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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

  • #73,121
  • Aug 28, 2010 2:04pm Aug 28, 2010 2:04pm
Quoting jarroo
Hey Bill
Yes, the Weekly PB is pretty and small lacks much needed space, which could mean just a pause in its downward move from the Weekly BEOB.

.
The other thing that bugs me about this setup is if you take those last two week bars and combine them they equal a spinning top or doji. which leads me to think indecision or a pause for a break further down or the up move.

Maybe I'm putting to much thought into this...complicating things...well hopefully its' good discussion
  • #73,122
  • Aug 28, 2010 3:07pm Aug 28, 2010 3:07pm
enrc (ftse) on weekly. pinbar. saw the 800 gbp. divergence. fta 900 and 1000 gbp.
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meine augen sind die sterne
  • #73,123
  • Aug 28, 2010 4:02pm Aug 28, 2010 4:02pm
nxt (ftse) on weekly. seems good for a 200 pound run.
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meine augen sind die sterne
  • #73,124
  • Aug 28, 2010 5:00pm Aug 28, 2010 5:00pm
Quoting Atc
The other thing that bugs me about this setup is if you take those last two week bars and combine them they equal a spinning top or doji. which leads me to think indecision or a pause for a break further down or the up move.

Maybe I'm putting to much thought into this...complicating things...well hopefully its' good discussion
Atc, thinking of your post I do now see this indecision in the setup I found
http://www.forexfactory.com/showpost...ostcount=73101

It is in fact doji on 2-day chart. Hmm. But if this is the case worth skipping a trade then almost all setups would be no go! Or on the other hand a doji on daily could be played as half-day PB?

Good PB on daily would look just as some bar on 2 day... Your post made me thinking...
  • #73,125
  • Aug 28, 2010 5:38pm Aug 28, 2010 5:38pm
Quoting jarroo
Wow . . great video Ace . .this guy knows his stuff.

I like that if Price didn't reach HIS level or area, he didn't take the trade. . . . let Price come to you. Also, how you based the management of the trade on the charts nothing else . .like outside influences as you mentioned. Nice . .
Thanks a million for your kind words and the vouch! Glad you find my analysis useful. Means a lot coming from a senior J16 member.

Quoting jarroo
Just to throw some other confluences at you Ace . . . ....
Quoting jarroo
Also . .notice where Price retraced to on the Hourly BEOB . .the previous bar High . . then the previous bar low, which was a retest of the break . .
Yeah, its fantastic how all these things line up when it comes to an important point of reversal.
Its even better, when we take full advantage of it.
  • #73,126
  • Aug 28, 2010 5:48pm Aug 28, 2010 5:48pm
amgn on weekly. nearly the third pinbar which retraced at the 50 usd.
take first profit at 55, then 60 usd. stop below 50 usd.
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meine augen sind die sterne
  • #73,127
  • Aug 28, 2010 6:30pm Aug 28, 2010 6:30pm
cvx on weekly. the 365 ema acted as support. tp 77,50 an 80 usd. sl below pb.
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meine augen sind die sterne
  • #73,128
  • Aug 28, 2010 8:05pm Aug 28, 2010 8:05pm
Quoting Adilius07
Atc, thinking of your post I do now see this indecision in the setup I found
http://www.forexfactory.com/showpost...ostcount=73101

It is in fact doji on 2-day chart. Hmm. But if this is the case worth skipping a trade then almost all setups would be no go! Or on the other hand a doji on daily could be played as half-day PB?

Good PB on daily would look just as some bar on 2 day... Your post made me thinking...
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  • #73,129
  • Aug 28, 2010 10:48pm Aug 28, 2010 10:48pm
Quoting james16
Spent some time tonight with my son going over some charts and possible trades he is considering. Thought i would share his record this year on this pair. LOL.

J16
----------------------------------------------------------------------------------------------------------------
He really doesnt know anything different than any of you.

The only difference might be that he gets to hear my rants instead of reading them.

when he first started on demo several years ago i made a deal with him.

i told him the only way it will work is if your picky. i told him i would pay him something for every month he went positive and i would take it away if he was negative.

he struggled at first but it did not take him long to see the light.

thats what im most proud of about his trading.

now that its his real money its very rare that he does something flat out dumb.


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I was reading through the thread again and found this, must have missed it the first time through the thread but, I figure it deserves a bump.
James16's son must be 16 or 17 by now, and his account has probably grown over a thousand bucks per centimeter of the difference in his height since this post. A very heartwarming post and one any dad should be proud of.
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  • #73,130
  • Aug 29, 2010 12:04am Aug 29, 2010 12:04am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Wow Jim! Your 11 yr old could easily put to shame the 95% of traders.
I have seen the enemy, and it is me.
  • #73,131
  • Aug 29, 2010 4:03am Aug 29, 2010 4:03am
I have been thinking about how complex my charts are looking and I came up with this simple 3 line system to work out the FTA and possible areas of moving our SL. I actually think this is a good idea for me to work on.

Hope it helps any new people to the thread grasp the importance of the FTA and simplify identifying it.
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  • #73,132
  • Aug 29, 2010 4:11am Aug 29, 2010 4:11am
Quoting Pinbar
J16
----------------------------------------------------------------------------------------------------------------
He really doesnt know anything different than any of you.

