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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

  • #71,701
  • Aug 15, 2010 5:34pm Aug 15, 2010 5:34pm
Quoting mbqb11
Hey zhang

If that bar were moved lower it would look a lot like the last pin from 2 days ago as well. Smaller bar that should be played with a tight eye on the first trouble areas. As this bar stands it really is more of a neutral type bar.

Best
Mike
Thanx for the relpy.

May the force be with you,
Pipcrawler
  • #71,702
  • Aug 15, 2010 6:47pm Aug 15, 2010 6:47pm
Quoting Majestic12
My question is;
If there really is such an astronomically low chance of success in private trading then whats the point in trying to begin with?
a) There isnt. His argument is based on terrible logic. It's ridiculous to equate the two, as if skill in trading is a game of chance. It's like saying that there are only x spots in the NFL draft each year, and therefore me and Micheal Vick had the same 'chance' of success in the 2001 draft.

b) Even if there was, there are many, many more successful traders out there than lottery winners. Just because they arent on FF (or in that guy's thread, lol) doesnt mean they dont exist.

*edit* to be clear, I dont think what he is saying is a bad thing; aside from that claim it was good stuff. There are so many people who are just fooling themselves when they claim they are 'learning the forexes to trade for a living', as if reading some threads on the internet and then trying real hard will suddenly translate into millions. And it's good that someone it being brutally honest about it.
When you have to shoot, shoot. Dont talk.
  • #71,703
  • Aug 15, 2010 7:36pm Aug 15, 2010 7:36pm
Quoting Jliuuu
I think he mentioned his views in post 71634. So if I'm going to trade this, I'll long on the open based on the D1 IBP targeting the top of the bar, and and place a stop loss below. And if that triggers, I'll also place a stop sell order based on the W1 bearish PA. But for the W1 sell order, is the SL about 1.600 (450 pips!), and where should I target the TP?
I did not talk along the lines of the merit on this IPB.

One thing you cannot allow to slip off your mind or thought process is that IPBs by nature are pin bars. Would you take that bar long if it was reversed? Clearly the bar was small and like I said I still feel the British bears have got more to offer looking at that weekly bearish DBHLC.

Also notice the big fish in that area around the IPb on the daily is the 1.55, which gives the IPB the "near BRN" attribute rather than the "at BRN" one.

g.
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I believe . . .
  • #71,704
  • Aug 15, 2010 8:13pm Aug 15, 2010 8:13pm
Quoting Bryan
My pick for next week.

DBHLC to the pip (double top?)
weekly/monthly fib confluence

Is that really a DBHLC?

I was under the impression that the close of the last bar must be below the low of the previous bar, not simply the close below the close.

DBHLC: bearish this is a double bar high with a lower close.
two consecutive bars with highs being equal
and the close of the second bar outside/below the previous bar.
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  • #71,705
  • Aug 15, 2010 8:18pm Aug 15, 2010 8:18pm
Quoting Pinbar
Is that really a DBHLC?

I was under the impression that the close of the last bar must be below the low of the previous bar, not simply the close below the close.

DBHLC: bearish this is a double bar high with a lower close.
two consecutive bars with highs being equal
and the close of the second bar outside/below the previous bar.
you are correct Pin, I overlooked that , thanks

Mike
  • #71,706
  • Aug 15, 2010 8:23pm Aug 15, 2010 8:23pm
Quoting mbqb11
you are correct Pin, I overlooked that , thanks

Mike

I wouldn't normally have mentioned it but over the weekend, I saw people talking about many PA bars that were in fact not pa bars at all.

I am just concerned that a new person such as myself may get the wrong idea. Not trying to pick holes in people's posts.
  • #71,707
  • Aug 15, 2010 8:24pm Aug 15, 2010 8:24pm
hey, Jarroo is back!


Get your connection sorted out Jarroo?
  • #71,708
  • Aug 15, 2010 8:32pm Aug 15, 2010 8:32pm
thinking this could be a possiblitie. Any thoughts?
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  • #71,709
  • Aug 15, 2010 8:34pm Aug 15, 2010 8:34pm
Quoting Pinbar
BE at FTA.

Let's see what it does.


Edit{

I am not going to let this become a loser, took half off the table at FTA and left the SL at BE so that even if i get stopped out, I will not lose out.

It may break the 133 or it may not, the PA bar looks big enough.
Quoting Pinbar
Just got stopped out at BE plus after taking the initial 50% off at the FTA.

I knew this was not a great location for this PB, I thought it would be a good exercise in protecting my capital and there was a slight chance it would run.


Pb this is absolutely fantastic!! James16 would add an applauding smiley face to your posts as well. . . I'm sure of it.

The reasons why . . .we have a PB that's big in size, very clear target . . prevoius bars low(s)(133.00) which is also a PPZ level on the Daily and with the trend or with big move down which could be considered a retracement move.

The PB is big enough but it's not at swing High or off a strong PPZ level or BRN . . like the 1.3500 . . is near but not at the 135.00 is what I mean. So this is not an A+ trade and I would not manage it as such, meaning not a full bar loss in this one.

You had no other expectation beyond the 133.00 (because of the prvious bar lows)and protected yourself accorddingly. If Price went beyond the 133.00, your stop loss would have went just above the 133.00 and so on.


