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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

  • #72,301
  • Aug 20, 2010 2:41am Aug 20, 2010 2:41am
Quoting Jonnyislost
Thanks for the support Jarroo

Changing my username would probably coincide with a losing streak, overconfidence seems to be a killer in this game

Have a great weekend!

Good attitude to have Jon.


How about Jonnyisdoingit . . that didn't come out right lol

I'll think of something. lol
Indicators show the past. Price Action "Indicates" the future.
  • #72,302
  • Aug 20, 2010 2:48am Aug 20, 2010 2:48am
Is there some PA developing around 0.89 on this pair?

On the 4hrly chart a H&S formation. On my feed there looks like the possibility of a PB developing?.

Another hr to go before close. I'd like to post my chart, but being new..not sure how to do this yet.

Cheers

Mark
  • #72,303
  • Aug 20, 2010 2:53am Aug 20, 2010 2:53am
Quoting jarroo
Good attitude to have Jon.


How about Jonnyisdoingit . . that didn't come out right lol

I'll think of something. lol
What abt or Jonnyiscool or Jonnyisnobaloney ?
  • #72,304
  • Aug 20, 2010 2:58am Aug 20, 2010 2:58am
Quoting Hitchhiker
Is there some PA developing around 0.89 on this pair?

On the 4hrly chart a H&S formation. On my feed there looks like the possibility of a PB developing?.

Another hr to go before close. I'd like to post my chart, but being new..not sure how to do this yet.

Cheers

Mark
Try this Hitchhiker:

To post a chart:

If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick “Active chart (as is)” then click “OK”.
Save anywhere you want i.e. Desktop or a folder.

Then when you enter to post comments go to “Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop or folder.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it to upload then close the “Manage Attachments” window. Then make sure you hit the “Submit Reply” button that is under the “ Attachments” button.
Done.
Indicators show the past. Price Action "Indicates" the future.
  • #72,305
  • Aug 20, 2010 3:00am Aug 20, 2010 3:00am
Quoting ertorque
What abt or Jonnyiscool or Jonnyisnobaloney ?

I like it, ertorque lol

or Jonnyisprogressingnicelythankyou.
Indicators show the past. Price Action "Indicates" the future.
  • #72,306
  • Aug 20, 2010 3:01am Aug 20, 2010 3:01am
Quoting jarroo
Good attitude to have Jon.


How about Jonnyisdoingit . . that didn't come out right lol

I'll think of something. lol
Quoting ertorque
What abt or Jonnyiscool or Jonnyisnobaloney ?


I think just Jonny will be fine


Edit
Quoting jarroo
I like it, ertorque lol

or Jonnyisprogressingnicelythankyou.
Oh this one's pretty catchy..
  • #72,307
  • Aug 20, 2010 3:08am Aug 20, 2010 3:08am
Quoting Jonnyislost


I think just Jonny will be fine


Edit


Oh this one's pretty catchy..

I thought so too Jon . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #72,308
  • Edited 3:48am Aug 20, 2010 3:21am | Edited 3:48am
I know I've been on this Outside Bar kick lately, hope people don't mind.


Here again on the Weekly Aud/Usd, which is much like the Weekly Eur/Usd.

Its not a BEOB nor a DBHLC but notice where Price retraced to when it broke and hit its FTA.

Lower time frame PA would be what I would be looking for at this retracement level.

That Daily IB at the .9000 looks more interesting when more of a story is being told.
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Indicators show the past. Price Action "Indicates" the future.
  • #72,309
  • Aug 20, 2010 3:30am Aug 20, 2010 3:30am
I am following up from my post #71444. Here is one of my favorite set ups with ALL criteria for trading. (A James16 Package Deal in a neat little Box)I know that I speak of bar formation set ups quite a bit. It is because they are most interesting to me. However exits in my book are more important. (I'll start posting more on exits) In the scenario presented, I will wait for two consecutive and opposing pins to print on any timeframe. When this happens, I will fib the range and when price breaks the range, I will look for a retracement move back to the pivot where I have a pending order. I then trade in the direction of the break to the .382 extension. There now we have the whole package: an entry for better than 1/1.5 RR, an exit and a stop loss. Easy trade and it has been high probability for me. Scroll your charts back and you can see for yourself.

K.I.S.S.

P.S. Another idea. Enter on one timeframe and manage entry/exit on lower TF's.
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  • #72,310
  • Aug 20, 2010 3:30am Aug 20, 2010 3:30am
Hello Traders,

I have a serious problem here with being picky. That is if you really think about it, there is almost ALWAYS a series of FTA (first, second, third etc) on your way. It is sometimes looks as traders on purpose or not just ignore some FTA levels, so to make the setup tradable... but a better look (being more picky) will reveal many many FTA's being so close that setup would look really foolish.

What am I doing wrong? This is really difficult to be picky for me. Because I either have to skip every trade that is 1) good bar 2) good location BUT TOO MANY levels of S/R in front of it!!! OR I have to pretend that "I Know" those FTA's woud not be a problem!!! I mean If you look fair enough to the left, these levels are almost each 10 pips or so.....

What to do???

