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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

  • #101,721
  • Sep 14, 2011 3:23pm Sep 14, 2011 3:23pm
Quoting gungriffin
Just burning through all of the posts as they were put up here. I hope that this will not be your final posting on this thread as I for one enjoy reading what you have to say. I have to admit though, that I am making my way through these pages much more than usual due to skipping most of the posts that are in reference to the disagreement that you and pin are in. At the end of the day it seems as though boths sides are really just arguing semantics... That is more about the ego wanting to be right. I say this to boths sides of this disagreement...
Well said Ryan. I agree with you totally

If I seemed egotistical, I apologise.

I have nothing to be egotistical about. I still have so much to learn
  • #101,722
  • Sep 14, 2011 3:30pm Sep 14, 2011 3:30pm
Quoting mbqb11

Yep I am watching this flag also.

If we retrace higher we have two points to watch for me. The last swing low, and the BRN(box area is VERY big).
Hi Mike,
Do you consider touch trades at locations like this spike on EUR/USD with flag?
Which resistance/support point can be considered stronger, low of a bar or it's close? At EUR/USD low area of the box looks stronger, but last swing low has also potential (we had flip between s/r earlier at this level
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  • #101,723
  • Sep 14, 2011 3:39pm Sep 14, 2011 3:39pm
Quoting Pinbar
NOTE: THIS IS NOT A TRADE RECOMMENDATION!
It is simply an exercise in understanding S&R.

Nothing to do today so, as someone asked, I thought I would do a very basic and brief chart on Jarroo's methodology.

Please remember this is a very basic description and limited by my own stage of understanding.
If it wets someones appetite to study more of Jarroo's stuff, it will have served it's purpose.
Hopefully Jarroo will correct any discrepancies he finds.

EDIT: Anyway, you can get the idea from looking at the updated Daily chart.
Nobody should...
Great charts . .swings points . .be they Swing Highs or Lows . . offer up great potential S/R Levels. Their Highest Close of Resistance and Lowest Close of Support indicate to me a stronger tendency to act as S/R ..especailly on the lower TFs, but we can still use the same TF that the setup was presented on.

Your Cad Weekly chart illustrates this very nicely ..


Edit ..seems that there as been some interesting discussions that followed . .
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Indicators show the past. Price Action "Indicates" the future.
  • #101,724
  • Sep 14, 2011 3:41pm Sep 14, 2011 3:41pm
Quoting Thierry
Great advise Mike, as always!
Will use this advise and take less, less trades than i do now.
I think of back to demo for a while and wait for a bigger accountsize.
The expectations thing is also hard, but i understand 5% a month is fabulous. But with a 2000$ account we want more, i think that is the biggest problem.
I have to understand that we not need 50 trades a month to make money.
It is imperative to learn to trade with our minds focus being COMPLETELY INDEPENDENT of the amount that is in the account. I have a trading/life/business coach and I feel that one of the biggest things that he says has an amazing bearing on what you are saying here. Bill says,

"It doesn't matter how big the account is. It could be 100 or it could be 1,000,000 , but as a trader it is imperative to remember that a good trade is a good trade. Is the reason for taking the trade at 100 any different than the reason at 1MM?"

It is not about taking less trades, but instead taking GOOD trades. When we start though one of the ways to program that breakthrough is to limit our number of trades as Mike suggests. It is powerful, and it is only meant to help program our minds to accept the best trades.

Something that would be interesting for you to personally explore is when you say, "But with a 2000$ account we want more, i think that is the biggest problem." Is that thought really dependent on account size? I have a hard time believing that it is. That is a statement of trading due to lack, and that will always cloud your judgement. It has to do with your mindset (the same one that I had when I started) of wanting more, and can/will appear just as easily on a small account as it can on a large account. Profitability will come as a byproduct when you master your mindset of feeling the need for money (lack) and instead focus on taking good trades.

JoelCF still says how to be profitable in the simplest terms that I have ever seen- "Don't take shitty trades"

Ryan

  • #101,725
  • Sep 14, 2011 3:47pm Sep 14, 2011 3:47pm
will short if pinbar breaks. great location consisting of 50%FR, PPZ, 1.34RN, and 150EMA
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  • #101,726
  • Sep 14, 2011 3:48pm Sep 14, 2011 3:48pm
Quoting halfstep
hey mike, my current trading plan is to limit my trades to 3 times / week, and usually I fill that quota no problem, do you think in the currency trading market. 3/ week is too much?

I only trade the daily and h4 charts, I use weekly as a guideline, but i don't use it to set stop-loss or entry, since the pips are just too big.

