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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

  • #122,281
  • Jan 9, 2013 7:06pm Jan 9, 2013 7:06pm
Quoting rafstraszek
You should pay a lot of attention to pinbar closures...look at my attachment...very nice ppz with round number just above the pinbar...I'd love to see situation like I drew...


I like gbpaud - if we could get today's close below my ppz (there are daily and weekly lcs)...we would have decent beob breaking out from trendline and denying the bullish pinbar...
Stopped out with a full bar loss... no chance to reduce the risk..lesson learnt. again and again, PAY ATTENTION TO THE STORY!!!
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #122,282
  • Jan 9, 2013 7:10pm Jan 9, 2013 7:10pm
This was a nice one last month . .NzdChf . .
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Indicators show the past. Price Action "Indicates" the future.
  • #122,283
  • Jan 9, 2013 7:11pm Jan 9, 2013 7:11pm
Quoting jarroo
Using HCR / LCS levels are great "take full profit targets" because they will give a stronger reaction when they are hit.

I'm not saying you can't use the Close of a Price bar as a target .its not a bad way to go to to make sure you take profit . .meaning . ."OH No I missed my Daily Low target by 2 pips . .aggrrrrr" but if you used the Close of the Price bar . .target hit. Its up to the individual trader to what works for them . as you know . .
I got it, thanks for straitening that out Jim.

Talking about pretty setups, we have a double barrel with the 365 as confluence area on AUD/NZD.
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  • #122,284
  • Jan 9, 2013 7:20pm Jan 9, 2013 7:20pm
Quoting Pinbar
I got it, thanks for straitening that out Jim.

Talking about pretty setups, we have a double barrel with the 365 as confluence area on AUD/NZD.

and the BRN . .1.2500 .nice one Steve . .
Indicators show the past. Price Action "Indicates" the future.
  • #122,285
  • Jan 9, 2013 7:30pm Jan 9, 2013 7:30pm
Quoting jarroo
and the BRN . .1.2500 .nice one Steve . .
The problem with it is, there is a massive Monthly H&S pattern that has failed once at the neckline.
Not sure if this is going to be a Yearly BEOB or something.
Maybe aggregating the candles on the monthly chart to X12 will show us.

Ah, a massive yearly PB.
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  • #122,286
  • Jan 9, 2013 7:43pm Jan 9, 2013 7:43pm
Quoting Pinbar
The problem with it is, there is a massive Monthly H&S pattern that has failed once at the neckline.
Not sure if this is going to be a Yearly BEOB or something.
Maybe aggregating the candles on the monthly chart to X12 will show us.

Ah, a massive yearly PB.

Yeah its a bit messy . .lol . .

This Wedge Price Pattern on the Weekly cleans it up a bit and will aid in the confluence if we get a Close below the level which would be below the Pattern as well . . .

Price Pattern at BRNs is right in Mike's wheelhouse . .
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Indicators show the past. Price Action "Indicates" the future.
  • #122,287
  • Jan 9, 2013 8:00pm Jan 9, 2013 8:00pm
Quoting jarroo
Yeah its a bit messy . .lol . .

This Wedge Price Pattern on the Weekly cleans it up a bit and will aid in the confluence if we get a Close below the level which would be below the Pattern as well . . .

Price Pattern at BRNs is right in Mike's wheelhouse . .

Yeah, looks like a lot of pressure to the downside but, it may still have to go up first.
  • #122,288
  • Jan 9, 2013 8:38pm Jan 9, 2013 8:38pm
Quoting Pinbar
Yeah, looks like a lot of pressure to the downside but, it may still have to go up first.
same with the GpdNzd . .these are some strong levels but they are not hold very well as Support . . .would not be surprised if they will flip to Resistance and keep heading downward . .
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Indicators show the past. Price Action "Indicates" the future.
  • #122,289
  • Jan 9, 2013 9:16pm Jan 9, 2013 9:16pm
Hi guys,

Can you take a look at this setup and let me know what have I done wrong?

I took a short position (demo) because the pinbar occurs at the 61.8 fib and PPZ. Also there is space (150+ pips) for it to run towards the 0.95 BRN.

Thank you and happy trading!

Kenny
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  • #122,290
  • Jan 9, 2013 9:20pm Jan 9, 2013 9:20pm
First off I'd like to say thank you to everyone who's contributed to the bounds of information here. I just finished going through a lot of the James16 threads on the private site and I already feel like I've gained so much knowledge.

I'm ready to start learning this style of trading and practice it in a demo account on the daily charts as suggested. So my first live example and question...

Are we looking at a possible setup for a good buy entry? I see that the price has retracted off of the 10 ema and is now showing a BUB which should be closing soon. If it closes above the previous high are we looking at a good buy entry?

Thanks,
Scott


http://scottbprice.com/wp-content/up...2013/01/t9.png
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #122,291
  • Jan 9, 2013 9:35pm Jan 9, 2013 9:35pm
Quoting ken.b
Hi guys,

Can you take a look at this setup and let me know what have I done wrong?

I took a short position (demo) because the pinbar occurs at the 61.8 fib and PPZ. Also there is space (150+ pips) for it to run towards the 0.95 BRN.

Thank you and happy trading!

Kenny
Pin bar is small and in the middle of the market . .sometimes they go and more often they don't.

