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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

  • #24,521
  • Mar 23, 2009 11:01am Mar 23, 2009 11:01am
Quoting Jduester
This pinbar, noted as bar 2 was talked about earlier today. The chart shows my findings over the past few weeks testing 1990-2005 data for some of the major pairs. Hope this finds relevance for some of you. I know it has for me. Of course, don't take my word for it... test it yourself too!

Josh

Nice analysis Josh
  • #24,522
  • Mar 23, 2009 11:06am Mar 23, 2009 11:06am
Quoting benem
Hallo Guys i need your help about exit strategy .... .
I 'm Demo-trading PA as James 16 teaches with good results on Daily TF,but i am quite unsure about my exit strategy.I'am used to divide my 1% risk per trade in a 2 positions of 0,5% and to bring SL at BE once TP1 is reached and then let price run until TP2.

What do you think about my method ? Shall i switch to lower time frame looking for PA to get out of a position????
I am very confused.....please help
Hey Benem

This is always one of the toughest questions to answer. Each trader is going to find what is comfortable for them. Does your plan sound logical? Yes it certainly does, but until you get enough data under you, you won't know if it will work. What I always suggest is firstly backtest the hell out of the way you think you are going to trade. Take down the data with various exit strats. Also when you are trading demo forward. Keep a spreadsheet with different exit strategy variables. In 6-8 months you will have a nice set of data and you can re-evaluate. Example. You trade your demo with the method you stated above. But also track what would happen if you would have took full profit at TP1, or full profit at TP2, etc. This will give you a lot of data to review down the line.

Take care
Mike
  • #24,523
  • Edited 6:59pm Mar 23, 2009 11:20am | Edited 6:59pm
I feel a bit sheepish coming onto this thread so late in the game. Nonetheless, I have taken the past three months to read through the majority of this information. I'm still internalizing it, of course, but much of it is gradually sinking in. As Mr. James16 wrote,

Quoting james16
You definitely just need to listen to certain voices especially in this thread (If you read the thread from the start you will just start skipping some peoples posts after a while lol, and get to the good , that's what I did )
With this being said, I need someone's help.

My still very inexperienced eyes see GBP / USD showing the potential for a fabulous Pin Bar on Daily periodicity. (Using IBFX data feed.) Am I correct in this assumption?

I went long of USD / JPY @ 95.64 using Daily periodicity. I am looking to exit this position about now. (Current price is 97.20-ish.) There seems to be quite a bit of support in this area.

Any thoughts?
  • #24,524
  • Mar 23, 2009 11:44am Mar 23, 2009 11:44am
Quoting hans356
My still very inexperienced eyes see GBP / USD showing the potential for a fabulous Pin Bar on Daily periodicity. (Using IBFX data feed.) Am I correct in this assumption?
Well, I'm also a student of James16 method so my opinion doesn't qualify as an expert. So seniors are most welcome to correct it. However a few things to my mind:
a.the day is not over yet and the bar may look entirely different (depends on the closure price) it can be like an indecision bar.
b.the base of the bar sits on the very strong PPZ (1.4450) which combines weekly S/R line as well 50% Fib retracement of recent swing high (from this year highs to lows)
c.the "nose" doesn't stick out much.
Attached Image

But as usual see what happens to the price
  • #24,525
  • Mar 23, 2009 11:45am Mar 23, 2009 11:45am
Quoting hans356
[font=Verdana]I feel a bit sheepish coming onto this thread so late in the game....
Hans, Glad you read through most of the forum. It's a bear, but if you treat it more like a textbook, then it's golden.

We have a lot of time before the daily closes (4 hours yet on my charts). Therefore, I'm not looking for any trades right now. I usually start looking for potential setups about 30 minutes before the bar closes. Then I jot down anything that might work... once I have my list and the bars have closed, I go back, confirm that they closed as planned, and pick the best setup(s) and trade them... there are more days that I have NO trades than days when I have multiple trades... part of sticking to the day timeframe and learning patience...

Keep it up! Josh
  • #24,526
  • Mar 23, 2009 11:49am Mar 23, 2009 11:49am
Quoting hans356
[font=Verdana]I feel a bit sheepish coming onto this thread so late in the game....
Cable also has a BEOB on the 4hr at PPZ. Resistance below at 1.4400 it must clear.
  • #24,527
  • Edited 6:43pm Mar 23, 2009 12:01pm | Edited 6:43pm
Quoting pakiestra
a.the day is not over yet and the bar may look entirely different (depends on the closure price) it can be like an indecision bar.
Thank you very much! I did not take this into consideration. I have been trading H1 and M30 for nearly two years now; so using Weekly / Daily periodicity is a bit different. I merely need to familiarize myself more with it.

Quoting pakiestra
b.the base of the bar sits on the very strong PPZ (1.4450) which combines weekly S/R line as well 50% Fib retracement of recent swing high (from this year highs to lows)
I took this into consideration, but thought it would surely have the strength to drop below the 1.4450-ish zone. But I will follow your advice and wait it out for 8 p.m. EST to see where she sits at that point in time.

Quoting Jduester
We have a lot of time before the daily closes (4 hours yet on my charts). Therefore, I'm not looking for any trades right now. I usually start looking for potential setups about 30 minutes before the bar closes. Then I jot down anything that might work... once I have my list and the bars have closed, I go back, confirm that they closed as planned, and pick the best setup(s) and trade them... there are more days that I have NO trades than days when I have multiple trades... part of sticking to the day timeframe and learning patience...
Thank you, thank you, thank you, Jduester. I appreciate the comments and the counsel. I had quite a bit of success using smaller time frames, but I was using an entirely different method of trading. Now learning Price Action, I see that it is smarter to work from Weekly and Daily periodicity. Thanks, again!

