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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

  • #26,281
  • Apr 6, 2009 1:55pm Apr 6, 2009 1:55pm
Quoting Jduester
I STRONGLY RECOMMEND ALL NEW TRADERS TO THIS METHOD DO THEIR OWN DUE DILIGENCE IN TESTING THIS METHOD. DO NOT TAKE MY RESULTS TO BE YOUR OWN...

We all trade differently, have different risk comfort zones, will trade different timeframes, etc.

Josh
I completely agree with this. Backtesting is not just about the results you get. It's about sitting there taking trade after trade after trade and developing a "feel" for how the bars work. If you've taken 800 price action bars in backtesting you're going to be building a lot of confidence. More than if you looked at Josh's word document and poached the results.

I always like to think of it in this way: I'm not backtesting the system or the method. I respect james and the others. I know they are not lying. the system works. What I am backtesting is me. I'm the variable between James trading price action and me trading it. So I'm the part that needs to be put through testing, tweaking and improvement.

Every batch of trades I backtest takes another sack of nerves out of the "should I/shouldn't I" dilemma at daily close. Trading shouldn't be nerve wracking. With a well tested system, and an adherence to james16's minimum requirements, it should be boring, predictable... and profitable
  • #26,282
  • Apr 6, 2009 2:12pm Apr 6, 2009 2:12pm
Quoting TiaForex
I completely agree with this. Backtesting is not just about the results you get. It's about sitting there taking trade after trade after trade and developing a "feel" for how the bars work. If you've taken 800 price action bars in backtesting you're going to be building a lot of confidence. More than if you looked at Josh's word document and poached the results.

I always like to think of it in this way: I'm not backtesting the system or the method. I respect james and the others. I know they are not lying. the system works. What I am backtesting...

MAN!! If that don't just say it all....

Boring, Predictable and Profitable. (BPP) I LOVE it!! Hope you don't mind Tia but I think I'll put that under my name....
Ghost Rider - WWTBMD?
  • #26,283
  • Apr 6, 2009 2:16pm Apr 6, 2009 2:16pm
Quoting albchr
MAN!! If that don't just say it all....

Boring, Predictable and Profitable. (BPP) I LOVE it!! Hope you don't mind Tia but I think I'll put that under my name....
Be my guest. And thanks...
  • #26,284
  • Apr 6, 2009 2:22pm Apr 6, 2009 2:22pm
Quoting TiaForex
I completely agree with this. Backtesting is not just about the results you get. It's about sitting there taking trade after trade after trade and developing a "feel" for how the bars work. If you've taken 800 price action bars in backtesting you're going to be building a lot of confidence. More than if you looked at Josh's word document and poached the results.

I always like to think of it in this way: I'm not backtesting the system or the method. I respect james and the others. I know they are not lying. the system works. What I am backtesting...
I agree, the results that jd posted all agree with what Jim et al have been saying. Someone might say why backtest just trust what Jim etc are saying, howeve the backtesting I have done is reinforcing and building my confidence in my system. It's so useful especially as we are trading in longer TFs, where it could take a few months to get decent amount of trades.
Economists have forecast 9 out of the last 5 recessions
  • #26,285
  • Apr 6, 2009 2:31pm Apr 6, 2009 2:31pm
impressed by your hearty, united people may god bless a peace and prosperity after all the downs and ups we see in 1st 10yrs of the 21st ... it will stand I believe.

Quoting gjworley1952
James a great post , from a truly giving man. I served from 72 til 77 . i enlisted after the war had turned ugly, the only one in my neighborhood to do so. I felt it was my duty. Looking back i now know y i enlisted . because of my love for this beautiful country an its hard working people .Not for those in Washington who are selling us down the river . I worry for our country an dont want to see it destroyed. Sorry for the rant . My bags are packed but dont know where to go. Thanks to all on this thread what a great group f people
  • #26,286
  • Apr 6, 2009 2:34pm Apr 6, 2009 2:34pm
Quoting markmm
I agree, the results that jd posted all agree with what Jim et al have been saying. Someone might say why backtest just trust what Jim etc are saying, howeve the backtesting I have done is reinforcing and building my confidence in my system. It's so useful especially as we are trading in longer TFs, where it could take a few months to get decent amount of trades.

bingo! Don't ever take anyones word for it. Test the hell out of it, and do EXACTLY that. You will become a better and more confident trader for it. Confidence is huge in trading.

Well said

Mike
  • #26,287
  • Apr 6, 2009 2:39pm Apr 6, 2009 2:39pm
Quoting james16
please allow me this. i know some hate it when i do this but i mean no harm.

this is not my thread this is our thread and i try to keep that in mind.

i just sat with tears streaming down my nearly 50 year old face while the texas rangers had opening day ceremonies.

3 men walked from the dugout to the mound with a huge flag in the oufield.

a navy seal from just down the road that was the only one out of 16 to make it back alive from his unit.

a former president that now lives less than 30 miles from me that is a human being just like the...
god bless America and god bless baseball
  • #26,288
  • Apr 6, 2009 2:45pm Apr 6, 2009 2:45pm
Quoting mbqb11
bingo! Don't ever take anyones word for it. Test the hell out of it, and do EXACTLY that. You will become a better and more confident trader for it. Confidence is huge in trading.

Well said
Mike
Thanks Mike, thanks for the reply to my post about ma's I cant seem to post charts any more, I am connecting through my mobile phone as I don't have broadband (just moved house).
Economists have forecast 9 out of the last 5 recessions
  • #26,289
  • Apr 6, 2009 3:23pm Apr 6, 2009 3:23pm
Hi all

New to this thread, does this pin on Eur/Gbp look like an A pin bar ?

