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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

  • #69,661
  • Jul 26, 2010 12:19am Jul 26, 2010 12:19am
jarroo,
Thanks Sir.
we have an ongoing, sort of never-ending paradox here.
-newer traders need this thread. this thread is full of information.
(people here are very generous, answering questions. but people are not robots. humans are not designed to answer the same question a hundred times without feeling anything.)
-yet it is the newer traders that make this thread EXTRA-voluminous, WAY more than it should be.
-moreover, it's the newer traders (not in general) that whine 'this thread is so HUGE'

again, not trying to criticize, just trying to spread good traits like self-reliance. ..as good traits are paramount in trading & life in general.
everyobdy should make an E-F-F-O-R-T
progress doesnt come to a person who cant do even simple tasks.
  • #69,662
  • Jul 26, 2010 12:28am Jul 26, 2010 12:28am
Quoting supremeChaos
jarroo,
Thanks Sir.
we have an ongoing, sort of never-ending paradox here.
-newer traders need this thread. this thread is full of information.
(people here are very generous, answering questions. but people are not robots. humans are not designed to answer the same question a hundred times without feeling anything.)
-yet it is the newer traders that make this thread EXTRA-voluminous, WAY more than it should be.
-moreover, it's the newer traders (not in general) that whine 'this thread is so HUGE'

again, not trying to criticize,...
Very true sChoas.

I remember . . . long ago . . . asking my teacher the definition of a certain word. She said, " Look it up yourself . .that way you'll never forget it." She was right.
Indicators show the past. Price Action "Indicates" the future.
  • #69,663
  • Jul 26, 2010 2:57am Jul 26, 2010 2:57am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
If new traders are expected not to ask stuffs they dont know and required to filter thru the thread first, that is well and good. No problems with that. But at the same time what about idle chatter that serves no purpose as found much in this thread which ALSO lengthens the thread unnecessarily? Should that be encouraged or that's a NO-NO as well?
I have seen the enemy, and it is me.
  • #69,664
  • Jul 26, 2010 3:07am Jul 26, 2010 3:07am
Hello Jey,
based on what i've seen since last year (my membership), 'idle chatter' is neither encouraged nor despised. seniors here are pretty generous.
off topics when weekends near are quite common/expected.
in general, negativity is off limits to this thread. this thread has a 'dynamic police force' that makes sure negativity is minimized.
positivity is a hallmark of this thread.
having said that, james16 thread is a 'rare breed' within FF.

btw, if u think 'idle chatter' is prevalent here, then that would mean MOST of the other FF threads are mainly JUNK to u, as 'idle chatter' is relatively worse in most other threads. check them out.
i still visit threads ex-James16 thread. ask Sir mbqb11 & other seniors why they avoid/abhor visiting other threads.
  • #69,665
  • Jul 26, 2010 3:16am Jul 26, 2010 3:16am
Quoting supremeChaos
btw, if u think 'idle chatter' is prevalent here, then that would mean MOST of the other FF threads are mainly JUNK to u, as 'idle chatter' is relatively worse in most other threads. check them out.
^^ x1000

Edit: aww crap, I just contributed to idle chatter, didn't I? heh
  • #69,666
  • Jul 26, 2010 3:23am Jul 26, 2010 3:23am
Quoting XNAdam
...aww crap, I just contributed to idle chatter, didn't I? heh
Red Mage, yes u did


Hey Jey,
dont forget...
we are traders, but above all, we are humans. we have emotions.
we , we , we get etc
trading is a pretty boring & solitary business... we need to unwind from time to time. im sure ALL will agree.
  • #69,667
  • Edited 3:52am Jul 26, 2010 3:39am | Edited 3:52am
Quoting supremeChaos
Red Mage, yes u did


Hey Jey,
dont forget...
we are traders, but above all, we are humans. we have emotions.
we , we , we get etc
trading is a pretty boring & solitary business... we need to unwind from time to time. im sure ALL will agree.
Exactly.

There are two main reasons why I find this thread to be superior to any others I've come across.

Firstly, and obviously, there is a great wealth of education contained here. I truly believe you can read just this thread alone and become a confidant, competent, and professional trader.

