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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

  • #26,541
  • Apr 8, 2009 6:22am Apr 8, 2009 6:22am
Quoting markmm
Hi Alb,

It's not a major Zone but just one with highs/lows and a flip.
Thanks again Mark,

I'm out of it now for a 35 pip gain on a 1 lot. Due to my particular circumstances (and I STRONGLY ADVISE AGAINST this approach), My "core" method is larger lots over smaller moves using J16 to identify likely direction.

Until I can build an account worthy of those few A+ setups a month, I'll play the odds in that a 10 pip move is 5 times more likely that a 50 pip one. This has worked well for me since September and even better now that I'm learning the J16 over these past two weeks. Before I was simply guessing, Now I at least have "probability" working with me and being very conservative, I haven't had a looser since.
Ghost Rider - WWTBMD?
  • #26,542
  • Apr 8, 2009 6:28am Apr 8, 2009 6:28am
Quoting albchr
Thanks again Mark,

I'm out of it now for a 35 pip gain on a 1 lot. Due to my particular circumstances (and I STRONGLY ADVISE AGAINST this approach), My "core" method is larger lots over smaller moves using J16 to identify likely direction.

Until I can build an account worthy of those few A+ setups a month, I'll play the odds in that a 10 pip move is 5 times more likely that a 50 pip one. This has worked well for me since September and even better now that I'm learning the J16 over these past two weeks. Before I was simply guessing, Now...
I see, sounds like a good method, I was looking at using Fib retracements of the bar to lower my stop and give higher lots. How do you lower your stop and what about exit?
Economists have forecast 9 out of the last 5 recessions
  • #26,543
  • Apr 8, 2009 6:29am Apr 8, 2009 6:29am
Quoting mrsingha
Location did it for me Chris. The bar itself is very average.
Stop is at B/E already.
I have a feeling Jaroo would approve
  • #26,544
  • Apr 8, 2009 6:51am Apr 8, 2009 6:51am
Quoting Chris P
I have a feeling Jaroo would approve
Absolutely. What's not to like. Swing Low into a Daily/ Weekly PPZ. Nice hard break.

The key to lower time frames is picky, picky, picky.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #26,545
  • Apr 8, 2009 6:52am Apr 8, 2009 6:52am
Quoting markmm
I see, sounds like a good method, I was looking at using Fib retracements of the bar to lower my stop and give higher lots. How do you lower your stop and what about exit?
For now as I'm still learning here, I force myself to place my initial stop according J16 (10 pips below/above the pin) which entails a pretty significant risk. But the "circumstances" I referred to enable me to sit and watch it all the time. This is now my, (dare I use the ugly word) JOB.

The "conservative" part for me means that I'm 70% to 90% sure it will move the way I want so the initial stop is a "little" less scary for me. My exits are solely based on the J16. If the first PPZ I see is strong, I take 50% off and move the stop to BE or BE +10 depending on the pair. If the first PPZ I see is a bit weaker, I'll take 33% off and move the stop the same way.

In this last trade on the EU I took the whole thing as I saw it begin to falter around that 35 pips. As it turns out I could have got about 14 more but that's fine with me. I'm now waiting to see if it will reach the 3380 level (A TR I have that's acting as good SR) at which point I'll probably short it back down if PA confirms the likelihood.
Ghost Rider - WWTBMD?
  • #26,546
  • Apr 8, 2009 7:00am Apr 8, 2009 7:00am
Quoting mrsingha
Location did it for me Chris. The bar itself is very average.
Stop is at B/E already.
Stopped out at B/E.
never mind.
Next!
"The more I practice, the luckier I get." (Gary Player)
  • #26,547
  • Apr 8, 2009 7:02am Apr 8, 2009 7:02am
Quoting mrsingha
Stopped out at B/E.
never mind.
Next!
Just curious, what did you get on the 1st half?
Indicators show the past. Price Action "Indicates" the future.
  • #26,548
  • Apr 8, 2009 7:06am Apr 8, 2009 7:06am
Quoting jarroo
Absolutely. What's not to like. Swing Low into a Daily/ Weekly PPZ. Nice hard break.