Here is an example:
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  • #72,311
  • Aug 20, 2010 3:32am Aug 20, 2010 3:32am
Quoting jarroo
Its not a BEOB nor a DBHLC but notice where Price retraced to when it broke and hit its FTA.
Is this some kind of magic or what?
  • #72,312
  • Aug 20, 2010 3:45am Aug 20, 2010 3:45am
Quoting KissFan
I am following up from my post #71444. Here is one of my favorite set ups with ALL criteria for trading. (A James16 Package Deal in a neat little Box)I know that I speak of bar formation set ups quite a bit. It is because they are most interesting to me. However exits in my book are more important. (I'll start posting more on exits) In the scenario presented, I will wait for two consecutive and opposing pins to print on any timeframe. When this happens, I will fib the range and when price breaks the range, I will look for a retracement move back...

Hey Rog.

So if Price breaks the Top (strike 1.3350) or the Bottom (Strike 1.02860) you will enter when Price retrace back within to the Pivot 1.03105 ?
Indicators show the past. Price Action "Indicates" the future.
  • #72,313
  • Aug 20, 2010 3:46am Aug 20, 2010 3:46am
Quoting mihazupan1
Is this some kind of magic or what?
No magic here mihazupan . .lol



Just Support turning into Resistance and vice versa.
Indicators show the past. Price Action "Indicates" the future.
  • #72,314
  • Aug 20, 2010 3:48am Aug 20, 2010 3:48am
Quoting jarroo
Hey Rog.

So if Price breaks the Top (strike 1.3350) or the Bottom (Strike 1.02860) you will enter when Price retrace back within to the Pivot 1.03105 ?
Yes sir. Many get away from you as a "no trade" with that criteria but if you don't trade them that way, your RR sucks.

K.I.S.S.
  • #72,315
  • Aug 20, 2010 3:49am Aug 20, 2010 3:49am
Quoting jarroo
No magic here mihazupan . .lol

Just Support turning into Resistance and vice versa.
Just kidding

Great example though. It's even more obvious on the lower time frames that you posted.
  • #72,316
  • Aug 20, 2010 3:54am Aug 20, 2010 3:54am
Quoting KissFan
Yes sir. Many get away from you as a "no trade" with that criteria but if you don't trade them that way, your RR sucks.

K.I.S.S.

Oh .. ok Thanks

I guess you could just take the break of the range . .SOn OF a Bi***

Monthly PBs Gbu/Usd
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Indicators show the past. Price Action "Indicates" the future.
  • #72,317
  • Aug 20, 2010 3:57am Aug 20, 2010 3:57am
Quoting Adilius07
Hello Traders,

I have a serious problem here with being picky. That is if you really think about it, there is almost ALWAYS a series of FTA (first, second, third etc) on your way. It is sometimes looks as traders on purpose or not just ignore some FTA levels, so to make the setup tradable... but a better look (being more picky) will reveal many many FTA's being so close that setup would look really foolish.

What am I doing wrong? This is really difficult to be picky for me. Because I either have to skip every trade that is 1) good bar 2) good...


Hey Adi.

Great to see I am not the only one who goes through this thing, of thinking I know something then sort of complicating it till I am not sure anymore. t is some kind of learning stage, I feel.

Anyway, recently I have been paying attention to not only the highs and lows of candles in trying to work out the FTA but I am paying equal attention to the open and close. I mean, when I see a series of open a closes close to my initial FTA search, it sort of confirms it.

If you see what I mean.
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  • #72,318
  • Aug 20, 2010 3:58am Aug 20, 2010 3:58am
Quoting Adilius07
Hello Traders,

I have a serious problem here with being picky. That is if you really think about it, there is almost ALWAYS a series of FTA (first, second, third etc) on your way. It is sometimes looks as traders on purpose or not just ignore some FTA levels, so to make the setup tradable... but a better look (being more picky) will reveal many many FTA's being so close that setup would look really foolish.

What am I doing wrong? This is really difficult to be picky for me. Because I either have to skip every trade that is 1) good bar 2) good...
Hey Adillius. If I may..
You're right many setups, especially lately, have many trouble areas very close to the entry price. This is due to the fact that these bars are trading into traffic.
I hate to quote the USD/CAD weekly bar again because it's been done to death, but it's the first example I could think of, lol
See how much space there is the the left of the bar, the FTA is a very minor one, and you would probably already been up around 0.3R but the time it got hit. By the time the next trouble area is touched, a 1:1 RR has already been acheived.
These are the kind of bars, and locations I look for, as they give you much less to worry about (they are rare of course, but the picky-ness does pay off,I promise)
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  • #72,319
  • Aug 20, 2010 4:02am Aug 20, 2010 4:02am
Quoting Pinbar
Anyway, recently I have been paying attention to not only the highs and lows of candles in trying to work out the FTA but I am paying equal attention to the open and close. I mean, when I see a series of open a closes close to my initial FTA search, it sort of confirms it.
I do that as well and I think the opens and closes should be treated equally (I feel like Martin Luther King ).

I'm often confused about trouble areas as well.
  • #72,320
  • Aug 20, 2010 4:02am Aug 20, 2010 4:02am
Quoting jarroo
Oh .. ok Thanks

I guess you could just take the break of the range . .SOn OF a Bi***

Monthly PBs Gbu/Usd

Yeah, I have had my eye on this confluence.

Even I saw it......LOL
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