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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

  • #98,281
  • Jul 12, 2011 3:46pm Jul 12, 2011 3:46pm
Quoting aserbfx
my fxpro daily bar ends in 1,5 hours. at the moment it looks like the close is weak...
Looks like my stop was hit. Close is indeed weak..it wasn't able to close back above the support it broke though on my chart and not really a valid pinbar in my book.

On the other hand, the 4 hour chart shows price climbing back above the area of strong support with confluences of 150/365EMA and PPZ as well as closing above 1310 RN.

Oh well I'm out with my 96 ticks so I'll just camp in the corner until next time.
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  • #98,282
  • Jul 12, 2011 4:00pm Jul 12, 2011 4:00pm
That might work as a simple box play. No full bar loss on this one.
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  • #98,283
  • Jul 12, 2011 4:22pm Jul 12, 2011 4:22pm
from all of today forming pinbars, cables look as the nicest one and has good location (end of correction wave [about 950pips] as a bottom of blue square)
nice support line , that was also resistance before alternately.Potentially setup on 1,67 break.
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  • #98,284
  • Jul 12, 2011 4:43pm Jul 12, 2011 4:43pm
hmm, start Sydney was funky; conditions are atrocious - maybe a couple of days of vacation wouldn't be a bad idea.

glad I keep my sls in the woods...
  • #98,285
  • Jul 12, 2011 5:24pm Jul 12, 2011 5:24pm
Quoting Adilius07
Jesse Livermore's psychology? Are you serious? The guy killed himself... True failure as I see it. But the book was a cool read yeah, some super lucky gambler, unique one, however like all of them failed - lost everything and shot himself dead.

Adi:

I was thinking more about price (least resistance, set up, timing etc.) and his trading attitude. He took a loss and moved on - no big deal. Obviously, you read his book, so you should have understood this.

Others:

I can see how my earlier comment russled a few feathers. Well, it just seems some people on this thread follow different rules with their set ups. If that's the case, then fine. Each to their own.

I referred to Jim because he used a different set up to taking a potential full bar loss in an earlier post. The mere mention of the man's name seems to send some of you into defensive mode. I don't understand why. I answer to only one GOD. My comments were not disrespectful to yours.

I was just trying to find out what the preferred A+ set ups were for each particular set up (e.g. pin, beob, inside bar etc.). Is my questioning such a big problem? Are not these A+ set ups what you are all trying to promote? If so, then why the inconsistancies and unreasonableness in your responses?

For instance; on a beob, some people put a stop loss below the full bar, whilst others put it below a retracement fib. Which is it?

Just a straight answer to a straight question. Hindsight is such a good thing, isn't it, when the answer smacks you right in the face. How many of you call a play (A+ play) before it begins? That takes real bulls, doesn't it? Pin did and for that he has my respect, even though his call proved wrong in the end, as did mine; albeit at a lower pip cost.

Lastly, I do appreciate the time some people spend in trying to help others, so please do not take the above as indicative of the many, just the very few.

May I suggest one of the seniors writes a basic ten step plan for what they would consider to be an a+ set up for each price action in a clear and concise format - just the basics for pins, boubs, dblhc and so on. Then people can add to these basic set ups with their own confluence factors (e.g. swing high/low, fib ret, trend lines etc). Might clear a lot of the confusion up with individual set ups and where recommended stop losses are placed and at what point they would execute the trade (e.g. 15 pips below a pin bar rather than 1 pip for example). Perhaps, the most senior "teacher(s)" here might share his/their thoughts on each of these individual set ups in this basic plan. It would be a refreshing endeavour in simplicity, would it not?

I only suggest this because there are quite obvious inconsistancies in earlier posts regarding price action set ups.

Is this a fair comment?

KR
  • #98,286
  • Jul 12, 2011 5:38pm Jul 12, 2011 5:38pm
Quoting Greenhaze
That might work as a simple box play. No full bar loss on this one.
Exactly. These are the type of trades I would normally take - low risk/potential high reward.

