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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

  • #118,901
  • Sep 21, 2012 9:56pm Sep 21, 2012 9:56pm
a strong push back to inside bar range.. there is no clean break yet on daily....
a pinbar form is not at the top of the move but at consolidation area... the reversal signal is weak...

i would rather to wait until its break thursday low for confirmation...

regards.
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Peace Yo!
  • #118,902
  • Sep 21, 2012 9:59pm Sep 21, 2012 9:59pm
Quoting jarroo
Nice one Steve . .That Weekly / Daily LCS level (.9800ish) was a great target to take 100% profit . .Why?. . because if it did Close Above it, you can always get back in it long. . .just some thoughts .

Jim
Hey Jaroo,

If my style let's say is riding a TREND and my goal is to leave the positions open for as long as possible AND keep adding during the trend (new PBT opportunities) how can i manage this? The win-win situation does not apply anymore (closing and reentering ) for me i think.

- Do I keep at BE until we breach a new trouble level (LCS/HCR/PPZ) and let it close at BE if the level holds ? And if the level is breached, where do i move my SL? Below the new broken level?

- Do i get aggressive once price reaches those levels and trail my stop on a lower TF "safe area" ?

- Do i take partial profits on these levels and keep at BE?

What would work best for this trading approach in your experience? (riding the trend and adding aggressively to the trade with each PBT opportunity)

Thanks !
I don't need easy. I just need possible.
  • #118,903
  • Sep 22, 2012 12:28am Sep 22, 2012 12:28am
Quoting fx-greg
Thanks Mike. My email address is [email protected].

I don't know if it's like this for everyone, but before, my trading strategies always built up a kind of 'story' about a graph or product I was trading. It's amazing how much I took for granted by just visibly looking at and even closely studying a graph. Hearing (and perhaps a better word, 'listening') to prices in stead of seeing them changes something about the relationship one has to the market. It's not just about OHLC's and how they connect anymore...
May God bless you my friend and may you have all the success in the world , even more then what you need ...
Human
  • #118,904
  • Sep 22, 2012 2:34am Sep 22, 2012 2:34am
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Hi,

I took a short trade on Thursday based on a pinbar on the USD/CAD.
So that I can learn from this, the trade sort of worked, but then re-traced and I came out of the trade with a small loss.

Could I ask for views as why this trade might have been unwise?

Thanks in anticipation.
"Fail to prepare, prepare to fail."
  • #118,905
  • Sep 22, 2012 3:14am Sep 22, 2012 3:14am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting packhorse
Attachment Hi,

I took a short trade on Thursday based on a pinbar on the USD/CAD.
So that I can learn from this, the trade sort of worked, but then re-traced and I came out of the trade with a small loss.

Could I ask for views as why this trade might have been unwise?

Thanks in anticipation.
Hi P,

The bar you took does not qualify as a pin bar in the way we learn here, the close must be within the previous bars range, so therefore it was not a valid set up.

I have attached a chart to hopefully make things more clear.

Kind Regards
Sanil
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  • #118,906
  • Sep 22, 2012 5:56am Sep 22, 2012 5:56am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting fx-greg
Thanks Mike. My email address is [email protected].

I know I've already said it in my first post, but it really, really is great to be back. Even if I never get to trade another successful cent, the best people I've had the pleasure of meeting over the years have been my virtual and real trading partners. Notwithstanding the many unsupportive and illigitimate ppl here, as anywhere in life, it has never ceased to amaze me that in the one place driven by pure and supposed almost evil greed, the trading world,...
Great outlook on life mate, truly inspirational, I wish you all the best in finding success.

“Being realistic is the most commonly traveled road to mediocrity. Why would you be realistic? What’s the point of being realistic? … It’s unrealistic to walk into a room and flip a switch and light comes on. That’s ‘unrealistic’. Fortunately Edison didn’t think so.

It’s unrealistic to think you’re going to bend a piece of metal, and fly people over an ocean in that metal. That’s ‘unrealistic’. But fortunately, the Wright Brothers and others didn’t believe that. And it just seems like such a ridiculous idea to me to embrace the idea that it’s not gonna happen, that it’s not real for that to happen, because as soon as you say that, now you’ve just made that real.” - Will Smith

Kind Regards
Sanil
  • #118,907
  • Sep 22, 2012 9:29am Sep 22, 2012 9:29am
Quoting sg_1988
Hi P,

The bar you took does not qualify as a pin bar in the way we learn here, the close must be within the previous bars range, so therefore it was not a valid set up.

I have attached a chart to hopefully make things more clear.

Kind Regards
Sanil
Thanks Sanil,

Just the sort of advice I was after.

