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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

  • #103,781
  • Oct 31, 2011 2:08pm Oct 31, 2011 2:08pm
Hey MTC,

Quoting mtc235
Where can I get the beginning of the discussion about Jarroo's method?
I don't know about the beginning, but here's a very good chart that explains a lot:

http://www.forexfactory.com/showthre...62#post5036262

From that post on, just read on in the thread - there's a lot more to come in those few pages until today.

Quoting mtc235
Also, what is it to be in the PF? I'm guessing it's another discussion, but what does PF stand for?
PF is the Private Forum (http://james16group.us/). It is access restricted, you have to register & pay. The stuff in the guest area alone is probably enough to keep you busy for a week.

Good Luck & Welcome to the thread,
dkc
  • #103,782
  • Edited 2:24pm Oct 31, 2011 2:14pm | Edited 2:24pm
Quoting picon1
I've found it really testing the last couple of weeks. I'm still trying to stick to the daily and weekly setups for now until I get more confident. I had a slight blip last week on USDCAD when I took a long trade that looking back on now, I shouldn't really have done.

Still trying to get my head around Jarroos methods, and no where near ready to trade live with it yet.

But it's tough going staying patient and waiting for a setup. Anyone else struggling staying patient waiting for those daily and weekly setups?
I had a huge problem with waiting when I first began and sometimes slip back into that thought process for short periods. It is getting better through practice. The best things that I have found to counter the impatience that I used to feel are:

1)Keep reminding myself that this is a long long long term plan. I am not here to play for the next year or two. I will be doing this for the remainder of my life. With any luck that will be 50 or more years. Makes the 5 years I have spent learning to trade seem like a drop in the bucket.
2)Remember that this is a business. In fact, when people ask what I do for a living I tell them I am a currency trader. I may not be paying the bills with trading money yet, but I take it no less seriously than when I am able to. As such there is no rushing this. Make business decisions with respect to your trading account. Learn to make it yours and begin to view it as something that will provide for you when you provide for it.
3)I remember the quote from JoelCF on how to grow an account, "Don't take shitty trades". Impatience is the best way into bad trades. A good trade is a good trade and it does not matter if there is $10 or $1,000,000 risk on the table.

These are probably the best items that I have found to focus my mind on waiting and sniping the best trades out there. I don't view becoming more patient as tough, but instead I work every day to instill it further into my though process. How do you eat an elephant?

Ryan
  • #103,783
  • Oct 31, 2011 2:16pm Oct 31, 2011 2:16pm
Quoting mtc235
It's resulting in my method becoming more and more complicated, J16's approach plus Jarroo's approach, etc.
Don't worry about your method too much right now, imo. I don't know anything about your trading expertise, goals etc., but I think most people are best off trying to figure stuff out without pressure & analyze charts of their own. In my experience, people in this thread are VERY helpful. So don't worry you'll get torched when you post a chart.
  • #103,784
  • Oct 31, 2011 2:21pm Oct 31, 2011 2:21pm
Quoting mbqb11
Being patient is probably the hardest part. That's a huge reason for most peoples failures. Impatience. Every time you want to go pull the trigger and you feel yourself being impatient you gotta remember that this is a serious business and is that an appropriate business decision

It gets easier cause after awhile you just beat yourself up or move on

Keep at it
Mike
Ha ha I always respond to the posts linearly. This usually means I get to see Mikes posts after I write mine As usual, quick draw Mike posts it simply and eloquently...
  • #103,785
  • Oct 31, 2011 2:33pm Oct 31, 2011 2:33pm
if you have problem with patience read mike's posts to newbie people in this thread.

each time with same patience and same detail..and keep in mind that he doesnt get paid for it..

and if you think you want to keep putting money in the market..think market as a Honey badger..and yourself a cobra..and watch this video.

Inserted Video
Trading is a test match not a Twenty20.
  • #103,786
  • Oct 31, 2011 2:39pm Oct 31, 2011 2:39pm
Quoting gungriffin
I had a huge problem with waiting when I first began and sometimes slip back into that thought process for short periods. It is getting better through practice. The best things that I have found to counter the impatience that I used to feel are:[indent]1)Keep reminding myself that this is a long long long term plan. I am not here to play for the next year or two. I will be doing this for the remainder of my life. With any luck that will be 50 or more years. Makes the 5 years I have spent learning to trade seem like a drop in the bucket.
2)Remember...
Great answer Ryan. Thank you. Good to know other people have had the same trouble when switching up to a larger timeframe from the smaller one.

