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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

  • #27,201
  • Apr 16, 2009 2:30pm Apr 16, 2009 2:30pm
I DID IT GUYS
I HAVE START MY M5 THREAD
(ryanmcd method)

http://www.forexfactory.com/showthre...hlight=jankone


  • #27,202
  • Apr 16, 2009 3:09pm Apr 16, 2009 3:09pm
Hey guys,

What are your thoughts to this E/J daily set up with bullish divergence?
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Money & Pain Respect the market, protect your capital, be patient
  • #27,203
  • Apr 16, 2009 3:19pm Apr 16, 2009 3:19pm
I haven't taken a trade since last Monday :-(, Just felt like writing here because Ive missed it so much.
  • #27,204
  • Apr 16, 2009 3:23pm Apr 16, 2009 3:23pm
i trade m5 charts, and sometimes i dont trade few days, why should I trade some C- trades and lose money ?

dont be sad

Quoting dmc
I haven't taken a trade since last Monday :-(, Just felt like writing here because Ive missed it so much.
  • #27,205
  • Apr 16, 2009 3:23pm Apr 16, 2009 3:23pm
Quoting Jduester
I'm starting to think that my number might still be a bit high (meaning I'm still not quite picky enough )....
Hi Josh,

I wonder what exit-strategy you're finally using, any new insights what might work better or not so good?

Take care,

Marco
  • #27,206
  • Apr 16, 2009 3:24pm Apr 16, 2009 3:24pm
took a loss on e/j..
bought break of a daily bar high. bounce off 130. close above 131 ppz.
as you can see today's range exceeded the range of the signal candle.
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  • #27,207
  • Apr 16, 2009 3:25pm Apr 16, 2009 3:25pm
Quoting dmc
I haven't taken a trade since last Monday :-(, Just felt like writing here because Ive missed it so much.
Remember to treat this as a business. You don´t trade for entertainment, but for the money.
Vegas is made for entertainment...

Take care and stay patient
RM
  • #27,208
  • Edited 3:42pm Apr 16, 2009 3:27pm | Edited 3:42pm
Quoting smikester
Jarroo I notice you like to make use of the period multipliers to find set ups - in particular pin bars. I just wondered if you had thought of this: A pin bar on, say, the daily is almost a self fulfilling prophesy because a lot of traders will see and recognise it and trade it. However, this is less likely on the H8 or D2 timeframes for example.
Have you any evidence that these are less likely to play out?

Railroad tracks (tweezers) on a given standard time frame i.e., Hourly, 4 Hour, Daily, Weekly are well known to be a reversal pattern. When they are combined i.e., 2 Hour, 8 Hour, 2 Day, . . they form a PB. So in that sense they are seen by many traders.

But on different combinations of Bars like a 12 hour PB, 16 hour BUOB, 2 Week DBHLC etc., I have found that they do act just like any other Price Action formation when they have the supportive strength of key confluences.
(Location, PPZ, Off of Highs/Lows, Fibs, Divergence, etc.)

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #27,209
  • Apr 16, 2009 3:28pm Apr 16, 2009 3:28pm
Quoting simoncs
Just food for thought...

I have completed 8 years of backtesting dailies on two pairs so far using all the J16 setups and even the odd IB. Not being too picky but sensibly conservative (whatever that means)
One pair produced 75 trades the other 61.

I'll let you do the math - scary isn't.


ps I won't even begin to tell you how many trades i have been taking a month though
This is in the ballpark of how many trades I was getting when I did backtesting too Simoncs. So from that perspective, it looks like we were/are on the right path...
  • #27,210
  • Apr 16, 2009 3:30pm Apr 16, 2009 3:30pm
Hi Guy's

Is this a valid pinochio setup and entry point

Tya

Scavenger
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fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #27,211
  • Apr 16, 2009 3:31pm Apr 16, 2009 3:31pm
If this chart closes with this pin will it be a valid trade? Any reason not to trade this one. To me it looks like one of those obvious pin bars if it closes this way.
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"Luck favors the prepared mind"
  • #27,212
  • Apr 16, 2009 3:34pm Apr 16, 2009 3:34pm
Quoting TiaForex
This is funny. I was reading this paragraph and getting ready to post "I couldn't agree more, you're a wise man" and then I got to those brackets at the end....