Secondly, and to me more importantly, all the major contributors to this thread are extremely personable and extremely selfless; their character is outstanding, as is their knowledge and commitment to help new traders learn the ropes.

This is the james16 Chart Thread, a place to post charts and encourage trade discussion, but it is the idle chatter that builds and strengthens the community and maintains the livelihood.
  • #69,668
  • Jul 26, 2010 3:46am Jul 26, 2010 3:46am
Quoting XNAdam
Exactly.

There are two main reasons why I find this thread to be superior to any others I've come across.

Firstly, and obviously, there is a great wealth of education contained here. I truly believe you can read just this thread alone and become a confidant, competent, and professional trader.

Secondly, and to me more importantly, all the major contributors to this thread are extremely personable and extremely selfless; their character is outstanding, as is there knowledge and commitment to help new traders learn the ropes.

This...
I have been to many investment threads. What struck me about this thread and I commented at the time was the community spirit here. How posters were trying to help each other, not boost their egos by knocking the other person.
We are all here to learn and develop our trading.
As Mike in reply to my comment said something to the effect that the nasty side of these forums was not welcome here and was given short shrift.

Long live J16, the king amongst investment threads.
  • #69,669
  • Jul 26, 2010 4:00am Jul 26, 2010 4:00am
Question? I was looking at my software and discovered its possible to have 8 hrly/12hrly charts . Is there any reason why one should /shouldn't look at these time frames? Ive noticed Pin Bars on the 8 Hrly chart which arent on the other time frames, and vice versa. Has anyone talked about this in the past? (which is very possible in the many thousands of posts) LOL.
  • #69,670
  • Jul 26, 2010 4:06am Jul 26, 2010 4:06am
Quoting Icehocey77
EUR/GBP pin bar on weekly

I guess you are putting this chart up for the weekly bullish pin bar.

It is not totally part of this thread but a big part of James' teaching is where will price go.
This is totally invaluable.
In this example price went to where it was expected to go.
The targets tend to be neighbouring bar highs/lows.
As you can see it went up to a neighbouring bar high - stage 1 and then got up to the next bar high.
What the teaching suggests is you get yourself to break even, then you bank some profit which something left on the table if the move turns out to be a runner.
That way if price turns round on you, you do not lose on the trade and you can make some profit when it moves up further.
Then if say 1 in 3 or 4 turn out to be runners you get some good profits from theses.
  • #69,671
  • Jul 26, 2010 4:08am Jul 26, 2010 4:08am
Hello Sjr,
based on my limited knowledge of this thread, your question has not been asked many times.

here are a few reasons
why one should look at these time frames
-to facilitate/expedite 'visual analysis' (with this 'custom TFs', u can easily see an 8hr pinbar; whereas in a 4H chart, u have to create 'in your mind' a 2-bar PB*)

why one shouldn't look at these time frames
-prevent potential over-analysis; breed simplicity
-same info*, just different TFs (with experience, your 'creative mind' will see this 8hr PB or 52hr BUOB almost instantly, without the use of 'custom TF charts')

the decision is up to u.
the decision depends mainly on your personality &/or experience.
  • #69,672
  • Jul 26, 2010 4:20am Jul 26, 2010 4:20am
Quoting supremeChaos
Hello Sjr,
based on my limited knowledge of this thread, your question has not been asked many times.

here are a few reasons
why one should look at these time frames
-to facilitate/expedite 'visual analysis' (with this 'custom TFs', u can easily see an 8hr pinbar; whereas in a 4H chart, u have to create 'in your mind' a 2-bar PB*)

why one shouldn't look at these time frames
-prevent potential over-analysis; breed simplicity
-same info*, just different TFs (with...
Thx SupremeChaos. I understand your reasoning. So can I assume a 2 Bar PB is just as reliable as a single 4hr Pb?
  • #69,673
  • Jul 26, 2010 4:35am Jul 26, 2010 4:35am
Quoting Sjr
Thx SupremeChaos. I understand your reasoning. So can I assume a 2 Bar PB is just as reliable as a single 4hr Pb?
Yep, same thing providing the open and close are within the previous bar's lows and the other criteria for a PB are met (i.e open and close are within the top/bottom third of the PB)

