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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

  • #27,581
  • Apr 21, 2009 7:12am Apr 21, 2009 7:12am
Quoting MinceMeat
Hi simoncs,

Just out of a matter of interest, have you ever had a chance to try out Vhands for MT4.

http://www.forexfactory.com/showthread.php?t=60849

If so, how did you find it?

I have not tried either VHands or ForexTester yet ...... it's on my to do list

Cheers
MM
I did start to look at the Vhands thread, but forextester seemed the easier solution to me so didn't take it any further.
  • #27,582
  • Apr 21, 2009 7:12am Apr 21, 2009 7:12am
Quoting supremeChaos
alter,
...
ghous,
OT: is your new avatar Naruto (it's too small i can't see the details)?
...
It's Bleach

http://vids.myspace.com/index.cfm?fu...a-70f7716ec2f2
WARNING: Don't follow me as I'm just learning
  • #27,583
  • Apr 21, 2009 7:55am Apr 21, 2009 7:55am
Quoting MPP
Bearish IB on daily, whats interesting is the range just below this that goes back to 2000 - looks like it should yeld some good pips.

Attachment

Attachment

MPP,

I'm looking at this trade but it looks to me like there is a lot of support in the way on the daily. What do you think?
"Luck favors the prepared mind"
  • #27,584
  • Apr 21, 2009 7:55am Apr 21, 2009 7:55am
Quoting bertie123
Alter,

After a few years of dabbling in Fx and kidding myself on(wasted time but thankfully not much money) I am now getting serious about this by starting to do it the J16 way....
Keep it up, thats the way to go, why put money on the table with sub par trades, there will be A setups every week.
Economists have forecast 9 out of the last 5 recessions
  • #27,585
  • Apr 21, 2009 8:09am Apr 21, 2009 8:09am
Quoting alter
Well, if you trade only weekly and daily timeframes, even if you have 12 hours every day, you can take trades just once per day.
As a startup business, this takes 12 hours a day... you are right Alter, I only spend about 1 hour a day deciding if I will take a trade on a daily chart (3:30-4:30pm CT). That leaves 10 hours to do any/all of the following:

- Read and study Douglas, Elder, Van K. Tharp, Kiev, Pring, Schwager, Lefevre, etc.
- Backtest (I did it on MT4, but agree with Simoncs)
- Test exit strategies
- Read and study ALL of this thread
- Develop a formal Trading Plan

To give you an idea, I estimate that I spent about 200 hours reading this thread. Then another 20 to summarize it, putting together notes, guides, etc. Say another 150 hours backtesting. It all takes time.
I forget where I heard it (maybe ROASO), but it has been said that a good trader makes much more money waiting and watching for the right trade, than placing many trades. The best traders sit with a rifle for hours/days/weeks without trading until they see their ideal setup. Then they place the trade with confidence and calmness.

Stay close to this thread Alter. You can master this. The traders here can really help.

Josh
  • #27,586
  • Apr 21, 2009 8:18am Apr 21, 2009 8:18am
Quoting bertie123
Guys

Just wanted to ask if it is better to backtest using MT4 or Forexteter? ie, what can forextester do that MT4 cannot when backtesting? I know you need to pay for FXtester, but is it better than MT4 which is free? Any comments welcomed.

berti
hi bertie,

i use vhands. the multi time frame version. It is great for me. A little tedious to setup but once you get the hang of it, things are rolling.
I have answered the same question here http://www.forexfactory.com/showpost...ostcount=26847
Mind you I haven't tried Forextester.

