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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

  • #80,221
  • Nov 17, 2010 12:15am Nov 17, 2010 12:15am
Quoting geniusztc
some ideas about TF, the low time frame may be not stabe ,but when i trade the low TF, i always have small SL, but ,when you trade higher TF, you will always have to set up a large SL. so .......lol
however ,what about my this trade ? just give your critical .. thank you
Have you read about position sizing bro.

http://www.forexfactory.com/showpost...3&postcount=17
http://www.forexfactory.com/showpost...4&postcount=18
http://www.forexfactory.com/showpost...5&postcount=28
http://www.forexfactory.com/showpost...5&postcount=31
http://www.forexfactory.com/showpost...7&postcount=32
If you have then i don't see a problem with stop placement may it be 200 pips.


Regards
Taz
  • #80,222
  • Edited 1:23am Nov 17, 2010 12:37am | Edited 1:23am
Quoting geniusztc
hello,Pinba

some ideas about TF, the low time frame may be not stabe ,but when i trade the low TF, i always have small SL, but ,when you trade higher TF, you will always have to set up a large SL. so .......lol
however ,what about my this trade ? just give your critical .. thank you

What can I say.
Well, for a start, if you are new to trading as you mentioned to someone, you do not want to be trading the H1 tf. I never look at the H1 tf anymore, J16 is not about the H1 tf until we are completely competent on higher TF such as the weekly and daily. There are very different traders trading the H1, scalping off it, this moves price more in any direction. D1 & H4 are different and H4 is the lowest time frame anyone should be looking at.

Also, I feel you have been very lucky up to now, in not losing more of your account. If you are trading H1 think how many trades you are making, how many times you are paying the spread, this alone will make you broke.

Please try to learn to find good PA setups on higher time frames.
By good, I mean the location, the size & shape of the bar and not trading into a RN or PPZ, but trading away from PPZ & Round Numbers.

You know, I have seen J16 taking daily trades with Less than 30 pips SL, because he knows which areas are safe, like a short just below the 365 EMA after PA off the EMA.

You really need to get the basics down and stop trading H1.

I ,mentioned to you in a PM that my best advice is for you to open a demo account, with the size of the account being anything you wish but preferable $3000 and above.
Then, you can learn to trade the weekly, the daily, the H4 or any TF you like, if you lose, you will not lose a penny, if you win you will not win a penny but, you will gain more knowledge that is worth more than $50,000 and you will not get hurt emotionally.

Please save the money in your current account or take your girlfriend out to a nice restaurant, with it.

Don't trade it anymore, right now. You are just going to give it to the broker who certainly does not need it.

It may only be $200 but, when I was in Harubin last year, I would take 15 people out to a nice restaurant called IPPINSHAN, we would eat and drink for 3 hours or more and it did not cost $100. You can take your girlfriend out nearly 20 times with that money.



EDIT: Also, if you look at the daily chart, you can clearly see, it may not be a good time to short GU right now because of the TL, the 50 fibo and the PPZ confluence. You can not see this on the H1 tf, that is another reason to not trade H1.
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  • #80,223
  • Nov 17, 2010 12:38am Nov 17, 2010 12:38am
sprint on daily.
closed under the support-area on rising volume.
sign for weakness. sl above 4 usd.
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meine augen sind die sterne
  • #80,224
  • Nov 17, 2010 1:38am Nov 17, 2010 1:38am
Quoting unlv_tj
Jim, I actually got in this trade on the retracement as well, all before reading your post. Thank you though for this post, I greatly appreciate it.

I only planned to play the BUOB on a good break and a quick hit to 1.3970. I set my price at 1.3930, and the high I have on my chart is 1.3926, so slippage got me into the trade.

I am now in on the retracement though, with my original TP of 1.3970 (though at 1.3925 I will bring my stop loss up to BE). My stop los is at 1.3670 (hide behind the 1.3700 level).

Thank you for your help!

T.J.

That's great TJ. I didn't what my post to come off the wrong way. I believe I've read that you look for retracement as well.

I mostly look for PA at these levels to take a trade. I will look for a touch trade if there is multiple confluences supporting the level or if the story is really compelling. . .but mainly its PA all the way.

Indicators show the past. Price Action "Indicates" the future.
  • #80,225
  • Nov 17, 2010 1:51am Nov 17, 2010 1:51am
Quoting xmzhang
Thanx for the compliment Pinbar, you're doing very fine also, but I think all the credits goes to the senior members of this thread, Jarroo, Mike ..... I really admire their unselfish efforts in trying to help newbies to get them on the right track. Especially in this hard business like Forex where everything evolves around making money at the cost of somebody else. It's a relief to see that are also good people in this business who are prepared to spend their time and efforts in educating newbies like me, not once but day in and day out, lots lots...

Thanks xmz. A lot of good people on this thread and you are one of them.

I enjoy your charts and analysis.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #80,226
  • Nov 17, 2010 2:12am Nov 17, 2010 2:12am
lost 3 pips, should'nt have, did. Happy thanksgiving everyone



Quoting 4X=0
long eu
  • #80,227
  • Nov 17, 2010 2:31am Nov 17, 2010 2:31am
Morning! The size is good and I like the PPZ of this Home Depot Inc. FTA is near and strong, no space.. That should be enough for skipping, but i´m still wondering if this is a good setup or not.. Could someone share some thoughts?

Have a good week everyone, wherever you are in our planet
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  • #80,228
  • Nov 17, 2010 2:46am Nov 17, 2010 2:46am
Quoting nuclear62
Morning! The size is good and I like the PPZ of this Home Depot Inc. FTA is near and strong, no space.. That should be enough for skipping, but i´m still wondering if this is a good setup or not.. Could someone share some thoughts?

