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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

  • #93,221
  • Apr 8, 2011 1:29am Apr 8, 2011 1:29am
Quoting ts63
Possible stop hunt above 1.6405.
Let's watch if a quick range breakout happens.
Have a nice day everyone.
We're almost there, only one more push.
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  • #93,222
  • Apr 8, 2011 1:31am Apr 8, 2011 1:31am
Quoting Pinbar
Yeah SC...Without my friend I would have been burned with a fake copy of this monitor.
My previous monitor was 22 and I was going to get a 27 but my friend reckons they are not so good for your eyes, sitting up close.
....
8 frames that are reasonably sized and easy to see PA on.
nice screenshot.
will get a second monitor if i get the need & the necessary table 'real estate'.

25" + is too big unless u want to sit farther from your monitor.

Quoting Be Cool
Yes 7200 looks good,but i still dont understand why 7275 is of no concern to you as potential trouble area.I always have problem with very near PPZ-make me missed a lot of trades.But the ones that i took more often resulted in losses.Please advise.Thank you
what Mike said...
just to add, remember a PPZ is a zone. so it can be any number of pips.
0.7275 is near 0.7300 right? so u can look at that 25pip area collectively as a single PPZ.

i understand where u are coming from, since i plot what i call 'minor' PPZs.
i take note of them (chart plotted or not) but i dont always expect them to stall or reverse price.
u just have to be mindful of them so u dont get shocked when price bounces hard or something. if prices pierces thru them easily, then

thru practice, u will learn to refine your PPZ plotting & plot only the good/relevant PPZs
hope this helps
  • #93,223
  • Apr 8, 2011 1:37am Apr 8, 2011 1:37am
Quoting aserbfx
anyone considering this inverted pinbar on d1 nzd/usd?
i have no big experience about ibp, so would love to read your thoughts...
I was looking at this one as well. I'm definitely no expert but I thought it was too small for going against that very strong uptrend.

pat
  • #93,224
  • Apr 8, 2011 1:56am Apr 8, 2011 1:56am
Quoting plund
I was looking at this one as well. I'm definitely no expert but I thought it was too small for going against that very strong uptrend.

pat
yes, that was the main reason for me to skip it, too.
we need these kind of bars at a swing high in a major downtrend, not in an uptrend.
meine augen sind die sterne
  • #93,225
  • Apr 8, 2011 2:02am Apr 8, 2011 2:02am
Hey guys,

just wanted to introduce myself and say hi to everyone. Been reading this thread for about a month, and as many have said before me, this is amazing stuff and it's really awesome to see people helping one another here.

I have a quick question: does this look like a good setup to anyone? I'm looking at the daily EURUSD, it broke resistance a couple days ago and had an inside bar breakout today. Any ideas?

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  • #93,226
  • Apr 8, 2011 2:06am Apr 8, 2011 2:06am
Thanks SC.Yes 7275 and 7300 is the same PPZ area.But what often confuse me is PB close relative to very near PPZ right above it.After all we want our PB to close above PPZ right?But people draw PPZ diffetrently.Hence what is a tradeable setup to one trader may not be so for another trader-who may draw PPZ differently.If one draw it lower, the PB close above it and its tradeable-but if one draw it higher,the PB close may be below it and its not tradeable.Its frustrating.
  • #93,227
  • Apr 8, 2011 3:01am Apr 8, 2011 3:01am
Quoting rackem89
Hey guys,

just wanted to introduce myself and say hi to everyone. Been reading this thread for about a month, and as many have said before me, this is amazing stuff and it's really awesome to see people helping one another here.

I have a quick question: does this look like a good setup to anyone? I'm looking at the daily EURUSD, it broke resistance a couple days ago and had an inside bar breakout today. Any ideas?

...
Hi & welcome to the thread.

Personally,it doesn't look like a good setup to me because, the IB is at a swing high and not too far from the 1.44000 RN.
If it had come off the 1.44000 and broken low it may have been more interesting.
I wouldn't trade an IB like this one going into a major RN.

