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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

  • #105,261
  • Dec 17, 2011 8:18pm Dec 17, 2011 8:18pm
Quoting AvanishDemo
with what u have rambled about()..

well then 2nd pin looks better than the 1st Pin..

nice posts G.
That's it A, nice chart. It sums up what I said in my posts. The second pin is better "located" than the first one, because it tests the order flow beyond our range and took out the optimistic buyers (and stops of course) who thought this was gonna explode to the upside.

Just a tad bit more to look for when you pick and choose your trades.

g.
I believe . . .
  • #105,262
  • Dec 17, 2011 8:20pm Dec 17, 2011 8:20pm
Quoting Pinbar
Great post there Ghous


Very informative and sets the wheels in my mind in motion.

I can see what you are getting at, the fake out before the move in the true direction, taking out SL's and adding to buyers thrust.
Good to get some info on market dynamics.

Actually, while I was not thinking so much about the fake out in the other direction nor bar size, the close of this BUEOB was concerning me, in as much as, it closed below those two consolidation areas.

Thanks again for a great post Ghous
If I got you thinking, the purpose was well fulfilled.

g.
I believe . . .
  • #105,263
  • Dec 17, 2011 8:25pm Dec 17, 2011 8:25pm
Quoting AvanishDemo
i agree with ur post 100%...
but for many others its the location matters and not the shape.
im sure there are.

lets say a Mini-Pin for this example.

Shape:Average.
Location:Lovely.
Bias:Uptrend..

(and bit of timing factor )

these bars are enough for to act as a 'sign' where is price heading or maybe even take a TT here.

just my thoughts.

EDIT:ah, i see you were focusing more on newbies,but still good to have such a discussion no?
While I trade a system where the fake breakout is all that I need, I am not going on to suggest that a trade setup that doesn't have this feature is nonsense. I am merely pointing towards the importance of something we frequently over look in our trade setups because its just like our other supportive confluence factors only. As you pointed out in your last post in the chart, the second pin bar looked just like the first one but was in a much better location and position in terms of order flow.

g.
I believe . . .
  • #105,264
  • Dec 18, 2011 1:25am Dec 18, 2011 1:25am
Quoting ghous
While I trade a system where the fake breakout is all that I need, I am not going on to suggest that a trade setup that doesn't have this feature is nonsense. I am merely pointing towards the importance of something we frequently over look in our trade setups because its just like our other supportive confluence factors only. As you pointed out in your last post in the chart, the second pin bar looked just like the first one but was in a much better location and position in terms of order flow.

g.
yeah,i was just telling da other side of the story.
Nice take on that G.

PS:Huge Typhoon in Phillipines.my prayers with people who got affected.Hope our friend SupremeChaos is fine.
  • #105,265
  • Dec 18, 2011 3:16am Dec 18, 2011 3:16am
Hi all,

I use Meta trader 4 but am looking for a few websites / free charts that have more pairs.

Any suggestions welcome.

Cheers
  • #105,266
  • Dec 18, 2011 3:34am Dec 18, 2011 3:34am
Quoting Grousman
Hi all,

I use Meta trader 4 but am looking for a few websites / free charts that have more pairs.

Any suggestions welcome.

Cheers
depends on your broker, not on your software...
Hero calls followed by margin calls...
  • #105,267
  • Dec 18, 2011 3:58am Dec 18, 2011 3:58am
Quoting PhAnTi'
depends on your broker, not on your software...
Thanks, my broker has loads more pairs but their software is not good so looking for another platform I can study the charts then place my trades with my broker. Actually I look at charts on FXLITE
  • #105,268
  • Edited 10:23am Dec 18, 2011 6:34am | Edited 10:23am
Quoting Grousman
Thanks, my broker has loads more pairs but their software is not good so looking for another platform I can study the charts then place my trades with my broker. Actually I look at charts on FXLITE
Fxpro MT4 is pretty good for this purpose, lots of standard and exotic forex pairs, as well as commodities like Gold, Silver, Oil, NatGas, Corn, Wheat, Soybean, and major stock indexes S&P 500, DOW, Nasdaq, Nikkei.

Freestockcharts.com has a pretty healthy offering of almost any instrument you can think of, but it is web based (Silverlight).
Price is beautiful. A repetitive method is a competitive method.
  • #105,269
  • Dec 18, 2011 6:41am Dec 18, 2011 6:41am
Quoting nwo-trader
Fxpro MT4 is pretty good for this purpose, lots of standard and exotic forex pairs, as well as commodities like Gold, Silver, Oil, NatGas, Corn, Wheat, Soybean, and major stock indexes S&P 500, DOW, Nasdaq, Nikkei.

