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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

  • #281
  • Sep 15, 2005 12:58pm Sep 15, 2005 12:58pm
Quoting forexbasic
Hi James,

I'm new to these boards and I must say I'm very impressed with the tutoring material you've provided here for the benefit of all forum members.

It's interesting to see how the old tried and tested techniques prove themselves over and over again for any market when used in the hands of an able trader like yourself.

Your charts have made it more obvious to me that there are big gains to be made by swing trading over a few days as opposed to intraday trading which is what I'm used to.

However, whereas I'm used to setting stops which never exceed about 30 pips intra-day, I'm going to need some much larger ones if I'm going to trade off the daily charts.

You've just mentioned GBP shaping up nicely for a run from that pin bar on the weekly chart - how would you suggest we determine the stop for this trade ?

Should we place the stop as what I assume is going to be today's high at 1.8238 ?

Also, on the H4 chart, it doesn't look as though the price has yet convincingly moved through the 61.8% fib at the time of posting, we're also close to the 38.2% fib of the retracement on the daily chart.

Taking the trendline on the daily it looks as though we need to break through 1.8042 before diving in.

Is it the GBP short really the high probability trade it seems ?

If not, then 180 pip stop seems a bit scary to me.

Any advice you can give on stops would be greatly appreciated.

Cheers

Mike
thanks for your post. pleeeaase dont take this trade now. its already moved to far to fast. i was just simply pointing out the earlier entries. welcome aboard. jim
  • #282
  • Sep 15, 2005 1:10pm Sep 15, 2005 1:10pm
No probs - I need to know a lot more about trading off the daily chart before entering a trade like that one, though a possible 300-1000 gain is enough to make anyone sit up and take notice (and resolve to learn more).

There have been some nice opportunities for intra-day trading off the trendline bounces on the majors today, for anyone missing the start of the trend (like me), that's enough to keep me occupied for now.
  • #283
  • Sep 15, 2005 3:11pm Sep 15, 2005 3:11pm
Quoting james16
thank you firehorse. let me give you an example of how my time has been going. last week on wednesday my wife asked me how much sleep i had had since sunday. i told her around 4 to 6 hours. she got pissed. i dont mess with the boss especially when shes pregnant. i have slowed it down a bit. one of the reasons everything is taking so long is because im such a computer moron. guys i type with one finger. we HOPE to have the forum ready in 2 to 3 weeks. jim
Hi Jim, we are all looking forward to your teachings. But please take care of yourself and your family first.
Steven
  • #284
  • Sep 15, 2005 4:15pm Sep 15, 2005 4:15pm
Thanx for reply Jim,

BTW, the guys are right... take care of yourself, 'cos nobody else will/can.

Cya
Habeeb
Keeping it Simple
  • #285
  • Sep 15, 2005 5:25pm Sep 15, 2005 5:25pm
you made my day, James
2-3 weeks before your private forum is up.....cant wait

but dude, like all the other good folks here pointed out....you need your sleep, its not just us who will need you in working condition but also your wife with her condition