In my endeavours to learn new information, I stumbled accross this thread and as of today I have more questions than answers. We shall see if this remains the constant........

KR
  • #98,287
  • Jul 12, 2011 5:42pm Jul 12, 2011 5:42pm
Quoting Knight Rider
May I suggest one of the seniors writes a basic ten step plan for what they would consider to be an a+ set up for each price action in a clear and concise format - just the basics for pins, boubs, dblhc and so on. Then people can add to these basic set ups with their own confluence factors (e.g. swing high/low, fib ret, trend lines etc). Might clear a lot of the confusion up with individual set ups and where recommended stop losses are placed and at what point they would execute the trade (e.g. 15 pips below a pin bar rather than 1 pip for example)....
Hey I'm relatively new to this too and I had the same question as you in the beginning. My suggestion is to go through the thread. First post has almost enough to get you started. In the links provided in first post, one of them contain files that someone had kindly compiled all of the posts made by Jim and the senior members. Go through ALL that and I'm sure you will have your answer! I have also manually gone through all the attachments by jim and a few snr members and saved all the charts up for my own education. The resource is there, we just have to do our own work! GL
  • #98,288
  • Jul 12, 2011 5:49pm Jul 12, 2011 5:49pm
Quoting Knight Rider


For instance; on a beob, some people put a stop loss below the full bar, whilst others put it below a retracement fib. Which is it?
Again as mentioned, if you had gone through the thread you will have known the answer to this. Both options are viable, it all depends on which is more comfortable to you, your risk, and your trade management.

Example: There's a BEOB. Your max risk is 100pips. Bar break above the BEOB is more than 100 pips away. Then you obviously can't enter the trade at its current level because your stop loss will be greater than 100 pip (MAX RISK) if you want your stop above the BEOB. In this case, you wait for price to retrace into the BEOB (hopefully a fib ret) where you enter and you can set your stop at 100 pips away above the BEOB. The other way, is to enter at break of BEOB and set your stop loss 100 pips away above a significant fib ret. Which way is correct? Both. How then do you determine which is better? You can't. Both scenarios can happen and that is why it is down to the trader's experience (hence the consistent call for demo trading).

And yes, this was all presented in the thread. I merely regurgitated the information provided.
  • #98,289
  • Jul 12, 2011 5:51pm Jul 12, 2011 5:51pm
Quoting piru16
from all of today forming pinbars, cables look as the nicest one and has good location (end of correction wave [about 950pips] as a bottom of blue square)
nice support line , that was also resistance before alternately.Potentially setup on 1,67 break.
Attachment

Attachment

Hey Piru

I put some thoughts on a chart for you

Best
Mike
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  • #98,290
  • Jul 12, 2011 6:01pm Jul 12, 2011 6:01pm
Quoting mbqb11
Hey Piru

I put some thoughts on a chart for you

Best
Mike
the j16 methodology should be nicknamed the LAST method lol..why last? Because we save the best for last And also it makes a cool acronym lol!

Location
Action (price)
Space
Traffic

...Pretty much the important steps to consider when making an entry

Sorry...just bored at work here
  • #98,291
  • Jul 12, 2011 6:07pm Jul 12, 2011 6:07pm
Quoting biDc
Hey I'm relatively new to this too and I had the same question as you in the beginning. My suggestion is to go through the thread. First post has almost enough to get you started. In the links provided in first post, one of them contain files that someone had kindly compiled all of the posts made by Jim and the senior members. Go through ALL that and I'm sure you will have your answer! I have also manually gone through all the attachments by jim and a few snr members and saved all the charts up for my own education. The resource is there, we just...
Look bidc, I know you are trying to be helpful and I appreciate you posting but....

I've done all this (more times than you will know) and I have more questions than answers. More technical than anything and to do with stop losses and exact entry points. I only want to know what these "people" class as A+ price action set ups w/o confluence factors - just the set ups.

I have my own reasons for asking these questions and please, if anyone questions my work ethic again, I will simply go. You do not know what you do not know.

