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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

  • #24,301
  • Mar 19, 2009 9:38pm Mar 19, 2009 9:38pm
Quoting joebryce
Actually Mike, I was referring to the Usd/Jpy, not sure how to link to my previous post so here is what I saw. I didn't like the chf pb as it was pointing right into a ppz. This on the other hand formed right at where I wanted it. I entered on the 1hr and the fruit seems to be ripening. Do you see much difference between this and the chf?

This is something I have just started trading. As I have gotten better at defining my ppz I see pairs almost always gives something in these areas. I would have been out already but with the 4hr pin I set my stop...
Both are examples of what I refered to in my last 2 posts. Chart 1 that pin is so small on the hour, that I personally wouldn't even blink twice at it. And then that usd/jpy 4hr pin is what I speaking about with the body. Granted the next bar didn't break either, but you also have 95 rd number right above it

Again if it works for you then don't change a thing. Just my experiences to share

Take care
Mike
  • #24,302
  • Edited 9:42pm Mar 19, 2009 9:41pm | Edited 9:42pm
Quoting joebryce
Actually Mike, I was referring to the Usd/Jpy, not sure how to link to my previous post so here is what I saw. I didn't like the chf pb as it was pointing right into a ppz. This on the other hand formed right at where I wanted it. I entered on the 1hr and the fruit seems to be ripening. Do you see much difference between this and the chf?

This is something I have just started trading. As I have gotten better at defining my ppz I see pairs almost always gives something in these areas. I would have been out already but with the 4hr pin I set my stop...
I hope you don't mind me commenting, but yes I think that UJ H4 Pin is quite the size even when compared to the last bars bear moves, located at a good swing low right on top of the 94.00 Weekly PPZ too, but since I don't trade H4 live, I can't tell... but if I should, I'd take that one, but maybe not based on H1, I'll put a buy stop at 94.92 maybe... then when at 95.3 move to BE, and TP at 95.8, that's about the trade plan if I took it

I have this biased view of the UJ dailies foming an IB for friday and then the IB broke higher on monday...

Good luck, trade safely.

Marcel

(Man, I didn't even see the round number coming... doh... practice.. practice..)
  • #24,303
  • Mar 19, 2009 9:53pm Mar 19, 2009 9:53pm
Quoting mbqb11
Again if it works for you then don't change a thing. Just my experiences to share
Mike, you are awesome. Not sure how in the world you keep up and keep so incredibly focused. I'm sure your getting much out of the experience and you have earned it.

Can't say yet that what I'm doing on this trade works. It may just be just teaching me bad habits if it works out but I love confluence and this one had a weekly ppz, previous trendline, 50 fib. The puny PA just gave me an entry point.
  • #24,304
  • Mar 19, 2009 9:56pm Mar 19, 2009 9:56pm
Quoting joebryce
Actually Mike, I was referring to the Usd/Jpy, not sure how to link to my previous post so here is what I saw. I didn't like the chf pb as it was pointing right into a ppz. This on the other hand formed right at where I wanted it. I entered on the 1hr and the fruit seems to be ripening. Do you see much difference between this and the chf?

This is something I have just started trading. As I have gotten better at defining my ppz I see pairs almost always gives something in these areas. I would have been out already but with the 4hr pin I set my stop...
Joe, some of this comes with experience and time. I have been burned by plenty of these myself and after awhile you can develop a feel for them. A couple of things to keep in mind with the UJ. This move has come after some significant news and we most likely still have momentum in the market. The last two days have been bears in control with above average ranges. I would keep an eye out for a nice Daily IB. The 4hr pin might move, but could be short lived with at best 1R. Not that I want to talk you out of something if you feel strongly. Just my 2 pips on how I view it.
  • #24,305
  • Mar 19, 2009 9:58pm Mar 19, 2009 9:58pm
Quoting dkmb92
anyone know where i can find usd index chart on mt4? i follow ibfx, fx-pro, & lite-fx feed, but i cannot find it. sorry for off topic question.
SIGtrader4 has it.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #24,306
  • Mar 19, 2009 10:01pm Mar 19, 2009 10:01pm
Hi GUYs

Hope you are all heading for millionaires row with your trading. Have been at this fx business for a while now but have lost focus/discipline recently for various reasons, one being I am a sucker for 'I'm making £££'s a day easy on the FTSE/DOW, etc' type threads, of which there are many. Also, have not been, like J16 says, treating this like a business. Have been doing things like going down to 15m TF and looking for pins, because some guys on other forums tell me they are making fortunes doing this - I can't seem to resist these claims and rush to emulate these 'gurus', only for it to end in disappointment and frustration. My one saving grace is that I have not lost much money as most of my mistakes were on demo/tiny stakes, so my bank balance is still mostly intact despite my eagerness to get rich quick.

