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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

  • #120,261
  • Nov 1, 2012 7:55pm Nov 1, 2012 7:55pm
Quoting rafstraszek
I saw that, but it's pass for me. We had lower and lower hcrs, and now close above - I don't like it...But with high above yellow and close below blue - I would consider that I'm gonna watch it, because it's interesting one, and good luck to you my friend...You are much better trader than I am, so you are probably right

But I put short pending on gbpnzd - so I like the gbp down idea
I am not better ... just aggressive. I shorted GBPCHF @ 1.5038 by the way also what would look complete insanity for some here lol... but it is just me.

I will wait for brake out of the box with GBPNZD - below 1.9430... or above 1.9715
all is eternal - this is good news for people who loves bad news
  • #120,262
  • Nov 1, 2012 9:26pm Nov 1, 2012 9:26pm
Quoting Rust
Your and the other guys' kind words and appreciation is what mean to me even more than V's
Thanks guys, the feeling is great to see someone benefits from my contribution after those years of hard work (many more still to come!)
Methinks similar story panning out in GBPHKD
  • #120,263
  • Nov 2, 2012 6:06am Nov 2, 2012 6:06am
Quoting meshka
I am not better ... just aggressive. I shorted GBPCHF @ 1.5038 by the way also what would look complete insanity for some here lol... but it is just me.

I will wait for brake out of the box with GBPNZD - below 1.9430... or above 1.9715
I like insanity - it gives life colors
  • #120,264
  • Nov 2, 2012 9:05am Nov 2, 2012 9:05am
Quoting giggles
Methinks similar story panning out in GBPHKD
GBPHKD = GBPUSD

Be careful, you miss point 1 here. This pin doesn't take out the previous swing high.
Holy grail is in the details
  • #120,265
  • Nov 2, 2012 9:22am Nov 2, 2012 9:22am
Quoting Rust
GBPHKD = GBPUSD

Be careful, you miss point 1 here. This pin doesn't take out the previous swing high.
Holy grail is in the details
Thanks. What does taking out the previous swing high signify?
  • #120,266
  • Nov 2, 2012 9:42am Nov 2, 2012 9:42am
Quoting giggles
Thanks. What does taking out the previous swing high signify?
Liquidity for the big players who want to go short and want to get filled with as little or no slippage at all (they need big buy orders coming in). They take the counterpart of either:

1) SL-es above the previous swing high of the people that went short (Short SL hit= buy order hit)
2) New buyers that buy a break of the last swing high. They will be then trapped when price falls, and desperate to get out.

This is how i get it anyway...Curios how others view it
I don't need easy. I just need possible.
  • #120,267
  • Nov 2, 2012 11:39am Nov 2, 2012 11:39am
Quoting DaGrizlyBull
Liquidity for the big players who want to go short and want to get filled with as little or no slippage at all (they need big buy orders coming in). They take the counterpart of either:

1) SL-es above the previous swing high of the people that went short (Short SL hit= buy order hit)
2) New buyers that buy a break of the last swing high. They will be then trapped when price falls, and desperate to get out.

This is how i get it anyway...Curios how others view it
Good call grizly my friend

In general, because it's an obvious place! Stack of orders are placed in these obvious places. So price is attracted to such levels, because of different reasons. You don't need to know the exact orders, and actually i don't even think it's possible to know them (in forex especially) , but if price goes there you will see the reaction and extract valuable information. This information is all we have to make out probability higher.
If price go close, the orders leave there ... not triggered. So your probability drops dramatically. It's just my view by my own experience, and by what i've seen by people i believe are good traders.
  • #120,268
  • Nov 2, 2012 2:15pm Nov 2, 2012 2:15pm
how I can miss such a nice move on Gold....
all is eternal - this is good news for people who loves bad news
  • #120,269
  • Nov 2, 2012 2:57pm Nov 2, 2012 2:57pm
Quoting meshka
well today I shorted cable.
Meshka , Millionaire already brother ?

