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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

  • #114,601
  • Jul 25, 2012 8:25am Jul 25, 2012 8:25am
Quoting meshka
are you still in this trade?

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  • #114,602
  • Jul 25, 2012 8:29am Jul 25, 2012 8:29am
[quote]
Quoting anyremote

A. The shape of the pinbar itself. The body should be nearer to one side so that the nose is long enough.

B. The size of the pinbar should be roughly in average size based of some previous bars. Not too small. By the way, is there any bad for pinbar size that is "too big"?

C. There must be enough space at the left side of the pinbar to indicate that it is not in sideway/ranging market.
There is no one set criteria for what makes a bar. Again ultimately it's better to learn to spot good nice sized bars and good confluence. In general stronger closing bigger bars are going to fair better then tiny bad closing bars. Space is also important to understand where price is likely to go, but that doesn't mean we can't trade without space. In fact many of my trades have no space to start but because of other components they are fine trades. Again baby steps as you said so I think learning these bars at nice swing points with space is the easiest place to start.

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For no 1, (A) not technically a pin as the body not within previous bar. (B) For me, the bar size is ok. (C) Great space. (Conclusion) If I only trade based on being picky of only the pinbar, I should take this bar if the body is within the previous bar, correct?
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If price closed within the previous bar and UNDER the BRN. This is an example where there is actually very LITTLE space if that happens. But because of the confluence factors and extreme resistance that price would have closed under makes it a great trade if that happened.

For no 2, (A) not technically a pin as the body not within previous bar. (B) For me, the bar size is too small. (C) Great space. (Conclusion) If I only trade based on being picky of only the pinbar, I should only take this bar if the body is within the previous bar and the...


yes
Quote

For no 3, (A) for me, the nose is not protruding enough compare to previous bar. (B) For me, the bar size is ok. (C) In traffic. (Conclusion) If I only trade based on being picky of only the pinbar, I shouldn't take this bar, correct?

I'd like to see the entire bar sit higher. But it's still a decent bar if you play on a break of the "range" it is in. That underside of that range previous support should hold as resistance. These are some of the more important advanced dynamics you will learn as you go.

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For no 4, (A) not technically a pin as the body not within previous bar unless using proxy theory. (B) For me, the bar size is ok. (C) The space is acceptable. (Conclusion) If I only trade based on being picky of only the pinbar, I should only take this bar if the body is within the previous bar unless I use proxy theory, correct?

Yes and it should close above that BRN. Again similar to setup 1

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Is my understanding of the pinbar correct?

Yep you are getting there, keep on testing and working at it

Best
Mike
  • #114,603
  • Jul 25, 2012 9:37am Jul 25, 2012 9:37am
Quoting mbqb11
Hey Rico

Spreads are generally relative to the moves a pair makes and the pricing of that pair. So 72 pips might seem big but in relationship to the amount of pips on average this pair moves it's nothing. It's more like a 7.2 pip spread. This is why pips are misleading in many ways in trading.

So for example on the usd/zar I have a 70 "pip" spread right now, but the pair has moved around 1400 pips today alone. This no longer makes paying that spread high, its just relative as long as you are properly position sizing. This is the case...
Thank you Mike, always at bay with reliable advice. I need to do some testing as my position sizing seems to be off as well for those pairs. I normally risk not more than 1.5% of my account on any one trade. Might be that some pairs are quoted 4 digits and not 5 which mixes up my system. Will monitor and adjust.

I use HOTForex which seems to be decent.

Thanks for the heads up on the spread. Much appreciated.
  • #114,604
  • Jul 25, 2012 11:38am Jul 25, 2012 11:38am
hi guys what do you think about this....:
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  • #114,605
  • Jul 25, 2012 11:42am Jul 25, 2012 11:42am
Hey Mike, again, thanks for time and reply. I understood most of your explanation except one (below).

Quoting mbqb11
In general stronger closing bigger bars are going to fair better then tiny bad closing bars.
What does stronger closing means?

