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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

  • #30,421
  • May 19, 2009 9:32am May 19, 2009 9:32am
This chart shows the correlation of a DBLHC and an RSI Positive Reversal. Note: this was at the same time as the previous chart on the EURUSD another method of correlation.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD1 051809 PR DBLHC.jpg Size: 160 KB
  • #30,422
  • May 19, 2009 9:35am May 19, 2009 9:35am
Quoting pdean123
This chart shows the correlation of a DBLHC and an RSI Positive Reversal. Note: this was at the same time as the previous chart on the EURUSD another method of correlation.
Good stuff, I don't see a DBLHC though (maybe I'm missing something). For it to be a DBLHC, it has to close higher then the prior bar
  • #30,423
  • May 19, 2009 9:37am May 19, 2009 9:37am
This chart shows the correlation between a DBLHC and an RSI Positive Reversal. This occurred at the same time that the same correlation occurred on the GBPUSD, EURUSD, NZDUSD, AUDUSD, AJ, and GJ. Total pips on 7 trades from 10PM to 6AM was 840 pips. Lowest pre-trade target reward to risk ratio was 2:1. The highest was 4:1. Deepest stop loss was 50 pips closest was 23.
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Click to Enlarge Name: EURJPY1 051809 PR DBLHC.jpg Size: 155 KB
  • #30,424
  • May 19, 2009 9:41am May 19, 2009 9:41am
...what are you trying to sell ??

Quoting pdean123
This chart shows the correlation between a DBLHC and an RSI Positive Reversal. This occurred at the same time that the same correlation occurred on the GBPUSD, EURUSD, NZDUSD, AUDUSD, AJ, and GJ. Total pips on 7 trades from 10PM to 6AM was 840 pips. Lowest pre-trade target reward to risk ratio was 2:1. The highest was 4:1. Deepest stop loss was 50 pips closest was 23.
  • #30,425
  • May 19, 2009 9:41am May 19, 2009 9:41am
Good am all still holdin tight for 1.1500. U/J nothins changed my bear bias actually pa seems so be reflecting it havent opened a position yet but watchin for a short. Hope this keeps me from android status hehe
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  • #30,426
  • May 19, 2009 9:42am May 19, 2009 9:42am
Quoting Jlr
Good stuff, I don't see a DBLHC though (maybe I'm missing something). For it to be a DBLHC, it has to close higher then the prior bar
Here is a close up of the bars.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD1 051809 PR DBLHC ZOOM.jpg Size: 145 KB
  • #30,427
  • May 19, 2009 9:45am May 19, 2009 9:45am
Quoting raczekfx
If I read what other people think or say, their opinions, etc... I would be like millions of those zombies glued to TV boxes. You would see me on this board posting something like :
what do you guys think of this.... I need your opinion on eur/jpy long.... do you think it's ok to short this pin bar.....what do i do next ? or constantly questioning my own decisions, unable to pull the trigger. Sounds esoteric, but all answers are within you, you just have to know where to look...

You were...
Declarative statements show intent ;-) Good stuff raczek
Patience + Humility + Study = Success
  • #30,428
  • May 19, 2009 9:45am May 19, 2009 9:45am
This should help DLHC
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File Type: pdf price action.pdf   45 KB | 700 downloads
  • #30,429
  • May 19, 2009 9:46am May 19, 2009 9:46am
Quoting pdean123
Here is a close up of the bars.
In order for it to be a DBLHC, it has to close higher then the previous bar.
  • #30,430
  • May 19, 2009 9:47am May 19, 2009 9:47am
Quoting advfntrader
...what are you trying to sell ??
That tying the Price Action that James teaches to RSI Reversals is a highly correlated method of predicting success. Nearly every time a Reversal occurs on the RSI there is a confirming Price Action bar. This would be no different then trying to tie Fibonaccis to Price Action in order to get confluence. I have found this method to be better although not exclusionary to Fibonacci. In fact RSI Reversals are tied to Fibonacci especially in regard to the target projection of each reversal.
  • #30,431
  • May 19, 2009 9:52am May 19, 2009 9:52am
Quoting Jlr
In order for it to be a DBLHC, it has to close higher then the previous bar.
If you decide that you want to restrict yourself to that definition then that would be true. But price action is only a method that indicates what is possibly going to happen. It's not established fact.