in the meanwhile, goodluck and happy trading to all

cheers

longhorn
  • #286
  • Sep 15, 2005 8:13pm Sep 15, 2005 8:13pm
I have a question. Has anyone backtested Jim's DBLHC, DBHLC and pin bar techniques for any time period (hourly, daily or weekly). Any results?Thanks
  • #287
  • Sep 15, 2005 8:49pm Sep 15, 2005 8:49pm
How about this one. Nice big PIN bar, but it has many closes about the trend line. I went long on this trade prior to the pin bar, but I'm wondering if I should close take my profits and go short?
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  • #288
  • Sep 15, 2005 9:10pm Sep 15, 2005 9:10pm
Quoting Blackeagle
I have a question. Has anyone backtested Jim's DBLHC, DBHLC and pin bar techniques for any time period (hourly, daily or weekly). Any results?Thanks
i have with a real account. they work. i contacted a tradestation certified programmer in houston about this several months ago. he told me programing price action is much harder than most of the stuff he does due to the variables involved. like how long should the nose be on a pin bar? should the eyes be even, if not how far apart can they be? i would love to do it but for the money he wanted i declined mostly because my brokerage account tells me they work without a backtest. i may do it someday but he told me i would need to drive to houston and discuss the variables personally. 125 bucks an hour. he said it might take him a couple of days to do it. i have wondered why no one has ever brought this up or tried it. someone finally did. jim
  • #289
  • Sep 15, 2005 9:15pm Sep 15, 2005 9:15pm
Quoting Anpar
How about this one. Nice big PIN bar, but it has many closes about the trend line. I went long on this trade prior to the pin bar, but I'm wondering if I should close take my profits and go short?
great post i have been itching to go short on this also. but like you the trend line worries me. the weekly trend is down. the daily trend is down. will it go down. who knows. the other thing anpar is the nose is really long so to give it justice you will have a large stop. position size accordingly if you do. jim
  • #290
  • Sep 15, 2005 9:57pm Sep 15, 2005 9:57pm
Quoting james16
i have with a real account. they work. i contacted a tradestation certified programmer in houston about this several months ago. he told me programing price action is much harder than most of the stuff he does due to the variables involved. like how long should the nose be on a pin bar? should the eyes be even, if not how far apart can they be? i would love to do it but for the money he wanted i declined mostly because my brokerage account tells me they work without a backtest. i may do it someday but he told me i would need to drive to houston and discuss the variables personally. 125 bucks an hour. he said it might take him a couple of days to do it. i have wondered why no one has ever brought this up or tried it. someone finally did. jim
Thanks for quick reply Jim. Don't get me wrong please, I am not questioning if these price action bars are working or not. As you said, your brokerage account always tells the truth. I totally agree that it is really difficult to bactest price action compared to other technical stuff. I know yhis because I am also trying to test a couple of price action patterns manually and it takes time. I also know that past performance does not indicate future performance but I think it is the only thing we can rely on as technical analysis stands on statistics. I asked this because I can find many profitable price actions that suit the criteria, however there are many nonprofitable ones of the same price actions as well. In this case, to trade with price actions may sometimes become a little bit subjective which is not good for us humans as we are emotional creatures. Therefore as you indicated several times, while someone can look at the same price action and see a good entry opportunity, the others may not take this opportunity as they see it differently. Therefore experience is the most single important thing to trade price actions. Of course well defined entry, exit and stop loss strategies are also important. I have also wondered why no one has ever brought this up before. Not just your price action bars, no one has ever brought up this past performance issue for others' strategies explained in this forum.
So here is another question for all respectful people of this forum. Don't you worry about the performance of trading strategies recommended to you in this forum as you will most probably trade these strategies with your real money? My recommendation is this: why don't you start testing these strategies right now? I have started some of them and I can assure you that you will learn valuable things while testing. As we, FF participants, are trying to reach the same goal, let's start working together (as far as I can see, just a few people are really contributing to this forum, we have to increase this number to come up with many other strategies) and hard, and test the strategies. By this way everybody will feel more comfortable with these strategies they trade with. If you don't feel comfortable, you can't apply these valuable strategies with discipline.
Thanks for your contribution Jim.
  • #291
  • Sep 15, 2005 10:15pm Sep 15, 2005 10:15pm
Quoting Blackeagle
Thanks for quick reply Jim. Don't get me wrong please, I am not questioning if these price action bars are working or not. As you said, your brokerage account always tells the truth. I totally agree that it is really difficult to bactest price action compared to other technical stuff. I know yhis because I am also trying to test a couple of price action patterns manually and it takes time. I also know that past performance does not indicate future performance but I think it is the only thing we can rely on as technical analysis stands on statistics. I asked this because I can find many profitable price actions that suit the criteria, however there are many nonprofitable ones of the same price actions as well. In this case, to trade with price actions may sometimes become a little bit subjective which is not good for us humans as we are emotional creatures. Therefore as you indicated several times, while someone can look at the same price action and see a good entry opportunity, the others may not take this opportunity as they see it differently. Therefore experience is the most single important thing to trade price actions. Of course well defined entry, exit and stop loss strategies are also important. I have also wondered why no one has ever brought this up before. Not just your price action bars, no one has ever brought up this past performance issue for others' strategies explained in this forum.
So here is another question for all respectful people of this forum. Don't you worry about the performance of trading strategies recommended to you in this forum as you will most probably trade these strategies with your real money? My recommendation is this: why don't you start testing these strategies right now? I have started some of them and I can assure you that you will learn valuable things while testing. As we, FF participants, are trying to reach the same goal, let's start working together (as far as I can see, just a few people are really contributing to this forum, we have to increase this number to come up with many other strategies) and hard, and test the strategies. By this way everybody will feel more comfortable with these strategies they trade with. If you don't feel comfortable, you can't apply these valuable strategies with discipline.
Thanks for your contribution Jim.
i could not agree more. i feel pretty confident there are ten or more people here trading the little bit of price action i have taught. i was so worried early on that people would just get themselves into trouble as i cant really teach on an open forum. i was already getting ten or more pm's a day and it was overwhelming. i enjoyed it but i could not do justice to everyone. thats about to change with the privare forum. i have stressed many times the importance of at least demo trading any new thing to you until you get the hang of it. jim
  • #292
  • Sep 16, 2005 12:38am Sep 16, 2005 12:38am
Quoting james16
great post i have been itching to go short on this also. but like you the trend line worries me. the weekly trend is down. the daily trend is down. will it go down. who knows. the other thing anpar is the nose is really long so to give it justice you will have a large stop. position size accordingly if you do. jim
well anpar i took it at 1851, set my stop at 1880. its looking good. did you take it? the damn things just have a way of working more often than not.
  • #293
  • Sep 16, 2005 12:56am Sep 16, 2005 12:56am
Quote
ok im up 120 on the gbp. 33.78 on the cad and 116 on the aud with my new little interbank account. yeeehawww ( LOLOL) it aint a trillion but hey its A start. LOLOLOLOL.

