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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

  • #13,441
  • Sep 5, 2008 2:22am Sep 5, 2008 2:22am
I personally did demo for 3 months successfully as recommended in the private forum when I was a member. I now feel that I was just lucky over this time period as I have been trading live much longer and pin bars have not been profitable for me.

Anyone who wants to shoot me down for saying this I have no problem with that.

For every chart someone can post with winning trades there is one with losing trades and vice versa. I just couldn't find a discernable edge over time.

It is possible that I have learned things which will benefit me in the future though so I will not blame my lack of success on the private forum. I will continue my research into this business and maybe in the future I will draw on the knowledge gained in the group - who knows.


Quoting james16
are you actually saying that you just "tried something" with real money without ever testing and getting good at it with some sort of research as part of your trading business? i guess i cant say for sure this is the case g but it sure sounds like it.

this is the curse of this business that never ceases to blow my mind. smart people that throw everything they know about common sense and sound business principles out the window.

Jim
  • #13,442
  • Sep 5, 2008 2:31am Sep 5, 2008 2:31am
Quoting james16
Is the material i teach 100 percent all the time? of course not but IT IS simple and effective when mastered.

Several of the emails mentioned have already been posted to the testomonial page with the rest to be put up soon. You will rarely see these people speak here of specifics because THEY HAVE BEEN ASKED NOT TOO so i dont have to listen to all the whiners complain that i use this thread to push the group.

Nothing could be further from the truth and I have gone to great lengths to keep that from happening.

obviously i cant stop all of it.

please understand one thing.

this thread is a sincere and honest attempt to help people.

you new folks were not here when it was started.

when this thread began it was unusual to see 100 people in ONE DAY at forex factory. IN A MILLION YEARS I NEVER FORESAW WHAT WAS COMING.
right you are Jim...
I believe . . .
  • #13,443
  • Sep 5, 2008 2:41am Sep 5, 2008 2:41am
Hey guys ... find me another thread where someone comes in throwing sh*t at it and the people in it willing to take it just to help you !!!!
Never going to stop of being impressed by this Thread Jim.
  • #13,444
  • Sep 5, 2008 3:39am Sep 5, 2008 3:39am
Price Action combined with S/R, and EVERYTHING that deceptively simple statement entails, is the only way to make a consistent profit in the financial markets without inside information, it's as simple as that. If it's not working for you now, practice read learn practice read learn.
Money & Pain Respect the market, protect your capital, be patient
  • #13,445
  • Sep 5, 2008 4:01am Sep 5, 2008 4:01am
Quoting Angel65
Hello Forex007,
Very interesting statement above !!
Did you test this method with another % regarding the second entry if prices retrace ? If yes, did it improve results ?
I haven't done extensive backtesting yet, but such an approach seem to make financial sense.
One Chart is Worth Ten Thousand Words.
  • #13,446
  • Sep 5, 2008 4:03am Sep 5, 2008 4:03am
Hey folks,
true story. PA is great, I did play some demo a few months, i made 100% profit with risk max 2% in 3 months. BUT I dont care about demo money , there is no fear, greed, you have patience and you dont have "stoned hands"for execution sometimes. well, what happened? I felt like "forex king", I felt like "I am the one". When i started real, i make +5 % then lost 10%, again make 15% and again go down. What happened? In a few months I deleted 20% of my real account, why? because of fear, greed and impatience. My focus was only into entry and exits but in real, I moved to B/E as fast as i can because of fear, or used small stop losses or on weekly pinbars, I close trades in funny little profit after somehours - undiscipline. GUYS, demo demo and demo to your death and WRITE YOUR HARD RULES and study yourself, watch your moneymanagement.I catch some 1000 pips moves but i take profit too early and i take 150 pips or less. There is only ONE enemy in markets with price action - IT'S YOU !
I feel , I can make big bussiness with PA but I have to work hard on myself, I stop real for some time and I have to clean my mind, write hard entry and exit rules, do some backtest and Then I can back to real.
Good luck to you all newbies like me and thanks to all "masters" like Wiz,Mike,Jim and many others here.
  • #13,447
  • Sep 5, 2008 4:05am Sep 5, 2008 4:05am
Quoting jarroo
You are probable unaware of the learning experience you have gain from these PBs. Trust me, you have.

