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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

  • #80,101
  • Nov 15, 2010 1:10pm Nov 15, 2010 1:10pm
I just thouight this was brilliant!! funny in places, hit some home truths in others. There were bits that resinated with me.. I highlighted the bit that i thought most provocative (in a very good way)..
Trade well
RS

Quoting joelcf
'4. You overtrade like a crackhead on welfare day'

'So now I hear you whining BUT MIKE DOESNT DO THIS! You know what? You arent Mike. Or Jarroo. Or anyone else.'

but if you ever want to move beyond ZOMGPINBARBUYBUYBUY! you need to start thinking 'why'.

...
  • #80,102
  • Nov 15, 2010 1:39pm Nov 15, 2010 1:39pm
Quoting HanSolo
Mike (and all other breakout traders), I've got a question to you regarding breakout trades with retest of the TL/PPZ. I'm sure I have read the answer somewhere on this thread or have seen it on your chart multiple times but I can't remember. It goes like this:

If there is a breakout, say a trend breakout and a subsequent retest of the TL. Do you still want to see the exact same PA characteristics as you want...
Hey Han

In general I am less strict on my bar criteria with breakout trades. For me the number one thing is pattern recognition with breakouts and then waiting for the breakout and pullback. I am more willing to loosen up my criteria. Those would be fine bars IF the area you defined is worth a breakout(again my criteria and yours will probably be very different so speaking generally)

Best
Mike
  • #80,103
  • Nov 15, 2010 1:51pm Nov 15, 2010 1:51pm
Well, trading weekly charts is not easy... I have so much time on hands so I thought I will go and "improve" and started digging the FF... and maan scary, so much stuff, so many methods of applying S/R, different styles, combos, some refer to J16 as "for basic understanding of PA" then to "advance" with more MA's, tricky S/R..... just too much BS I think.

Aren't we suppose to keep it simple? The more stuff one has on his charts the harder for him to pull the trigger, so all this becomes a theoretical experience for him, without any practical application.... he becomes just a blogger, posting charts with perfect setups that HAPPEND IN PAST... and that's all he does...never trades to make it a profession... imho...

That's just I'm in a search of my own way to trade J16. How to make my trading profitable... Just waiting for a "perfect bar" and taking it, or putting ton's of lines and waiting for "any kind of bar to form there".. because if I want to take a perfect bar at the perfect location on Weekly I should be happy to take just 1 or 2 trades per year, and they could be BE....

  • #80,104
  • Nov 15, 2010 2:21pm Nov 15, 2010 2:21pm
Quoting mbqb11
Hey Han

In general I am less strict on my bar criteria with breakout trades. For me the number one thing is pattern recognition with breakouts and then waiting for the breakout and pullback. I am more willing to loosen up my criteria. Those would be fine bars IF the area you defined is worth a breakout(again my criteria and yours will probably be very different so speaking generally)

Best
Mike
I see. Breakout trading seems to be even more discretionary and thereby more advanced stuff than "simple" swing high/low trading with confluence. The PA often looks subtle but frequently precedes very powerful moves. Looks like a great way to enhance chart reading abilities. Thanks for your help, Mike.
Thanks J16, Sam Seiden, Udine and Jacko
  • #80,105
  • Nov 15, 2010 4:21pm Nov 15, 2010 4:21pm
Quoting Carnegie
Clearly you haven't looked in to it very much pinbar, maybe THAT particular one is not a pinbar, but Mike sure as hell got the idea about what I was talking about.

Pinbars don't HAVE TO open and close within the prior bar, they just have to show rejection 2-3X the BODY.


Sorry, I must have gotten confused & somehow thought, you were trying to learn the J16 PA methodology.

I shall not confuse you further with my input.

Good Luck.
  • #80,106
  • Nov 15, 2010 4:22pm Nov 15, 2010 4:22pm
Quoting Pinbar
Jarroo, I setup eur/cad this morning and am comparing this chart to yours.

The solid lines are the monthly flips and the broken lines the weekly.

Not too similar, do you have any advice about this chart?