Great trades Jim. How do you find InterbankFx (I take that's what you're using). In Demo version, their execution is virtually instant. Fastest I've exerienced so far. Is it the same when having a live account? I'm thinking of openning an account with them too. Time to get rid of my current "keeper".

Thanx
Habeeb

PS: I've been typing for 20 years, and still use one finger ... of each hand ofcourse.
Keeping it Simple
  • #294
  • Sep 16, 2005 1:00am Sep 16, 2005 1:00am
Quoting habeeb
Great trades Jim. How do you find InterbankFx (I take that's what you're using). In Demo version, their execution is virtually instant. Fastest I've exerienced so far. Is it the same when having a live account? I'm thinking of openning an account with them too. Time to get rid of my current "keeper".

Thanx
Habeeb

PS: I've been typing for 20 years, and still use one finger ... of each hand ofcourse.
so far so good, know how you tend to get rude people at these places. not here, i have been blown away by the nice people when you need one. they had a couple of bad spikes and immediatly returned everyones account exactly where it was. the best part. NO DEALING DESK. i am about to ship a bunch of money over there, just want to give it another month or so to be sure.
  • #295
  • Sep 16, 2005 1:18am Sep 16, 2005 1:18am
Thanx for the feedback Jim.
Keeping it Simple
  • #296
  • Sep 16, 2005 1:23am Sep 16, 2005 1:23am
Quoting habeeb
Thanx for the feedback Jim.
anytime my friend
  • #297
  • Sep 16, 2005 6:20am Sep 16, 2005 6:20am
hey james16, regarding your pin bar price action trading, I've been using it to some extent with 15 min charts and it works pretty well too.

kinda like it on the short term more, as I can sleep better not holding positions.

so you were saying that to program price actions on trade station is a heap harder eh?

hmm, i do have a computing background, I might actually look into it. Maybe i can help further down the track??
but for now, its going to be pure price action demoing and then maybe some live mini trading...

I'm likin this price action stuff, using candlesticks....

figured that if i can build up the account, it'd be good.

Ken
Trade what you see, not what you believe.....
  • #298
  • Sep 16, 2005 9:45am Sep 16, 2005 9:45am
hello jim,

many thanks for the time u spend and the great insights you are sharing on this forum.

On your last gbp/usd chart,on the pin bar, I noticed a DLHC bar.don't think this has been mentioned.
a double low and higher close bar at arround the 38% retracement on daily charts. does it qualifies for an entry ? the problem would be with finding a good level for the SL (since it was a very long bar...)
good day
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  • #299
  • Sep 16, 2005 10:35am Sep 16, 2005 10:35am
Quote
well anpar i took it at 1851, set my stop at 1880. its looking good. did you take it? the damn things just have a way of working more often than not.

To say the least, I missed it. I've been entertaining the last few days, sister is getting married, thus I lost track of time. I did move my stop to breakeven on the long trade, so I didn't get burned by the move atleast.

Very nice trade thou!
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  • #300
  • Sep 16, 2005 10:37am Sep 16, 2005 10:37am
Quoting phaeton
hello jim,

many thanks for the time u spend and the great insights you are sharing on this forum.

On your last gbp/usd chart,on the pin bar, I noticed a DLHC bar.don't think this has been mentioned.
a double low and higher close bar at arround the 38% retracement on daily charts. does it qualifies for an entry ? the problem would be with finding a good level for the SL (since it was a very long bar...)
good day
this kind of stuff just makes my day you are correct about the lenghth/danger of the position. but it was right off of a fib which does make a difference. on the long bars just figure the stop amount and position size accordingly. i did not see this one. thats what i am always trying to point out there are always trades, why not wait for the A trades like this one.
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