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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

  • #73,181
  • Edited 1:36pm Aug 29, 2010 1:21pm | Edited 1:36pm
Lately I've been thinking a lot about letting the profits run. How could I make the most out of a trade? Sounds like a million dollar question and maybe someone might get deceived and think that I'm looking for a universal formula/holy grail/you name it that would work for anyone and in any condition. That was not my intent...

I think picking only A+ trades here is one of the essentials as they give you higher probability to make some pips. But what are other parts of the equation here? Partial closing after reaching the first target, moving SL and letting the remaining position go? Trailing your profits? When I was placing trades before starting my journal I often found myself in a position when I only got out a small part of pips comparing to the whole move. It's similar to squeezing an orange. Why not squeeze all the juice out of it... I believe this is the area that I need to fine tune the most. Handling that could be a major step forward for me (besides demoing, demoing and demoing of course). I got some flashbacks in the last couple of days and I think I started putting the puzzles together. It already feels like a slow process but I'm going to solve this mystery

I think Adilius was wondering something similar few days ago as well...
  • #73,182
  • Aug 29, 2010 1:21pm Aug 29, 2010 1:21pm
Quoting ppfx
The first BUOB definitely jumps out and screams to take it. 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.

Attachment
Ok thanks Ppfx for your view, of course I would have to kindly disagree.

First BOUB is fantastic (as bar structure) but it is already made its way to your possible FTA and PPZ, and if you take your trade here you would not be entering at a swing low, this is actually a swing high already right before those bar highs... ouch!!!

With second example, you would be shorting at the swing low. Instead of the swing high into the huge consolidation... ouch!!!

I don't think one who says location is most important would infact take this too trades in real time. (this is not against you, just in general)

So I think you give location not as much as you think. The PA setup is still rules!

EDIT: Oops! Talking of BOUB I was looking at the different one (the first boub in James chart) the one you show - you would also see this choppy traffic to the left AND it CLOSED right at PPZ!!! Mike's explanation looks very logical, it did in fact reached the .90. But it is now closed right at PPZ, you just said in the previous post you would not trade into PPZ!!!

See what I mean? Confusing...
  • #73,183
  • Aug 29, 2010 1:29pm Aug 29, 2010 1:29pm
Could someone please explain what I4B is? Im guessing some kind of inside bar but im not sure
  • #73,184
  • Aug 29, 2010 1:34pm Aug 29, 2010 1:34pm
Quoting ekling
Could someone please explain what I4B is? Im guessing some kind of inside bar but im not sure
Inside bar the whole range of which is smaller than at least three previous bars. It can be smaller than 10 privious bar, but people would just call it I4B.
  • #73,185
  • Aug 29, 2010 1:36pm Aug 29, 2010 1:36pm
Quoting ekling
Could someone please explain what I4B is? Im guessing some kind of inside bar but im not sure
here
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  • #73,186
  • Aug 29, 2010 1:42pm Aug 29, 2010 1:42pm
IMO to make it easier to start getting familiar with trading this method consistently, one could concentrate only to swing high/low and size of the bar. Then just being aware of the FTA
Bars that has weight are sitting often at the important areas and if the area is a swing high/low, we often have enough space to cut our risks or do our other things. Just wondering
I feel you, complexity in thinking is hard to manage with.. For me, worked taking off MACD and taking less things into account.. Like tree grows from the roots to the sky.. Maybe bad allegory but then you feel confident building trading further..

Good night everyone at GMT 1,2,3 or something and have a nice day to others
Nuc
  • #73,187
  • Aug 29, 2010 1:43pm Aug 29, 2010 1:43pm
Quoting mihazupan1
Lately I've been thinking a lot about letting the profits run. How could I make the most out of a trade? Sounds like a million dollar question and maybe someone might get deceived and think that I'm looking for a universal formula/holy grail/you name it that would work for anyone and in any condition. That was not my intent...

I think picking only A+ trades here is one of the essentials as they give you higher probability to make some pips. But what are other parts of the equation here? Partial closing after reaching the first target, moving SL...
Yes Miha, lol, I have solved that mental worry by deciding to put my SL behind left-eye ( I saw James does that too) this will make my RR fantastic.

Now I have another worry, the traffic/location thing lol, cause wherever I look I see traffic!!!!!!!!!!!!!!!!!!!!!!!! If you find the way to effectively get rid of this, please let me know
  • #73,188
  • Aug 29, 2010 1:51pm Aug 29, 2010 1:51pm
Quoting nuclear62
IMO to make it easier to start getting familiar with trading this method consistently, one could concentrate only to swing high/low and size of the bar.
That's exactly what I had in mind. The best trades here would be on the swing highs/lows. Sounds a bit like too good to be true to me

Quoting Adilius07
Yes Miha, lol, I have solved that mental worry by deciding to put my SL behind left-eye ( I saw James does that too) this will make my RR fantastic.