Thanks in advance


edit:Just put the weekly up and explained my logic
Hi Pinbar,
This method of identifying SRs looks great. I understand this is based on BT and retest of levels on Monthly. But in most cases we see next monthly bar to retrace after establishing monthly highs ( or lows). Can you please help me understand bit more about this? I know I am asking for too much simplification :-) , but what steps do you follow after you open a new clean Monthly chart?


appreciate your help.
cheers
  • #80,107
  • Nov 15, 2010 4:25pm Nov 15, 2010 4:25pm
I see Rac is in the house.

Hi, Rac

I have been reading a lot of your posts on the PF, very interesting and I love the way you have personalized your trading.

You certainly have become the monk on a great pilgrimage.

Wonderful stuff and gives me a glimmer of hope along with Jarroo's methodology.

Many thanks
  • #80,108
  • Nov 15, 2010 4:38pm Nov 15, 2010 4:38pm
Quoting xmzhang
Price wasn't able to break the high of the weekly PB, as seen on the 4H-TF, price generated a 4H-PB and is now pulling back. I didn't like the close which was a few pips above the RNB @ 13900. Switching to a lower TF to optimize my entry I saw that on the 30m-TF the 4H-PB closed as a 30m-PB. So in this special case we get our lower TF entry PA right after the close of the higher TF PA. Entry on the break of the 30m-PB below RNB 13900. FTA would be a 4H-PPZ @ 13825-ish. On the lower TF this PPZ is now acting as resistance as seen by a PB and BEOB,...
Price generated a 4H-PB which was for me the trigger to close my pullback trade for a 129 pip profit, my maximum profit was 174 pip at one time so I've given about 45 pips back to the market. So a 4H-PB got me into the trade and also a 4H-PB got me out of my trade. I was considering to reverse my trade and to go long at the break of this second 4H-PB but I didn't because of the RNB @ 13900 just above. In hindsight I could have banked another 26 pip. I think the pullback has completed now and if price manages to breach the 13800 and then gets support we could see price take another shot at the weekly PB and the final target at BRN @ 14000, lets see.
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Pipcrawler
  • #80,109
  • Edited 8:03pm Nov 15, 2010 4:51pm | Edited 8:03pm
Quoting Imphilomath
Hi Pinbar,
This method of identifying SRs looks great. I understand this is based on BT and retest of levels on Monthly. But in most cases we see next monthly bar to retrace after establishing monthly highs ( or lows). Can you please help me understand bit more about this? I know I am asking for too much simplification :-) , but what steps do you follow after you open a new clean Monthly chart?


appreciate your help.
cheers
Ok, please remember I am also a newbie to the J16 methodology and don't take my word as gospel, ask Mike & Jarroo for the Gospel.
This is good though, because it makes me think more about what I am doing myself, helps me solidify things and, if it helps another person, that is a double Plus!



Here you go, I hope this is basically what you were asking and that it may help you a little.

I can only get 7 charts in one post, so I had to cut down on the number of charts from the weekly a little.

EDIT: Forgot to mention, you can on the daily or whatever round these PPZ off to the nearest RN, I don't do it because I use the RN indicator to check proximity of the PPZ, and just prefer to do it like that.

Thanks for asking the question and getting me in the groove this morning.

I updated the link in my signature to this post so, if you ever want to come back to this post, Jarroo's PPZ post link, or the James16 PPZ ZONES video link, just click on the PPZ basics in my signature.






Jarroo's PPZ explanation. Read this till you go BLIND, & then read it again!
http://www.forexfactory.com/showpost...ostcount=79379



James16 PF guest area PPZ Zones video.
http://www.james16group.us/Guests/guestmaterial.html
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  • #80,110
  • Nov 15, 2010 5:11pm Nov 15, 2010 5:11pm
My next longer TF pick, PB at resistance of consolidation box and RNB @ 13400.
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Pipcrawler
  • #80,111
  • Nov 15, 2010 5:37pm Nov 15, 2010 5:37pm
Quoting xmzhang
Price generated a 4H-PB which was for me the trigger to close my pullback trade for a 129 pip profit, my maximum profit was 174 pip at one time so I've given about 45 pips back to the market. So a 4H-PB got me into the trade and also a 4H-PB got me out of my trade. I was considering to reverse my trade and to go long at the break of this second 4H-PB but I didn't because of the RNB @ 13900 just above. In hindsight I could have banked another 26 pip. I think the pullback has completed now and if price manages to breach the 13800 and then gets support...
xmzhang, great trade, you faded my long (thanks to slippage I got stuck in), LOL.

