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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

  • #19,641
  • Jan 27, 2009 3:58am Jan 27, 2009 3:58am
Just got done reading about 10 pages of this thread, from the start, awesome stuff!

A trade I'm looking at is the GBP/JPY 1 hour (ya I know short time frame, only demoing). Looking at a dbhlc at 38.2 retrace. The candle has yet to close yet though, so am waiting patiently

Question I have, is there anything I can download or install that will show me the timer's of candles, so I know when a new candle is going to open?

Awesome thread thus far loving it, ty again.
  • #19,642
  • Jan 27, 2009 4:05am Jan 27, 2009 4:05am
Quoting Jlr
Just got done reading about 10 pages of this thread, from the start, awesome stuff!

A trade I'm looking at is the GBP/JPY 1 hour (ya I know short time frame, only demoing). Looking at a dbhlc at 38.2 retrace. The candle has yet to close yet though, so am waiting patiently

Question I have, is there anything I can download or install that will show me the timer's of candles, so I know when a new candle is going to open?

Awesome thread thus far loving it, ty again.
Here you go...

download and paste this in your mt4 indicators folder.

(make sure you tick the box next to "Allow DLL imports")

Regards,
Ghous.
Attached File(s)
File Type: ex4 Clock v1_2.ex4   13 KB | 549 downloads
I believe . . .
  • #19,643
  • Jan 27, 2009 4:09am Jan 27, 2009 4:09am
thx jarroo very clear explanation.
  • #19,644
  • Jan 27, 2009 4:17am Jan 27, 2009 4:17am
Quoting ghous
Here you go...

download and paste this in your mt4 indicators folder.

(make sure you tick the box next to "Allow DLL imports")

Regards,
Ghous.
Great tyvm. Also explained why my other indicators I've d/led haven't been working so well.
  • #19,645
  • Jan 27, 2009 4:20am Jan 27, 2009 4:20am
Quoting Jlr
Just got done reading about 10 pages of this thread, from the start, awesome stuff!

A trade I'm looking at is the GBP/JPY 1 hour (ya I know short time frame, only demoing). Looking at a dbhlc at 38.2 retrace. The candle has yet to close yet though, so am waiting patiently

Question I have, is there anything I can download or install that will show me the timer's of candles, so I know when a new candle is going to open?

Awesome thread thus far loving it, ty again.
Anyone else watching pair? Has bounced off the 38.2 line on 2 different time frames (1h,4h). From what I know a continuation off that line is generally very strong (could be wrong). Perhaps overreacting, but just demoing so no bigige. Nm is the 50 percent on the 4h.
  • #19,646
  • Jan 27, 2009 4:46am Jan 27, 2009 4:46am
Wow first trade so far, up 130 pips already!!
  • #19,647
  • Jan 27, 2009 4:52am Jan 27, 2009 4:52am
Quoting ghous
Hi Squeezy, sorry I qouted your post in an attempt to respond to Alter's post...

Abt this particular setup, IMO this was a good take...

refer to my post earlier here regarding how i was seeing the setup.

Abt the managment, I am eyeing as 0.91 as my first TP and the second being possibly around 0.89...

My SL is just above the left eye of the pin bar i.e at 0.934

Regards,
Ghous.

wow! thnx ghous
i seem to be making progress
a question for u, how do i take partial tp
hope dat isnt a silly question
so sl shld always be above the 1st eye and not the nose itself
thnx for sticking around to help us newbies
Simplicity is the key to success
  • #19,648
  • Jan 27, 2009 5:00am Jan 27, 2009 5:00am
Quoting Jlr
Anyone else watching pair? Has bounced off the 38.2 line on 2 different time frames (1h,4h). From what I know a continuation off that line is generally very strong (could be wrong). Perhaps overreacting, but just demoing so no bigige. Nm is the 50 percent on the 4h.
Hi Jlr

Welcome to the thread. I'm also pretty new around here so still learning too. Just something I picked up from your couple of posts. Treat the demo seriously AS IF IT WAS LIVE. If you start taking trades that you think are risking but OK because its demo you may start developing bad habits which will be hard to break later.

By all means use the demo to experiment but utlimately you want to go live with the knowledge gained on demo.

Please don't take this the wrong way... just something I spotted that I think is worth mentioning.

Regards

Ljr
  • #19,649
  • Jan 27, 2009 5:18am Jan 27, 2009 5:18am
Quoting ljr
Hi Jlr

Welcome to the thread. I'm also pretty new around here so still learning too. Just something I picked up from your couple of posts. Treat the demo seriously AS IF IT WAS LIVE. If you start taking trades that you think are risking but OK because its demo you may start developing bad habits which will be hard to break later.

By all means use the demo to experiment but utlimately you want to go live with the knowledge gained on demo.

Please don't take this the wrong way... just something I spotted that I think is worth mentioning.