Freestockcharts.com has a pretty health offering of almost any instrument you can think of, but it is web based (Silverlight).
Excellent, thank you. Working on being more patient so need to expand the pairs I look at and WAIT for a good set-up. Will check these out.....
  • #105,270
  • Dec 18, 2011 7:02am Dec 18, 2011 7:02am
Quoting mbqb11
Gonna spring board off these posts G. This is a general post to the many new traders that will see it.

I know we may be words on a screen, but I promise you the sincerity we have when we use the above words. It's not to stunt anyone or tell anyone it's the only way. But those that are sitting here continuously struggling you must break this cycle. You must demo. You must treat this as a serious business it is.

PLEASE read post 1
PLEASE read all of James16 posts
Please re-read post 1 and demo demo demo


I have included some charts. I am...
***QUOTE***

....The implications of what Mike talks about with respect to good outside bars engulfing a range of bars and good pin bars protruding away from the vicinity of PA are ENORMOUS. They have enough value to help you develop profitable systems around just the very concept.


Your post Steve, got me going, because while you did a great job explaining the merits of the setup, its missing this one very important factor of the low not stretching enough to test the vacant space underneath that range


***---***

NEWBIES PAY ATTENTION

***---***

Why do you think it is so important for a pin bar to be located at a swing point with a nose pointing right into vacant space as apposed to being caught in traffic and congestion areas? Why do you think An outside bar with a long wick that tests the area beyond preceding range of bar highs/lows more important than any other kinds of outside bars?

***UN-Quote***

Mike, Ghous

Great posts, it’s good to have reminders like this, very helpful and informative.

When I check the daily charts night after night and there are no decent set ups, my mind starts to urge me to play a substandard set ups, I will refer to the above posts for a sanity check!!

Regards

GP
  • #105,271
  • Dec 18, 2011 9:07am Dec 18, 2011 9:07am
Quoting Gpfx
***QUOTE***

....The implications of what Mike talks about with respect to good outside bars engulfing a range of bars and good pin bars protruding away from the vicinity of PA are ENORMOUS. They have enough value to help you develop profitable systems around just the very concept.


Your post Steve, got me going, because while you did a great job explaining the merits of the setup, its missing this one very important factor of the low not stretching enough to test the vacant space underneath that range


***---***

[size=4][b]NEWBIES...
Hey GP,

that is very true, but you need to hang on and make sure all your decisions are based on undisputed rationality. One way to achieve it is to have a written plan/guide that would tell you exactly what you look for in a trade. Pull out some tape and stick it right above your monitor against the wall or somewhere you would look at all the time.

Using your concern as a launch pad and totally on a side note, this problem can also be stretched to day trading, its infact worse there because day trading has this tendency to magnify everything good and bad that you experience on the higher TFs. Most traders will approach these time frames with a mindset of taking a lot more trades and hence pile in profits quicker and more frequently into their trading accounts. Because their watching their charts a lot more (putting in more effort) than a trader who swiftly juggles between 30 charts in 10 mins once a day, equity perceptions require them to naturally demand more from the markets and that can lead them to put their conservative goggles on the side and "tame this puppy down". Even worse is the case where one starts to further travel the time frame ladder down to find even more setups. Day trading is rewarding but its tough to deal with, patience whether it be higher Tfs or the lower ones is still an essential skill that you must acquire.

g.
I believe . . .
  • #105,272
  • Dec 18, 2011 12:58pm Dec 18, 2011 12:58pm
Quoting ghous
Hey GP,

that is very true, but you need to hang on and make sure all your decisions are based on undisputed rationality. One way to achieve it is to have a written plan/guide that would tell you exactly what you look for in a trade. Pull out some tape and stick it right above your monitor against the wall or somewhere you would look at all the time.

Using your concern as a launch pad and totally on a side note, this problem can also be stretched to day trading, its infact worse there because day trading has this tendency to magnify everything...

Hey G,

I totally agree, and in my case I do have a trade selection criteria guide stuck on my desk and on my wall which has served to keep me in profit for the first 3 month demoing and the last 3 month live.

The problem being my profit is small and due to my trade selection criteria opportunities are very few and this is where my frustration / temptation niggles at me to take trades outside of my selection criteria, especially when the trade I didn’t take goes well.

However, I know this is emotions taking hold, fear of missing out, greed etc, but it is still tough to be disciplined on the daily time frame (for me anyway) and posts like your previous one serve as a good reminder of why I should keep disciplined.

On the other tip of day trading, again for me I have found in the past that it is easier to stay disciplined when day trading as there are many more opportunities. (I am not saying that this is the case in general as I don’t think it is and strongly agree that one should first be competent and consistent on the daily time frame before day trading).

