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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

  • #104,721
  • Nov 24, 2011 3:29pm Nov 24, 2011 3:29pm
Have fun on your Thanks Giving Day folks.
  • #104,722
  • Nov 24, 2011 7:58pm Nov 24, 2011 7:58pm
Hello pinbar. I really commend you for all the help your rendering here. Am new here and confused. Could you in summary give me a summary on the basic core set up by james 16? I have learnt how to plot support and resistance lines effectively. Now am concerned about how to trade off them with only these patterns you posted earlier. http://www.forexfactory.com/attachme...9&d=1302610910 .

Am concerned about mastering those patterns and I have made them my desktop background image already to help the picture of them sink into my head.

Now my question again is this. What are the basic set ups with the following patterns cos I cant read the whole thread and the pictures I see here makes it more confusing.

Thanks
  • #104,723
  • Nov 25, 2011 12:42am Nov 25, 2011 12:42am
Hey guys,

I haven't been arround much in last week, I had to face up to some unpleasant life issues. But I've been watching markets and today I opened a trade (after a week - my patience is getting better .

I hope you are all doing well and I would like to ask about your opinion.
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  • #104,724
  • Nov 25, 2011 2:02am Nov 25, 2011 2:02am
Quoting Tyoon
Hi guys, what is your opinion on this trade? It looks like previous resistance is going to take form as support and we are being presented with a little price action.

The only problem I have with this trade is that it is currently ranging sideways between the rounded numbers of 1.4325 and 1.4225.

Perhaps wait for solid PA or a breakout?
Price responded to support. Will it respond to resistance?
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  • #104,725
  • Nov 25, 2011 2:48am Nov 25, 2011 2:48am
Quoting RakObama
Hello pinbar. I really commend you for all the help your rendering here. Am new here and confused. Could you in summary give me a summary on the basic core set up by james 16? I have learnt how to plot support and resistance lines effectively. Now am concerned about how to trade off them with only these patterns you posted earlier. http://www.forexfactory.com/attachme...9&d=1302610910 .

Am concerned about mastering those patterns and I have made them my desktop background image already to help the picture of them...
Can't, or won't read the whole thread? I did, and so did many others and I feel it will teach you more than anyone can describe to you in a post.

You do not have to read the whole thread to understand this methodology, the first 500 pages will suffice.
  • #104,726
  • Nov 25, 2011 4:45am Nov 25, 2011 4:45am
Quoting RakObama
Hello pinbar. I really commend you for all the help your rendering here. Am new here and confused. Could you in summary give me a summary on the basic core set up by james 16? I have learnt how to plot support and resistance lines effectively. Now am concerned about how to trade off them with only these patterns you posted earlier. http://www.forexfactory.com/attachme...9&d=1302610910 .

Am concerned about mastering those patterns and I have made them my desktop background image already to help the picture of them...
I suggest a PB does that you spend a lot of time reading the thread. However, the basic setup for all of the bars in Pin's attachment is to play an entry on the break of the PA bar with the stop on the opposite side of the bar. That's the easy part...the tricky part is learning when to play the bar - location, confluence, space; and how to manage and exit. Those come with time and practice.

There are some PDF files linked in J16's first post on pinbar's and how to play them....that helped me tremendously. Even better are J16 and mbqb11 guest videos in the private forum. I would start with the 4 (J16's rant "what we do" and "ppz" introduction, and then Mike's on "traffic vs space" and "pinbars"). These will help you, as I think understanding the PPZ's and space concepts are the 2 most critical to grasp. Honestly, if you have an understanding of these you are well on your way.

Here's the link to the guest section.

PS...with time and study the pictures that are confusing will become clear as a bell.

http://www.james16group.us/Guests/guestmaterial.html
  • #104,727
  • Nov 25, 2011 5:48am Nov 25, 2011 5:48am
Quoting mbqb11
That's why we plan our trades stew, nothing wrong with being wrong sometimes. I am glad to see you follow your plan, its far more helpful then listening to me or anyone else.