Quoting meshka
how I can miss such a nice move on Gold....
How were you planning to take it ? Based on what I mean ?
Human
  • #120,270
  • Nov 2, 2012 3:43pm Nov 2, 2012 3:43pm
Hey Meska, nice call on EUR/CAD...this was a perfect one

i took my profits on the PPZ area

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  • #120,271
  • Nov 2, 2012 3:45pm Nov 2, 2012 3:45pm
Quoting Rust
Man... i don't know how to put this the best way. But... i think you do something that it's commonly done by newer guys and this is wrong interpretation of "keep it simple". I'm quoting you but i think this goes to the most of the struggling ones.
PPZs are the most important single thing in technical analysis!!! I stand with both my hands on that. You can use fibs or trendlines or macd or you name it to compliment your edge and view of the market. But PPZ's are critical, they are BASE.
So what i am trying to say is that you can't just...
Yeeahh, Rusty is the MAN !!!
  • #120,272
  • Nov 2, 2012 3:51pm Nov 2, 2012 3:51pm
Quoting meshka
well today I shorted cable.
nice one Meshka, CG to this beautiful profit ...i think Jim would short this double top already per touch trade
  • #120,273
  • Edited 5:07pm Nov 2, 2012 5:02pm | Edited 5:07pm
Hi all,
as a weekend wrapup, I would like to have some good hints over what I classify as a 'not-so-good' day for me.

The question is about profit lock-in. But first of all let me show the situation:
Close date (GMT) Open date (GMT) Closed by Action Open rate Close rate Gain (%)
02/11/2012 09:31 02/11/2012 00:58 Stop Loss SELL GBP/USD 1.6118 1.6104 14 02/11/2012 08:30 02/11/2012 05:41 Stop Loss SELL EUR/USD 1.2924 1.2909 15

The last two rows are about my morning shorts that were doing well (>30). My try to lock the profit was near enough to have the new SL hit, and looking at the evening result I realize that I've left too few space to the market to move (breath?). Altough the positive outcome, I'm absolutely unsatisfied on my mangement.I would be pleased to have some advice on how could someone place a 'good' lock on profit, leaving intact all the possibilities for the trade to go.

P.S. I am only beginning my journey and going on (almost) every PB formation. I took the EUR/CAD trade discussed yesterday by RUST&other.

Thanks in advance
  • #120,274
  • Nov 3, 2012 12:48am Nov 3, 2012 12:48am
Quoting meshka
I am not better ... just aggressive. I shorted GBPCHF @ 1.5038 by the way also what would look complete insanity for some here lol... but it is just me.

I will wait for brake out of the box with GBPNZD - below 1.9430... or above 1.9715
Insanity = genius ? May be there is going to be a breakout on GBPCHF hourly soon?
  • #120,275
  • Nov 3, 2012 3:53am Nov 3, 2012 3:53am
Quoting Rust
Man... i don't know how to put this the best way. But... i think you do something that it's commonly done by newer guys and this is wrong interpretation of "keep it simple". I'm quoting you but i think this goes to the most of the struggling ones.
PPZs are the most important single thing in technical analysis!!! I stand with both my hands on that. You can use fibs or trendlines or macd or you name it to compliment your edge and view of the market. But PPZ's are critical, they are BASE.
So what i am trying to say is that you can't...

In a couple of months that I have been absent from here ( Not completely back even now except some weekends ) , I have learned a things or two while trading for myself that has helped me in a lot of way like reduced my screen time while at the same time , increase my profit to loss ratio , reduced my stress etc . I do not only trade HCR's and LCS's as I have told before . I also trade SND and Support and resistance in a traditional manner , and if one goes against any one other , I dont trade .

I totally agree with you Rust , in the times when I only traded HCR's and LCS's ( Back in june sometimes ) , I did have had a lot of winning trades that I shared most of the times , but there were also some unexplainable losses which I used to go and question Sir Jarroo and annoy him alot .He would say things like Signatures , Close confirmations etc . I did not like to follow them like that and almost never did .

I started to hone my skills of correctly and usefully drawing the PPZ's , as rust would say Highs and Lows ... Now that these things are clear , It makes a lot of sense . Now , I even see and sometimes exploit the potential of traditional J16 ways , Pin Bars and Outside bars . Hail to Mike ... Its clear now that big money does not follow your broker feed closes but big money follows what every one can see everywhere ...

