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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

  • #16,421
  • Dec 8, 2008 8:58am Dec 8, 2008 8:58am
Quoting Mr Trend
He had you at the wine, right? He's such a sneaky bastard.


Ru ready to buy yen crosses yet?
  • #16,422
  • Dec 8, 2008 9:16am Dec 8, 2008 9:16am
Quoting raczekfx


Ru ready to buy yen crosses yet?
After US lunch... Here in about 45 minutes...

Actually, I have enough positions on... I'm selling dollar and buying AUDJPY at the moment.
Mr. Trend
  • #16,423
  • Dec 8, 2008 9:19am Dec 8, 2008 9:19am
Quoting Mr Trend
He had you at the wine, right? He's such a sneaky bastard.

yep.
  • #16,424
  • Dec 8, 2008 9:58am Dec 8, 2008 9:58am
1H I4Bs on:

GBPJPY
GBPCHF


1H IBs on:

EURUSD
EURGBP
EURCHF
USDJPY
AUDJPY

  • #16,425
  • Dec 8, 2008 10:19am Dec 8, 2008 10:19am
Quoting jarroo
Sorry Mr. T. I'll quit stating the obvious.

Hey... there are guys like out there that like the obvious!
  • #16,426
  • Dec 8, 2008 10:36am Dec 8, 2008 10:36am
Quoting Mr Trend
While that pin may not be valid from the way Jim teaches, you should still play it. Reason being that playing price action formations isn't necessarily about making sure that a pin's eye is exactly where it needs to be, or a BUOB closes X amount of pips high... PA is about entering trades based on why price acts the way it does. IOW, that pin is still a valid pin. Psychologically speaking, it reacted as it should have...

This is why Pring will tell you that he will trade pins that close halfway up the bar. Now personally, I don't...
Along the same lines as this, how much weight should we really be putting on the close of any intra-day bar. What I mean by this is when we look at, say a 4H or 1H chart, they 'close' at random intervals of our choosing. Therefore, when we consider a setup such as a pinbar, it may 'close' as a neutral bar on a 1H chart, but perhaps be a perfect pin bar on a 1H & 12 min chart...

I can understand the significance of the daily/weekly/monthly close, but do we give to much credit to intra-day closes?

I'd be interested to hear peoples thoughts

-The Iron Duke-
  • #16,427
  • Dec 8, 2008 10:39am Dec 8, 2008 10:39am
Amen brother.

Quoting Flem26
man, this thread has been hopping lately! good to see the old timers adding their invaluable insights. Forex Factory truly is a great community. minus the trolls of course.
  • #16,428
  • Dec 8, 2008 10:47am Dec 8, 2008 10:47am
Quoting Wellington
Along the same lines as this, how much weight should we really be putting on the close of any intra-day bar. What I mean by this is when we look at, say a 4H or 1H chart, they 'close' at random intervals of our choosing. Therefore, when we consider a setup such as a pinbar, it may 'close' as a neutral bar on a 1H chart, but perhaps be a perfect pin bar on a 1H & 12 min chart...

I can understand the significance of the daily/weekly/monthly close, but do we give to much credit to intra-day closes?

I'd be interested to hear peoples thoughts

-The...
No. Don't get wrapped up in, "Well wait, this chart shows a pin, oh no, this 4H shows a BUOB... OH CRAP, there's a head and shoulders on 1H..."

You will be doing that all day. Pick a timeframe, look for confluence from higher timeframes, and trade it.

Beginner Trader Mistake #340293: They can't stick to one timeframe because they're inpatient, they're always second guessing theirselves, and they always wanna be in a trade.

Don't make that mistake.
Mr. Trend
  • #16,429
  • Dec 8, 2008 10:50am Dec 8, 2008 10:50am
Quoting Mr Trend
No. Don't get wrapped up in, "Well wait, this chart shows a pin, oh no, this 4H shows a BUOB... OH CRAP, there's a head and shoulders on 1H..."

You will be doing that all day. Pick a timeframe, look for confluence from higher timeframes, and trade it.

Beginner Trader Mistake #340293: They can't stick to one timeframe because they're inpatient, they're always second guessing theirselves, and they always wanna be in a trade.

Don't make that mistake.
Hey Mr T. could we have the complete list?
  • #16,430
  • Dec 8, 2008 10:51am Dec 8, 2008 10:51am
Quoting Vourvoul
Hey Mr T. could we have the complete list?
That's actually how many mistakes I used to make as a beginning trader. You don't want that list. Maybe I will make a more condensed version.
Mr. Trend
  • #16,431
  • Dec 8, 2008 10:53am Dec 8, 2008 10:53am
Wanna trade short-term? (Of course you do.)

Go look at 1H charts on the majors. Go pick a few yen cross pairs while you're at it. What do you see?
Mr. Trend
  • #16,432
  • Dec 8, 2008 10:54am Dec 8, 2008 10:54am
Quoting Mr Trend
Beginner Trader Mistake #340293: They can't stick to one timeframe because they're inpatient, they're always second guessing theirselves, and they always wanna be in a trade.

Don't make that mistake.

that one was higher up on my list...
  • #16,433
  • Dec 8, 2008 11:20am Dec 8, 2008 11:20am
Quoting Mr Trend
No. Don't get wrapped up in, "Well wait, this chart shows a pin, oh no, this 4H shows a BUOB... OH CRAP, there's a head and shoulders on 1H..."

You will be doing that all day. Pick a timeframe, look for confluence from higher timeframes, and trade it.

Beginner Trader Mistake #340293: They can't stick to one timeframe because they're inpatient, they're always second guessing theirselves, and they always wanna be in a trade.

