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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

  • #10,201
  • Apr 22, 2008 4:28am Apr 22, 2008 4:28am
Quote
Hi Tyler are you considering to go short now ? and have the stop at todays high?
Yeah, I set a sell stop at yesterday's low, and sl at the high. My order was triggered and now I'm -79 pips. I guess we'll just have to wait and see what happens. I still think it's gonna go down, but I may have jumped in too soon. Oh well, its a learning experience...

Tyler
skype: ststroud. let's talk trading.
  • #10,202
  • Apr 22, 2008 6:43am Apr 22, 2008 6:43am
Quoting tyler812
Yeah, I set a sell stop at yesterday's low, and sl at the high. My order was triggered and now I'm -79 pips. I guess we'll just have to wait and see what happens. I still think it's gonna go down, but I may have jumped in too soon. Oh well, its a learning experience...

Tyler
Hi Tyler, Thanks for your reply. I appreciate it and good work you all are doing
  • #10,203
  • Apr 22, 2008 7:23am Apr 22, 2008 7:23am
Quoting tyler812
see my post earlier today; this is a small pb, but I'm still trading the break of it based on the weekly downtrend, and this pb is near the upper trendline on weekly. Just my two cents worth. Don't take this as sound advice; I'm not recommending this trade, as I'm still learning and I still have a long way to go. We will have to wait and see what happens.

Tyler
Hi Tyler,

I don't see any support and resistance on your chart so I assume you deleted it, because you didn't want any clutter on your chart.

I want to speak about the PB only. I wouldn't have traded that PB. The nose doesn't stick out far enough from the left eye. It is in a nice place seeing that it took place after quite a bullish move, but I would've liked to see a longer nose, especially after such a strong bullish move.

S&R- wise it's not in a bad spot though.

You might however be in luck. Let's wait for this afternoon's US Housing Report to give us an indication.

Regards
Werner
Phil419
  • #10,204
  • Apr 22, 2008 9:56am Apr 22, 2008 9:56am
It was more of a spinning top/doji than a "pin bar." It would have had a better chance of being successful had there been other factors creating confluence instead of just the daily pivot and trendline drawn on the weekly. It looks like I got in too soon, again! I should have waited for more PA to confirm my prediction. My sell stop was triggered at the break of yesterday's low, price fell about 60 pips, then rose to trigger my sl by about 15 pips
Well, yet another learning experience. I will try again later, and I am suspecting the move will more than make up for this loss

Tyler
skype: ststroud. let's talk trading.
  • #10,205
  • Apr 22, 2008 10:23am Apr 22, 2008 10:23am
Nice setup no? Time for a short?
Attached Image
Money & Pain Respect the market, protect your capital, be patient
  • #10,206
  • Edited 11:19am Apr 22, 2008 11:03am | Edited 11:19am
USD/JPY 4H setup


http://img177.imageshack.us/img177/7...py4hnc3.th.gif
  • #10,207
  • Apr 22, 2008 11:15am Apr 22, 2008 11:15am
heloo, this is my first on the forum.hope u find the time and patience to attend to my inquiries.i have being reading on james 16 chart thread but dont seems the get the heart of the system.am aware that cos am new to forex its going to take sometime to grow,am willing to learn as i already have my account blown already. my quest for solution brought me to forex factory. wouldbe glad if any can help. read alot about focus on higher time frames like day time frame,4hour and one hour,for stability but i dont know how that would work out for me as am on a mini lot of $100. what would work best for this kind of trader. hope i do not sound boring, just need some good lightthank in anticipation of ur suggetionsvinanebi
  • #10,208
  • Apr 22, 2008 12:00pm Apr 22, 2008 12:00pm
Quoting vinanebi
heloo, this is my first on the forum.hope u find the time and patience to attend to my inquiries.i have being reading on james 16 chart thread but dont seems the get the heart of the system.am aware that cos am new to forex its going to take sometime to grow,am willing to learn as i already have my account blown already. my quest for solution brought me to forex factory. wouldbe glad if any can help. read alot about focus on higher time frames like day time frame,4hour and one hour,for stability but i dont know how that would work out for me as am on a mini lot of $100. what would work best for this kind of trader. hope i do not sound boring, just need some good lightthank in anticipation of ur suggetionsvinanebi
Hi Vinanebi.

