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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

  • #25,441
  • Mar 30, 2009 7:01pm Mar 30, 2009 7:01pm
Quoting Grover
I noticed on some of your charts that you have "....time left till bar close" below the currency pair (upper left)

How do I get that to show up on metatrader?

Thanks in advance
place this indicator in your MT4 folder -> Experts -> Indicators folder


Mike
Attached File(s)
File Type: mq4 EJ_CandleTime.mq4   2 KB | 714 downloads
  • #25,442
  • Mar 30, 2009 7:03pm Mar 30, 2009 7:03pm
For what it's worth, I have started to trade off of weekly and monthly s/r areas only. If it's with the trend, I let it run as far as possible....if counter-trend, I take profits a little quicker. I find it filters out a TON of trades, but it provides nice returns every month.

It also makes analysis simple and fast. (I spend roughly 30 minutes a week.) It's easy to just glance at a chart every few hours....
  • #25,443
  • Mar 30, 2009 7:06pm Mar 30, 2009 7:06pm
Quoting mbqb11
To me a high probability setup is taking all the pieces into account....
Mike!
Keep em coming. Lots of wisdom in those. Closed cards have started unfolding on me!
  • #25,444
  • Edited 7:42pm Mar 30, 2009 7:31pm | Edited 7:42pm
Quoting mbqb11
Man I don't even know where I was going with all that but when my rambles come out I can't stop em

Mike
Thank God for those ramblings. You were due for one, its been awhile. lol

You nailed me on so many different levels of my trading it's almost scary.

Great ramble . . . . I mean post . . . Mike.

(new traders and old . . click on the avatar of mbqb11(Mike) and read every post from this guy . . . they will answer every question you have on trading the J16 way. )
Indicators show the past. Price Action "Indicates" the future.
  • #25,445
  • Mar 30, 2009 7:31pm Mar 30, 2009 7:31pm
For anyone that's fairly new, take a look at the pinbar that formed on USD/CHF on 12/18/08. That's a grade A pinbar in my opinion. I never took it and regret it to this day. I was throwing my account at crappy inside bars and other sub-par bar formations that resulted in instant draw downs and when this pin presented itself, I passed because of the fear of instant draw down and possible failure.

Since then, and after two other piss poor trade setups I took, I've gotten pickier (had to learn the hard way). If push comes to shove, wait for a pin like this one or the one on the Euro yen weekly. You'll be glad you did.
"Don't trade to trade . . . trade to win." - James16
  • #25,446
  • Mar 30, 2009 7:35pm Mar 30, 2009 7:35pm
Quoting mbqb11
To me a high probability setup is taking all the pieces into account....
Post one material Jim?

Awesome post Mike. I can relate to a lot of it. Thanks. Things are just beginning to click for me and I found forex about a year ago, and Jim's PF in August. You're right. It takes as long as it takes. There's something weird about how long it takes to arrive at something so simple. I'm just at the beginning of my journey but am at the stage where I am starting to see rewards.

And if you're watching Jim, I love this quote from a TS Eliot poem which sums up the goal of this journey for me.

"We shall not cease from exploration. And the end of all our exploring will be to arrive where we started and know the place for the first time."
  • #25,447
  • Mar 30, 2009 7:42pm Mar 30, 2009 7:42pm
naww he is just young with a flat belly.

i dont remember having one myself but i do have pictures of one long long ago.

jim

Quoting arcus
Is Mike really true a playa? lol It seems that Mike always been associated with women since this thread started. Wonder why..Mike must also be picky in this stuff
  • #25,448
  • Mar 30, 2009 7:43pm Mar 30, 2009 7:43pm
post one here i come.

Quoting mbqb11
To me a high probability setup is taking all the pieces into account. Do I only take huge pins at resistance or support? No, I will trade a beautiful huge pin at a clear swing point in space all the time. Are they more rare? Yes. but they happen and we just have to wait for them. Will I trade a pin, in some traffic but off a perfect area that I was watching for weeks/months to hit? You betcha.

What I am really getting at is this, and actually clockworks post above is a key example.

As traders, we feel the need to trade. Trading should be to...
  • #25,449
  • Mar 30, 2009 7:49pm Mar 30, 2009 7:49pm
Anyone else planning on taking the daily pin on GBP/USD? It looks like it's about to break with good momentum.

edit: charts added
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gpb.gif Size: 20 KB
Click to Enlarge Name: gpbbreak.gif Size: 17 KB
  • #25,450
  • Mar 30, 2009 7:54pm Mar 30, 2009 7:54pm
i know this very well.

to me this says/means...

we are spirits lost in a dream.

when the struggle to awaken means more than anything else it will happen and we will find that we were safe at home all along.