Regards...
Ty, and no I actually appreciate that. You are 100 percent right too! I've been working on that, but still seem to do it from time to time. It's crazy how one can get emotional, even on a stupid demo platform. Got to become a professional, and I'm hoping this thread will give me some confidence, and help me trade properly. So far its been amazing. PS your name is very similar to mine
  • #19,650
  • Jan 27, 2009 5:26am Jan 27, 2009 5:26am
Hi Guys

Struggling to find setups on the higher TFs at the moment and starting to feel the urge to trade as I am a bit frustrated. Wonder if anyone has any advice about coping with this and keeping disciplined?

cheers,

berti
PA is where its at!!
  • #19,651
  • Jan 27, 2009 5:37am Jan 27, 2009 5:37am
Quoting Jlr
Ty, and no I actually appreciate that. You are 100 percent right too! I've been working on that, but still seem to do it from time to time. It's crazy how one can get emotional, even on a stupid demo platform. Got to become a professional, and I'm hoping this thread will give me some confidence, and help me trade properly. So far its been amazing. PS your name is very similar to mine
Well to control emotion, first thing to do in my opinion is to start with a good money management...risking smaller capital per trade should do some trick in easing your mind

It's logical...when you risk too much..you are much more afraid to loses especially if you don't have a solid trading strategy...that's where fear and greed kicked in into your mind...

When you know that the only "real" way to be successful in trading is by gaining consistent profits and compounding your profits...you're much more relaxed and calm in trading even a few loses would not bother you so much...because loses are inevitable, by accepting that there will be loses in your trading career..you will be much more confident in trading...

All in all, trading is about probabilities and managing risk...
  • #19,652
  • Jan 27, 2009 5:40am Jan 27, 2009 5:40am
Hi all the experts here,

I dun understand why round numbers levels are important in trading? So all of you only act on setups that is on round number? Pls pardon a newbie silly question.
  • #19,653
  • Jan 27, 2009 5:48am Jan 27, 2009 5:48am
Quoting xcov
Well to control emotion, first thing to do in my opinion is to start with a good money management...risking smaller capital per trade should do some trick in easing your mind

It's logical...when you risk too much..you are much more afraid to loses especially if you don't have a solid trading strategy...that's where fear and greed kicked in into your mind...

When you know that the only "real" way to be successful in trading is by gaining consistent profits and compounding your profits...you're much more relaxed and calm in trading even a...
May I suggest that you pick up a copy of the books "Trading in the Zone" by Mark Douglas and "The new market wizards" by Jack Schwager. Please do check them out and all will be revealed to you...

Regards

Alex

PS: My method didn't change, I did
  • #19,654
  • Jan 27, 2009 5:50am Jan 27, 2009 5:50am
Quoting bertie123
Hi Guys

Struggling to find setups on the higher TFs at the moment and starting to feel the urge to trade as I am a bit frustrated. Wonder if anyone has any advice about coping with this and keeping disciplined?

cheers,

berti
Well, patience is truly a virtue, and just like all the veterans of J16 said...a good setup will scream out to you...

I too felt your struggle as I have been there before and still presently felt that kind of way...my advice is stay away from the market for the day, of course after checking and re-checking that's there are no possible A trades to take...

Don't try to chase the trade if it already "left the station"
And the foolish part that I did as well was to take any possible pin bars or price action...I learned that "hope" is not a traits to have as a trader...

You have to keep focus and discipline...no good setup means no trade..

What I love about the higher time frames setup is that I don't have to be on my screen each and every moment of the time...I could read some books,enjoy some other things in life...

I trade for freedom in life not to be chained to my trading screen...
  • #19,655
  • Jan 27, 2009 5:57am Jan 27, 2009 5:57am
Quoting bertie123
Hi Guys

Struggling to find setups on the higher TFs at the moment and starting to feel the urge to trade as I am a bit frustrated. Wonder if anyone has any advice about coping with this and keeping disciplined?

cheers,

berti
Hey Bertie,

I have definately been there,.

1) Watch more pairs
2) I would say still trade the higher timeframes (Daily, 4Hour)
2) I personally sellotape my trading "plan" to the wall beside where I trade, it includes stuff like risk, what I am looking for to take trades, that keeps me disciplined, I am the first person to own up to "shotgunning trades" that get's me NOWHERE
Note - Jim posted a chart within the first 100pages of this thread where he puts rectangles around areas of fibonacci/PPZ confluence. . . When he does this it reminds him that there is an area of interest and that if he gets PA he will take the trade.
4) Backtest forex (I always want to backtest more, observe price action more)
5) I also have a massive sign on the wall . .

"I do not get paid for trading, I get paid for waiting"

I honestly think thats what trading is all about.

That reminds me to be patient, I KNOW it's hard, it's the hardest thing I have found with trading . . . You can see the money being made right in front of your eyes "oh theres a pin bar on the 15min that I should of took, I would be up by x pips by now". It's like leaving a giant cake in front of a starving child and telling them not to eat it.

