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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

  • #74,321
  • Sep 8, 2010 3:25pm Sep 8, 2010 3:25pm
Quoting Jonnyislost
Hi John
Yeah it's well hidden;

First you need to select the "screener" tab, then the "techincal" sub-tab.
Finally there is a drop down box, named "candlestick" that contain all the PA patterns.


Note; It's obviouly not a case of simply trading any stock that shows a Pin bar etc, All the usual factors still apply.
However I think it's impractical to scan thousands of stocks everday looking for interesting formations
I just use this tool to reduce the search time.

Jonny
Thanks for the great explanation
  • #74,322
  • Edited 4:12pm Sep 8, 2010 3:26pm | Edited 4:12pm
Quoting Chris P
One for Jarroo
Nice Chris . .

Some interesting points . . .


Notice that when Price retraced, after it broke (important point) the BEOB, it went to the BRN 1.0500 instead on the previous bar Low.

Usually when a retracement occurrs on Outside Bars, we look to the previous bar High or Low, but if there is a stronger level within the Outside Bar, Price will usually pick that one. So when a previous bar High or Low of a Outside Bar is also a strong level (BRN, PPZ levels,) its a stronger level of retracement.

Another example of this is the 6/20 Weekly BUOB. Price retraced to the 1.0300, a strong PPZ level, which was near its previous bar High.
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Indicators show the past. Price Action "Indicates" the future.
  • #74,323
  • Sep 8, 2010 3:34pm Sep 8, 2010 3:34pm
I think there's gonna be a great move on this one , after we hit and tested the 61.8 and got rejected from 6200s , with the 20 and 50 MAs above now and also have been tested , now a PIN bar on the daily .
Not to forget the fundamental point ( interest raise ) , so this could be really good . please comment if possible . Thanks in advance
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  • #74,324
  • Sep 8, 2010 3:35pm Sep 8, 2010 3:35pm
Quoting Dan Gilbert
ah crap, that daily USDCAD BUOB rocketed off with no pull backs.... oh well.

Interesting where Price found Support when it did pull back.
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Indicators show the past. Price Action "Indicates" the future.
  • #74,325
  • Sep 8, 2010 3:52pm Sep 8, 2010 3:52pm
Quoting Riskee
I think there's gonna be a great move on this one , after we hit and tested the 61.8 and got rejected from 6200s , with the 20 and 50 MAs above now and also have been tested , now a PIN bar on the daily .
Not to forget the fundamental point ( interest raise ) , so this could be really good . please comment if possible . Thanks in advance

The 6200 PPZ level has proven its strength as a Resistance level as seen on the Weekly (in white). After breaking through this Resistance, the 6200 failed to act as strong Support.

The Daily PB may be telling us that the 6200 will now act as strong Resistance again . . .I like this indication .. .however, Price may want to retest the 6200 just to make sure its Resisitance.
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Indicators show the past. Price Action "Indicates" the future.
  • #74,326
  • Sep 8, 2010 3:55pm Sep 8, 2010 3:55pm
Thanks a lot Jarroo for the comment , I really appreciate it
  • #74,327
  • Sep 8, 2010 3:57pm Sep 8, 2010 3:57pm
Quoting jarroo
Nice Chris . .

Some interesting points . . .


Notice that when Price retraced, after it broke (important point) the BEOB, it when to the BRN 1.0500 instead on the previous bar Low.

Usually when a retracement occurrs on Outside Bars, we look to the previous bar High or Low, but if there is a stronger level within the Outside Bar Price will usually pick that one. So when a previous bar High or Low of a Outside Bar is also a strong level (BRN, PPZ levels,) its a stronger level of retracement.

Another example of...
Thanks Jim,

Nice to have a 37 pip initial stop trading off the Weekly chart.

Defo a combination of a few things here. Firstly - the break of the weekly PA (as you say - v. important to confirm). Secondly - 1.0500 BRN (acts as a magnet for price). Thirdly - 50% fib retrace of move down. Fourthly - divergence (on entry TF). Fifthly - PA to short. Line up that confluence and take out the rifle

Took more notice of these weekly pullbacks after your recent posts. Kudos points to you
  • #74,328
  • Sep 8, 2010 4:01pm Sep 8, 2010 4:01pm
Quoting Riskee
Thanks a lot Jarroo for the comment , I really appreciate it
The Hourly Gbp/Cad offered a classic example of a great location at a swing point , in this case at a swing High.

Hourly BEOB, at a higher time frame PPZ level (Weekly 6200) at a swing High.

Although I would have liked the BEOB to engulf the previous bar highs which would have made it a bit bigger as well . . but is not a trade breaker . .
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Indicators show the past. Price Action "Indicates" the future.
  • #74,329
  • Sep 8, 2010 4:08pm Sep 8, 2010 4:08pm
Quoting Chris P
Thanks Jim,

Nice to have a 37 pip initial stop trading off the Weekly chart.