I locked in more profit since we hit the BRN above
update

still working its way higher, so i've locked in some more profit. Approaching former top that capped us for awhile, will look to tighten up more as we approach

Hope everyone isn't as stuffed as I am lol

Mike
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  • #104,728
  • Nov 25, 2011 5:49am Nov 25, 2011 5:49am
Mike, if you get sick of eating turkey and other goodies any chance you could tell us about the "cherry" look order flow.

Here is a cherry look type PB and while the open is a little too far down the bar, we can see it actually did well. Perhaps it was the order flow behind this bar that made it successful? It is AJ daily TF.
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  • #104,729
  • Nov 25, 2011 6:00am Nov 25, 2011 6:00am
Quoting Pinbar
Mike, if you get sick of eating turkey and other goodies any chance you could tell us about the "cherry" look order flow.

Here is a cherry look type PB and while the open is a little too far down the bar, we can see it actually did well. Perhaps it was the order flow behind this bar that made it successful? It is AJ daily TF.
location is everything right PB
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  • #104,730
  • Nov 25, 2011 6:08am Nov 25, 2011 6:08am
Quoting mbqb11
location is everything right PB

Damn, thought zooming in like that wood fool you while you were stuffed. LOL

That may have been a bad example because of the location.

I have seen you post other cherry pick PBs that were not at such a good location. I am wondering about the order flow on those.

Thanks Mike
  • #104,731
  • Nov 25, 2011 6:10am Nov 25, 2011 6:10am
Quoting Pinbar
Damn, thought zooming in like that wood fool you while you were stuffed. LOL

That may have been a bad example because of the location.

I have seen you post other cherry pick PBs that were not at such a good location. I am wondering about the order flow on those.

Thanks Mike
I'd like too see them then I would never have taken the above pinbar just as a side note. Location is not in itself enough. It's a combo of location/story/bar makeup

My guess it was SIZE then. But size and location can overlap
  • #104,732
  • Nov 25, 2011 6:20am Nov 25, 2011 6:20am
I was thinking about the PB in your first video and while you did not mention a cherry look, you were subconsciously drawing it.
It was probably the FTB to the EMA but apart from that, it did not look like a particular great area.
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  • #104,733
  • Nov 25, 2011 6:25am Nov 25, 2011 6:25am
Quoting Pinbar
I was thinking about the PB in your first video and while you did not mention a cherry look, you were subconsciously drawing it.
It was probably the FTB to the EMA but apart from that, it did not look like a particular great area.
Hey Pin

You are right size wise this wasn't a great one. That's 4+ years ago and I am much much pickier about my bars. This was a nice pin with the trend, with a PPZ, with a 50% pullback. These work out left and right at good areas(small bars ala your aud/jpy). The issue I have with them is not anything other then based on my exit methods the variance is higher. bars like this in space that get going can be fantastic trades. That same bar I would take now if the nose was longer. I was probably taking upwards of DOUBLE(even triple) the amount of trades I take now per month

Concepts and approach I use is highly the same though just more refined and picky

Mike
  • #104,734
  • Nov 25, 2011 7:28am Nov 25, 2011 7:28am
Quoting mbqb11
Hey Pin

I was probably taking upwards of DOUBLE(even triple) the amount of trades I take now per month

Concepts and approach I use is highly the same though just more refined and picky

Mike
Because you don't want to spend as much time , or because you are more profitable this way ? Or maybe both

And how much is this ? How many trades do you take for a month now ?


By the way , how is your friend ?

Sorry if I flooded you with so many "how"s
  • #104,735
  • Nov 25, 2011 8:26am Nov 25, 2011 8:26am
Quoting Rust
Because you don't want to spend as much time , or because you are more profitable this way ? Or maybe both

And how much is this ? How many trades do you take for a month now ?


By the way , how is your friend ?

