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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

  • #12,161
  • Aug 2, 2008 1:38pm Aug 2, 2008 1:38pm
Does anyone know an MT4 broker who's daily bars open between 1800GMT - 2200GMT. I need the open/close of daily bars to be when I'm NOT in bed..!!

I live in the UK and I currently use IBFX(0000GMT) and Oanda(0400GMT).

Cheers Snip
  • #12,162
  • Aug 2, 2008 1:43pm Aug 2, 2008 1:43pm
Quoting snip
Does anyone know an MT4 broker who's daily bars open between 1800GMT - 2200GMT. I need the open/close of daily bars to be when I'm NOT in bed..!!

I live in the UK and I currently use IBFX(0000GMT) and Oanda(0400GMT).

Cheers Snip
that is not a good idea. this generates false bars and also is behavior of manipulation of brokers. you should always trade when the people are active which control the most amount of money. and that is the beginning of our frankfurt session around 6 gmt till to the close of the ny session. i myself live in germany and use my local timezone daily candles, beginning at 0h gmt+1, starting of the asian session.
  • #12,163
  • Edited 2:00pm Aug 2, 2008 1:45pm | Edited 2:00pm
Quoting ezz
i have a question about ur Nzd/Usd
its a DBLC entry but isn't there traffic just before the signal so is this an agressive entry?
the bars you have marked are just some poor pin bars regarding the eyes
one could have played the second, which also comes off of overhead resistance. just draw a line and you will see where the bearish pin bar stopped.

to play the first "pin bar" would be a little risky imho, because you have immediate resistance overhead and there is not much space left for a move.
  • #12,164
  • Edited 2:14pm Aug 2, 2008 2:12pm | Edited 2:14pm
Hi james or any one:

I have been spending some time off and on with forex almost for a year. Still in demo mode and only will go live when I feel comfortable with a system where I can make money consistently. I have been half heartedly trying different systems here and three of them really drew my attention..Jacko, Philips and No brainer Trades..But every where I heard about james also. So, I want to know about this thread. Is there any summary, pdf file or specific post(s) to start with. I know what would be the answer. Read from the thread one and no short cut in learning and no one is giving it to you on silver platter. I don't expect either. But I know myself also. In my reasonably successful full time professional career, i have been to new challenging positions many times. My strategy was never to sit months on training manual (or first reading from page 1 to last) rather I always want to the see the brief over view first (view from 1000 ft) and have the main idea and then go through details and connect the dots as moving forward..this attitude always helped me to learn faster, being productive sooner..so, any one to help me..if not I wil find my way..thanks for listening to me and for your help in advance.

FX_California
  • #12,165
  • Aug 2, 2008 2:15pm Aug 2, 2008 2:15pm
Quoting ghous
here are my thoughts...



I didn't even see the divergence ..... Since I'm not trading this pair but only studying it .. I want to say what i expect :
I expect a massive move down on that 2006s' s/r or a little bit lower and then some pretty nice rangeing consolidation .. afterall that's what trading is about ?!...but who knows!!!??!!

Ciao and nice weekend !!
  • #12,166
  • Aug 2, 2008 2:17pm Aug 2, 2008 2:17pm
Dr G

My reasons for asking this question are because I am trying to trade using PA as defined in this thread. If I want to trade the daily bars and I want to place my orders after the daily bar has closed, then I have to wait until midnight before the bar closes, if I leave it to the morning, then I have usually missed the chance.

Traders living in the states do not have this problem because the daily bar always closes some time in the evening.

I know brokers use different times for the opening of the daily bars because you only have to look at some of the examples in this thread.....
  • #12,167
  • Edited 11:45pm Aug 2, 2008 2:30pm | Edited 11:45pm
Quoting ezz
i have a question about ur Nzd/Usd
its a DBLC entry but isn't there traffic just before the signal so is this an agressive entry?
If you are referring to the DBHLC (or BEOB) in green. Yes, it is in a little traffic and trading PA formations off swing Highs and Lows are more responsive.

But also remember what Jim, Mike, SeekingLight and others have said time and time again.( check out SeekingLight recent chart:
http://www.forexfactory.com/showpost...ostcount=12146 its great)

Price Action off PPZs and S/R levels.