In my opinion, Razorman is correct in a couple of his replies to Adi. I have followed a very profitable method for quite some time now which is similar to his analogy and one other person on this forum. It only works when a pair is on the run which accounts for roughly 15% of the time. I have been patient for a long time!

There are a few things I am interested to know in this thread which may (or may not) be helpful for the other 85% of the time.

If my suggestion isn't reasonable to some, then fine. No big deal, but I would suggest it might be helpful to more people than people might think....

KR
  • #98,292
  • Jul 12, 2011 6:21pm Jul 12, 2011 6:21pm
Quoting Knight Rider
I only want to know what these "people" class as A+ price action set ups w/o confluence factors - just the set ups.
Hey KR, the thing is confluence factors are a HUGE part of having an A+ set-ups...so without it there is no A+ setups. It's not that people aren't willing to help, it's just the answers to your questions are truly out there and you have to find it. You said that you have gone through it multiple times but yet you asked a very simple question that was pretty much answered in first post...This is not meant to be offensive just a suggestion that perhaps you need reconsider the way you have been studying this thread. I can tell you one of the key factor in success of the methods taught in this thread is PATIENCE. Think about why jim as well as the senior members recommend going over this giant thread (requires patience) and demo trade for a long time (requires patience). Because in the end when you wait for your perfect set-up, you need that patience! Will this not work for some people? Yes. I can venture to say that those are the one who lack patience and commitment (I am not directing it at you so don't take into offense, just saying in general). I know for a fact patience is critical because in the course o my demo trading, I have struggled with the tendency to overtrade and not wait for the perfect setup. My fingers are always itching to buy or sell and I could not stomache sitting on the sidelines with no position. Then I reread the thread, learned something new. Applied. Found another weak spot in trading, reread, and so on! And I am still in the learning process! The information provided in this thread is infinitely more than all the books combined in trading out there. We just have to spend time going over it slowly and apply it to demo trading at the same time for max efficiency!
  • #98,293
  • Jul 12, 2011 6:35pm Jul 12, 2011 6:35pm
Quoting biDc
Hey KR, the thing is confluence factors are a HUGE part of having an A+ set-ups...so without it there is no A+ setups. It's not that people aren't willing to help, it's just the answers to your questions are truly out there and you have to find it. You said that you have gone through it multiple times but yet you asked a very simple question that was pretty much answered in first post...This is not meant to be offensive just a suggestion that perhaps you need reconsider the way you have been studying this thread. I can tell you one of the key factor...
Hi Bidc,

I can see you have a good heart, so thanks again for posting.

Incidentally, I liked your acronym.

I am sure, positive in fact, that some people here have taken the wrong price action set ups despite good confluence factors. Maybe the eyes were not right on a pin bar, or a bar was slightly higher than another, or an inside bar retraced too much .... the list goes on.

It would quietly amuse me to read what a senior would class as a perfect price action set up for each one. I suggested a basic ten step plan. Then, as you say, people can be patient and with confluence factors only take the A+ trades which they have to wait for.

Incidentally, nothing beats a hot hand...

Thanks again bidc. Why is your job boring? Are you a trader professionally?
  • #98,294
  • Jul 12, 2011 7:20pm Jul 12, 2011 7:20pm
Hi guy's . I'm trying to post a chart of my trade. Don;t know if it's going to work. O.K. thank's
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  • #98,295
  • Jul 12, 2011 7:21pm Jul 12, 2011 7:21pm
Quoting biDc
the j16 methodology should be nicknamed the LAST method lol..why last? Because we save the best for last And also it makes a cool acronym lol!

Location
Action (price)
Space
Traffic

...Pretty much the important steps to consider when making an entry

Sorry...just bored at work here
Good summary, Man
----------------------------- Discipline makes the difference.
  • #98,296
  • Jul 12, 2011 7:22pm Jul 12, 2011 7:22pm
Quoting Rockie
Hi guy's . I'm trying to post a chart of my trade. Don;t know if it's going to work. O.K. thank's
Oh great it worked.
  • #98,297
  • Jul 12, 2011 7:27pm Jul 12, 2011 7:27pm
Quoting Knight Rider
Adi:

I

I can see how my earlier comment russled a few feathers. Well, it just seems some people on this thread follow different rules with their set ups. If that's the case, then fine. Each to their own.