The key to lower time frames is picky, picky, picky.
Hi Jarroo,

I have a question...lol. I'm using FXpro MT4 as well and I was wondering how you get a 3 hour chart as opposed to the 4 hour default? I thought I knew the platform well (pretty darn good with software) but for the life of me I can't see how.
Ghost Rider - WWTBMD?
  • #26,549
  • Apr 8, 2009 7:10am Apr 8, 2009 7:10am
Quoting albchr
Hi Jarroo,

I have a question...lol. I'm using FXpro MT4 as well and I was wondering how you get a 3 hour chart as opposed to the 4 hour default? I thought I knew the platform well (pretty darn good with software) but for the life of me I can't see how.
Sure. Here's the links to the period converter and how to apply it.


http://www.forexfactory.com/showpost...ostcount=15191

http://www.forexfactory.com/showpost...ostcount=15193
Indicators show the past. Price Action "Indicates" the future.
  • #26,550
  • Apr 8, 2009 7:13am Apr 8, 2009 7:13am
Quoting jarroo
Sure. Here's the links to the period converter and how to apply it.


http://www.forexfactory.com/showpost...ostcount=15191

http://www.forexfactory.com/showpost...ostcount=15193

Thank you Sir!

I'm in the EJ as well but from the 4H.
Ghost Rider - WWTBMD?
  • #26,551
  • Apr 8, 2009 7:15am Apr 8, 2009 7:15am
Quoting jarroo
Just curious, what did you get on the 1st half?
I was looking at 132.65-70 for the first half so got nothing.
A bit too greedy I guess.
"The more I practice, the luckier I get." (Gary Player)
  • #26,552
  • Apr 8, 2009 7:22am Apr 8, 2009 7:22am
Quoting mrsingha
I was looking at 132.65-70 for the first half so got nothing.
A bit too greedy I guess.
Yes, maybe a bit too greedy. lol But smart enough to go to break even and keep it there to give it a chance. You would be surprised who would remove that breakeven stop loss and risk a potential a loss.

I say, well done.
Indicators show the past. Price Action "Indicates" the future.
  • #26,553
  • Apr 8, 2009 7:39am Apr 8, 2009 7:39am
Quoting jarroo
Yes, maybe a bit too greedy. lol But smart enough to go to break even and keep it there to give it a chance. You would be surprised who would remove that breakeven stop loss and risk a potential a loss.

I say, well done.
Hit it now look. Like I said, never mind. There's no way I'm going to let +36 turn into -24 and then hope it comes back my way. NO WAY. So I've missed out on a profitable trade because preserving my capital was more important than potential profit.
I live to fight another day.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #26,554
  • Apr 8, 2009 7:43am Apr 8, 2009 7:43am
Quoting albchr
I'm in the EJ as well but from the 4H.
You must understand Chris that the E/J 4 hour "Pin Bar" does not qualify as a Pin Bar. Because the Open and Close are not within the previous bar (candle).

The strength of this move is it's Location (Daily/Weekly PPZ) and the confluence of being at a swing Low. The areas I have marked in green are areas that Price will have a problem and may reverse.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #26,555
  • Apr 8, 2009 7:44am Apr 8, 2009 7:44am
Quoting mrsingha
Hit it now look. Like I said, never mind. There's no way I'm going to let +36 turn into -24 and then hope it comes back my way. NO WAY. So I've missed out on a profitable trade because preserving my capital was more important than potential profit.
I live to fight another day.

Steve.
Indicators show the past. Price Action "Indicates" the future.
  • #26,556
  • Apr 8, 2009 7:57am Apr 8, 2009 7:57am
those pins are doing well anyone still in??
i took the break of the gb/yen pin and the eu/yen pin. i closed both for small pips. i then went long again eu/yen at 132.10, closed 1/2 for + 65 and the rest at BE.
i dont like trading like this, i should not have entered these pins to close at +10,30,imo,i was driven more by trying to catch the move than good trading skills.my second entry should have been my only entry. feeling lucky to have made something.
PATIENCE... DISCIPLINE
  • #26,557
  • Apr 8, 2009 7:59am Apr 8, 2009 7:59am
Quoting jarroo
You must understand Chris that the E/J 4 hour "Pin Bar" does not qualify as a Pin Bar. Because the Open and Close are not within the previous bar (candle).

