james16 Chart Thread | Page 3658 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #73,141
  • Aug 29, 2010 5:25am Aug 29, 2010 5:25am
Quoting Adilius07
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


I am sure Jarro, Mike and indeed Jim would probably ask why there are any B's on the list in the first place. If we take out the B's all we have are A+ trades to take, then as Jarro says, "Waiting is Trading"!
  • #73,142
  • Aug 29, 2010 5:29am Aug 29, 2010 5:29am
Quoting Pinbar
I am sure Jarro, Mike and indeed Jim would probably ask why there are any B's on the list in the first place. If we take out the B's all we have are A+ trades to take. LOL
lol yes probably. But if I do this to go with A's only, I'm afraid I would cheat on myself, like "oh yes, of course it is A..." lol

So keeping this as much objective as possible helps me. I also try to use these concepts with my stocks options trading, where for example yesterday I found 26 possible PA setups. And this checklist helped to choose, as I hope objectively, just one among all "good" setups...
  • #73,143
  • Aug 29, 2010 5:43am Aug 29, 2010 5:43am
Quoting Pinbar
I am sure Jarro, Mike and indeed Jim would probably ask why there are any B's on the list in the first place. If we take out the B's all we have are A+ trades to take, then as Jarro says, "Waiting is Trading"!
and again Pinbar, this doubt comes in mind (about validity of such a check list at all) LOL.

For example. Pinbar, can you honestly say how many setups among these would pass your check list? It would not certnaily pass if one has only A criteria for FTA, Traffic, Location,BRN, Trend, Space, Bar close... - and that doesn't mean trade would not go to profit!!! It did. So see this check list is something I'm not sure yet.

http://cdn.forexfactory.com/attachme...1&d=1283053768

EDIT: that's why I have B in my checklist for now. lol
  • #73,144
  • Aug 29, 2010 6:01am Aug 29, 2010 6:01am
Quoting Adilius07
and again Pinbar, this doubt comes in mind (about validity of such a check list at all) LOL.

For example. Pinbar, can you honestly say how many setups among these would pass your check list? It would not certnaily pass if one has only A criteria for FTA, Traffic, Location,BRN, Trend, Space, Bar close... - and that doesn't mean trade would not go to profit!!! It did. So see this check list is something I'm not sure yet.
EDIT: that's why I have B in my checklist for now. lol

Could you please criticise on why I'd take the following off the picture you linked (still learning... forever!)?

1) Skipped, the close is too high
2) Skipped, not a pin bar, close is too high for me to feel safe it won't crush back
3) Skipped, the setup just does not make sense.
I'd have gone long some bars later, after the retracement
4) I'd have taken it with a tight stop, the bar is not really convincing but it looks like a slow but steady slope down could come next.
5) Skipped
6) Taken short, it's the typical breakdown pull up before it goes down again (sorry for my English :S)
7) Skipped, close is too high and will fire back
8) B setup for me, not sure, close looks too high, but not by too much.
9) A- setup, could have taken it because the bar does not look like blatantly going to fail back onto itself right after.
  • #73,145
  • Aug 29, 2010 6:19am Aug 29, 2010 6:19am
Some of these trades may well have been touch trades off the PPZ.

Also as Jim stated, he was only 11, this was demo and he was earning pocket money for his wins.
Attached Image (click to enlarge)
Click to Enlarge Name: eg6409.gif Size: 53 KB
  • #73,146
  • Aug 29, 2010 6:21am Aug 29, 2010 6:21am
Quoting dfumagalli
Could you please criticise on why I'd take the following off the picture you linked (still learning... forever!)?

1) Skipped, the close is too high
2) Skipped, not a pin bar, close is too high for me to feel safe it won't crush back
3) Skipped, the setup just does not make sense.
I'd have gone long some bars later, after the retracement
4) I'd have taken it with a tight stop, the bar is not really convincing but it looks like a slow but steady slope down could come next.
5) Skipped
6) Taken short, it's the typical breakdown pull up before it goes...

Well Dfumagalli, ok I will try (beased on my little experience with this thread and my check list from previous post - let's make it that all has to be A...)

