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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

  • #125,941
  • Jun 6, 2013 2:08pm Jun 6, 2013 2:08pm
Quoting ferox
{quote} Mike, yes I understand. Today's trade: {image} 1. I've wrongly identify this as an IB, with the 3rd bar breaking upwards (it didn't close higher than the previous high). 2. However, it seems to be want to shoot up off the EMA365 and a PPZ. Anyway, entered a buy stop about 20 pips above the bar around the resistance (for a safer trade). It triggered and when prices reached the next resistance, I closed 50%, SL to BE for 116 pips. I get the feeling I'm not seeing the right, good setups here. Also, 1. What MAs do you guys use and why? I'm using...
Hey F

This was actually a really fantastic use of an inside bar, but there was much more to the story that would make it easier to udnerstand why

Price wedged up. Closed outside of it with a bub, then pulled back and formed an IB right on the pullback area. A buy above the new high is a great use of a breakout and pullback to a nice pattern.

I don't use EMAs myself anymore but James uses a bunch of EMAs most notably in this thread are the 150 and 365 ema for confluence uses. He has an MA method that combines them + a few others for use of confluence as well. You'll see a lot of that as you get deeper into the thread

Here is that euro chart

Best
Mike
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  • #125,942
  • Jun 6, 2013 2:10pm Jun 6, 2013 2:10pm
Quoting bogdan89
Hello, this is the first time I'm posting here and I have spotted a nice chart. On AUDNZD there's a pinbar on Daily {image} Also a piercing pattern on Weekly {image} Although there was some retrace for a few days, looks pretty good to me for a long setup. What do you think?
Hey Dan

Welcome to the thread, hope it helps you out

Pinbar was a tricky one, it worked well but was a pretty small one verse that trend, can be tricky but price certainly did get to where expected(and then some after the break). BUOB I throw in the same category of small and not the strongest close verse that trend. Hence why it can chop around. This is the area to hold for a pullback now but I'd be sweating it a bit myself

Again welcome to the thread!
Mike
  • #125,943
  • Edited Jun 7, 2013 8:07am Jun 6, 2013 3:32pm | Edited Jun 7, 2013 8:07am

Hi. Jarroo I really like your method, I read Chanya's PDF and I'm demoing it

May I ask you a couple questions about it?

How should other TF's levels be considered? For example the weekly ones on a daily chart?

When there are many levels how can I determinate which are better for a possible entry?

and a last one, do you think it is better to gradually lock in profit and let it end with the stop hit or to place a TP?

Thanks in advance


Here are two trades I took which hit TP today

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  • #125,944
  • Jun 6, 2013 4:30pm Jun 6, 2013 4:30pm
Quoting mbqb11
{quote} Hey F This was actually a really fantastic use of an inside bar, but there was much more to the story that would make it easier to udnerstand why Price wedged up. Closed outside of it with a bub, then pulled back and formed an IB right on the pullback area. A buy above the new high is a great use of a breakout and pullback to a nice pattern. ..

PATIENCE... DISCIPLINE
  • #125,945
  • Edited 5:53pm Jun 6, 2013 5:28pm | Edited 5:53pm
Uh..did someone drop this? (edit: oh, there are setups everywhere today...)
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When the going gets weird, the weird turn pro.
  • #125,946
  • Jun 6, 2013 7:53pm Jun 6, 2013 7:53pm
Quoting mbqb11
{quote} Hey F This was actually a really fantastic use of an inside bar, but there was much more to the story that would make it easier to udnerstand why Price wedged up. Closed outside of it with a bub, then pulled back and formed an IB right on the pullback area. A buy above the new high is a great use of a breakout and pullback to a nice pattern. I don't use EMAs myself anymore but James uses a bunch of EMAs most notably in this thread are the 150 and 365 ema for confluence uses. He has an MA method that combines them + a few others for use of...
Mike, but strictly speaking this isn't the best looking IB right? From what I've read so far, seems like James doesn't use Trend lines and prefers PPZ as a stronger indicator for confluence? Anyway, have moved my SL just behind the zone you highlighted as this might be the new support line. Will see how it plays out.

