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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

  • #93,261
  • Apr 8, 2011 8:58am Apr 8, 2011 8:58am
Quoting priceonly
Hi guys,
I am completely new here and just wanted to ask some advice if thats ok

First of all i'd like to say an open thanks to everyone particularly Jim and the seniors here.....I've been hanging around, reading, re-reading, re-reading again, reviewing charts posted and absorbing some of the methods and advice.

My story, have been trading on and off for around 2-3 years, regularly over the last year and have tried all the indicators et al thinking i was already rich till reality set in!! lol (how very niaive) . anyway a while later and I've...
Welcome PO

Your name says it all


SC is on a roll today

Mike
  • #93,262
  • Apr 8, 2011 9:07am Apr 8, 2011 9:07am
Maybe we will see some retracement the next days. We have the BRN 1,45 and the Fib 61,8 %. Hope PA will show us some direction ;-)

BTW take a look on my Fib please is it set correctly?
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  • #93,263
  • Apr 8, 2011 9:29am Apr 8, 2011 9:29am
Dear Ghous,
I would love to hear your comments on these inverted Pinbar. They are weekly.
I do not play then bc I am newbie, but w love understand your thoughts about them.
Thanks
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  • #93,264
  • Apr 8, 2011 9:42am Apr 8, 2011 9:42am
Quoting supremeChaos
haha. u answered your question yourself.

dont make it sound like it's hard, because it isnt.
we all just need enough chart time.

yes, i plot higher TF PPZs. we all should do that. plot daily to monthly PPZs (H4 & below PPZs, if necessary).
there is only one answer when it comes to learning & improving --- chart time & more chart time.
I always plot important Weekly and Daily PPZs and then look for PA around them on daily &H4. I get this part -thanks to Jarroo - But it is the minor PPZs very close to PA Bar that gets me into trouble. You said something about through experience you know which PPZs is less likely to stall/reverse price. Could you elaborate this? What criteria do you look when trying to assess the strength/significance of minor PPZs?

Sorry if i keep asking the same thing - its a big piece of the puzzle that wipe out my profits over and over.
  • #93,265
  • Apr 8, 2011 9:45am Apr 8, 2011 9:45am
Quoting john225
Maybe we will see some retracement the next days. We have the BRN 1,45 and the Fib 61,8 %. Hope PA will show us some direction ;-)
BTW take a look on my Fib please is it set correctly?
sure.
like indicators, TLs... Fibs are personal.
i'd easily expect people (including me) plot it that way.
  • #93,266
  • Apr 8, 2011 9:54am Apr 8, 2011 9:54am
Quoting Be Cool
I always plot important Weekly and Daily PPZs... But it is the minor PPZs very close to PA Bar that gets me into trouble... ....
to put it simply,
i look at how price reacts at certain PPZs (i think that's how most do it)... leading me to put more or less weight on a PPZ depending on price's reaction.

it would be best if u post several charts, whether or not they include your traded charts.
this way we can laser-focus on your concern.
i'll have a reply ready as soon as i can this weekend. i'll put notes on it as usual.
others will surely chime in too.

come on, give me 5-10 charts to look at.
  • #93,267
  • Apr 8, 2011 10:02am Apr 8, 2011 10:02am
thanks Supremechaos and mbqb11
  • #93,268
  • Apr 8, 2011 10:09am Apr 8, 2011 10:09am
Quoting supremeChaos
to put it simply,
i look at how price reacts at certain PPZs (i think that's how most do it)... leading me to put more or less weight on a PPZ depending on price's reaction.

it would be best if u post several charts, whether or not they include your traded charts.
this way we can laser-focus on your concern.
i'll have a reply ready as soon as i can this weekend. i'll put notes on it as usual.
others will surely chime in too.

come on, give me 5-10 charts to look at.
Thanks a lot Bud - i'll send you some charts
  • #93,269
  • Apr 8, 2011 10:12am Apr 8, 2011 10:12am
Quoting Be Cool
I always plot important Weekly and Daily PPZs and then look for PA around them on daily &H4. I get this part -thanks to Jarroo - But it is the minor PPZs very close to PA Bar that gets me into trouble. You said something about through experience you know which PPZs is less likely to stall/reverse price. Could you elaborate this? What criteria do you look when trying to assess the strength/significance of minor PPZs?

Sorry if i keep asking the same thing - its a big piece of the puzzle that wipe out my profits over and over.



I will try to help though i am pretty new to PPZ and FF.
Please correct me if I am wrong or have misunderstood something.

What i would do when in this scenario is that look at the ppz in question, see how many seperate occasions it has had an effect on price activity, how many bars did it stall for, what TF , how does it compare to other ppz on the chart using the same criteria.
Like so many things in PA analysis I think it has to compared to similar instances in order to be able to read it

hope that helps

priceonly
  • #93,270
  • Apr 8, 2011 10:28am Apr 8, 2011 10:28am
Thanks @mbqb11for your advice for the start. As I just started watching the daily candle close I cann add quite a few as it only takes short period of time to see if it looks interesting and if we should take a deeper look on a pair.