I might add especially on a Friday when a lot of intraday traders will be taking profits and closing out long trades.
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  • #93,228
  • Edited 3:14am Apr 8, 2011 3:02am | Edited 3:14am
Morning guys,
USDCHF broke a support. Waiting if a nice retest will follow. Something is forming already.
Jarda
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Follow my trading on Twitter and FB: @pumlitch
  • #93,229
  • Edited 3:17am Apr 8, 2011 3:07am | Edited 3:17am
Quoting Be Cool
Yes 7275 and 7300 is the same PPZ area.But what often confuse me is PB close relative to very near PPZ right above it.After all we want our PB to close above PPZ right?But people draw PPZ differently.Hence what is a tradeable setup to one trader may not be so for another trader-who may draw PPZ differently.If one draw it lower, the PB close above it and its tradeable-but if one draw it higher,the PB close may be below it and its not tradeable.Its frustrating.
IMHO, your have several possible issues which are interrelated
over-thinking, fear & confidence (or lack of relating to your plotted PPZs).

try all these steps/plans:

A. practice plotting PPZs.
see what price does when it reaches your plotted PPZs.

B. if u see PPZs nearly above/below a setup u wanna trade,
do a demo or small live trade on it.
the key is what price does when it hits/reaches your PPZ & how u react:
does price stall, pierce thru, or reverses softly/hard?
u either should be watching price or at least have stop loss at BE.
if price pierces thru the PPZ, then the market did not give it too much respect.
if price stalls, u can decide to take some profit off
if price rejects hard, u can at least close your trade or give price room to move while letting price hit your BE.
once u gain more experience, u will be in a better position to predict which PPZs to ignore &/or take note of... &/or which PPZs will stall, reject price or let price break thru.

C. if u see PPZs nearly above/below a setup u wanna trade, put an entry above that PPZ (slightly different approach to 'B' ). again, do a demo or small live trade on it.
see which of A & B suits you.

in your chart, u pointed out space & a PB (which is a TBH like Mike said.. or a double PB side by side).
take note this is a weekly chart.. so it will take some time for candles to form.
for our PA setups, we like them to trigger with good momentum. this happened on this particular trade. assuming it did not, we just have to manage it accordingly.
again, the key is momentum. ask yourself, did price breach your 0.7275 PPZ with momentum?
another thing. check the chart below
in yellow boxes, i highlighted all bullish bars (since your trade was bullish) that formed around your 0.7275 PPZ.
what did they do?
answer: high momentum move.
what happened in this current trade? same thing, high momentum move. something that is not surprising, specially since there was tons of space with a better structure ('cleaner' swing low.. compare with the chart's lower middle part)
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focus on what u know &... what&how u personally trade.
study the thread.
learn from others but be sure not to confuse their style with yours. each of us has a unique trading style.
plot your PPZ.. & trade your PPZ. (i used your PPZ in the above chart & revolved my reply around it)


hope this helps!
  • #93,230
  • Apr 8, 2011 3:20am Apr 8, 2011 3:20am
Would this setup be according James16 rules?

PPZ at 1.4900 area
BRN
Entry at break of BUOB

Thanks
Andreas
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  • #93,231
  • Apr 8, 2011 3:37am Apr 8, 2011 3:37am
Quoting Pinbar
Hi & welcome to the thread.

Personally,it doesn't look like a good setup to me because, the IB is at a swing high and not too far from the 1.44000 RN.
If it had come off the 1.44000 and broken low it may have been more interesting.
I wouldn't trade an IB like this one going into a major RN.

I might add especially on a Friday when a lot of intraday traders will be taking profits and closing out long trades.

Pinbar,

thanks for your input, much appreciated. I closed some of my position once I was up ~30 pips and moved my stop to just above BE. I guess I should've considered the round number, for sure.
  • #93,232
  • Apr 8, 2011 3:52am Apr 8, 2011 3:52am
Quoting AndreasF
Would this setup be according James16 rules?

PPZ at 1.4900 area
BRN
Entry at break of BUOB

Thanks
Andreas

I would watch out for the VBRN and all those bar highs to the left of price with the 365 EMA lining up with the 1.5000 VBRN
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  • #93,233
  • Apr 8, 2011 4:04am Apr 8, 2011 4:04am
Quoting mbqb11
welcome Shawshank (redemption? great movie)

Spookie gave you the same answers I would
Thanks mbqb11 (catchy name!!!) and spookie94.

