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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

  • #4,661
  • Edited 5:12pm Jul 17, 2007 4:55pm | Edited 5:12pm
Quoting dltvn
Hi Madog,
As I see it on my daily chart, yesterday's bar was also a PB and I would wait another day before deciding if this is a real signal at the end of a long run offering a reversal and on the weekly chart it is too early to tell ..... the week is not over yet and I will be careful at this junction to act on such signal.
The way it seems to me, the pair in running sideways for the moment and any "significant" break to the up side or the down side will be a reason to get in although a down side run is already "long in the nose" and it is questionable if this is a right time to get in. Dan

I do agree with you here dan about the pair running sideways. If anything I would use this for a breakout play.

But be careful about calling yesterdays bar a pinbar. It looks like a pinbar(by shape), but since it is an inside bar, that is all it is. For a pinbar has specific conditions that it must meet. As for the bar shaping up today the nose is no where near long enough to qualify as a good pinbar, and you really want the open and close to be near the bottom of the previous bar in this case. This will make the nose protrude away from price, where here we are still sideways.

good luck guys/gals,
Mike
  • #4,662
  • Jul 17, 2007 7:58pm Jul 17, 2007 7:58pm
Quoting mbqb11
I do agree with you here dan about the pair running sideways. If anything I would use this for a breakout play.

But be careful about calling yesterdays bar a pinbar. It looks like a pinbar(by shape), but since it is an inside bar, that is all it is. For a pinbar has specific conditions that it must meet. As for the bar shaping up today the nose is no where near long enough to qualify as a good pinbar, and you really want the open and close to be near the bottom of the previous bar in this case. This will make the nose protrude away from price, where here we are still sideways.

good luck guys/gals,
Mike
Hi Mike, I am still learning James' system. I have been doing demo trading now for 3 years and like other guys, fell by mistake into this forum and it opened my eyes so to speak ....... great system and you guys are just a delightful bunch.
I am very greatful for your comments here and it is another step in my education with this system, so here is a question for you .........
I have read so far the first 71 pages and thought I understand the PB but you threw a curve ball saying that a PB needs to go below/above the previous bar in order to qualify as such and are you also saying that "the Nose" is only the portion that pass the bottom/top of the previous bar? Am I understanding it right ??????? Just wanted to check my understanding here.
I guess there is no escape but to go into the PF once I finish reading all these pages. Looking forwards to doing it.
Mike, your comments are great, thanks for it all. Dan
  • #4,663
  • Jul 17, 2007 8:12pm Jul 17, 2007 8:12pm
Quoting dltvn
Hi Mike, I am still learning James' system. I have been doing demo trading now for 3 years and like other guys, fell by mistake into this forum and it opened my eyes so to speak ....... great system and you guys are just a delightful bunch.
I am very greatful for your comments here and it is another step in my education with this system, so here is a question for you .........
I have read so far the first 71 pages and thought I understand the PB but you threw a curve ball saying that a PB needs to go below/above the previous bar in order to qualify as such and are you also saying that "the Nose" is only the portion that pass the bottom/top of the previous bar? Am I understanding it right ??????? Just wanted to check my understanding here.
I guess there is no escape but to go into the PF once I finish reading all these pages. Looking forwards to doing it.
Mike, your comments are great, thanks for it all. Dan
Hey Dan,

Yes, you want the nose portion to go past the low(when looking for a long), or past the previous bar(s) high(when looking for a short). The more the nose protrudes away from the previous bars the better a pinbar.

I may be missing your question if so please try me again and I will try to answer it right I promise!

Here is a chart with some pinbars and bars confused for pins
Attached Image
  • #4,664
  • Jul 17, 2007 8:17pm Jul 17, 2007 8:17pm
Quoting mbqb11
Hey Dan,

Yes, you want the nose portion to go past the low(when looking for a long), or past the previous bar(s) high(when looking for a short). The more the nose protrudes away from the previous bars the better a pinbar.

I may be missing your question if so please try me again and I will try to answer it right I promise!

Here is a chart with some pinbars and bars confused for pins
Yes Mike, thanks, you have answered my question ........ even though it might have the shape of PB, you consider it as an inside bar if it doesn't go beyond the previous one. The chart cleared it for me, many thanks. Dan
  • #4,665
  • Jul 18, 2007 6:14am Jul 18, 2007 6:14am
Thank you for the Oil charts Seeking - some great opportunities there and very useful information!
  • #4,666
  • Jul 18, 2007 6:17am Jul 18, 2007 6:17am
Quoting the_wizard
Thank you for the Oil charts Seeking - some great opportunities there and very useful information!
No prob.