Sitting waiting for thinks to setup, I keep thinking that I'm missing something.

Now let me think...how do I eat an elephant?
  • #103,787
  • Oct 31, 2011 2:48pm Oct 31, 2011 2:48pm
One of the pairs I have been keeping a watch on is NZDUSD. Been watching as price broke out of the descending trend line, and used a fib confluence are of 8150 as support, before being rejected by the RN 82, and now back down past the fib confluence zone.

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2011-10-31 at 19.43.49.png Size: 103 KB


Looking for price to test the trend line as support this time, and see if it sets up an entry. Will look at the 4H charts IF it gets there for any possible reversal setups off the trend line.
  • #103,788
  • Oct 31, 2011 2:52pm Oct 31, 2011 2:52pm
Quoting dropkick-cat
Hey MTC,
I don't know about the beginning, but here's a very good chart that explains a lot:

http://www.forexfactory.com/showthre...62#post5036262

From that post on, just read on in the thread - there's a lot more to come in those few pages until today.

Good Luck & Welcome to the thread,
dkc
Dropkick, Thanks! This is great.
MTC
  • #103,789
  • Edited 3:40pm Oct 31, 2011 2:55pm | Edited 3:40pm
Hello every1

I have a question about the eur aud chart. I can see a BEOB, that signals a continuation of the trend.

Pros:
1.- With the trend
2.- Great size
3.- Previous Inside Bar, also a Bearish Pinbar

Cons:
1.- Bar havent closed yet.
2.- Needs to close below 1,31?

Besides that, my mind is blank. No divergence, no retracement, no fib levels. Anyone else can see something to dont trade this (on demo, but i want a high win/loss ratio to start trading live ;-)), if it closes below 1,31? If it closes above 1,31, could it work with a sell stop below 1,31?

Thank you and best trading

H

Edit: Of course I know this is not on ideal location (swing high), but which location price action works better?, on a swin high/low - against the trend, or on a retracement (at least a mini one) and with the trend?

Edit2: The body of the BEOB has to emcompass the previous bar?
  • #103,790
  • Oct 31, 2011 3:36pm Oct 31, 2011 3:36pm
Hello PinBar

I want to know about your thought process, because I also see the 365 & 180 EMA potentially acting as support, so in your short trade on GBP USD you would keep an eye on them, no?, and in your experience whats more relevant, VBRN or those EMAS?

BTW, can you please tell me what is ISH Zone?, im kinda lost with some terms.

Thank you and best trading

H

Quoting Pinbar
It is very risky indeed and if we look at the former consolidation area, we can see that price is at least for now, back in this zone.

This is the ISH zone Jarroo mentioned.

Take a look at the monthly
  • #103,791
  • Oct 31, 2011 3:52pm Oct 31, 2011 3:52pm
Hi guys, I am attracted by this HUGE pin on EURJPY Daily chart today

it looks pretty interesting and I am going to trade it ...

there is nice situation on EURUSD Daily chart also. if it breaks tommorow it will bring some big pips I think./

I dont know why but I cant attach any pics - it seems that I overkilled my quota of 900 kb or something I think these setups are obvious
all is eternal - this is good news for people who loves bad news
  • #103,792
  • Oct 31, 2011 4:43pm Oct 31, 2011 4:43pm
Quoting meshka
Hi guys, I am attracted by this HUGE pin on EURJPY Daily chart today

it looks pretty interesting and I am going to trade it ...

there is nice situation on EURUSD Daily chart also. if it breaks tommorow it will bring some big pips I think./

I dont know why but I cant attach any pics - it seems that I overkilled my quota of 900 kb or something I think these setups are obvious
I've made the mistake in the past of jumping on something just because it looks like a pinbar, and have got my interpretations wrong.

From what I've learnt so far, the best place for any of the PA setups from this thread are at the swing highs and swing lows. Bearish PA at swing highs, and bullish PA at swing lows, together with fib conf, trend lines RN's ema's et al as a corroborating story.

