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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

  • #32,541
  • Jun 7, 2009 6:36am Jun 7, 2009 6:36am
Quoting albchr
Hi Mark

Caught this as I was reading up on the latest posts. IBFX has has a "partial close" EA for MT4 which I use and it works well. For the most part, I can watch my trades and do things manually but for the times I can't, I use this EA.

The only Con I see (not much of one) is that you have to remember to remove the expert when done or no longer wanted.
Hello, why can I not open this IBFX file you included?
I download but only a white square icon appears!

thanks
mea
  • #32,542
  • Jun 7, 2009 6:59am Jun 7, 2009 6:59am
Quoting jarroo
Yes, you got it mea. But I'm sure you meant to say BEarish Ouside Bar, not BUllish Outside Bar.

Nice setup, BEOB at a swing High and a break below the 135.00 (support) could have turned into resistence, but waiting for the break saves the day again. As James16 says, "It always will".

Jim

Jarroo yes u right i meant BEOB, ty for correcting!
  • #32,543
  • Jun 7, 2009 7:22am Jun 7, 2009 7:22am
Quoting mea
Hello, why can I not open this IBFX file you included?
I download but only a white square icon appears!

thanks
mea
Hi mea,

Well, you don't "open" it. You just copy it to your MT4/Experts directory. When you open MT4 it should be listed in the Navigator window under the Expert Advisors folder as "IBFX - Partial Close"

Hope that helps.
Ghost Rider - WWTBMD?
  • #32,544
  • Jun 7, 2009 7:23am Jun 7, 2009 7:23am
TiaForex,

Back in March, you made a great posting about backtesting as a means of testing the real system - i.e. you (and me, and anyone). This was highlighted by James16 no less, in the list at the top of the thread, which is how I spotted it. You said you were using backtesting software which allowed you to play out each bar, as though you were demoing, and thus could get to test many weekly bars in a short time, not like waiting weeks and weeks as in real demo-ing. I know this isn't a substitute for actually demo-ing, but it does sound like a great training exercise.

Now, if it's not against the forum rules, may I ask what software this is?

Many thanks,
Regards, Mike Still learning my trade.
  • #32,545
  • Jun 7, 2009 7:51am Jun 7, 2009 7:51am
Quoting fxprocessor
Thanks for your reply KissFan.

My bar closed at 1.5980. If I am looking at this from a weekly perspective this is pretty much on the round number.

I see these major areas as elastic support and resistance. I think there is good potential for buyers to come into the market at this key area and that 1.60 could prove to difficult to hold under.

The monthly bullish bar I highlighted in my last post is a major factor in this thought process.

The fact that I have just had an exceptional week also has me more cautious as I have over traded when...
Ok that makes sense to me FXP. Excellent explanation of the s/r area. You have to look at it as a "zone" and not a "fine line." I agree also that youi must be cautious when managing your trade. The key is how price breaks lower for me. I am looking for good momentum. I also hope that we see some retrace today before moving lower.

K.I.S.S.
  • #32,546
  • Jun 7, 2009 7:57am Jun 7, 2009 7:57am
Quoting Matrixxdg
Hey Rog,
I see that double thick yellow line on the chart did a good job at stopping that price.

Man I learn something new from you everyday. Thank you

Just BS'n ..... nice trade.

MG

Hehe! Hard to see on weekly but that is actually a PPZ.

K.I.S.S.
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  • #32,547
  • Jun 7, 2009 8:34am Jun 7, 2009 8:34am
Quoting albchr
Hi mea,

Well, you don't "open" it. You just copy it to your MT4/Experts directory. When you open MT4 it should be listed in the Navigator window under the Expert Advisors folder as "IBFX - Partial Close"

Hope that helps.
thanks you, your post did help,
but i do not think i need this tool anyway, but i learned something new for the future.
I was always wondering how to get those icons working.
thanks again
mea
  • #32,548
  • Jun 7, 2009 8:43am Jun 7, 2009 8:43am
Quoting Jduester
TiaForex summed it up very well. I answered a similar question over on CW's thread yesterday...
http://www.forexfactory.com/showpost...postcount=1849