Thanks guys, learning a lot. Are you part of the PF as well?
  • #125,947
  • Jun 6, 2013 8:58pm Jun 6, 2013 8:58pm
Quoting ferox
{quote} Mike, but strictly speaking this isn't the best looking IB right? From what I've read so far, seems like James doesn't use Trend lines and prefers PPZ as a stronger indicator for confluence? Anyway, have moved my SL just behind the zone you highlighted as this might be the new support line. Will see how it plays out. Thanks guys, learning a lot. Are you part of the PF as well?
Hey Ferox

Actually this is a fantastic Inside bar because of the story(or confluence). The idea is about why is this bar important? why should price continue or do what we think it might next. In this case their is a lot of factors to contribute to that. You will see some of us put the concepts together a bit different. That's the good and bad of discretionary trading. There isn't one perfect right way. It doesn't exist. instead it's about learning these important concepts and then putting them together in a logical way. Inside bars give new traders trouble b/c you will find them all the time because of the nature of the markets. But much like other bars it's all about the WHY, not just the bar itself.

Yes I am part of the private group as the beginner instructor as well as my own stuff

Hope this helps and glad to see you getting involved
Mike
  • #125,948
  • Jun 6, 2013 9:20pm Jun 6, 2013 9:20pm
Quoting mbqb11
Yes I am part of the private group as the beginner instructor as well as my own stuff Hope this helps and glad to see you getting involved Mike
Means I've still got lots to learn, long way to go. I'm looking for a mentor that can help a beginner like me wade through the learning curve. Would you recommend me joining the PF? (note I'm dirt poor at the moment)

1. How is the mentoring like in the PF (if any)?
2. Is the content well sorted out for newbies like me (i.e. good order)? Or is it like here where the information is buried/sporadic and I've to wade through thousands of posts and figure it out for myself?
3. Or should I just digest the free content here (there's a lot to go through ) as well on the website first?

ps: if you're the moderator reviewing this post, can I be promoted out of a junior membership?
  • #125,949
  • Jun 6, 2013 11:15pm Jun 6, 2013 11:15pm
Quoting ferox
{quote} Means I've still got lots to learn, long way to go. I'm looking for a mentor that can help a beginner like me wade through the learning curve. Would you recommend me joining the PF? (note I'm dirt poor at the moment) 1. How is the mentoring like in the PF (if any)? 2. Is the content well sorted out for newbies like me (i.e. good order)? Or is it like here where the information is buried/sporadic and I've to wade through thousands of posts and figure it out for myself? 3. Or should I just digest the free content here (there's a lot to go...
Hey F

I am not a moderator on Forexfactory this is a separate site.

We never want anyone to strap themselves to join our private side. We are not going anywhere and have been around for a long time. The site has videos/webinars/more organize forum etc. I always recommend to hang out here for 2-3 months, tons of good information here. If after that you decide you like what we teach and want more then we would be glad to have you.

Keep at it and good luck!
Mike
  • #125,950
  • Jun 7, 2013 12:15am Jun 7, 2013 12:15am
Hi mbqb11,

just wanted to know how u set your exits...i kind of set my targets according to the ppvs but i feel that i get out way too early as price tends to keep moving, i use daily charts hence have quite big stop loss. i do take profits but then i see the price keeps on going in the direction i had traded. Any tips please.

Regards
Dennis
  • #125,951
  • Jun 7, 2013 2:21am Jun 7, 2013 2:21am
Would like to ask the seniors here, can I confirm if Cable has a valid PBT & CA (even though the resistance is 1 month old?)

Would this be considered a good trade to enter at the price of break thru?
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  • #125,952
  • Jun 7, 2013 2:48am Jun 7, 2013 2:48am
Hi there,

Small bullish PB at 15000 RN / PPZ on mini-sized Dow, in an overall uptrend.

Lots of mess on the left, and a major resistance by 15500 (highest historical level), if price can reach it...
So small positions (1%) and a tight SL: I expect 15000 to hold as support. I would accept a retracement down to the left eye but not further...

I'd move my sl to the left eye after the FTA is reached, below 15000 when (if) price make it to 15200-something, and at be when (if ) price moves up to 15300.

wait and see
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Slow & steady
  • #125,953
  • Edited 4:17am Jun 7, 2013 3:42am | Edited 4:17am
Quoting mbqb11
{quote} Hey F I am not a moderator on Forexfactory this is a separate site. We never want anyone to strap themselves to join our private side. We are not going anywhere and have been around for a long time. The site has videos/webinars/more organize forum etc. I always recommend to hang out here for 2-3 months, tons of good information here. If after that you decide you like what we teach and want more then we would be glad to have you. Keep at it and good luck! Mike
Mike, I know - I wasn't referring to you, but the person who would have manually needed to authorize this post. Could you help me in explaining further why my last trade with the IB was a good setup. Also, in what general order do you check confluence?