Regards

Glynn
"Fail to prepare, prepare to fail."
  • #118,908
  • Sep 22, 2012 9:44am Sep 22, 2012 9:44am
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Hi,

I am in the "ask a few questions, and learn" mood this weekend.

I do have some trouble identifying "First trouble areas" when entering a trade, and how these impact on TP levels.

I appreciate I should look to previous bars to the left of a potential trade. However, do I take into account previous bar highs/lows, or should I just look at BRNs, S&R, confluence areas.

Does a one bar rejection count as FTA, or should it be more than one bar rejection at the same price level?

As an example, I am looking at the GBP/USD chart, and a possible short for tomorrow.

Would I be right in thinking that the FTA is around 1.618, and the second around 1.616, and the third around 1.615? Moreover, the fact that the levl of 1.615 is more of a confluence area, would this have a greater bearing?

All help appreciated. Have a great weekend eveyone.

Glynn
"Fail to prepare, prepare to fail."
  • #118,909
  • Sep 22, 2012 9:57am Sep 22, 2012 9:57am
Quoting fx-greg
Hi everyone,

This is my first post again in ages. I've been away from trading (and most other things financial) for a while as I've lost my eye sight and spent time recovering and learning how to re-adapt.

I've never really posted much before but really missed reading everyone's posts and am very glad to be back! :-)

I was a member at the james16 website before and especially liked the training and interactive videos and commentaries. I was wondering whether the site is still maintained regularly with new videos. I'd like to subscribe...
Wow .Greg. I admire your perseverance and drive . .believe me, its this type of tenacity that is required to succeed in this business.

The J16 Group is still Rocking and Rolling. I'm a senior contributor there with my own section, webinars, videos, charts, etc.

So, Greg . .if you don't mind me asking . .are 100% blind now or like 80% ? Can you view charts? Is it just audio text? Print out braille text, charts?

You don't have to answer. . .I'm just wondering how best I can help.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #118,910
  • Sep 22, 2012 9:59am Sep 22, 2012 9:59am
Quoting chartergas
just wondering about a possible play on the weekly of EURUSD

I has produce a double high bar and the second bar is touching the 61 of the fibo it does not have much space to run long as this years highs are not far away but has plenty of space below.
Not only has it produced a double high bar but this play is also eligible as a "low of the high period" (lohp). trending 8 week market and once price closes below the low bar it would a be signal to go short.

so the price action and specific plays are fine but am i just making stuff up to open...

Can you post a chart, chartergas?
Indicators show the past. Price Action "Indicates" the future.
  • #118,911
  • Sep 22, 2012 10:16am Sep 22, 2012 10:16am
Quoting dan89
I assume your talking about this trade: http://www.forexfactory.com/showthre...83#post6033483

So why was this a touch trade .. what about waiting for a DCC. Yes H1 showed a signature (no hourly bar closing below the level). Its easy to say, we should of used a CC when a touch trade fails and vice versa after the setup has played out.
As we talked about before Dan, there are many ways to skin a cat . .I mean . .entering a trade once PBT&CA our Resistance level (HCR) . . .
. . once this occurred . .there was a potential that the HCR level would turn into Support, correct?

Can you tell me how many ways we can verify that this HCR (1.2358) has now flipped to Support?

You didn't know that there was going to be a test today . .did you? . .lol

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #118,912
  • Edited 10:48am Sep 22, 2012 10:36am | Edited 10:48am
Quoting dan89
God damnit ! I cant get these right

lol. . .is this a repost of one of my post to Mike, Dan ?. .

I wish I could find some of the many posts I replied to Mike that had me feeling the same way Dan . .lol (searching now)

_________________________________________________________________________________________________________________

They went something like this . .

Me: "I'm sure Mike would even like this Outside bar"

Mike: "No Jarroo, not big enough"


Me: "Mike you got to like the big Beaarish PB!"

Mike: "No Jarroo, not enough Space"


Me: "You got to like this big bullish PB with Space, Mike. . .its a no brainer, right Mike?"

Mike: "No Jarroo, trading into traffic . .consolidation"

Me: .""AHHHHHHHH . .AARRRRR!!! . ."


Now why is Mike like this . .because he is very picky. Why is he verry picky? (he's even pickier now that he was back then) . . . because he wants to WIN!!

He wants a winning trade. Period. And many times his trades will lead to a market shift that could lead to a Huge gain (see Mike's UsdChf Aug. 2011 Weekly PB).



James16 said it best . . ""We're not trying to trade every day, we're trying to win every time we trade."


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #118,913
  • Sep 22, 2012 11:07am Sep 22, 2012 11:07am
Quoting fx-greg
Thanks Mike. My email address is [email protected].

