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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

  • #29,761
  • May 12, 2009 6:41am May 12, 2009 6:41am
My FXDD demo account on MT4 is showing a low of 1.7806

Quoting markmm
Anyone using FXDD MT4 tell me the low of EUR/AUD daily bar? Thanks
  • #29,762
  • May 12, 2009 6:42am May 12, 2009 6:42am
Quoting fxprocessor
Didn't see anyone folllow this up with a chart so allow me. Think I have the right chart correct me if I am wrong.....

Awesome resistance area to look for PA. Also love how the BEOB gave a hint of the breakout previously. Class.

Do you prefer to use continuous contract instead of regular one? The PA setups shouldn't be the same should they?
Thank you
alter
  • #29,763
  • May 12, 2009 6:45am May 12, 2009 6:45am
Quoting PipGator
My FXDD demo account on MT4 is showing a low of 1.7806
Thanks, just saw a low on the web (not FXDD) at 1.7795 and got worried.
Economists have forecast 9 out of the last 5 recessions
  • #29,764
  • May 12, 2009 6:47am May 12, 2009 6:47am
Quoting marcelnyo
Hey does anyone here by any chance know about an article or a good post about demo trading vs live trading, I'm trying to explain to my friend to the psychology of demo, but since fijitrader's is the best I can find but it is copyrighted material, I wonder if anyone know any writings that maybe has the same power to change views of some people.

Thanks.
I don't know anything better than Fiji's stuff, specifically when he says that if you can't conquer your ego on demo you'll never conquer it on live. And trading is all about conquering the ego and getting out of our way. Fiji does put it better but you're right, it's copyrighted material.

I think it's okay to trade a tiny tiny account instead of demo and use oanda style micro position sizing. For me personally, I'd rather trade a demo with position sizing closer to what I'll be trading when going live. James16 always talks about trading being affected by account size and if I am going live with say 75k, for example, I'd rather trade a 75k demo than a $100 live account.

I've often heard it said that demo makes it difficult to trade as if for real because you don't get the emotions etc. I think it's helpful to break this down and really look at this statement. It says "I will not find demo useful because real money will not be at risk. Issues come up for me when trading live money that I would not be able to address when trading demo". I would say there are then two issues to address. Firstly practising to get efficient at stone cold execution of your style on demo, then addressing the fact that real money causes you to break those rules. If you feel that you can't take demo seriously that in itself can be a psych or discipline issue. Maybe working to take the 75k demo seriously is the real issue that needs to be addressed in this case. And asking "why is it that I cannot take a demo account as seriously as a live one? Where do I find myself thinking 'hey, it's only demo?'"

Incrementally grading up can be very helpful I think. Break down your 3 month minimum requirement phase to 2 months demo, one month super small live account. Given that this is low frequency trading, why not try running a demo and a tiny live account simultaneously in month 3 and see how differently you manage your trades. The objective is to be as calm in execution no matter whether it is demo, small live or six figure account.

One final thought is that Jim's minimum requirements are there for a reason. And it's not just to help us learn the system. It's to teach us patience, discipline, and surrendering to to the wisdom and experience of someone who has gone before rather than thinking "nice work Jim but I want to make a few tweaks". Having the discipline and patience to surrender to those requirements and at least see what that process brings can, in my opinion, lay great foundations for patience and adherence to rules, both of which I have found to be essential in my trading. Remember how Jim says that he has become almost mental about these minimum requirements when introducing something new. Even after 26 years.

Just my 2 cents from someone who finds demo extremely valuable. I am sure those who don't will be able to argue the other way and that's the joy of this thread. Contrasting opinions, respectfully expressed.
  • #29,765
  • May 12, 2009 6:53am May 12, 2009 6:53am
Quoting marcelnyo
wow peter, I haven't seen you around here lately

I got inspired to tell my girlfriend not to trade without stoplosses from your beginner's section here at FF, now I finally get to say thanks
I don't even see myself much anymore .

Thanks not needed but it's good to see some of my pain helping others avoid those mistakes.

