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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

  • #80,621
  • Nov 22, 2010 4:56pm Nov 22, 2010 4:56pm
Quoting albinas
Xmzhang,

I'm looking at your charts, then looking at mine, and I don't get it. For example on my chart of Eur/Aud, dot is located right after number 1 (1.3804), and on your char it's after number 3 (13.804). So could you please tell me why is it so?

Thank you for your time,
Albinas
The number displayed on the vertical axis in my chart is the exchange rate of a pair expressed in pips, so 1,0000 is displayed as 10.000
Pipcrawler
  • #80,622
  • Nov 22, 2010 5:07pm Nov 22, 2010 5:07pm
Quoting jarroo
Hey Pinbar .. .yeah it works OK. The period converter that I use, once you allow DDL imports, is what I'm use to using.

Its cool.

Thanks Jarroo.

Now, I know it works as it should.
  • #80,623
  • Nov 22, 2010 5:10pm Nov 22, 2010 5:10pm
Quoting damien100
Hi Jarroo
Thanks for chart on looking at higher TFs, and chart on bringing the info from higher TFs (PPZs and their behaviour) to lower TFs, it's brilliant to add to my toolbox
Cheers
D
Quoting jarroo
Hey mikeb,

Not to bad and good eye on that potential target of the Weekly PB.

My concern is the 1.3750ish level that is acting as Resistance that the Weekly PB is running into.

On the 2 Weekly TF, you can see the big BEOB pushed through and closed below and even on the Weekly you can see the consolidation that we have been having finally broke through.

It will be interesting to see if that PB can bring Price to close above the 1.3750 and then find Support there. . .and then hit your target. . . but we won't be surprised if Price keeps...


Not only is it a must (for me) to bring the Higher TF info to lower TFs, but also the basic understanding of Support turning into Resistance (& vice versa) at these strong PPZ levels.

The 2 Week TF shows this strong PPZ level at the 1.3750ish level that has proven itself to be Resistance. . .by how it closed.

Looking at the Hourly TF , we can see a nice size pin bar looking BEOB (I like those) that engulfs many bars. A closer look tells the same story that the 2 Week TF did. . .Sup turning into Res once Price broke through and closed.


Would an entry short at the 1.3750 once the BEOB was formed be a crazy trade knowing what we know from the higher time frames ? I say no way . .I do it all the time. . . .the story matters . .thanks Mike.

4 Hour BEOB looked good as well as confirmation of Resistance.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,624
  • Nov 22, 2010 5:12pm Nov 22, 2010 5:12pm
Quoting xmzhang
A nice setup on oil today, PB @ daily PPZ 8270-ish. Also notice this 4H-PB closed as a 1H-BEOB on the 1H-TF. I like to watch price reaction at keylevels on the lower TF, as long as previous support reverses to resistance I'll be staying in the trade, if at a given moment previous resistance reverses to support or if price has moved an ADR then I'll close my trade.
Closed the oil trade, a 1H-PB @ RNB 8100 made me close my trade also oil has moved beyond its ADR. The 1H-PB also offered a nice oppertunity to reverse the trade for a ride to 8150.
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Pipcrawler
  • #80,625
  • Nov 22, 2010 5:27pm Nov 22, 2010 5:27pm
Quoting g_j_hook@yah
us/chf daily shows an IB at a nice swing high testing parity again...

weekly chart shows the strength of that level and the daily chart the IB
4hr charts show the intraday levels and trouble areas i would watch..

hi everyone btw ...lets hope i remember how to attach a chart!?
Quoting g_j_hook@yah
....


Just like riding a bike g_j_ . . .
Indicators show the past. Price Action "Indicates" the future.
  • #80,626
  • Nov 22, 2010 5:29pm Nov 22, 2010 5:29pm
Quoting jarroo
Not only is it a must (for me) to bring the Higher TF info to lower TFs, but also the basic understanding of Support turning into Resistance (& vice versa) at these strong PPZ levels.

The 2 Week TF shows this strong PPZ level at the 1.3750ish level that has proven itself to be Resistance. . .by how it closed.