That's my beginners eye on it, or at least the very basics of what I'm looking for now and working on.
  • #103,793
  • Oct 31, 2011 5:01pm Oct 31, 2011 5:01pm
Quoting meshka
Hi guys, I am attracted by this HUGE pin on EURJPY Daily chart today

it looks pretty interesting and I am going to trade it ...

there is nice situation on EURUSD Daily chart also. if it breaks tommorow it will bring some big pips I think./

I dont know why but I cant attach any pics - it seems that I overkilled my quota of 900 kb or something I think these setups are obvious
Hey M

Be careful here though as we want the open and close to be within the prior bar. Just because we have a long wick on a bar doesn't neccesarily mean it will be a pinbar. Often times that wick could also indicate that is the new path of least resistance(part of why we have to be picky about how it closes). I think the euro could make for a good sell as a 2/3 day pinbar etc. That would make more sense to me

Try saving your charts by right clicking the mt4 chart, then selecting save as picture, then check of save active chart(as is). This is what I do

Best
Mike
  • #103,794
  • Oct 31, 2011 5:06pm Oct 31, 2011 5:06pm
Another chart I've been keeping an eye on waiting for some price action setups is EURAUD. I've marked up some PPZs on my daily chart, along with the wedge type trend lines. Waiting for price to get to either of those trend lines then I'll start looking for those setups.

Not far from the lower trend line at the moment. Been waiting a while for this one to get to an area of interest for me.

Attached Image (click to enlarge)
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  • #103,795
  • Oct 31, 2011 5:42pm Oct 31, 2011 5:42pm
thank you Mike for quick response. I placed pending SellLimit @ 1.3940 SL 1.4085 half position size for EURUSD. for me this pair resigned at its 1.4200 level /fib confluence 61.8/ and erased 1.4050 clearly /confluence 50/.

p.s. saved gif but cannot attach it -
eurusd.gif:
Exceeds your quota by 161.1 KB.
all is eternal - this is good news for people who loves bad news
  • #103,796
  • Oct 31, 2011 6:11pm Oct 31, 2011 6:11pm
Anyone seen this "almosy" pin bar from yesterday that cut through
150 & 365 EMA,
50% & 38% FIB
major pivot (90)
and 90 is also a whole number

Any thoughts???
Attached Image (click to enlarge)
Click to Enlarge Name: CHFJPY.jpg Size: 77 KB
  • #103,797
  • Oct 31, 2011 6:46pm Oct 31, 2011 6:46pm
Quoting meshka
thank you Mike for quick response. I placed pending SellLimit @ 1.3940 SL 1.4085 half position size for EURUSD. for me this pair resigned at its 1.4200 level /fib confluence 61.8/ and erased 1.4050 clearly /confluence 50/.

p.s. saved gif but cannot attach it -
eurusd.gif:
Exceeds your quota by 161.1 KB.
Hi Yogi, just reduce the file size and you should be ok. I think jpg has a better compression. Or just export your images from Meta Trader at a lower res.
  • #103,798
  • Oct 31, 2011 6:55pm Oct 31, 2011 6:55pm
http://i43.tinypic.com/afeb2q.gif

made it ! in a perverted way

hope 1.3960 area will hold and I will earn some nice pips.
all is eternal - this is good news for people who loves bad news
  • #103,799
  • Oct 31, 2011 7:00pm Oct 31, 2011 7:00pm
Quoting decentchap
hey Steve,

I wanted to ask you if you restrict yourself and take Daily and above tf setups with Jaroo's method or go down lower tf and take the entry there?
Currently i am setting up Monthly and Weekly HCR, LCS on my charts and monitoring the charts on daily basis for flips and PA bars(plus other confluences) for confirmation..

Depends, if it is a weekly setup that can be taken on the daily or a daily setup that can be taken on H4 or even H1. I have also taken a weekly setup on H4 before.
  • #103,800
  • Oct 31, 2011 7:47pm Oct 31, 2011 7:47pm
Just an observation.

GBPJPY: Price broke through and closed above a significant weekly lowest close of support level. Price has not closed below that level on the 4h and barely on the hourly since. Entry (I assume) would have been on the retest of the WLCS with a 30 pip stop loss (subjective figure) or a close below that level.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 115_gbpjpy w1.jpg Size: 67 KB
Click to Enlarge Name: 116_gbpjpy 4h.jpg Size: 75 KB
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