I'm sure when another one presents itself, you'll take a look. And maybe even play it. But, becarefull that one may go to the moon.
Jaroo should open a "School of Cool". I've never seen a shart reply from him. Well done, Jaroo (respect, man )!
One Chart is Worth Ten Thousand Words.
  • #13,448
  • Sep 5, 2008 4:32am Sep 5, 2008 4:32am
Hi James,

I'm glad that you still stop by this thread sometimes
I agree that not every PB's are equal, and even the best of PB's can still fail.
That's why we all need proper money management in place.

If you don't mind me asking about your PB picks....
Of the recent charts that you posted, there are two charts that I'd like to ask you about.

First of all, my understanding of PB is that it's a signal that attempts to profit from a trend reversal.
Two of your charts (I already modified them), you seem to take PB's signal as a continuation signal.
They both do not form at the top of the chart and seem to be a continuation signal in a downtrend.

Since I've been following your system here in this thread, my picks of PB's are always at the extreme low or high. Can you please enlightened me with your views and reasoning behind taking a PB as a continuation signal?

I do thank you for your time spent here. You seem to be a genuinely good guy. I can only hope that karma or whatever you believe pay you in kind.

Regards,
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  • #13,449
  • Sep 5, 2008 4:43am Sep 5, 2008 4:43am
Every method, system has winning and loosing traders. You can see this among all forums. And you will also see that every method has people that stick to it until they master it and now they make money. The seekers are the ones that haven't found what suits them that still have problem with a certain method. When you have found what is right for you you will come out and defend that method because you believe in it and it works for you.

This is just my oppion, as I have been a seeker and I looked at many methods, systems and I read threads from the beginning till the end and I saw that there are always people that can make work a method and I couldn't because it wasn't suitable for me. Hopefully I have found something that I like and understand and it makes sense to me.

People are not the same, they are unique. It is the people that make the difference in any trade. For example on the EurUsd some took a loss, others passed the trade and for some the pending order didn't trigger. Some can trade higher time frames and others lower time frames. It is not a right way or a wrong way. It is your way that will take you to success. And it takes time, plenty of time (even Jim said it took him 8 years). And with time comes experience and then success. I trully believe that Jim has a lot great stuff and advice that worth gold when you will be able to apply it right.

Quoting fxprocessor
I personally did demo for 3 months successfully as recommended in the private forum when I was a member. I now feel that I was just lucky over this time period as I have been trading live much longer and pin bars have not been profitable for me.

Anyone who wants to shoot me down for saying this I have no problem with that.

For every chart someone can post with winning trades there is one with losing trades and vice versa. I just couldn't find a discernable edge over time.

It is possible that I have learned things which will benefit me in the future though so I will not blame my lack of success on the private forum. I will continue my research into this business and maybe in the future I will draw on the knowledge gained in the group - who knows.
  • #13,450
  • Sep 5, 2008 4:46am Sep 5, 2008 4:46am
I would like to apologize for my childish angry reaction from yesterday. Of course you guys dont owe me anything, you are just trying to help and that is what makes this thread great.

I started trading PA about 2 months ago, focusing only on PBs. I traded them with a small real account, because I dont believe in demo trading. It is not the loss of a few dollars per PB which upsets me, but the obvious failure of the strategy I am using. I am probably missing something here or mixing up things, but I arrived at the conclusion that good looking PBs, at important swings and PPZ dont necessarily work better than other PBs. Take for example the PB on GU, at the beginning of August, which James pointed out. Its not at a swing high and its in traffic. Still...it worked.

Have to revise my knowledge about PA. Thank you James for offering to help and for posting these great charts. And to Jaroo for his great simple cool answer.
We leave no soldier behind.
  • #13,451
  • Sep 5, 2008 5:04am Sep 5, 2008 5:04am
Quoting gagiul
I would like to apologize for my childish angry reaction from yesterday. Of course you guys dont owe me anything, you are just trying to help and that is what makes this thread great.