One more thing. I notice that you marked every 0.05000 as your BRN for dailies. What about 4hr? You use the same or every 0.01000?
  • #114,606
  • Jul 25, 2012 1:04pm Jul 25, 2012 1:04pm
Quoting utiq
hi guys what do you think about this....:
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This is a very nice setup.
The main trend is down, and this a very nice oportunity to join to this down trend.
I have a short position opened!
  • #114,607
  • Jul 25, 2012 1:11pm Jul 25, 2012 1:11pm
Quoting anyremote
Hey Mike, again, thanks for time and reply. I understood most of your explanation except one (below).



What does stronger closing means?

One more thing. I notice that you marked every 0.05000 as your BRN for dailies. What about 4hr? You use the same or every 0.01000?
Hey AR

Stronger close to me is usually a close lower/higher then the open price, as well as closing above/below important areas(previous highs/lows s/r, RNs, Patterns etc). It varies situation to situation.

I keep the BRNs marked on all pairs on all timeframes

Best
Mike
  • #114,608
  • Jul 25, 2012 1:17pm Jul 25, 2012 1:17pm
Quoting fascist
are you still in this trade?
Im not meshka but i was looking at the same trade and liked the setup too. I had my buy order about 10 pips above the high of the BUEOB but the second daily bar did not execute the buy order, so i scratched the trade. Just a rule that I have seen Mike and others use. I like it. The trade still might work out but the momentum isnt currently there.
The Eyes Believe What They See And The Ears Believe What Others Say.
  • #114,609
  • Jul 25, 2012 3:23pm Jul 25, 2012 3:23pm
Quoting mbqb11
To me these yen pairs were showing some strength across the board coming out of friday

I took a short on the cad/jpy via a simple breakout play.


Best
Mike
Mike
You setup yet?
  • #114,610
  • Jul 25, 2012 3:44pm Jul 25, 2012 3:44pm
Quoting fascist
are you still in this trade?

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yes I am. patiently waiting LOL. my entry was @1.7780 ( stp sits under engulfing bar -- 1.7690), I didnt move stp to BE yet.

I m closed GBPCHF for +90 pips, now waiting for its reaction to 1.5300.

USDJPY doesnt want to move anywhere... still holding it, and I am about to close CADJPY if its Daily candle will close above 76.86 HCR
all is eternal - this is good news for people who loves bad news
  • #114,611
  • Edited Jul 26, 2012 7:20am Jul 25, 2012 3:55pm | Edited Jul 26, 2012 7:20am
Quoting Chanya
[size=3]To all the newbie , to all the newcomers and to all those who have been here a while but still are struggling to learn the Jarroo method from a big thread on which information a scattered and unorganized , I know what you are going through , I have been there . So , For all of you , I am making a PDF file ( Which has been requested a lot already in different forms at different times from different people ) in which , to the best of my knowledge , I will try to explain the Jarroo method with precision and detail . I am half way through it...
WELL ,

Here it is . Like I said , ALL of the Jarroo's methodology from start to the last step that is too the point and sufficiently detailed . This is all that you will need to get started . After going through it enough times that you have memorized its content by heart , Go through as many Jarroo's charts as Possible to gain experience and variety ...

Seniors , Please have a look and see if you disagree with something .

Newbie , Just have it .

Those who know the basics already , Go through it and you might learn something new .

Regards
Attached File(s)
File Type: pdf Price Breaks Through.pdf   1.1 MB | 5,444 downloads
Human
  • #114,612
  • Jul 25, 2012 4:00pm Jul 25, 2012 4:00pm
thank you, Chanya
  • #114,613
  • Jul 25, 2012 4:03pm Jul 25, 2012 4:03pm
Quoting Yehuda Sh
Mike
You setup yet?
Hey Yehuda

This one was already closed for profit

Best
Mike
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  • #114,614
  • Jul 25, 2012 4:20pm Jul 25, 2012 4:20pm
Quoting Chanya
WELL ,

Here it is . Like I said , ALL of the Jarroo's methodology[b][size=3] from start to the last step that is too the point and sufficiently detailed . This is all that you will need to get started . After going through it enough times that you have memorized its content by heart , Go through as many Jarroo's charts as Possible to gain experience and variety ...

Seniors , Please have a look and see if you disagree with something .

Newbie , Just have it .