The only difference might be that he gets to hear my rants instead of reading them.

when he first started on demo several years ago i made a deal with him.

i told him the only way it will work is if your picky. i told him i...
See Pinbar, I was going through these charts many many times. And through my current charts, and the charts just keep on telling me that the Bar stucture is the most important aspect, the location, traffic, FTA are secondary. Even here you would see that for some setups there are FTA too close, lots of traffic etc. but the trade still worked at the oppostunity was not missed... This is the thing that bothers me now: how much attention should I give to each aspect (fta, bar, location, traffic) equal?
  • #73,133
  • Aug 29, 2010 4:18am Aug 29, 2010 4:18am
Quoting Pinbar
I have been thinking about how complex my charts are looking and I came up with this simple 3 line system to work out the FTA and possible areas of moving our SL. I actually think this is a good idea for me to work on.

Hope it helps any new people to the thread grasp the importance of the FTA and simplify identifying it.
this is cool, thanks! simple and effective indeed! I made a PDF of your post and put it into my library, thanks
  • #73,134
  • Aug 29, 2010 4:24am Aug 29, 2010 4:24am
Quoting Adilius07
See Pinbar, I was going through these charts many many times. And through my current charts, and the charts just keep on telling me that the Bar stucture is the most important aspect, the location, traffic, FTA are secondary. Even here you would see that for some setups there are FTA too close, lots of traffic etc. but the trade still worked at the oppostunity was not missed... This is the thing that bothers me now: how much attention should I give to each aspect (fta, bar, location, traffic) equal?


Not sure, I agree with your prioritization of this.

I am trying to not add more weight to any of them but just use them like a checklist.

I am trying to do it like this.


After I come across a PA bar.



1: Size 2: shape 3: Location 4:close of bar 5:FTA

If they all add up, I will take it, if one aspect is missing, depending on what that is, I will try to avoid it or place more importance on FTA.

I mean, if the location is bad, I will not take it, if the size is a little small but location is really good, I may take it but BE is the FTA for sure.
  • #73,135
  • Aug 29, 2010 4:31am Aug 29, 2010 4:31am
Quoting Pinbar
Not sure, I agree with your prioritization of this.

I am trying to not add more weight to any of them but just use them like a checklist.

I am trying to do it like this.


After I come across a PA bar.



1: Size 2: shape 3: Location 4:close of bar 5:FTA

If they all add up, I will take it, if one aspect is missing, depending on what that is, I will try to avoid it or place more importance on FTA.

I mean, if the location is bad, I will not take it, if the size is a little small but location is really good, I may take it but BE is the FTA for...
I do the same now. This is from my excel check list. I would go for at least OK for all But the bar structure must be perfect

However, trades will be missed, and sometimes I think that just a strong bar will do it... oh well maybe I just need more time to make up my mind and gain some confidence in setups..
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  • #73,136
  • Aug 29, 2010 4:41am Aug 29, 2010 4:41am
Hi everyone,

glad knowing there is such a good community here. hmm.. having difficulties to understand the terms like FTA,PA etc though.. tried to search it in the attachments but failed. anyone can shed some light? thanks!
  • #73,137
  • Aug 29, 2010 4:43am Aug 29, 2010 4:43am
Quoting Adilius07
I do the same now. This is from my excel check list. I would go for at least OK for all But the bar structure must be perfect

However, trades will be missed, and sometimes I think that just a strong bar will do it... oh well maybe I just need more time to make up my mind and gain some confidence in setups..

That is a great system you put together Adi, till you get it internalized like Jarroo & Mike.

Maybe you should ask them about the prioritization of these aspects.

I mean, size is number 5 & B, on your list, perhaps it can be more important in some circumstances.

I think these PA quality inspections are really important and on the whole, will prevent us from over trading.

I noticed Jonnyislost, mentioned he was perhaps over-trading and this was bringing down his overall profit margin.


You will get there man......You are putting in the hard work.


I feel there are some aspects we can not rush but must be learned in there own time.
  • #73,138
  • Aug 29, 2010 4:47am Aug 29, 2010 4:47am
Quoting Pinbar
That is a great system you put together Adi, till you get it internalized like Jarroo & Mike.

Maybe you should ask them about the prioritization of these aspects.

I mean, size is number 5 on your list, perhaps it can be more important in some circumstances.

I think these PA quality inspections are really important and on the whole, will prevent us from over trading.

I noticed Jonnyislost, mentioned he was perhaps over-trading and this was bringing down his overall profit margin.


You will get there man......You are putting in the hard work.


I...
Thanks Pinbar! Yes exactly the priority is the #1 concern for me. It feels like the structure (close, shape, relationship to previous bar (like PB o/c within previous bar) should be the most important, but what about the rest... And going through James charts I'm still not sure.
And yes overtrading is one scary thing too, so maybe yeah I should stay more conservating and disciplined on ALL criteria..

Ok, time will tell, still experimenting
  • #73,139
  • Aug 29, 2010 4:50am Aug 29, 2010 4:50am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting Adilius07
I do the same now. This is from my excel check list. I would go for at least OK for all But the bar structure must be perfect

However, trades will be missed, and sometimes I think that just a strong bar will do it... oh well maybe I just need more time to make up my mind and gain some confidence in setups..
This is nice, I'm doing one like this. This is like a pre-flight checklist before take off. Where you'd be landing will depend on this.
I have seen the enemy, and it is me.
  • #73,140
  • Aug 29, 2010 4:57am Aug 29, 2010 4:57am
Quoting Jey
This is nice, I'm doing one like this. This is like a pre-flight checklist before take off. Where you'd be landing will depend on this.
I got the idea from Bollocks, he has put some cool excel file here.

Here: http://www.forexfactory.com/showpost...ostcount=72893

Keeps things in order, I think
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