100$ is really not much for trading higher timeframes. You need to play nanolots if you want to risk small percentage (1%-3%) of your capital on single trade. You could try to put your money on oanda broker but about quarter of the capital would stay in the bank becouse of transfer fee if i'm right. You could join the James16 group and learn a lot from there.
  • #10,209
  • Edited 4:42pm Apr 22, 2008 12:05pm | Edited 4:42pm
Quoting vinanebi
heloo, this is my first on the forum.hope u find the time and patience to attend to my inquiries.i have being reading on james 16 chart thread but dont seems the get the heart of the system.am aware that cos am new to forex its going to take sometime to grow,am willing to learn as i already have my account blown already. my quest for solution brought me to forex factory. wouldbe glad if any can help. read alot about focus on higher time frames like day time frame,4hour and one hour,for stability but i dont know how that would work out for me as am on a mini lot of $100. what would work best for this kind of trader. hope i do not sound boring, just need some good lightthank in anticipation of ur suggetionsvinanebi
Price Action is not really a "system", it's more of a methodology of looking at Price movements in it's purest form, in real time. Higher time frames, you will find that these formations (i.e., Inside Bars, Double Bar Low Higher Close, etc.) hold their strength and are more constistent. Stick with the Weekly, Daily and 4 hour charts.

When you add Trendlines, Fibs and Support & Restistence levels with Price Action, a confluences of events can occur and a high probability trade can take place.

But it takes practise and study to fine tune this approach. Keep reading from the beginning of this thread and studying the charts. It takes time, but you can get there.

And one other thing, it's also a lot of fun.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,210
  • Apr 22, 2008 12:52pm Apr 22, 2008 12:52pm
Quoting raczekfx
If I were to trade daily Beob, I'd wait for retracement to about 1.9880/1.9920 before going short. As you already said, we have a Buovb on weekly and price already bounced off of 61 fib. I prefer to see these kind of bars at swing high/low (just like pbs) though. Since I don't know what will happen next, I stay aside. My bias is neutral, however if we see oil loosing ground I will turn US bull.
Excellent view.
Trading GBPUSD isn't easy anymore these days, it is just like trading 'dump and dumper'. I don't know anymore which one is dumper long- term and whenever I am on a trade I never push my luck for things may reverse quickly, especially with the widening daily movement range this pair is having. On the monthly, you have a bearish pb that doesn't look like a first grade one but if it played out you may say later:omg why did't I consider that?'. The previous weeks' candle was a bullish outside bar. On the daily we have a beob, however,we also had a bullish setting that played out very nicely on the 4hr.
  • #10,211
  • Apr 22, 2008 1:43pm Apr 22, 2008 1:43pm
Quoting Jor09
Excellent view.
Trading GBPUSD isn't easy anymore these days

On the monthly, you have a bearish pb that doesn't look like a first grade one but if it played out you may say later:omg why did't I consider that?'. The previous weeks' candle was a bullish outside bar. On the daily we have a beob, however,we also had a bullish setting that played out very nicely on the 4hr.

Okay, let me earn my Equinox-Helsinki keep.
Monthly has twice rejected 1.9350 and stomped it in as (temporary? intermediate?) low. The newsletter didn't reach the bears in time, so they kept selling above 2.0, what with the downward momentum and all, plus you're sposed to sell rallies, right?
After quite a bit of struggle, we managed to escape the downward move and create a BUOB on weekly. What a turn-off for the bears!

Now, we know BUOB's like to retrace. Retrace means a move against the BUOB direction, which in turn created the daily BEOB(The last lagging bears perhaps? Slow readers I assume!).
How else could it retrace but by going down?

The 4h then gave a 4h PB at the .618 retrace level, the classic fib.
That meant a 4h entry into the weekly BUOB and the daily BEOB was really just a retrace.

2.0 remains a tricky area and that's why we're pausing here once again.

