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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

  • #4,261
  • Jun 29, 2007 11:23am Jun 29, 2007 11:23am
The most conservative entry IMO is to enter on the break of the setups.
Especially Pin bars, Inside bars, TBH and TBLs. Because these are only valid once the bar is broken. For DBHLC, DBLHC, BUOB, and BEOB I'm not convinced that playing a break is always the best way to go. (but then again I don't trade these setups often)

But many people here enter on retracement. It's really hard to say which entry method is "better", because it's all about personal preference, experience, and trading personality.

Entering on retracement reduces your stop size and increases profit (if the trade is a winner). But it's also a little riskier than playing the break, because you will enter more trades that never materialize or lose out on trades that take off without retracing.

I know this doesn't help, but you really have to determine what's best for you and your personality by practising and studying the charts.

Tom
  • #4,262
  • Jun 29, 2007 11:35am Jun 29, 2007 11:35am
Quoting Tw0eleven
Thank you for your comments/feedback Seeking, mimas, Moneybags. I almost forget about the holiday next week. Happy 4th to all! I guess if I picked a week off for trading, next week is a pretty good one with the holiday, EUR and GBP interest rate statements and U.S. NFP. I think I'll try to avoid any whipsawing that may occur.

On another note, I'm still coming up with my own trading style and guidelines to follow and would like to ask the people of this thread their opinions.
Regarding when to enter trades on the break above/below bars or wait for a retracement...is there a preferred or more conservative method for entry on the DBLHC, DBHLC, TBH, TBL, BUOB, BEOB and Inside Bars?

My feelings is that it's best to wait for a break on a PB and an Inside bar. But wasn't sure if you limit your risk and get better trading results waiting for a retracement on the DBLHC, DBHLC, TBH, TBL, BUOB and BEOB bars?
No hard and fast rules in my case. If the PA is at a spot where I am greatly convinced that it will work I enter on the retrace, otherwise I try to wait for the break of the outermost bar involved in the PA pattern. In addition I try to enter only if the the break is accompanied by increasing momentum/volatility, to avoid getting in on a spike. I interpret all mentioned patterns (except IB) as some form of multiperiod pin bar and hence like to take them at swing highs/lows.
  • #4,263
  • Jun 29, 2007 11:37am Jun 29, 2007 11:37am
or go to dailys for a bit,price action is strong there....£ yen last 2 weeks or $ yen dblhc with ib 2 weeks ago both on trend @ supp tons of pip,stops about 100 but with the right %r and strong exit stratergy,or this weeks cads,$,aud n swiss nice action,ibs,@support nice breaks to target,3 trades,a few hunrded pips on those i used mbq exit system to supports as targets...its all in the forum good lucks guys!!!!
  • #4,264
  • Jun 29, 2007 11:55am Jun 29, 2007 11:55am
Guys, can anyone please confirm if the 6am-7am EST hourly candle on USDCAD and CADJPY were "near perfect" pin bars? Cheers!
  • #4,265
  • Jun 29, 2007 12:29pm Jun 29, 2007 12:29pm
thank you both - thats exactly how i see it, i though maybe there is more math into it.. but there isnt

as long as i take good trade and tp on time - i am ok...

i trade to win not to lose..
  • #4,266
  • Jun 29, 2007 7:20pm Jun 29, 2007 7:20pm
I think you're right, will just have to practice over time and come up with what I feel is best for my trading plan! Have a good weekend!
  • #4,267
  • Jun 29, 2007 8:54pm Jun 29, 2007 8:54pm
Quoting FXCaesar
Guys, can anyone please confirm if the 6am-7am EST hourly candle on USDCAD and CADJPY were "near perfect" pin bars? Cheers!
I don't have cadjpy, but yes, the usdcad is a great pinbar. Almost a little too 'great' ... nose is realllly long, and I'd prefer to see a bit of a shorter nose.... I mean, it worked fine, but that's a lot of movement in 1 hour, so I would maybe even pass on that one, assuming that enough of the steam had run out that I might not want to try it.
  • #4,268
  • Edited 11:10pm Jun 30, 2007 7:38pm | Edited 11:10pm
many different approaches are discussed by long timers in this thread. the most conservative manner is on a break of a particular bar. the single most important thing is to combine simple support and resistance into your thought process. if you have a price action set up telling you long and its right snug up against strong resistance you need to think about a couple of things.

do i take a break of the bar into the resistance or do i enter after the resistance has been broken. if you take the trade after a breakout of res you now have a well thought smart place to put your initial stop that being under the res. simple analysis that any trader should be able to decipher and do before ever risking real money. no crazy indicators just simple price analysis combined with s/r. it works very well AFTER A DEMO EDUCATION WHERE YOU PROVE TO YOURSELF YOU CAN DO IT.

jim

Quoting wainernegocios
Hi, Jim.

