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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

  • #73,161
  • Aug 29, 2010 10:04am Aug 29, 2010 10:04am
Quoting Jey
Guess thats when experience comes in. How did we get the experience? By taking all the bad bars (like me) ...
How do you know that you take bad bars? Maybe they are good bars but just in bad locations...
  • #73,162
  • Edited 10:21am Aug 29, 2010 10:09am | Edited 10:21am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting Adilius07
How do you know that you take bad bars? Maybe they are good bars but just in bad locations...
Bad company corrupts good guys. Same things with the bars on charts
Means bad location invalidates good bars, thereby making them bad.
I have seen the enemy, and it is me.
  • #73,163
  • Aug 29, 2010 10:44am Aug 29, 2010 10:44am
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
Hi Adi,

I can't open this attachment. When copied on my machine, saves as attachment.php and could not open with any ms program (word or excel).
Is it an excel fle ? can that be uploaded directly, please ?
  • #73,164
  • Aug 29, 2010 10:47am Aug 29, 2010 10:47am
Quoting cprao
Hi Adi,

I can't open this attachment. When copied on my machine, saves as attachment.php and could not open with any ms program (word or excel).
Is it an excel fle ? can that be uploaded directly, please ?
I just tried. Works fine. It is zipped file.
Maybe you are trying to download with some Download Manager with it sometimes happens to me too it will be downloaded as "attachment.php"

So Try instead just to click on it so it will be downloaded with your browser.
  • #73,165
  • Aug 29, 2010 10:48am Aug 29, 2010 10:48am
Hi,

does anybody know of a indicator, that shows double or triple inside bars?

Cheers

Thomas
  • #73,166
  • Aug 29, 2010 11:14am Aug 29, 2010 11:14am
Quoting xmzhang
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...
Hey Zhang

It really depends. There is no one straight answer for any of that unfortunately. Sometimes the FTA is the first bar high/low, other times clearly it is a minor PPZ, or a round number, or something else. There is no one right answer to me it depends on each situation. Same goes for how I end up managing a trade. Those that know me know I treat each situation different an analyze and approach it from there. It isn't that I am always right it just that I know in the long run I am going to turn a profit with my overall approach. I wish there was a more simple answer, but it is just time and practice, and of course this thread is filled with wonderful examples of both.

Best
Mike
  • #73,167
  • Aug 29, 2010 11:38am Aug 29, 2010 11:38am
Quoting Adilius07
I just tried. Works fine. It is zipped file.
Maybe you are trying to download with some Download Manager with it sometimes happens to me too it will be downloaded as "attachment.php"

So Try instead just to click on it so it will be downloaded with your browser.
Thank you for your response.
I tried on clicking only. it asks me to save or open the "attachement.php". if I choose open, it tries to open a word doc, but could not read the contents.

may be some thing is wrong with my comp. never mind. thats ok.
  • #73,168
  • Aug 29, 2010 11:44am Aug 29, 2010 11:44am
Quoting cprao
Thank you for your response.
I tried on clicking only. it asks me to save or open the "attachement.php". if I choose open, it tries to open a word doc, but could not read the contents.

may be some thing is wrong with my comp. never mind. thats ok.
try this link
http://tinyurl.com/33d3ksg
  • #73,169
  • Aug 29, 2010 11:49am Aug 29, 2010 11:49am
like II or III patterns

Quoting tdeu
Hi,

does anybody know of a indicator, that shows double or triple inside bars?

Cheers

Thomas
  • #73,170
  • Aug 29, 2010 11:50am Aug 29, 2010 11:50am
Quoting Adilius07
try this link
http://tinyurl.com/33d3ksg
Great !! This works. Thank you for the effort.
  • #73,171
  • Aug 29, 2010 12:06pm Aug 29, 2010 12:06pm
Quoting jarroo
Markets do like that 50% retracement (50% ret is not a fib). Add additional confluences and look out.

I do like the Weekly PB, it has good support location-wise, Spce and Size is a main concern.


That 1.25 sure looks juicy, multiple confluences at that level. Like to see Price get there. . .I sure Mike is watching this one.