Eliot always makes me think like that.

jim



Quoting TiaForex

"We shall not cease from exploration. And the end of all our exploring will be to arrive where we started and know the place for the first time."
  • #25,451
  • Mar 30, 2009 7:56pm Mar 30, 2009 7:56pm
Quoting scott087
Anyone else planning on taking the daily pin on GBP/USD? It looks like it's about to break with good momentum.

edit: charts added
Looks interesting scott. Not in this one. Should be fun to watch. Let's see how hard she breaks. (if it breaks).
Indicators show the past. Price Action "Indicates" the future.
  • #25,452
  • Mar 30, 2009 7:58pm Mar 30, 2009 7:58pm
My long order just triggered at 1.4302. I'm going to move my stop to BE around 1.4350 and TP1 is at 1.4400
  • #25,453
  • Mar 30, 2009 8:01pm Mar 30, 2009 8:01pm
Quoting scott087
Anyone else planning on taking the daily pin on GBP/USD? It looks like it's about to break with good momentum.

edit: charts added
I have a stop buy at 1.46306, hasn't triggered yet.
  • #25,454
  • Mar 30, 2009 8:02pm Mar 30, 2009 8:02pm
This is a quarterly chart of GBP/JPY from thinkorswim, which I've just started playing with - good first impression. Anyone got experience with these guys?
Attached Image
Money & Pain Respect the market, protect your capital, be patient
  • #25,455
  • Mar 30, 2009 8:05pm Mar 30, 2009 8:05pm
Quoting scott087
My long order just triggered at 1.4302. I'm going to move my stop to BE around 1.4350 and TP1 is at 1.4400
I would have had that trigger a little bigger scott. Say 8-12 pips above the PB. Let Price prove that the set up is correct and that there is momentum behind it.
Indicators show the past. Price Action "Indicates" the future.
  • #25,456
  • Mar 30, 2009 8:08pm Mar 30, 2009 8:08pm
1.4317 will also close the gap from Friday I just noticed. Canceling my order. maybe will retrace from the gap and get a better opportunity from London.
  • #25,457
  • Mar 30, 2009 8:10pm Mar 30, 2009 8:10pm
Quoting pipslapped
I could be wrong so be don't throw me under the bus if I am wrong.

I was looking at the daily pin (up and coming) on GBPUSD. Although it is a nice looking pin it is near the 50 fib (just below). Also it appears to be a major ppz area. So if I were to enter I would set my buy stop above the 50 fib at about 1.4350 and move SL to BE pretty quick. Although I do feel that once it breaks the 50 it could reach 1.4450 area. comments?
I agree that this is a high probability trade. I am placing a long position at 1.4312. Here is my reasoning.
1. Pin Bar off 1.4200 area.
2. Pin Bar is of similar range as previous candles.
3. Body of pin bar is off 50% fib area. Nose is off of the golden ratio.
4. GU cross is trending (as opposed to ranging) upwards with higher lows.
5. Pin bar itself is formed nicely with a small body and a long nose.
6. Decent spacing has been formed between run up and the retrace (illustrated by white circle). This spacing is not “ideal” but looks adequate with all other reasons to be long from the break.
7. My trade has room to travel north based on the previous daily sessions price action.

I will take some profit at the 1.4440 area. I am ever mindful of my weekly and monthly timeframe charts during this trade and will excercise discipline with my equity. I will also relocate my stop loss to BE as soon as I am in profit at the 38.2 fib.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd03.30.2009.gif Size: 44 KB
  • #25,458
  • Mar 30, 2009 8:15pm Mar 30, 2009 8:15pm
Here was the nice pin from 12/18/08 . . . the eur/usd pin was a great one too . . . the next time one of these comes along, I will be on it like white on rice . . .
Attached Image (click to enlarge)
Click to Enlarge Name: usd_chf.gif Size: 14 KB
"Don't trade to trade . . . trade to win." - James16
  • #25,459
  • Mar 30, 2009 8:47pm Mar 30, 2009 8:47pm
This is a pinbar I am passing on as the first resistance I see is 1.43. This market has been almost completely sideways since Nov. 2008. Sideways markets tend to create support/resistance levels very close to eachother. I would classify the pinbar as a C grade pinbar. I hope it does work out for those that place a position.

Scott

Quoting KissFan
I agree that this is a high probability trade. I am placing a long position at 1.4312. Here is my reasoning.
1. Pin Bar off 1.4200 area.
2. Pin Bar is of similar range as previous candles.
3. [font=Calibri][size=3]Body of pin bar is off 50% fib area. Nose is off of the golden...
  • #25,460
  • Mar 30, 2009 9:23pm Mar 30, 2009 9:23pm
Quoting phpscott
This is a pinbar I am passing on as the first resistance I see is 1.43. This market has been almost completely sideways since Nov. 2008. Sideways markets tend to create support/resistance levels very close to eachother. I would classify the pinbar as a C grade pinbar. I hope it does work out for those that place a position.

Scott
I agree as I see the same 4331 resistance (daily pivot) with the next at 4388 (weekly pivot). If it breaks the daily there "may" be a short hop to the weekly but I'm skeptical at best for any long run. Be interesting to watch though.
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