As far as me not posting much in this thread, there are more experienced voices to listen to. Plus, they follow Jim's teachings much more closely that I do so don't want to muddy the waters. All my trading now is based on Jim's core PA stuff but I have my own methods that suit me. You'll find the same as you develop. PA is still PA and can be bent and fine-tuned to suit your personality.
  • #29,766
  • May 12, 2009 6:57am May 12, 2009 6:57am
Quoting PeterFM
I don't even see myself much anymore .

Thanks not needed but it's good to see some of my pain helping others avoid those mistakes.

As far as me not posting much in this thread, there are more experienced voices to listen to. Plus, they follow Jim's teachings much more closely that I do so don't want to muddy the waters. All my trading now is based on Jim's core PA stuff but I have my own methods that suit me. You'll find the same as you develop. Pa is still PA and can be bent and fine-tuned to suit your personality.
absolutley.....Jim lays the foundation....you as traders add the bricks...


baz
  • #29,767
  • May 12, 2009 7:09am May 12, 2009 7:09am
Thanks MM - that chart has clarified for me.

Appreciate your support

Matt

Quoting MinceMeat
Hey Matt,

Sorry, didn't mean to confuse you. Was just trying to say that it was a bit too busy for my liking just below the pin bar to the immediate left. A fair amount of consolidation going on. I like a bit more space when taking my trades especially on 4 hours. It worked out in the end but you had to wait a couple of bars to find out so I guess it is just a matter of personal preference.

Attached is an example of the AUDCHF setup from the other day. Preferred this setup as it had a bit more room to run before any trouble. Just makes things...
  • #29,768
  • May 12, 2009 7:19am May 12, 2009 7:19am
Quoting ady27
Scott,
Here you go.
one is simpler just moves to b/e.
The other can move to b/e + X , X=the number of pips above/below b/e.
Have fun

Ady
Hey Ady
I am a rank beginner with EA's but interested in these ones. Any insturctions on how to use these..I have them downloaded but no idea otherwise.

thanks
Lindsay
All that matters is winning the week
  • #29,769
  • May 12, 2009 7:26am May 12, 2009 7:26am
Quoting 4fun
Just going over the charts on a lazy Sat am and couldnt help but notice this head&shoulder setup I know recent trend is up this weeks candle bearish,look at thurs & friday day candle combined gives a bear pin i am not saying this is a trend changer but worth taking note! Btw some really excellent post everyone
Ok slowly its shaping up short at 98 imho 97 is key if it can get below and prove to me its now resistance going to add on with some pa or resistance proof action this pair is now flirting on a cliffs edge im my eyes time will tell, really enjoyable to watch a plan unfold either way.
  • #29,770
  • May 12, 2009 7:44am May 12, 2009 7:44am
Hi MM,

I notice that my AUD CHF chart looks different to yours. Maybe my time set-up is incorrect? My current bar completes at 17:00 BST today.

Quoting MinceMeat
Hey Matt,

Sorry, didn't mean to confuse you. Was just trying to say that it was a bit too busy for my liking just below the pin bar to the immediate left. A fair amount of consolidation going on. I like a bit more space when taking my trades especially on 4 hours. It worked out in the end but you had to wait a couple of bars to find out so I guess it is just a matter of personal preference.

Attached is an example of the AUDCHF setup from the other day. Preferred this setup as it had a bit more room to run before any trouble. Just makes things...
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  • #29,771
  • May 12, 2009 7:45am May 12, 2009 7:45am
Fiber now at a major level to watch pa 1.3700
  • #29,772
  • May 12, 2009 7:46am May 12, 2009 7:46am
I entered what I thought was a nice looking pb yesterday with a pending order about 15 pips off. The pb appears to be bouncing off the weekly fib (61.8) at a major PPZ.

I am growing increasingly frustated with this in recent weeks because everything that looks like good setups have failed.

Any opinions from the senior members on this trade would be appreciated.
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  • #29,773
  • May 12, 2009 7:51am May 12, 2009 7:51am
N e one still in the Daily PIN of NZD/USD ? What are your thoughts.
  • #29,774
  • May 12, 2009 7:57am May 12, 2009 7:57am
Quoting FxMatt
Thanks MM - that chart has clarified for me.

Appreciate your support

Matt
No worries, anytime.
  • #29,775
  • May 12, 2009 8:00am May 12, 2009 8:00am
Quoting pipslapped
I entered what I thought was a nice looking pb yesterday with a pending order about 15 pips off. The pb appears to be bouncing off the weekly fib (61.8) at a major PPZ.