That's what this DBHLC was traded off and it was far from being aggressive.

Hope this helps,

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,168
  • Aug 2, 2008 2:30pm Aug 2, 2008 2:30pm
Quoting FX_California
Hi james or any one:

I have been spending some time off and on with forex almost for a year. Still in demo mode and only will go live when I feel comfortable with a system where I can make money consistently. I have been half heartedly trying different systems here and three of them really drew my attention..Jacko, Philips and No brainer Trades..But every where I heard about james also. So, I want to know about this thread. Is there any summary, pdf file or specific post(s) to start with. I know what would be the answer. Read from the thread one and no short cut in learning and no one is giving it to you on silver platter. I don't expect either. But I know myself also. In my reasonably successful full time professional career, i have been to new challenging positions many times. My strategy was never to sit months on training manual (or first reading from page 1 to last) rather I always want to the see the brief over view first (view from 1000 ft) and have the main idea and then go through details and connect the dots as moving forward..this attitude always helped me to learn faster, being productive sooner..so, any one to help me..if not I wil find my way..thanks for listening to me and for your help in advance.

FX_California

http://www.james16group.com/

if you are serious- it is not for free, but there you will find all the needed information, ongoing education and support + the best guys- it will play out, because price action tells the truth, not indicators.
  • #12,169
  • Edited 2:20am Aug 3, 2008 2:07am | Edited 2:20am
Quoting jarroo
If you are referring to the DBHLC (or BEOB) in green. Yes, it is in a little traffic and trading PA formations off swing Highs and Lows are more responsive.

But also remember what Jim, Mike, SeekingLight and others have said time and time again.( check out SeekingLight recent chart:
http://www.forexfactory.com/showpost...ostcount=12146 its great)

Price Action off PPZs and S/R levels.

That's what this DBHLC was traded off and it was far from being aggressive.

Hope this helps,

Jim
Hi Jarroo,

the chart you posted does show an authentic DBHLC but then the tail down south on a ppz, is that still tradable i can see that it worked but then i would have been reluctant to take it as i give a lot of importance to tails....not a good signal for me...

Quote
didn't even see the divergence ..... Since I'm not trading this pair but only studying it .. I want to say what i expect :
I expect a massive move down on that 2006s' s/r or a little bit lower and then some pretty nice rangeing consolidation .. afterall that's what trading is about ?!...but who knows!!!??!!

Ciao and nice weekend !!

Hi,
i too anticipate a nice move down and i am seriosuly considering a short on monday open...we'll see...
I believe . . .
  • #12,170
  • Aug 3, 2008 2:19am Aug 3, 2008 2:19am
Quoting FX_California
Hi james or any one:

I have been spending some time off and on with forex almost for a year. Still in demo mode and only will go live when I feel comfortable with a system where I can make money consistently. I have been half heartedly trying different systems here and three of them really drew my attention..Jacko, Philips and No brainer Trades..But every where I heard about james also. So, I want to know about this thread. Is there any summary, pdf file or specific post(s) to start with. I know what would be the answer. Read from the thread one and no short cut in learning and no one is giving it to you on silver platter. I don't expect either. But I know myself also. In my reasonably successful full time professional career, i have been to new challenging positions many times. My strategy was never to sit months on training manual (or first reading from page 1 to last) rather I always want to the see the brief over view first (view from 1000 ft) and have the main idea and then go through details and connect the dots as moving forward..this attitude always helped me to learn faster, being productive sooner..so, any one to help me..if not I wil find my way..thanks for listening to me and for your help in advance.

