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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

  • #1,461
  • Dec 5, 2006 6:01pm Dec 5, 2006 6:01pm
Quoting Westie
expensive, is that some kind of joke, i didn't think it was april 1st?
It can be if you can't afford it. A lot of people have mouths to feed ahead of stuff like subscriptions. No-ones twisting anyones arms to make them stay subscribed.

I loved the info there, but I'm out for the moment, have other priorties like utility bills etc.
Bundy's status today: "Waiting..."
  • #1,462
  • Dec 5, 2006 6:13pm Dec 5, 2006 6:13pm
Sorry if i offended anyone, i was just trying to make a joke out of it, no harm intended, I know people may not beable to afford and it might be exy for some, but for what you get it's not expensive. Just some may not beabe to afford.

His post didn't explain that so I wanted to say something to counter the message, incase it may have put any newcomers off.

No offense meant.

Regards

Westie.
  • #1,463
  • Dec 6, 2006 8:18am Dec 6, 2006 8:18am
Hey Jim, just read entire thread. I can only say great Karma for u sharing such great knowledge and advice gleamed from years of experience, pain and hard work. Most people would not be so benevolent to share a wealth of information out of sheer good and trying to relieve new traders of unnecessary mistakes, pain and losses. Question, since I can't afford PF right now, are there any other new bar formations you care to share with us that you have not already?
  • #1,464
  • Dec 6, 2006 9:31am Dec 6, 2006 9:31am
Hey everyone,

This question is for Jim or for anyone who might have an answer.
When do you guys (or Jim) move the s/l to break-even during a trade?
Do you do this as soon the trade is up 10 pips for example?
Or do you close part of the position for a profit first, and then set it to b/e?

And does this stop out a lot of trades?
Because some of my trades will go into a profit (but not quite my target) then come up near the entry price or even go into the red for a while and then go back to hit my profit target. But I dunno if this type of thing happens often. So in cases like this you would get stopped out prematurely. (but I do hate seeing winners turn into losers....)
Any inpout is welcome?
  • #1,465
  • Dec 7, 2006 8:15am Dec 7, 2006 8:15am
Quoting moneybags
Hey everyone,

This question is for Jim or for anyone who might have an answer.
When do you guys (or Jim) move the s/l to break-even during a trade?
Do you do this as soon the trade is up 10 pips for example?
Or do you close part of the position for a profit first, and then set it to b/e?

And does this stop out a lot of trades?
Because some of my trades will go into a profit (but not quite my target) then come up near the entry price or even go into the red for a while and then go back to hit my profit target. But I dunno if this type of thing happens often. So in cases like this you would get stopped out prematurely. (but I do hate seeing winners turn into losers....)
Any inpout is welcome?
Hi, Moneybags,

Just my 2 pips worth...

I know that Jim recommends moving your stop to 10 when your profit reaches 40 or so. Don't forget rule number 1 - don't let your winners become losers. Preservation of capital is everything. I have tried all sorts of stop approaches by step movements and trailing stops, but none worked very well. You need to believe in your method, by demo, demo, demo. Then set a reasonable stop and then move it to profit as soon as the price has advanced enough. Making enough profitable trades will make 10 pip winners okay too.

Good trading, Dan
  • #1,466
  • Dec 7, 2006 10:21pm Dec 7, 2006 10:21pm
Is this dblhc on the weekly? the low is 2.2330 and 2.2336. Would this be something to typically to look for a long on ?
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  • #1,467
  • Dec 7, 2006 10:25pm Dec 7, 2006 10:25pm
This is how this week played out on the daily see previous chart
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  • #1,468
  • Dec 7, 2006 10:29pm Dec 7, 2006 10:29pm
This what the weekly looks like now. See previous two posts. My question is what to have looked for an entry. Or with dblhc on the weekly it could play out not necessarily that week but the following week. In a nut shell what does the weekly dblhc tell a fella?
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  • #1,469
  • Dec 8, 2006 7:53am Dec 8, 2006 7:53am
Quoting Gids
Hi, Moneybags,

Just my 2 pips worth...

I know that Jim recommends moving your stop to 10 when your profit reaches 40 or so. Don't forget rule number 1 - don't let your winners become losers. Preservation of capital is everything. I have tried all sorts of stop approaches by step movements and trailing stops, but none worked very well. You need to believe in your method, by demo, demo, demo. Then set a reasonable stop and then move it to profit as soon as the price has advanced enough. Making enough profitable trades will make 10 pip winners okay too.

