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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

  • #98,381
  • Edited 6:30pm Jul 13, 2011 6:15pm | Edited 6:30pm
Quoting kevins
Not sure about all this yet, but I can already tell you I view the market through a different lens the last few weeks.

See attached usdcad 4h chart.

Solid downtrend on both weekly and daily chart. 4h retraced quite a bit, and formed an 8hr PB (fuse the two together in your mind), and notice the bar with green arrow engulfs the previous bar. I'd like to see the body of candle 2 bigger than candle 1, but the true hi and low still engulf candle 1. Joe Ross calls these "gimme bars". "gimme the money".

Just curious what others think.
Very valid 8 Hour PB in sturcture, Kevin.

As we know . .PA is one thing . .Location of where they form is another and more important.

What does your Daily PPZ levels look like as they relate to that 8 Hour PB? Or even the 8 Hour PPZ levels?

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #98,382
  • Jul 13, 2011 6:50pm Jul 13, 2011 6:50pm
Jaroo what do you use to determine where the PPZ (im assuming pivot??) levels are?
What is any ocean but a multitude of drops?
  • #98,383
  • Edited 7:59pm Jul 13, 2011 7:24pm | Edited 7:59pm
Quoting Xhale12
Jaroo what do you use to determine where the PPZ (im assuming pivot??) levels are?

I look for the Highs and Lows and where they meet to detemine the PPZ levels. I also use their Closes . .meaning the Highest Close of Resistance (HCR) and the Lowest Close of Support (LCS).

Then when you have Price breaking through and closing above or below these levels . .(PBT&CAorB) . . you can determine when the PPZ level is acting as Resistance or Support.

Let me know if you can follow this chart on the Euro . . .
Attached Image (click to enlarge)
Click to Enlarge Name: euro13.gif Size: 29 KB
Indicators show the past. Price Action "Indicates" the future.
  • #98,384
  • Jul 13, 2011 8:40pm Jul 13, 2011 8:40pm
Quoting almann400
Mike i hope you got out atleast where i did that gbp/jpy h4 pb played out quick and nicely. I was not counting on it going above 128 so im happy with exiting @127.80 even if it goes higher...
great close out alman, I almost did the same. But I caught the move to the former high on the chf/jpy on the breakout with the BUOB. Having a pretty good month so I decided to see if I could catch a real runner with the strength it was showing. I'm at b/e and it looks like it will get stopped out that way.

Nice trade brotha, simple stuff right

Mike
  • #98,385
  • Jul 13, 2011 9:07pm Jul 13, 2011 9:07pm
Quoting mbqb11
here is a chart to show what I mean.

This is why James calls it day trading a daily chart. It's understanding these concepts and putting them into a smart logical plan. Everyone's won't be the same. Anyone who is looking for a checklist and then expects it to work is out of luck. It's time and experience and practice.

Hope that helps Pin

Mike

Thanks Mike

Yeah, I was only joking.
I fully realized Jim knew full well what he was doing, and it was a quick hitter, utilizing the little space that was available.

But now you mention it, my head is sort of spinning recently.
Perhaps, I have been dabbling with too many different concepts all of which, have lead me to a little confusion. Haven't lost any money in my live account apart from the small loss the other day but, generally it is breaking even.
However, I feel if I continue along this path, I may fall on the wrong side of the fence a bruise more than my knees.

I am going back to demo and single bar analysis, which hopefully will weed out the tumbleweed from my mind.

Thanks again Mike and indeed Jim.
  • #98,386
  • Jul 13, 2011 9:22pm Jul 13, 2011 9:22pm
chart

Quoting james16
charts
Attached Image (click to enlarge)
Click to Enlarge Name: gu71311c.gif Size: 43 KB
  • #98,387
  • Jul 13, 2011 9:27pm Jul 13, 2011 9:27pm
Quoting james16
chart
I knew you were only joking about scalping.
  • #98,388
  • Jul 13, 2011 9:28pm Jul 13, 2011 9:28pm
I had this similar trade:

http://www.forexfactory.com/attachme...hmentid=741585

Quoting james16
chart
  • #98,389
  • Jul 13, 2011 9:57pm Jul 13, 2011 9:57pm
LOL. well it actually was and it just kept going. love it when that happens.

Quoting Pinbar
I knew you were only joking about scalping.
  • #98,390
  • Jul 13, 2011 10:31pm Jul 13, 2011 10:31pm
Quoting jarroo
Very valid 8 Hour PB in sturcture, Kevin.

As we know . .PA is one thing . .Location of where they form is another and more important.

What does your Daily PPZ levels look like as they relate to that 8 Hour PB? Or even the 8 Hour PPZ levels?