Now I have another worry, the traffic/location thing lol, cause wherever I look I see traffic!!!!!!!!!!!!!!!!!!!!!!!! If you find the way to effectively get rid of this, please let me know
Looks like we have the same worries It seems like it's impossible to find a decent PA without any traffic (swing highs/lows seems like the best option here). Plus I think that looking back on a chart you could find a S/R area for any price number. Pinbar posted a chart few days ago where the price bounced off a S/R from 1993.

Not really the most convenient time to think about this. Should be focusing on studying for an exam now :nerd:
  • #73,189
  • Edited 2:08pm Aug 29, 2010 1:54pm | Edited 2:08pm
Quoting mihazupan1
That's exactly what I had in mind. The best trades here would be on the swing highs/lows. Sounds a bit like too good to be true to me



Looks like we have the same worries I think that looking back on a chart you could find a S/R area for any price number. Pinbar posted a chart few days ago where the price bounced off a S/R from 1993.
That's what I mean, if you look back fair enough there is some kind of PPZ for you or/and against you. Now when I plan my trades I feel like I'm cheating myself (not looking far back because therre will be something and I will have to skip the trade - and there will be something for sure below and above my entry)....
  • #73,190
  • Aug 29, 2010 2:35pm Aug 29, 2010 2:35pm
Hi guys,
been away for some time. Been reading a lot about market structure, price action and order flow.... whew. Had at least a dozen a'ha moments on the way (the guest area videos are responsible for a great deal of that, responsibility also falls on Mike, Jarroo, J16, hanover, PeterCrowns, PeterFM, supremeChaos and many more, thank you!). Lost track of time along the way and hand to play catch-up with this thread. I'm back now and it feels great.

OK, let's get down to what I really wanted to talk about. I've been keeping an eye on the 10 and 30 year for a few weeks now (ever since the talk about QE2 began) and what do you know, we have something quite interesting going on on the weeklies and dailies. For the sake of brevity, I only posted the chart for the 10 year, but they are very similar to a large extent (see this or this link for the 30 year). I personally like to know what conditions rule the markets, is it risk on or risk off. I'm not going to bother you with the details of how and why I do that. I'd much rather hear what you think about the charts. EDIT: The first 'BUOB' the daily is not a BUOB, just a BUB, sorry.


PS.
I noticed that some of you trade stocks too, or at least scan the charts, for that matter. Since there are literally thousands available, I would like to refer you to Finviz's stock screener (free of charge): http://finviz.com/screener.ashx?v=111&ft=3
Under the technical parameters, find candlestick pattern and choose the desired one. You can also use the other parameters to refine your search so you don't end up trading a penny stock. Attached image below. Almost forgot to add: you can also SAVE your settings so that when you log in the next time, you don't have to start reconfiguring the screener. You do need to register to save it, but you don't have to subscribe to their services (ie it's free).

Take care,
Chris
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 10 year yield weekly.PNG Size: 63 KB
Click to Enlarge Name: 10 year yield daily.PNG Size: 65 KB
Click to Enlarge Name: screener.GIF Size: 22 KB
If you don't risk, you don't ever have to lose.
  • #73,191
  • Edited 3:01pm Aug 29, 2010 2:40pm | Edited 3:01pm
Quoting Adilius07
Ok thanks Ppfx for your view, of course I would have to kindly disagree.

First BOUB is fantastic (as bar structure) but it is already made its way to your possible FTA and PPZ, and if you take your trade here you would not be entering at a swing low, this is actually a swing high already right before those bar highs... ouch!!!

With second example, you would be shorting at the swing low. Instead of the swing high into the huge consolidation... ouch!!!

I don't think one who says location is most important would infact take this too trades in real...
Confusing indeed. And of course PA rules. And when i trade it i look for as much confluence as i can.

I should clarify in the first place what i meant by location and how i trade. Im testing a new method in which i would like let the profits run. And by location i meant a point where the pivot and trendline and maybe a RN coincide. The up post wasnt a good example.

Here is an example: GJ This is a GBPJPY trade i took a few weeks ago. I waited for the price to reach the point near the trendline. The green line is a pivot and the blue box is a PPZ. I usually or touch trade (in this case i was a little late and missed the green line by few pips ) or i wait for some PA confirmation on the 1h. Cause if i wait for the daily the price already moves too much. With this method im trying to minimize the stops and to let the profit run as much as possible (thats why im trading with the trend).