Defo a combination of a few things here. Firstly - the break of the weekly PA (as you say - v. important to confirm). Secondly - 1.0500 BRN (acts as a magnet for price). Thirdly - 50% fib retrace of move down. Fourthly - divergence (on entry TF). Fifthly - PA to short. Line up that confluence and take out the rifle

Took more notice of these weekly pullbacks after your recent posts. Kudos points to you
Back at you Chris

Sixthly . .the Weekly consolidation . .don't underestimate the power of a well defined consolidation area, with well defined boundaries.

Classic James16 trading in a sideways market . . .
Indicators show the past. Price Action "Indicates" the future.
  • #74,330
  • Sep 8, 2010 4:09pm Sep 8, 2010 4:09pm
I skipped this pin because it wasn't that big, and wasn't at a BRN. It was close to .8400 but not touching. It worked out really well though, is there something I'm missing?
I'm thinking I didn't take into account how much space to the left. (That's space right?
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  • #74,331
  • Sep 8, 2010 4:18pm Sep 8, 2010 4:18pm
Quoting PenguinTrade
I skipped this pin because it wasn't that big, and wasn't at a BRN. It was close to .8400 but not touching. It worked out really well though, is there something I'm missing?
I'm thinking I didn't take into account how much space to the left. (That's space right?
Hey PT

I think there is nothing wrong with passing. There are many factors that are going to come into play for deciding for or against. One of the crucial factors for me is trade mgmt. I am a bit different then most here I am not looking to move my stops asap at first trouble areas. Thus I have a lower winrate then most. Where as someone who is very very quick to b/e and not taking chances(thus lots of b/e but a higher winrate and in general lower Rmultiple) can open it up a bit with some trades. So where as I might see not a big enough bar, strong enough close etc. That other trader would say, you know if it breaks hard I will see where it goes, if not I am going to b/e or cutting out quick. I think this is a very important part of it all.

Jarroo Did make some nice posts hereo n the eur/gbp
http://www.forexfactory.com/showthre...48#post4005948

We can't look back at a missed move and find our reasons in , instead we have to confirm the reasons we don't enter trades are for valid reasons. This we do through time and experience. I know certain little things that work more then they don't and that is all I really go by personally. I don't trade well with tiny pinbars, I trade well with bigger obvious bars at locations that I find are important (historically significant areas of supply/demand).

Take care
Mike
  • #74,332
  • Sep 8, 2010 4:19pm Sep 8, 2010 4:19pm
Quoting PenguinTrade
I skipped this pin because it wasn't that big, and wasn't at a BRN. It was close to .8400 but not touching. It worked out really well though, is there something I'm missing?
I'm thinking I didn't take into account how much space to the left. (That's space right?

You're just being very picky with your trades . .DO NOT LOSE THIS . . .its very important. If the setup did not meet your strict criteria . . its a pass.

I like your future . . .


Edit : Great post Mike . .as always .
Indicators show the past. Price Action "Indicates" the future.
  • #74,333
  • Sep 8, 2010 4:26pm Sep 8, 2010 4:26pm
Quoting jarroo
You're just being very picky with your trades . .DO NOT LOSE THIS . . .its very important. If the setup did not meet your strict criteria . . is a pass.

I like your future . . .
Summarized in one line better then I did in 50 lol thanks J

There is a lot of talk that pinbars don't have an edge. And this is a statement that needs clarification. This is not about a pinbar, not about an outside bar. It's not about the Size, or the PPZ, or the Double top, divergence, trendline, etc etc. It is about all the pieces together. If we blindly trade bars, WE LOSE. Done. If we learn the different recipes to INCREASE these probabilities for the long run we can win. This involves the whole of what we need to do. From entry to exit. The market is never wrong and we must remember this. It is constantly changing, but it is also constantly using key elements time and time again that ARE exploitable. But they HAVE to be put together in a flexible but also repeatable manner. This is where we can start to use a few pieces together at a time and how each situation can also be different. Each situation must be evaluated on its own b/c there isn't one piece that is always the same. This is where time and experience are the ONLY way you are going to gain that.
  • #74,334
  • Edited 9:22pm Sep 8, 2010 4:55pm | Edited 9:22pm
Quoting mbqb11
Summarized in one line better then I did in 50 lol thanks J

There is a lot of talk that pinbars don't have an edge. And this is a statement that needs clarification. This is not about a pinbar, not about an outside bar. It's not about the Size, or the PPZ, or the Double top, divergence, trendline, etc etc. It is about all the pieces together. If we blindly trade bars, WE LOSE. Done. If we learn the different recipes to INCREASE these probabilities for the long run we can win. This involves the whole of what we need to do. From entry to exit. The...

