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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

  • #114,561
  • Jul 23, 2012 1:33pm Jul 23, 2012 1:33pm
Quoting rafstraszek
Ohh, i didnt know that, if so, i'll gladly read your work (well ...i would probably read it either way ) Take care.
Just a quick word,

The way I trade uses some of Jarroo's levels (on the daily TF only) but it is in effect different to what jarroo does primarily.

I am looking for false breakouts of swing points and PPZs. Obviously after studying Jarroo's stuff the daily swings appear rather incomplete without the HCR/LCS levels in there and to be honest the dailies do work nicely when HCR/LCS levels are combined with the false breakout stuff (details of the method are in the blog)...except that in recent times setups have been hard to come by on the dailies.

On the lower TFs I use only bar highs and lows to demarcate my swing points though...

Just a quick chart for anyone wondering what the heck I am talkin' about.

g.
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I believe . . .
  • #114,562
  • Jul 23, 2012 2:13pm Jul 23, 2012 2:13pm
Hello Mike,
really fantastic work here and really amazing style of trading. I like it very much.Can I ask you what datafeed are you using to watch 70 currency pairs? On FxPro datafeed I donīt see so much pairs to watch. I appologize for my English. Thank you for your time
  • #114,563
  • Jul 23, 2012 2:30pm Jul 23, 2012 2:30pm
Quoting Martin600
Hello Mike,
really fantastic work here and really amazing style of trading. I like it very much.Can I ask you what datafeed are you using to watch 70 currency pairs? On FxPro datafeed I donīt see so much pairs to watch. I appologize for my English. Thank you for your time
Hey Martin

Thanks for the nice words. FXpro is my main demo charting for daily/weekly. Make sure to open the Market Watch window then right click in that window anywhere and click 'show all' this will then list a lot more stuff.

Hope that helps and welcome your English is fantastic.
Mike
  • #114,564
  • Jul 23, 2012 2:42pm Jul 23, 2012 2:42pm
would like to close little higher... but looks interesting.
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all is eternal - this is good news for people who loves bad news
  • #114,565
  • Jul 23, 2012 2:55pm Jul 23, 2012 2:55pm
approaching little interesting round place
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all is eternal - this is good news for people who loves bad news
  • #114,566
  • Jul 23, 2012 3:12pm Jul 23, 2012 3:12pm
potential trade
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all is eternal - this is good news for people who loves bad news
  • #114,567
  • Jul 23, 2012 3:59pm Jul 23, 2012 3:59pm
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all is eternal - this is good news for people who loves bad news
  • #114,568
  • Jul 23, 2012 4:07pm Jul 23, 2012 4:07pm
Quoting meshka
And it closed above a RN!
The Eyes Believe What They See And The Ears Believe What Others Say.
  • #114,569
  • Jul 23, 2012 4:31pm Jul 23, 2012 4:31pm
I placed orders on EURAUD, GBPCHF, USDJPY and watching NZDCAD and AUDNZD. Nice week start
all is eternal - this is good news for people who loves bad news
  • #114,570
  • Jul 23, 2012 7:43pm Jul 23, 2012 7:43pm
Quoting meshka
I placed orders on EURAUD, GBPCHF, USDJPY and watching NZDCAD and AUDNZD. Nice week start
Where your orders placed for gbpchf and euraud?

Break of the engulfing bars?
  • #114,571
  • Jul 23, 2012 11:08pm Jul 23, 2012 11:08pm
Hey Mike, I was wondering why the open and the close of a pinbar have to be within its previous bar (or proxy) to make it qualified as a pinbar? Is there any psychology theory behind it?
  • #114,572
  • Jul 24, 2012 12:13am Jul 24, 2012 12:13am
Quoting anyremote
Hey Mike, I was wondering why the open and the close of a pinbar have to be within its previous bar (or proxy) to make it qualified as a pinbar? Is there any psychology theory behind it?
Sir Mike is most probably still dreaming right now

Yes, there is.
to put it simply, it is about the strength or weakness of the corresponding price action.
this is an extra qualification to put the odds in your favor. (a pinbar close outside the prior bar's body is an 'underqualification')

Having said that, you must realize that not all good-looking/qualified pinbars work. In the same light, not all ugly-looking pinbars fail. You should always assess the overall context of the chart (look for other confluence before you take the trade).

Hope this helps Sir!
  • #114,573
  • Jul 24, 2012 4:06am Jul 24, 2012 4:06am
Quoting fascist
Where your orders placed for gbpchf and euraud?

Break of the engulfing bars?
I prefer to enter on retrace to the 38.1-50.0 FIB of engulfing bar zone in such patterns.
all is eternal - this is good news for people who loves bad news
  • #114,574
  • Jul 24, 2012 4:17am Jul 24, 2012 4:17am
How's that?
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If not up, then down, otherwise sideways :-)
  • #114,575
  • Jul 24, 2012 8:22am Jul 24, 2012 8:22am
Quoting anyremote
Hey Mike, I was wondering why the open and the close of a pinbar have to be within its previous bar (or proxy) to make it qualified as a pinbar? Is there any psychology theory behind it?
Hey AR

SC gave some good tips

It's about who's winning. Having the close within the previous bar gives us one more piece of information of who might have control. Now as SC said this doesn't mean any bar that qualifies as a pinbar(open and close within previous bar) is worth trading still. It's just one more thing to put in our favor.

