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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

  • #80,901
  • Nov 26, 2010 9:18am Nov 26, 2010 9:18am
Quoting mbqb11
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....
Hi Mike
Thanks for your reply, I have indeed done the first few hundred probably 350 and the last 800 and started at james post1 also I am working my way through the associated links.
I was not moaning just wondering if other members had felt the same at some time.
I do think your comment on sniffing posts out that may be of more interest to me is prudent and good advice.
Cheers
Grahame
  • #80,902
  • Nov 26, 2010 9:20am Nov 26, 2010 9:20am
Quoting jarroo
I'll need a chart for this . . .I'll find an example . .

I'll be back later

gotta go.
Indicators show the past. Price Action "Indicates" the future.
  • #80,903
  • Nov 26, 2010 9:20am Nov 26, 2010 9:20am
Quoting grahamec
Hi Mike
Thanks for your reply, I have indeed done the first few hundred probably 350 and the last 800 and started at james post1 also I am working my way through the associated links.
I was not moaning just wondering if other members had felt the same at some time.
I do think your comment on sniffing posts out that may be of more interest to me is prudent and good advice.
Cheers
Grahame
I know you weren't moaning trust me. I know it can be overwhelming. This thread is daunting to say the least from the days when it was a few hundred pages and we all gasped at the size LOL

Try searching for Cyrus member and he has been posting summary from some of the more well known members here

Good luck !
Mike
  • #80,904
  • Nov 26, 2010 9:21am Nov 26, 2010 9:21am
Quoting jarroo
I'll be back later

gotta go.
Thanks for all the great posts today Jim, we are lucky to have you around
  • #80,905
  • Nov 26, 2010 9:26am Nov 26, 2010 9:26am
Quoting mbqb11
I know you weren't moaning trust me. I know it can be overwhelming. This thread is daunting to say the least from the days when it was a few hundred pages and we all gasped at the size LOL

Try searching for Cyrus member and he has been posting summary from some of the more well known members here

Good luck !
Mike
Will do and thanks
  • #80,906
  • Nov 26, 2010 9:32am Nov 26, 2010 9:32am
Quoting mbqb11
Hey Taz

Your approach by yours last paragraph shows that you want runners....

Hey Mike,
Some time back i read Clockworks thread,he is a master of runner trades,as i saw from his thread and approach.
Your BRN approach struck in my head like a bang,one day i was drawing PPZ on my charts most of them just lined up with BRN,yes it was a weekly chart.

I still after your reply consider you one of the traders who is more pickier and one who selects best potentials,and i can't get that off of my mind,so i wont comment on that.
Just today i was looking at your charts and saw some trades where there was a potential run,of 100-200 pips.
You emphasize space that clearly shows you take runners,you might not wanna say that but your approach is one that comes in runners only.

Let me not flatter about you because i know you have helped me learn a lot whether you agree or not.
Another thing which makes me think about S/R in deapth is the fact,sometimes clockwork or other traders whose charts i saw (i wont name them) were taking those kinds of setups which u believe are not good.And they were J 16 type traders.

Say i saw clockwork took a pinbar whose nose was not very perfect still he had a runner with that,some were randomly tuck up in between the trend, which you wont even touch but he had runner with them.

And waiting for a kaboom like Racman,made me think he actually waited for right area,there were head scratching moments at that time how the hell that man sold/bought at the tip of the pinbar,like he knew it was going to bounce form there.

There comes my light bulb moment,i scratch my head and ask myself, both mike and Clockwork are trading that area not that bar,both were right, one with the most shitiest setup other with a great bar.

And Racman,was buying/selling at the tip of the pinbar.

Trade the zone was a message coming to me.

Agreed, i will wait what market presents.
Agreed what it will give, around my runner spots,i will take.

Moral of my story from your posts,Jarroos posts and Chris, you all are trading the area not the bar.
I think i will just stop thinking and wait for setup around my areas i f not will place orders such that i'm safe.
Thank you or all your efforts in making me a better person, a better trader.

Patience is Virtue to Success.


Sorry for such a long post but i had to ramble all this,but this is what i saw.
Maybe the feeling of not knowing anything inside me was obsessive.
That is why i think it is time for me to stop worrying and start applying.

Seriously guys,i read the whole thread,but still scratched my head at seeing is that it,but hell i think i was the one making this stuff difficult.
Thanks RAC,James,Mike,Jarroo.
You are D men.
  • #80,907
  • Nov 26, 2010 9:35am Nov 26, 2010 9:35am
Quoting jarroo
Ok Doom . . . let's back up a bit.

