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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

  • #79,041
  • Nov 1, 2010 8:13pm Nov 1, 2010 8:13pm
Quoting mbqb11
Hey Pin

There is no rule. Proxy can be weeks back, it's up to the end user

Best
Mike

Thanks Mike.
  • #79,042
  • Nov 1, 2010 8:20pm Nov 1, 2010 8:20pm
Hey Pinbar, I love the enthusiasm you have brought to this thread. You remind me of Ghous from a few years ago.

Where did you set your stop loss on the EURGBP? I was debating it back and forth. I am actually still not in the trade, I got close, but my Limit Order is at .8650. I set my stop loss at .8925 and my first TP1 at .8530.

My stop loss is so large, but looking at the trade, I think this is the best bet.
  • #79,043
  • Nov 1, 2010 8:28pm Nov 1, 2010 8:28pm
Quoting unlv_tj
Hey Pinbar, I love the enthusiasm you have brought to this thread. You remind me of Ghous from a few years ago.

Where did you set your stop loss on the EURGBP? I was debating it back and forth. I am actually still not in the trade, I got close, but my Limit Order is at .8650. I set my stop loss at .8925 and my first TP1 at .8530.

My stop loss is so large, but looking at the trade, I think this is the best bet.

Thanks for the kind words U, these little things are what give us extra strength and enthusiasm which make this the Best thread on FF.


Here is where my reasonably tight SL is.
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  • #79,044
  • Nov 1, 2010 8:38pm Nov 1, 2010 8:38pm
Oh cool Pinbar. Thank you. I always learn something new here.
  • #79,045
  • Edited 9:24pm Nov 1, 2010 8:41pm | Edited 9:24pm
Quoting unlv_tj
Oh cool Pinbar. Thank you. I always learn something new here.

Not at all U....I have learned numerous things from your post over the last couple of years. It is I who should thank you.

EDIT: AU/NZD is looking very interesting after it drifted above the 1.2900 , and I like both the 38.2 and 50 fibo area to possibly show us the real deal.


Just watching seeking light talking about how he had problems drawing too many PPZ initially and showing us how he goes about it and what he does with the tricky iffy areas.

Great, stuff, simply wonderful to see that not only ourselves as newbies had trouble but even these guys, did.
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  • #79,046
  • Nov 1, 2010 9:52pm Nov 1, 2010 9:52pm
Quoting Pinbar
The close of the PB is outside the eye (High) of the previous bar so, it is not a valid PB if we look at it technically.
You can use the eye of the candle to left but that is 4 bars back, not sure how many bars back is allowed for a proxy eye.

Hope this helps.
I'm possibly in the minority here, but for me at least... close enough is good enough.

That pin and a copy of it with a close a couple of pips lower are telling the same story, and as long as you are waiting for the break (which you should be, kids) you wont run into any nasty 'buying at the bottom of a trading range like a complete clownshoe' issues.

Rules are all well and good as a framework to get you started and keep people out of trouble, but at some point you have to try and understand why you are doing what you are doing... otherwise, you are just another guy clicking buttons on the internet and hoping it works out for the best.

It's all about being able to adapt to changing circumstances, rather than being a human EA. You are dealing with a fluid market, with thousands of transactions a second and where the difference between a couple of pips could be a single order. That single order doesnt automatically change the flow of the market, and so it doesnt necassarily make a setup more or less valid (although it can, in specific circumstances)... in which case, is the rule really 'protecting' you from anything, or is it just an arbitary filter that makes you miss some good trades?

Or, much more eloquenty

All fixed set patterns are incapable of adaptability or pliability. The truth is outside of all fixed patterns.

Also: boards dont fight back. and something about emotional content.
When you have to shoot, shoot. Dont talk.
  • #79,047
  • Nov 1, 2010 9:54pm Nov 1, 2010 9:54pm
Quoting Pinbar
I got it, I think you mean these previous highs.

Sorry Pb . .my mistake . . .I meant, previous bar Low(s) on the BEOB.
Just like what you had on your chart. Actually its a PPZ level, like to see if Price can show some nice bearish PA from there. . .if it gets there.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,048
  • Nov 1, 2010 9:57pm Nov 1, 2010 9:57pm
Quoting Pinbar
Hey Jarroo

Funny thing after your PM, I went back and watched one of Jims videos and Low & behold. It is exactly as you were saying.

More eye bleeding is in order.

