eu_ppz.png Size: 10 KB
Speculator is just a fancy word for gambler
  • #69,262
  • Jul 20, 2010 10:43pm Jul 20, 2010 10:43pm
Quoting redevo
Hiya, great thread thanks James16 and contributors. Very interesting stuff. This sort of trading definitely suits me, I work full-time so spending all day in front of the screen is not an option. Still for the life of me can't work out why this thread is classified commercial, I certainly haven't been compelled to buy anything

Thought I'd try my hand at drawing in some weekly ppz's on the EU.

I think I could squeeze another in at the 1.21/22 region.

Any comments/suggestions?

Thanks.
welcome redevo

fantastic and clean chart

Looks very good

Mike
  • #69,263
  • Jul 20, 2010 10:50pm Jul 20, 2010 10:50pm
Quoting fxeturn
Hi all, hope you guys have been having a great time here.

I have a question for Mike, Jarroo, Ghous and all veterans. Do you ever enter a trade that doesn't show any PB,DBHLC,DBLHC,BEOB,BUOB,IB but based on S/R and TLs? I'm asking this because although feeds could be different (depending on time zones) which shows some people a PB but to some others not a PB, S/R and TLs are more consistent throughout all broker feeds. Sometimes the price has reached a level where you somehow know it has the potential to reverse (due to S/R and TLs) but there's...
Over time you will begin to see these great locations as an opportunity place a low risk trade without any PA to confirm it. Like an area of confluenced Support turning into Resistance and vice versa. But there's nothing like a great bar to go with that great location to confirm a setup is viable.

Also, a great bar gives add information of strength, possible stop loss placements, etc.

It is definitely possible to enter a trade without PA confirmation, it is something that develops over time and practise once you master the basics of a great PA setup.
Indicators show the past. Price Action "Indicates" the future.
  • #69,264
  • Jul 20, 2010 10:51pm Jul 20, 2010 10:51pm
Quoting mbqb11
welcome redevo

fantastic and clean chart

Looks very good

Mike
Why thank you Mike.
Speculator is just a fancy word for gambler
  • #69,265
  • Jul 20, 2010 11:31pm Jul 20, 2010 11:31pm
Quoting Pinbar
Keeping my eye on EU.
SC, what do you think about this type of modification on SWG?
u modified the code to show labels?
nice!
i'll try my hand on it. if i come up with something worthwhile, i'll post it here.
  • #69,266
  • Jul 20, 2010 11:35pm Jul 20, 2010 11:35pm
Quoting redevo
Hiya, great thread thanks James16.....
Welcome redevo...
Keep posting Sir!
  • #69,267
  • Jul 20, 2010 11:48pm Jul 20, 2010 11:48pm
Quoting supremeChaos
u modified the code to show labels?
nice!
i'll try my hand on it. if i come up with something worthwhile, i'll post it here.

No, not yet. Can't work out how to do it.

I am working on it.

it certainly makes the indicator worthwhile as it is.
  • #69,268
  • Jul 21, 2010 12:17am Jul 21, 2010 12:17am
Quoting Pipage
Im dreaming of the day when i can play a 1.0 lot.
For a while, the H4 ATR of eurchf was hovering around 5 pips, with the spread under 2. Allowing a bit of leeway for validation on your setup and you could realistically get a 10 pip stop, esp given the BRN barrier.

So, sticking to the conservative 2%/H4+ rules...

10 pips x $10/pip = $100
$100 / .02 = $5k

Not so out of reach, now?

While this is an obviously cherry picked scenario, it also shows how much the stop size of your setup affects the number of contracts on your trade.... and so, if we wanted to attempt to leverage our account more effectively while maintaining disciplined risk management, one way to go about it would be to seek setups with lower potential stop size.

Think about how price reacts to a VBRN (in the parlance of our times), or around an option barrier, or around a heavily confluenced PPZ.

Not all A+ setups are equal.
When you have to shoot, shoot. Dont talk.
  • #69,269
  • Jul 21, 2010 12:25am Jul 21, 2010 12:25am
Looking into trading sideways markets.

As the market seems to range 70% of the time it is probably a good thing to do.

