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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

  • #84,841
  • Jan 7, 2011 4:00am Jan 7, 2011 4:00am
Quoting Thierry
I like this so much! do you trade most of the time like this? Looking at weekly and daily if the story we are looking for is good? and than you look at lower TF's like 4h for a nice PA bar? Like this example?

Mike is trading different if i'm right. He trade only from one TF, if the story is good en and we have a nice PA bar he jumps in on that TF, hope i understand this right.

P.s. sorry my english is not that good

Your english is fine T.

Yes, I do look at Higher time frame levels (PPZs) and their confluences and then look for PA opportunities on a lower time frame. The Weekly to the Daily is a very common example.


The 4 Hour PB on the Chf/Jpy is another example. This PB is pretty small, without the story of the higher time frames on the Weekly and Daily TFs it would be an easy pass. Good eye T.

Mike and I have very similar styles in trading yet they can be very different at times, to say the least . .lol . . I can say the same with James16's style. My style of trading has to be similar to theirs because most, if not all, of my trading came from these great teachers.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #84,842
  • Jan 7, 2011 4:13am Jan 7, 2011 4:13am
Why must the NFP be today??

Attached Image (click to enlarge)
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It seems like the EU is in a range between 1.3000 and 1.3500...
  • #84,843
  • Jan 7, 2011 4:19am Jan 7, 2011 4:19am
Quoting s005606
Hi Jarroo,

Thank you for the charts and your detailed explanation, as always.

Now that the whole story is clear, however, I am still a bit lost on this setup, it is the 86.50 daily PPZ (which you have also highlighted in your chart) right above, wouldn't the trade be heading right back into this PPZ (with very little space)? And how about the whole yellow box area that you have highlighted as well? (which would mean trading back into a consolidation area with a lot of traffic?)

I am not taking this trade anyway, but would...
Hey Kristopher,

I don't see where I highlighted the 86.50 on my chart.

The basic dynamic of this trade is a continuation of the consolidation area. Is there a lot of traffic . .Yes. Is there alot of FTAs, previous Highs and Lows . .Yes. But it is mainly based on the predictability and flow of a consolidation area. . . which most pairs do . .most of the time.
Indicators show the past. Price Action "Indicates" the future.
  • #84,844
  • Jan 7, 2011 4:27am Jan 7, 2011 4:27am
Quoting jarroo
Hey Kristopher,

I don't see where I highlighted the 86.50 on my chart.

The basic dynamic of this trade is a continuation of the consolidation area. Is there a lot of traffic . .Yes. Is there alot of FTAs, previous Highs and Lows . .Yes. But it is mainly based on the predictability and flow of a consolidation area. . . which most pairs do . .most of the time.
Hi Jarroo,

Many thanks for your reply, now I understand better.

Sorry, my bad that I look again closer, it was the current price on your chart, it just happened that it seems a good daily PPZ area to me which caught my eyes.

http://www.forexfactory.com/attachme...1&d=1294388427
Dreams are hard to follow, but don't let anyone, tear them away...
  • #84,845
  • Edited 5:07am Jan 7, 2011 4:36am | Edited 5:07am
Quoting s005606
Hi Jarroo,

Many thanks for your reply, now I understand better.

Sorry, my bad that I look again closer, it was the current price on your chart, it just happened that it seems a good daily PPZ area to me which caught my eyes.

Oh I see. . lol

James16 loves these consolidation, PA setups .(I don't know about "loves" I dont know for sure.. lol) But he has pointed out the predicabililty that they possess for the reason I stated.
Indicators show the past. Price Action "Indicates" the future.
  • #84,846
  • Jan 7, 2011 4:39am Jan 7, 2011 4:39am
Quoting kayhan7070
here is a weekly breakout trade, entered with the retest and the pin on the daily
Hi Kayhan..

I was looking at this trade also but this are the reasons that made me pass :
1) 1.48800 highs we have could act as a trouble area..
2) Price not reaching 1.5100 which was more or less the breakout area
3) Small bar compared to the previous two big ones
4) NFP today


If we have a big down move ill jump on a 4hr trade if we get an opportunity.

Os.
Trade Smart
  • #84,847
  • Jan 7, 2011 4:40am Jan 7, 2011 4:40am
Quoting Adilius07
Hello Chris,

Yes of course I am trying to do this with as much discipline as I possible can. I have a trading plan of course, then I have a Flash Cards that lay in front of my eyes all the time (where I have some most important rules to follow in short, this is like my cheat sheet.)

I also have a trading journal (in my signature) where I record everytrade I make. I also have excel file that second every trade from that journal - that is where I keep my thoughts for each trade.

I don't have overtrading or MM problems. The only problem I...
Hi,

Regarding backtesting you should try and do it blind, so you dont see the outcome. This way your test is clean so to speak. If you see the outcome you will choose those setups that look great in hindsight and your trading plan may be corrupted because of this. Nine lossess in a row on im assumung daily or weekly would suggest your plan is wrong or the execution is off. I could be wrong and this just bad luck, but given Jim talks about 95% win rate I think not. Maybe narrowing down to one bar type and getting that down first? Main thing is learn from this and improve.
Kind Regards Chris
  • #84,848
  • Jan 7, 2011 4:48am Jan 7, 2011 4:48am
Quoting chriskins
Hi,

Regarding backtesting you should try and do it blind, so you dont see the outcome. This way your test is clean so to speak. If you see the outcome you will choose those setups that look great in hindsight and your trading plan may be corrupted because of this.
I second that...