On a related topic - my USDCAD closed at +91, was long due to a 4h PB just before news but closed for -3 or so since I didn't want to gamble. I see it would now be +50 ;p

However my EURCAD long is compensating, so not whining.
Just mentioning it since people were posting their exits.
My reason was a 4h PB off 127.2% and 1.0400.

Had I not exited when I did most of the profit would have gone "poof" as I had moved my stop down quite a bit last night.
Trust price. Know yourself.
  • #4,667
  • Jul 18, 2007 7:08am Jul 18, 2007 7:08am
I don't want to say it...I don't want to say it...I don't want to say it....

Overvalued?

Damn, I said it.
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  • #4,668
  • Jul 18, 2007 7:16am Jul 18, 2007 7:16am
Quoting the_wizard
I don't want to say it...I don't want to say it...I don't want to say it....

Overvalued?

Damn, I said it.
Forbidden word for a +0.5% interest pair ;p

Let's wait for the daily close, we will see what it turns out to be then =)
Trust price. Know yourself.
  • #4,669
  • Jul 18, 2007 7:22am Jul 18, 2007 7:22am
Seeking light, nice exit
100% of traders are losers. Just that some win more than they lose!
  • #4,670
  • Jul 18, 2007 7:56am Jul 18, 2007 7:56am
Hi everyone,
Im out of my short cad, I got the heebeejeebies last night and cut out for 81 pips(1.0524-1.0444), this morning I wasnt too happy with my decision but if Id left my sl over yesterdays high I would have taken less so...also out of swissy now, with over a hundred pips! But I gave back 80 trailing yesterdays high so not sure about that...and I got out of usdjpy with about 15 pips trailing the same way.
Well lets see what the end of the day brings, eur looks like it could be a nice pin, but I will stick to buying dips like seeking, and eurjpy had a dblhc last night, could be retracing now for another push up...what do you guys think? take care, Raz
Never say never.
  • #4,671
  • Jul 18, 2007 8:04am Jul 18, 2007 8:04am
I dont usually look at 4hr charts but there is a two bar high on cable on the 4hr, since you guys were looking at that pair thought you might be interested if you havent already spotted it...Raz
Never say never.
  • #4,672
  • Jul 18, 2007 9:05am Jul 18, 2007 9:05am
Hi Guys, I read of all this success of last night trading and here I am in a " fetal position " on the floor kicking my self in the butt again and again and again.
I was trading the Usd/Chf short after following the formation of TBHLC on the 4H chart, the daily didn't look so bad either and I was thinking that it was the start of another "step" down, something this pair was doing since 6/17. Close to midnight (Chicago) I was having a profit of close to 50pips per each contract ...... and here is the kicker, instead of taking profit and lowering the stop to BE, something that is being said here by Jim and everybody else, many many times over, I left and went to sleep thinking that by the morning I will make a killing here (greed took over).
You probably already guessed how it ended ...... a huge loss!
I am writing this with the hope that it may benefit somebody else and me too. I am not a newbie to trading, I have been doing trading daily for the last three years and here I made a mistake that would have been excusable in my first year of trading. You may say and rightly so that 3yrs is nothing in this business, but still, this is the kind of mistake that could and should have been avoided by me.
I am trading in a Demo simply because I have not learned to be disciplined enough in my trades and I find this to be my main obstacle to successful trading.
SHAME, SHAME, SHAME, on me!
  • #4,673
  • Jul 18, 2007 10:09am Jul 18, 2007 10:09am
everyone look on usdcad h1 i think (h4 maybe)

