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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

  • #80,781
  • Nov 24, 2010 11:39am Nov 24, 2010 11:39am
[quote=aserbfx;4197076][quote=g_j_hook@yah;4197053]
Quoting aserbfx
french credit agricole on daily.


sure, mate. i am more focused on the support-area then the "sucker-pinbar".
PATIENCE... DISCIPLINE
  • #80,782
  • Nov 24, 2010 12:19pm Nov 24, 2010 12:19pm
Quoting aserbfx
long term support-area on barclays.
fta will be 300.
Nice one, Aserbfx, will keep an eye on that one
Pipcrawler
  • #80,783
  • Nov 24, 2010 12:21pm Nov 24, 2010 12:21pm
50 is a Great age ,All those great things to do ahead,
Happy Bithday
What an amazing thread J16
Best
D
  • #80,784
  • Nov 24, 2010 12:25pm Nov 24, 2010 12:25pm
To Seniors and All USA. J16ers
Have a GreatThanksGiving
Best
D
  • #80,785
  • Nov 24, 2010 12:40pm Nov 24, 2010 12:40pm
Quoting mbqb11
Hey Geo

You might not like what I have to say but it's the truth as I see it

I know your desire is to trade for a living but this is what most people want out of trading and it destroys them because they put WAY to much pressure on themselves....
I heard that Tharp, Van K. Trade Your Way to Financial Freedom.
is a good book for moneymanagement. Anyone read it is it worth ?
  • #80,786
  • Nov 24, 2010 12:48pm Nov 24, 2010 12:48pm
Quoting Adilius07
I don't know. I saw that BEOB yes. But I assumed that BEOB already "reached its targets" coming to BRN, PPZ. BEOB's power can't last forever right. I do have a rule not to fade immideate PB, BOUB on same or higher TF - that was not immediate in my view.
I see what you are saying ! True they all stop somewhere ! These inside bars , i find one has to look at space before ! My reasoning is I know quite a bit about Elliotwave and i find they can be rather tricky when they get stuck on wave two and wave 4 . cause price has an impulsive trend a while then pauses a,b,c and thats where i find most of the tricky inside bars . And most of them you ll find it will trick and then keep going with the trend till stopping point wich may be the next PPZ.

No harm my friend . great learning experience. I will ask one more thing though ! Did you thoroughly have a look at what was going on in smaller time frame on the day ? I havent but that might be revealing more uptodate information .

Again my two cents worth.!!!

Cheers V
  • #80,787
  • Nov 24, 2010 1:02pm Nov 24, 2010 1:02pm
Quoting menomoo
I see what you are saying ! True they all stop somewhere ! These inside bars , i find one has to look at space before ! My reasoning is I know quite a bit about Elliotwave and i find they can be rather tricky when they get stuck on wave two and...

Thanks Menomo, don't know much about Elliot waves... I will stay away from IB's for now, as was suggested by Mike.

No, I do not go to lower TF, only check my higher TF for opposing threats. I sometimes go to lower TF when I am in a trade already and I want to pin point and see why my trade stalled and if I need to move to BE. But never when I choose my setup. I try to make it simple now as I remember before I used to trade 3 TF's ( primary TF, lower TF, higher TF - to see confluence of factors and that 2 year experience brought me to nowhere).
  • #80,788
  • Nov 24, 2010 5:03pm Nov 24, 2010 5:03pm
Quoting john225
I heard that Tharp, Van K. Trade Your Way to Financial Freedom.
is a good book for moneymanagement. Anyone read it is it worth ?
I read most of Van Tharp Books, IMHO he is the best in Psychology of trading!!!

If you want to get a good grip on money management - position sizing algorithms, try his "Definitive Guide to Position Sizing",

P.S. If you know how to search the web you can get it for free
Anything can happen - You never know
  • #80,789
  • Nov 24, 2010 5:23pm Nov 24, 2010 5:23pm
Quoting Atc
I missed all the fun today (dang work)....appears there were some great moves off decent locations... Good job to those Jey and Sun!

Fwiw here's an update on a chart earlier in the week....of course i opened my big mouth and said i'm not of fan of Head and Shoulders....and 2 come to fruition...so i eat crow
Nice TT at strong support
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  • #80,790
  • Nov 24, 2010 5:29pm Nov 24, 2010 5:29pm
Well I am proud of myself as I took my first trades using all this knowledge and they are both winners. They are just demos and I am certain that by February I will be trading small real money accounts. I so appreciate everyone here for their heart and commitment to others. It is inspiring in a world sorely lacking for inspiration sometimes.

The two trades, were for me, well thought through and I am proud of the peacefulness and ease with which I made them. That is the primary thing for me - that I was in control of myself the whole time.

the EurChf was planned when on the 21st I could see a tiny little baby PB that I wouldn't trade by itself but then the next bar also got turned at the 150 ema. I figure if it can build some steam and break the 38.2 fibo then maybe there will be something. And lo an behold a strong break from 38.2 right to my target at the 50. I close out half (from 2% to 1%) and move stop to BE. Now I am set with a new Sell Stop below the 61.8 should she decide to run and I moved my stop closer, to the FTA, just in case she back tracks.

The Eur/Aud was planned when I saw the tiny double top form around 1.3938. I wouldn't trade that by itself but then it goes for it's third try at breaking through 1.3650. I closed out half at the end of the daily bar and moved my stop to BE and let's see how far she wants to go.