Taking note that this range on the Daily has been going on since May of this year. The H4 looks trade-able if we wait patiently for the range to complete anf find a good PA setup.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: h4.gif Size: 30 KB
  • #69,270
  • Jul 21, 2010 12:34am Jul 21, 2010 12:34am
Quoting novice198
Hi Tubguy,

Noted what you are trying to say. However, if it is not .8650 then it would be either .8600 or .8700 in other words every 50 pips there will be RN and there are the really BRN. I take it that we should be wary of the RN...
Hey Novice,

Sorry if I caused some confusion. My objective was to show that even a guy like me, that has been at this for a long time can miss something and lose.
I have a bit of a wild streak and occasionally jump on a trade to early, but
I can deal with the loss if it happens. That being said, I do not advocate anyone taking trades that I may take. Stick with the standard J16 trades and profit.
I made a very good profit in the beginning trading Jim's standard stuff. Then
I decided to go play about every other style and method here and on the net. Mostly 5 min stuff. You see, I have worked for myself all my adult life.
I had a mindset of "I must earn money every day" and I let that drain my
account to $110 usd. Then I realized that I would trade J16 stuff when it presented itself and just be patient, I could save it. Now it is beginning to grow again. But I sometimes get reckless and take trades like the one posted and get bit.
As for the round numbers 00, 25,50,75, They can all cause a reaction, so
you just need to be aware of them and be ready to take action if there is
a rejection that is significant. I personally put more weight and attention
on the BRN's
I've attached the indicator that you requested. If I've not helped in anyway
please ignore this and wait for Mike,Ghous, Supreme, Jarroo, or another senior to clarify. Because I'm not very good at typing my thoughts.
Brain moves faster than the fingers. LOL
Attached File(s)
File Type: ex4 Daily Data v2.ex4   33 KB | 438 downloads
  • #69,271
  • Jul 21, 2010 12:56am Jul 21, 2010 12:56am
Please see the attached chart. I have highlighted a bar in blue. I know its not a ideal pin, but is it a PIN?

Kindly shed light.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.jpg Size: 66 KB
  • #69,272
  • Jul 21, 2010 1:24am Jul 21, 2010 1:24am
is that a trick question?
Yes, it is a Pinbar.
  • #69,273
  • Jul 21, 2010 1:36am Jul 21, 2010 1:36am
haha no, I wanted to know how one would trade this setup, or would they ignore it.

Quoting supremeChaos
is that a trick question?
Yes, it is a Pinbar.
  • #69,274
  • Jul 21, 2010 2:00am Jul 21, 2010 2:00am
i believe it's playable.
but since u are new to this material, i highly suggest u stick with trading those PA setups found on swing highs & lows.
also, practice/learn about determining & plotting PPZs& S/Rs. this is VERY important.
if u have good S/R & PPZ knowledge, u will be able to trade less than ideal setups.

read Cyrus summaries
view the free videos too.

Good luck!
  • #69,275
  • Jul 21, 2010 2:23am Jul 21, 2010 2:23am
always nice to start the day with a dutch trader "miss hitting" and blowing the cable up 116 pips.
  • #69,276
  • Jul 21, 2010 2:31am Jul 21, 2010 2:31am
Quoting everydayguid
Please see the attached chart. I have highlighted a bar in blue. I know its not a ideal pin, but is it a PIN?

Kindly shed light.
Doesn't look that promising on my chart. The difference between a bar chart and a candlestick chart is sometimes really amazing.
  • #69,277
  • Jul 21, 2010 2:47am Jul 21, 2010 2:47am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
If I went by what Jim teaches, we'd probably be better off passing that pin coz;

1. It seems to be in the midst of heavy traffic (see the left side)
2. Its not at an exact swing high / lo
3. Its probably graded as a C Pin.

Anyone disagree?
I have seen the enemy, and it is me.
  • #69,278
  • Jul 21, 2010 2:52am Jul 21, 2010 2:52am
Quoting Jey
1. It seems to be in the midst of heavy traffic (see the left side)
What does a heavy traffic mean? I've been slowly reading this thread from the beginning and haven't spotted this term anywhere yet. I might know what you mean (the price has been jumping up and down before the pinbar we're talking about formed) but I'd like to get a clear definition of that.
  • #69,279
  • Jul 21, 2010 2:52am Jul 21, 2010 2:52am
Hello Jey,
yes, i dis...cern that u have a point.
  • #69,280
  • Jul 21, 2010 2:56am Jul 21, 2010 2:56am
Hello mihazupan1,
if i may...
traffic simply means...
well....
think of heavy traffic in the highway.
when there is heavy traffic, vehicles have a hard time passing/moving through smoothly right?

same with price near/at/approaching a traffic area -- it may have trouble passing through.
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