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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

  • #1,161
  • Oct 16, 2006 11:42pm Oct 16, 2006 11:42pm
Quoting sitoca
I have been doing some Pin Bar recognition over a 5 year period (2000-2005) for Eur-Usd, Gbp-Usd and Usd-Chf and for me there are only about 5-10 picture perfect PBs per market (depending on time period and market) per year. In some years, I can only find 2-3 tradeable PBs. Anyone else came out with the same findings? Would like to know how many tradeable PB you guys can find per year on a daily timeframe?

Base on this (my own backtest), I'm not so sure if one can only depend on PB alone to trade especially if you are looking on a daily timeframe or higher to trade.
Very interesting indeed. This explains a lot.
  • #1,162
  • Oct 17, 2006 6:59am Oct 17, 2006 6:59am
Hi james16,

<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o> </o>

I’m trully a newbies here and I really need your help. I have tried to read all your posts and all I can conclude is, I think your method is very profitable if used in an exact way.

I have many questions that hopefully u could answer those for me.

<o> </o>

 

  1. what is the best time frame so far?
  2. Can your method be applied in every pairs?
  3. What are the indicators that must be attached and what are their settings?
  4. I still don’t understand about “Ret” ?
  5. How can we decide the Profit target? Can we calculate the possible profit we could get?

<o> </o>

Herewith I attach a recent Eur/Usd chart. It’s 15 minutes and it’s still a very simple chart without any indicators.

Pls help me understand your method coz I really wanna learn from u.

<o> </o>

A big thnks.

<o> </o>

Leo

Attached Image
Forex has never been this SO exciteD !!
  • #1,163
  • Edited 11:01am Oct 17, 2006 9:11am | Edited 11:01am
Hi!
I wouldn't recommend trading under 4h and even that can be VERY tricky if the "outside" timeframes strongly disagree with what you're seeing inside...
1H I find to get overruled and fail so often I don't even bother, 4h is sort of ok as you will see by the chart and Daily is basically "where it's at". Of course this means larger stops and most importantly tons of patience, but it also means being able to get additional money by having a dayjob or a life and bolstering profits that way, too

Check out swissy for some really nice PA examples I made, hope I didn't get too much wrong (keep in mind Asia is always a bit more tame and highly likely to produce I4Bs on 4H due to that)

I only managed to trade the DBLHC live (it came just before news) but at least that was rather fun to see in action =D

Glossary:
PB=pin bar
DBLHC=double low, higher close
TBH=two bar high
I4B=inside bar, smallest of 4
BEOB/BUOB=bearish/bullish outside bar (aka engulfing candle in candlespeak)
All explained in this same thread. Read read read

I constantly read and reread it over and again to try and burn these patterns into my mind. Inside bars are most easily missed and can lend themselves to some excellent breakout setups BUT you have to look at the surrounding "boundaries" to avoid fakes. I prefer to sacrifice some pips for more certainty. I am NOT experienced yet, just observing, learning.

Best of luck learning and trading,

SeekingLight
Attached Image
Trust price. Know yourself.
  • #1,164
  • Oct 17, 2006 10:06am Oct 17, 2006 10:06am
Awesome AWESOME chart! I am going to print that one out! very nice work.

<3
  • #1,165
  • Oct 17, 2006 10:49am Oct 17, 2006 10:49am
Hi seekinglight,

Can you please explain what all of your shorthand on the chart means. Thank you.

HK
Quoting Liquid11
Awesome AWESOME chart! I am going to print that one out! very nice work.