So, what have I decided to do? Take the advice of James, Mike etc and go back to basics and treat this like a business. That means going back to the Weekly, Daily and no lower than 4h TFs, demotrade microlots and practice, practice, practice. For any newbie out there reading this, there are no shortcuts my friends, you should listen to everything James tells you. I am also reworking my way through this entire thread (yes, some 25K of posts!) as I try to realign my thinking and look to the longterm. I still believe I can do it but I realise the fooling about has not helped and it is now time to treat this business seriously. It takes work, effort, commitment, patience and discipline and a dose of common sense. Another thing that I have learned is that it is better to aim for modest gains while you are learning rather than to shoot for 100's of pips on every trade, another mistake I have made!

As I have said my one saving grace has been my small losses: I have not blown an account because deep down I knew that I was not yet ready for real live trading. Sorry to rabbit on a bit but if this post helps at least one newbie to take the correct path as recommended by James, Mike etc, it will have been worthwhile.

Good trading to all you guys,

Berti
PA is where its at!!
  • #24,307
  • Mar 19, 2009 10:09pm Mar 19, 2009 10:09pm
Quoting bertie123
Hi GUYs

Hope you are all heading for millionaires row with your trading. Have been at this fx business for a while now but have lost focus/discipline recently for various reasons, one being I am a sucker for 'I'm making £££'s a day easy on the FTSE/DOW, etc' type threads, of which there are many. Also, have not been, like J16 says, treating this like a business. Have been doing things like going down to 15m TF and looking for pins, because some guys on other forums tell me they are making fortunes doing this - I can't seem to resist these...
It often takes that "pushed to my last straw" to finally approach and tackle things the right way. If you do you will never look back. All those threads of X% a day etc, should be used as nothing more but entertainment b/c it is a joke.

Glad to hear you going at it the right way Bertie
  • #24,308
  • Mar 19, 2009 10:11pm Mar 19, 2009 10:11pm
Quoting mrsingha
SIGtrader4 has it.

Steve.
i have sigtrader4 w/ lite-fx, but cant find it. what is it listed as? or where can i find it? thx.
  • #24,309
  • Edited 10:40pm Mar 19, 2009 10:12pm | Edited 10:40pm
Thank you for posting that, Mike.

Yesterday I violated the rookie rule of trading on the 4hr charts. Not only did I violate that rule, but I have seen posts from you recently saying that you stayed out of a trade because the size of the pinbar was too small relative to recent bars. Despite what I had already been taught, I took a trade from a 4hr AUD/USD chart where the size of the bar was small compared to the previous bar. (The pinbar is highlighted in gray on my 4hr chart.)

I still do not completely understand why I took the trade. (I will be a better trader when I figure that out.) There was a greedy little devil standing on one shoulder saying, "The location of this pinbar will make you some money and the low of the pinbar is below the 50% fib you drew on your chart", while the patient little angel on the other shoulder was ignored.

At the time I felt that the .6800 region was a nice round number and strong PPZ on the weekly chart. (Please let me know if whether you feel that .6800 was not a good area to draw S/R on the weekly.) The open price of the pinbar was also above the close price of the previous bar (it was not officially a pinbar), but I ignored this because I was sold on the location.

I hope that some rookies (including myself) can learn from my mistake and more importantly from your ability to teach the same lessons over and over again.

One of the many important lessons I have learned from this thread is that location (PPZ) is the biggest factor in determining a good trade. An even greater lesson to learn is that you need much more than the right location to pull the trigger for an A+ trade, especially if you are a rookie.

Quoting mbqb11
the type of bar I personally need to reverse a huge move.

Again if something works for you don't fix what ain't broken. But I am just speaking from experience of getting burned


Best
Mike
Attached Image(s) (click to enlarge)
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  • #24,310
  • Mar 19, 2009 10:39pm Mar 19, 2009 10:39pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Yes, well noted, Mike, thanks, Buddy !

Quoting mbqb11
remember the open and close must be within the prior bar to be a pinbar.
  • #24,311
  • Mar 19, 2009 10:49pm Mar 19, 2009 10:49pm
Quoting dkmb92
i have sigtrader4 w/ lite-fx, but cant find it. what is it listed as? or where can i find it? thx.
USDLFX
Attached Image (click to enlarge)
Click to Enlarge Name: usdlfx.GIF Size: 86 KB
"The more I practice, the luckier I get." (Gary Player)
  • #24,312
  • Mar 19, 2009 10:56pm Mar 19, 2009 10:56pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hey, I invite you to a contest which to see who has less trade in three consecutive month but higher winning rate, if you don't mind? simply a proposition to watch each other, coz I am having similar situation to yours, I decided to hide in bush with raffle, not a shotgun, as James repeated many times in his earlier posts.

The principle is only to trade A + Pinbar, no others, on daily basis. tell me what you think.

Any other people want to join, welcome.

I also open to suggestions on the rule discussion to make it operative.

