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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

  • #73,561
  • Sep 1, 2010 10:49am Sep 1, 2010 10:49am
Quoting Adilius07
I was looking at it from all different angles, and even now I still like the setup..
Hey Adilius,

I understand you like the setup, but technically, this wasn't a pin bar because the low was below the prior bar low. It was a bearish bar that failed to close below the low of the prior bar.

-- Danny
Attached Image
  • #73,562
  • Sep 1, 2010 10:50am Sep 1, 2010 10:50am
This is the trade I am currently in. Look, when I was planning this trade my Target was 38, but wow it reached it so fast!!! Now I think will it be wise to hold???? This is always the most difficult question!!

How you guys deal with this? Do you plan upfront and just execute your plan? (i.e. I need to hit take profit now). Looks strong though.... hmm

http://finviz.com/publish/090110/DHRc0wl1146.png
  • #73,563
  • Sep 1, 2010 10:53am Sep 1, 2010 10:53am
Quoting bluetrader
Hey Adilius,

I understand you like the setup, but technically, this wasn't a pin bar because the low was below the prior bar low. It was a bearish bar that failed to close below the low of the prior bar.

-- Danny
Hey Danny

Just to clarify though this is still a beob, the bar doesn't have to close below the prior bar, just has to engulf it and close down near the bottom. The close thing is something that I do that sometimes throws people , so it is a good reminder that is just my take on it.

Best
Mike
  • #73,564
  • Sep 1, 2010 10:54am Sep 1, 2010 10:54am
Thank you Mike and Danny. I took it not as a PB, but a BEOB (just looks like PB). I would have to agree with Mike, usually I would like my BEOB's having a strong close (almost without a wick on the closing side).
Location looked too good to me I guess.
Well I have this trade saved on my PC, I will come back to it in depth in a few months, I am sure I will understand more! Thanks!
  • #73,565
  • Sep 1, 2010 10:55am Sep 1, 2010 10:55am
Quoting Adilius07
This is the trade I am currently in. Look, when I was planning this trade my Target was 38, but wow it reached it so fast!!! Now I think will it be wise to hold???? This is always the most difficult question!!

How you guys deal with this? Do you plan upfront and just execute your plan? (i.e. I need to hit take profit now). Looks strong though.... hmm
Really no one answer here Adi. Generally I have a game plan but sometimes it does change. I generally enter a trade thinking it could a runner and manage accordingly reducing risk as I go. Or I look at a trade as a quick hitter and manage more tightly. This looks like a bullish flag forming, but coming off a smaller bar will this be the actual break? The 35 does look like a nice area to hide a stop, so you could always ride it out and see if price can push to 40 and how it reacts there. Some people will take some profit off the table move stops to b/e, or just move stops up or b/e all together.

Mike
  • #73,566
  • Sep 1, 2010 10:55am Sep 1, 2010 10:55am
Quoting Adilius07
I was looking at it from all different angles, and even now I still like the setup..
IMO, the pinbar needed to close below the green zone. I am attaching the zoomed out and zoomed in pic. Just a personal preference though, I like that red pinbar to be below the zone.

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  • #73,567
  • Sep 1, 2010 10:56am Sep 1, 2010 10:56am
Quoting Adilius07
This is the trade I am currently in. Look, when I was planning this trade my Target was 38, but wow it reached it so fast!!! Now I think will it be wise to hold???? This is always the most difficult question!!

How you guys deal with this? Do you plan upfront and just execute your plan? (i.e. I need to hit take profit now). Looks strong though.... hmm

http://finviz.com/publish/090110/DHRc0wl1146.png

I will close it now. It is not in trend. Traffic, sideways, not so much room. So location is not that good, it's a pretty looking PB but in a traffic.
So I take my money on it and run
  • #73,568
  • Sep 1, 2010 10:59am Sep 1, 2010 10:59am
Quoting mbqb11
Hey Danny

Just to clarify though this is still a beob, the bar doesn't have to close below the prior bar, just has to engulf it and close down near the bottom. The close thing is something that I do that sometimes throws people , so it is a good reminder that is just my take on it.

Best
Mike
Yeah... learned that a few weeks ago Mike. Before that, always thought the close MUST engulf the prior bar. I called it a "Bearish Bar" to distinguish it from the so important close for me as well.

Thanks for the clarification.

-- Danny
  • #73,569
  • Sep 1, 2010 11:00am Sep 1, 2010 11:00am
Quoting bluetrader
Yeah... learned that a few weeks ago Mike. Before that, always thought the close MUST engulf the prior bar. I called it a "Bearish Bar" to distinguish it from the so important close for me as well.

Thanks for the clarification.

-- Danny
great just checking danny, thanks!

Mike
  • #73,570
  • Sep 1, 2010 11:01am Sep 1, 2010 11:01am
Quoting The Lord
IMO, the pinbar needed to close below the green zone. I am attaching the zoomed out and zoomed in pic. Just a personal preference though, I like that red pinbar to be below the zone.