Have fun
Ady
  • #27,587
  • Apr 21, 2009 8:23am Apr 21, 2009 8:23am
Quoting simoncs
I did start to look at the Vhands thread, but forextester seemed the easier solution to me so didn't take it any further.
Thx, will look into Forextester.
  • #27,588
  • Apr 21, 2009 8:26am Apr 21, 2009 8:26am
Quoting dkmb92
how about this one? location: swing-low, ascending tl, off of round# weekly ppz's, & looks like apple wanting to be picked. pa: good looking pb, long-nose, closed higher than open. space: next resistance on daily tf ~100-200 pips away. gbp did take a beating across the board today & uk economic data coming out on wed is not going to be good, but maybe good enough to bully the looney around?
i attribute this more to the unexpected rate cute by the boc. as a rule i do not trade major news events like these (ie nfp, rate cuts, etc.). i still agree w/ original assessment that this was not a+ due to the location. & in the end i am not going to trade anything less than a+ b/c there are plenty of a+ trades to patiently wait for. that is why i dont have that "i missed out" feeling. i have learned that this is a part of trading. there will always be instances like these. it happened a couple weeks ago on a "b" gpb/usd pin. most of here passed b/c it wasnt an a+ & that thing ended up going for 400 pips. oh well, i made 3 other successful trades during this period on other better set-ups. i would rather just pass & wait for the best ones, then to take on more risk & possible loss of capital. especially at my stage since i am in the acct building phase.
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  • #27,589
  • Apr 21, 2009 8:29am Apr 21, 2009 8:29am
Quoting Jduester
As a startup business, this takes 12 hours a day... you are right Alter, I only spend about 1 hour a day deciding if I will take a trade on a daily chart (3:30-4:30pm CT). That leaves 10 hours to do any/all of the following:

- Read and study Douglas, Elder, Van K. Tharp, Kiev, Pring, Schwager, Lefevre, etc.
- Backtest (I did it on MT4, but agree with Simoncs)
- Test exit strategies
- Read and study ALL of this thread
- Develop a formal Trading Plan

To give you an idea, I estimate that I spent about 200 hours reading this thread. Then another...
youre the man josh. master-in-waiting....
  • #27,590
  • Apr 21, 2009 8:29am Apr 21, 2009 8:29am
Quoting Jduester
As a startup business, this takes 12 hours a day... you are right Alter, I only spend about 1 hour a day deciding if I will take a trade on a daily chart (3:30-4:30pm CT). That leaves 10 hours to do any/all of the following:

- Read and study Douglas, Elder, Van K. Tharp, Kiev, Pring, Schwager, Lefevre, etc.
- Backtest (I did it on MT4, but agree with Simoncs)
- Test exit strategies
- Read and study ALL of this thread
- Develop a formal Trading Plan

To give you an idea, I estimate that I spent about 200 hours reading this thread. Then another...
Josh,

As usual you are spot on. This is my first week of turning into being a sniper and I am watching........waiting..........ready to strike when an opportunity presents itself. rejected an iffy trade last night and wadda ya know, it turned out to be a loser!!

getting there,

berti
PA is where its at!!
  • #27,591
  • Apr 21, 2009 8:44am Apr 21, 2009 8:44am
Quote
It's Bleach

adam777,
thanks... that would explain the hair color & type of drawing/character stance.




Quote
As a startup business, this takes 12 hours a day... you are right Alter, I only spend about 1 hour a day deciding if I will take a trade on a daily chart (3:30-4:30pm CT). That leaves 10 hours to do any/all of the following:
- Read and study Douglas, Elder, Van K. Tharp, Kiev, Pring, Schwager, Lefevre, etc.
- Backtest (I did it on MT4, but agree with Simoncs)
- Test exit strategies
- Read and study ALL of this thread
- Develop a formal Trading Plan
To give you an idea, I estimate that......

Excellent trade/work ethic, Josh. Very admirable.
  • #27,592
  • Apr 21, 2009 8:46am Apr 21, 2009 8:46am
Quote
As usual you are spot on. This is my first week of turning into being a sniper and I am watching........waiting..........re ady to strike when an opportunity presents itself. rejected an iffy trade last night and wadda ya know, it turned out to be a loser!!
getting there

bertie123,
Keep on keeping it up!
  • #27,593
  • Apr 21, 2009 9:01am Apr 21, 2009 9:01am
What does everyone her think of the AUD/USD does it have enough room to move down. I'm thinking the .6850 is next support. Any comments?
"Luck favors the prepared mind"
  • #27,594
  • Apr 21, 2009 9:42am Apr 21, 2009 9:42am
Quoting jpa0827
What does everyone her think of the AUD/USD does it have enough room to move down. I'm thinking the .6850 is next support. Any comments?
yup room to move down