Quoting bertie123
Hi GUYs

Hope you are all heading for millionaires row with your trading. Have been at this fx business for a while now but have lost focus/discipline recently for various reasons, one being I am a sucker for 'I'm making £££'s a day easy on the FTSE/DOW, etc' type threads, of which there are many. Also, have not been, like J16 says, treating this like a business. Have been doing things like going down to 15m TF and looking for pins, because some guys on other forums tell me they are making fortunes doing this - I can't seem to resist these...
  • #24,313
  • Mar 19, 2009 11:03pm Mar 19, 2009 11:03pm
Quoting mrsingha
USDLFX
well, what i am looking for is the usd/inx (in mt4), not the lfx. please see attachment for it in another charting platform. thx.
Attached File(s)
File Type: doc usd-inx.doc   96 KB | 579 downloads
  • #24,314
  • Edited Mar 20, 2009 12:19am Mar 19, 2009 11:57pm | Edited Mar 20, 2009 12:19am
I was just looking at this chart and saw these, as well as the smaller bearish pin bar above, which seems insignificant to me vs. the bullish pins, none of which have failed. Then cam to post and its all over the board. Am I seeing this right? Bullish on g/j?

On edit: Interesting what the differences are between the 1st FxPro chart and 2nd Alpari chart. I think the Bullish is more bullish than the bearish is bearish. Huh???
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gj.4hr.031909.alpari.gif Size: 38 KB
  • #24,315
  • Mar 20, 2009 12:11am Mar 20, 2009 12:11am
Quoting dkmb92
anyone know where i can find usd index chart on mt4? i follow ibfx, fx-pro, & lite-fx feed, but i cannot find it. sorry for off topic question.
http://www.forexltd.co.uk/

You can also use a current installation of mt4 if you want. Open up metatrader and follow the instructions below:

Select the "Tools" menu
Select "Options"
Go to the "Server" tab
Under "Server:" enter the IP "65.175.79.18:443" {without quotes}
Uncheck the box "Data Center auto configuration"
Click OK

The go to "File" menu
Select "Open an Account"
Enter your details and click Next
Then make sure you select the FOREX Ltd or 65.175.79.18:443 feed
Click next and you're done
  • #24,316
  • Mar 20, 2009 1:04am Mar 20, 2009 1:04am
Quoting dkmb92
anyone know where i can find usd index chart on mt4? i follow ibfx, fx-pro, & lite-fx feed, but i cannot find it. sorry for off topic question.
I use "Broco" MT4 as a reference platform. they have everything on.
  • #24,317
  • Mar 20, 2009 2:20am Mar 20, 2009 2:20am
Quoting krue
I was searching Jame's earlier post, and found this one, probably a variety of your RPB, things are getting complicated as it seems???

Just wondering the reason he didn't exit his trade upon the appearance of Pinbar which is the second one from right.

I think there are a lot to be appreciated before one could master this technique.

http://www.forexfactory.com/showthre...=2331&page=595

I post his pic here for easy reference
Hi krue,

those were trailers from Jim's systems which he uses, I am basically just talking abt another PA bar which could enhance the PA signal spectrum...

Another one to watch (see chart below)

Regards,
Ghous.
Attached Image (click to enlarge)
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I believe . . .
  • #24,318
  • Mar 20, 2009 2:38am Mar 20, 2009 2:38am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Ghous, I am referring more to the philosophical meanings other than machnical setup, coz PA and Japanese candle stick are similar category in TA, if I am not wrong. in applying Jap technical, one has to understand the Yin/Yang logic, meaning the ultmost form of bullish(say the white Marubozo) carries bearish implication, or, the Yang eventually turns out to be an Yin. since you mentioned the bullish Pinbar at swing high turns out to be bearish, and vice versa. therefore, I was collecting some sample for study.

I just noted from Mike's earlier post, he classified Pinbar by three categories, the one you mentioned below seems his category 2, which appears in the trend, and he less trades them now. when the pinbar appears in a trend, all leaves upto the trend, if the trend wants to turn around, the pinbar can do nothing about it. Pinbar seems simply a sigh that there are strong resistance which may turn the trend back. I guess nothing more than that. I think the good thing is that it could qualify one's identification of supply and demand zone.

Hope experienced trader put comment, so that I won't miss anything in between, or correct me if I am wrong.



Quoting ghous
Hi krue,

those were trailers from Jim's systems which he uses, I am basically just talking abt another PA bar which could enhance the PA signal spectrum...

Another one to watch (see chart below)

Regards,
Ghous.
  • #24,319
  • Mar 20, 2009 2:51am Mar 20, 2009 2:51am
Quoting mbqb11
falling knife. Notice the large size of the previous bars. THen notice the close is not within the previous bars body(only a rule for falling knife theory). Small bar, NOT enough to reverse a huge move for me. Also next bar didn't break. These I don't touch with a 10 foot pole(well ok my account)

Take care

Mike

thanks Mike - i did have an uneasy feeling on these. Like the tip - that makes a lot of sense.
  • #24,320
  • Mar 20, 2009 3:37am Mar 20, 2009 3:37am
Quoting krue
Hey, I invite you to a contest which to see who has less trade in three consecutive month but higher winning rate, if you don't mind? simply a proposition to watch each other, coz I am having similar situation to yours, I decided to hide in bush with raffle, not a shotgun, as James repeated many times in his earlier posts.

The principle is only to trade A + Pinbar, no others, on daily basis. tell me what you think.

Any other people want to join, welcome.

I also open to suggestions on the rule discussion to make it operative.

No contest - Mike will win hands down - he has the patience of the Virgin Mary
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