In between periods of employment (as I am self employed and sometimes in between contracts) I have day traded successfully using a method that was born out of the J16 price action and confluence style trading. I had very modest daily and weekly targets and found most days I would be have achieved my daily target or more by the end of London session. however, I was very disciplined and would only take specific set ups and if I hit my target on the first trade of the morning that was it I would stop immediately and switch off the computer and do something else, the difference was there would always be a few good set ups every day so I knew in the back of my mind I just had to wait for one to appear, were as set ups on the daily can only be 1 or 2 a month sometimes and for me this is still tough!!

I will get there and master the daily TF (I hope), especially with help from the likes of yourself and the other senior members on this thread who share their knowledge and experiences.

Regards

GP
  • #105,273
  • Dec 18, 2011 1:03pm Dec 18, 2011 1:03pm
Tell me what you guys think about this PA on the USD/JPY.
I see higher lows being formed and a horizontal resistance at roughly 78.10

A bullish pin bar bounced off the 60 SMA and the higher lows trend line, and price made it to the horizontal resistance.

We saw some retrace, and Friday's daily bar closed at the same level as the pin bar high.

Many times price will retrace to test the pin bar's high before continuing to move.

Would it be valid for me to go long from here, calling this a retrace entry?

Or am I just looking for too many reason to trade?

Thanks in advance.
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  • #105,274
  • Dec 18, 2011 1:43pm Dec 18, 2011 1:43pm
great posts on great thread Ghous and Mike... thats why i keep reading it everyday ... some posts can be chanted like a prayer before meal when we open our charts :-)

regarding buying USDCHF at 0.9300 ... level is obvious, many times tested and it looks pretty itself... but this rejection on weekly and BEOB on Daily... I dont know. It must be clear opposite setup in order to place a buy at this level.
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all is eternal - this is good news for people who loves bad news
  • #105,275
  • Dec 18, 2011 1:53pm Dec 18, 2011 1:53pm
Quoting uBERpIP
Tell me what you guys think about this PA on the USD/JPY.
I see higher lows being formed and a horizontal resistance at roughly 78.10

A bullish pin bar bounced off the 60 SMA and the higher lows trend line, and price made it to the horizontal resistance.

We saw some retrace, and Friday's daily bar closed at the same level as the pin bar high.

Many times price will retrace to test the pin bar's high before continuing to move.

Would it be valid for me to go long from here, calling this a retrace entry?

Or am I just looking for too many reason...
regarding the situation on USDJPY it is little bit too "boxed" now and ranging in it.... so it would be safer to buy break out of box above 78.15-25 or wait for more clearer setup at the bottom of this box. thats my view
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all is eternal - this is good news for people who loves bad news
  • #105,276
  • Edited 6:06pm Dec 18, 2011 5:36pm | Edited 6:06pm
Arrived back from Japan in one piece.

Just looking at the base system again but this time combining what Jarroo has taught us for extra
confluence. EDIT: Actually, I think I am combining the base system with what Jarroo has taught me, if you see what I mean. I am looking at the base system as an extra confluence with PBT&CA

The EUR/AUD looks to be at an interesting area right now and I am using it to see if Jarroo's methodology can be used with the base system and if both of them will act as extra confluence.
I spent most of last night going over all my notes on Seeking Lights wonderful stuff, which is actually basically J16s stuff.
Anyway, this is a real time experiment in combining the two methodologies.
I realize we have just had a weekly close below the 1.3091. However, I am also looking to see if the base system can get us in early.

Let's see how it works out.
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  • #105,277
  • Edited 5:57pm Dec 18, 2011 5:40pm | Edited 5:57pm
EUCAD

Really nice daily BUOB off of ppz/BRN
1 and 4H viable BASE entries as well.

edit: keep in mind we recently touched a supply zone
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #105,278
  • Dec 18, 2011 5:56pm Dec 18, 2011 5:56pm
Quoting s2659
EUCAD

Really nice BUOB off of ppz/BRN
1 and 4H viable BASE entries as well.

edit: keep in mind we recently touched a supply zone

Not so sure I like the H4 as price is still stuck between the 25 & 50 emas and the consolidation area on the left.
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  • #105,279
  • Dec 18, 2011 6:00pm Dec 18, 2011 6:00pm
Hmm, EUR/AUD could already have taken off on M30 but, I am sitting on my hands waiting for the H1 signal.
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  • #105,280
  • Dec 18, 2011 6:47pm Dec 18, 2011 6:47pm
Quoting Pinbar
Not so sure I like the H4 as price is still stuck between the 25 & 50 emas and the consolidation area on the left.
ya, I don't use the 50 ema.
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
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