Good trading, Dan
Hi Dan,

Thanks for the answer.
So just to clarify, unless price really moves in your favour where you're up 30-40 pips, the s/l isn't moved to around b.e. or +10?
Do you know if Jim recommends only moving the s/l when closing part of the position for a profit or can it be done with the whole position still in play?

Thanks!
If anyone has any input to share please feel free.

Tom
  • #1,470
  • Dec 8, 2006 8:00am Dec 8, 2006 8:00am
Hi Tom
Jim will step in when he can, but I'm sure that as a general rule he likes to take some money off the table and then moves SL to BE+.
Quoting moneybags
Hi Dan,

Thanks for the answer.
So just to clarify, unless price really moves in your favour where you're up 30-40 pips, the s/l isn't moved to around b.e. or +10?
Do you know if Jim recommends only moving the s/l when closing part of the position for a profit or can it be done with the whole position still in play?

Thanks!
If anyone has any input to share please feel free.

Tom
  • #1,471
  • Dec 8, 2006 10:31am Dec 8, 2006 10:31am
Cable..
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  • #1,472
  • Dec 9, 2006 3:59am Dec 9, 2006 3:59am
Whats BE
Quoting PeterFM
Hi Tom
Jim will step in when he can, but I'm sure that as a general rule he likes to take some money off the table and then moves SL to BE+.
  • #1,473
  • Dec 9, 2006 4:01am Dec 9, 2006 4:01am
BE = break even.
  • #1,474
  • Dec 9, 2006 4:32am Dec 9, 2006 4:32am
Easy enough

Thanks
  • #1,475
  • Dec 9, 2006 2:47pm Dec 9, 2006 2:47pm
does any1 know that maximum pip difference between that candles for a dblhc or dbhlc
  • #1,476
  • Dec 10, 2006 2:20pm Dec 10, 2006 2:20pm
Nice pin bar- waited for break of pin for entry- 40 pip profit

Am i Doing this Right?
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  • #1,477
  • Dec 10, 2006 2:24pm Dec 10, 2006 2:24pm
Quoting PipBird
does any1 know that maximum pip difference between that candles for a dblhc or dbhlc
Good question I am wondering if the tolerances differ when you are looking at an hourly,daily. or weekly chart
  • #1,478
  • Dec 10, 2006 2:39pm Dec 10, 2006 2:39pm
Quoting goodthings
Good question I am wondering if the tolerances differ when you are looking at an hourly,daily. or weekly chart
Hi, I don't know what James' take is on this, but the optimum is identical lows, since it is like the name says: double low - then a higher close.

Personally - and keep in mind I am but a beginner - I find that if you have a reason to believe that it's a valid setup even if the lows don't match 100%, then you can usually check the lower timeframes and find clues there.
EURJPY for example (on the 23rd November) had a 4h DBLHC before it's rise from 150.35, but the lows mismatched by 2 pips.
Normally I would say for such a low timeframe 2 pips can be quite a lot, but toggling to 1H I saw that it had a 1H pin bar as well.

Now both 4h and 1h are risky and not very reliable, BUT there was also support and an EMA there, so it would have been worth a trade. I for one however didn't take it due to uncertainty at the time.
The result we all know now - over 350 pips rise

But see what I mean? More than one timeframe agreed, there was further confirmation etc...not just "oh hey, that might be a DBLHC give or take a handful of pips, yea sure whatever"....

The textbook versions have identical lows and the close is above the prior bars high I believe.

My only trouble is that some demo MT4 platforms have VERY bad signal feeds and ticks can differ by 2-5 pips at some times and things can get very difficult with that in mind. Well, and weekly timeframes most likely deviate a bit more than hourly =)


Hope this helps nonetheless.

Best wishes,

SeekingLight
Trust price. Know yourself.
  • #1,479
  • Dec 10, 2006 2:52pm Dec 10, 2006 2:52pm
Yes

Again more then one confirmation and continual awareness of back and forward testing shows what works.
  • #1,480
  • Dec 11, 2006 8:13pm Dec 11, 2006 8:13pm
dbh(higher close)hc. From this can a fella expect a continual up move
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