You have capture the core of the James16 material in this two posts.

If you look at each setup like this one . . and be more picky of course . . in their location, swing High/Low, Size, Space etc. . . there is nothing stopping you, Pb.


Great job.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #71,710
  • Aug 15, 2010 8:35pm Aug 15, 2010 8:35pm
Quoting Pinbar
hey, Jarroo is back!


Get your connection sorted out Jarroo?

Yeah still having problems though . .got to call the cable guy back . .but its working better.
Indicators show the past. Price Action "Indicates" the future.
  • #71,711
  • Aug 15, 2010 8:42pm Aug 15, 2010 8:42pm
Quoting KissFan
Hello Jonnyislost and nycc. Fibs can be a valuable part of your trading toolbox if you know how to use them. Everyone should use them as simply a tool for measuring high probability. High probability is learned through practice and backtesting and in my opinion is combined with solid PA for the best results. Everything begins with PA is how I see it. I am partial to .382 extensions. I'll show you a couple of set ups that I use with success. They are used with the spirit of simplicity that is taught here on J16. BTW, I'm not trying to promote or...

Great post Kiss-Man.
Indicators show the past. Price Action "Indicates" the future.
  • #71,712
  • Aug 15, 2010 8:43pm Aug 15, 2010 8:43pm
Quoting jarroo
Pb this is absolutely fantastic!! James16 would add an applauding smiley face to your posts as well. . . I'm sure of it.

The reasons why . . .we have a PB that's big in size, very clear target . . prevoius bars low(s)(133.00) which is also a PPZ level on the Daily and with the trend or with big move down which could be considered a retracement move.

The PB is big enough but it's not at swing High or off a strong PPZ level or BRN . . like the 1.3500 . . is near but not at the 135.00 is what I mean. So this is not an A+ trade and...

Perhaps, you give me too much credit, appreciate the encouragement though.

I was trying to demo the less than perfect trades, not to prove I can do it but to learn how to protect my equity in a situation that may present itself, where things do not go as planned.

Still need a lot more hard work.

Thanks Jarroo
  • #71,713
  • Aug 15, 2010 8:44pm Aug 15, 2010 8:44pm
Quoting mbqb11
now that I definitely don't count

lol good one Mike . . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #71,714
  • Aug 15, 2010 8:46pm Aug 15, 2010 8:46pm
Just wondering how most of you palce entry points on a PB? Do you enter right at the break? Break plus spread? break plus Spread plus Buffer? or other?

Thanks for your input.
  • #71,715
  • Aug 15, 2010 8:55pm Aug 15, 2010 8:55pm
Jarroo

Have you tried rebooting the cable modem?

I mean shutting down your PC and unplugging the power cable to the modem for 30 seconds or so, then plugging it back in?

Maybe there is a new firmware update that may fix it.
  • #71,716
  • Aug 15, 2010 8:56pm Aug 15, 2010 8:56pm
Quoting spookie94
Just wondering how most of you palce entry points on a PB? Do you enter right at the break? Break plus spread? break plus Spread plus Buffer? or other?

Thanks for your input.
spread + buffer always for me Spook
  • #71,717
  • Aug 15, 2010 8:57pm Aug 15, 2010 8:57pm
Quoting Pinbar
Perhaps, you give me too much credit, appreciate the encouragement though.

I was trying to demo the less than perfect trades, not to prove I can do it but to learn how to protect my equity in a situation that may present itself, where things do not go as planned.

Still need a lot more hard work.

Thanks Jarroo

Don't underestimate the power of that Gbp/Jpy you traded Pb . .there is so much of what James16 teaches there that makes you miles ahead of 90% of traders out there.

Sure, there's more to learn like protecting yourself before Price hit the 133.00, maybe taking full profit or doing what you did with taking half, etc. But you can build on your experience by buidling on that one trade alone.
Indicators show the past. Price Action "Indicates" the future.
  • #71,718
  • Aug 15, 2010 9:02pm Aug 15, 2010 9:02pm
Quoting Pinbar
Jarroo

Have you tried rebooting the cable modem?

I mean shutting down your PC and unplugging the power cable to the modem for 30 seconds or so, then plugging it back in?

Maybe there is a new firmware update that may fix it.
Oh yeah, we've done all that . .replaced all the cable fitting . . .80% of the problems with cable internet are poor fittings. . .replaced the line to my house, . .but I'm still not happy. More trouble shooting to continue . .
Indicators show the past. Price Action "Indicates" the future.
  • #71,719
  • Aug 15, 2010 9:05pm Aug 15, 2010 9:05pm
Quoting mbqb11
spread + buffer always for me Spook
Thats how I do it too Mike. I like to see it going my wy before I enter.
  • #71,720
  • Aug 15, 2010 9:07pm Aug 15, 2010 9:07pm
Quoting jarroo
Oh yeah, we've done all that . .replaced all the cable fitting . . .80% of the problems with cable internet are poor fittings. . .replaced the line to my house, . .but I'm still not happy. More trouble shooting to continue . .
Do they have a connector before the cable enters your house? If so is it weather proofed properly?
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