I am growing increasingly frustated with this in recent weeks because everything that looks like good setups have failed.

Any opinions from the senior members on this trade would be appreciated.
First off, PA is only a guide and there are no sure things in this arena, but let's look at how I'd have seen this.

First (purely from an academic point of view) your Fibs are upside down. It's not critical if you turn your thinking on its head ie the 61.8 level is 23.6. More important to my mind is that price hasn't really tested that level yet. Better in my mind is to see price try and break through a level and get rejected so that price closes below it (above if you're long). This still has a ways to go.

Secondly, price closed above the previous high (27th March) and that would make me suspect that sentiment has changed and the market is looking to go long. I would have respected the fact that price is approaching a Fib level and maybe waited a little longer to see what happened around that level. 23.6 isn't a key level to my way of thinking, but then again I don't use Fibs anymore so what do I know?

Hope this helps, it's just a different perspective others may not agree with me.
  • #29,776
  • May 12, 2009 8:02am May 12, 2009 8:02am
I am not senior but heres my take, I use ibfx so ive havent a pinbar but a beovb but on my feed it only covers sunday bar which is no bueno plus it closed above .6000 so on my chart its just a stall the level .6000-.6150 great location for pa just a case of patience needed really
  • #29,777
  • May 12, 2009 8:03am May 12, 2009 8:03am
Quoting FxMatt
Hi MM,

I notice that my AUD CHF chart looks different to yours. Maybe my time set-up is incorrect? My current bar completes at 17:00 BST today.

Different broker feeds close there bars at different times. My broker closers their daily bar at 10:00PM BST. 4 hour bars at 2AM, 6AM, 10AM, 2PM, 6PM and10PM.

As a general rule of thumb, play your PA setups as you see them on your charts. At times you will see setups on your charts that I don't see on mine and vice versa.
  • #29,778
  • May 12, 2009 8:04am May 12, 2009 8:04am
mseaz9/pipslapped-

Here is a chart of how I saw this set-up and why I didnt feel it was worth trading. The pin you are talking about showed as a BEOB on my feed IBFX. I still did not take a short position because it was trading into a PPZ (blue sheaded area.) I took no trade here at all. Hope that helps. Every small bit of info you can digest here will help you in the long run. I'd be interested to see what Mike or Jim says about this chart. I missed the PF webinar last night. (Sick all week)

K.I.S.S.
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  • #29,779
  • May 12, 2009 8:12am May 12, 2009 8:12am
Quoting PeterFM
If you're talking about the bearish bar at B ...
Thanks for clarifying. Each piece of the jigsaw is slowly slotting into place. One day, maybe I'll get the whole picture.
  • #29,780
  • May 12, 2009 8:16am May 12, 2009 8:16am
Quoting lindsayf
Hey Ady
I am a rank beginner with EA's but interested in these ones. Any insturctions on how to use these..I have them downloaded but no idea otherwise.

thanks
Lindsay
Hi Lindsay,

sure it will be fun

 

  1. close your metatrader, MT from here on.
  2. copy the downloaded files into your MT folder: Crogram Files/Meta Trader XXXXX /experts.
  3. open MT.
  4. go to Tools/options/Expert Advisors. make sure "allow live trading" is enabled, also "Allow DLL imports" is enabled.
  5. "Ask manual confirmation" should not be enabled.
  6. on the upper toolbar push the button "expert advisors".
  7. pick the chart of the pair you trade.
  8. on the left side there is the "navigator" window. open the list of expert. you should see them there (gray or colored not important).

BreakEven Expert

 

  1. drag this expert to the chart.
  2. in the window that opened, chose the tab inputs.
  3. change the number in the box to the target pips you what the the EA to move to b/e. For example, you want to move to b/e at 35 pips. put 35 in the box.
  4. It does not matter if your short or long, the number should be positive.
  5. click ok.
  6. Now you should have a smiley face on the left upper corner.(see chart)

GO AND GET SOME PIPS

Swiss army is the same procedure, only the options are different.
I don't want to clutter the thread, so send me a PM if you need help there.

Ady

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