FX_California
Hi fxcalifornia,

it's good to have new faces around eager to learn new ways and means of conquering the market, i also respect your decsion of not even thinking abt live untill you can find a system where you can make money consistently.

although i appreciate your willingness to understand the genius of James16 i don't like the way you want to go abt it. if you're trying to apply your "general success strategy" with forex it may not work because although the approach seems exceptable for many of your day in and day out problems, this is something different, being professional and a master at a particular Job or profession is'nt gonna help you much if you want to carry it forward to a totally different business which in this case is forex unless ofcaorse you've been trading stocks or other commodities over a medium and to which you're referring to as "that professional work of yours"

the guys you mentioned are all making good money over these markets and enjoy teaching it to others for which they can't be given enough credit, that's your domain to think on, watch each of these good guy's systems and see which ones work for you.

my advice to you is simple, James stuff is excellent! if you want to use it as a system initself or use it with some other system don't think that a short pdf summary will give you enough exposure. this stuff has a lot to do with with bar patterns and indications but it is totally usless if you don't understand where and how to use them which is just abt impossible to summarise. you need to go through the thread and see how James first identifies them and then how he takes them. there are opther senior members around doing a fair job too...

to be consice forex is not even close to "join the dot game"

hope you understand,

Regards,
Ghous.
I believe . . .
  • #12,171
  • Aug 3, 2008 5:24am Aug 3, 2008 5:24am
Quoting james16

multiple failed attempts at a strong s/r can be money in the bank even without a bar confirmation and lend themselves to very low risk entries. Trading a blind ( no bar confirmation) entry off of a strong pivot zone ( my term for strong horizontal s/r (not trendlines)) is not the most conservative way of trading but it sure gives you a low risk entry and a super tight initial stop.
your never going to find a better risk/reward set up.
I thought this gem from jim was worth repeating incase any of you missed it.
Check out EUR/USD last week
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Spot.png Size: 12 KB
BTC Return This Year: na
  • #12,172
  • Aug 3, 2008 5:25am Aug 3, 2008 5:25am
Quoting diggsnoob
hmmmm....looks to me like you are inside jim's head! lol...check the email archives at least you beat him this time!
Heheheh, yes, I saw, not an hour later Jim did the same EURAUD bar and chart

Guess it must be that Scorpio linkup working it's magic again
Jim's chart was a lot cleaner, of course.

There's no confidence booster like seeing that you saw what El Maestro saw, too =)

Trust price. Know yourself.
  • #12,173
  • Aug 3, 2008 5:34am Aug 3, 2008 5:34am
Quoting snip
Does anyone know an MT4 broker who's daily bars open between 1800GMT - 2200GMT. I need the open/close of daily bars to be when I'm NOT in bed..!!

I live in the UK and I currently use IBFX(0000GMT) and Oanda(0400GMT).

Cheers Snip
Hi Snip,

North Finance(now FXPro I think??) and Windsors close at around 23:00 my time, Germany, which should be 3 hours earlier than IBFX(which closes at 02:00 I think).
Trust price. Know yourself.
  • #12,174
  • Aug 3, 2008 5:43am Aug 3, 2008 5:43am
Quoting snip
Does anyone know an MT4 broker who's daily bars open between 1800GMT - 2200GMT. I need the open/close of daily bars to be when I'm NOT in bed..!!

I live in the UK and I currently use IBFX(0000GMT) and Oanda(0400GMT).

Cheers Snip

On FXDD the new day opens at 22h00 UK time.
  • #12,175
  • Aug 3, 2008 6:23am Aug 3, 2008 6:23am
Quote
What is the best entry point when trading Daily charts? E.g. when you see an Outside Bar on a daily chart (after it closed), do you then zoom into smaller TF to seek a retracement?

..if you wait for a certain retracement (in relation to the OB), it could never happen and you could miss a good move...
I think this has been discussed to death half a dozen times before.
These questions are the revealing ones that show who's been doing their homework and who hasnt

If I remember correctly, discussion of various retracements comes up within the first 1000 posts even ..hummm...

Let me spend 2 minutes with the search function...

*comes back*
There, put in ".382 retracement", got several hits with anything from the last 1000 posts

http://www.forexfactory.com/showpost...ostcount=11201
http://www.forexfactory.com/showpost...ostcount=11403
http://www.forexfactory.com/showpost...ostcount=11156
(including the important "it's no disaster to miss a trade" comment)

and there are indeed discussions in the first few hundred(!!), not thousand posts as well.