Quoting dennis4u15
Hi mbqb11, just wanted to know how u set your exits...i kind of set my targets according to the ppvs but i feel that i get out way too early as price tends to keep moving, i use daily charts hence have quite big stop loss. i do take profits but then i see the price keeps on going in the direction i had traded. Any tips please. Regards Dennis
Dennis,
The way I understand it is to
1. Get SL to BE asap.
2. While doing that, it's up to you to take partial profits or not.

From there,
1. Depending on the PPZs, you can set your SL a few pips before each new support/resistance you think the price has broken through.
2. or set a TS however many pips behind the price.
3. I don't think many here set a TP, in case as you've said price decides to trend. I think the a reason perhaps to set a TP is that if you think the price can't quite make it to the next PPZ.

Watch what the PA is telling you along the way. At least I think that's how it goes, let's see what Mike and the others thinks.

Quoting m00nman26
Would like to ask the seniors here, can I confirm if Cable has a valid PBT & CA (even though the resistance is 1 month old?) Would this be considered a good trade to enter at the price of break thru? {image}
Moonman, I also would like to know the answer as I took a trade just before this. Update: Just stopped out. Noticed that price hasn't broken through 1.3250 which is a strong PPZ in the past.


Quoting patapouer
Hi there, Small bullish PB at 15000 RN / PPZ on mini-sized Dow, in an overall uptrend. Lots of mess on the left, and a major resistance by 15500 (highest historical level), if price can reach it... So small positions (1%) and a tight SL: I expect 15000 to hold as support. I would accept a retracement down to the left eye but not further... I'd move my sl to the left eye after the FTA is reached, below 15000 when (if) price make it to 15200-something, and at be when (if ) price moves up to 15300. wait and see {image}

Patapouer, noob question - How does one read your charts without the closing prices? My noob eye tells me that the PB is respecting the lowest PPZ blue zone you drew as resistance rather than the 1500 levels. Which means it doesn't really have much to go? Am I reading this wrong? (and what does FTA mean?)
  • #125,954
  • Jun 7, 2013 4:30am Jun 7, 2013 4:30am
Quoting ferox
{quote} Patapouer, noob question - How does one read your charts without the closing prices? My noob eye tells me that the PB is respecting the lowest PPZ blue zone you drew as resistance rather than the 1500 levels. Which means it doesn't really have much to go? Am I reading this wrong? (and what does FTA mean?)
Hi buddy,

Well, I can only give you my view on this chart - nothing more

The way I see things is the following. Price is at the bottom of a consolidation area from 15.000 to 15.500 approximately.

15.000 is an interesting mark in my view, because it is a former resistance turned support, and retested yesterday with price printing a pinbar (ie fake breakout to the downside).
This suggests me that price may decide to go up, meaning to resume its upward move that started ages ago (2009...).
What support this hypothesis is that yesterday's bar shows a strong close (close above open for a bullish pinbar), and closes at 15.034, ie above the 15.000 mark.

Now, this pinbar is far from ideal.
First, as many would say, I rather trade bars that jumps at me. This one doesn't really screams "trade me!": the body is a bit too long for me, though it passes the 30% test (the body of the bar is approximately 30% of the full bar size), the nose could be longer, and above all, it lacks space.

Mike could speak hours about this aspect, which is the main issue here. As you say, the FTA (First Trouble Area) is very close, about 30 ticks. So I'll have a first TP at 20 ticks above the break of the bar. It ain't much, it's far enough for my (tiny) account. More importantly to me, it gives the trade a chance to move. If it does, good. If it doesn't, perfect , I'll close it either at break-even or at worst with a micro loss (120 ticks, about 50% of my exposure...)

Then, if price moves up, it may stalls... well, anywhere between 15.100 and 15.500. That's good for me too

If price can make it through the top of the consolidation area, it will finally face a big wall: 15.000, with 2 HH at 15.506 and 15.521. If price can reach this mark, I think it is very likely that it bounces down.