that is a nice price action there, not perfect but still a good momentum
100% of traders are losers. Just that some win more than they lose!
  • #4,674
  • Jul 18, 2007 10:12am Jul 18, 2007 10:12am
Quoting dltvn
Hi Guys, I read of all this success of last night trading and here I am in a " fetal position " on the floor kicking my self in the butt again and again and again.
I was trading the Usd/Chf short after following the formation of TBHLC on the 4H chart, the daily didn't look so bad either and I was thinking that it was the start of another "step" down, something this pair was doing since 6/17. Close to midnight (Chicago) I was having a profit of close to 50pips per each contract ...... and here is the kicker, instead of taking profit and lowering the stop to BE, something that is being said here by Jim and everybody else, many many times over, I left and went to sleep thinking that by the morning I will make a killing here (greed took over).
You probably already guessed how it ended ...... a huge loss!
I am writing this with the hope that it may benefit somebody else and me too. I am not a newbie to trading, I have been doing trading daily for the last three years and here I made a mistake that would have been excusable in my first year of trading. You may say and rightly so that 3yrs is nothing in this business, but still, this is the kind of mistake that could and should have been avoided by me.
I am trading in a Demo simply because I have not learned to be disciplined enough in my trades and I find this to be my main obstacle to successful trading.
SHAME, SHAME, SHAME, on me!
You poor guy,
I think Mike is right, stick to daily and weekly timeframes for those setups, its dropping again now...too unreliable on smaller timeframes for us newbies at least...take care and really dont beat yourself up, Raz
Never say never.
  • #4,675
  • Jul 18, 2007 10:16am Jul 18, 2007 10:16am
Quoting razldazl
You poor guy,
I think Mike is right, stick to daily and weekly timeframes for those setups, its dropping again now...too unreliable on smaller timeframes for us newbies at least...take care and really dont beat yourself up, Raz
Thanks Raz, ...... It is hard not to but, thanks anyway. Have a good trading.Dan
  • #4,676
  • Jul 18, 2007 10:35am Jul 18, 2007 10:35am
Quoting Mr demark
everyone look on usdcad h1 i think (h4 maybe)

that is a nice price action there, not perfect but still a good momentum
Mr. D , I can see how you can down load a JPeg pic but how do you add text to it and in my experience, this Forex Factory rejects Jpeg and is accepting a gif pic ...... how do you deal with all of this? Dan
  • #4,677
  • Jul 18, 2007 10:48am Jul 18, 2007 10:48am
Quoting dltvn
instead of taking profit and lowering the stop to BE, something that is being said here by Jim and everybody else, many many times over, I left and went to sleep thinking that by the morning I will make a killing here (greed took over).
You probably already guessed how it ended ...... a huge loss!

I am trading in a Demo simply because I have not learned to be disciplined enough in my trades and I find this to be my main obstacle to successful trading.
Well these things happen. Considering we've been tunneling sideways you might have had more incentive to move the stop / take profit than usual, but I don't think you comitted a cardinal sin. Unless you oversized the position, it sounded a bit like you used a LOT of money. As said many times before here, 1% is plenty, it's currently still too big for me, I'm trading at 0.125 - 0.5% at the moment and it still amounts to pretty "big" sums in my head already. Takes a while to adjust again.

Since you already said you're on demo there's no harm done, right?

Just stick with it, the trade and setup itself worked, the trade management will shape itself out over time.
Keep at it and don't give up hope, don't beat yourself up over it too much.

Emotions might be okay to cause things to "click" sometimes, but don't do it just to punish yourself. Use them to further yourself and progress, not to hinder and paralyse yourself


Cheer up, there are a lot of good trades coming in the future =)


Take care,


SeekingLight
Trust price. Know yourself.
  • #4,678
  • Jul 18, 2007 10:58am Jul 18, 2007 10:58am
Quoting dltvn
Mr. D , I can see how you can down load a JPeg pic but how do you add text to it and in my experience, this Forex Factory rejects Jpeg and is accepting a gif pic ...... how do you deal with all of this? Dan

In MT4 there is a button that looks like an A, that's a text tool. You can write on the chart with that.

And saving charts from MT4 can be done in .gif format no problem.


Just wanted to attach this DJI since NewstraderFX just posted that some big boys are shorting stocks
Attached Image
Trust price. Know yourself.
  • #4,679
  • Jul 18, 2007 10:59am Jul 18, 2007 10:59am
I already saw that PB on the DJI futures last night here
Attached Image
Trust price. Know yourself.
  • #4,680
  • Jul 18, 2007 11:15am Jul 18, 2007 11:15am
Quoting SeekingLight
In MT4 there is a button that looks like an A, that's a text tool. You can write on the chart with that.

And saving charts from MT4 can be done in .gif format no problem.


Just wanted to attach this DJI since NewstraderFX just posted that some big boys are shorting stocks
Hi SeekingLight, thanks for the good words in the previous thread, I appreciate your encouragement. I don't normally do this to myself but felt that this time I TRULY deserved it for doing such an obvious mistake.
I normally trade 3 minis in per trade and in my MM I allow for max. 2% loss per day. I think this is a reasonable loss. I also adjust my 2% at least weekly, to reflect my current state of my account. This allow me to max. on success and minim. on losses.
As for trading platform, mine is not MT4 but FXTrek. It is a good platform except for their "writing tools". I use the "screen shot" for these added tools but I find it a little difficult ...... have not mastered it properly.
Thanks a lot, Dan
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