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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

  • #26,461
  • Edited 5:17pm Apr 7, 2009 5:05pm | Edited 5:17pm
Quoting Billy73
Just looking at my Yen chart from earlier and forgive me for keeping on about it but just incase i didn't make myself clear, is the bar i've highlighted not qualify as a pin bar?
I can't tell if it is on yours so much but it looks fine on my feed. Did I trade it? NO. Why not? Mainly because of the Sunday candle that it opened and closed within. My Sunday candles gap most of the time (this one did not). I trade forex not stocks. Gaps make me skiddish. I have trained and am most comfortable trading the smoother trending PA of the foreign exchange. BTW, it also formed at the 365 ma which sure was tempting to me. I just couldn't pull the trigger on this one. I've worked so hard to grow my account.
  • #26,462
  • Apr 7, 2009 5:06pm Apr 7, 2009 5:06pm
Quoting Nanook438
Thanks for the input Josh
I am still developing in my trading style and understand that some traders begin compounding their trades while they trend. Although it has not been a part of my trading (in demo only I might add) learning curve I thought I'd get some input from the ones who have been down the road before me.
BTW- great job on the backtesting and other items you have brought to the forum. It takes most of my time just keeping up with this thread let alone backtest but I am getting there.
Thanks for the input. Greatly appreciated.

BPP...
Sounds good. Didn't mean to sound rude if I did. Some of the experienced traders will probably reply, but I would doubt they would add to a position on a straight break. Some might say to add once we have the break and a retrace to that level.
  • #26,463
  • Apr 7, 2009 5:09pm Apr 7, 2009 5:09pm
Quoting jlmac27
LOL,It really takes the frequent posting of this message to get through,doesn't it!?Thanks for your guidance Jim
Haha! Yeah it does. It did with me. Former knothead/numbskull speaking with candor. Now I want the market to commit to me-not just flirt with me. I used to wonder how these guys made any money trading-----they always poo-pood on everyones chart that got posted. It just goes to show that we get paid more for waiting to trade than we do for trading any crappy set-up that follows 3 of our 5 rules for entering. I'm learning a bunch still but I can finally say that the VAST majority of my trades are winners, I'm sleeping WAY better and my losses are small thanks to the guys here on James16.
  • #26,464
  • Apr 7, 2009 5:12pm Apr 7, 2009 5:12pm
Quoting Maklla
hello everybody!
is this suposed to be dbhlc on eurgbp or am i wrong at some point?thanks for any reply!

maklla
Yeah, this is a DBHLC on my feed (technically its a BEOB on my feed because today's high is 3 pips above yesterday's high)...
In any case, I'm not considering it a trade because it's forming at a swing low, right at the 0.9000 PPZ.

Sorry, no chart.

Josh
  • #26,465
  • Apr 7, 2009 5:24pm Apr 7, 2009 5:24pm


Quoting Jduester
One more thing Jim usually includes:

TREAT YOUR TRADING AS A BUSINESS. PLAN YOUR TRADE AND TRADE YOUR PLAN.

There are dozens of posts in this thread that deal specifically with the benefits of treating this as a business with a business plan. Develop a trading plan and follow it. How otherwise can you measure your results, see what can or needs to be improved, and grow as a trader?

It wasn't until recently that I've taken these capitalized words seriously. I always thought I was trading seriously. But until I studied this thread and actually...
  • #26,466
  • Apr 7, 2009 5:26pm Apr 7, 2009 5:26pm
Quoting KissFan
Haha! Yeah it does. It did with me. Former knothead/numbskull speaking with candor. Now I want the market to commit to me-not just flirt with me. I used to wonder how these guys made any money trading-----they always poo-pood on everyones chart that got posted. It just goes to show that we get paid more for waiting to trade than we do for trading any crappy set-up that follows 3 of our 5 rules for entering. I'm learning a bunch still but I can finally say that the VAST majority of my trades are winners, I'm sleeping WAY better and my losses are...
That is great to hear Kissfan,
We are so conditioned in life,the harder you work the more you make!Trading is completly the opposite, so to speak.You always have your R&D and such.But actual trading can be done in a fraction of your day.Unless you are some super trader collecting every pip possible.This thread has seemed to help so many lost traders.It's great what can happen when people are not selfish and self centered,and willing to give back!
  • #26,467
  • Apr 7, 2009 5:27pm Apr 7, 2009 5:27pm
thats good.

we have another great saying around here.

"Now i want the market to grab my groin - not just flirt with me."





Quoting KissFan
Haha! Now I want the market to commit to me-not just flirt with me..
  • #26,468
  • Apr 7, 2009 5:34pm Apr 7, 2009 5:34pm
Quoting james16

"Now i want the market to grab my groin - not just flirt with me."

Last time that happened to me the market told me to turn my head and cough!
  • #26,469
  • Apr 7, 2009 5:36pm Apr 7, 2009 5:36pm
Quoting james16
thats good.

we have another great saying around here.

"Now i want the market to grab my groin - not just flirt with me."