Jim

Honestly, not even sure what the PPZ was until I just looked it up, sorry. Still in the low 300's of this thread reading it to the end. I have read everything from JR, and it just clicked in my mind that pinbars look very similar to the gimmee's. More confirmation, and a beautiful "aha" moment. (boy I wish I could read faster)

http://www.trading-naked.com/library...14_110_115.pdf
  • #98,391
  • Edited 10:48pm Jul 13, 2011 10:34pm | Edited 10:48pm
Quoting james16
chart
I'll get a slap for this. No I won't I know Him & He knows me & we both know we found our own way to skin the same cat. I gotta admit though, J16 PA is Waaayyyy easier.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd daily july 13 11.gif Size: 44 KB


Jim:
I'm looking at 1.5996 (Oh $#it Now Mike is gonna jump in )with 2 bounces between.
Not impressed by my Lower Window Indicators but as we both know...
They are Laggers & can form Smoke on the cieling or Fog on the floor.

HEY. While I got you. Just wanted to say. Liked you when I met you. Now I'm not sure what the PC verbage should be but I'm pretty sure that in some small counties, it would mean we are Married. lol
I love you.

Full Admiration.

Best & Continuation.

B
ps.Edit. Add
Gradual Drop for a week until Trench Time @ 1.6030 on Thursday July 21.
That could be the True North.

b B
  • #98,392
  • Jul 13, 2011 11:01pm Jul 13, 2011 11:01pm
well your one of a kind my friend and i love you more.




Quoting Bemac
I'll get a slap for this. No I won't I know Him & He knows me & we both know we found our own way to skin the same cat. I gotta admit though, J16 PA is Waaayyyy easier.
Attachment

Jim:
I'm looking at 1.5996 (Oh $#it Now Mike is gonna jump in )with 2 bounces between.
Not impressed by my Lower Window Indicators but as we both know...
They are Laggers & can form Smoke on the cieling or Fog on the floor.

HEY. While I got you. Just wanted to say. Liked you when I met you. Now I'm not sure what the PC verbage should be but I'm pretty...
  • #98,393
  • Jul 13, 2011 11:13pm Jul 13, 2011 11:13pm
Quoting james16
well ...
Sleep well in comfort my friend. You earned it. Goodnight.

B
  • #98,394
  • Jul 13, 2011 11:16pm Jul 13, 2011 11:16pm
Shorted /ES at break of pinbar

http://www.hotstockmarket.com/image/...t/500/flags/LL
  • #98,395
  • Jul 14, 2011 12:10am Jul 14, 2011 12:10am
Has this thread morphed into the other realm?

All these guys saying how much they love each other, is just toooooo Much.
  • #98,396
  • Jul 14, 2011 12:37am Jul 14, 2011 12:37am
Nice PB, had that cherry look to it.

Not too much space but, it hits its FTA well.

Good imagery for us.
Attached Image (click to enlarge)
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  • #98,397
  • Jul 14, 2011 1:31am Jul 14, 2011 1:31am
my thoughts on ng

http://www.hotstockmarket.com/image/...t/500/flags/LL
  • #98,398
  • Jul 14, 2011 1:40am Jul 14, 2011 1:40am
Quoting james16
He is talking about a daytrading or even a high volume swing trading approach and he is dead on. This very fact is what forced me to learn a different way long ago. I gauruntee you can hit those levels trading the way we do. It really comes back to account size and its ability to allow you to accomplish your dreams with just a few trades a month.

jim
Sometimes I think that I can really spot the "sure trade" I enter it knowing it is an A+ and I of course win. But that win is usually 0.3% something (because I was out at where price was supposed to go) that 0.3% translates into something like 15$ and then I sit again waiting for another one.... I know that is how it is supposed to be, BUT with $15 gain per trade (or less) it is REALLY HARD to stay picky and my eye looks for more and more setups and finds some B something setups and my brain helps him to talk me into believing this is almost A+ and I need to take it.

So I thought. If we really can achieve a high win rate, and the only obstacle to it is the trader himself doing overtrading, so maybe the solution could be to make my position size say 5%-6% or more? The loss WILL hurt, so knowing this I will be super careful and super picky, knowing that just one trade per month will translate into something like +2% which is really good...and enough for me really.

Just a thought. Anyone trades with position size of 5% and more?
I read that Darkstar goes with 12,5% but I am nowhere near his experience of course, but just for the example sake.
  • #98,399
  • Jul 14, 2011 1:43am Jul 14, 2011 1:43am
Quoting Pinbar
Nice PB, had that cherry look to it.

Not too much space but, it hits its FTA well.

Good imagery for us.
There is a weekly Beob and price is pushing hard against the 0.9580. I would not mind to see price @ 0.9450 in near future.
  • #98,400
  • Jul 14, 2011 2:05am Jul 14, 2011 2:05am
Quoting Adilius07
Sometimes I think that I can really spot the "sure trade" I enter it knowing it is an A+ and I of course win. But that win is usually 0.3% something (because I was out at where price was supposed to go) that 0.3% translates into something like 15$ and then I sit again waiting for another one.... I know that is how it is supposed to be, BUT with $15 gain per trade (or less) it is REALLY HARD to stay picky and my eye looks for more and more setups and finds some B something setups and my brain helps him to talk me into believing this is almost A+...
Hey Adi,

I want to share my aproach to risk management.
I am counting my risk using a formula: avarage of 20 day ATR = fixed amount of cash. This way i can count easily my maximum risk per pair. I treat SL like a disaster stop and most of the times i am cutting losses away from it.
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