I find that eye drops help . . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #79,049
  • Nov 1, 2010 10:02pm Nov 1, 2010 10:02pm
Quoting jarroo
I find that eye drops help . . .lol
Yes, I thought that is what you meant.


Yeah, I go through a bottle in a week with this eye injury.
  • #79,050
  • Nov 1, 2010 10:03pm Nov 1, 2010 10:03pm
Quoting joelcf
I'm possibly in the minority here, but for me at least... close enough is good enough.

That pin and a copy of it with a close a couple of pips lower are telling the same story, and as long as you are waiting for the break (which you should be, kids) you wont run into any nasty 'buying at the bottom of a trading range like a complete clownshoe' issues.

Rules are all well and good as a framework to get you started and keep people out of trouble, but at some point you have to try and understand why you are doing what you are doing... otherwise,...



Yes, I watched the Big Guy saying, I know we have rules about PBs but it is ok to take them if they are not perfect as long as we have a good area they came off.
Thanks for the input Joel.
  • #79,051
  • Edited 11:10pm Nov 1, 2010 10:24pm | Edited 11:10pm
Quoting Be Cool
I trade the 1 Hour to 5 Min in the first year. Moved up to 4Hour in the second year and has recently traded the daily. Trade trendline bounce with fib and candlestick. Always got whipsawed when trend was changing.
You wouldnt be the first to lose a bunch of money on the magical powers of Fibbonacci numbers. Dont worry, Jim and Mike will set you straight

*edit* wow this thread moves fast. disappear for a week or two and you come back to triple digit pages to read.


I read Libre Abaci in school, and it is kind of sad that for all the contributions he made to mathematics in the western world (which would look very different otherwise - hint: you wouldnt know how to add or subtract, and we would be on page MMMMMCCLXXI!), he is remembered because of some number sequence he didnt even make up and only used in a single example in a single book. Oh, and the whole alchemy thing. Ouch. But Newton fell for that too, so he gets a pass on it.
When you have to shoot, shoot. Dont talk.
  • #79,052
  • Nov 1, 2010 10:33pm Nov 1, 2010 10:33pm
Wow!!!!!!!!!!!!!!!!


Time for Donkey to get out of that short.

150 pip M15 candle.


This is a good example of why we wait for the break of a PA bar.
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  • #79,053
  • Nov 1, 2010 10:38pm Nov 1, 2010 10:38pm
Eur/Aud. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #79,054
  • Nov 1, 2010 10:42pm Nov 1, 2010 10:42pm
Quoting Pinbar
This is a good example of why we wait for the break of a PA bar.
Or why we dont trade kangabucks when the RBA releases an interest rate decision
When you have to shoot, shoot. Dont talk.
  • #79,055
  • Nov 1, 2010 10:43pm Nov 1, 2010 10:43pm
Quoting joelcf
Or why we dont trade kangabucks when the RBA releases an interest rate decision

Kangabucks.....
  • #79,056
  • Nov 1, 2010 10:44pm Nov 1, 2010 10:44pm
Quoting Pinbar
Kangabucks.....

That was good . . .
Indicators show the past. Price Action "Indicates" the future.
  • #79,057
  • Nov 1, 2010 10:47pm Nov 1, 2010 10:47pm
Quoting Pinbar
Wow!!!!!!!!!!!!!!!!


Time for Donkey to get out of that short.

150 pip M15 candle.


This is a good example of why we wait for the break of a PA bar.
Not often you see a 100+ move on the M1.
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  • #79,058
  • Nov 1, 2010 10:50pm Nov 1, 2010 10:50pm
Quoting spookie94
Not often you see a 100+ move on the M1.

Yeah, I think I need my FFCAL indicator back.

I read a long time ago that J16 people don't pay much attention to news as it is figured into the PA.

Joel seems to suggest otherwise.
  • #79,059
  • Nov 1, 2010 10:52pm Nov 1, 2010 10:52pm
Quoting packhorse
Thoughts on this PB for later?

 

  1. Nice pinbar
  2. With the trend
  3. RN and Monthly Pivot confluence

I'm kinda liking this one too.
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  • #79,060
  • Nov 1, 2010 10:58pm Nov 1, 2010 10:58pm
Quoting Pinbar
Yeah, I think I need my FFCAL indicator back.

I read a long time ago that J16 people don't pay much attention to news as it is figured into the PA.

Joel seems to suggest otherwise.

I do tend to sit out at upcoming interest announcements and the first Friday of the Month but that's usually for just the U.S.
Indicators show the past. Price Action "Indicates" the future.
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