MAN I HOPE I WILL NOT BE BANED AFTER THIS!!! THIS IS THE BEST METHOD ON EARTH BUT I TRY TO UNDERSTAND IT!

1) Skipped, the close is too high -
it is doji bar,shows indecision - very weak close, good skip

2) Skipped, not a pin bar, close is too high for me to feel safe it won't crush back
it is good BUOB, however already run into traffic to the left, still some room to FTA, so maybe trade is ok, however you would think that it shall retrace to at least .38 fibo or something - so you will miss the trade if not entered on break. You will definetly skip this if you pay attention to possible risk/reward on this trade.

3) Skipped, the setup just does not make sense.
I'd have gone long some bars later, after the retracement
Skip, the setups is in messy traffic, no space whatsoever, weak close, it could not even close above previous high so it is not a breakout. You cannot consider this as being at swing low neither. So best choice is skip.

4) I'd have taken it with a tight stop, the bar is not really convincing but it looks like a slow but steady slope down could come next.
Close is weak again.And look to the left - the low of it is right on the FTA. You would skip it because no room to move. Also choppy traffic.

5) Skipped
Absolutely Skip. Going short at the swin low, which is right at the previous consolidation? No, I'm not crazy! I don't put my Money in such a setup!!!

6) Taken short, it's the typical breakdown pull up before it goes down again (sorry for my English :S)
How can you take this trade when you see that price is really having such a tough time at this level (same reason as previous setup)

7) Skipped, close is too high and will fire back
Of course skip. Price just run into the PPZ and FTA. No room to move.

8) B setup for me, not sure, close looks too high, but not by too much.
Absolutely skip. Price run into very very strong PPZ and FTA already. Look how those multiple s/r point aligned, no way to trade into this.

9) A- setup, could have taken it because the bar does not look like blatantly going to fail back onto itself right after
Maybe ok. But skip is better anyway. Fta is very close. If the setup happend farther from FTA would've been better.

So see, this is an example of why I have such a hard time being picky. While I go through all this process, Jim's 11 years old makes money!
Yes overtrading is bad, but not trading is bad too....

Hope that makes sense.
  • #73,147
  • Aug 29, 2010 6:36am Aug 29, 2010 6:36am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting Adilius07
lol yes probably. But if I do this to go with A's only, I'm afraid I would cheat on myself, like "oh yes, of course it is A..." lol

So keeping this as much objective as possible helps me. I also try to use these concepts with my stocks options trading, where for example yesterday I found 26 possible PA setups. And this checklist helped to choose, as I hope objectively, just one among all "good" setups...
It'd be great if someone could make a similar checklist to identify the bars either being A+, A, B, C etc.... would help noobs like myself tremendously.
I have seen the enemy, and it is me.
  • #73,148
  • Aug 29, 2010 6:49am Aug 29, 2010 6:49am
Carrying on from Pinbar's useful post today, can someone help me with identifying FTA's using previous bars?

I am quite happy identifying S&R lines and BRNs as FTA's. However, when looking at previous bars, am I looking at:

 

  1. Previous bars wick low/high or previous bars close low/high
  2. How far back do I look

This will also help me understand the concept of "space".
An example with a chart would be helpful.

Thanks.

"Fail to prepare, prepare to fail."
  • #73,149
  • Aug 29, 2010 7:13am Aug 29, 2010 7:13am
Quoting Pinbar
Some of these trades may well have been touch trades off the PPZ.

Also as Jim stated, he was only 11, this was demo and he was earning pocket money for his wins.
I think it was live, is just Jim placed orders himself for him.
It's says so on chart.
  • #73,150
  • Aug 29, 2010 7:26am Aug 29, 2010 7:26am
check this picture
here are two bars if combined will form the pin bar
all requirements are full filled and price does gives some good profits to take
Attached Image (click to enlarge)
Click to Enlarge Name: eur gbp.jpg Size: 184 KB
  • #73,151
  • Aug 29, 2010 7:30am Aug 29, 2010 7:30am
beautiful trend, isn't it? i would like to get in a long position,but,where is the entry point for now? i wonder if take the entry point on your upper support line, one might be in a big trouble if it dive south further, if i wait for the second support line, what if it resume its trend upon the first upper support line without giving a chance ? this really pissed off ......