<3
  • #1,166
  • Oct 17, 2006 11:11am Oct 17, 2006 11:11am
those are crazy looking pinbars tro

purty colors tho
  • #1,167
  • Oct 17, 2006 11:29am Oct 17, 2006 11:29am
What I'm wondering is how these +'s are plotted in the first place, what .xx00 etc. actually refer to, and how one determines tp and sl. regards
  • #1,168
  • Oct 17, 2006 11:53am Oct 17, 2006 11:53am
i believe its just refering to any numbers that come before the 00, 25, 50 etc

so 1.8400 1.8425

XX=84 or any numbers

in his last chart XX would = 25

1.2550

regards
  • #1,169
  • Oct 18, 2006 4:28am Oct 18, 2006 4:28am
Hi again.
This is something that's been kicked around by TA people forever and just showed it's effectiveness again today.
On USDJPY, coming from monthly, you connect the highs and get a descending trendline which was formerly resistance and now is support...it held on a first test today and moved price up about 40 pips so far.
I "stole" this idea from Raczekfx who trades with trendlines all the time
It's also in some setups from other technical analysts who suggested some tentative longs there last night as well. (They drew the same TL)

The same thing was already posted to another thread by Raczekfx, but since I do not post there anymore due to obvious reasons and thought people here might also like this addition to "naked" trading, I've attached a picture.
Please note that this is not an exact science and can fail, especially if you derive your TLs from smaller timeframes. It's just another good way to have a "heads up" on your chart for certain price levels I feel

Best of luck with trading,

SeekingLight
Attached Image
Trust price. Know yourself.
  • #1,170
  • Oct 18, 2006 9:23am Oct 18, 2006 9:23am
This is fascinating. How can I learn more about this system?
1. When to get in?
2. What is your target?
3. What is your SL
4. When do you trade?
5. What pairs do you watch?
6. What tilme frames work?
7. etc.

Where can we get more information? I find this fascinating. Any help you can provide would be most appreciated. Thanks in advance for your reply.

Jim

Quoting TheRumpledOne
Horizontal lines...

Doesn't really matter where you draw them...

So long as you are NOT colorblind!!

This is my GRIDIRON. I use the daily pivots and then plot the buyer's 20 yard line, 50 yard line, and seller's 20 yard line. It's like a football game.

Buyer's green team, and Seller's red team. The candle color tells you who has the ball. You just trade with the team who has the ball. And just like in football, the closer you get to the other team's goal line, the tougher the defense gets.

Buyers scored 2 touchdowns. Then the Sellers took the ball and started heading the other way.

P.S. still working on the pinbar code.


http://kreslik.com/forums/userpix/3_...06Oct17c_1.jpg
  • #1,171
  • Oct 18, 2006 9:49am Oct 18, 2006 9:49am
Quoting Mountyhawks
This is fascinating. How can I learn more about this system?
1. When to get in?
2. What is your target?
3. What is your SL
4. When do you trade?
5. What pairs do you watch?
6. What tilme frames work?
7. etc.

Where can we get more information? I find this fascinating. Any help you can provide would be most appreciated. Thanks in advance for your reply.

Jim
I'm sorry if I've made a stupid question corcerning this thing. I'm so new here. Where are the "+"s come from?? FYI, I'm using MT4.

Thanks for ur reply!!
  • #1,172
  • Oct 19, 2006 4:24am Oct 19, 2006 4:24am
is there a single post in the thread where i can find all the pattern's definitions and graphic examples of each one?
thanks,
mario
  • #1,173
  • Oct 19, 2006 4:37am Oct 19, 2006 4:37am
Quoting roter
is there a single post in the thread where i can find all the pattern's definitions and graphic examples of each one?
thanks,
mario
NO - you have to put in the hard work and read all posts like the rest of us
every Saint has a past. Every Sinner has a Future
  • #1,174
  • Oct 19, 2006 1:22pm Oct 19, 2006 1:22pm
Hi,

I just wanted to share another trade I actually took today (among a few others which I got killed on due to me trying to stem a trend on my own...but this one worked).

Just to illustrate. The 1 2 and 3 are meant to be Elliot like counts, it assumes price moves in waves, 3 being the biggest wave. You draw the 1 to the 2 with the FE tool and get a 100% and 161.8% target of how far the actual move might go. Just another way of figuring out spots to take profit and lines up real well with s/r zones etc usually.
The .786 fib lines usually is a strong area of resistance together with other confluence and can be good for either a small bounce or the beginning of a new move if it holds.
Just noticed that in this case this is where we started from.