Another way to think of it is like this. See my VERY crude drawing


Best
MIke
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  • #114,576
  • Jul 24, 2012 8:43am Jul 24, 2012 8:43am
Hi guys what do you think about this breakout trade? I entered on my demo account on this continuation BUOB after breaking the wedge.
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  • #114,577
  • Jul 24, 2012 8:51am Jul 24, 2012 8:51am
Quoting Martin600
Hi guys what do you think about this breakout trade? I entered on my demo account on this continuation BUOB after breaking the wedge.
Hey M

I probably would have drawn a bit different. Choppy tough pair looks like to trade on h4, but you h ave the idea dead on. Worked out real quick for a nice profit

Nice job
Mike
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  • #114,578
  • Jul 24, 2012 10:23am Jul 24, 2012 10:23am
SC & Mike, thanks for your reply. Appreciate that.

Quoting supremeChaos
to put it simply, it is about the strength or weakness of the corresponding price action.
How does it relate to strength or weakness of the corresponding price action? I don't really understand and can't really figure it out myself. Does you mean if the pinbar body is within the previous bar, it carry more strength? If yes, why is it?

Quoting supremeChaos
this is an extra qualification to put the odds in your favor. (a pinbar close outside the prior bar's body is an 'underqualification')
That is actually my question. I mean, why is it a pinbar close outside the prior bar's body is an 'underqualification'?

Quoting supremeChaos
Having said that, you must realize that not all good-looking/qualified pinbars work. In the same light, not all ugly-looking pinbars fail. You should always assess the overall context of the chart (look for other confluence before you take the trade).
Yup, I do realize that. I did a lot of backtest on that and honestly, this why I don't really sure whether I understand things correctly or not since I don't know which data should I trust. I afraid I misinterpret ugly-looking pinbar as good looking pinbar just because it work out profitably at that point.

Quoting mbqb11
It's about who's winning. Having the close within the previous bar gives us one more piece of information of who might have control.
This is actually the answer I am looking for but I am sorry, I don't really understand what you mean. For example of the pinbar that nose pointing up, if the body is within the previous bar, that means sellers might have control over buyers? If yes, why is it? Could you explain it in more detail or give an example? Sorry for my "noobness".

As for the picture that you posted, honestly, I am not professional enough to tell the difference. The reason I choose right (the green one) is due the pinbar "look" only as the whole body is nearer to the top.

Let me attach the picture so that you all get what I mean.

Attached Image


Attached Image


My question is why the "pinbar" in the first picture is not qualified as a pinbar and the pinbar in the second picture is qualified?
  • #114,579
  • Jul 24, 2012 10:31am Jul 24, 2012 10:31am
Quoting anyremote
SC & Mike, thanks for your reply. Appreciate that.



How does it relate to strength or weakness of the corresponding price action? I don't really understand and can't really figure it out myself. Does you mean if the pinbar body is within the previous bar, it carry more strength? If yes, why is it?



That is actually my question. I mean, why is it a pinbar close outside the prior bar's body is an 'underqualification'?



Yup, I do realize that. I did a lot of backtest on that and honestly, this why I don't really sure whether I understand...
Hey AR

What qualifies as a pinbar is decided by the most basic definition as defined by James. So the simple answer is the CLOSE in picture one is not within the previous bar. It's just outside of it. Where picture two the close is. That is what qualifies one verse the other. From a definition stand point.

The reason why it is important is in helping understand the strength of a bar. Now again as SC and I pointed out alone this is only a SMALL piece of the puzzle. We can find bars of both that both work and don't work.

The idea is when stating out especially it helps greatly in beginning to focus in on some of the different elements. In this case we have to our backs the resistance on the one that closes right, verses the other still hasn't proven its ability to close and thus its still fighting what could be support.

Even if price closes within the prior bar a weak close can also be one of the first signs of lack of conviction. There are usually other clues(which is what is VERY important), that also give away when a bar is weak. Size, location, s/r levels round numbers etc


Hope that helps
Mike
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  • #114,580
  • Jul 24, 2012 10:38am Jul 24, 2012 10:38am
Quoting mbqb11
Hey AR

What qualifies as a pinbar is decided by the most basic definition as defined by James. So the simple answer is the CLOSE in picture one is not within the previous bar. It's just outside of it. Where picture two the close is. That is what qualifies one verse the other. From a definition stand point.

The reason why it is important is in helping understand the strength of a bar. Now again as SC and I pointed out alone this is only a SMALL piece of the puzzle. We can find bars of both that both work and don't work.

The idea...
couple of examples, limiting the talk on additional information even though that's KEY

Those that leave this thread tend to look at ONLY the bar. While this can work if you are VERY picky with your bars, this is only a fraction of the puzzle or story.

Hope this additional info helps
Mike
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