Sorry if I flooded you with so many "how"s
Hey Rust

I have given up overall profit this way but the smoothness of my equity curve is much better(that is the variance part which is a massive part of any probability "game"). This I have found hugely important the more I grow. I don't count how many trades I take, to me it's more about being focused on staying disciplined. Some months I might have a handful of trades others 10-15. Every method will have the same type of issues. It's important to understand not only your trades but how each of your trades are connected and how one handles that. I'll say if I knew back in the day what a few good trades a month can REALLY do in the long run I would have shaped up quicker. Most people just don't think about these things and get so hung up on "trading" as opposed to the long term business of it.

My friend has made some progress but it will be a long road ahead of him, thanks for asking

Mike
  • #104,736
  • Nov 25, 2011 8:39am Nov 25, 2011 8:39am
Quoting mbqb11
Hey Rust

I have given up overall profit this way but the smoothness of my equity curve is much better(that is the variance part which is a massive part of any probability "game"). This I have found hugely important the more I grow. I don't count how many trades I take, to me it's more about being focused on staying disciplined. Some months I might have a handful of trades others 10-15. Every method will have the same type of issues. It's important to understand not only your trades but how each of your trades are connected and how one handles...
Hi Mike,

My first post here in ForexFactory. I have been following this thread for more than 1 year. I have a question: What is the logic behind the long size of a pinbar? Or it is just your personal experience?

Thanks. I pray for your friend's recovery.
  • #104,737
  • Nov 25, 2011 8:39am Nov 25, 2011 8:39am
Thanks for the prompt reply Mike and for being so kind , as always !

I fell in love with the breakout concept with pullback and so on .... so now I try to master it and your experience and knowledge is very very helpful . Thank you again !

I aim just the same - smooth equity curve . One more question just popped up in my brain - what part of all your trades are breakouts ?

P.S. by "handful" do you mean more or less than "10-15" -> it may sound stupid but my English is not that good
  • #104,738
  • Nov 25, 2011 10:29am Nov 25, 2011 10:29am
Quoting Donkey
Here's a scenario I wouldn't mind see playing out on USDCHF....
Hey Mike - looking good on that weekly pin, eh? I'm still in with profit locked in at 8450 .
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  • #104,739
  • Nov 25, 2011 12:32pm Nov 25, 2011 12:32pm
Quoting mbqb11
Hey Rust

I have given up overall profit this way but the smoothness of my equity curve is much better(that is the variance part which is a massive part of any probability "game"). This I have found hugely important the more I grow. I don't count how many trades I take, to me it's more about being focused on staying disciplined. Some months I might have a handful of trades others 10-15. Every method will have the same type of issues. It's important to understand not only your trades but how each of your trades are connected and how one...
" I'll say if I knew back in the day what a few good trades a month can REALLY do in the long run I would have shaped up quicker. Most people just don't think about these things and get so hung up on "trading" as opposed to the long term business of it."

Mike, THANK YOU. This is a great advice. So many people want to "trade". I have a friend who is obsess with trading. He thinks he needs to trade everyday to become a "professional trader". The ironic thing is that his brilliant in long term investment. For example, on AAPL when he bought it at $130 & ride it all the way up to $300++. He love to day trade, and like so many other people, he only hype up about his wins. I think in order to survive in this business is to trade less, and protect your capital. Doesn't matter if you have $500 or $50,000 account. You need to protect that capital like a baby.
  • #104,740
  • Nov 25, 2011 2:57pm Nov 25, 2011 2:57pm
Hello,
Just today there was as pin bar formation at USDSEK chart. I took the trade because of following reasons, but it failed.

1) Perfect pin bar formation at 4 hr chart.
2) Resistance from Sept, 2011 at 7.0
3) 7.0 is a whole number in itself.

I lost this trade after the pin bar was triggered. Was is a wrong set up to trade?

Comments by any one of you would be highly esteemed.

Thanks
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