I started trading PA about 2 months ago, focusing only on PBs. I traded them with a small real account, because I dont believe in demo trading. It is not the loss of a few dollars per PB which upsets me, but the obvious failure of the strategy I am using. I am probably missing something here or mixing up things, but I arrived at the conclusion that good looking PBs, at important swings and PPZ dont necessarily work better than other PBs. Take for example the PB on GU, at the beginning of August, which James pointed out. Its not at a swing high and its in traffic. Still...it worked.

Have to revise my knowledge about PA. Thank you James for offering to help and for posting these great charts. And to Jaroo for his great simple cool answer.
Thanks my friend (we are all friends here. )

The truth is, I've been right where you are right now. I just didn't post it on the Thread.

I know the feeling of furstration and saying " F-this! What hell going on. I give up. It's not for me. @#%^&%$#". This is a turning point where others leave this business and you preservere.

Then you step back. Go to bed early. Put it to the girlfriend a little harder then usual (lol). And take a breathe.

Then get back at it. Knowing you are gaining experience from times like these. Your that much closer to where you want to be.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #13,452
  • Sep 5, 2008 5:23am Sep 5, 2008 5:23am
Quoting jarroo
Thanks my friend (we are all friends here. )

The truth is, I've been right where you are right now. I just didn't post it on the Thread.

I know the feeling of furstration and saying " F-this! What hell going on. I give up. It's not for me. @#%^&%$#". This is a turning point where others leave this business and you preservere.

Then you step back. Go to bed early. Put it to the girlfriend a little harder then usual (lol). And take a breathe.

Then get back at it. Knowing you are gaining experience from times like these. Your that much closer to where you want to be.

Jim
Thanks again Jarroo. You are one of the greatest. I especially appreciate you for posting your PA trades live and for continuing the great DIBS thread.

I will follow your advice, take a breathe and give it another try to PA this weekend, re-read all the stuff I have and review my trading style. Temporarily no more GF though, just broke up coz the relationship was going like the euro...down down down.
We leave no soldier behind.
  • #13,453
  • Sep 5, 2008 6:45am Sep 5, 2008 6:45am
Hey G
Thought you might like to see a chart I posted on the private forum - it maybe of help to you or not. I used to lose out with pin bars but now only take them when with the trend and or when the MACD is below 0 if pin indicates going short or above 0 if pin indicates to go long. I lost money on pin 1, then introduced my plan and this kept me out of the losing pin bars 2,3 & 4. 'A' would have been a winner but that is not a good enough winning ratio to keep you in business. Now look at the red pin bars on the chart that could have been shorted with the MACD below 0........... no 'A' grade pins at best B,C & D grades maybe? The way I read it is you would need a mega pin bar to change the direction of price and whilst MACD is where it is that is currently unlikely to happen. Just my current thoughts (which have recently kept me out of some bad trade set ups).
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  • #13,454
  • Sep 5, 2008 7:42am Sep 5, 2008 7:42am
Quoting leis
Hey G
Thought you might like to see a chart I posted on the private forum - it maybe of help to you or not. I used to lose out with pin bars but now only take them when with the trend and or when the MACD is below 0 if pin indicates going short or above 0 if pin indicates to go long. I lost money on pin 1, then introduced my plan and this kept me out of the losing pin bars 2,3 & 4. 'A' would have been a winner but that is not a good enough winning ratio to keep you in business. Now look at the red pin bars on the chart that could have been shorted with the MACD below 0........... no 'A' grade pins at best B,C & D grades maybe? The way I read it is you would need a mega pin bar to change the direction of price and whilst MACD is where it is that is currently unlikely to happen. Just my current thoughts (which have recently kept me out of some bad trade set ups).
thanx a lot for your info, leis. Filtering PBs with MACD sounds interesting, so I will look into that.

However, quickly eye balling the charts I saw that this filter would have stopped me from taking some great PBs at swings in the past. The logic, IMHO, is that since the PB occurs at a, say, swing high, it is normal for the MACD to be above 0, in the case when you try to CTrade on the short side.

