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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

  • #22,941
  • Mar 4, 2009 1:07am Mar 4, 2009 1:07am
Quoting unlv_tj
I got stopped out completely. All loss.

Most of this is my fault, I should have taken profit before the 1.300 level (stupidly set my 1st TP to 1.350 level).

But also, it looked like a good pin, and it barely broke, then went straight down.
Same here. My TP1 was 13050. Worst thing was watching this for 1.5 weeks and then to take a full loss.
  • #22,942
  • Mar 4, 2009 1:43am Mar 4, 2009 1:43am
Quoting arcus
Do you guys have any problem with FxPro (demo) feed? I had this huge gap. Few hours ago it is ok but now had this non-tradable huge gap LOL It also happened on my Eur/Chf. Had tried re-open the chart and re-open meta4. none workings.

Sorry guys, a little bit off topic. BTW, I had my eyes on U/Cad and E/U daily. Going to see strong resistance and support.

Hey Arcus, I have the same problem.

Those gaps are caused by missing data, EUR/CHF Daily on mine is missing everything from 10/16/2008 to 3/01/2009!!

The other time frames seem fine though...
  • #22,943
  • Mar 4, 2009 3:34am Mar 4, 2009 3:34am
anyone been eyeing out the pin bar on the 1H USD/CHF?
  • #22,944
  • Mar 4, 2009 3:59am Mar 4, 2009 3:59am
Did anyone short the daily pin bar on EURCAD?

Can't post chart.
  • #22,945
  • Mar 4, 2009 4:53am Mar 4, 2009 4:53am
It is more a question for the pros of J16.
A lot has been said on the importance of backtest to see what is working or not.
I am trying to work on aa automatic backtest but as far as I understand, J16 is more location based than siply trading all PB or outside bars.
Are you manually backtesting or automate it? Finding PPZ in an automatic feature seems to be a hassle...
  • #22,946
  • Mar 4, 2009 5:01am Mar 4, 2009 5:01am
Lapin,

first of all, i'm not a pro of this thread, so wait for more precise answer than mine.
However, i think that automatic backtesting is not possible in this case, since we're not talking and managing about strategy with precise rules, indicators, or so on. You have to go back and, like you've just said, find PPZ, Fibo ret, S/R, divergence and confluence, .... In this way you will start understanding and practise Jim's Price Action.

Just my 0.02$
  • #22,947
  • Mar 4, 2009 5:10am Mar 4, 2009 5:10am
Lapin,
if i may....
i think it would be impossible, difficult to say the least, to perform an automated backtest of this method.

As pointing out ppzs are discretionary, there's is no one way of trading the J16 way. every trader may spot a PPZ & PA setup & yet execute the trade differently-- one trader will enter a trade, another trader wouldn't. & we are not even talking about the trade exit startegy/-ies.

Manual backtest would be the way to go. examples of this would be the FREE videos on the James16 website wherein several charts were examined/analysed before & after the fact.

Good luck!!
  • #22,948
  • Mar 4, 2009 5:27am Mar 4, 2009 5:27am
Quoting dmc
Just a quick update, I just got stopped out for the remaining 1/3 of my position on the EUR/USD weekly pin, I don't think I should have taken it but i did manage to pull some profit from it, should have take full profit.Ah well it was a learning experience.
I had TP slightly above the where it ran to initially. Full loss. But it happens and I've long since moved on... as some say, accept the risk when you put the trade on. Expect full loss, and you'll normally be pleasantly surprised!

Josh
  • #22,949
  • Edited 6:28am Mar 4, 2009 5:54am | Edited 6:28am
Quoting Pirabuji
Did anyone short the daily pin bar on EURCAD?

Can't post chart.
Well I'm an absolute newbie here
Attached Image
Attached Image

and can't speak as an expert
(therefore if somebody more experienced could elaborate more on it).
To me looks like nice shape of the pin but in a very crowded area (not much space for the trade to run), plus down there is 23.6 Fib retracement (of the most recent highs) + a nice S/R of the range the pair has been stuck in.
Although the pin has been broken it won't be my cup of tea this time.
Attached Image

