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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

  • #106,541
  • Jan 30, 2012 9:06am Jan 30, 2012 9:06am
Quoting klp
Hi Jim

first I will thank you & mbqb11 and all the others for this great thread! Since a few days I read the latest posts and also began to read it from start. I have read 20 or 30 pages so far, but I have learned more than in the last year in several books!
Thanks a lot!



Can you tell me what you mean with "TT", I don't find it in the terminology post.

thankyou
Stands for Touch Trade, when price touches a proven strong support or resistance area, usually with multiple confluences such as a PPZ, BRN, TL etc. It is taken without waiting for price action, hence the TT.
  • #106,542
  • Jan 30, 2012 9:15am Jan 30, 2012 9:15am
Hi, my name is Michael. I like this thread because i trade almost similarly. Pure price action with some additional tools to protect me from "fake" setups. When I have free time I will post high probable setups and try to explain the thinking process behind that. I will also refer to the trade management. Hope to know you all.

M.
  • #106,543
  • Jan 30, 2012 9:22am Jan 30, 2012 9:22am
Quoting Pinbar
Interesting area it just broke through that, I had been watching on my charts.
May want to watch this area to see if price pulls back to it and shows bearish PA here, or if it closes above it.

Could really move rapidly from here.
Thanks Pinbar. One question . After looking at my chart would you say that the action I took was good?

Thanks
"Greed is good,greed is right,greed works"
  • #106,544
  • Jan 30, 2012 10:14am Jan 30, 2012 10:14am
Quoting Gekko78
Thanks Pinbar. One question . After looking at my chart would you say that the action I took was good?

Thanks
Personally, I think the IBs are the hardest bars to play and really need to have their backs to the wall more. Like being up against a really strong PPZ, with lots of confluence such as a BRN TL etc.

I usually do not trade them at all, unless they are straddling a deep SH or SL.

Hope this helps.
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  • #106,545
  • Jan 30, 2012 10:56am Jan 30, 2012 10:56am
Quoting Pinbar
Stands for Touch Trade,
Thanks Pinbar!
  • #106,546
  • Jan 30, 2012 11:16am Jan 30, 2012 11:16am
Quoting Pinbar
Personally, I think the IBs are the hardest bars to play and really need to have their backs to the wall more. Like being up against a really strong PPZ, with lots of confluence such as a BRN TL etc.

I usually do not trade them at all, unless they are straddling a deep SH or SL.

Hope this helps.

thanks pinbar I appreciate the feedback. I am also not a huge fan of the IB's either . I just happened to notice those areas you mentioned as well and decided to take it. I had a pretty tight SL so I was not to worried it would go in the other direction.
"Greed is good,greed is right,greed works"
  • #106,547
  • Jan 30, 2012 12:56pm Jan 30, 2012 12:56pm
Quoting Gekko78
thanks pinbar I appreciate the feedback. I am also not a huge fan of the IB's either . I just happened to notice those areas you mentioned as well and decided to take it. I had a pretty tight SL so I was not to worried it would go in the other direction.
So Pinbar ( and anyone else) would you consider IB's to be a crapshoot then in a sense? Perhaps not as reliable as pinbars PPZ and things like this?
"Greed is good,greed is right,greed works"
  • #106,548
  • Jan 30, 2012 12:59pm Jan 30, 2012 12:59pm
Quoting Gekko78
So Pinbar ( and anyone else) would you consider IB's to be a crapshoot then in a sense? Perhaps not as reliable as pinbars PPZ and things like this?
Hey G

Any bar will be a crapshoot if we don't take into account location, formation of the bar, mgmt levels and thus creating an overall story. The appeal to me on an inside bar is the small stop and thus larger position size. BUT I think it is much easier to get confidence in trading OUtside bars, pinbras, DBLHC,DBHLC, multi bar highs/lows etc then it is learning inside bars initially. I think one has to also understand that because of the nature of most inside bars that the idea is when the runner comes your looking at bigger rewards but you may take 2-3 inside bars before that where things don't work as well. That's generally how I approach them. I think if someone is trying to simplify and is struggling with inside bars it's a much better bar to learn as you progress. I always like to tell people to start with a few things , get really good at them, then add as you go. Keeps the thought process simple.

Hope that helps
Mike
  • #106,549
  • Jan 30, 2012 1:00pm Jan 30, 2012 1:00pm
Quoting Michael-SPA
Hi, my name is Michael. I like this thread because i trade almost similarly. Pure price action with some additional tools to protect me from "fake" setups. When I have free time I will post high probable setups and try to explain the thinking process behind that. I will also refer to the trade management. Hope to know you all.

M.
Welcome Michael, look forward to some charts

Best
Mike
  • #106,550
  • Jan 30, 2012 1:01pm Jan 30, 2012 1:01pm
Quoting klp
Hi Jim

first I will thank you & mbqb11 and all the others for this great thread! Since a few days I read the latest posts and also began to read it from start. I have read 20 or 30 pages so far, but I have learned more than in the last year in several books!
Thanks a lot!



