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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

  • #301
  • Sep 16, 2005 10:40am Sep 16, 2005 10:40am
Quoting khoong25
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
if you can trade them succesfully on a 15 min chart, then you are a good trader. try them on larger frames youll be even happier. thanks for your post. jim
  • #302
  • Sep 16, 2005 12:01pm Sep 16, 2005 12:01pm
Quoting Anpar
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!
Hi Anpar,

May I ask, what are those colored rectangles you have under your bars? If I can program them in MetaTrader, then I have an idea I'd like to try.

Also, but less importantly, what are the colored dots at the bottom of the bars?

Thanks Anpar!
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #303
  • Sep 16, 2005 3:45pm Sep 16, 2005 3:45pm
Quoting james16
if you can trade them succesfully on a 15 min chart, then you are a good trader. try them on larger frames youll be even happier. thanks for your post. jim
I definitely need to digest more of those previous postings you have in this thread, but I definitely feel it can be applied, but I'd probably tweak it more.

Thing is, I'm not sure about the larger time frames yet, as I still want to have good sleep and since I'm in Australia, most of the good lookin trades come at london opening to new york opening, which works well for now, as I can get in and get out...

Although TradeVector's stuff may be a load of baloney/or not, but it did trigger off some interesting ideas, which I might try to explore .. ie trying to quantify/measure/look at 'price action'....
Trade what you see, not what you believe.....
  • #304
  • Sep 18, 2005 4:20pm Sep 18, 2005 4:20pm
Hey Jim, I was just wondering if you kept a track record of pin bars going with confluence levels. Do any of them work better than others? Fibo levels, s/r etc. Just thought it might be interesting if you had better percentage winners with some than others.

I Hope everyone had a good weekend and got some sleep!
Pipmon
LETS PLAY HOCKEY!
  • #305
  • Sep 18, 2005 8:58pm Sep 18, 2005 8:58pm
Quoting pipmonster
Hey Jim, I was just wondering if you kept a track record of pin bars going with confluence levels. Do any of them work better than others? Fibo levels, s/r etc. Just thought it might be interesting if you had better percentage winners with some than others.

I Hope everyone had a good weekend and got some sleep!
Pipmon
if you find a pin bar where the nose petrudes through a fib, large ma or a pivot and the open and close stays on the other side its go time. this will be one the things we will learn in the pf. i wiil post a chart and show you what i mean. jim
  • #306
  • Sep 18, 2005 9:17pm Sep 18, 2005 9:17pm
Quoting james16
if you find a pin bar where the nose petrudes through a fib, large ma or a pivot and the open and close stays on the other side its go time. this will be one the things we will learn in the pf. i wiil post a chart and show you what i mean. jim
Merlin, I think we have a little problem here. This post must have been made by someone else. Jim is sleeping. Just ask his wife.
Steven
  • #307
  • Sep 18, 2005 9:20pm Sep 18, 2005 9:20pm
see post above
Attached Image
  • #308
  • Sep 18, 2005 9:24pm Sep 18, 2005 9:24pm
Quoting scpeter
Merlin, I think we have a little problem here. This post must have been made by someone else. Jim is sleeping. Just ask his wife.
how did you know that. i slept 10 hours today/last night.
  • #309
  • Sep 19, 2005 6:27pm Sep 19, 2005 6:27pm
Hey Jim, just an observation recently ever since I learnt the 'pinnochio' ...

It actually happens with fairly good regularity especially with USD/JPN and the other yen pairs as well ....

I've been demoing on 15 min USD/JPN and it happens very often. Its a good 20-30 pips more often than not.. or you move your s/l to breakeven after a few candles/bars ...

Any comments?

Ken
Trade what you see, not what you believe.....
  • #310
  • Sep 19, 2005 6:42pm Sep 19, 2005 6:42pm
Quoting khoong25
Hey Jim, just an observation recently ever since I learnt the 'pinnochio' ...

It actually happens with fairly good regularity especially with USD/JPN and the other yen pairs as well ....

I've been demoing on 15 min USD/JPN and it happens very often. Its a good 20-30 pips more often than not.. or you move your s/l to breakeven after a few candles/bars ...

Any comments?

Ken
you guys scare me to death playing these short term charts. but hey if there working for you what the heck. i like to play them on a 4hr chart minimum unless i see a really primo one on a 1 hour. i just hope that your looking to move your stop to BE pretty darn quick. if your hunting for 10 to 20 pips like khoong fine but man you got to move yout stop to BE asap on these smaller time frames. jim
  • #311
  • Sep 19, 2005 8:24pm Sep 19, 2005 8:24pm
Most definitely jim, i would not advocate this 'play' for any big moves and definitely not near news time.

The stops are generally under 15 pips, and moved to b/e fairly quickly. What I might have not mentioned is that this works well after a 'decent' opposite trend (since this is a reversal/consolidation/etc signal), like at least 30+ pips move and also if the 'pinnochio' happens on 'low/high of the day' .....

I'm trying to build a system around it, and combine it with a breakout system I 've been testing.

Ken
Trade what you see, not what you believe.....
  • #312
  • Sep 19, 2005 8:33pm Sep 19, 2005 8:33pm
Quoting khoong25
Most definitely jim, i would not advocate this 'play' for any big moves and definitely not near news time.