Looking at the Hourly TF , we can see a nice size pin bar looking BEOB (I like those) that engulfs many bars. A closer look tells the same story that the 2 Week TF did. . .Sup turning into Res once Price broke through and closed....
Hey Jarroo, that 1.3750 was also the high of a weekly PB from last week. Price validated this PB today by breaking it just slightly, that 1H-PB was for me the trigger for a pullback trade of that weekly PB. That pullback could bring price back to the 13600 or to the previous weekly bar low. Closed my pullback trade when I saw a 1H-PB... where ? Right at the previous weekly bar low. I think price is going to have another shot at that weekly PB
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Pipcrawler
  • #80,627
  • Nov 22, 2010 5:41pm Nov 22, 2010 5:41pm
Hi all,
New to the thread.From Ireland. What a great thread it is. Watched the guest material for a couple of months and then opened demo with Windsor Brokers for month of October. Trade only daily pinbars. Basic rules are I look for decent pinbar (location and form) and place entry 10 pips from break, stop loss 10 pips above/ below pinbar and take profit 10 pips away from first area of trouble (you will see my view on this is very conservative).For month of October I took 15 pinbars, 7 where winners, 7 didn't trigger (I cancel the trade if it doesn't trigger on day 1) and one break even. My exact trades are attached showing a profit of 365 pips.. My worry is that if I have a loser it will wipe out a lot of my winning trades so my risk reward is poor. Look forward to any comments you may have.
Attached File(s)
File Type: xls Pinbars Oct 2010.xls   14 KB | 525 downloads
  • #80,628
  • Nov 22, 2010 5:41pm Nov 22, 2010 5:41pm
Quoting xmzhang
Hey Jarroo, that 1.3750 was also the high of a weekly PB from last week. Price validated this PB today by breaking it just slightly, that 1H-PB was for me the trigger for a pullback trade of that weekly PB. That pullback could bring price back to the 13600 or to the previous weekly bar low. Closed my pullback trade when I saw a 1H-PB... where ? Right at the previous weekly bar low. I think price is going to have another shot at that weekly PB

Its a BEOB that looks like a PB, just like your 4 hour BEOB on your Oil chart. . .there is a difference.

You are correct xmz, Price did validate the Weekly PB by breaking its High. And its still viable to reach its target , previous bar low. But it has a lot of traffic or Resistance to fight through.

No surpirse that it went to the weekly low or the Left Eye of the PB, which is common.

Nice analysis xmz.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,629
  • Nov 22, 2010 5:57pm Nov 22, 2010 5:57pm
Quoting forexben
I hope Lovejoy80 doesn't mind me copy and pasting from his journal:

" Originally Posted by lovejoy80
So with only ECAD to come profit for todays and yesterdays trades is +11.15R (I've broken the 100R barrier for the month

[i]Personally the only thread I learned this from was the J16 thread and in particular Jarroo, mbqb11 and Raczekfx posts...you could do far worse than downloading (someone has compiled all posts per person) all their posts, get them printed and bound and read and re-read...

Yeah . .he's a good guy . . I'll check it out. .
Indicators show the past. Price Action "Indicates" the future.
  • #80,630
  • Nov 22, 2010 6:05pm Nov 22, 2010 6:05pm
Where is Price going?
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Indicators show the past. Price Action "Indicates" the future.
  • #80,631
  • Nov 22, 2010 6:19pm Nov 22, 2010 6:19pm
Quoting millions
Hi all,
New to the thread.From Ireland. What a great thread it is. Watched the guest material for a couple of months and then opened demo with Windsor Brokers for month of October. Trade only daily pinbars. Basic rules are I look for decent pinbar (location and form) and place entry 10 pips from break, stop loss 10 pips above/ below pinbar and take profit 10 pips away from first area of trouble (you will see my view on this is very conservative).For month of October I took 15 pinbars, 7 where winners, 7 didn't trigger (I cancel the trade if it doesn't...
Hey Millions,

Way to go on the trading! The stuff that James, Mike, Jaroo and these guys teach is gold. Got a suggestion for your R:R issue...check out a book called "Trade Your Way To Financial Freedom" by Van Tharp. That book is one of the best I've ever seen on breaking down Risk as R Multiples and helping a trader develop a system of risk management that leads to sustainability over the long term.

You are right though...risk management is where it's at. I have traded pin bars now for a while, and R:R is essential because your stops are generally going to be sizeable, depending on your timeframe, so you really need to get those 2 and 3R runs a decent amount of time.

Also remember...it's not about the pips...it's about % account equity. That has to be the core of our risk managment approach. Hope that helps a little. If you have any more questions, fire away.
  • #80,632
  • Nov 22, 2010 7:42pm Nov 22, 2010 7:42pm
Quoting jarroo
Where is Price going?

Hmmmm perhaps something like this?
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  • #80,633
  • Nov 22, 2010 8:10pm Nov 22, 2010 8:10pm
Trouble areas look spot on Pinbar. There is also a similar looking BEOB on the NZDJPY daily. Can't post a chart sorry, not at my own computer.
  • #80,634
  • Nov 22, 2010 9:11pm Nov 22, 2010 9:11pm
Quoting Pinbar
Hmmmm perhaps something like this?