Riddle solved! :

Now to sell tickets for the time machine so people can buy back into that 1.9750 low!
Trust price. Know yourself.
  • #10,212
  • Apr 22, 2008 4:35pm Apr 22, 2008 4:35pm
i have been looking at this thread for a few weeks now and this is 1st time posting, has anybody thought of creating or already created an ea that based on criteria for pin bars only from the vm price action 1.1 indicator with an entry at close of pin bar in opposite direction of the nose with a take profit and stop loss as well as money management by % of acct balance?? I'm not a programmer but this should be looked into
  • #10,213
  • Apr 22, 2008 5:28pm Apr 22, 2008 5:28pm
Someone noticed this DBLHC on weekly G/J ?
Attached Image (click to enlarge)
Click to Enlarge Name: dblhc.jpg Size: 72 KB
Measure twice, cut once
  • #10,214
  • Apr 22, 2008 5:52pm Apr 22, 2008 5:52pm
Looks like we have a near BUOB on the Daily NZDUSD, that is bouncing off of the 61 Fib line and bouncing off of a trend line.

Am I just seeing things, or did I spot a good potential trade, in your opinions?
  • #10,215
  • Apr 22, 2008 6:36pm Apr 22, 2008 6:36pm
Quoting aediaz1
Someone noticed this DBLHC on weekly G/J ?
Similar one on the GBP/CHF I'm posting... Notice the PB which actually has a limp eye so maybe it shouldn't be considered a PB but the DBLHC is surely there... will keep an eye on it...
Attached Image
  • #10,216
  • Apr 22, 2008 6:37pm Apr 22, 2008 6:37pm
Quoting aediaz1
Someone noticed this DBLHC on weekly G/J ?
Yeah, the 50% retrace would have been a nice entry. I have been playing Daily and 4 hour Price Action. But missed that retrace on the weekly.

Nice aediaz1.

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,217
  • Apr 22, 2008 8:25pm Apr 22, 2008 8:25pm
Quoting rbrtsha
i have been looking at this thread for a few weeks now and this is 1st time posting, has anybody thought of creating or already created an ea that based on criteria for pin bars only from the vm price action 1.1 indicator with an entry at close of pin bar in opposite direction of the nose with a take profit and stop loss as well as money management by % of acct balance?? I'm not a programmer but this should be looked into
Many have thought of it.

The truth is, you are better off learning to read the price bars without any aids. Just because you see a technically valid pin bar doesn't mean you automatically take it. What's more important is WHERE the pin bar is. That is, how it looks and is positioned relative to the price action surrounding it. An EA with this capability is NOT a simple thing to create.

This goes for all the important price bars taught here. They are all easily definable in code, but coding the most important part of the equation is the major hurdle, ...the discretionary side of it.

Trust me. Taking the time to make all this second nature to you whenever you look at a chart is well worth it.
Bundy's status today: "Waiting..."
  • #10,218
  • Apr 22, 2008 8:32pm Apr 22, 2008 8:32pm
Quoting bundyraider
Many have thought of it.

The truth is, you are better off learning to read the price bars without any aids. Just because you see a technically valid pin bar doesn't mean you automatically take it. What's more important is WHERE the pin bar is. That is, how it looks and is positioned relative to the price action surrounding it. An EA with this capability is NOT a simple thing to create.

This goes for all the important price bars taught here. They are all easily definable in code, but coding the most important part of the equation is the major hurdle, ...the discretionary side of it.

Trust me. Taking the time to make all this second nature to you whenever you look at a chart is well worth it.
Well said, bundy.

Retraces, PPZ, Trendlines, Higher Time Frames (Weekly) in relationship to Lower Time Frames (Daily),etc.
Indicators show the past. Price Action "Indicates" the future.
  • #10,219
  • Apr 22, 2008 8:36pm Apr 22, 2008 8:36pm
Quoting bundyraider
This goes for all the important price bars taught here. They are all easily definable in code, but coding the most important part of the equation is the major hurdle, ...the discretionary side of it.

Trust me. Taking the time to make all this second nature to you whenever you look at a chart is well worth it.
I agree. Some traders spend so much time creating EA's, makes you wonder why don't they spend the time learning how to trade properly instead.
  • #10,220
  • Apr 22, 2008 10:59pm Apr 22, 2008 10:59pm
thank you for your thoughts guys
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