And thank you, seboileroom. I see you put a lot of time and energy into your compilation(s). (Post #24481)
  • #24,528
  • Mar 23, 2009 12:06pm Mar 23, 2009 12:06pm
Hey All,

Apologies because I know this question gets asked all the time on this thread but do any of you know of any brokers with demo accounts offering the currency indexes as well as some of the common commodities / futures.

Looking at a couple of posts on this thread, Orion Brokers and North Finance were recommended for futures but not sure if they have the currency indexes as well.

If you know of any please let me know. Alternatively if I'm going to have to get a seperate broker for each can you please suggest brokers for the currency indexs.

Thanks
MM
  • #24,529
  • Mar 23, 2009 12:09pm Mar 23, 2009 12:09pm
Quoting Ray_1
Anyone took the long trade in UY?
yes, @ 7:20PM est last night

Quoting Ray_1
Is that a good A class trade that James16 will take? Pls advise.
no, it's not. not enough room, not at swing low.

Flat now.
Attached Image
  • #24,530
  • Mar 23, 2009 12:12pm Mar 23, 2009 12:12pm
Quoting johnnyonspot
Cable also has a BEOB on the 4hr at PPZ. Resistance below at 1.4400 it must clear.
Thank you! We'll wait it out for awhile.

P.S. I was in Calgary on Friday and Saturday. (Wife is from southern Alberta . . . we were visiting her family.) Hope all is well with your situation. God bless.
  • #24,531
  • Mar 23, 2009 12:15pm Mar 23, 2009 12:15pm
Hi all

Spotted this 'matching highs' formation last night (the highs are within 2 pips) and thought it might signal a trend continuation (or turn around at the point of previous resistance). Placed a (demo) buy order 10 pips above the 2 highs - just got out with 150 pips profit. Maybe this was just luck? I'd appreciate your comments.

Thanks
Attached Image
When in doubt, sit on your hands...
  • #24,532
  • Mar 23, 2009 12:24pm Mar 23, 2009 12:24pm
Quoting hans356
Thank you! We'll wait it out for awhile.

P.S. I was in Calgary on Friday and Saturday. (Wife is from southern Alberta . . . we were visiting her family.) Hope all is well with your situation. God bless.
Yes, thanks. All is well for now.

Winters here are more mild than where I am from, but they seem to hold on a bit longer, as evidenced by the dumping we took yesterday. Authorities here are absolutely gawd awful at clearing streets and roads of snow.
  • #24,533
  • Mar 23, 2009 12:28pm Mar 23, 2009 12:28pm
Quoting ghous
Are we still?

We had a pair of bar highs just next to the IB at 1.375 on the daily. The only bullish movement we saw today was a retest of these highs. This is another setup that did exactly what it was supposed to...

Regards,
Ghous.

On my feed the top of the IB was broken before the bottom. Why was this trade still taken?
  • #24,534
  • Mar 23, 2009 1:13pm Mar 23, 2009 1:13pm
Quoting BWise
On my feed the top of the IB was broken before the bottom. Why was this trade still taken?
It wasn't really a break of the Inside bar as such Bwise, i mentioned earlier that I saw it as a retest to the 2 bar highs one of which was the Ib high, it may have gone some pips beyond the inside bar high though it wasn't a major issue which would have motivated me to pull off the order.

Had price never looked back after hitting the bar highs and moved straight north I would have then pulled off the order ofcaorse...

Regards,
Ghous.
I believe . . .
  • #24,535
  • Mar 23, 2009 1:18pm Mar 23, 2009 1:18pm
juribe2,
alternatively, u can also check out http://www.7-zip.org




johnnyonspot, hans356 (same age ),
once i save up enough fx profits, i plan to build a house, get a citizenship &/or retire somewhere in your area/canada. i believe Canada is an excellent all-in-1 place (wilderness, nature, adventure, culture, people, economy, location). want it soon but no need to rush.. "Patience"
  • #24,536
  • Mar 23, 2009 1:22pm Mar 23, 2009 1:22pm
BWise,
if i may....
IB upside break is minor & a retest as ghous said. & i think he expects some sort of downmove (or consilidation which sort of should be expected) after a huge run up recently. daily bar/candle is now a quasi-BEOB (it's not so strong for now; more like a doji/ neutral bar).
  • #24,537
  • Mar 23, 2009 1:27pm Mar 23, 2009 1:27pm
Hey Mincemeat, check out Global futures & exchange, I've used them for 4 yrs and and happy w/them
  • #24,538
  • Mar 23, 2009 1:30pm Mar 23, 2009 1:30pm
Quoting dart
Hey Mincemeat, check out Global futures & exchange, I've used them for 4 yrs and and happy w/them
Thanks Dart, I'll take a look.
  • #24,539
  • Edited 1:50pm Mar 23, 2009 1:30pm | Edited 1:50pm
Seb,
appreciate your compilation.
  • #24,540
  • Mar 23, 2009 1:30pm Mar 23, 2009 1:30pm
Quoting supremeChaos
BWise,
if i may....
IB upside break is minor & a retest as ghous said. & i think he expects some sort of downmove (or consilidation which sort of should be expected) after a huge run up recently. daily bar/candle is now a quasi-BEOB (it's not so strong for now; more like a doji/ neutral bar).


I have 4H to go before the daily closes, wonders can happen in the fx markets in such ample time
I believe . . .
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