For example, here's one from Jim himself(these are the early mentions I meant)
http://www.forexfactory.com/showpost...&postcount=577


I personally like retracements, both sometimes "blind" and sometimes must-get-smaller-TF-setup-first. Very discretionary when to do what here. I also have some bars that I prefer to do like Mike on break. As with most things, there's no "one way" nor one perfect one-size-fits-all approach.


--------Oh no, not another rant --------

If I can do this in 5 Minutes, why can't everyone?

It feels like the reason is that it's 10 seconds to write "What about..." rather than 5 Minutes to look closer yourself..

IMHO reading at least the beginning of the thread makes sense.
Or you can "sieve" it by searching through username based posts(will reduce post count by at around half I would bet).

There are many ways, but point being: it does feel a little bit insulting towards those already trying to help 50 people at once to constantly re-ask things many people have answered around a dozen times before.

It's a question of politeness and respect.
Let alone what it says about your seriousness towards your own trading and the diligence of your research, but consider this:


What you're effectively saying is:
"I feel my time is more important than yours. I don't have the time for something as silly as looking myself to get my answers. Why bother? You're around, you do it for me! Here, now answer me this.."


And that's just not cool. (Twoblink has ranted on this very thing before as well and it seems to be basically the same thing all over the forum)

The very people answering you will already HAVE done the very work you're skirting around and having others do for you.


Don't get me wrong - I'll gladly help others and whenever something that shows thought/deeper pondering about something in regards to their trading, I'm all for it and am up for discussing it/giving any and all advice based on my own experience.

What I dislike is when someone feels it's not even worth looking back a few posts or reading the first handful or even spending 2 minutes with the search function.
If you're new, and you've got a question about something established, there's a good chance someone else who has been in the exact same position has already asked it somewhere along the line, and pretty early on, too, usually.

Using the search function, spending 5 Minutes with some keywords and a basic willingness to actually learn what you're trying to make the foundation of your real money trading should be a mandatory event, not an exception.

What really gets me most about it is the disrespect bit. However serious or not about your trading is your thing; but putting yourself above those that you're asking to help you is just not nice.

Many, me included, will still indulge this and invest our time and just repeat the same answers over and again; however there's just going to come a point where you wonder how hard it is to type in the word "retracement" into a search box(perhaps with the advanced option of "filter by author: James16"), where you wonder whether people view public threads and posters as a personalized information service instead of a place where THEY can GATHER, learn and process information to further themselves and THEN engage in an informed discussion.


It's not like I haven't been on the other side before.
I know the problem of feeling like your question's answer is like a needle in a haystack when you see 11.000+ post count and that you'll never find it; but actually trying to will reveal it may just be easier than you thought.



Bottom line: if you really realize a potential and decide on something(this place is filled with things proclaiming to be super duper ultimate final solutions after all, so the first and last thing you should do is settle on something), then wanting to know everything about it as in finding out/reading everything available about it, should be the first normal impulse.

You don't start a mystery novel and after 2 interesting pages turn to the end either, no?
The whole point of figuring out the mystery is reading the book, not randomly skipping content and chapters.

-----
Now someone please tell me whether I just slept badly or whether they feel I have a point

(I tried to verify the amount of effort required to get the answer to the question so as not to just be "saying something", but to actually know what I'm posting about before I do. And it really was as simple as "box, word, results" and perhaps looking for senior poster names.)
Trust price. Know yourself.
  • #12,176
  • Aug 3, 2008 8:09am Aug 3, 2008 8:09am
--------Oh no, not another rant --------

If I can do this in 5 Minutes, why can't everyone?

It feels like the reason is that it's 10 seconds to write "What about..." rather than 5 Minutes to look closer yourself..

IMHO reading at least the beginning of the thread makes sense.
Or you can "sieve" it by searching through username based posts(will reduce post count by at around half I would bet).

It's a question of politeness and respect.
Let alone what it says about your seriousness towards your own trading and the diligence of your research, but consider this:

What I dislike is when someone feels it's not even worth looking back a few posts or reading the first handful or even spending 2 minutes with the search function.
If you're new, and you've got a question about something established, there's a good chance someone else who has been in the exact same position has already asked it somewhere along the line, and pretty early on, too, usually.


