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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

  • #11,861
  • Jul 21, 2008 1:41pm Jul 21, 2008 1:41pm
hi mike ... can you please explain what you meant by "intersecting with MA's" ...

"If you look for the most practical places to be drawing fibs, TLs, intersecting with MAs...where OTHERS should be doing the same, you have a much better shot. " [for context, see, post #4028 on p. 101 (using FF's 40-pg viewer setting).

i feel like such a pest about these darn fibs, but there seems to be a strong influence here for trading PBs, etc. so i'm trying hard to figure it out so that i am one of the "others ... doing the same ..." (if you catch my drift).

thank you sooooo much.
"Believe nothing you hear and half of what you see." Proverb
  • #11,862
  • Jul 21, 2008 1:48pm Jul 21, 2008 1:48pm
pls can anyone in this thread tell me how to set my pivot points on my meta4.thanks
  • #11,863
  • Jul 21, 2008 1:52pm Jul 21, 2008 1:52pm
Quoting fxgrinder
hi mike ... can you please explain what you meant by "intersecting with MA's" ...

"If you look for the most practical places to be drawing fibs, TLs, intersecting with MAs...where OTHERS should be doing the same, you have a much better shot. " [for context, see, post #4028 on p. 101 (using FF's 40-pg viewer setting).

i feel like such a pest about these darn fibs, but there seems to be a strong influence here for trading PBs, etc. so i'm trying hard to figure it out so that i am one of the "others ... doing the same ..." (if you catch my drift).

thank you sooooo much.
Hey Grinder

Basically we are looking for confluence multiple factors that support our decision making process. For example (this is a 1hr chart, but it is the only chart I watched today sicne I am going on vacation tomm).

We have price retrace to the 23% fib line and the 61% of the smaller swing points, we have support(marked by the horizontal), and we have the 60ema running up on price. So we have multiple reasons(confluence), in one area. Now in that area, we had a PB(marked by red arrow) under the most recent swing low point form. The price action is our trigger, our confirmation, that the supporting confluence/area is a good potential area to look for a trade.

Hopefully this is a good example (same ideas are applied to all timeframes)


See yall in a week

Mike
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  • #11,864
  • Jul 21, 2008 1:59pm Jul 21, 2008 1:59pm
Quoting finian204rea
pls can anyone in this thread tell me how to set my pivot points on my meta4.thanks
do you mean manually? or do you want an indicator? what time frame?

http://www.babypips.com/school/how_t...ot_points.html

there have a been a bunch of posts that included downloads for a tool for use on mt4 that will paint the pivot levels for you. it's called "autopivot ... [something] ... try searching through habeeb's posts for starters. i have 3 separate files that will paint daily's, weekly's, & monthly's ...

let me know if you want any of those.
"Believe nothing you hear and half of what you see." Proverb
  • #11,865
  • Jul 21, 2008 1:59pm Jul 21, 2008 1:59pm
cont'd here is the daily view, of the recent daily pinbar

We have support that was previous resistance. An ascending Trendline. 60ema meeting up with price, and a retrace to a 23.6 fib. This is confluence. Pinbar is our confirmation.

Now also look where price is stuck out, the next area of heavy resistance. Also included is another potential way this will play out, and yet another good area of confluence to look for a new trade(marked by red x)

Hope this helps

Mike
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  • #11,866
  • Jul 21, 2008 2:05pm Jul 21, 2008 2:05pm
Quoting mbqb11
Hey Grinder

Basically we are looking for confluence multiple factors that support our decision making process. For example (this is a 1hr chart, but it is the only chart I watched today sicne I am going on vacation tomm).

We have price retrace to the 23% fib line and the 61% of the smaller swing points, we have support(marked by the horizontal), and we have the 60ema running up on price. So we have multiple reasons(confluence), in one area. Now in that area, we had a PB(marked by red arrow) under the most recent swing low point form. The price action is our trigger, our confirmation, that the supporting confluence/area is a good potential area to look for a trade.

Hopefully this is a good example (same ideas are applied to all timeframes)


See yall in a week

Mike
your examples are always spot on ...

have a GREAT time on your vacation!!!!
"Believe nothing you hear and half of what you see." Proverb
  • #11,867
  • Jul 21, 2008 3:24pm Jul 21, 2008 3:24pm
CHART
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  • #11,868
  • Jul 21, 2008 4:06pm Jul 21, 2008 4:06pm
Quoting ghous
you've got it worng there bro, 2% is not on any one pair that you trade, it's a total of 2% on an account that means if you get 2 trades you divide it equally by 1% and 1% or if one is a stronger trade then maybe 2% and 1% so the total goes to 3%...something like that. generally i think risking a total of 3-5% of the account should be fine provided that you're not overtrading and that the setups are good.

so if you get 3 setups maybe go for 1% on each or use more common sense by realizing the weight in each of the three trades.
Nobody is necessarily wrong. It just depends on what kind of trader you are. And it depends on your system. If you are a mechanical systems developer, there is no set rule for MM. It depends on how you've developed and back/forward tested it and what kind of results you get...

Generally, you would trade X% of risk * max positions open. But that would be determined by a number of different criteria, with your risk acceptance being one of the most important criteria, and what you've seen in terms of MaxDD during your testing period.