Quoting ppfx
Another thing that i dont like is that we are in a strong uptrend. Just look at all this big bullish bars and those small bearish bars... Id say its a little too risky...

Attachment Attachment
  • #73,152
  • Aug 29, 2010 8:52am Aug 29, 2010 8:52am
Quoting syedhsg
check this picture
here are two bars if combined will form the pin bar
all requirements are full filled and price does gives some good profits to take
Hey syedhsg, yep itīs a 2 day pinbar, little more advanced setup but tells the same story than a normal pin

Nice checklists! I feel writing something about checklists, remember only my way to see things, everyone has his/her own!

Mike would also say that oneīs A setup is not A to the other! Practice and practice and you get your own ball rolling thatīs for sure I like your checklists guys really but try to keep them as simple as you can! But of course if you are familiar with them, thats the thing, nice, iīm too stupid to handle complexity really.. Iīm kinda feeler i guess.. All i want to say is that you feel when your trading processes fits you, think and try. Thatīs what demo is all about!

This is my checklist: Size, location and space. Through these words Iīm asking myself:
Has the bar any weight among other bars?

Like operachoir where one bar is one singer among 50 others. You gotta sing hard if you want your voice to be heard! I bet you all see when a bar just jumps to your eye! Then just trust yourself, if you hesitate, thatīs a clear skip. Itīs not the trades you donīt take (profit, loss, runner, doesnīt matter), itīs the trades you take that makes the difference.

Is the bar at swing low/high and confluence?

Easy to decide! Just the fear of missing a nice move makes us doing funny things.. Just make clear what you want: for me, confluence is like brn+ppz, fib+ppz, i like when theres one another thing lining up with pure ppz. Its almost sure that the bar is sitting on the confluence if the bar has weight.

Is the bar heading towards lots of bar highs and bar lows?

I go backwards the price and check the highs and lows. I mark the FTAs and then i know that there price can turn towards me. A little loss, breakeven, no trade and runner, FTA profit, anything, i knew it!

But yeah thereīs my thoughts Especially new traders iīm not a senior or anything and these are just my thoughts! Hope i dont lead anyone to the wrong direction.. Thanks.

Hope you all have a great week!
Nuc
  • #73,153
  • Aug 29, 2010 9:12am Aug 29, 2010 9:12am
Quoting Adilius07
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
Trading checklists I am not against, I think they are a great place to begin to organize ones thoughts, but to me they are to rigid and the situation can't always be spelled out so clearly in my eyes. For example I might take a bar that is just HUGE and has nothing else going for it. I might also take a trade that is a smaller bar but just at a very important area, etc. So I like to be more flexible, but I think the checklists can instill following a plan and discipline and as you grow as a trader you will see where it takes you. Heck maybe you will stick with a grading system and if it works it works .

Best
Mike
  • #73,154
  • Aug 29, 2010 9:16am Aug 29, 2010 9:16am
Quoting Adilius07
So see, this is an example of why I have such a hard time being picky. While I go through all this process, Jim's 11 years old makes money!
Yes overtrading is bad, but not trading is bad too....

Hope that makes sense.
Being Picky is all about what makes a good setup to YOU. My A+ picky setup may not be the next persons. Since it isn't as cut and dry as that. This is where demo testing and learning is so very crucial. You will develop this over time, it doesn't come over night. But the real real real real good ones, are impossible to miss

Mike
  • #73,155
  • Aug 29, 2010 9:28am Aug 29, 2010 9:28am
Hey mike,
I've a been a member of this wonderfull thread for a couple of weeks now and I've improved my trading significantly, but I still have a few loose ends. First question is about the FTA, is it correct to say that most of the time the FTA is a nearby bar high or low and not necessarily a PPZ ? How do you obtain your final target on a trade, or do you just follow price on its journey along all the different PPZ's which it encounters and you manage your trade when price hits a PPZ by adjusting your SL until you get stopped out.