But I think your filter would work great with PBs that occur in traffic, but are following the trend.
I will do some more research. Thanx again.
We leave no soldier behind.
  • #13,455
  • Sep 5, 2008 8:02am Sep 5, 2008 8:02am
There were a few posts here about playing continuation pinbars. I thought I would chime in how I play these. These can also look like pinbars in traffic.

The way I play them is part of breakout trades I take. If you look for a breakout then a pullback. At this pullback area you can look for price action. Here are the gbp/usd charts with the BO + Pullback

Breakouts make up the large majority of my trading. These bars by themselves are traffic pinbars that I personally could never pull the trigger on. But by looking deeper into S/R and what price is doing I play them as part of my breakout trading. Traffic does not matter in Pullbacks for me.

Best


Mike
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  • #13,456
  • Sep 5, 2008 8:09am Sep 5, 2008 8:09am
Quoting gagiul
thanx a lot for your info, leis. Filtering PBs with MACD sounds interesting, so I will look into that.

However, quickly eye balling the charts I saw that this filter would have stopped me from taking some great PBs at swings in the past. The logic, IMHO, is that since the PB occurs at a, say, swing high, it is normal for the MACD to be above 0, in the case when you try to CTrade on the short side.

But I think your filter would work great with PBs that occur in traffic, but are following the trend.
I will do some more research. Thanx again.
You are welcome I would say this is very much on going testing and ultimatly may need some fine tuning. What started me of down this route was Jims comments and charts on divergence, that is what really opened my eyes and I then started looking at MACD in greater detail. It's another handy tool in the box........
A biG bIG BIG thank you Jim for switching that particular light on
  • #13,457
  • Sep 5, 2008 10:36am Sep 5, 2008 10:36am
Quoting mbqb11
There were a few posts here about playing continuation pinbars. I thought I would chime in how I play these. These can also look like pinbars in traffic.

The way I play them is part of breakout trades I take. If you look for a breakout then a pullback. At this pullback area you can look for price action. Here are the gbp/usd charts with the BO + Pullback

Breakouts make up the large majority of my trading. These bars by themselves are traffic pinbars that I personally could never pull the trigger on. But by looking deeper into S/R and what price is doing I play them as part of my breakout trading. Traffic does not matter in Pullbacks for me.

Best


Mike

I see what you mean Mike. I also understand the reasoning behind it. This certainly opens up another trading opportunities for me. I do notice some PB's in the past that I passed on because it wasn't on swing high or swing low. Of course combined with trendlines it all start to fall into place.

Are there any other criterias that you have in order for you to take a PB in a traffic or isn't in swing high or swing low? In your charts, visually I can see that the PB occured after the break of the trendlines. What about in reference to the PPZ? Do you place more importance to the break of the trendlines or the position of the PB in reference to the PPZ in a continuation set-up?

Regards,
  • #13,458
  • Sep 5, 2008 10:42am Sep 5, 2008 10:42am
Quoting y.caesar
I see what you mean Mike. I also understand the reasoning behind it. This certainly opens up another trading opportunities for me. I do notice some PB's in the past that I passed on because it wasn't on swing high or swing low. Of course combined with trendlines it all start to fall into place.

Are there any other criterias that you have in order for you to take a PB in a traffic or isn't in swing high or swing low? In your charts, visually I can see that the PB occured after the break of the trendlines. What about in reference to the PPZ? Do you place more importance to the break of the trendlines or the position of the PB in reference to the PPZ in a continuation set-up?

Regards,
I personally place more importance on the Breakout Pattern area, whatever that may be. IN the above example it was in the form of a channel or trendlines. But it can be PPZ also, horizontal, wedge patterns, etc. Then I look for the same concept as a PPZ, that is a flip in Support and Resistance.

Hope that helps

Mike
  • #13,459
  • Sep 5, 2008 11:10am Sep 5, 2008 11:10am
Nice charts Mbqb11 and thanks for that PB perspective...
  • #13,460
  • Sep 5, 2008 12:42pm Sep 5, 2008 12:42pm
all kinds of pinbars showing up on the daily's

EURCHF/GBPJPY are decent

USD/JPY is huge.
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