Whether these are perfect trades or not is not the point for me. It's that I saw things develop. I thought things through. I placed orders. I closed out half positions and moved stops to BE. I know where trouble areas are. I can see some stuff that I won't trade and I can watch to read the story.

That feels great. Thanks again everyone and if you are in the group of people that celebrate a holiday tomorrow around a dead turkey then Happy Thanksgiving. I am thankful for you all.
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  • #80,791
  • Nov 24, 2010 6:42pm Nov 24, 2010 6:42pm
Quoting jarroo
You got it Pb . .

Now if Price closes below the previous Support level (1.3700), we now look for it (1.3700) to act as Resistance . .bearish PA will confirm it.

So now we wait and see it Price can make its way back up to the 1.3700.


Just got up, will reply once I have got my head sorted out and read this a few times.

Interesting how most of the EU pairs have this same third touch TL pattern on them. I know it is the same EU but one would think that it would be different against other pairs.
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  • #80,792
  • Edited 7:40pm Nov 24, 2010 7:08pm | Edited 7:40pm
Quoting bluetrader
I lied earlier about being done for the week, E/U was too good to pass up. Anyone remember James' trade in late September?

Happy Thanksgiving everyone. I'm thankful that seniors like Mike & Jarroo take time to teach newbies like us.

-- Danny


Isn't that really appropriate on Turkey day.

If we don't pay due attention to what Mike & Jaroo are telling us, we are going to be basted, shaken and baked just like so many turkeys will be today.


Happy thanks giving to Mike Jaroo and everyone else & may we not end up in the oven.
  • #80,793
  • Nov 24, 2010 7:18pm Nov 24, 2010 7:18pm
Ahendon, you have got that fibo upside if you are looking for short trades.

You need to draw them from a High-Low looking for short trades and Low-High looking for long setups.

That 38.2 on your chart is not the actual 38.2 fibo at all.
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  • #80,794
  • Edited 8:37pm Nov 24, 2010 8:13pm | Edited 8:37pm
Quoting jarroo
Sorry Pb, maybe I wasn't that clear.

When Price breaks through and closes below a given Support level, we now look to see that Support level turn into Resistance. We want bearish PA at Resistance levels . .(bullish PA at Support levels).



No, you were clear, it was probably my train of thought that confused things.


Here you go Jarroo, I think we are on the same page.


Got to go to Tokyo again tonight, I hate that place.
It is alright while you are drinking but the train back is a cattle truck, it gets so crowded you are pushed by people cramming in the trains, very often you can not get two feet on the ground and have to sort of cling to the hand straps, like a bat.

They actually have people who work for the train companies whose job it is to physically push people in the trains, wearing white gloves.
Can you believe that, it is true.

Think I am going to ride on top of the train like they do in India, tonight.
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  • #80,795
  • Nov 24, 2010 8:16pm Nov 24, 2010 8:16pm
Quoting blaz86
Wouldn't it be better to wait for a bar close and then enter a buy entry on a break of that pin?
Hi blaz.

Sorry I wasn't clear from my post. This trade was a blind touch off a PPZ (I entered at the red dashed line). I did not know the pin would form at the time I took the trade. It's an aggressive entry technique used by some traders here.

Hope this makes sense.

-- Danny
  • #80,796
  • Nov 24, 2010 8:27pm Nov 24, 2010 8:27pm
Quoting john225
I heard that Tharp, Van K. Trade Your Way to Financial Freedom.
is a good book for moneymanagement. Anyone read it is it worth ?
This is one of the best book out there on the subject, I learned a lot from him, its a gem.
  • #80,797
  • Nov 24, 2010 10:23pm Nov 24, 2010 10:23pm
Quoting Bluedog222
This is one of the best book out there on the subject, I learned a lot from him, its a gem.
Agree Bluedog, a must read in my opinion. It taught me to stop thinking about pips and think in terms of %R. Pip counts are useless in terms of profitability.

-- Danny
  • #80,798
  • Nov 24, 2010 10:59pm Nov 24, 2010 10:59pm
Quoting Pinbar
No, you were clear, it was probably my train of thought that confused things.


Here you go Jarroo, I think we are on the same page.


Got to go to Tokyo again tonight, I hate that place.
It is alright while you are drinking but the train back is a cattle truck, it gets so crowded you are pushed by people cramming in the trains, very often you can not get two feet on the ground and have to sort of cling to the hand straps, like a bat.

They actually have people who work for the train companies whose job it is to physically push people in the...
Vow !! This reminds me my local train commute in Mumbai (Formerly called as Bombay) in India.
  • #80,799
  • Nov 24, 2010 11:09pm Nov 24, 2010 11:09pm
Quoting cprao
Vow !! This reminds me my local train commute in Mumbai (Formerly called as Bombay) in India.


Yeah, but the Indians use their heads and ride on the roof, hang out of the doors. LoL


I heard a story from an Indian friend about those trains, and he said they are very dangerous to ride and we should not look like we have money and need to dress rough like back packers.

Their are groups of killers, who find a wealthy looking guy on one of those crowded trains, stick a stiletto like blade through the heart from behind, steal their wallets and nobody notices as the dead guy can not fall over till everyone gets off the train.


Is this true?
  • #80,800
  • Nov 24, 2010 11:13pm Nov 24, 2010 11:13pm
Practicing Jarroos PPZ.

It sure brings it home that, we need to find these bands of PPZ on high TF, work out the top and bottom, move down to a lower TF and take good PA setups off the respective S&R.

Add confluence, FTA & patience to the mix and we have a very simple method of working out high probability trades. This is going to be my motto of KISS.
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