Those who know the basics...
Thanks Chanya one problem I see is font... just change to more readable - Calibri, Myriad Pro or similar. this bold big font should be used in titles only.
all is eternal - this is good news for people who loves bad news
  • #114,615
  • Jul 25, 2012 4:51pm Jul 25, 2012 4:51pm
I see this one as a potential trade.
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all is eternal - this is good news for people who loves bad news
  • #114,616
  • Jul 25, 2012 5:48pm Jul 25, 2012 5:48pm
Quoting Chanya
WELL ,

Here it is . Like I said , ALL of the Jarroo's methodology[b][size=3] from start to the last step that is too the point and sufficiently detailed . This is all that you will need to get started . After going through it enough times that you have memorized its content by heart , Go through as many Jarroo's charts as Possible to gain experience and variety ...

Seniors , Please have a look and see if you disagree with something .

Newbie , Just have it .

Those who know the basics...
Wow thanks a lot its really great stuff.. For me it was funny embarrasing at once to read your introduction, cause im two years older, trying to find my way since about 2008. But it took almost 4 years to get all the indicators off my charts. Im new to this thread and i didn't even find the "jarroo system" So i guess it will help me alot.
But i have one question about your two examples of be trades. I would say, that they will have ended as loosers with your rules (or i didn't really get it). Because Price breaks through and the candle closes for your confirmation, than you set your pending order. Price goes back to the resistance, hits the pending order but it goes on and hits sl short after, in my opinion you wont have a chance to get to be.
  • #114,617
  • Jul 25, 2012 5:53pm Jul 25, 2012 5:53pm
Quoting meshka
yes I am. patiently waiting LOL. my entry was @1.7780 ( stp sits under engulfing bar -- 1.7690), I didnt move stp to BE yet.

I m closed GBPCHF for +90 pips, now waiting for its reaction to 1.5300.

USDJPY doesnt want to move anywhere... still holding it, and I am about to close CADJPY if its Daily candle will close above 76.86 HCR
i entered at the break of the bar 1.1834, mulling over taking a loss to prevent a full bar loss.
  • #114,618
  • Jul 25, 2012 6:12pm Jul 25, 2012 6:12pm
Quoting SlapShot
But i have one question about your two examples of be trades. I would say, that they will have ended as loosers with your rules (or i didn't really get it). Because Price breaks through and the candle closes for your confirmation, than you set your pending order. Price goes back to the resistance, hits the pending order but it goes on and hits sl short after, in my opinion you wont have a chance to get to be.
It hit be, but now you can see it only on lower tf. It was like: break, back to pending order, up to fta (now be) and down to old sl. Everything happend within d1 bar, so you cannot see it on daily chart cheers. (or i think so )

Great work Chanya (and Jarroo - thank you for creating this thing in the first place ) this system really suits my character - fast be, tight sl, clear rules. thanks again.
  • #114,619
  • Jul 25, 2012 7:00pm Jul 25, 2012 7:00pm
here is a pretty classic James16 beob

Huge BEOB, pressing up on the rising TL. CLEAR rising TL. Notice we get a pause on it before this weeks(today's) huge drop. This now allows me to reduce most of my risk while we see how far this can go. I won't let it get far above that previous TL now. No need too
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  • #114,620
  • Jul 25, 2012 7:12pm Jul 25, 2012 7:12pm
Quoting Chanya
WELL ,

Here it is . Like I said , ALL of the Jarroo's methodology[b][size=3] from start to the last step that is too the point and sufficiently detailed . This is all that you will need to get started . After going through it enough times that you have memorized its content by heart , Go through as many Jarroo's charts as Possible to gain experience and variety ...

Seniors , Please have a look and see if you disagree with something .

Newbie , Just have it .

Those who know the basics...
Nice work bud,

Jarroo would be roaming around like a pouter pigeon.

Seriously, good work with all that compilation and this sure sums the core of Jarroo's methods quite well. However his concept of using lower time frames to trade high quality daily /weekly HCR/LCS levels and the "signature trades" concept is missing.

Like you said though you kinda stick to the dailies which is totally fine, but if this was going to be a true representation of Jarroo's methods then it should contain everything that he preaches.

That said, 110% marks for the fabulous effort. You've done the Jarrooers a great favor

Love your progress!

g.
I believe . . .
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