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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

  • #28,421
  • Apr 28, 2009 2:57pm Apr 28, 2009 2:57pm
Quoting mbqb11
Hey resistance,

We have spoke about it numerous times in this thread so don't worry.

Yes you are correct, forex is not a centralized market thus giving a different aggregation of what we say. But PRICE is PRICE. Period. So this is where understanding that the location of these bars, not the bars themselves trumps everything. What I mean is we are not trading based on just the bar itself. We are combining this knowledge with the knowledge of support/resistance and the other phenomenons that come along with that. So while my chart might have...
Good explanation. Helped me.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #28,422
  • Apr 28, 2009 3:00pm Apr 28, 2009 3:00pm
Quoting jpa0827
If this bar closed as a Pin Bar, would it be worthy of going short given the fact that the major trend is down. Or would it not be smart because of the BUOB at 1.30? Any help would be appreciated.

Jim
Basically I'm trying to figure out which signal would be more powerful. Obviously, the bar might not close as a PB, but just playing out a scenario.
"Luck favors the prepared mind"
  • #28,423
  • Edited 5:16pm Apr 28, 2009 3:03pm | Edited 5:16pm
Hey Ghous,

How do I get here.

Jim's videos in the guest section of the PF .....

I seem to have misplaced my url.

TYA

Never mind I found my url.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #28,424
  • Apr 28, 2009 3:04pm Apr 28, 2009 3:04pm
Quoting fxprocessor
I have closed this trade as we are at a strong support area. Hope you guys got a piece of this too.

This is the only trade I have taken in the last month. I have learned the hard way that patience is key.

cheers

fxp
I saw your "Watching . . " post when you put it up and I thought juicy, real juicy. Very nice.
Indicators show the past. Price Action "Indicates" the future.
  • #28,425
  • Apr 28, 2009 3:05pm Apr 28, 2009 3:05pm
Quoting fxprocessor
If this closes as a pinbar beware the trendline just above.

I personally (imho) will pass on this as the trendline has been very well respected thus far.

Just my two cents.
This is my 16h (i've seen something happening on daily so I constructed this )
version, soon to be confirmed daily. Entered partial h16, rest is break of daily.
Attached Image (click to enlarge)
Click to Enlarge Name: ej16h.gif Size: 12 KB
  • #28,426
  • Apr 28, 2009 3:12pm Apr 28, 2009 3:12pm
Quoting mbqb11
Hey Frank

Break means the bar after the pinbar breaks the high.

So on my chart #1 is the pinbar

#2 equals the bar that has to break the high of the pin

So after #1 closes that equals our pin. Then a buy stop would go above bar #1. So during the formation of bar #2(ie right when bar 1 closes) we place our buystop above the high of bar #1 which is the pin


Hope that helps

Mike
YES!! Thank you!
  • #28,427
  • Apr 28, 2009 3:12pm Apr 28, 2009 3:12pm
Quoting jpa0827
If this bar closed as a Pin Bar, would it be worthy of going short given the fact that the major trend is down. Or would it not be smart because of the BUOB at 1.30? Any help would be appreciated.

Jim
not sure what time frame you trade off, but I see sideways market contained by super SRs (1.30 and 1.37)
back to your question 'what if....'
If something that's not there formed and broke south, I'd bee looking for 40ps.
.

p.s. If you short, just go easy on me... I'm trying to make some pips from long trades this morning on that buovb setup...
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  • #28,428
  • Apr 28, 2009 3:12pm Apr 28, 2009 3:12pm
Quoting mbqb11
Hey resistance,

We have spoke about it numerous times in this thread so don't worry.

Yes you are correct, forex is not a centralized market thus giving a different aggregation of what we say....

Hi!

Thanks for sharing your thoughts!
Still, I think any focus on the single patterns is too much. As you pointed out the location is key, but I prefer digging down a few frames when price gets to a significant level and observe the wave formations or compound bar formations rather than focusing on 2 bars only.
I like this thread very much for its simplicity, James obviously knows what hes talking about, but I remain skeptical.
I suspect that his success isn't due to these patterns he uses.

Good luck!
  • #28,429
  • Apr 28, 2009 3:16pm Apr 28, 2009 3:16pm
Quoting raczekfx
not sure what time frame you trade off, but I see sideways market contained by super SRs (1.30 and 1.37)
back to your question 'what if....'
If something that's not there formed and broke south, I'd bee looking for 40ps.
.

p.s. If you short, just go easy on me... I'm trying to make some pips from long trades this morning on that buovb setup...
Hey Rac,

I forgot to post the chart orignally, but it was the 4hr chart I was looking at. I completely missed the BUOB this morning. Glad some people are making money today
"Luck favors the prepared mind"
  • #28,430
  • Apr 28, 2009 3:18pm Apr 28, 2009 3:18pm
Quoting resistance
Hi!

Thanks for sharing your thoughts!
Still, I think any focus on the single patterns is too much. As you pointed out the location is key, but I prefer digging down a few frames when price gets to a significant level and observe the wave formations or compound bar formations rather than focusing on 2 bars only.
I like this thread very much for its simplicity, James obviously knows what hes talking about, but I remain skeptical.
I suspect that his success isn't due to these patterns he uses.

Good luck!
Well if by patterns you me a combo of price bars and location then yes this is what james uses. There is a lot more too it but at the same time simple in nature. I am glad you are skeptical everyone should be and spend time proving it to themselves. But like many before you have come and conquered hopefully you will and of course we are all here to lend a little help if you need it.