Big PA Bars at Deep swing points is the way to go my friend . .
Indicators show the past. Price Action "Indicates" the future.
  • #122,292
  • Jan 9, 2013 9:47pm Jan 9, 2013 9:47pm
Quoting livethedream
First off I'd like to say thank you to everyone who's contributed to the bounds of information here. I just finished going through a lot of the James16 threads on the private site and I already feel like I've gained so much knowledge.

I'm ready to start learning this style of trading and practice it in a demo account on the daily charts as suggested. So my first live example and question...

Are we looking at a possible setup for a good buy entry? I see that the price has retracted off of the 10 ema and is now showing a BUB which should...
Hi Scott

I actually entered a long trade here yesterday off the 4 hour chart (demo) from the DBLHC on the 4 hour chart. Running nicely at the moment. Will just trail the stop as long as it goes.

cheers

steve
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Learning for Earning and Trading for Freedom
  • #122,293
  • Jan 9, 2013 9:57pm Jan 9, 2013 9:57pm
Quoting livethedream
First off I'd like to say thank you to everyone who's contributed to the bounds of information here. I just finished going through a lot of the James16 threads on the private site and I already feel like I've gained so much knowledge.

I'm ready to start learning this style of trading and practice it in a demo account on the daily charts as suggested. So my first live example and question...

Are we looking at a possible setup for a good buy entry? I see that the price has retracted off of the 10 ema and is now showing a BUB which should...
I look at different levels (Highest Close of Resistance and Lowest Close of Support)

Price Broke Through and Close Above the HCR level (92.33) and hit its target, previous Daily High.

The uptrend is strong on this one , . .
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Indicators show the past. Price Action "Indicates" the future.
  • #122,294
  • Jan 9, 2013 9:57pm Jan 9, 2013 9:57pm
Thanks Jarroo,

When you mention deep swing point, do you mean the area with arrows pointing at them?

How would you define a big PA?

Thank you once again!
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  • #122,295
  • Jan 9, 2013 10:02pm Jan 9, 2013 10:02pm
Quoting hally0301
Hi Scott

I actually entered a long trade here yesterday off the 4 hour chart (demo) from the DBLHC on the 4 hour chart. Running nicely at the moment. Will just trail the stop as long as it goes.

cheers

steve
Nice one Steve . .it had a nice retrace to the previous bar high too . . . on the 4 Hour DBLHC. .

Nice continuation PA in this uptrend.
Indicators show the past. Price Action "Indicates" the future.
  • #122,296
  • Jan 9, 2013 10:10pm Jan 9, 2013 10:10pm
Quoting ken.b
Thanks Jarroo,

When you mention deep swing point, do you mean the area with arrows pointing at them?

How would you define a big PA?

Thank you once again!
Yes those deep swing points is where all the action is .

Big PA size would be the biggest bar on the chart . . that would do it. .

or at least bigger than all of the previous bars in the swing . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,297
  • Jan 9, 2013 10:11pm Jan 9, 2013 10:11pm
Quoting jarroo
I look at different levels (Highest Close of Resistance and Lowest Close of Support)

Price Broke Through and Close Above the HCR level (92.33) and hit its target, previous Daily High.

The uptrend is strong on this one , . .

I have been re-reading Pring on Price Action and something he mentions and your last chart bring this question about the levels.

Would you say, when we have strong momentum approaching one of our levels that, price will more often get rejected more strongly and more often than a slow methodical rally with pullbacks, approaching one of our levels?
It seems to often be like that.
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  • #122,298
  • Jan 9, 2013 10:23pm Jan 9, 2013 10:23pm
Just wondering how you guys look at your charts to develop an idea for what process i should use for looking at charts and developing an idea for what potential trades i should look for.

At the moment starting with a blank chart i look for

1. the overall trend of the market.
2. levels of support and resistance using previous high's and lows, fibs, pivots, trend lines
3. price action to confirm trade entry

any suggestions/improvements. i know everyone trades differently. i am trading across weekly/ daily timeframes and sometimes down to 4 hour charts. this is what fits with my current work/family schedule. i tend to have larger stops and smaller lot sizes to keep my risk at <2% per trade

cheers

steve
Learning for Earning and Trading for Freedom
  • #122,299
  • Jan 9, 2013 10:23pm Jan 9, 2013 10:23pm
Quoting jarroo
I look at different levels (Highest Close of Resistance and Lowest Close of Support)

Price Broke Through and Close Above the HCR level (92.33) and hit its target, previous Daily High.

The uptrend is strong on this one , . .
Thanks! Buy order placed.

If you don't mind would you be able to advise on a proper James16 style of stop loss/take profit in a trade such as this. I don't remember reading much about that in the reading I've done so far.

Current stop loss and take profit are at 100 pips sl and 200 pips tp respectively, but I don't like how close my stop loss is, and my numbers are obviously just round numbers and don't relate to the current price action... which is what I would like for them to be.

Thanks again!
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #122,300
  • Jan 9, 2013 10:25pm Jan 9, 2013 10:25pm
Quoting Pinbar
I have been re-reading Pring on Price Action and something he mentions and your last chart bring this question about the levels.

Would you say, when we have strong momentum approaching one of our levels that, price will more often get rejected more strongly and more often than a slow methodical rally with pullbacks, approaching one of our levels?
It seems to often be like that.

Yes I would agree with your chart . . but I've seen Price Bam!! down (your chart example) from both approaches from a Strong (key word Strong) Level.

That second approach on your chart is very good . .where Price is plotting upward methodically like strong soldiers through a weak enemy line . . .turning a Resistance level in to Support.
Indicators show the past. Price Action "Indicates" the future.
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