For example, if you are risking 3% per trade, and yet you have seen in testing that your peak to valley has been large, then obviously, you'd want to reconsider 3%... maybe drop to 2 or 1.5%...

When you get to the point of managing money, you'll realize that MaxDD is probably one of the most important statistics and that you need to probably risk less than you would feel comfortable doing just because most people whom you manage for will feel quite uncomfortable with nothing more than a 20% DD... (which isn't bad at all in reality, but you don't want to be called every day by a nervous client)...
Mr. Trend
  • #11,869
  • Jul 21, 2008 4:23pm Jul 21, 2008 4:23pm
I think becouse of oil being down the probability of breaking the 1.6000 barrier on eurusd is much lower now. Maybe tomorrow eurusd will give us good sell oportunity with oposite signal on usdchf. I'll look for short oportunity at resistance/diagonal projected trendline cross area on eurusd. Usdchf after retracement from upswing move (weekly pinbar / 2 day pinbar) could gave us oportunity to go long at double 50% fib with support confluence. Lets see what market will give us :o>.
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  • #11,870
  • Jul 21, 2008 4:27pm Jul 21, 2008 4:27pm
Quoting finian204rea
pls can anyone in this thread tell me how to set my pivot points on my meta4.thanks
Are you referring to the calculated pivot points, or the pivot zones used in this thread?
Keeping it Simple
  • #11,871
  • Jul 21, 2008 4:33pm Jul 21, 2008 4:33pm
This is for crown, who asked via pm, and anybody else
who find it interisting.

But use it carefully, i havenīt tested it.

I try to learn spotting the pattern by eye,
but starting from the begining it might be helpfull.

The hardest thing is, not to trade, I sit on my
hands, because i donīt see a good setup.
Maybe eur/chf. But a maybe is not "good".

Have fun...
Attached File(s)
File Type: mq4 VM_Price_Action_1.2.mq4   22 KB | 977 downloads
  • #11,872
  • Jul 21, 2008 4:33pm Jul 21, 2008 4:33pm
is anybody in here trading E/J PB on daily...
  • #11,873
  • Jul 21, 2008 4:44pm Jul 21, 2008 4:44pm
Quoting roger0078200
is anybody in here trading E/J PB on daily...

On my chart when close it will look more like a doji. If it was a pb i probably wouldnt take it anyway becouse of small range compared to the up momentum and the place isnt exactly well defined s/r for my categories except that 170 round number. Looking on the weekly we are sitting on the last high (last big swing at 169). Not my kind of trade i guess.
  • #11,874
  • Jul 21, 2008 4:49pm Jul 21, 2008 4:49pm
Quoting Greenhaze
On my chart when close it will look more like a doji. If it was a pb i probably wouldnt take it anyway becouse of small range compared to the up momentum and the place isnt exactly well defined s/r for my categories except that 170 round number. Looking on the weekly we are sitting on the last high (last big swing at 169). Not my kind of trade i guess.
That bar only whispers short. I want it to scream short.
  • #11,875
  • Jul 21, 2008 4:51pm Jul 21, 2008 4:51pm
Quoting KissFan
That bar only whispers short. I want it to scream short.
Thats the shorter version of what i wanted to say heh ;]
  • #11,876
  • Jul 21, 2008 4:51pm Jul 21, 2008 4:51pm
Quoting KissFan
That bar only whispers short. I want it to scream short.
lets c wat a whisper can do
  • #11,877
  • Jul 21, 2008 4:52pm Jul 21, 2008 4:52pm
Quoting roger0078200
lets c wat a whisper can do
It's your money. Best of luck to you.
  • #11,878
  • Jul 21, 2008 4:54pm Jul 21, 2008 4:54pm
Quoting Greenhaze
On my chart when close it will look more like a doji. If it was a pb i probably wouldnt take it anyway becouse of small range compared to the up momentum and the place isnt exactly well defined s/r for my categories except that 170 round number. Looking on the weekly we are sitting on the last high (last big swing at 169). Not my kind of trade i guess.
hmm..lets c weekly as per my fibs 78.6 is @ 170..and spinning top @ 169.50 ain;t dat bad...but hey, lets c how it plays out..i m looking at a drop to altleast 169.80 region..
  • #11,879
  • Jul 21, 2008 5:25pm Jul 21, 2008 5:25pm
Quoting KissFan
It's your money. Best of luck to you.
I wouldn't trade it neither. That's a ghetto pinbar.
Mr. Trend
  • #11,880
  • Jul 21, 2008 5:50pm Jul 21, 2008 5:50pm
Quoting fxgrinder
hey cliff,

i think that entering off shorter time frames is more of an intermediate/advanced type of trade. like you, i am new to james16 and still on my second read of the thread. just yesterday i came across one of james16's posts where he advises mastering trading off one TF (like the daily or weekly chart) ... i.e., just using your daily chart to plan entries and exits. if i can find it again, i'll reference the post for you.
thanks fxgrinder.
i remember that lesson from james and trading off the daily's is what i've stuck this far. i was just trying to understand a comment made as to using 'the lower time frames' to enter this particular trade, but it seems it was not done on any of the pure p.a. covered by james's teachings, not matter what time frame, so that's cool.
anyway, enough about this one, still got lots of other good stuff to learn from you blokes.
thanks again to all here.
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