I know the bar hasn't closed yet but it will in 2 and a half hrs where i am.
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  • #26,290
  • Apr 6, 2009 3:25pm Apr 6, 2009 3:25pm
Quoting Billy73
Hi all

New to this thread, does this pin on Eur/Gbp look like an A pin bar ?

I know the bar hasn't closed yet but it will in 2 and a half hrs where i am.
Hey Billy welcome to this massive thread

For me this isn't much of a big deal bar. Notice how small the overall bar is. Small bars = less importance in my book. Now also notice how the nose barely protrudes under the low of the previous bar(ignoring sunday bar). This is also another one of those things I look for. A big nose should protrude away from that prior bar low, really sticking its face out there and jumping out there. What this bar says to me is that we are poking at the PPZ below, but this bar is not enough of a reaction to trade it. A bigger/better bar in this area would give a better tip off for me.

Best
Mike
  • #26,291
  • Apr 6, 2009 3:43pm Apr 6, 2009 3:43pm
Quoting mbqb11
Hey Billy...
Ok great thanks for the quick reply, will have to keep on reading, just finding the time to read 1400+ pages is the hard part !
  • #26,292
  • Apr 6, 2009 3:47pm Apr 6, 2009 3:47pm
I want to make it clear at first .... the Daily Bar is not a Pin Bar, but if it would be wanting to analyze time frame higher than the PA in question, to be in tune with the trend how we should treat this negative daily PB having two clear bullish Bar on the weekly and monnthly time frame ?

thanks as always
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Patience is essential
  • #26,293
  • Apr 6, 2009 3:49pm Apr 6, 2009 3:49pm
Quoting DutchTrader
Greatest country in the world that has allowed me from the age I was 14 to pursue every dream imaginable. I get teary eyed when I listen to Ray Charles singin' "America the Beautiful". I served this country once, and would do so again in a heartbeat.
I somtimes get teary eyed just looking at the Flag, Old Glory. Much of which is from the men like you, who gave their last full measure of devotion.
Indicators show the past. Price Action "Indicates" the future.
  • #26,294
  • Apr 6, 2009 3:57pm Apr 6, 2009 3:57pm
hello
my second post here but so many questions to ask dont know where to start! but first thanks again for all the hard work and explaining you guys it is the best thread off them all!! im looking at chf jpy weekly and daily chart and both have a pinbar is it valid?dont know how to post chart if somebody could explain!thank you!im from former yugoslavia so my english is not the best!

maklla
  • #26,295
  • Apr 6, 2009 4:01pm Apr 6, 2009 4:01pm
Quoting Billy73
Hi all

New to this thread, does this pin on Eur/Gbp look like an A pin bar ?

I know the bar hasn't closed yet but it will in 2 and a half hrs where i am.
This is where we newer traders get our money taken from us. These are those ambiguous set ups that are 50/50 at best. You see them often delivering the goods and think that they will when you set up YOUR trade. Maybe/maybe not and that's not good enough for me. I could give you many reasons TO trade this (if it closes as a PB). However, the major reason NOT to trade it is as Mike said the "nose" just ain't lyin' to us enough. The big question is "will this bar influence market sentiment enough to take price higher?" Patience may give you that ideal bar at tomorrows close. My view is that if the nose protruded through the 9000 level all other things being the same as they are now, we would have a trade that we could work for some profit. Hope that helps.
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  • #26,296
  • Apr 6, 2009 4:04pm Apr 6, 2009 4:04pm
Quoting benem
I don't have much ways to thank you for what i am learning in this forum.
I want to share with you what i 've found during my research.....

http://www.4shared.com/dir/4237974/381084a3/Forex.html

I hope some of this books will be interesting for you.
This is great Benem!
  • #26,297
  • Apr 6, 2009 4:05pm Apr 6, 2009 4:05pm
Quoting jarroo
I somtimes get teary eyed just looking at the Flag, Old Glory. Much of which is from the men like you, who gave their last full measure of devotion.
  • #26,298
  • Apr 6, 2009 4:05pm Apr 6, 2009 4:05pm
Other question...i like the Beob that is forming on the Eur /Usd but it's seems seated on a PPZ
Am i right????
Patience is essential
  • #26,299
  • Apr 6, 2009 4:10pm Apr 6, 2009 4:10pm
I've never watched this pair before. Keeping an eye on it though. Thoughts, comments, wise remarks? Spread on IBFX seems to vary a lot on this one but when settled appears to be 9 pips.
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Ghost Rider - WWTBMD?
  • #26,300
  • Apr 6, 2009 4:11pm Apr 6, 2009 4:11pm
Quoting Maklla
hello
my second post here but so many questions to ask dont know where to start! but first thanks again for all the hard work and explaining you guys it is the best thread off them all!! im looking at chf jpy weekly and daily chart and both have a pinbar is it valid?dont know how to post chart if somebody could explain!thank you!im from former yugoslavia so my english is not the best!

maklla
Maklla,
Welcome to the thread. The bar you are referring to is actually just a neutral bar. To be considered a pinbar, it would need to have opened and closed within the prior bar. Plus, the low of that bar is too far below the open/close. So what we have is an indecision bar. We want the open and close to be close to the bottom of the bar, not near the middle.

It is in a good location in terms of off of 90.00, but if you look to the left, you will see four bar highs it will soon have to contend with (near the 87.70 level). That alone is enough to make it a pass for me.

Josh
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