The endgame is not the number of trades, but instead the QUALITY of trades. 10 trades is not too many if they are of a GOOD quality. By the same token 3 trades is 3 too many if they are taken based on compromise and the "need" to trade (which would typically mean that they were not of the highest quality). A number is just in place until we learn the aforementioned idea. All I can say is a bit more of a mindteaser than I wish that it was- You will know when you finally truely understand the first 3 sentences as it will show through in your trading, and it will be so obvious that you will wonder how you missed it all along.

Ryan
  • #101,727
  • Sep 14, 2011 3:57pm Sep 14, 2011 3:57pm
Quoting supremeChaos
1000hours is an inadequate gauge of experience/consistency.

i think it's different for everyone. some need 10,000 hours, some 100,000hours, or more.

i think it would be better if u look (objectively) at your experience/consistency/performance rather than the hours u've spent.
to be honest, i havent counted how many hours i've spent on trading in the last 3-5years.

i think it's called passion (i actually see trading as a lifelong challenge... & a key to my financial freedom)
[size=3]"Find something u love to do & u'll never have to work...
Well said SC. Those that are here for the long haul sort of forget that some could see this as a job. I am well over 3000 hours in the past 7 years, but that does not really matter as the break throughs come almost in a instant (usually after times of hardship and struggle...)

Those that are here for the money will come and go. Trading is nothing like they were promised in the beginning. It is DAMN HARD to learn to make VERY EASY, but it is all about mindset. We are trying to deprogram all the BS that we "know" to be true. The ones that are here for the love of trading are usually the ones who will be here for the long haul. For me I try (though honestly it is embarasing to admit that it is hard at times) to think like a 5 year old. As Jim (James16) say, he was able to teach his son who was I believe 4 or 5 to be profitable easily. Why is that? BECAUSE THIS IS EASY! We (with our pride and ego of many years on this Earth) are the ones who make it hard.

Ryan
  • #101,728
  • Sep 14, 2011 4:00pm Sep 14, 2011 4:00pm
Quoting fascist
I have tried all ways but i don't know what is best. If I put a stop all the way behind the bullish/bearish bar, a break and subsequent failure of the bar will take away alot of money. I concentrate on playing mainly pinbars and engulfing patterns (BOVB as in j16's terminology)

I recently tried as what one of the J16's videos said, putting the SL several pips away from the break so if it breaks and retraces back you are out. And i was promptly stopped out frequently, but it had a good R:R ratio.

Need some advice on this last problem. Does RR...
Remember that a if a 5 year old could do this, then where is your problem steming from. That is not meant to be anything other than something to chew on for a while.

Ryan
  • #101,729
  • Sep 14, 2011 4:01pm Sep 14, 2011 4:01pm
Quoting Pinbar
Follow up to the post above.

H4 shows clearly where it bounced near to the upper PPZ zone.

Very interesting scenario.

Update: I am watching this play out on the H4 TF.
Now, let's see if these H4 Highest Close of support & resistance come into play.

EDIT: The 50 fibo is going to be the next challenge.
I was looking at the .9900ish level too on the Cad, Piinbar . . based on the Weekly/ Daily HCR level. Although the HCR was clear, the Space was not . .alot of "Spikes in Space" (traffic). I will tend to look for multiple bar highs (as in this case) that is near the HCR if I believe the level is strong . .which I did with this HCR.

The 2 bar High on the Daily (blue line) looked good for a touch trade (as seen on the 4 Hour TF) . .no surprise there that it bounced . .

. . but good old bullish PA at this HCR level would have been great confirmation the this HCR was turning into Support. . .no clear bullish PA was presented.
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Indicators show the past. Price Action "Indicates" the future.
  • #101,730
  • Sep 14, 2011 4:19pm Sep 14, 2011 4:19pm
Quoting jarroo
I was looking at the .9900ish level too on the Cad, Piinbar . . based on the Weekly/ Daily HCR level. Although the HCR was clear, the Space was not . .alot of "Spikes in Space" (traffic). I will tend to look for multiple bar highs (as in this case) that is near the HCR if I believe the level is strong . .which I did with this HCR.

The 2 bar High on the Daily (blue line) looked good for a touch trade (as seen on the 4 Hour TF) . .no surprise there that it bounced . .

. . but good old bullish PA at this HCR level would have been great confirmation...
We can see how the Daily targets . .the Daily Highs, "Spikes in Space" . .were used very effective to manage this trade and capture some pipage . .
D
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Indicators show the past. Price Action "Indicates" the future.
  • #101,731
  • Sep 14, 2011 4:25pm Sep 14, 2011 4:25pm
Quoting jarroo
Great charts . .swings points . .be they Swing Highs or Lows . . offer up great potential S/R Levels. Their Highest Close of Resistance and Lowest Close of Support indicate to me a stronger tendency to act as S/R ..especailly on the lower TFs, but we can still use the same TF that the setup was presented on.