The market WILL show us the way, we just need to have the patience to let it show us the way. That's why the J16 guys are profitable. I swear guys like Dave (Tuhuringa is his FF nickname) must have been a world renowned sniper in a previous life or something, he has the patience of a saint.

Just like anything in life, trading is first about conquering yourself . . . Conquering bad habits, conquering indiscipline, conquering frustration, conquering impatience and whatever else. We are engaged in the greatest battle of them all . . . With our weakness. THEN when we have our own weakness conquered, we can indeed conquer the market

/end of rant

Trade well bro,
Thomas
  • #19,656
  • Jan 27, 2009 5:57am Jan 27, 2009 5:57am
Quoting jarroo
What do I consider when Price moves through a PPZ level and comes back down to form a Pin Bar, at a swing high? I consider it a tradable opportunity.

A few problems with this PA setup: the 1.4050 is actually a Resistence level not a PPZ and Pin Bar's nose is much to short. I do like the level of resistence which could turn into support and strengthen the 1.4050 level. Also, the swing high could be higher. Just my thoughts.

Now watch it fall like a stone. lol
Jarroo,

Felt tempted to take the G/U 4h pin but decided not to. Would you say that this was a good example of a pin being 'in traffic'? There seems to be a lot of congestion to the left of the pin.
PA is where its at!!
  • #19,657
  • Jan 27, 2009 6:01am Jan 27, 2009 6:01am
Quoting Ray_1
Hi all the experts here,

I dun understand why round numbers levels are important in trading? So all of you only act on setups that is on round number? Pls pardon a newbie silly question.
It's a psychological numbers...since the market consists of human emotions, take profit,stop loses sometimes occurs in these numbers..

We don't act only based on these round numbers...actually what matters is knowing where price might slow down,stop or even reverse...that's why ppz is very important...



Quoting AlexFX
May I suggest that you pick up a copy of the books "Trading in the Zone" by Mark Douglas and "The new market wizards" by Jack Schwager. Please do check them out and all will be revealed to you...

Regards

Alex

PS: My method didn't change, I did
Hi AlexFX,

Yeah I read Mark Douglas's book...it's a very good one about trading pyschology...

But my all time favorites is "Reminiscences of a Stock Operator"

And recently I read "Fooled by Randomness" by Nassim Taleb...another good book to read

LoL why are we talking about books...sorry guys if it's out of the topic lol...
  • #19,658
  • Jan 27, 2009 6:03am Jan 27, 2009 6:03am
Ty guys, very good points made. I totally agree with you on the part about risk management. I remember when I first started playing poker. I started off playing way higher then I should have. Ended up in me quiting for a long period of time, and resuming my day job. I came back later and started at a much lower level, where I felt totally comfortable, and knew I wouldn't be that bummed if I lost my $. I gradually worked through each level I could slowly 1 step at a time, and would often stay longer then I had planned, or was told was logical for me to stay. I had realized that even though it was reccomened I go higher, my risk tolerenance wasn't quite the norm, and that I should move at a slower pace. Once I felt 100 percent confident, I would then go up. I wish I had started off at a lower level from the start, I would have no only profited, but mostly importantly I would of stayed in the game. The time I spent away was really unfortunate.

I hope not to make the same mistakes with FX, but so far I have been pretty careless. Luckily these demo things exsist or I'm sure I would of gotten bored and gone live already. Thx guys for the insite, and I will look into buying that book, actually the second reccomendation now.
  • #19,659
  • Jan 27, 2009 6:07am Jan 27, 2009 6:07am
Is Ther Any Kind Of Indy That Idntifing Pin Bar And Moor Price Action?



Thankes

Fx Fuel:}
  • #19,660
  • Jan 27, 2009 6:08am Jan 27, 2009 6:08am
Quoting Jigsaw
Hey Bertie,

I have definately been there,.

1) Watch more pairs
2) I would say still trade the higher timeframes (Daily, 4Hour)
2) I personally sellotape my trading "plan" to the wall beside where I trade, it includes stuff like risk, what I am looking for to take trades, that keeps me disciplined, I am the first person to own up to "shotgunning trades" that get's me NOWHERE
Note - Jim posted a chart within the first 100pages of this thread where he puts rectangles around areas of fibonacci/PPZ confluence. . . When he does this it reminds...
Jigsaw,

Thanks for your reply - excellent! My biggest problem up until now has been discipline and a lack of patience! Trying to develop these qualities and I am currently rereading Douglas and 'trading in the zone'.

Your 'i don't get paid for trading but waiting' quote is inspirational and I think I will put it up on my wall too. Like another guy told me you dont get paid by the hour in trading.

I know the good setups will always come along so it is a case of waiting patiently. Thanks for your advice, much appreciated.

berti
PA is where its at!!
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