Another example is a post i made about gold .

Hope this clarifies a little my previous posts.
  • #73,192
  • Aug 29, 2010 2:53pm Aug 29, 2010 2:53pm
Quoting ppfx
Confusing indeed. And of course PA rules. And when i trade it i look for as much confluence as i can.

I should clarify in the first place what i meant by location and how i trade. Im testing a new method in which i would like let the profits run. And by location i meant a point where the pivot and trendline and maybe a RN coincide. The up post wasnt a good example.

Here is an example: GJ This is a GBPJPY trade i took a few weeks ago. I waited for the price to reach...
Yes thanks Ppfx, I get the point. I don't want to be a such a pain in the *** but in the GJ trade I also see some PPZ in between your entry and the blue box, lol. But I still get the point yes.

Btw, the gold example is the wrong chart

You know, it is unbelievable how sometimes this happens.. But I just opened the video which I download form guest section, just to watch you know and man how could I not notice this. Jim, exactly explains the same thing I worry!!!

He says " PinBar in traffic, we hear Mike talks a lot about them, here is the example, still where it goes, goes here. Of course we would like to see our pinbars at swing hi/lo but still it went where you want it to go..."

So I think maybe I panic too much you know. I CAN take trade in the traffic if I see "where it probably will go" but the best is to take them at the hi/lo....

Ok, I need to have my beer, feels like my head is gonna explode soon

EDIT: the file name is 2509g.wmv @23:15 "pinbar in traffic" example...
  • #73,193
  • Aug 29, 2010 3:05pm Aug 29, 2010 3:05pm
Quoting Adilius07
Yes thanks Ppfx, I get the point. I don't want to be a such a pain in the *** but in the GJ trade I also see some PPZ in between your entry and the blue box, lol....
Corrected the link I'd need a beer too cause im already doing mistakes (reffering to the wrong link)
just remembered that i have one heineken left in the fridge see you later
  • #73,194
  • Aug 29, 2010 3:35pm Aug 29, 2010 3:35pm
Hi Guys,
Is this thread has only four stars now?well FF si really funny.
  • #73,195
  • Aug 29, 2010 3:48pm Aug 29, 2010 3:48pm
My order for USD/JPY Long has just opened. I have, until now, only taken Daily Pinbar trades. This is my first Weekly PB.
My target/limit order is the 87.17 monthly pivot.
I will let you know how I get on. Keep your fingers crossed for me.
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"Fail to prepare, prepare to fail."
  • #73,196
  • Aug 29, 2010 3:51pm Aug 29, 2010 3:51pm
Quoting mbqb11
Hey Zhang

It really depends....
Thanx Mike for your reply. I've another question. If you take a trade off the daily chart for instance, do you then take the PPZ's on the lower TF, for example a PPZ on the 4H-TF, in consideration or do you just ignore these lower TF PPZ's and only consider the PPZ's in the TF in which you trade, in this case the daily. Also when do you consider a PPZ to be minor, has it to do with the number of flips.

May the force be with you.
Pipcrawler
  • #73,197
  • Aug 29, 2010 3:52pm Aug 29, 2010 3:52pm
this thread should have 10/5 stars (ten on a scale to five)
  • #73,198
  • Aug 29, 2010 3:55pm Aug 29, 2010 3:55pm
Quoting Adilius07
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...
Hi Ad,
I think u just try to complicate things for u.You are just trying find something like holy grail,but u found already u need just time and practice,practice and practice and u will get there.I saw u are doing good with stocks so u will do with forex as well.You don't have to copy anyone none is 100% right (see Mike had losses as well).These guys show u right way and u just must to find your way and your style and be sure u will be not 100% right all the time.I am sure u know all this ,but sometimes u look like u forget it.I read your past bad experience with market but that is past u are on new way so don't to make things just to hard for u.
Anayway I like your posts only just don't to try find something behind all this.It is simple but not easy definitely not in learning proces like anything.

Happy trading to you.

FX
  • #73,199
  • Aug 29, 2010 4:03pm Aug 29, 2010 4:03pm
Hi
My first post here.
How does it look for you is this a DBLHC or not?
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  • #73,200
  • Aug 29, 2010 4:05pm Aug 29, 2010 4:05pm
Quoting john225
Hi
My first post here.
How does it look for you is this a DBLHC or not?
hey John

Welcome sir

For a DBLHC, remember the Close must close above the previous bars high.

Let us know if you have more questions

Mike
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