Edit: I see Mike is . .
My bad And yes it would be great to see the price around 1.25
  • #73,172
  • Aug 29, 2010 12:12pm Aug 29, 2010 12:12pm
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...
Amazing! Im speechless.
  • #73,173
  • Aug 29, 2010 12:13pm Aug 29, 2010 12:13pm
Quoting mbqb11
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...
Mike your chart an explanations of the bars are spot on as always , thanks to you an the other givers on j 16 . I'm on my way , thanks again , Gary
  • #73,174
  • Aug 29, 2010 12:23pm Aug 29, 2010 12:23pm
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?
Well id say the location is most important. At least for me. A nice PPZ at BRN is the best i can ask. Then you just wait for other confluence and some good PA to confirm you where the price is going and your set.
  • #73,175
  • Aug 29, 2010 12:25pm Aug 29, 2010 12:25pm
Quoting ppfx
Well id say the location is most important. At least for me. A nice PPZ at BRN is the best i can ask. Then you just wait for other confluence and some good PA to confirm you where the price is going and your set.
Sounds good. What about traffic, and room to move to your FTA? will you also consider them too to be perfect?
  • #73,176
  • Aug 29, 2010 12:38pm Aug 29, 2010 12:38pm
Quoting jeurre
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 ......
Well the blue area that i marked on my chart (2nd chart) would be the best. A nice weekly PB which bounced off a PPZ and trendline confirmed the uptrend. You only had to wait for the price to go a few higher of the PBs nose. And then you had some space to the second trouble area. And the third trouble area imho is 1250. Unfortunately i missed it.

Now i think the best would be to wait for the price to come close to that trendline and then look for some PPZ and PA. Maybe waiting for some bullish PA around 1212 (marked with the green cross).


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  • #73,177
  • Aug 29, 2010 12:42pm Aug 29, 2010 12:42pm
Maybe it is just me, but if you go to the the beginning of this thread you would not see James talking that much about traffic/location at all. You will not even find these words (related to trading) for like first 50 pages!!!

Besides PA, he talks (early) about fibo and PPZ (he puts arrows) on charts. That is when he looks for place to ENTER. But I have not seen in his original first charts that he specifically looks to be cautious when he see some of those levels that may be on a trade's way. (later yes he gives an example, that if you trade into this level be sure you will be quick with BE) but the same idea not to loose what you already made (jump to BE) is seen very early too...

So either 1) he was just giving simple examples so traders will understand (that's why did not talk much about traffic/ location etc) 2) or markets have changed so we have to watch for them 3) or just as always people tend to complicated things and at 4K something pages all this become so difficult (here I mean with the effort of other traders to make the most out of this concept)

I am lost. I wish I could just sit and quickly read through whole thread to grasp the whole idea, get rid of noise and only pick up the best info. But this is impossible, will have to go with trial and error
  • #73,178
  • Aug 29, 2010 12:46pm Aug 29, 2010 12:46pm
Quoting Adilius07
Sounds good. What about traffic, and room to move to your FTA? will you also consider them too to be perfect?
Yes of course. The FTA is also very important. Of course you cant trade into another PPZ.Well all things considered everything is important. Like Pinbar already said. I meant that PA bars are important at great PPZs and BRN. Others may also work out but, they have less chance. It depends from bar to bar. Remember that in forex nothing is black or white. Thats why Mike says if it works for you do it!
What i wanted to say is why can touch traders trade before waiting for PA bars. Because they know the price has high probability to bounce off a certain area due to various factors (PPZ,BRN,maybe fibs,divergence,trendline,something else,...).
  • #73,179
  • Aug 29, 2010 12:51pm Aug 29, 2010 12:51pm
Quoting ppfx
Yes of course. The FTA is also very important. Of course you cant trade into another PPZ.Well all things considered everything is important. Like Pinbar already said.
What i wanted to say is why can touch traders trade before waiting for PA bars. Because they know the price has high probability to bounce off a certain area due to various factors (PPZ,BRN,maybe fibs,divergence,trendline,something else,...).
If you take everything into consideration, how will you pull a trigger? There is always something that will not align. Just to take the example Mike gave the detailed overview. (Jim's son chart)

If may I ask which one do you think is the best setup if all your criteria is met?

EDIT: and if you make location more important than bar itself, I think you make it even harder to choose?
  • #73,180
  • Aug 29, 2010 1:15pm Aug 29, 2010 1:15pm
Quoting Adilius07
If you take everything into consideration, how will you pull a trigger? There is always something that will not align. Just to take the example Mike gave the detailed overview. (Jim's son chart)

If may I ask which one do you think is the best setup if all your criteria is met?
The first BUOB definitely jumps out. Its off a PPZ at swing low, with nice shape and it has the room to run. Imho the small BEOB isnt bad either. It broke the VBRN 0.9000, its with the trend, has a lot of space and room to run. You can also take it on the retest if you want. So id say this two looks good for me.

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