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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

  • #76,641
  • Oct 6, 2010 2:26pm Oct 6, 2010 2:26pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting john225

The results are H4 and D1 charts right?

No H4 charts, only daily charts. As eager as I am to move to H4, I'm trying not to get ahead of myself.
  • #76,642
  • Oct 6, 2010 3:20pm Oct 6, 2010 3:20pm
Quoting Pinbar
I did not take this trade because news came out & it is an H1 setup but, it looks like we could have taken it like this.

Let's see what it does.

Hi PinBar,

I am new to this thread. Have been following this for the past 1 week. Can you please tell me what is FTA in the screenshot attached? To me, FTA seems like a level which turns from support to resistance or vice-versa. Also, what do you guys mean by PPZ?

Thanks
  • #76,643
  • Oct 6, 2010 3:20pm Oct 6, 2010 3:20pm
Hey guys,

Was looking at the EUR/USD and saw a break above the 1.38 and waited for a retracement back to that level for a bullish PA signal. Would you guys consider the pin that has formed on the H4 below a valid bullish signal?
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  • #76,644
  • Oct 6, 2010 3:47pm Oct 6, 2010 3:47pm
Quoting forex0908
Hi PinBar,

I am new to this thread. Have been following this for the past 1 week. Can you please tell me what is FTA in the screenshot attached? To me, FTA seems like a level which turns from support to resistance or vice-versa. Also, what do you guys mean by PPZ?

Thanks
Hey Forex welcome to the thread

A FTA can be anything from a minor ppz, previous high/low, to a round number. It is the first area that price can stall at.

Here is some info on PPZ(which stands for Price Pivot Zone, which is a flip of support and resistance)

http://www.forexfactory.com/showpost...ostcount=14084

Best
Mike
  • #76,645
  • Oct 6, 2010 3:48pm Oct 6, 2010 3:48pm
Quoting melvin87
Hey guys,

Was looking at the EUR/USD and saw a break above the 1.38 and waited for a retracement back to that level for a bullish PA signal. Would you guys consider the pin that has formed on the H4 below a valid bullish signal?
It is a strong indication that price wants to go higher , yes


Best
Mike
  • #76,646
  • Oct 6, 2010 3:49pm Oct 6, 2010 3:49pm
Quoting Majestic12
Hi everyone

Entered this today. Stop at BE. I'm wondering whether to take profit or hang on to it and see what happens when the aussie news hits tonight - whats the j16 take on this. Interested to hear anyones thoughts and what experienced traders normally do in this situation when big news is coming.

Thanks.
Hey Majestic

There is no one and only answer but getting to b/e at this point sounds good. You could of course flat take profit or even trail under bar lows if you want to give it more room. I like that one for taking full profit at that first area, that is how I would be comfortable with that type of trade personally. All are viable options though

Best
Mike
  • #76,647
  • Oct 6, 2010 3:52pm Oct 6, 2010 3:52pm
Quoting menomoo
I had been reading the thread for a long while and still bilding up on the knowledge base. if some one could display the daily Emini and elobrate on the PA between 25 august and 31 august , 3 bars low day apart were the same low , will be appreciated thanks.
Hey Meno

There was a BUOB in that time span, that went to where we might expect it to stall(blue box). If one held it since it was off the 10k level(big level) it would have been close if your stop got hit(nearly where those 3 lows you are speaking of) before the much stronger move higher
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  • #76,648
  • Oct 6, 2010 4:03pm Oct 6, 2010 4:03pm
Quoting forex0908
Hi PinBar,

I am new to this thread. Have been following this for the past 1 week. Can you please tell me what is FTA in the screenshot attached? To me, FTA seems like a level which turns from support to resistance or vice-versa. Also, what do you guys mean by PPZ?

Thanks
Hi Forex

In addition to what Mike said, FTA stands for First Trouble Area.
  • #76,649
  • Oct 6, 2010 4:20pm Oct 6, 2010 4:20pm
hellomeno,

emini____ ?

dow? es?

jim

Quoting menomoo
I had been reading the thread for a long while and still bilding up on the knowledge base. if some one could display the daily Emini and elobrate on the PA between 25 august and 31 august , 3 bars low day apart were the same low , will be appreciated thanks.
  • #76,650
  • Oct 6, 2010 4:28pm Oct 6, 2010 4:28pm
new folks/struggling folks read the quote and then come back and read this post. one hour after i made the post below i recieved this with permission to post it.

Quoting james16
ok good.

the hardest part of this is between your ears and losing at your stage is not a bad thing.

i will tell you why.

the only people that ever make it in this business are almost always those that had the following happen to them.

1. they find a solid method. you have. be very very thankful for that. most search years and never do.

2. they lose early on which causes them to refine, simplify and focus on the best possible set ups they can find. most give up because they lose faith in the method. you have 5 years of proof that the......

"Hi James,

I want to thank you for the charts and videos you've been posting lately. It's fun to see some of the trades that you actually enter and how you manage them. I'm not at the level where I can confidently play bounces without PA confirmation, but I definitely see the potential.

Also, I know you're interested in how your members are doing, so I thought I'd let you know that I think (and hope) I'm rounding the corner into consistent profitability. I did great on demo for 9 months, and promptly stunk it up my first 2 months of live trading - totally different ballgame. But, I made myself be much more selective in my trades, and have only been averaging 1-3 trades per month and have been profitable or breakeven for the last 7 months in a row."


NOTICE THE LONG DEMO PERIOD. NOTICE THE INTIAL LOSING PERIOD.

NOTICE WHAT IT FORCED HIM TO DO. HE BECAME MORE SELECTIVE AND FOCUSED.