May the force be with you,
Pipcrawler
  • #73,156
  • Aug 29, 2010 9:33am Aug 29, 2010 9:33am
Quoting mbqb11
Being Picky is all about what makes a good setup to YOU. My A+ picky setup may not be the next persons. Since it isn't as cut and dry as that. This is where demo testing and learning is so very crucial. You will develop this over time, it doesn't come over night. But the real real real real good ones, are impossible to miss

Mike
Thanks Mike, for the reply. But the problem is I DON'T know what exactly makes a trade A+ for me, lol. Ok, probably only time could fix this problem, thanks.
  • #73,157
  • Aug 29, 2010 9:34am Aug 29, 2010 9:34am
Quoting dfumagalli
Could you please criticise on why I'd take the following off the picture you linked (still learning... forever!)?

.
I thought I would go through this in a bit more detail. Again refer to my last post. Just b/c Jim, his son, or anyone else takes a trade doesn't mean you have to . You have to develop this part of it.

But I marked what I consider the best of the bars and I will let you judge if they are good or bad to take.

#1- Biggest BUOB at the best swing low(where we want BUOBs). Very strong close, price is screaming it wants to go higher. And where would the logical place to go be? .9000

#2 - BUOB at first look in consolidation, but add a Breakout pattern and now this bar is telling a much bigger story. This could be played as a breakout bar from the pattern. Where would your entry want to be? Above the 9000 mark. The ideal in this case is a close ABOVE .9000. Here is a case where those that leave their orders in (which many many do including Jim) are getting paid off big time.

#3 - BEOB at 61.8 after that overall larger move down. Some people ONLY yes ONLY play bars off the 61.8 and 50% fib. NOTHING else. Food for thought

#4 - I Included both as one here. I think the first one is too tricky to play it could not close below .9000 (again the BRN) and there is not enough information(unlike #2 that has a breakout pattern it was tipping us off out of). But now notice the second BEOB DOES close below .9000. So you have nearly 2 beobs in a row. Price is going lower.

#5. Trickier one, you have multiple bar lows and higher close nearly for the BUOB. 9000 mark right above. Clearly entry should go above 9000 and if it doesn't break hard you are out, if it does break you can watch if 9000 holds if not cut out.

#6 - Nicer BUOB with space to run till 9000 mark. Where is pricing going here?? 9000!

#7. Smaller buob but this one has Divergence(which I didn't show). This one would be tough to pull the trigger on. Notice it goes to the LOWS of #5 and #6

Notice how important understanding where price is going is in ALL these examples. Do this with all your bars and your trading will never be the same

Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a2.gif Size: 18 KB
  • #73,158
  • Aug 29, 2010 9:53am Aug 29, 2010 9:53am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting mbqb11
Trading checklists I am not against, I think they are a great place to begin to organize ones thoughts, but to me they are to rigid and the situation can't always be spelled out so clearly in my eyes....
What Mike says makes sense too. Coz a checklist with tonnes of pre-requisites could be overkill of a beautiful pip run.
I have seen the enemy, and it is me.
  • #73,159
  • Aug 29, 2010 9:59am Aug 29, 2010 9:59am
Quoting Jey
What Mike says makes sense too. Coz a checklist with tonnes of pre-requisites could be overkill of a beautiful pip run.
yeah. Im thinking about all of this now. And following the previous Mike's explanation of these setups I understand that sometimes I would have to think "out of the box" but with a check list one thinks exactly withing a box...

You know, it is easy just to say ahh just take whatever strong bar and be very quick with BE and money will follow..... no? man, looks so, lol. Of course if being picky about location, traffic etc. etc. will add to my bottom line it is perfect I will be picky... but if it will keep me out of winners that would be sad... and if I go with being picky how will I know that I pick a good one when so many variables come into play... hmm
  • #73,160
  • Aug 29, 2010 10:02am Aug 29, 2010 10:02am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting Adilius07
and if I go with being picky how will I know that I pick a good one when so many variables come into play... hmm
Guess thats when experience comes in. How did we get the experience? By taking all the bad bars (like me) ...
I have seen the enemy, and it is me.
47 traders viewing now, 1 is registered:
Zojahamad