I did mean the movie. One of the best. I'm not in prison or anything!!! Not yet at least

I've read some great posts and advice and I'm firmly in demo land at the moment on daily charts and sticking to 1% of my pot each time. I'm battling with the "must trade now" mentality for the moment which I need to get over but my plan is to stick to the 1% daily thing and carry that over into live. Should I ever go live that is...
  • #93,234
  • Apr 8, 2011 4:06am Apr 8, 2011 4:06am
Quoting supremeChaos
once u gain more experience, u will be in a better position to predict which PPZs to ignore &/or take note of.....
for our PA setups, we like them to trigger with good momentum. this happened on this particular trade. assuming it did not, we just have to manage it accordingly.
again, the key is momentum. ask yourself, did price breach your 0.7275 PPZ with momentum?
another thing. check the chart below
in yellow boxes, i highlighted all bullish bars (since your trade was bullish) that formed around your 0.7275 PPZ.
what did they do?
answer:...
So 0.7275 is a weak PPZ because price was able to pierced through it with ease/momentum several times as shown by your yellow boxes?And even then you would have watched what price did when it gets there as the weekly candle develop-maybe on lower TF?
  • #93,235
  • Apr 8, 2011 4:07am Apr 8, 2011 4:07am
Quoting AndreasF
Would this setup be according James16 rules?

PPZ at 1.4900 area
BRN
Entry at break of BUOB

Thanks
Andreas

Try zooming out a bit more.
It shows the consolidation area more clearly.
I would wait for a breakout of the VBRN and a pullback with PA either above it or below it.


Hope this helps.
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  • #93,236
  • Apr 8, 2011 4:15am Apr 8, 2011 4:15am
Quoting Pinbar
I would watch out for the VBRN and all those bar highs to the left of price with the 365 EMA lining up with the 1.5000 VBRN
Many thanks, Pinbar
Your chart makes things clearer and shows what I overlooked.

Thanks
Andreas
  • #93,237
  • Apr 8, 2011 4:29am Apr 8, 2011 4:29am
Quoting AndreasF
Many thanks, Pinbar
Your chart makes things clearer and shows what I overlooked.

Thanks
Andreas
Not at all, just getting my thinking cap back on after the recent disasters.

Take a look at the weekly.
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  • #93,238
  • Apr 8, 2011 4:31am Apr 8, 2011 4:31am
Quoting supremeChaos
no experience either.. also i trade lower TFs (usually M5-H4).
also, i havent traded NZD$ in a long time.

the candle closed a few minutes ago, correct? (FXPro)
what's the candle close & open price?
my FXPro demo says open 0.77942, close 0.77848

pros:
tight stop (+/-20pips)
possible trend pause & Friday profit-taking

cons:
imho, countertrend
small sized IPB
personally i'd prefer a bigger size & an IPB that touched 0.7800

not sure if ghous is ultra picky with the IPB close (whether bullish or bearish close for a bearish/bullish...
Nice post SC...heres my 2 pips too..
0.7748 was also a concern..lack of space department..yes small sized IPB..so i passed it as well..
im a newbie..
so take it with a grain of salt(i like this phrase,lol)
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  • #93,239
  • Apr 8, 2011 4:40am Apr 8, 2011 4:40am
Quoting Pinbar
Not at all, just getting my thinking cap back on after the recent disasters.

Take a look at the weekly.
Yes, you are right.
Not a good idea to go long right now.

Thanks
Andreas
  • #93,240
  • Apr 8, 2011 4:40am Apr 8, 2011 4:40am
Guys..I am loving this thread and the way the naked charts look like. I come from a pretty indicator based system which a lot of clutter on the charts that let me freeze when important decisions came up.
I also had the feeling the indicators let me get in the trade too late.

But since I discovered james16 and the way he talks about the sup/res zones, pinbars and engulfing candles I am very happy and I feel I found something that fits more my personality. I am currently reading as much as I can and try to understand what you guys talk about in here.
I have some background so this is not completely new and I am loving it.

I am looking forward how my journey unfolds in here. I am currently trading just the basic stuff from what I learned in the guest material videos. Sup/res zones, pinbars and engulfing candles.

How did you guys start out with this method?
How many pairs did you watch? Just the weekly/daily timeframes? I would like to hear some advice from the more experienced traders so that I have some idea of how to approach all that.

Thank you guys sooooo much for this thread and all that valuable information it contains!!!
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