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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

  • #80,881
  • Nov 26, 2010 8:08am Nov 26, 2010 8:08am
Quoting Pinbar
I think I found 3.
Hey Pb,jarroo was talking about flips.
Anyways Great works.
  • #80,882
  • Nov 26, 2010 8:09am Nov 26, 2010 8:09am
Quoting HanSolo
I ignored the VBRN. Price did not close well below it. I hope this won't happen to me on a real account.

Actually, so did I and forgot to even look at it.
  • #80,883
  • Nov 26, 2010 8:11am Nov 26, 2010 8:11am
Quoting 666Doom
No Problem sir,
My answer with pleasure.
Just exercised my PPZ skills.

Excellent! Taz. That's really good considering the choppiness of the yellow area I marked for this exercise.

I just want to show the importance of where Price closes inrelation to our Support and Resistance levels . . . because it is this event that shows us when to look for Bullish or Bearish PA.


I will use this acronym on my posts and charts :

Price Breaks through and Closes Below = PBCB

Price Breaks through and Closes Above = PBCA
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Indicators show the past. Price Action "Indicates" the future.
  • #80,884
  • Nov 26, 2010 8:13am Nov 26, 2010 8:13am
Quoting Pinbar
I think I found 3.

Excellent . . Pb . .
Indicators show the past. Price Action "Indicates" the future.
  • #80,885
  • Nov 26, 2010 8:16am Nov 26, 2010 8:16am
Quoting 666Doom
Hey Pb,jarroo was talking about flips.
Anyways Great works.

I know, I think there are actually 3 flips there where price met resistance or support and then flipped the other way.

This is a weekly chart.
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  • #80,886
  • Nov 26, 2010 8:20am Nov 26, 2010 8:20am
Quoting Pinbar
Actually, so did I and forgot to even look at it.

Now you're thinking like Raczekfx . . .
Indicators show the past. Price Action "Indicates" the future.
  • #80,887
  • Nov 26, 2010 8:24am Nov 26, 2010 8:24am
Quoting jarroo
Now you're thinking like Raczekfx . . .

More likely, it is the hangover & being in court all afternoon. LOL
  • #80,888
  • Nov 26, 2010 8:25am Nov 26, 2010 8:25am
Quoting jarroo
Excellent! Taz. That's really good considering the choppiness of the yellow area I marked for this exercise.

I just want to show the importance of where Price closes inrelation to our Support and Resistance levels . . . because it is this event that shows us when to look for Bullish or Bearish PA.


I will use this acronym on my posts and charts :

Price Breaks through and Closes Below = PBCB

Price Breaks through and Closes Above = PBCA
Great thought Jarroo Sir,
I think this struck a bang in my head when i read it.
This Close point is very special,i had learn't it from you only a few days back.
I clearly understand the emphasis of the close and when to look for bear and bull PA.
I thank you for your efforts in explaining,but i already learnt this fact of what kind of PA to look from your charts only a few days back as said by me above.

So now comes a million dollar question.
I know i wanna look for bear PA or bull PA,but will i get it there.
Will i get it on same TF or smaller TF.
What would you do the very first thing after seeing a significant close below a support.
Wait for bear PA at now resistance which was support.
Or just place a Pending order at that new resistance.
The above words contain my question.

If you cannot understand my words read as below:

A bearish bar just broke through a support,now it tests that level again and forms a Pin bar would you enter right after that bar forms irrespective of the fact that we may get multiple pullback of that area.
I say Multiple pullbacks because mike once said in a video that there are multiple pullbacks of broken S/R.
All the above is the part after i used your way to gauge PBT and CB or PBT and CA.
I want clearence on this part.
Regards
Taz
  • #80,889
  • Nov 26, 2010 8:27am Nov 26, 2010 8:27am
Quoting Pinbar
More likely, it is the hangover & being in court all afternoon. LOL

lol.

I'm not saying the BRNs or RNs are not important . .they are very important.