All in all a 72 pip move out of 102 total moved, not bad so far. Keeping my second half of the position though, because I believe we just moved out of a range, are going to make a DBLHC on weekly and because I am curious whether we will make it much further past 1.2660-90
Oh and I almost forgot, I also had a breakout order waiting at 1.2585 which also worked out fine. So there are many ways to skin a cat ;D

Pic attached shows my entry.

Take care,

SeekingLight
Attached Image
Trust price. Know yourself.
  • #1,175
  • Oct 19, 2006 5:32pm Oct 19, 2006 5:32pm
Don't hold your breath. TRO got banned.

Quoting c1ro
I'm sorry if I've made a stupid question corcerning this thing. I'm so new here. Where are the "+"s come from?? FYI, I'm using MT4.

Thanks for ur reply!!
  • #1,176
  • Oct 19, 2006 5:42pm Oct 19, 2006 5:42pm
Nice!



Quoting SeekingLight
Hi,

I just wanted to share another trade I actually took today (among a few others which I got killed on due to me trying to stem a trend on my own...but this one worked).

Just to illustrate. The 1 2 and 3 are meant to be Elliot like counts, it assumes price moves in waves, 3 being the biggest wave. You draw the 1 to the 2 with the FE tool and get a 100% and 161.8% target of how far the actual move might go. Just another way of figuring out spots to take profit and lines up real well with s/r zones etc usually.
The .786 fib lines usually is a strong area of resistance together with other confluence and can be good for either a small bounce or the beginning of a new move if it holds.
Just noticed that in this case this is where we started from.

All in all a 72 pip move out of 102 total moved, not bad so far. Keeping my second half of the position though, because I believe we just moved out of a range, are going to make a DBLHC on weekly and because I am curious whether we will make it much further past 1.2660-90
Oh and I almost forgot, I also had a breakout order waiting at 1.2585 which also worked out fine. So there are many ways to skin a cat ;D

Pic attached shows my entry.

Take care,

SeekingLight
Target: Trading naked.
  • #1,177
  • Oct 20, 2006 4:12am Oct 20, 2006 4:12am
Hi,

just another example of how trendlines can lend themselves to entering early and with a small small stop. I told a friend last night that entries at around 730-760 with stop at around 700-715 would be a great re-entry into the uptrend as cable likes to trend fridays if it has trended strongly on thursdays....
Sadly enough I didn't heed my own advice as I wasn't awake early enough to trade it myself and didn't want to rely on orders solely. As it has become obvious now, I should have. And no, I don't believe it was news that moved cable, I believe it was yesterdays movement and the change of seasons accordingly
News to me appears to be just an excuse to let them market move, like a starter gun at a race, but only the really big stuff can say sorry gents, we just changed where the finish line is at...

Check out the attached chart...
Attached Image
Trust price. Know yourself.
  • #1,178
  • Oct 22, 2006 4:41pm Oct 22, 2006 4:41pm
Hi, guys!
Look at my beautiful position, that was opend by James price action.
Uuuuhh =)
Attached Image
  • #1,179
  • Oct 22, 2006 4:44pm Oct 22, 2006 4:44pm
damn mak very nice. tell us the details.
btw stick your stop just under the two bar high.

jim

Quoting makron
Hi, guys!
Look at my beautiful position, that was opend by James price action.
Uuuuhh =)
  • #1,180
  • Edited 11:50pm Oct 22, 2006 6:20pm | Edited 11:50pm
Nice makron and nice call Jim on the stop placement.

Question Jim?

How important is chart data? Take look at these 2 charts that are on the 4 hour time frame (and currency GBPUSD) as makron's.

One form Spot Trader and one from StrategyBuilderFX.

I think I answered my own question.

Jim

See you next month at the PF where I will be rejoining.
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Indicators show the past. Price Action "Indicates" the future.
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