The second thing I have learned is that we should not go and look for opportunities . We should let them form for themselves and if they are there , then we should eat them ... Very slight but significant difference ...

Few months back , I used to open up my charts at 2 in the morning at daily closes and used to check have any setup formed or not ... BAD WAY ... This way we see things that are not there .

Now I open up my charts , Figure out the scenerio at the start of the week , Plot them on the charts , Keep those charts open and just have a glance at them once in a while to see has it worked out the way I wanted . If you close the charts and next time , start from a scratch again , I guarantee you would see things differently each time thinking " Yeah yeah , I thought it this way before , not that way which did not worked out " ... You can start to see your mistakes and will avoid them next time ... If you do not close them , and plot what you see then , when you next time come and see, you will properly be able to analyze what you actually thought would happen ...

This may not seem much , but it has helped me alot ... Just thought I would share ...

Regards
Human
  • #120,276
  • Nov 3, 2012 4:47am Nov 3, 2012 4:47am
Quoting Chanya

How were you planning to take it ? Based on what I mean ?
This was my thoughts... but wife came with her plans and I completely forgot about this gold lol
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all is eternal - this is good news for people who loves bad news
  • #120,277
  • Nov 3, 2012 5:13am Nov 3, 2012 5:13am
Quoting giggles
Insanity = genius ? May be there is going to be a breakout on GBPCHF hourly soon?
stop flattering me guys i am nor a genius nor a millionaire ... just collecting pips here and there learning with You all here.

... my GBPCHF insane trade still has some chances ... my stoploss was almost hunted yesterday.
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all is eternal - this is good news for people who loves bad news
  • #120,278
  • Nov 3, 2012 8:34am Nov 3, 2012 8:34am
Quoting mbqb11
Hey Karl

Yep you can use a proxy bar just as you show but be VERY careful> Often a proxy pin is a very weak closing bar and if we aren't extra careful these catch people and price goes the wrong way. So I suggest being new to focus on strong closing pinbars first.

The daily would be a BEOB not a BUOB(maybe a typo). One thing to do is keep your timeframes separate. For example the BEOB may trigger and pull us towards the FTA around 79~ and then price move back higher. So that would make the BEOB successful on the daily but that could mean...
Sorry to bug you all.

Why does J16 method want the pinbar to close within the high/low of the previous bar. Or is it some thing that is just empirical. But I have seen so many cases where the price gaps up/down and forms a superb looking pin (long nose, small body) which does not close within the previous high/low. After such a pin bar is formed, price shoots in the opposite direction. Then what is the logic behind rejecting these superb pins and choosing only those which close within the previous high/low.
  • #120,279
  • Nov 3, 2012 9:37am Nov 3, 2012 9:37am
Quoting giggles
Sorry to bug you all.

Why does J16 method want the pinbar to close within the high/low of the previous bar. Or is it some thing that is just empirical. But I have seen so many cases where the price gaps up/down and forms a superb looking pin (long nose, small body) which does not close within the previous high/low. After such a pin bar is formed, price shoots in the opposite direction. Then what is the logic behind rejecting these superb pins and choosing only those which close within the previous high/low.
Thank you for posting this. Good question, and great info you get when you figure it out by thinking
I don't need easy. I just need possible.
  • #120,280
  • Nov 3, 2012 9:58am Nov 3, 2012 9:58am
well to close under previous day gives you an idea of strength ,even then it might not work out as bar on own is not a high reliability pattern



Quoting giggles
Sorry to bug you all.

Why does J16 method want the pinbar to close within the high/low of the previous bar. Or is it some thing that is just empirical. But I have seen so many cases where the price gaps up/down and forms a superb looking pin (long nose, small body) which does not close within the previous high/low. After such a pin bar is formed, price shoots in the opposite direction. Then what is the logic behind rejecting these superb pins and choosing only those which close within the previous high/low.
Attached Image (click to enlarge)
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