I don't know if it's like this for everyone, but before, my trading strategies always built up a kind of 'story' about a graph or product I was trading. It's amazing how much I took for granted by just visibly looking at and even closely studying a graph. Hearing (and perhaps a better word, 'listening') to prices in stead of seeing them changes something about the relationship one has to the market. It's not just about OHLC's and how they connect anymore...

Wow again Greg. .what a great post.

Sounds like you'll be posting charts and analysis in no time Greg ..I will look forward to that . .
Indicators show the past. Price Action "Indicates" the future.
  • #118,914
  • Edited 2:13pm Sep 22, 2012 11:22am | Edited 2:13pm
Quoting Pinbar
That is a great point that, I had neglected Jim.

We are working out support and resistance based on what price is telling us. So, there really was no need to stay in the trade even after taking off most of the profit, HOPING that it would break Through & Close Above.
We wait for price to show us that it is using the area as support or resistance &, take the HOPE & Guessing, right out of the business.

Appreciated
I know feeling Steve. . . I took the break of this BEOB on the EurJpy, although I would have liked it better if it took out the previous bar Highs.

Price was dancing on the previous HCR levels (that are now Support) and I hesitated to exit the trade at these levels. I got out at 101.29. .should of just set a TP at 101.23 or 101.10. If PBT&CB I could always get back in it short.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #118,915
  • Sep 22, 2012 11:35am Sep 22, 2012 11:35am
Quoting jarroo
lol. . .is this a repost of one of my post to Mike, Dan ?. .

I wish I could find some of the many posts I replied to Mike that had me feeling the same way Dan . .lol (searching now)

_________________________________________________________________________________________________________________

They went something like this . .

Me: "I'm sure Mike would even like this Outside bar"

Mike: "No Jarroo, not big enough"


Me: "Mike you got to like the big Beaarish PB!"

Mike: "No Jarroo, not enough Space"


Me:...
LMAO!

I know some people probably want to smack me


I am only picky with a couple things in life
  • #118,916
  • Sep 22, 2012 11:35am Sep 22, 2012 11:35am
Quoting jarroo
As we talked about before Dan, there are many ways to skin a cat . .I mean . .entering a trade once PBT&CA our Resistance level (HCR) . . .
. . once this occurred . .there was a potential that the HCR level would turn into Support, correct?

Can you tell me how many ways we can verify that this HCR (1.2358) has now flipped to Support?

You didn't know that there was going to be a test today . .did you? . .lol

Jim
I can veryify thats this has now turned into support by the retest. This is now a DCC and Im now looking a long entry at the close - using the DCC entry method.

Dan
  • #118,917
  • Sep 22, 2012 11:38am Sep 22, 2012 11:38am
Quoting mbqb11
LMAO!

I know some people probably want to smack me


I am only picky with a couple things in life
I think that "smack" is a kiss, Mike . . It taught me so many things . . . I can't even count how many . .
Indicators show the past. Price Action "Indicates" the future.
  • #118,918
  • Sep 22, 2012 11:41am Sep 22, 2012 11:41am
Quoting jarroo
lol. . .is this a repost of one of my post to Mike, Dan ?. .

I wish I could find some of the many posts I replied to Mike that had me feeling the same way Dan . .lol (searching now)

_________________________________________________________________________________________________________________

They went something like this . .

Me: "I'm sure Mike would even like this Outside bar"

Mike: "No Jarroo, not big enough"


Me: "Mike you got to like the big Beaarish PB!"

Mike: "No Jarroo, not enough Space"


Me: "You got to like...
Well .. im not trying to trade every day, and i dont force myself to take trades simply because I havnt had one for a few days/weeks. Im actually quite patient and will wait for what I think is a good setup to occur. I take these setups because I think they will win.
  • #118,919
  • Sep 22, 2012 11:48am Sep 22, 2012 11:48am
Quoting dan89
I can veryify thats this has now turned into support by the retest. This is now a DCC and Im now looking a long entry at the close - using the DCC entry method.

Dan

You're getting ahead of me . . I'm just looking for how many different verifications or confirmations that this previous HCR level is now Support.

You got 2 . .Hourly Signature and Daily Close Confirmation (Daily Signature).

Any more things that would confirm this level as now Support?
Indicators show the past. Price Action "Indicates" the future.
  • #118,920
  • Sep 22, 2012 11:55am Sep 22, 2012 11:55am
Quoting dan89
Well .. im not trying to trade every day, and i dont force myself to take trades simply because I havnt had one for a few days/weeks. Im actually quite patient and will wait for what I think is a good setup to occur. I take these setups because I think they will win.

Excellent Dan ..you have the best characteristic that every trader Must have . . . Patience. Patience to wait for a setup to develop or present itself. You are ahead of most traders.
Indicators show the past. Price Action "Indicates" the future.
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