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Risk is there that I'm entirely wrong :o)
  • #22,950
  • Mar 4, 2009 6:00am Mar 4, 2009 6:00am
Quoting pakiestra
Well I'm an absolute newbie here Attachment Attachment
and can't speak as an expert
(therefore if somebody more experienced could elaborate more on it).
To me looks like nice shape of the pin but in a very crowded are (not much space for the trade to run), plus down there is 23.6 Fib retracement (of the most recent highs) + a nice S/R of the range the pair has been stuck in.
Although the pin has been broken it won't my cup of tea this time.
Attachment
Attachment
Risk is there that I'm entirely...
Pakiestra and Pirabuji,
See post below for my comments, also from a newbie.

http://www.forexfactory.com/showpost...ostcount=22922

Josh
  • #22,951
  • Mar 4, 2009 6:13am Mar 4, 2009 6:13am
short cable anyone? we got daily,weekly and monthly confluance breaks.It maybe a tasty treat mmmmm.

Well it was strat that didnt have his fingers crossed on my cunning plan on the gbpswiss.Full post mortum on my journal good luck warriors!!!!
  • #22,952
  • Mar 4, 2009 6:16am Mar 4, 2009 6:16am
Anyone got a nice H1 pin on GJ ?
Pretty solid level ...
  • #22,953
  • Mar 4, 2009 6:30am Mar 4, 2009 6:30am
Quoting pipmyride
Anyone got a nice H1 pin on GJ ?
Pretty solid level ...
I looked at that one for a second, I would have liked to see a longer nose so I passed.
"Whether you think you can or can't, you're right." Henry Ford
  • #22,954
  • Mar 4, 2009 6:39am Mar 4, 2009 6:39am
Quoting Scot Pippin'
I looked at that one for a second, I would have liked to see a longer nose so I passed.
Yeh long nose woulda been nicer, but the sentiment is still the same i think ..
  • #22,955
  • Mar 4, 2009 6:42am Mar 4, 2009 6:42am
Hope it does well for you.
"Whether you think you can or can't, you're right." Henry Ford
  • #22,956
  • Mar 4, 2009 6:45am Mar 4, 2009 6:45am
Look like a Bullish PB in... EU D1 TF....

Sonic
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  • #22,957
  • Mar 4, 2009 7:03am Mar 4, 2009 7:03am
Quoting pipmyride
Anyone got a nice H1 pin on GJ ?
Pretty solid level ...
there isn't any pin, hope it works out for you
  • #22,958
  • Mar 4, 2009 7:12am Mar 4, 2009 7:12am
Bundy, I know youīre a great trader, and like every good trader you must have a criteria that helps you to filter some setups and improve your probabilities. Letīs say "too much traffic" or "This PBīs nose is not enough long"......, and Iīm sure you wonīt take an A+ setup in 5M timeframe prior to NFP release. In this case I didnīt take the AUD/NZD because of the big momentum generated by the RBA rate hike......this is what I mean when I say "you MUST not be divorced from fundamentals", all we use filters to improve our probabilities and I think that take a look at the news calendar everyday donīt hurt and may help you to avoid a bad trade.


Quoting bundyraider
There could be more technical failures to come yet, due to even more fundamental reasons that would clog up our reasoning.

Divorcing fundamentals from technical analysis is completely OK in my book. A set up just didn't work....
  • #22,959
  • Mar 4, 2009 8:10am Mar 4, 2009 8:10am
Quoting bakko85
Will you take this trade if it'll close as a BUOB? And how? Wait for a retrace or the break of the bar?
Hi Bakko,

Sorry for the late response I've just been too ill to stay around the pc

I was going to play this at a pure break of the BUOB. Missed this one completely .

Congrats to those who took it

Regards,
Ghous.
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I believe . . .
  • #22,960
  • Mar 4, 2009 8:16am Mar 4, 2009 8:16am
Quoting Turtle
Hey Ghous....

New to this thread, joined James16 back in January, love learing new things.

Got a question on this post with the BUOB......

Upon the close of the candle, are you looking for a pullback to 122 before going long? Or would you go long upon the opening of the next candle looking for a target of 126? Considering this candle still qualifies for a BUOB at the end of the day?

Thanks in advance....

HOLLA
Hi Bro,

The pullback into the BUOB was pretty anticipated but I was going to play it entirely of the break. The bar did'nt close as authoritatively as I would have liked (it gave a tail to the north) too so I just wanted to place a pending order 10 pips agove the high of the BUOB...

K, Back to some chart scrutinizing, :nerd:

(I am on the dailies for a few months BTW. can't accomodate eyeballing entries on the lower tfs in such a busy routine.)

Regards,
Ghous.
I believe . . .
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