I think if you were to research what I have shown, you would find that a close of the second bar above the close of the first, in confluence with a highly predictable indicator as RSI Reversals, might allow you to change your mind.

I have used James method for three years. I know it works. But confluence of other factors is part of his theory. I think you would find this method of confluence one that is highly successful.
  • #30,432
  • May 19, 2009 9:53am May 19, 2009 9:53am
Quoting dmc
007,

There is no set answer to your question, the veterans here will even tell you that this all has to do with your own style of trading. Some move to BE after a set number of pips, and soem move to BE at Price's first resistance. It all depends on your risk tolerance and where you think price is going to go based on support and resistance.

Others can elbaorate more, but there is no set answer.
Thanks dmc
  • #30,433
  • May 19, 2009 9:56am May 19, 2009 9:56am
As I find more of these trades I will post them. I think you will see that the results are pretty striking and consistent. Last night at 10PM EST there were 9 of these on different hourly pairs. This is not an attempt to change James' method but to bring something to the table that improves the chances of success.
  • #30,434
  • May 19, 2009 10:05am May 19, 2009 10:05am
Quoting pdean123
As I find more of these trades I will post them. I think you will see that the results are pretty striking and consistent. Last night at 10PM EST there were 9 of these on different hourly pairs. This is not an attempt to change James' method but to bring something to the table that improves the chances of success.
There are many RSI reversals showing up right now on the hourly with various price action bar formations; PBs, Double highs and lows, and engulfing.
  • #30,435
  • May 19, 2009 10:38am May 19, 2009 10:38am
Engulfing bar with Positive Reversal
or Positive Reversal with engulfing bar.
Confluence in either case.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD1 051809 PR Engulfing.jpg Size: 178 KB
  • #30,436
  • May 19, 2009 10:39am May 19, 2009 10:39am
Quoting marcelnyo



I'm a little confused right now, should I return to 1% risk? I think after dealing with a loss, I might want to gain back my rythm before risking the same percentage again.
This is only to help you asking the following questions.

How long have you been trading successfully at 1% risk?

How many trades was it total?

What makes you think after x months, moving to 2% risk is a good idea? How about 3%?

What were your motives for upping to 3% risk? Greed? You want more now?

Did you know every time you double your risk you double your max drawdown? So if you have a method that historically has a max drawdown of 20%, at 1% risk per trade, when you now risk 2% per trade effectively that max drawdown becomes 40%.

Again I know marcel so I just give him a kick to get him thinking

Mike
  • #30,437
  • May 19, 2009 10:40am May 19, 2009 10:40am
ok sorry, sounds interesting. I thought you were trying to sell a system...one of these "this got 800 pips last week" type things


Quoting pdean123
As I find more of these trades I will post them. I think you will see that the results are pretty striking and consistent. Last night at 10PM EST there were 9 of these on different hourly pairs. This is not an attempt to change James' method but to bring something to the table that improves the chances of success.
  • #30,438
  • May 19, 2009 10:46am May 19, 2009 10:46am
Here is a Reversal with the "standard" DBLHC definition tied to an RSI Positive Reversal.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD 051909 PR DBLHC.jpg Size: 163 KB
  • #30,439
  • May 19, 2009 10:48am May 19, 2009 10:48am
Quoting advfntrader
ok sorry, sounds interesting. I thought you were trying to sell a system...one of these "this got 800 pips last week" type things
The point I was trying to make is that there were many trades all confirming at the same time with price action and the confluence or confrimation of RSI Reversals.
  • #30,440
  • May 19, 2009 10:57am May 19, 2009 10:57am
Quoting mbqb11
This is only to help you asking the following questions.

How long have you been trading successfully at 1% risk?

How many trades was it total?

What makes you think after x months, moving to 2% risk is a good idea?...
One way to look at the % is you can make 52 losing trades in a row at 1% and still you will have @60% of your account. This should see you through a year on dailies and weeklies while you learn.
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