But Rac-man doesn't look at them . . . in that way. He looks at the charts the way you just did.
Indicators show the past. Price Action "Indicates" the future.
  • #80,890
  • Nov 26, 2010 8:35am Nov 26, 2010 8:35am
Quoting Pinbar
Actually, so did I and forgot to even look at it.
PB, what was your thought process on this one? Was it the high taking out the former highs that made you think it would go up?
Thanks J16, Sam Seiden, Udine and Jacko
  • #80,891
  • Nov 26, 2010 8:38am Nov 26, 2010 8:38am
Quoting 666Doom

What would you do the very first thing after seeing a significant close below a support.
Wait for bear PA at now resistance which was support.
Or just place a Pending order at that new resistance.

The above words contain my question.

Regards
Taz

The above words also contain your answers.

Once we have the significant close below a Support level we wait for bearish PA at this level that will now be Resistance.

Once we have the significant close above a Resistance level we wait for bullish PA at this level that will now be Support.


You can just place the proper pending order but it can be risky but effective. While waiting for PA (bearish or bullish) to show us the way, gives us a better confirmation that we are correct . or better said . . the level is correct.
Indicators show the past. Price Action "Indicates" the future.
  • #80,892
  • Nov 26, 2010 8:45am Nov 26, 2010 8:45am
I've been trying to work things out for myself for the last 3 months of trading the J16 way, had *some* success but would like a 2nd opinion after a few bad trades.

I've tried to illustrate the confluence (1.3750 RN, flip zone) and would just like your thoughts on what could happen if the trade is taken.

I think it might stall just above the black line on my chart, possibly retrace back up to the 1.3700 RN and bottom of the pinbar before carrying on downwards, is this a feasible idea?
http://i233.photobucket.com/albums/e...X/EURaudqu.png
The art of being wise is knowing what to overlook
  • #80,893
  • Nov 26, 2010 8:46am Nov 26, 2010 8:46am
Quoting 666Doom
If you cannot understand my words read as below:

A bearish bar just broke through a support,now it tests that level again and forms a Pin bar would you enter right after that bar forms irrespective of the fact that we may get multiple pullback of that area.
I say Multiple pullbacks because mike once said in a video that there are multiple pullbacks of broken S/R.
All the above is the part after i used your way to gauge PBT and CB or PBT and CA.
I want clearence on this part.
Regards
Taz
I'll need a chart for this . . .I'll find an example . .
Indicators show the past. Price Action "Indicates" the future.
  • #80,894
  • Nov 26, 2010 8:46am Nov 26, 2010 8:46am
Quoting jarroo
The above words also contain your answers.

Once we have the significant close below a Support level we wait for bearish PA at this level that will now be Resistance.

Once we have the significant close above a Resistance level we wait for bullish PA at this level that will now be Support.


You can just place the proper pending order but it can be risky but effective. While waiting for PA (bearish or bullish) to show us the way, gives us a better confirmation that we are correct...
What Can i say more about this one.



  • #80,895
  • Nov 26, 2010 8:47am Nov 26, 2010 8:47am
Quoting grahamec
...I thought I was amassing vast amounts of knowledge, but now I am studying the charts contained within the thread much much more and my own much less and I get the feeling as I go along that I know a lot less than I should and I feel a little stuck and wading through treacle. It is nothing specific that I can put my finger...
Hey Grahame, how's it going.

Feeling "stuck" happens a lot, especially while we are learning to be consistent. I've found that after reading the basics, it's important to get a feel for your style of trading. There are thousands of people trading pin bars and outside bars... which ones you take and how you manage the entry/exit is what separates profitable from unprofitable traders. It takes patience and perseverance to find out your trading style.

Whenever I feel stuck, I always go back to the basics. PPZ's and strong bars. What I've found is that, over time, the "being stuck" happens less often and when it does happen, you will get through it faster. Experience can't be taught by reading other's posts. That is for sure.

I've probably wandered from your original question, but be patient Grahame. The rewards are there for those who persevere.

Of course, this is just my opinion.

-- Danny
  • #80,896
  • Nov 26, 2010 8:57am Nov 26, 2010 8:57am
Experience can't be taught by reading other's posts. That is for sure.

I've probably wandered from your original question, but be patient Grahame. The rewards are there for those who persevere.

Of course, this is just my opinion.