....and room to move up

4hr has been in an uptrend for last couple of months, but the weekly is still down.
I would be waiting for PA to tip my hand on this one - betting against the AUD at the mo would be very difficult - they haven't been hit nearly as hard as US or Europe yet.
  • #27,595
  • Apr 21, 2009 10:01am Apr 21, 2009 10:01am
Quoting dkmb92
i attribute this more to the unexpected rate cute by the boc. as a rule i do not trade major news events like these (ie nfp, rate cuts, etc.). i still agree w/ original assessment that this was not a+ due to the location. & in the end i am not going to trade anything less than a+ b/c there are plenty of a+ trades to patiently wait for. that is why i dont have that "i missed out" feeling. i have learned that this is a part of trading. there will always be instances like these. it happened a couple weeks ago on a "b" gpb/usd pin. most of here...

good for you DK, that will help you a lot. One of the re-occuring themes in emails I get daily are aspiring traders who get that missed out feeling. It not only lasts for awhile after the trade but then effects their thought process into further trades. My answer I wrote about yesterday in someones journal was:

you can never concern yourself over missed pips. Everyday there are tons of so-so setups that give 100s of pips. I can look like Mr. Guru and post a chart on every little PA type of setup that could have worked. But when you are actually in it, trying to make consistent returns, these are the setups that end up destroying all of the hard work(trust me ). The best thing to do with these setups that you pass on, are just watch them, see how price respects our knowledge of s/r and other material covered here. It helps your trading skills. But then don't ever feel upset/frustrated that you missed a trade. I promise you, after awhile you have no concern over missed pips b/c we know the good ones are going to come anyway. Don't let it effect your judgment going forward and you will be way ahead of the game.

Just my 2 cents to help calm any of those inner ghosts

keep at it
Mike
  • #27,596
  • Apr 21, 2009 10:06am Apr 21, 2009 10:06am
This guy is an example and an encouragment for the whole J16 thread! Keep up the good work

Quoting Jduester
As a startup business, this takes 12 hours a day... you are right Alter, I only spend about 1 hour a day deciding if I will take a trade on a daily chart (3:30-4:30pm CT)....
  • #27,597
  • Apr 21, 2009 10:08am Apr 21, 2009 10:08am
Quoting simoncs
yup room to move down

....and room to move up

4hr has been in an uptrend for last couple of months, but the weekly is still down.
I would be waiting for PA to tip my hand on this one - betting against the AUD at the mo would be very difficult - they haven't been hit nearly as hard as US or Europe yet.

thanks simoncs
"Luck favors the prepared mind"
  • #27,598
  • Edited 10:22am Apr 21, 2009 10:15am | Edited 10:22am
Quoting simoncs
also out and out of the gbpjpy at target 142.1 - could probably have squeezed more out but this is a heavy confluence area so not worth the risk.


Longs anyone?
just closed my gbpjpy long from the confluence as it hit the 150 and 38 fib. wasn't expecting this retrace till tomorrow but hey ho.

I'm sure it will go higher now if it gets to the 50fib will be looking to short again


ahh - will post chart in a mo - pc throwing a tantrum
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  • #27,599
  • Apr 21, 2009 10:23am Apr 21, 2009 10:23am
bepb forming on u/cad at swing high & rd# ppz 1.24 in direction of current trend. beob forming on eur/aud at swing high & rd# ppz of 1.85 in direction of current trend. lets see how these lead into the close of the daily. (funny, these are the 2 trades i took last week).
  • #27,600
  • Apr 21, 2009 10:25am Apr 21, 2009 10:25am
G'day all,
I've been here in the background, reading the thread since late last year to begin to get up to speed, sorry not to have said introduced myself sooner.

Anyway, after spending some time trading with mixed success, I've now taken the plunge, set aside my live accounts in order to demo on J16's terms (daily PA set ups, like a sniper 3 months of profitable demo before going live) and I have joined the PF.

I hope to post with any occasional set ups I come across from time to time. My time is limited so I will be taking as long as it takes me to learn.
(patience patience!)
My aim is to get to a stage where I can trade live off the 4 hour charts.

Meanwhile, during the time I've been reading the thread I've seen Jduester join the thread & go from strength to strength. A great example to follow, well done Josh, and thanks for all the work you put into the summary recently.
If you can wait and not be tired by waiting...
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