I got a question to the engulfing bars.
Assuming we get a candle close know does that candle from EUR/CAD count as one? Or would we like to see a move away from this previous sideways movement untill we look for something inetersting?
What requierements are there for engulfing bars?

http://www.forexfactory.com/attachme...1&d=1302276388
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  • #93,271
  • Apr 8, 2011 10:50am Apr 8, 2011 10:50am
Nice weekly PB forming
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  • #93,272
  • Apr 8, 2011 10:51am Apr 8, 2011 10:51am
Here you go SC :
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  • #93,273
  • Apr 8, 2011 11:17am Apr 8, 2011 11:17am
More charts for you SC:
Thanks -looking forward for your enlightment
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  • #93,274
  • Apr 8, 2011 11:27am Apr 8, 2011 11:27am
Quoting Miko1
Thanks @mbqb11for your advice for the start. As I just started watching the daily candle close I cann add quite a few as it only takes short period of time to see if it looks interesting and if we should take a deeper look on a pair.

I got a question to the engulfing bars.
Assuming we get a candle close know does that candle from EUR/CAD count as one? Or would we like to see a move away from this previous sideways movement untill we look for something inetersting?
What requierements are there for engulfing bars?
Hey Miko

That would just be a bullish bar

To have a BUOB (bullish outside bar, or bullish engulfing bar)

We must have the following

- a LOW lower then the previous bars low
- a high, Higher then the previous bars high
- close near the upper portion of the bar


here are some examples

Best
Mike
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  • #93,275
  • Edited 12:18pm Apr 8, 2011 11:44am | Edited 12:18pm
Quoting Pinbar
Not at all, just getting my thinking cap back on after the recent disasters.

Take a look at the weekly.
Pinbar, nice chart.

I'm actually looking to go short on GBPCHF...this is my rationale:




Do you think that price going above and below the 1.51100 level invalidates it as PPZ? I would think so if it didn't become resistance at exactly the same level.

Cheers
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  • #93,276
  • Apr 8, 2011 11:50am Apr 8, 2011 11:50am
Quoting Miko1
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...

Hey Miko,

I'm a newb here too. I'm trying to follow James' advice on demo trading profitably and consistently for at least 3 months before going live. I think that being anxious to trade (which is something that most newbies feel) is a great way to blow up your account. I'm currently watching the following pairs on the daily timeframe with H4 and H1 to fine tune my entries:

EURUSD
USDCHF
GBPUSD
USDCAD
USDJPY
NZDUSD
AUDUSD
GBPJPY
EURGBP
GBPCHF
EURNZD

Hope this helps. Good luck!
  • #93,277
  • Apr 8, 2011 12:10pm Apr 8, 2011 12:10pm
eur/chf is forming a boat. a close below 1.3050 on a daily in the next days would be nice to see it sinking.
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meine augen sind die sterne
  • #93,278
  • Apr 8, 2011 12:23pm Apr 8, 2011 12:23pm
Quoting aserbfx
eur/chf is forming a boat. a close below 1.3050 on a daily in the next days would be nice to see it sinking.
What pattern is that? H&S?
If you think you can or cannot do it you are correct
  • #93,279
  • Apr 8, 2011 12:58pm Apr 8, 2011 12:58pm
Hey guys,

I've been getting a fair few pms about my setups so I thought I might run an informal webinar on Sunday evening before the FX open.

I'm just going to go through some trades I've taken recently, discuss what I'm looking at in the week ahead and give a few pointers on how I trade with maybe a few war stories from my time in prop trading (the guy that did 1200 lots in the S&P just before non-farms and walked off to get some lunch is the best). If you've got any questions, I'll answer those too :-)

I've been a J16 follower since near the beginning so there shouldn't be anything that anyone is unfamiliar with. I do things a little differently - primarily I use the blind touch entry rather than waiting for PA but the boss talks about that too so nothing new there :-)

Anyway, I'll give it a go and hopefully I won't get struck by lightning during the process...

If you'd like a login for Sunday evening (GMT), pm me.

Wiz
  • #93,280
  • Apr 8, 2011 1:14pm Apr 8, 2011 1:14pm
Quoting Panthera
Dear Ghous,
I would love to hear your comments on these inverted Pinbar. They are weekly.
I do not play then bc I am newbie, but w love understand your thoughts about them.
Thanks
Hi P,

EUR/GBP will need to close below 8800 if it has to even fall within my radar for next week. But if we do get a close below the shape will distort in that the body would be large and the nose very small.

Moreover I am finding it tough to locate a single horizontal price level . . . a brick wall to validate the location but the best I could do was to fine tune a range of prices between 8800 and 8850. Again not something I am comfortable with when trading IPBs. The PPZ for me needs to be very precise and conspicuous with the right close, shape and story. EUR/GBP doesn't quite fall into that category.

GBP/AUD is a pretty straight forward thumbs down. Like I said the story has to be really good.

For one the bar isn't at a swing low nor is it deep enough into an established trend. Secondly and importantly note what the IPB is telling you in terms of support and resistance. Is it really sitting on support like we like to see them or is it telling us about resistance at the proven 1.58 PPZ?

What I highlighted in bold is precisely what is making the story unfavorable here.

I am extremely glad to see you only watching these from the side lines until you master the basics. Very mature and truly businessmanship like. (is that a word? lol)

g.
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I believe . . .
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