Can you tell me what you mean with "TT", I don't find it in the terminology post.

thankyou
awesome Klp, that's the stuff that makes this fun for us

Mike
  • #106,551
  • Jan 30, 2012 1:18pm Jan 30, 2012 1:18pm
Quoting mbqb11
Hey G

Any bar will be a crapshoot if we don't take into account location, formation of the bar, mgmt levels and thus creating an overall story. The appeal to me on an inside bar is the small stop and thus larger position size. BUT I think it is much easier to get confidence in trading OUtside bars, pinbras, DBLHC,DBHLC, multi bar highs/lows etc then it is learning inside bars initially. I think one has to also understand that because of the nature of most inside bars that the idea is when the runner comes your looking at bigger rewards but...
Mike ,

Thanks for your feedback! I appreciate it.

The reason I took this bar is that while looking at the chart I noticed that this was basically the 3rd time Price had reached this level and could not break through it. I noticed the series of spinning tops the first time , The bearish engulfing the second time , then the spinning top with the bearish inside bar the 3rd time. My initial stop was set a little about the previous bars high.

I did use the J16 method of selling 1/2 position and moving stop to break even once my initial target was reached which I felt was around 120.90 .

I keep moving stop down as new targets are reached.

I am still in this trade and but I definitely understand what you mean here. Really liked your vids BTW.

Thanks again for your feedback
"Greed is good,greed is right,greed works"
  • #106,552
  • Jan 30, 2012 2:32pm Jan 30, 2012 2:32pm
Quoting mbqb11
Hey G

Any bar will be a crapshoot if we don't take into account location, formation of the bar, mgmt levels and thus creating an overall story. The appeal to me on an inside bar is the small stop and thus larger position size. BUT I think it is much easier to get confidence in trading OUtside bars, pinbras, DBLHC,DBHLC, multi bar highs/lows etc then it is learning inside bars initially. I think one has to also understand that because of the nature of most inside bars that the idea is when the runner comes...
I haven't come across a pinbra yet - care to explain?
Anything can happen.
  • #106,553
  • Jan 30, 2012 2:55pm Jan 30, 2012 2:55pm
Appr. one hour for the day candle to finish. Last candle shows the last market sentiment. A two day shooting star in process or as you call it here a pin bar. Maybe not great in size but at a great location. A confluence of dynamic (TL) and static support levels (fib cluster, mid-big round, weekly res.)

Round no 1.30 could easily be used for trade management.
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  • #106,554
  • Jan 30, 2012 2:56pm Jan 30, 2012 2:56pm
Quoting ddinnov
I haven't come across a pinbra yet - care to explain?
  • #106,555
  • Jan 30, 2012 3:33pm Jan 30, 2012 3:33pm
A yeeeearly pinbar! If you look at the usd/chf monthly chart, you can see this. It shows a bit of bullish divergence and it almost touched the 70.00 BRN (though it actually touches like 5 or 6 BRNs, lol). No fib retracements, as this is the lowest this pair has ever been, but I think you can find some confluence with fib extensions, though I'm not a big fan of those. In general, I don't think it's tradeable as it is going towards parity (not to mention the 3000 pip stop loss), but I just thought it was kinda cool.

P.S. If anyone takes it, let us know how it did in a year or two, lol.
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  • #106,556
  • Jan 30, 2012 3:58pm Jan 30, 2012 3:58pm
Hey, Jarroo or Pinbar, what do you guys think of this setup? AUD/USD daily. Does it have potential to BAAAM?
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  • #106,557
  • Jan 30, 2012 4:57pm Jan 30, 2012 4:57pm
Hi,

Could someone please point me in the direction of the terminology post. I can't seem to figure out what Jarroo means by HCR and LCS.

Thanks James, Jim, Mike, Pinbar and all the other great contributors of this lovely and humane thread.

Ralph
SNR with Price Action...
BitCrossNG Return Today: na
  • #106,558
  • Jan 30, 2012 5:01pm Jan 30, 2012 5:01pm
Quoting Fxnumen
Hi,

Could someone please point me in the direction of the terminology post. I can't seem to figure out what Jarroo means by HCR and LCS.

Thanks James, Jim, Mike, Pinbar and all the other great contributors of this lovely and humane thread.

Ralph
Hey Ralph

Here is a post that contains a large amount of the basic terminology should help ya

http://www.forexfactory.com/showthre...40#post4538540

If you have more questions don't be shy to ask

Best
Mike
  • #106,559
  • Jan 30, 2012 6:12pm Jan 30, 2012 6:12pm
Quoting WHenderson
A yeeeearly pinbar! If you look at the usd/chf monthly chart, you can see this. It shows a bit of bullish divergence and it almost touched the 70.00 BRN (though it actually touches like 5 or 6 BRNs, lol). No fib retracements, as this is the lowest this pair has ever been, but I think you can find some confluence with fib extensions, though I'm not a big fan of those. In general, I don't think it's tradeable as it is going towards parity (not to mention the 3000 pip stop loss), but I just thought it was kinda cool.

P.S. If anyone takes it, let...
Hey why not right

A chart is a chart. I hope that pin gets us going will help my weekly pin.

Mike
  • #106,560
  • Jan 30, 2012 6:20pm Jan 30, 2012 6:20pm
Quoting mbqb11
Hey why not right

A chart is a chart. I hope that pin gets us going will help my weekly pin.

Mike

Hehe. I hope it helps. BTW, I'm the guy that just posted the comment defending speculation on the PF's thread on trading and ethical thoughts. Thanks for your kind words, Mike.

Looking forward for tomorrow's webinar!
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