-- Danny[/quote]
Hi Danny
Thanks for your reply, I think I will go back awhile and hone in on a couple of areas, I think at the moment I am definitely lacking a trading style and maybe that is causing some loss of direction.
Cheers
Grahame
  • #80,897
  • Nov 26, 2010 8:58am Nov 26, 2010 8:58am
Quoting Adilius07
Found this one during my backtest, I think It would be interesting for "Where price is going" contest... anyone?

EDIT: It is Monthly TF
My view:
PA tested last 3 highs ( red boxes) and rejected
PA is at swing high
Close is good.. very little wic left out, indicates selling pressure
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  • #80,898
  • Nov 26, 2010 9:01am Nov 26, 2010 9:01am
Quoting 666Doom
Hello Guys,
You are doing a great job here as always.
I have a very interesting question popping in my mind.
I opened up my chart and just marked up great areas,now i know that great setup,will form around these areas,but one thing i would like to know is how do i know the setup i'm taking around these areas is that setup which is going to get me a ride till the place i want.

Say mike you take only those setups around BRN and strong PPZ,how do you know that the boat that you are seeing in that area is the last or is the setup which is gonna make...
Hey Taz

Your approach by yours last paragraph shows that you want runners. You like the big trades. That is a different style that Jarroo would be better to comment on. I take what the market gives. I wait for great stories to unfold, find my price action, determine a general exit plan and see where it takes me. I don't catch huge runners. If you are looking to play touch trades, you will often end up with many many b/es and you have to be patient for that runner. When I watch an area I don't force it. If something unfolds that fits my criteria I take it. If nothing does, I continue to sit and wait. Some months I may have 25 trades, some months 5-10 trades. Too me it is that most people refuse to have any sort of coherent plan and then stick to that plan. They love being in the market, or they expect too much from each and every trade. Slow and steady is what is always on my mind.

Sorry there isn't a more specific answer to give here b/c trades are situational and over time and experience you learn best how to analyze them that fits your methods

Best
Mike
  • #80,899
  • Nov 26, 2010 9:07am Nov 26, 2010 9:07am
Quoting grahamec
I have been studying this thread and associated posts for some time now, ie : the first few hundred pages and the last 800 ish pages and at first I was at my charts continually looking for setups and learning learning learning. I thought I was amassing vast amounts of knowledge, but now I am studying the charts contained within the thread much much more and my own much less and I get the feeling as I go along that I know a lot less than I should and I feel a little stuck and wading through treacle. It is nothing specific that I can put my finger...
Hey Grahame

This sure is a huge thread containing so much great information that simply can't be learned from just the first few 100 pgs and the last 100. My advice is start with James post 1, the links associated with it. I think reading more like the first 250-300 pgs is more appropriate. And also go searching and reading EVERY ONE of James16 post. Then as you get through all that you will see whos posts to sniff out to get the chunk and meat of what is contained within. This will of course take time but no time could be better spent

Best
Mike
  • #80,900
  • Nov 26, 2010 9:16am Nov 26, 2010 9:16am
Quoting MikeTye
I've been trying to work things out for myself for the last 3 months of trading the J16 way, had *some* success but would like a 2nd opinion after a few bad trades.

I've tried to illustrate the confluence (1.3750 RN, flip zone) and would just like your thoughts on what could happen if the trade is taken.

I think it might stall just above the black line on my chart, possibly retrace back up to the 1.3700 RN and bottom of the pinbar before carrying on downwards, is this a feasible idea?
Hey Mike

I like the simplicity of your chart and the 1.3750 level but the bar prior to it now(which is what I am assuming you are asking about ) is just so super tiny on a 4hr chart IMO. Now if price comes up higher and hits that 1.3750 and gives us a "pitbull" pinbar, or big beob, now we are talking. It also has the inability to close below 1.3700 and now you have a lot of issues that come into play.

So your areas are good, but if you can just wait for those better bars then managing them is going to become that much easier. Asking a lot for such a small bar. And it very well may, but I will tell you more times or not these small bars will go to their FTA and get blown up. FTA here is the 1.3700 and that puts us in a tricky spot if it does blow right through it(where most then will not cut out and end up taking full bar loss after full bar loss)

Stay picky and things always get easier in my eyes

Pitbulls are much easier then these tiny poodle bars as James puts it
http://www.forexfactory.com/showpost...ostcount=39300

Mike
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