So, to make a long story short. I do not expect much from this trade. The most important thing is, I am totally willing to accept the risk to lose the money I put on the table. If it works, I'd be happy, if it doesn't... well I can't say I'll be happy but fore sure I won't be disappointed. I just want to give a chance for a continuation of the up trend. No more no less...

Hope this clarified a bit my view on this
Slow & steady
  • #125,955
  • Edited 4:52am Jun 7, 2013 4:42am | Edited 4:52am
Quoting patapouer
{quote} Hope this clarified a bit my view on this
Thanks, was a great read. Was able to see your thought process and learn something.
  • #125,956
  • Jun 7, 2013 6:02am Jun 7, 2013 6:02am
Quoting m00nman26
Would like to ask the seniors here, can I confirm if Cable has a valid PBT & CA (even though the resistance is 1 month old?) Would this be considered a good trade to enter at the price of break thru? {image}
I've only just started investigating Jarroo's method, but this one looks good to me. 1.5600 is a biggish RN, plus you have the 50 fib of the whole move (and positive MACD divergence if you're into that) to add to the confluence as support.

But the main thing I wanted to say is that the resistance being a month old is not a problem at all - that's not a long time at all on a daily chart. I'm a big fan of Jim's old webinars, and he'll go back YEARS pointing out old support and resistance. Look at historic highs and lows on weekly/monthly charts then see how daily responds when it gets back there - levels are valid forever!
When the going gets weird, the weird turn pro.
  • #125,957
  • Jun 7, 2013 11:24am Jun 7, 2013 11:24am
Quoting aserbfx
some us stocks for the next week. mu, schw (on weekly and monthly) and clf {image} {image} {image} {image}
stopped at at break even on schw. was already 5% in profit, but price got back due to strong dj.
meine augen sind die sterne
  • #125,958
  • Edited 11:49am Jun 7, 2013 11:30am | Edited 11:49am
Quoting g_j_hook@yah
{quote} Hey Jarroo, you must be loving todays action! This is quite a tricky chart for me and i am in this trade myself.(demo) i dont see much before 1.9600 and then 1.9750-70ish. any help? hopefully the1.9300 will hold as sup. now cheers jon nicr vids btw. thanx for sharing

Hey Jon . .yeah its taking off just like the 2012 GbpAud . Sadly, I got out early for a 300 plus pip trade and missed a few entries to get back in it . .

Here's the next video (5-14-13) in this series ..

5-8-13

http://rapidshare.com/files/34232235...20(5-8-13).wmv

5-9-13

http://rapidshare.com/files/11247138...20(5-9-13).wmv

5-13-13

http://rapidshare.com/files/32976822...20part%201.wmv
http://rapidshare.com/files/60744078...20part%202.wmv

5-14-13

http://rapidshare.com/files/11906888...0(5-14-13).wmv


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #125,959
  • Jun 7, 2013 11:52am Jun 7, 2013 11:52am
Quoting jarroo
{quote} Hey Jon . .yeah its taking off just like the 2012 GbpAud . Sadly, I got out early for a 300 plus pip trade and missed a few entries to get back in it . . Here the next video (5-14-13) in this series .. 5-8-13 http://rapidshare.com/files/34232235...20(5-8-13).wmv 5-9-13 http://rapidshare.com/files/11247138...20(5-9-13).wmv 5-13-13 http://rapidshare.com/files/32976822...20part%201.wmv http://rapidshare.com/files/60744078...20part%202.wmv...
thanx for these. 300 pips isnt to be sniffed at though!
im hanging in there on my demo, trying to build a decent size position without too much risk...

my entries...
jon
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PATIENCE... DISCIPLINE
  • #125,960
  • Jun 7, 2013 12:04pm Jun 7, 2013 12:04pm
Quoting g_j_hook@yah
{quote} thanx for these. 300 pips isnt to be sniffed at though! im hanging in there on my demo, trying to build a decent size position without too much risk... my entries... jon {image}

Nice Jon . .

It was a great trade no doubt . . . . market dynamics and trend shifting events are great to see and understand . .I have Mike (mbqb11) to Thank for that knowledge . .

. .also there were plenty of other later entries to jump on board in this trend.

I'm glad I was able to video it at its birth . . . ..I alot to learn from this one . .

Jim
Indicators show the past. Price Action "Indicates" the future.
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