Your Cad Weekly chart illustrates this very nicely ..


Edit ..seems that there as been some interesting discussions that followed . .
These Daily Lows would be the targets (in blue) . .to those that asked . .

These setups have targets just like a James16 PA setup . .Daily Highs and Lows ..usually the most immediate . .(where do you think I got them from . .)

So a Weeky setup will have Weekly targets . .Daily setup will have Daily targets. . .and so on . .
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Indicators show the past. Price Action "Indicates" the future.
  • #101,732
  • Sep 14, 2011 4:29pm Sep 14, 2011 4:29pm
Quoting james16
new chart
Congrats Jim . .your first chart got over a 100,00 veiws. . .

. . .I'm sure it got more that that, I think it only counts the views by those that actually click it and expand it . .nevertheless, its sweet . .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #101,733
  • Sep 14, 2011 4:45pm Sep 14, 2011 4:45pm
I had fall on this one lately

What do you guys think went wrong? I think it was to strong momentum (huge bullish candle)

reasons to sell:
PB at swing high, RN 207.00, FTB to monthly 365 EMA, daily and weekly PPZ

kruger
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  • #101,734
  • Sep 14, 2011 4:46pm Sep 14, 2011 4:46pm
Haven't seen Dan Gilbert around lately.

EurJPY is a bullish looking I4B straddling BRN of 105.00. If it breaks targets are red linish areas at 106.5 and 107.5
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  • #101,735
  • Sep 14, 2011 4:51pm Sep 14, 2011 4:51pm
Quoting kruger
I had fall on this one lately

What do you guys think went wrong? I think it was to strong momentum (huge bullish candle)

reasons to sell:
PB, RN 207.00, FTB to monthly 365 EMA, daily and weekly PPZ

kruger
Yes you answered your own question kruger . .alot of bullish momentum with a small, weak, poodle PB to counter it.

I usually look at those small pooble PBs after a strong move up (or down) as a buy signal (or sell signal). .
Indicators show the past. Price Action "Indicates" the future.
  • #101,736
  • Sep 14, 2011 4:54pm Sep 14, 2011 4:54pm
Quoting kruger
I had fall on this one lately

What do you guys think went wrong? I think it was to strong momentum (huge bullish candle)

reasons to sell:
PB at swing high, RN 207.00, FTB to monthly 365 EMA, daily and weekly PPZ

kruger
I think you are exactly right. Tiny bar vs strength of strong upmove. Is that tiny bar a Sunday bar? I think if it is what I see is is a tiny little pause before moving back up. One thing I've noticed with Small pins is that momentum isn't there often. I like to see those smallish pin followed a bar or 2 later by a nice strong outside bar.
  • #101,737
  • Sep 14, 2011 4:57pm Sep 14, 2011 4:57pm
Quoting kruger
I had fall on this one lately

What do you guys think went wrong? I think it was to strong momentum (huge bullish candle)

reasons to sell:
PB at swing high, RN 207.00, FTB to monthly 365 EMA, daily and weekly PPZ

kruger
I would look for the LCS level in that bit of consolidation to revert back to Support. . .at the 206.00.
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Indicators show the past. Price Action "Indicates" the future.
  • #101,738
  • Sep 14, 2011 5:00pm Sep 14, 2011 5:00pm
Quoting Donkey
I think you are exactly right. Tiny bar vs strength of strong upmove. Is that tiny bar a Sunday bar? I think if it is what I see is is a tiny little pause before moving back up. One thing I've noticed with Small pins is that momentum isn't there often. I like to see those smallish pin followed a bar or 2 later by a nice strong outside bar.
That would nice D . .a big old BEOB englufing many bars . .a Big BEOB that would make Mike stand up and take notice . . . .
Indicators show the past. Price Action "Indicates" the future.
  • #101,739
  • Sep 14, 2011 5:02pm Sep 14, 2011 5:02pm
Quoting Donkey
I think you are exactly right. Tiny bar vs strength of strong upmove. Is that tiny bar a Sunday bar? I think if it is what I see is is a tiny little pause before moving back up. One thing I've noticed with Small pins is that momentum isn't there often. I like to see those smallish pin followed a bar or 2 later by a nice strong outside bar.

Here's an example....small pin at decent location catches your eye for a minute. The next bar is the strong outside bar. Throw in some confluence and this is may be my favorite setup.
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  • #101,740
  • Sep 14, 2011 5:10pm Sep 14, 2011 5:10pm
Quoting Donkey
Here's an example....small pin at decent location catches your eye for a minute. The next bar is the strong outside bar. Throw in some confluence and this is may be my favorite setup.
yes, I know what you mean guys
in this example we have beautiful confirmation, but lots of pips left behind
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