When looking for strong PPZ levels, we want to see these "Flip Areas" where Price turns from Support to Resistance or Resistance turns into Support once Price breaks through and closes below or above it . . . the clearer they are, the better.

For right now don't worry about BRNs or RNs, just these Filp Areas.


Here's my chart on a few clear ones.

In the yellow area, there is one or two clear Flip areas . .can you show me where they are? I hope you don't mind this exercise . .I believe it will help....
Sorry Jarroo, I would also like to identify flip areas.. hence posting my observations.. before looking your chart or answer. I have identified 4 areas of flip
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  • #80,908
  • Nov 26, 2010 9:37am Nov 26, 2010 9:37am
Quoting cprao
Sorry Jarroo, I would also like to identify flip areas.. hence posting my observations.. before looking your chart or answer. I have identified 4 areas of flip
Hey C

You got it, but remember these are zones. So 3 and 4 is really one zone. This is why you see us always use those blue boxes. Now if you find yourself in a trade around the 3/4 zone you can start breaking it down to more exact areas of trouble and then it gets more zoomed in for management purposes(a lot of the times)

Best
Mike
  • #80,909
  • Nov 26, 2010 9:37am Nov 26, 2010 9:37am
Quoting cprao
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

Hey Cprao, next time I would hold the answer for longer, I din't think there would be that interest in my post. Here is the resolved one in case you didn't see it yet

http://www.forexfactory.com/showpost...ostcount=80876
  • #80,910
  • Nov 26, 2010 9:52am Nov 26, 2010 9:52am
Quoting cprao
Sorry Jarroo, I would also like to identify flip areas.. hence posting my observations.. before looking your chart or answer. I have identified 4 areas of flip
nice to see how 1 and 2 coincide with the movering averages...
meine augen sind die sterne
  • #80,911
  • Nov 26, 2010 10:05am Nov 26, 2010 10:05am
Quoting mbqb11
Hey C

You got it, but remember these are zones. So 3 and 4 is really one zone. This is why you see us always use those blue boxes. Now if you find yourself in a trade around the 3/4 zone you can start breaking it down to more exact areas of trouble and then it gets more zoomed in for management purposes(a lot of the times)

Best
Mike
Got it Mike.. Thank you !!
  • #80,912
  • Nov 26, 2010 10:08am Nov 26, 2010 10:08am
Quoting Adilius07
Hey Cprao, next time I would hold the answer for longer, I din't think there would be that interest in my post. Here is the resolved one in case you didn't see it yet

http://www.forexfactory.com/showpost...ostcount=80876
No problem Adi. I see PB's accurate prediction after posting my chart.

Though I was wrong, it reiterates the concept "get to BE" as soon as possible (at FTA).
  • #80,913
  • Nov 26, 2010 10:28am Nov 26, 2010 10:28am
Quoting mbqb11
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...
First off, thank you for your reply

I know what you mean with the possible problem at 1.3700, I did have the entry order just under that so it would only get triggered if it broke past that RN. And just looking at it now, it hit 1.36994 before reversing!

So basically, this one wanted to be a bigger pinbar that pushed just past the 1.3700 RN?

Oh, one last question I've been getting a little confused about, is it pretty much a certainty that you would take half your position off at the FTA and move your stop to BE?

I've been trying to stay picky but I sometimes wonder if I'm being too picky as this was my first potential trade since last week and only seem to be getting 1 or 2 potential trades a week, and then they don't always trigger/something else stops me from taking it.
The art of being wise is knowing what to overlook
  • #80,914
  • Nov 26, 2010 10:42am Nov 26, 2010 10:42am
Quoting MikeTye
First off, thank you for your reply

I know what you mean with the possible problem at 1.3700, I did have the entry order just under that so it would only get triggered if it broke past that RN....
Hey Mike

Even more so then a close below 1.3700 we want a much much longer nose then that. If you look at that bar it doesn't really have any standout power. Remember this when scanning for areas/trades just b/c it might fit the criteria of a pinbar(open and close within prior bar and a tail on it) doesn't mean it means price is reversing. It could very well just mean weak selling or a little profit taking casue price to aggregate into that bar. Where as if you have a stand out bar there will be much more authority behind it. Combine that with location(the most important) and things get much easier.