How can I determine the entry after a pattern action ?
  • #4,269
  • Jun 30, 2007 9:17pm Jun 30, 2007 9:17pm
when i grow up i want to be like you
100% of traders are losers. Just that some win more than they lose!
  • #4,270
  • Jun 30, 2007 11:44pm Jun 30, 2007 11:44pm
LOL. thanks md,

do all of you realize that there are many golfers out there that are good enough to beat any of the top professional golfers, including tiger, on any given day when its just for fun? shooting 68 is not rare at all. shooting 68 when your living and family is on the line and ten million people are watching is only done by a very very very very few. 95 percent of those weekend 68,s would be 85 if it really meant something.

tiger calls them ranger rick. what he means is they cant take thier game from the practice level to the course level much less to professional level. you have to practice for years on the range to even have a game that has a possibility of taking to the course for a 68. then you have to practice for years on the course producing those low numbers AND HOPEFULLY AQUIRE THE MENTAL GAME that is the key to taking it to the next level.

this business is no different.
you have to spend the needed time gaining knowledge. then you have to practice until your really good. then you take it to the real course and continue to practice and hone your skills while hopefully sloly building your account. during that time if your money managment/psycholgy/mental game is not improving you will find yourself back on the range (demo) because your out of money.

just like the golf analogy 95% dont have the patience or dedication needed to reach the point where thier hard work has produced a level of success that allows them to say im a pro. a pro is nothing more in this business than someone who consistently takes more out of the market than he gives it.
a pro golfer is nothing more than a guy or girl that can take a weekend fun 68 and reproduce it under pressure for a boatload of money. its mostly between the ears.

if more people would treat this trading dream with a business approach that 95% figure would come down a bunch.

are your dreams worth several years or more of dedication and goal setting and a smart business plan?

if you will i can tell you right now its not about whether your a high school drop out or a phd. its not about smarts. its about dedication and common sense.

i love my thread and all who visit. i have great plans for it in the coming months.

jim


Quoting Mr demark
when i grow up i want to be like you
  • #4,271
  • Jul 1, 2007 1:50am Jul 1, 2007 1:50am
Hi all. Just reviewing Friday's trading in preparation for next week's trading. There is a good daily PB on the AUD/US. It appears to me to be coming off resistence in the 0.8500 area.
Also the US/CAD has a daily PB and weekly PB in the same direction. I will be looking at this also next week.
Good trading to all. Ray
  • #4,272
  • Jul 1, 2007 1:52am Jul 1, 2007 1:52am
  •  zinc6
  • | Joined May 2007 | Status: don't just do something, sit there! | 54 Posts
Quote
Also the US/CAD has a daily PB and weekly PB in the same direction. I will be looking at this also next week.
Good trading to all. Ray

Also almost a monthly pin bar (14 pips away) and similar set up on EUR/CAD ... in fact I like the EUR/CAD pins better.

br,

zinc6
  • #4,273
  • Jul 1, 2007 4:36am Jul 1, 2007 4:36am
Technically what is the best way to play a 4hr pin like this one?

After posting this I read some previous posts and I think James has answered it on the large part. Any other comments from those familar with James' teachings on playing pin bars is appreciated.
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  • #4,274
  • Jul 1, 2007 4:49am Jul 1, 2007 4:49am
Quoting james16
many different approaches are discussed by long timers in this thread. the most conservative manner is on a break of a particular bar. the single most important thing is to combine simple support and resistance into your thought process. if you have a price action set up telling you long and its right snug up against strong resistance you need to think about a couple of things.

do i take a break of the bar into the resistance or do i enter after the resistance has been broken. if you take the trade after a breakout of res you now have a well thought smart place to put your initial stop that being under the res. simple analysis that any trader should be able to decipher and do before ever risking real money. no crazy indicators just simple price analysis combined with s/r. it works very well AFTER A DEMO EDUCATION WHERE YOU PROVE TO YOURSELF YOU CAN DO IT.

jim
I've read quotes like this many times threw your thread. And I like to hear it again and again because it becomes more natrual in the thought process. When you look at s & r it really helps to tell the story.

Thanks
  • #4,275
  • Jul 1, 2007 10:07am Jul 1, 2007 10:07am
Quoting goodthings
Technically what is the best way to play a 4hr pin like this one?

After posting this I read some previous posts and I think James has answered it on the large part. Any other comments from those familar with James' teachings on playing pin bars is appreciated.

I try to avoid time frames lower then the 4 hour. The Cad has been very good to me or is it that my James16 trading is getting better, I expect the latter.

Jim

P.S. Goodthings, I love your inputs on the forum, especially on GBP Patterns, Facts, Trivia
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #4,276
  • Jul 1, 2007 10:19am Jul 1, 2007 10:19am
Cad
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,277
  • Jul 1, 2007 10:20am Jul 1, 2007 10:20am
Cad 4 Hour
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,278
  • Jul 1, 2007 11:39am Jul 1, 2007 11:39am
don't want to clog up the thread, however I just became a member of this group last week and have no clue how to navigate to it within forex factory.

Any help will be gratefully recieved

quote of the day: . It's like deja-vu all over again
  • #4,279
  • Edited 1:36pm Jul 1, 2007 11:46am | Edited 1:36pm
Quoting Gmak
don't want to clog up the thread, however I just became a member of this group last week and have no clue how to navigate to it within forex factory.

Any help will be gratefully recieved

hey gmak,

If you click the forums button at the top of the page. Scroll down to where members lounge is at the bottom. You will see a link to the James 16 group. It is under the members lounge. Click that and you will be taken to the other forum

Welcome

Mike
  • #4,280
  • Jul 1, 2007 11:47am Jul 1, 2007 11:47am
thanks very much
quote of the day: . It's like deja-vu all over again
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