Take care
Mike
  • #28,431
  • Apr 28, 2009 3:19pm Apr 28, 2009 3:19pm
Hi Jaroo,

Do you use 30 to 40 pip stops even if your Profit Target is say 70 or 100 pips away?

What approximate % win rate do you get using these tight stops? I would assume you might get a few of these but then if you have a few larger winners they would make up for the little losers.

I'm currently experimenting with having my SL midway through the Pin so it is almost = to the Profit Target thus giving me a 1:1 Risk Reward or 1:0.75. Then I just need to work on getting a minimum 70% win rate to make it work (means selecting only A or B trades). But I'm also pondering if a method similar to yours would yield better results at the end of the day because with your method even if you got a 50% win rate you would still make money.

Thanks,
Rubin.

Quoting jarroo
I'll use limit orders and buy/sell stops mostly. 30 to 40 pips away depending on the pair and setup.
  • #28,432
  • Apr 28, 2009 3:20pm Apr 28, 2009 3:20pm
Quoting Schneeule
This is my 16h (i've seen something happening on daily so I constructed this )
version, soon to be confirmed daily. Entered partial h16, rest is break of daily.
nice catch. question is:
what you do with it if you're long?
1. take some profit.
2. go long again on daily pb break
3. watch all your gains evaporate should yen decided to test 124 again ?
.
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  • #28,433
  • Apr 28, 2009 3:25pm Apr 28, 2009 3:25pm
Quoting Schneeule
This is my 16h (i've seen something happening on daily so I constructed this )
version, soon to be confirmed daily. Entered partial h16, rest is break of daily.
A man after my own heart. Just scanning your 16 Hour chart, one can see numerous PA setups that worked out very nicely.
Indicators show the past. Price Action "Indicates" the future.
  • #28,434
  • Apr 28, 2009 3:27pm Apr 28, 2009 3:27pm
Quoting jarroo
A man after my own heart. Just scanning your 16 Hour chart, one can see numerous PA setups that worked out very nicely.
holy cow! there are some real beauties on that one!!! Those no one would argue A+++ on
  • #28,435
  • Apr 28, 2009 3:36pm Apr 28, 2009 3:36pm
Originally Posted by pipslapped http://www.forexfactory.com/images/buttons/viewpost.gif
Any opinions on this?



I'm in ...Long with 10 pips locked. Stress free
  • #28,436
  • Apr 28, 2009 3:54pm Apr 28, 2009 3:54pm
Quoting jarroo
I saw your "Watching . . " post when you put it up and I thought juicy, real juicy. Very nice.
Cheers Jaroo.

Quoting Schneeule
This is my 16h (i've seen something happening on daily so I constructed this )
version, soon to be confirmed daily. Entered partial h16, rest is break of daily.

Nice
  • #28,437
  • Apr 28, 2009 3:55pm Apr 28, 2009 3:55pm
http://i23.photobucket.com/albums/b3...s87/USDJPY.jpg

Still has awhile until close, but the USDJPY is looking good. 95.70 to 96 seems like a good PPZ. It's just under the 150 ema and pierces the 38.2 fib.

If it closes like this I think I might put in an order around 96.95, above the 150 ema.

Also, what do you guys think of the USDCAD pin bar. I'm already in a short trade from the previous pin on that pair.
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  • #28,438
  • Apr 28, 2009 3:57pm Apr 28, 2009 3:57pm
Quoting gorubin
Hi Jaroo,

Do you use 30 to 40 pip stops even if your Profit Target is say 70 or 100 pips away?

What approximate % win rate do you get using these tight stops? I would assume you might get a few of these but then if you have a few larger winners they would make up for the little losers.

I'm currently experimenting with having my SL midway through the Pin so it is almost = to the Profit Target thus giving me a 1:1 Risk Reward or 1:0.75. Then I just need to work on getting a minimum 70% win rate to make it work (means selecting only A or B...
I'll use 30 to 40 pips when my Profit Target is 350 pips away, like on the weekly.

I have a high win rate due to my selection of A/ B+ trades. I'll have loses but there usually smaller then 30 to 40 pips.

I'm not a big Risk Reward guy. I'm a Risk managing guy.
Indicators show the past. Price Action "Indicates" the future.
  • #28,439
  • Apr 28, 2009 4:15pm Apr 28, 2009 4:15pm
Thanks Jaroo. That's great Risk Management...Giving me some food for thought

I guess the other part of it is that I think you watch your trades very closely so you'll probably always have a chance to move to B/E very quickly.


Quoting jarroo
I'll use 30 to 40 pips when my Profit Target is 350 pips away, like on the weekly.

I have a high win rate due to my selection of A/ B+ trades. I'll have loses but there usually smaller then 30 to 40 pips.

I'm not a big Risk Reward guy. I'm a Risk managing guy.
  • #28,440
  • Edited 4:43pm Apr 28, 2009 4:16pm | Edited 4:43pm
Quoting jarroo
I'll use 30 to 40 pips when my Profit Target is 350 pips away, like on the weekly.
Wow Jarroo! Really? That's like at 1:10(ish) Risk to Reward ratio. Am I understanding what you said correctly? If so I need to pay a lot more attention to you!! (Not to say I don't pay attention that is!!)

I have been playing around with using a 100 pip stop loss and anti-hedging it if the position goes against me but I'm with trend.

Did I interpret your post correctly?

Regards,

Dan
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