2 x H4 pinbars can be an H8 pinbar, 2x D1 pinbars can be a D2 pinbar etc
  • #69,674
  • Jul 26, 2010 4:38am Jul 26, 2010 4:38am
Sjr,
Yes Sir. they are actually one & the same.
u are just viewing it using two different TFs.
kind of like using a binocular telescope (4H chart) vs a monocular telescope/spotting scope (8H chart).
{i hope im quite correct with my analogy}
  • #69,675
  • Jul 26, 2010 5:36am Jul 26, 2010 5:36am
Quoting supremeChaos
Sjr,
Yes Sir. they are actually one & the same.
u are just viewing it using two different TFs.
kind of like using a binocular telescope (4H chart) vs a monocular telescope/spotting scope (8H chart).
{i hope im quite correct with my analogy}
Haha this is cool analogy. Personally me think that If I see 2-day PinBar on daily chart that is so cool, most traders would see just red-green, and I see Pinbar!!! . Makes me feel special! lol. Thanks to J16!!!
  • #69,676
  • Jul 26, 2010 6:05am Jul 26, 2010 6:05am
A better Pinocchio on this mornings M15 Cable (last three bars)? Although it's against the long term trend and it's consolidating just below strong psych resistance at 5500.
Attached Image (click to enlarge)
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  • #69,677
  • Jul 26, 2010 6:27am Jul 26, 2010 6:27am
Hello FibbinArchie,
u mean a 3-bar PB?
if so, yes it's possible. but dont forget, that PB has to get triggered.

a major concern is the trend. have u checked H4 & Daily? current uptrend is pretty strong. & that PB is not protruding so in a way it is not "calling out to me"/not spectacular at all.
also, if u are not familiar with S/R & PPZs, then shorting this would likely turn out to be a stressful trade.

if u are starting out, it's highly recommended to stay with H4 & up charts.

again,
review mbqb11's links.
read Cyrus summaries
view the free videos too.
  • #69,678
  • Jul 26, 2010 6:34am Jul 26, 2010 6:34am
what do you think abouth this 4 hour pin on gbp/chf?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf-4h.jpg Size: 85 KB
  • #69,679
  • Jul 26, 2010 6:42am Jul 26, 2010 6:42am
Quoting supremeChaos
Hello FibbinArchie,
u mean a 3-bar PB?
if so, yes it's possible. but dont forget, that PB has to get triggered.

a major concern is the trend. have u checked H4 & Daily? current uptrend is pretty strong. & that PB is not protruding so in a way it is not "calling out to me"/not spectacular at all.
also, if u are not familiar with S/R & PPZs, then shorting this would likely turn out to be a stressful trade.

if u are starting out, it's highly recommended to stay with H4 & up charts.

again,
review [url="http://www.forexfactory.com/showpost.php?p=3897664&postcount=69641"]mbqb11's...
Yeah it took out the high by a few pips on the next bar, conclusion, the M15 is a bit too messy and to short would have been fighting a strong trend.

It's since pulled back into the range and is still in consolidation.

If by PPZ you mean pivots, yeah I use them, daily, weekly & monthly, (the lines marked resistance on the chart are actually daily pivots) and by Pinocchio yes I do mean 3 bar PB. LOL I'm still very early on in this thread, where they're being referred to as Pinocchios, a term coined by Martin Pring.

I take it that a trigger would have been a break of the low of the third bar?

Thanks for your response.

Jon

Great links BTW cheers.
  • #69,680
  • Jul 26, 2010 6:44am Jul 26, 2010 6:44am
Hello fx13new,
well it looks legit.
if u look at H4 & Daily, it's not surpising for price to make a pause or even a minor retracement towards mid- to low-1.6200 or even 1.6100's..

perhaps, the questions are
-is the PB's size big enough for YOU to trade it?
-this is counter trade (in the context of the current upmove), so are u alert & prepared to take a loss/quick exit in case a downside retracement doesnt go well?

personally, i'll watch PA some more & more likely be inclined to look for buying opportunities.
Hope this helps
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