--------------------------------------------------------------------------

Great post SeekingLight!

If everyone would take the time to read what has been posted I believe most threads would be much shorter, therefore making it easier and less time consuming for those of us who want to learn, to get to the nuts and bolts of the subject matter being presented. No disrespect intended, just my opinion.

regards
pippocket
  • #12,177
  • Aug 3, 2008 9:30am Aug 3, 2008 9:30am
well, i agree with your thinking, and the way i see it is that the first 60-100 pages of this thread is exactly what you are looking for since the first posts in here are exactly describing the main idea behind james' trading method.

i saw it 2 years ago and was amazed..you should try reading the first few pages - you wont stop..its like lord of the pips..



"fellowship of the pin.." that sounds awful...
whatever..


Quoting FX_California
Hi james or any one:

I have been spending some time off and on with forex almost for a year. Still in demo mode and only will go live when I feel comfortable with a system where I can make money consistently. I have been half heartedly trying different systems here and three of them really drew my attention..Jacko, Philips and No brainer Trades..But every where I heard about james also. So, I want to know about this thread. Is there any summary, pdf file or specific post(s) to start with. I know what would be the answer. Read from the thread one and no short cut in learning and no one is giving it to you on silver platter. I don't expect either. But I know myself also. In my reasonably successful full time professional career, i have been to new challenging positions many times. My strategy was never to sit months on training manual (or first reading from page 1 to last) rather I always want to the see the brief over view first (view from 1000 ft) and have the main idea and then go through details and connect the dots as moving forward..this attitude always helped me to learn faster, being productive sooner..so, any one to help me..if not I wil find my way..thanks for listening to me and for your help in advance.

FX_California
  • #12,178
  • Aug 3, 2008 10:41am Aug 3, 2008 10:41am
I'm after some comments on the 2nd to last bar.

It is a pin bar to some extent, but not one that i traded, but did anybody???

I think eurusd is on its way down, price tried to go up and then the bears jumped on it and knocked it back down.
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.JPG Size: 152 KB
  • #12,179
  • Edited 11:24am Aug 3, 2008 11:17am | Edited 11:24am
Quoting n_aftab
I'm after some comments on the 2nd to last bar.

It is a pin bar to some extent, but not one that i traded, but did anybody???

I think eurusd is on its way down, price tried to go up and then the bears jumped on it and knocked it back down.
hi n_aftab,

I am indeed in this trade, I wish I wasnt, but I didnt take profit quick enough.

I like the pinbar on the daily but it is sitting on a huge price pivot zone, indicated by my blue line. Its going to have a hard time breaking this. In fact, this is the situation with the £, $chf and gold too. Some would also say that the pin is in traffic.

However, the monthly and weekly charts on the euro all had bearish pins which gives me some confidence for short.

Wonder if Jim has any ideas on this?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 27 KB
If it's too good to be true, it probably is.
  • #12,180
  • Aug 3, 2008 11:40am Aug 3, 2008 11:40am
Quoting SimonK
hi n_aftab,

I am indeed in this trade, I wish I wasnt, but I didnt take profit quick enough.

I like the pinbar on the daily but it is sitting on a huge price pivot zone, indicated by my blue line. Its going to have a hard time breaking this. In fact, this is the situation with the £, $chf and gold too. Some would also say that the pin is in traffic.

However, the monthly and weekly charts on the euro all had bearish pins which gives me some confidence for short.

Wonder if Jim has any ideas on this?
Hi Simon i am also favoring a short on Eu though i am not on it just yet, it still seems very much inevitable, the weekly shows that price has not been able to go past 1.6 even after trying it twice in quick succession which somewhat gives us a double top visible on the monthly chart, i can even see bearish divergence on the weekly which cannot be ignored if i were you i would never feel bad abt this ppz the overall picture sill gives a strong essance of a good bit of retracment as price looks to bounce off 1.6, i am still looking for a good confirmation of the short, the pin Aftab mentioned is right in the middle of some traffic and does'nt indicate much i need more of a confirmation but i still strongly anticpate a down move...

Best of luck with your short bro...

Regards,
Ghous.
I believe . . .
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