It takes a while to uncover the kind of trader you are. I am still learning. But what James teaches here allows you to stay in the game while you find out. He teaches the most conservative, basic approach to build an account and build confidence. And then you can add your flourishes. Believe me, if you do it like James says and you have a long run of winners it just does the most...
Great post. I've been at this for almost a year now and can really relate. Ever since I took the weekly pin on Euro yen awhile back, have been on a role. This stuff really is simple but you have to have the right approach. If it wasn't for this fine community, I would have failed at this for sure.
"Don't trade to trade . . . trade to win." - James16
  • #27,213
  • Apr 16, 2009 3:37pm Apr 16, 2009 3:37pm
Quoting jpa0827
Any reason not to trade this one. To me it looks like one of those obvious pin bars if it closes this way.

The bar before it is a BUOB at a swing low and a big round number. It comes down to your style at the end of the day though.

cheers

fxp
  • #27,214
  • Apr 16, 2009 3:40pm Apr 16, 2009 3:40pm
Quoting bundyraider
Correlations come about from a liquid market equalising and closing up any discrepancies that can be taken advantage of. The price point isn't created through a solid unchangable law of physics. It can still create an independent signature.

I agree. (I think.)
That's some pretty heavy stuff for my feeble mind, bundy, I like it.

I trade every pair independently of all others.
Indicators show the past. Price Action "Indicates" the future.
  • #27,215
  • Apr 16, 2009 3:43pm Apr 16, 2009 3:43pm
Quoting Marco
Hi Josh,

I wonder what exit-strategy you're finally using, any new insights what might work better or not so good?

Take care,

Marco
I'm using strategy 10 from the word document in this post for all of my April trades (demo). That strategy provides for some great gains, but doesn't allow me to reduce my risk until we are at 0.5R, which is sometimes substantial on a weekly trade...So I might switch/modify/change at some point.
http://www.forexfactory.com/showpost...ostcount=26123

I will be testing a few others, in addition to continuing to test that list. Will provide an update at the end of the month... remind me if I forget.

Josh
  • #27,216
  • Apr 16, 2009 3:47pm Apr 16, 2009 3:47pm
Quoting fxScavenger
Hi Guy's

Is this a valid pinochio setup and entry point

Tya

Scavenger
Valid yes. Clean set up no. It might just move south from here, but one of the first things i look at is the range of the bar. This one is a little short for me. One thing to consider especially on these lower TF's the set up needs to follow pb trading criteria very much so to the letter. I would wait till the daily closes and watch the bearish outside bar forming at the swing high. Just MHO.


K.I.S.S.
  • #27,217
  • Apr 16, 2009 3:48pm Apr 16, 2009 3:48pm
Quoting jpa0827
If this chart closes with this pin will it be a valid trade? Any reason not to trade this one. To me it looks like one of those obvious pin bars if it closes this way.
Pin Bars with the trend (at a retracement, swing High/Low) can be a very good trading opportunity. If other confluences can be found to support the setup i.e., PPZ level, divergence, etc., all the better.
Indicators show the past. Price Action "Indicates" the future.
  • #27,218
  • Apr 16, 2009 3:53pm Apr 16, 2009 3:53pm
Quoting bundyraider
Riding with ya man. You seen what I seen.

Gone for a bigger SL than you @ 1.8515 , also crappier entry @ 1.8295. Orders been there all day. lol

Awesome call on your entry , dude. 1 pip (so far) from IBFX high. lol
.
Dude! I just saw your post! I have been stopped for 100 pips profit on this trade but yeah the trade rode well as I stand on the shoulders of all you great ones here. OK OK I'll fess up now as well. I entered again on this one at 1.8350 and have some small profit to show so far. It's good to be home all day sometimes to practice and see some of these great opportunities present themselves again.

K.I.S.S.
  • #27,219
  • Apr 16, 2009 3:56pm Apr 16, 2009 3:56pm
Quoting bundyraider
Correlations come about from a liquid market equalising and closing up any discrepancies that can be taken advantage of. The price point isn't created through a solid unchangable law of physics. It can still create an independent signature. .
Hey Bundy! If you don't mind, I'd like to use this quote word for word the next time I'd like to impress someone. LOL!!! I'm gonna work on a British accent to say it with as well. HaHa! Good to talk to you again brother!


K.I.S.S.
  • #27,220
  • Apr 16, 2009 3:59pm Apr 16, 2009 3:59pm
Quoting KissFan
Valid yes. Clean set up no. It might just move south from here, but one of the first things i look at is the range of the bar. This one is a little short for me. One thing to consider especially on these lower TF's the set up needs to follow pb trading criteria very much so to the letter. I would wait till the daily closes and watch the bearish outside bar forming at the swing high. Just MHO.


K.I.S.S.
Well its not a valid Pin Bar because the Open/Close is not within the previous Bar (candle). But I agree KissFan waiting to see it closes at a BEOB on the Daily at a swing High is a better trading opportunity by far.
Indicators show the past. Price Action "Indicates" the future.
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