I referred to Jim because he used a different set up to taking a potential full bar loss in an earlier post. The mere mention of the man's name seems to send some of you into defensive mode. I don't understand why. I answer to only one GOD. My comments were not disrespectful to yours.

I was just trying to find out what the preferred A+...
Hey KR. Thought I might try to weigh in...I'm no teacher and no Sr either.....

I think the point most are trying to make is that you have to define your own A+ setup - it usually consist of location, bar (pin, IB, outside, whatever), and factors of confluence you're comfortable with (Round numbers, divergence, ppz's, moving averages). I definitely don't think anyone was trying to question your work ethic at all.

One think that jumps out quickly to me is that you are correct - many people have taken the J16 basics and adapted to their own style (after testing hopefully). That's why I don't think that asking anyone to post a 10-step plan for an A+ setup is reasonable - it will vary too much from trader to trader.

One of your questions above was on where to place entry price - 15 pips above/below/retracement/etc. Here is a post where Mike posted his thoughts on buffers for various time frames.
http://www.forexfactory.com/showthre...rs#post3553070


Here's another post from Mike that has helped me develop my definition of an A+ setup....a place to reduce risk during a trade.

http://www.forexfactory.com/showthre...sk#post4526083

Sorry to ramble a bit, but wanted to point out a couple of things that may be of help answering some of the questions.

EDIT: Pasted incorrect link for first link....
  • #98,298
  • Edited 8:02pm Jul 12, 2011 7:38pm | Edited 8:02pm
gungriffin, snowly, and mike, thanks for the pointers.

as a trend trader, I didn't take the H4 semi pinbar on the usdchf, I was actually short based on the daily BEOUB. I was just a little worried when I saw the H4 spike bar on the support level.

still in the usdchf short trade, and plan to ride it as long as possible to the downward trend.

here is another trade I took, based on the H4 EURJPY. (the Green lines on the chart are Pivots levels) feel free to comment on it, anyhbody else took the trade?

also interested in how other define trade, and trend trades using Price action, how do you deal with counter trend signals? Mike, I read somewhere in the post that you sometimes takes great price action signals such as pin bar or outside bars at swing highs and lows, even if they are in empty space, as long as they have space to move, you would take them even if the price action is occuring at a place that is not a previous SR. can you expand on that? also what is your opinion on counter trend trades in general? can you give a few examples on how to take them and when NOT TO?

thanks
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  • #98,299
  • Jul 12, 2011 8:03pm Jul 12, 2011 8:03pm
I the initial plan is to monitor the trade closely at the green SR level, feel free to chip in guys : )
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  • #98,300
  • Edited 9:00pm Jul 12, 2011 8:35pm | Edited 9:00pm
Quoting halfstep
I the initial plan is to monitor the trade closely at the green SR level, feel free to chip in guys : )
you're facing this(M5) - and frankly, here sl won't help you. In such spikes, you can get filled anywhere - 50 pips off or so(we - retail - are end of the queue when being filled, obviously). And it's summer - crappier liquidity too.

Sure, with some luck, BoJ will be policing after this spike, but...

I took it from where I managed to catch it till it filled the gap and buh bye, I'm out(on usd/jpy, not eur/jpy - I really don't want to touch eur now - at least usd is palatable).

But from there on... conditions are atrocious, so I plan to sit out and sell the rallies when I feel brave. Or take a small vacation. And usually I'm contrarian, but no way I'm contrarian here.

don't get me wrong - what goes down must go up - but I know I don't have the stomach. And I don't see anything concrete from EU either(ignoring rating agencies - albeit, partially justified - doesn't solve the real problems).


btw - for who's interested - aud/cad stops(I presume there are some) below 1.02 might be tripped, case anyone wants a quick one. Probably will get back after chinese data(assuming it's nothing disastrous). Wee... sell the news!
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