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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

  • #107,821
  • Edited 9:28am Feb 23, 2012 8:30am | Edited 9:28am
Hey PB,

Where's your old title? Is it currently vacant? If so, may I take it?

*edit* I feel ready to break out of my wedge now, to allow some of the previous resistance to become very strong support for a decent move up
  • #107,822
  • Feb 23, 2012 8:32am Feb 23, 2012 8:32am
Here's a 2 bar pin I'm playin on demo. Comments welcome.
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  • #107,823
  • Feb 23, 2012 8:50am Feb 23, 2012 8:50am
Quoting tubguy
Here's a 2 bar pin I'm playin on demo. Comments welcome.
Hey Mike

Just be careful here, if you noticed you sold on the close which is right at the top of the former resistance area. So by doing that you are buying back into the breakout point where buyers are often laying buy orders(think a touch trade back to this former resistance turning into support).

it's not necessarily wrong but in this case if you sell at least a low of the pin you can confirm it's a pin(remember a bar isn't valid till it 'breaks'). In this case if you did that you could use the blue area to cut out of your trade. Where as now you are stuck hoping it can get under this area.

I would rather look for buys where we are, and then if price gets back under the blue look for shorts off the blue.

Now picture that bar closed UNDER the blue area

Let me know if that makes sense
Mike
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  • #107,824
  • Feb 23, 2012 8:53am Feb 23, 2012 8:53am
Quoting Pinbar
I thought I was losing my mind staring at charts and lots of lines, felt totally disconnected from the charts. A rest and taking a few hours off seems to have put things back into perspective with a little more clarity than before.
I'm glad you wrote this.... not because you suffered, far from it, but because i also suffer this.
Sometimes i feel very connected and 'see' things clearly and it's all going well. Other times, like now a little bit for me, it all goes again.

I find coming on here a mixed balance of help and hindrance too. When i'm not in my zone, i see people taking things and think "damn i missed that" and it affects me. I go looking for things which probably aren't there.
Stuff breaks which i've been waiting for and i miss it, which also affects me. The end result is down to another trading dimension which we dont cover much here - the psychology of trading. It's a big factor. Seeking Light did some stuff on it which is very good reading/listening.

When i go through this i often clean my charts, take a little break, stop reading the forums and remind myself of my rules.
  • #107,825
  • Feb 23, 2012 9:05am Feb 23, 2012 9:05am
Quoting beebolbod
I'm glad you wrote this.... not because you suffered, far from it, but because i also suffer this.
Sometimes i feel very connected and 'see' things clearly and it's all going well. Other times, like now a little bit for me, it all goes again.

I find coming on here a mixed balance of help and hindrance too. When i'm not in my zone, i see people taking things and think "damn i missed that" and it affects me. I go looking for things which probably aren't there.
Stuff breaks which i've been waiting for and i miss it, which also affects me. The end...
Oh so wise, but you don't realise it yet. Your work is actually quite amazing, and recognising the psychology stuff without it being taught to you is very insightful. Top stuff!
  • #107,826
  • Feb 23, 2012 9:05am Feb 23, 2012 9:05am
Quoting mbqb11
Hey Mike

Just be careful here, if you noticed you sold on the close which is right at the top of the former resistance area. So by doing that you are buying back into the breakout point where buyers are often laying buy orders(think a touch trade back to this former resistance turning into support).

it's not necessarily wrong but in this case if you sell at least a low of the pin you can confirm it's a pin(remember a bar isn't valid till it 'breaks'). In this case if you did that you could use the blue area to cut out of your trade. Where...
Hey Mike,

It makes perfect sense. Your explanation was exactly what I needed. I'm a bit rusty with the J16 material and appreciate the reminder.
Good thing it's a demo trade LOL.

Can't tell you how much I appreciate you and many others in this thread that have been helpful every time I need some direction.

Good Trading
Mike
  • #107,827
  • Feb 23, 2012 9:11am Feb 23, 2012 9:11am
Go Mikey!
  • #107,828
  • Feb 23, 2012 9:31am Feb 23, 2012 9:31am
Quoting WHenderson
Hey, equivestor.
I think the bar you took on the 1 hr AUD/NZD wasn't techically a pinbar, but let's just say it was, it was actually heading toward a huge ppz I had marked on my chart around 1.2800. Look at how many times price has been rejected from the 1.2800 since 2008. Maybe this could have kept you out of that trade. Don't take my word for granted, though, as I still have a long way to go myself. Let's see if any of the seniors say anything about it.
Best regards,
William
Thank's WH, Didn't see the PPZ zone, even so I don't think it would have affected my entry decision. James16 took this same trade for a loss of 35 pips, although I believe he took it off the daily and how is this not a PIN BAR? - LOL
  • #107,829
  • Feb 23, 2012 10:05am Feb 23, 2012 10:05am
Hi guys , wanna share a real bummer today Please don't laugh at my mismanagement .
Entered on this breakout buob . Next bar retraced just to the TL and PPZ , which was absolutely ok . And then on the next one price dropped lower , so i said to myself , ok maybe it isn't what i want , so cut out . You can see what happend next ...
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  • #107,830
  • Feb 23, 2012 10:08am Feb 23, 2012 10:08am
Quoting Rust
Hi guys , wanna share a real bummer today Please don't laugh at my mismanagement .
Entered on this breakout buob . Next bar retraced just to the TL and PPZ , which was absolutely ok . And then on the next one price dropped lower , so i said to myself , ok maybe it isn't what i want , so cut out . You can see what happend next ...
happens to all of us Rust