Attachment
Attachment
Yes, Jarroo also pointed this level to me when I was taking it. See, I thought we kinda closed below those highs (of the level you marked in green).
I need to pay more attention to PPZ. My thinking was that this level is not a S/R anymore so I was looking for the next logical spot...
  • #73,571
  • Sep 1, 2010 11:06am Sep 1, 2010 11:06am
Quoting mbqb11
Really no one answer here Adi....
Thanks Mike. Is just I cannot decide lol, because more I think about different ways to manage a trade all look attractive to me. Idea of a free trade, or just taking full profits... I was thinking that maybe it would be wise to try to hold in a stong trending market, and take full profits at FTA in the sideways, or uncertain markets as this DHR trade.

This way seems logical. I think I will try to stick with it for now...
  • #73,572
  • Sep 1, 2010 11:11am Sep 1, 2010 11:11am
aud/nzd 4h
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meine augen sind die sterne
  • #73,573
  • Sep 1, 2010 11:13am Sep 1, 2010 11:13am
a lot of interesting setups right now.
gbp/chf h4
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meine augen sind die sterne
  • #73,574
  • Sep 1, 2010 11:16am Sep 1, 2010 11:16am
4 weeks trading stocks so far:

1. ECL $171.90
2. MDP $241.00
3. T -$559.20
4. DHR $270.50

TOTAL:$124.20 or 0.25% gain to account
  • #73,575
  • Sep 1, 2010 11:16am Sep 1, 2010 11:16am
I really wish that one made it closed to the BRN and could use that as protections. Such a strong down trend that I passed. Could be a really nice one though.

Quoting aserbfx
a lot of interesting setups right now.
gbp/chf h4
  • #73,576
  • Sep 1, 2010 11:17am Sep 1, 2010 11:17am
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting aserbfx
a lot of interesting setups right now.
gbp/chf h4
Yes there are. I like the gbp/chf better because aud/nzd looks like it might have trouble around 1.2742. But neither has broken the outside bar yet, so I've not taken either trade.

Also huge BUOB on CAD/JPY 4H and pin bar on usd/chf 4H. Those have not triggered yet either.
  • #73,577
  • Sep 1, 2010 11:22am Sep 1, 2010 11:22am
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  • #73,578
  • Sep 1, 2010 11:38am Sep 1, 2010 11:38am
Quoting supremeChaos
should u take all? depends on your personality,trading style, risk profile.

to be more picky, u got to have a list of reasons/trade triggers.
it's like applying for a job. u got to qualify for the list of requirements. u lack 1 or 2 requirements, u dnt get a job. same for trading, if a trade setup lacks 1 or 2 (or more) trade triggers/reasons (according to YOUR rules), then u dnt take that trade.
okay. i'm getting it. so it's about setting my own entry rules. i get it. so i have to think about what i must see happen in the market before i take the trade.


Quoting supremeChaos
confluence definition (just FYI)
by definition, confluence is convergence. in trading, that would mean several trade reasons/factors//triggers in effect, converging or taking effect all at the same time/location.
examples of confluence are Fib retracement, BRN, TL, S/R, PPZ etc.
the more confluence factors in effect, the better your chance that the trade will work in your favor.

u have to formulate your own rules (including preferred confluences, etc). u can start...
alright. just what i needed. i know i'm missing something out in the the confluence. but i just dont know what i dont know about confluence. thats the worse thing ever. not knowing what you dont know. alright. now that i know examples of confluence is just what i needed.

alright. now to another problem: personality, trading style. how do i find out what trading style i'm suitable? do i find a trading style that i'm comfortable with? is that what makes it suitable for me?

anyway, so examples of confluence are:
S/R
PPZ
BRN
Fib
TL (whats this?)

where can i read more about other examples of confluence? can i find it in any of James16 website video?
  • #73,579
  • Sep 1, 2010 11:44am Sep 1, 2010 11:44am
Quoting mbqb11
Hey PP

The best place to start is post 1 from James and follow through and just start reading ALL of James16 charts. You will then see what the differences are b/w good bars and great bars, and also the different locations we want them. These locations are where the confluence will be. You then add price bar+ location and you will start to be able to formulate trade plans that will help you greatly.

Best of luck
Mike
yeah. i'm looking at the video from James16 website. the video that lasted 1 hour and 47 mins. and i was starting to think how do i build my own confluence and be picky on my trades. you struck something in my mind that was really important...

LOCATION! that was it. all the confluence, BRN, S/R, PP, Fib... all falls into one thing call location.

so if the better price bar adds up to the "right" area(which coincides with my confluence rule) then i will be able to take the trade?
  • #73,580
  • Sep 1, 2010 11:54am Sep 1, 2010 11:54am
Quoting premierpip
yeah. i'm looking at the video from James16 website. the video that lasted 1 hour and 47 mins. and i was starting to think how do i build my own confluence and be picky on my trades. you struck something in my mind that was really important...

LOCATION! that was it. all the confluence, BRN, S/R, PP, Fib... all falls into one thing call location.

so if the better price bar adds up to the "right" area(which coincides with my confluence rule) then i will be able to take the trade?
The more confluence factors that add up the stronger the PPZ level will be. Because if there is a BRN - some people will have stops/orders there. If there is also a Fib some people will place stops/orders there. Same with trend lines, S/R lines etc. The more of these that add up then the stronger the level will be.

Hope I got that right Sure I'll be corrected if I didn't hehe..
Anything can happen.
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