As for trade mgmt, I never take 1/2 off my trades, and rarely move to b/e at the FTA. I am more picky and use these areas to help manage my stops and or if I am going to take profit I take full profit. This is what works best for me

I marked up eur/aud 4hr. Look at the bars I marked and the difference to yours. Now again over time you see these things easier, you learn WHAT to do with them. It might not be easy but it is simple(if that makes sense). If you can see this you are far ahead of where most people even graze.

Best
Mike
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  • #80,915
  • Nov 26, 2010 11:38am Nov 26, 2010 11:38am
Hi Jaroo,

Here is an example i saw this week, on NZD/USD daily chart, let me know if Im correct.

Purple line is a weekly resistance, we can see that it has acted as s/r before, we had a break of it, a re-touch but I didnt saw the retouch candle as a bearish PA, if it would close as bearish candle with a close below the low of the candle that broke resistance, I would have taken a shot at it.

Let me know what you think.

Thx




Quoting jarroo
Now you're thinking like Raczekfx . . .
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Trade Smart
  • #80,916
  • Nov 26, 2010 1:44pm Nov 26, 2010 1:44pm
Quoting mbqb11
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...
My personal testing/demo and live accnt...has shown/confirms what Mike says...what the mkt gives me offers profits...yet small....waiting for the runners gives me b/e or small losses with few runners....personally i like to see the profits at this stage in my trading....and as Mike and the seniors have shown before in some instances--depending on the setup if it is with the trend and with space and momentum...i will take what the mkt gives(some of the table) move to b/e and let a small piece ride for a potential runner. However, my runners have few a far between----my personal experience.

Keep in mind, I am still working on TT unlike yourself which I believe you are further along than I.

Jim(great chart exercise), Taz, PB, Hans, Bluetrader, ppfx, and others thx for the great charts

Bill
  • #80,917
  • Nov 26, 2010 1:44pm Nov 26, 2010 1:44pm
Quoting mbqb11
Hey Mike

Even more so then a close below 1.3700 we want a much much longer nose then that....
Again awesome explanation! Thank you very much Mike! These charts save me hundreds of hours really. Super informative.

Looking at this chart I think I will save a template where ALL my charts would be of the same zoom and never changed, that way I can more easily see and compare size!!! Looking at my journal I see all my charts zoomed, I thought I could pin point my S/R levels better this way, but in fact it messes up my view and everything looks good and strong when I zoom in...oh how dumb I am sometimes...
  • #80,918
  • Nov 26, 2010 1:49pm Nov 26, 2010 1:49pm
Quoting mbqb11
Hey Mike

Even more so then a close below 1.3700 we want a much much longer nose then that....
Great chart. This helps to put a lot of my trades into perspective and shows that pitbull bars are not so uncommon.
Thanks J16, Sam Seiden, Udine and Jacko
  • #80,919
  • Nov 26, 2010 5:06pm Nov 26, 2010 5:06pm
Quoting Atc
My personal testing/demo and live accnt...has shown/confirms what Mike says...what the mkt gives me offers profits...yet small....waiting for the runners gives me b/e or small losses with few runners....personally i like to see the profits at this stage in my trading....and as Mike and the seniors have shown before in some instances--depending on the setup if it is with the trend and with space and momentum...i will take what the mkt gives(some of the table) move to b/e and let a small piece ride for a potential runner....
My Perception and results exactly comply with your words bill.
Thank you very much all of you.
I come here i feel like i come to family,you people are so trustworthy and helpful.
I came here on this thread empty handed,now i have a great skill in my hands,which i can use to my favor,and got a great family of thousands of traders.
Thanks for your very kind words Bill.
Warm Regards
Taz
  • #80,920
  • Edited 5:35pm Nov 26, 2010 5:22pm | Edited 5:35pm
Quoting jarroo
Hey Pb. I had a great Thanksgiving . .turkey, stuffing, yams, pumkin pie . . the works.


Tell me something, Pb. On Weekly and Daily chart of the Eur/Gbp, the .8450 is currently acting as Support . .when will we see the .8450 act as Resistance?

That EG candle ended as a daily BUOB but right below the BRN, the close on the weekly was kind of bearish.

I think we are more likely to see more bearish action. Possibly, it may break the BRN and touch the TL before going kaboom.


EDIT: Good Morning Jaroo, or probably evening where you are. And Many thanks for the exercise Jarroo, I think I need this gentle nudge occasionally as I may wander off in my own train of thought, and I really want to internalize your method much more till it becomes natural. Which will take a long time.
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