Os.
Trade Smart
  • #84,849
  • Jan 7, 2011 4:50am Jan 7, 2011 4:50am
Quoting ppfx
Why must the NFP be today??


It seems like the EU is in a range between 1.3000 and 1.3500...
I've always wonder when they complete the NFP Report. Meaning they don't complete the report an hour or two before its revealed.

Is the completed report done on .. say . . the same week its present on . . say .. . Thursday at 5:00 PM or Wednesday morning at 10:00AM. Or some time last week.

I would like to know when its completed and in the manlia folder. Anyone?
Indicators show the past. Price Action "Indicates" the future.
  • #84,850
  • Jan 7, 2011 5:02am Jan 7, 2011 5:02am
Quoting lallous
Hi Adilius,

This is how I see it as a newbie:
As long as you learn something from each failed trade, then I believe that is one point to add to your experience bar.

Best of pips to you,
Yes Lallous, I totally agree.
Hurts a bit anyway, but I understand I learn.
Thanks.
  • #84,851
  • Jan 7, 2011 5:04am Jan 7, 2011 5:04am
Quoting fxprocessor
Hi Adi,


For what it's worth I will give you some feedback on the weekly EURUSD....
Hello Fx, thanks for your post. Yes I was thinking about TP/SL. I think that for me the best will be to stay and try to hold to a trade. This is I really think easier for a newbie like me who still can't take only those A+ trades that give 90% return. So is like I'm willing to have more losses in exchange of less but bigger moves. This is all in my plan too, I think it fits me better psychologically.

That EUR trade was stupid. I should listen to Seniors more carefully and pay attention to close(s) in regards to BRN's...
  • #84,852
  • Jan 7, 2011 5:06am Jan 7, 2011 5:06am
Quoting chriskins
Hi,

Regarding backtesting you should try and do it blind, so you dont see the outcome. This way your test is clean so to speak. If you see the outcome you will choose those setups that look great in hindsight and your trading plan may be corrupted because of this....
Yes, I did that kind of backtest too. Going bar bу bar - and I lose in my backtests too, lol. So there is really something in the plan I agree with you. Will work on this. Maybe I need less setups but with more clear entry rules, don't know yet, will think about this. Thanks!
  • #84,853
  • Edited 6:44am Jan 7, 2011 5:23am | Edited 6:44am
Took the break of the BEOB off the 1.27 area. Closed 50% and moved to BE. Looking for 1.2451 as my target.
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  • #84,854
  • Jan 7, 2011 5:25am Jan 7, 2011 5:25am
Quoting jarroo
I've always wonder when they complete the NFP Report. Meaning they don't complete the report an hour or two before its revealed.

Is the completed report done on .. say . . the same week its present on . . say .. . Thursday at 5:00 PM or Wednesday morning at 10:00AM. Or some time last week.

I would like to know when its completed and in the manlia folder. Anyone?
Hmmm, tbh i never thought about that... Would be interesting to know that.
  • #84,855
  • Jan 7, 2011 5:32am Jan 7, 2011 5:32am
Quoting ppfx
Hmmm, tbh i never thought about that... Would be interesting to know that.

Yeah . . .let's say its 10 days before the 1st Friday of the month. How many hands touch it? How many peekers may view it?

It would interesting to see if there is any market changes at this . ."10 days before" . . time period.
Indicators show the past. Price Action "Indicates" the future.
  • #84,856
  • Jan 7, 2011 5:59am Jan 7, 2011 5:59am
Quoting jarroo
Not just to cover the spread, but to give it a bit room.

When you're hiding behind a door you don't put your face on the door, you stand behind it a bit just in case they kick the door in. . .and still not find you .
great visual Jim
  • #84,857
  • Jan 7, 2011 6:00am Jan 7, 2011 6:00am
Quoting Atc
great visual Jim
Thanks Bill . . I actually thought it was pretty good too . . .
Indicators show the past. Price Action "Indicates" the future.
  • #84,858
  • Jan 7, 2011 6:31am Jan 7, 2011 6:31am
Quoting slade1986
Took the break of the BUOB off the 1.27 area. Closed 50% and moved to BE. Looking for 1.2451 as my target.
Did you mean break of the beob(bearish outside bar)?
  • #84,859
  • Jan 7, 2011 6:38am Jan 7, 2011 6:38am
Quoting jarroo
Yeah . . .let's say its 10 days before the 1st Friday of the month. How many hands touch it? How many peekers may view it?

It would interesting to see if there is any market changes at this . ."10 days before" . . time period.
Yes. It would be also good to know how deep pockets the peekers have and whats their position in the FX world.

Maybe somebody already knows that the news will be good for USD and thats why the EUR is losing against the USD the whole week.
Or am i losing something and there is another, more simple reason why EUR isnt getting stronger?


PS: I see that youre approaching the 10,000 posts
  • #84,860
  • Jan 7, 2011 6:44am Jan 7, 2011 6:44am
Quoting Atc
Did you mean break of the beob(bearish outside bar)?

Sorry, Yep
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