The stops are generally under 15 pips, and moved to b/e fairly quickly. What I might have not mentioned is that this works well after a 'decent' opposite trend (since this is a reversal/consolidation/etc signal), like at least 30+ pips move and also if the 'pinnochio' happens on 'low/high of the day' .....

I'm trying to build a system around it, and combine it with a breakout system I 've been testing.

Ken
just the way you worded everything tells me you get it.
  • #313
  • Sep 20, 2005 4:01am Sep 20, 2005 4:01am
Quoting james16
you guys scare me to death playing these short term charts. but hey if there working for you what the heck. i like to play them on a 4hr chart minimum unless i see a really primo one on a 1 hour. i just hope that your looking to move your stop to BE pretty darn quick. if your hunting for 10 to 20 pips like khoong fine but man you got to move yout stop to BE asap on these smaller time frames. jim
Crikey Jim,
You post a few short term charts yourself... down to 3 mins on mini-Dow as I recall.
What are you refering to here. FX charts are safest played of the 4 hour?
I think that's what you're saying. Sure, I know you said it's a gut wrenching experience whatever but short term trades are indeed within your practiced style of trading - unless I have misunderstood you somehow.

I love this thread.

Regards,
Kosta
  • #314
  • Sep 23, 2005 9:07am Sep 23, 2005 9:07am
I only just found this forum & thread & all I can say is....wow!! I trade FX & use mostly TL breaks, fibs & divergence with some basic bars setups.
Jim has opened up a new vista of charting to me. Posting a trade I'm still in, which I would have taken on my setups alone, but add in Jim's excellent slant on PA and it was like shooting fish in a barrel
Sorry that chart is a bit "busy", but I wanted to show what I saw.
http://img378.imageshack.us/img378/1...09051aw.th.jpg
  • #315
  • Sep 23, 2005 10:59am Sep 23, 2005 10:59am
Quoting Kosta Berj
Crikey Jim,
You post a few short term charts yourself... down to 3 mins on mini-Dow as I recall.
What are you refering to here. FX charts are safest played of the 4 hour?
I think that's what you're saying. Sure, I know you said it's a gut wrenching experience whatever but short term trades are indeed within your practiced style of trading - unless I have misunderstood you somehow.

I love this thread.

Regards,
Kosta
so far for me at least playing the longer term charts have been more consistent and profitable in the forex market. i have daytraded futures for many years and have a feel for them. not so with forex at least not yet. very very few people last for long playing 15 min time frames or less in any market.
  • #316
  • Sep 23, 2005 11:00am Sep 23, 2005 11:00am
Quoting Beachie41
I only just found this forum & thread & all I can say is....wow!! I trade FX & use mostly TL breaks, fibs & divergence with some basic bars setups.
Jim has opened up a new vista of charting to me. Posting a trade I'm still in, which I would have taken on my setups alone, but add in Jim's excellent slant on PA and it was like shooting fish in a barrel
Sorry that chart is a bit "busy", but I wanted to show what I saw.
http://img378.imageshack.us/img378/1...09051aw.th.jpg
glad they are helping you and welcome to the forum. jim
  • #317
  • Sep 24, 2005 11:34am Sep 24, 2005 11:34am
Quote
hey scooter, it is tradestation. every bar stands on its own if that answers you question. i usually set my stop right above or below the two bars. i dont like to lose a lot of money, if it breaks the two bars its usually over. profit targets have to be user defined. i trade with enough so that just a small move will make me several hundred dollars sometimes thousands depending on the set up. i cannot say this strongly enough, never let a winner become a loser. winning three hundred and getting out only to watch it go to 3 thousand bothers me much less than watching my 300 profit turn into a 300 loss because i did not lock it in. thats just me we are all different. i take half profit then move my stop to breakeven for the other half. winning is a rush, losing sucks. if a trade goes south on me i can live with it, i cant live with watching a winner go to a loser because i did not use my brain. doing that keeps me up at night. and yes i still do it from time to time.

Hey Jim,

I've been reading some threads and have a question of the one above. Can you explain "taking half profit for me"? I've been going through Merlin's reading list as quickly as possible, but this seems like a basic money management stratagy I probably breezed over.

The Chase
  • #318
  • Sep 24, 2005 12:10pm Sep 24, 2005 12:10pm
Quoting mchase2539
Hey Jim,

I've been reading some threads and have a question of the one above. Can you explain "taking half profit for me"? I've been going through Merlin's reading list as quickly as possible, but this seems like a basic money management stratagy I probably breezed over.

The Chase
well there are many money monagement strategies and if there is one area of my trading i still feel inadequate at its this. lets take an example. you are playing a pin bar and its on a 60 min chart. the move has run 20 pips in your favor. here are just a couple of possibilities. move your stop to breakeven and keep the whole position hoping for more. move the stop to be and sell half of your lots. move the stop to be and sell a third or 25 percent of your lots. you can do it anyway you want i just personally think its important to get your stop to BE asap. others do it differently. jim
  • #319
  • Sep 24, 2005 1:12pm Sep 24, 2005 1:12pm
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?
Anpar,

Would you please explain how do you show a candle and a bar chart in the same time?

Thank you in advance,

Sabry
  • #320
  • Sep 24, 2005 7:22pm Sep 24, 2005 7:22pm
Just wanted to briefly say thank you.
I am one, of what I assume are many, that read every post in this thread and are amazed by the valuable knowledge that is being shared.

From one of the, again many, that remain relatively silent:

Thank you!

RotcaX
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