I'll take a 500 line post from you, Mike, any day of the week. lol


To take a line from Paul Harvey . .the rest of the story . . is one of the many things that I've learned and am still learning from Mr. Mike.

Finding the big picture . . the big story . .of what Price is telling us is truely a key level of understanding of how we can exploit Price to our advantage.

(Chart 1)

Take this Daily PB on the Gbp/Jpy 7/30 of this year. Not a bad looking PB off a BRN the 135.00, but not at a swing Low. . . I don't know about this one . .

(Chart 2)

When we zoom out a bit and see the rest of the story . .we see that Gbp/Jpy had just broken out of a rough looking wedge formation and has now pulled back forming this PB. The story is now complete. Not only do I have Support from the 135.00 but from the wedge formation itself.

I love this trade not only for the 108 pips I made from it but the fact that seeing the whole story, from the many posts and videos I learned from Mike, gave me the confidence to take it with a smile . .
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Indicators show the past. Price Action "Indicates" the future.
  • #74,335
  • Sep 8, 2010 5:07pm Sep 8, 2010 5:07pm
Quoting mbqb11
Summarized in one line better then I did in 50 lol thanks J

There is a lot of talk that pinbars don't have an edge....

This is exactly what I am struggling with, putting all the pieces together.
It can get quite frustrating and occasionally causes me to take a trade that I know is not as it should be, like I did with the last one.

They have a saying here in Japan about 8 blind men each holding on to a piece of an elephant. One is holding the trunk, the ear, the leg, the tail etc.
They all know they are holding onto an elephant but none has the complete picture. This is exactly how I feel right now and , I feel I am holding the tail.
We all know where that leads when the beast has a poop.
  • #74,336
  • Sep 8, 2010 5:17pm Sep 8, 2010 5:17pm
Quoting Pinbar
This is exactly what I am struggling with, putting all the pieces together.
It can get quite frustrating and occasionally causes me to take a trade that I know is not as it should be, like I did with the last one.

They have a saying here in Japan about 8 blind men each holding on to a piece of an elephant. One is holding the trunk, the ear, the leg, the tail etc.
They all know they are holding onto an elephant but none has the complete picture. This is exactly how I feel right now and , I feel I am holding the tail.
We all know where that leads...
LOL(at the last part)

It's part of it. There is NO way around it. I have seen some people around here do so well so fast. And they are not the norm(ghous, benji, dan, and many others come to mind). The thing that they do and what I had to eventually do(I did NOT get it that quick) was clearing out the garbage and really focusing on the simplicity of a few good things. But being lost is part of it, you just have to hang onto the few things that you see as light and keep grasping until it gets a bit brighter. It could take you 6 months or it could take you 5 years or never. For most it will be never. But at least you can have a chance too.

You are doing great pin, and you have come very far from the first posts you make, and you probably can't even see it. Yes it is always easier to see it from afar.

Best
Mike
  • #74,337
  • Sep 8, 2010 5:22pm Sep 8, 2010 5:22pm
Quoting mbqb11

. . .you just have to hang onto the few things that you see as light and keep grasping until it gets a bit brighter.

Mike

That's a great line Mike . . .


It does get brighter over time . . .sometimes its blinding . . .
Indicators show the past. Price Action "Indicates" the future.
  • #74,338
  • Sep 8, 2010 5:27pm Sep 8, 2010 5:27pm
Quoting james16
10 plus inches in 24 hours.

this picture was taken from some lots i own on a local golf course with a retaining wall halfway done.

thats the #1 fairway and the path between the driving range and #2.

oh and my dash monk sitting quietly as usual.

he is there to keep me from getting shot when im forced to drive thru Dallas.

Wow that's some rain you got there Jim.


Speaking of water . . do you bathe your snakes?

http://www.flabber.nl/linkdump/video...maakbeurt-6085
Indicators show the past. Price Action "Indicates" the future.
  • #74,339
  • Sep 8, 2010 5:31pm Sep 8, 2010 5:31pm
Quoting jarroo
Wow that's some rain you got there Jim.


Speaking of water . . do you bathe your snakes?

http://www.flabber.nl/linkdump/video...maakbeurt-6085
hahaha are u kidding me. I must be pure NY b/c what the heck do you do with that thing.
  • #74,340
  • Sep 8, 2010 5:31pm Sep 8, 2010 5:31pm
Thanks for the kind words.

Yeah, losing the excess baggage is the thing to work on and hold onto the things learned till we can internalize them properly.

As you say, I have seen people in this thread pick it up in a few weeks and never look back and I admire them for it.

Indeed, I feel my analysis has gotten worse actually.

Sort of like going from holding the tail and thinking this beast can't be this big, to grasping the ear and then thinking, was I really holding the tail of an elephant.

I shall battle on with the struggle against myself.
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