We often know that outside bars retrace before moving in the desired direction. What was your signal to short this BUOB? Just a touch trade and a hunch?
  • #80,112
  • Nov 15, 2010 6:40pm Nov 15, 2010 6:40pm
I am kind of wondering what to do with this trade from November 9 that I left a tiny amount in, in case it wants to run. I mean, I can't decide if I should close it and take the extra 130 pips or leave it to see what it does. I don't think I have ever held onto a trade this long.

Just seems a waste if it is hanging around this long.

I mean, there will always be more PA if it is going to be a runner.

Any thoughts?
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  • #80,113
  • Nov 15, 2010 7:24pm Nov 15, 2010 7:24pm
Quoting HanSolo

I'm asking because outstanding PAs with long noses etc. seem to happen less often at retests. You rather see those tiny ones. My impression is they are still very reliable. I would like to hear your opinion.

?
Great observation HanSolo.

Thanks for bringing it to my attention.
  • #80,114
  • Nov 15, 2010 7:40pm Nov 15, 2010 7:40pm
Quoting Pinbar
Ok, please remember I am also a newbie to the J16 methodology and don't take my word as gospel, ask Mike & Jarroo for the Gospel.
This is good though, because it makes me think more about what I am doing myself, helps me solidify things and, if it helps another person, that is a double Plus!

Thank you so much. You are very generous. Really appreciate you putting efforts in creating those many charts and helping me/us learn this better.
I have read thru those links once but I am going to spend this weekend in re-reading (and understanding) them and going thru your explanation. Those step by step charts really help. I always used line charts for drawing SRs but this way of thinking is great as well.

Thanks again mate

cheers
  • #80,115
  • Nov 15, 2010 7:49pm Nov 15, 2010 7:49pm
Quoting Imphilomath
Thank you so much. You are very generous. Really appreciate you putting efforts in creating those many charts and helping me/us learn this better.
I have read thru those links once but I am going to spend this weekend in re-reading (and understanding) them and going thru your explanation. Those step by step charts really help. I always used line charts for drawing SRs but this way of thinking is great as well.

Thanks again mate

cheers
Not at all, it is my pleasure.
Stops me being Lazy and makes me think.

Yeah, sounds good, if you take a plain chart and practice this when you have spare time, I think it will serve you well as, IMHO PPZ are the very foundation of PA. I think the PPZ are the cause and PA is the effect.

Wishing you safe and enjoyable trading.
  • #80,116
  • Nov 15, 2010 8:15pm Nov 15, 2010 8:15pm
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hi guys, i just spotted this pin on the daily charts on the DJ index. it bounced off the EMA 21 and 11200 level. the is also on the prevailing trend. (which is down i reckon.)

any comments?
  • #80,117
  • Edited 8:56pm Nov 15, 2010 8:44pm | Edited 8:56pm
Quoting fascist
Attachment

hi guys, i just spotted this pin on the daily charts on the DJ index. it bounced off the EMA 21 and 11200 level. the is also on the prevailing trend. (which is down i reckon.)

any comments?

Is it at a Swing High, where we want to see them?

Hope this helps.
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  • #80,118
  • Nov 15, 2010 8:55pm Nov 15, 2010 8:55pm
Quoting Pinbar
Is it at a Swing High, where we want to see them?

Hope this helps.
Yep continuations can be a bit trickier in my eyes

also by the looks , I believe it doesn't have a higher high so it would be an inside bar. It can be tricky since it has that "look" of a pinbar, but is just an inside bar.

Best
Mike
  • #80,119
  • Edited 9:21pm Nov 15, 2010 8:58pm | Edited 9:21pm
Quoting mbqb11
Yep continuations can be a bit trickier in my eyes

also by the looks , I believe it doesn't have a higher high so it would be an inside bar. It can be tricky since it has that "look" of a pinbar, but is just an inside bar.

Best
Mike

Yeah, may work but, I don't take these for now.

Also the box on the left looks naughty and I sure don't take bars going into them. Not brave enough...LoL


EDIT: Oh right we are ignoring the Sunday bar, good point Mike, I forgot about that.
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  • #80,120
  • Nov 15, 2010 9:36pm Nov 15, 2010 9:36pm
NZD/CHF has got that cup & handle look to it, with large wicks off the bottom of the candles.
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