Great learning trade as well as a great example of a solid breakout play. Those are some of my favorite
  • #107,831
  • Feb 23, 2012 10:12am Feb 23, 2012 10:12am
Next try :

Breakout/pullback continuation pinbar off previous resistance , now turned to support (let it be strong ) . Also e RN of 1.3250 , which is the middle of the major ones (1.3000 and 1.3500) , which i find important . I like the space to the upside . Could we fly away is the question
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  • #107,832
  • Feb 23, 2012 10:16am Feb 23, 2012 10:16am
Quoting mbqb11
happens to all of us Rust

Great learning trade as well as a great example of a solid breakout play. Those are some of my favorite
Yeah , sometimes hits TP just with the tip , sometimes SL and reverse ... somehow i prefer the first
Seems learning will never end .

My favorite , also . I learned them from you , totally admit it

You are a great guy Mike , in case you forget
  • #107,833
  • Feb 23, 2012 10:33am Feb 23, 2012 10:33am
Quoting CathS
Oh so wise, but you don't realise it yet. Your work is actually quite amazing, and recognising the psychology stuff without it being taught to you is very insightful. Top stuff!
Well thanks but i cant take the credit, there's more J16 stuff which has helped there. i'm just recognising it as it happens and trying to find ways to deal with it. Practice will be the best way i guess.
  • #107,834
  • Feb 23, 2012 10:46am Feb 23, 2012 10:46am
Was watching this and missed it.... grr. It retraced on 4h to within 1 pip of my TL but i didn't have an order set up there, i was waiting for confirmation of close below. I'll see if it comes back...

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  • #107,835
  • Feb 23, 2012 11:04am Feb 23, 2012 11:04am
Quoting Variance
I think your questions are very important and I want to allow some of the more senior members to answer them for you so please stick around.

In poker terms, I think the J16 teachings are THE BEST IMOH. It will get you to the point where you can't be exploited, where you can play strong hands every single time and win win win.

I've seen too many newbies jump into the forex (and trading in general) and want to play with the aggression of Phil Ivey, etc and get absolutely slaughtered again and again.

The beautiful thing about the J16 application...
Hey!

Thanks the answer, I will subscribe.
Just sent an email to J16, because can't write pm yet(lack of posts).
  • #107,836
  • Feb 23, 2012 11:14am Feb 23, 2012 11:14am
Hi All,

I thought what i saw was a price reversal (previous bar rejecting trendline plus red bar next to it).
Did i enter too early and should have waited for the bar to close? When i entered, bar is all bear.
Is my trendline wrong?
My SL was about 100 pips above that bar, should i place my SL on top of previous green bar instead?
Please tell me what went wrong.
Thanks.

Allan
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When the internal struggle ends, everything becomes easy - Mr. Douglas
  • #107,837
  • Feb 23, 2012 11:17am Feb 23, 2012 11:17am
Quoting lananpips
Hi All,

I thought what i saw was a price reversal (previous bar rejecting trendline plus red bar next to it).
Did i enter too early and should have waited for the bar to close? When i entered, bar is all bear.
Is my trendline wrong?
My SL was about 100 pips above that bar, should i place my SL on top of previous green bar instead?
Please tell me what went wrong.
Thanks.

Allan
Hey Allan

Yes in that scenario if you are going to touch trade then you want to hide your stop above the green bar and behind the TL. In essence that is what you are trading so by not having your stop behind the TL and bar then you are not using the points at which you decided to get in. If that makes sense. Notice some of James recent charts he talks about hiding his stop behind in a similar way.

Best
Mike
  • #107,838
  • Feb 23, 2012 11:45am Feb 23, 2012 11:45am
Gold approaching interesting levels. Looking for a short set-up.

http://my.jetscreenshot.com/11256/m_...-o0zx-80kb.jpg

What ya think mike?
  • #107,839
  • Feb 23, 2012 12:06pm Feb 23, 2012 12:06pm
Quoting mbqb11
Hey Allan

Yes in that scenario if you are going to touch trade then you want to hide your stop above the green bar and behind the TL. In essence that is what you are trading so by not having your stop behind the TL and bar then you are not using the points at which you decided to get in. If that makes sense. Notice some of James recent charts he talks about hiding his stop behind in a similar way.

Best
Mike

Mike, wrong placement of SL, thanks for confirming that.
When the internal struggle ends, everything becomes easy - Mr. Douglas
  • #107,840
  • Feb 23, 2012 12:21pm Feb 23, 2012 12:21pm
Quoting Rust
Next try :

Breakout/pullback continuation pinbar off previous resistance , now turned to support (let it be strong ) . Also e RN of 1.3250 , which is the middle of the major ones (1.3000 and 1.3500) , which i find important . I like the space to the upside . Could we fly away is the question
Looks good so far Rust. I am in this trade too. I actually had a limit buy to add into position at 3200 for a break and retest but that never hit. I think 3400 is possible
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