Have a good week everyone, wherever you are in our planet
Nice looking pinbar. Lot of traffic to the left thought. Looks like a very good bet to reach your FTA. How do you plan to manage the trade?
  • #80,229
  • Nov 17, 2010 2:47am Nov 17, 2010 2:47am
Quoting geniusztc
is it a good position to go short ???

Not bad geniusztc.

But if I can suggest to you that you go to a high time frames to get your Support and Resistance information before you go to a lower time frame, like the Hourly.

. .. here's an example (Charts)

I'm not suggesting that using the same time frame won't work . .it will. I have found that the higher time frame levels are much stronger . .more data.


Quoting geniusztc
as you said ,i am wrong , lost 13 pips.
It did give up some positive pips before it stopped you out, correct?
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Indicators show the past. Price Action "Indicates" the future.
  • #80,230
  • Nov 17, 2010 3:10am Nov 17, 2010 3:10am
Quoting stewrigh
Mike, you should talk to Jim Cramer - this went out last Thurs

I liked this one on Quantitative Easing . . .lol. . .Joel should like it too. lol

Inserted Video
Indicators show the past. Price Action "Indicates" the future.
  • #80,231
  • Nov 17, 2010 3:18am Nov 17, 2010 3:18am
Euro touch trade
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  • #80,232
  • Nov 17, 2010 3:19am Nov 17, 2010 3:19am
Quoting geniusztc
hello,Pinba

some ideas about TF, the low time frame may be not stabe ,but when i trade the low TF, i always have small SL, but ,when you trade higher TF, you will always have to set up a large SL. so .......lol
however ,what about my this trade ? just give your critical .. thank you
I had the same problem with position sizing but then i opened account in oanda where i can play daily tf with low risk even on very small account. Your PB may look good on low timeframe but look at the daily tf and you will find trendline and support confluence. There is really no point in taking risk like that just to be in the trade.
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  • #80,233
  • Nov 17, 2010 3:27am Nov 17, 2010 3:27am
Quoting jarroo
I liked this one on Quantitative Easing . . .lol. . .Joel should like it too. lol


Just watched it, it is really great.

I think Jarro & Mike should run the country's economy.

Or even, Jarroo or Mike's dog or cat.


They couldn't do a worse job than the crew mentioned in that cartoon.
  • #80,234
  • Nov 17, 2010 3:31am Nov 17, 2010 3:31am
Quoting Pinbar
Just watched it, it is really great.

I think Jarro & Mike should run the country's economy.

Or even, Jarroo or Mike's dog or cat.


They couldn't do a worse job than the crew mentioned in that cartoon.

lol I would rather have Joel take the job.


Hey Pb . .where's that chart you had on the Usd/Jpy at the 83.00 . .you got it handy?
Indicators show the past. Price Action "Indicates" the future.
  • #80,235
  • Nov 17, 2010 3:42am Nov 17, 2010 3:42am
Quoting jarroo
lol I would rather have Joel take the job.


Hey Pb . .where's that chart you had on the Usd/Jpy at the 83.00 . .you got it handy?

Probably trashed it as I have been practicing the Jarroo method all day.

Not sure which one you mean.


EDIT: You mean this one?
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  • #80,236
  • Nov 17, 2010 3:55am Nov 17, 2010 3:55am
Quoting Pinbar
Probably trashed it as I have been practicing the Jarroo method all day.

Not sure which one you mean.
It was a Daily or 4 hour showing strong confluence at the 83.00. . . Strong PPZ level at the 50% retracement level (50% ret. is not a Fib), (365 on the 4 Hour).

This is a strong level because of this confluence. Price should have reacted stronger as Resistance . .it did not.

What does this tell you about the uptrend?


edit: yes, that's it.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,237
  • Nov 17, 2010 3:58am Nov 17, 2010 3:58am
Quoting forexben
Euro touch trade
Nice, daily / weekly PPZ with fib / RN confluence. I liked GU and NU too - both touch trades at confluenced areas with PA that followed...there was more confluence elsewhere outside of FX too to give increased confidence / probability of a retracement in usd based pairs.
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  • #80,238
  • Nov 17, 2010 4:00am Nov 17, 2010 4:00am
Quoting jarroo
It was a Daily or 4 hour showing strong confluence at the 83.00. . . Strong PPZ level at the 50% retracement level (50% ret. is not a Fib), (365 on the 4 Hour).

This is a strong level because of this confluence. Price should have reacted stronger as Resistance . .it did not.

What does this tell you about the uptrend?


edit: yes, that's it.

It seems to suggest it means business and could possibly take us up to the 85.

Jarroo, you have an uncannily good memory.
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  • #80,239
  • Edited 4:19am Nov 17, 2010 4:06am | Edited 4:19am
Quoting Pinbar
It seems to suggest it means business and could possibly take us up to the 85.

Usually, Yes. Strong confluenced levels can tell us a lot about the strength of a trend and the momentum of Price by how Price breaks through them. . .sometimes it like a hot knife through warm butter.

Also, we can now look to the 83.00 to act as Support from its previous Resistance.
Indicators show the past. Price Action "Indicates" the future.
  • #80,240
  • Nov 17, 2010 4:18am Nov 17, 2010 4:18am
Quoting spookie94
How often would you say that when you enter on a retrace your FTA is the Breakout point of the outside bar?

Good question spookie.

It usually depends on the quality of the setup. With that given, I would say Yes, Price tends to that after the next target after the first target has been hit. This usually involves a retracement as a normal vicissitude of the market. But again, if the retracement already occurred prior to the break of the setup, I would like Price to have a slight stall at the first target and then to the moon.
Indicators show the past. Price Action "Indicates" the future.
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