The strength of this move is it's Location (Daily/Weekly PPZ) and the confluence of being at a swing Low. The areas I have marked in green are areas that Price will have a problem and may reverse.
Thanks Jarroo, you've confirmed my thinking as well. I was also thinking along the lines of the Daily/Weekly PPZ on my chart and not so much the pin. Actually wish I had stayed in it but being the "conservative" newbie I am, In at 132.217, out at 132.635 on a 1 lot. I'll take trades like this all day long...LOL
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Ghost Rider - WWTBMD?
  • #26,558
  • Apr 8, 2009 8:00am Apr 8, 2009 8:00am
Quoting krue
Hey, Ghous,

your analysis is very interesting. regarding the topic of bias and anticipatory,I see them differently. bias is meant to me a habit, by which some trader only feel comfortable to take long position, for instance. when getting into a view as to the trend direction, I think it is anticipatory. so, I'd like to differentiate these two concepts, if I may.

what puzzles me is what might make a trader to take certain position, say long, without an expectation? when one feel there be a high probability of going north, then, I would say he/she...
Hi again Krue,

Here is how I understand the 2:

Anticipation:

Simply a gut feeling. But again the gut feeling wasn't a revelation was it? Things like divergence and the overall trend once noticed can be good occupants of a corner of your mind. It's these that then make you "feel" the market is headed in a certain direction. Quite often I get to muster such anticipatory points upon the first look on the pair.

When I looked at the Aud/Chf setup the first thing I noticed was the bullish momentum and the smooth logical uptrend. (rythemic consolidations and thier breakouts to the north). Would this information be good enough for a long? No. What good was it then? It was good to be put somewhere in the corner of my mind, which would constantly poke me to the next most probable thing the pair would do, at the time it was a "gut feeling" and yes an "anticipation" that we "may" want to test the mammoth resistance ppz, this is just what price did and all I did in return was to smile back "from the sidelines"....A simple case of anticipating correctly. Next I "felt" the bullish momentum "could" end up taking price beyond the ppz, I am probably wrong this time as price has found good resistance on the ppz.

Go over the words I highlighted in the para above...when I am get invloved in Soliliquy when infront of my mt4 it's these words which when I use in talking to myself help me distinguish between my bias and my anticipation.

Bias:

A more solid reasoning which would urge me to enter a trade is a Bias. I don't trade off monthly charts but when I see a bullish Pin bar on the monthly I know I need to "expecting" bullish behavior on the daily and weekly charts. I.e the monthly pin bar holds more value and worth than divergence on the daily tf or a smooth moving up or down trend on the daily or for that matter the weekly.

*****_______________*****

In a nutshell when I am not confident over a course of action all that I thought off to convince myself (which ended up being insufficeint to urge me to act) is my anticipation. - - - - All those reasonings that can end up helping me to jump into a trade (PA, ppzs etc) is what decides my Bias.

It was terribly entangled in my mind, I tried to be as simple and clear as I possibly could. Hope I did well...

**********___________________________**********

Coming to your chart Krue...

That is'nt a traingle it's a horizontal side to side range, I've attatched 2 charts to let you the difference, (go through Mike's videos in the guest section if you have'nt already for further clarification, or ask here in the thread)

Regards,
Ghous.
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I believe . . .
  • #26,559
  • Apr 8, 2009 8:03am Apr 8, 2009 8:03am
Quoting albchr
Thanks Jarroo, you've confirmed my thinking as well. I was also thinking along the lines of the Daily/Weekly PPZ on my chart and not so much the pin. Actually wish I had stayed in it but being the "conservative" newbie I am, In at 132.217, out at 132.635 on a 1 lot. I'll take trades like this all day long...LOL
Those are not Pivot Price Zones. They are mathematical floor pivots.
Indicators show the past. Price Action "Indicates" the future.
  • #26,560
  • Apr 8, 2009 8:03am Apr 8, 2009 8:03am
nice shape (tick)
great location (tick)
space (tick)

BANG!
Attached Image
I believe . . .
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