Haha! I was just trying to be a little less crude. (crude is more my style) Just proves that crude stuff is more funny.
  • #26,470
  • Apr 7, 2009 5:38pm Apr 7, 2009 5:38pm
Thanks ghous, Jellybean, g j hook@yah, billye and Jduester for your wisdom with regard to my situation.

Quoting Lou
Except for about 6 weeks out of the year I can only manipulate my trades during the late Sydney to mid Asian sessions and then again, just prior to the US session.
So that means most price action occurs when I can only watch or am sleeping....
  • #26,471
  • Apr 7, 2009 7:09pm Apr 7, 2009 7:09pm
Quoting Fx_Genius
Last time that happened to me the market told me to turn my head and cough!

HaHa! Now bend over... LOL
  • #26,472
  • Apr 7, 2009 7:10pm Apr 7, 2009 7:10pm
I too didn't see the PB on the NZDUSD. I've been demoing with IBFX but apparently they close later than the rest? Do you folks recommend I swich broker? I'm assuming this different close time can affect my daily chart analysis.

Thanks
  • #26,473
  • Apr 7, 2009 7:26pm Apr 7, 2009 7:26pm
Quoting frankm7
I too didn't see the PB on the NZDUSD. I've been demoing with IBFX but apparently they close later than the rest? Do you folks recommend I swich broker? I'm assuming this different close time can affect my daily chart analysis.

Thanks
Just stick to the broker you are comfortable with. Some days FXpro will have a pin IBFX won't and vice versa. I personally prefer a closer close to NY time. But I really believe in the end it evens out and it comes down to location in the end, which never changes. Just the way price is agreggated on our screen does.

Best
Mike
  • #26,474
  • Apr 7, 2009 7:45pm Apr 7, 2009 7:45pm
Quoting ghous
I've been watching this one from the sidelines for quite some time now,

I specially like the momentum price has picked up from point 1 down at the "support" border of the range, smooth rhythmic higher highs higher lows.

A BUOB close around the 8200 would be cool!

Regards,
Ghous.
Ghous,
You didn't get your .8200 close but it's a BUOB none the less.
Would you still be tempted to take it long on a break?

Steve.
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"The more I practice, the luckier I get." (Gary Player)
  • #26,475
  • Apr 7, 2009 7:51pm Apr 7, 2009 7:51pm
Quoting mrsingha
Ghous,
You didn't get your .8200 close but it's a BUOB none the less.
Would you still be tempted to take it long on a break?

Steve.
Just like Ghous I have also been eyeing and waiting for this pair to make a move.
Even though it is a BUOB, today's bar is not good enough for me. I need to see more of a commitment for a long. That 8200 area needs to be broken. (and then I'll probably play a retest)

Just my 2 cents.

Tom
  • #26,476
  • Apr 7, 2009 7:51pm Apr 7, 2009 7:51pm
Quoting mbqb11
Just stick to the broker you are comfortable with. Some days FXpro will have a pin IBFX won't and vice versa. I personally prefer a closer close to NY time. But I really believe in the end it evens out and it comes down to location in the end, which never changes. Just the way price is agreggated on our screen does.

Best
Mike
As always, thanks for being so attentive!
  • #26,477
  • Edited 9:50pm Apr 7, 2009 8:16pm | Edited 9:50pm
Quoting Nanook438
2 inside bars in a row. Breakout long @ 1.3305, sl= 1.3223
Move to BE asap and take 1/2 off at 1.3347

Anything I'm not seeing?

Thanks
Did you take the short? Sorry I can't post a chart right now. Can someone post a 4 hour Euro chart?

There's a member named Dale that I have talked to on the DIBS thread that swears by these double inside bars on the 4 hour and Daily time frames. He may have some other criteria, I don't know, but they do not happen often.

Sure, its just a wedge type formation on the lower time frames but not always. Check some back testing on these, it's an interesting Price Action formation.
Indicators show the past. Price Action "Indicates" the future.
  • #26,478
  • Apr 7, 2009 8:26pm Apr 7, 2009 8:26pm
Quoting jarroo
Did you take the short? Sorry I can't post a chart right now. Can someone post a 4 hour Euro chart?
There you go Jim.
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"The more I practice, the luckier I get." (Gary Player)
  • #26,479
  • Apr 7, 2009 8:35pm Apr 7, 2009 8:35pm


Quoting Fx_Genius
Last time that happened to me the market told me to turn my head and cough!
  • #26,480
  • Apr 7, 2009 8:40pm Apr 7, 2009 8:40pm
Quoting jarroo
Did you take the short? Sorry I can't post a chart right now. Can someone post a 4 hour Euro chart?

There's a member named Dale that I have talked to on the DIBs thread that swears by these double inside bars on the 4 hour and Daily time frames. He may have some other criteria, I don't know, but they do not happen often.

Sure, its just a wedge type formation on the lower time frames but not always. Check some back testing on these, it's an interesting Price Action formation.

Hi Jim,
Sadly no. I didn't set up for it but decided to wait and see what it would do. It was sitting on the 150 and a fib confluence on my chart hence the original thinking it might break long.
The professionals were right in that it broke lower. There will be others though. No sweat.

BPP Grasshopper
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