Don't make that mistake.
You misunderstand what I'm saying. I'm questioning the validity/value of the closing price of an (any) intra day bar. The close of a daily bar has significance. Does the close of a 4H...?
  • #16,434
  • Dec 8, 2008 11:30am Dec 8, 2008 11:30am
Anyone that has actually read this entire thread knows that I make the following post about every 3 to 6 months. Its been a while and I see a lot of new people so here it comes again. I know im being scrooge on a really good day but this is why i do what i do. I try to keep you from going thru the heartache and financial distruction i did many years ago.

I dont care how you choose to trade. It could be with a clean chart like we do here or it could be with 182 different indicators on your chart. It does not matter.

If your new to trading and your trading with real money on 1 hour charts your not gonna make it.

Obviously the following is just my opinion. it is not intended to start a debate. It is my opinion based on almost 26 years of experience. Take it as you will but never forget that this business has the potential to take good and decent people and ruin them. not just there money but there very lives.

The following has been beaten to death i know but i dont care. If it wakes up one person then its worth it.



If you are new to trading and/or you have had difficulty finding some consistent success, you must understand something. This is not a game and it's not a way to get rich quick. I suppose there is the odd exception of the person with a ton of money to play with, but if you approach this business without a business plan and the willingness to follow it, you are almost certainly doomed to failure. A doctor spends ten plus years in a grueling learning curve to be successful and earn a six figure income; anyone who thinks that their pot of gold in this business is a couple of months down the road is in for a rude awakening.

Below is a minimum requirement (in my opinion) to find out without losing your @#!@#$%$# if this business is for you. By following these recommendations, you will be treating trading like a business and you will be learning and gaining confidence. I think this is so important, I am going to make the following statement: If you start out in this business using no common sense, you have no one to blame other than yourself when you lose all your money.

There is no reason to ever lose a dime of your money while learning to trade. A well thought-out business plan, common sense and hard work is required for anyone who wants a chance at success. Many people meet those requirements and still fail, but it does not mean you have to watch your bank account go to zero.

MINIMUM REQUIREMENTS / THIS IS A BUSINESS
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM):

  1. ON DAILY AND WEEKLY TIME-FRAMES, YOU ONLY DEMO-TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED.
  2. OPEN AN ACCOUNT WITH HALF OF THE INVESTMENT YOU INTENDED TO GO FULL WITH AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE PROFITABLE THREE MONTHS IN A ROW MINIMUM. YOU NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE. YOU DO NOT PROCEED TO STEP THREE UNTIL STEP TWO IS COMPLETED.
  3. FUND A FULL ACCOUNT AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE CONSISTENTLY BUILDING YOUR ACCOUNT FOR AT LEAST SIX MONTHS. YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.
  4. IF AND WHEN YOU DECIDE TO DAYTRADE ON A SMALL TIME-FRAME AND YOU DON'T FOLLOW THIS TEMPLATE, AT A MINIMUM, YOU ARE ALMOST CERTAINLY GOING TO FIND YOURSELFE IN TROUBLE. IF YOU ARE GOING TO FOLLOW A SYSTEM OR ANY TRADING STYLE AND YOU DON'T FOLLOW THIS TEMPLATE AS FAR AS THE DEMO PROCESS, YOU ARE NOT TREATING IT AS A BUSINESS AND YOU HAVE NO ONE TO BLAME OTHER THAN YOURSELF IF YOU LOSE YOUR MONEY.
  5. IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF YOUR ACCOUNT, YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS, YOU REFUND YOUR ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING AGAIN UNTIL YOUR DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES ONE MONTH OR SIX MONTHS, IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DON'T WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT.

Your goal should be this. Learn, learn and learn some more and don't do anything stupid while your getting your feet on the ground. The ultimate goal of any trader is to build an account to a size where just a few good trades a month produces a staggering income. Hardly anyone ever gets there because they don't treat it as a business. They do stupid things that they would never do in any other area of their life and it's because of the money that can be made. If it takes you a couple of years or even five or ten to reach the level of a staggering income, is it worth it? The choice is yours.

  • #16,435
  • Dec 8, 2008 11:35am Dec 8, 2008 11:35am
Quoting Mr Trend
After US lunch... Here in about 45 minutes...

Actually, I have enough positions on... I'm selling dollar and buying AUDJPY at the moment.
ok. let's do it.
b: gu, gj, ej, uj, cj, nj, aj
s: uc
  • #16,436
  • Dec 8, 2008 11:50am Dec 8, 2008 11:50am
upto pg500

giddeee up!!!
  • #16,437
  • Dec 8, 2008 11:53am Dec 8, 2008 11:53am
Quoting raczekfx
ok. let's do it.
b: gu, gj, ej, uj, cj, nj, aj
s: uc
Mmm... pips. Tasty... now ya just messin' with my feelings...
Mr. Trend
  • #16,438
  • Dec 8, 2008 11:55am Dec 8, 2008 11:55am
Quoting raczekfx
ok. let's do it.
b: gu, gj, ej, uj, cj, nj, aj
s: uc
I was wondering when I would see that post
  • #16,439
  • Dec 8, 2008 12:00pm Dec 8, 2008 12:00pm
fakey break low to sup then back up to res.
break 9000...?
Attached Image (click to enlarge)
Click to Enlarge Name: djf.gif Size: 12 KB
  • #16,440
  • Dec 8, 2008 12:04pm Dec 8, 2008 12:04pm
Quoting rustyjeff
I was wondering when I would see that post
Posted and traded live 2min later... you got to love it...
Ok, enough of signals for today....
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