Anytime bundy. Glad I could help.
Let me know if my . . umm . . achives can help.
Bundy's status today: "Waiting..." 
- #11,321
- Jun 20, 2008 6:44am Jun 20, 2008 6:44am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
- #11,323
- Jun 20, 2008 6:58am Jun 20, 2008 6:58am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #11,329
- Edited 11:13pm Jun 20, 2008 12:46pm | Edited 11:13pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Sheesh, i thought you were talking about me here.... the description was accurate. PA has changed the way i look at charts however i am still looking for a "system" that suits me. I was in the PF and i came out of it still looking for a "system".
On my PA trades i struggled with the lack of structure. Which pairs do i trade, which TF, what determines confluence, what about when i have conflicting confluence... what takes precedence? Is a trendline more powerfull than a 50 fib? How many trades can i have open at a time or should i be concerned about correlations? (not a mm question). What about news and fundamentals, as a technical analyzer should i try to learn more? Should i take PA against the trend or only with the trend? Which trend? Should i always risk 1% of my account on all open trades or should i develop expectations on which trade is a higher probability and commit more? This and so many other questions....
I respect Jim and all the contributors of this thread. I have alot of respect of you as well as you seem to be the package deal, able to pull everything together and make it look easy. Thank you for posting here even though you don't have to and could just stay in the PF. I as well as other people appreciate your work.
For me Jacko's system is attractive because it offers simplicity. One pair, one direction (only buys) one TF (or atleast nothing low) buy on dips and trail your stop. Can't get any easier. For me with only one pair to trade and only one direction i don't get enough action... (there are weeks between trades, maybe to simple?) so on to the the quest of system jumping... find something that i can trade on a day chart or higher that allows me to be somewhat agressive but not stupid. I don't want no holy grail, just something that is more than 50% accurate and gives me at least a couple of trades a week on average.
Yes i did see your recent post on trading the GBP/USD daily pins and i once again am demoing this. My experience with pins has not been that positive but i am still trying.
Practise? How does one practise Price Action? Simply put, is that you physical make the trades on a demo account or on a mico or mini account. Reading and understanding Price Action is one thing, actually making a trade : entering, exiting, placing stops, etc., just seems to jell in the mind. You can read all about building a motorcycle, but until you physically get your hands dirty and using tools to actually put one together, you never really buildt one.
Practise on 4 hour charts and even the hourly charts. Look for PA with confluennce of trendlines, PPZ, Fib levels, Flags, etc., that support and do not support a trade. But always looking at the higher time frames. And you'll get my friend.
I would like to respond to raczekfx post because I feel that its appropriate as it relates to this post.
I am a Price Action guy and will always be one. I started a thread called the Daily Inside Bar System (DIBS). Which was provided by a credible trader named Peter Crowns. It is method of trading Price Action on the Hourly chart.
When I was reading Bemac thread I saw the word "Inside Bar" and said "Hey, that's Price Action" and study his method further. The thread is going very well and many people using this method have had positive results. But . .
. . all we're really doing is practising Price Action on the hourly chart. We are still practising the method and with practise (as with anything in life) we'll get better and sharper. I am thinking of starting another thread using the DIBS method on the 4 hour, Daily and Weekly. But that thread has already been established. It's called the James16 Chart Thread.
I may do it anyways because it would just be using Inside Bars. I'd like to see a thread just on Outside Bars and one on just Pin Bars. But that's just me.
Jim
DIBS Method : http://www.forexfactory.com/showthread.php?t=86766
Indicators show the past. Price Action "Indicates" the future.
- #11,334
- Jun 21, 2008 3:06am Jun 21, 2008 3:06am
On page 8, Post 111; Jim shows a chart of DBLHC on the Daily Eur/Jpy which doesn't prove successful (let's just say it was delay a few days)
On this chart he refers back to the chart on Post 58, page 4. The actual chart is on Post 59. Trust me on that,
I . . umm . . archived that chart and noted the page and post number. (archived is such a better word then copied.)
Anyway, Jim made an error on referring "everyone go back and look at post 58", he meant to say post "68", which is now post 69. It was post 68 back then, again confirming from my archives.
Post 69 shows a failed DBHLC on the 15 min and he explained ways to check higher time frames and so on.
http://www.forexfactory.com/showpost...&postcount=111
http://www.forexfactory.com/showpost...5&postcount=69
Yes, you can say I read the thread a few times.
Jim
Im on my first read and tearing through it!
- #11,340
- Jun 22, 2008 5:27pm Jun 22, 2008 5:27pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Hey Diane,
this is just my personal view on this:...
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Bundy's status today: "Waiting..."