[b]NOTICE THE POSTIVE RESULTS THAT THIS PROCESS EVENTUALLY PRODUCED.


PRINT IT AND PUT IT ON YOUR WAll.

YOU CAN DO THIS.
  • #76,651
  • Oct 6, 2010 4:43pm Oct 6, 2010 4:43pm
I think there is a very good chance that friday is going to be a very "bad" day.

i have taken measures to protect myself.

if im wrong im safe. if im right i dont lose my rear due to over exposure.


did you know that 44 million americans are on food stamps?

did you know that 50% of american households have someone getting govnt assistance?

it is my sincere belief that we have not even scratched the surface of the misery coming americas way if the current madness is not stopped.
  • #76,652
  • Oct 6, 2010 5:14pm Oct 6, 2010 5:14pm
Quoting xmzhang
The RNB @ 13400 seems to be holding as resistance, I didn't see a descent PA on my feed to go short near the 13400, maybe you guys did on your feed(s). We now may see price revisit the up-TL.
Well price did just as expected bouncing off the up-TL again and is now revisiting resistance @ RNB 13400 once again. Price is starting to coil up nicely.

May the force be with you.
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Pipcrawler
  • #76,653
  • Oct 6, 2010 7:03pm Oct 6, 2010 7:03pm
Quoting jdl
Here are results for my first three months of demo trading J16 price action, results that are pleasantly different than my "one step forward, two steps back" trading history.
July...
Great results jdl !! You have done very well. Can you please elaborate how you managed your trades?? e.g.

Did you open 1 or 2 trades for every opportunity? Where did you take profit and moved to BE. Where was your stop loss? etc

Appreciate anything you can share.

cheers mate
  • #76,654
  • Oct 6, 2010 7:10pm Oct 6, 2010 7:10pm
Quoting Pinbar
Yes, Jarroo, I can see that may well be the case.

Actually, I am just watching this mini consolidation on the EUR/CHF daily BEOB but on H4. Just to see if it will provide any hints.


EDIT: GU seems to be a good example of consolidation with, Resistance polarizing into Support.

This is what the whole thing is about!
Pretty much what this whole thing is about, Pb.. .well at least the main story . .imo. There can also be more to the story of a given setup.

Just remember . .the C-l-e-a-r-e-r the Res or Sup level of a PPZ the better.

GU looks interesting. I think its got a good shot to the 1.6000.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,655
  • Oct 6, 2010 7:37pm Oct 6, 2010 7:37pm
Quoting xmzhang
No need, it looks exactly the same as yours. I only looked at the 4H-TF and I took it of a 4H-PPZ at the swinghigh of 29 september, when price returned to this swinghigh yesterday I expected it now to act as support. BTW peculiar to see that on some currency pairs my feeds looks the same like yours but on others like the Ozzie yesterday they are not, I didn't receive that beautifull PB yesterday on my feed, what a bummer.

Ok so you saw the Daily PPZ not the 4 hour PPZ, correct?
Indicators show the past. Price Action "Indicates" the future.
  • #76,656
  • Oct 6, 2010 7:44pm Oct 6, 2010 7:44pm
Quoting slade1986
Pulled the trigger on this one.

Moved to BE and closed 50% after 34.4 pips. Take Profit at the 1.6250 area.

Edit: Broke the 1.63, so closed balance @ +20 pips (1.05% gain)
Nice one slade . .You got to like those Big PA bars . .
Indicators show the past. Price Action "Indicates" the future.
  • #76,657
  • Oct 6, 2010 7:52pm Oct 6, 2010 7:52pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting Imphilomath
Can you please elaborate how you managed your trades?? e.g.

Did you open 1 or 2 trades for every opportunity? Where did you take profit and moved to BE. Where was your stop loss? etc
Thanks for the kind words. I don't try anything fancy, I just follow the basic J16 precepts. The times I have strayed from the proven methods are usually the times I had losses.

I am a chicken trader. I open 1 trade and move to breakeven quickly, usually at ~ +30 pips. I take half profit at FTA and I exit quickly if things start to turn against me. So I tend to miss the good runners but my win rate is high. I'm really trying to let my winners run because I know that is the right MM strategy, but it's fighting against my nature!

I put the SL behind the end of pin bar or outside bar. I change my lot size to come out to 2% risk depending on where the SL is.

Two things that have REALLY helped me are:
1. guidance from seniors to wait for retracement before entering the trade
+
2. after seeing a daily chart trade, moving down to a lower timeframe to pinpoint the best time to enter that trade.
  • #76,658
  • Oct 6, 2010 7:55pm Oct 6, 2010 7:55pm
Quoting jdl
Thanks for the kind words. I don't try anything fancy, I just follow the basic J16 precepts. The times I have strayed from the proven methods are usually the times I had losses.

I am a chicken trader. I open 1 trade and move to breakeven quickly, usually at ~ +30 pips. I take half profit at FTA and I exit quickly if things start to turn against me. So I tend to miss the good runners but my win rate is high. I'm really trying to let my winners run because I know that is the right MM strategy, but it's fighting against my nature!

I put the SL...

Chicken trader . .lol . . .I call you a smart trader . .
Indicators show the past. Price Action "Indicates" the future.
  • #76,659
  • Oct 6, 2010 7:58pm Oct 6, 2010 7:58pm
Gonna be watching this area for some PA...
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  • #76,660
  • Oct 6, 2010 8:03pm Oct 6, 2010 8:03pm
auus is approaching it's all time high achieved in July 2008.
What sort of reaction will we get?

anyone confident enough for a short touch trade at the peak?
Or would it be better to wait for PA?
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