Yeah that looks good, Pb.

I like to be a bit more conservative when we're in a consolidation or heavy traffic area, meaning not much Space to let Price run. I like to look for PPZs levels buried in that traffic as well. Also, there is nothing wrong with taking 30-40pips and moving to break even before a potential target is hit.

The previous bar High looks good but yours are dead on if this baby gets some legs.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,635
  • Nov 22, 2010 9:13pm Nov 22, 2010 9:13pm
Quoting forexben
Trouble areas look spot on Pinbar. There is also a similar looking BEOB on the NZDJPY daily. Can't post a chart sorry, not at my own computer.

Thanks FB, it is still very important to me to hear opinions from my seniors here, on my analysis both good and bad. Appreciate it.
  • #80,636
  • Nov 22, 2010 9:15pm Nov 22, 2010 9:15pm
Quoting jarroo
Yeah that looks good, Pb.

I like to be a bit more conservative when we're in a consolidation or heavy traffic area, meaning not much Space to let Price run. I like to look for PPZs levels buried in that traffic as well. Also, there is nothing wrong with taking 30-40pips and moving to break even before a potential is hit.

The previous bar High looks good but yours are dead on if this baby gets some legs.

I agree, perhaps a little more caution and finding the minor areas, is important.

Thanks Jarroo


EDIT: I see what you mean, not so minor either.

It is easy to fall into false optimism, no place for that in this business.
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  • #80,637
  • Nov 22, 2010 9:25pm Nov 22, 2010 9:25pm
Quoting Pinbar
I agree, perhaps a little more caution and finding the minor areas, is important.

Thanks Jarroo


EDIT: I see what you mean, not so minor either.

It is easy to fall into false optimism, no place for that in this business.

That's right. Everyone wants a big runner, but we have to be smart and use a bit of common sense . meaning being realistic and honest about our targets and protecting ourselves along the way. . .The runners will come, they always do . . the market isn't going anywhere.
Indicators show the past. Price Action "Indicates" the future.
  • #80,638
  • Nov 23, 2010 12:22am Nov 23, 2010 12:22am
Quoting millions
Hi all,
New to the thread.From Ireland. What a great thread it is. Watched the guest material for a couple of months and then opened demo with Windsor Brokers for month of October. Trade only daily pinbars. Basic rules are I look for decent pinbar (location and form) and place entry 10 pips from break, stop loss 10 pips above/ below pinbar and take profit 10 pips away from first area of trouble (you will see my view on this is very conservative).For month of October I took 15 pinbars, 7 where winners, 7 didn't trigger (I cancel the trade if it doesn't...
Welcome Bud

Great job so far. There are always drawbacks and advantages to certain approaches. A high winrate low R-multiple will get caught occasionally with the full losses that can wipe out 3-4 trades. Over time you have to learn to cut out your losses quickly as well to prevent those full losses that will eventually come. There is always a trade off. I have yet to see the 80% winrate 3r method , if someone finds it hit me up!

Again welcome and continued success!
Mike
  • #80,639
  • Nov 23, 2010 1:36am Nov 23, 2010 1:36am
Interesting formation on GJ daily: 3 matching lows, 3 matching highs. A break above would also mean a break through the weekly TL. Yet we've got a very well respected 135.00 above.

Quoting mbqb11
Welcome Bud

Great job so far. There are always drawbacks and advantages to certain approaches. A high winrate low R-multiple will get caught occasionally with the full losses that can wipe out 3-4 trades. Over time you have to learn to cut out your losses quickly as well to prevent those full losses that will eventually come. There is always a trade off. I have yet to see the 80% winrate 3r method , if someone finds it hit me up!

Again welcome and continued success!
Mike
This rises my optimism, Mike. I still bang my head against the wall whenever I experience a full bar loss while demoing.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #80,640
  • Edited 2:19am Nov 23, 2010 2:05am | Edited 2:19am
Quoting jarroo
That's right. Everyone wants a big runner, but we have to be smart and use a bit of common sense . meaning being realistic and honest about our targets and protecting ourselves along the way. . .The runners will come, they always do . . the market isn't going anywhere.

Hey Jarroo

Just practicing PPZ when I noticed the Reverse H&S on the weekly on EJ.

Looks like the right shoulder is almost complete.

I know this chart is hard to read being black but, my eyes can't handle the white backgrounds in the evenings after a full day of goggling the charts.
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