Josh

Thanks.."TiaForex" and ..."Jduester" for you response !
  • #32,549
  • Jun 7, 2009 9:15am Jun 7, 2009 9:15am
Another consolidation period? Possible!
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  • #32,550
  • Jun 7, 2009 11:06am Jun 7, 2009 11:06am
Quoting james16
please understand one thing.
this thread is a sincere and honest attempt to help people.
I am new to this thread, kept seeing post in various other threads with some variation of "you must read james16"; from the begining I have never doubted that this is a sincere attempt to help people. Felt odd to see the neccessity for this to be stated, but then, as in all things in human nature, whiners will always whine, and doubters will always doubt, but the transparency of sincerity WILL always prevail.

Hoping to learn loads from this thread and thank you for continuing to maintain it. Already taken step one, put the live account on ice! Opened two demo's one called 4hr and one called daily, (the 4hr is just an experiemnt). I have never traded these TF's before, but the logic of doing so for a neophite is irrefutable.

All the best.
non si dimentichi mai
  • #32,551
  • Jun 7, 2009 12:05pm Jun 7, 2009 12:05pm
Quoting plus50
I am new to this thread, kept seeing post in various other threads with some variation of "you must read james16"; from the begining I have never doubted that this is a sincere attempt to help people. Felt odd to see the neccessity for this to be stated, but then, as in all things in human nature, whiners will always whine, and doubters will always doubt, but the transparency of sincerity WILL always prevail.

Hoping to learn loads from this thread and thank you for continuing to maintain it. Already taken step one, put the live account on ice!...
Welcome to the thread plus50!

As James said, this thread is a sincere and honest attempt to help people.

Since I came here and joined the PF I have really not felt the need to try any other material. Sure I read around with trading books, but they are mainly memoirs and psychology books. I don't feel the need for another system or method. For my money, everything is here.

Well done for turning off the live account and starting demo. It's crucial to success in my opinion. With real money it's so tempting to say after a few failed trades "screw it, this doesn't work, it's just another scam" and walk away, thus denying yourself the learning curve. You just bought yourself the best gift you possibly could....time.

I also from time to time attest to the extraordinary atmosphere and respect on this thread. I still look around on FF occasionally and am amazed by the bullying and lack of respect from people who claim to be teachers. Or the lack of clarity as simple concepts are marked in some kind of coded language, making things unnecessarily complicated. (or worse in some crazed "swinging hipster" language to show how cool the poster is). This stuff should not need explaining, it is clear, simple, and is taught here with patience and respect.

The people I really feel for are the ones who leave here and return to the jungle. Sure there are many many other ways to learn to trade and many other respectful teachers but they are very hard to find, buried as they are in the ocean of scamsters willing and people with "systems" that have worked for 3 months all lining up to take your cash.

I think those have come through here, no matter how far down the journey they have gone, appreciate how special this is and are keen to continue the great work. And the seniors all look in still and are very active. James is here every week, Mike continues his inhuman response time to posts (I think there are two of him personally, one that sleeps while the other is working), raczekfx, clockwork71, jarroo...and all the others I haven't mentioned. Clockwork71 even has his own breakaway "Silent Service" thread and it is gold dust.

No matter how "stupid" the question, or no matter how little the person posting seems to have read the thread, you will hardly ever see them beaten over the head here or angrily told they should come back when they've done the work. Flame wars rarely break out. And humility is in abundance. It's not just a great place to learn to make money, it's a great place to learn how to be a decent human being while doing it.

Anyway, welcome. I really hope you find what you need. As you may have realised, I'm the verbose one....

Aaron
  • #32,552
  • Edited 12:33pm Jun 7, 2009 12:14pm | Edited 12:33pm
Won't be entering GBPUSD weekly PB. I entered daily, and was stopped out at BE, and couldn't get in again.
Now, 723 pips of SL are too much for me, as my broker IB sets a minimum of 17k to take a position in IDEALPRO.
Will wait for a 50% retracement if previously breaks down the weekly PB.
Holding my short EURUSD position till 1.3840
Trading: the skill of avoiding trades
  • #32,553
  • Jun 7, 2009 6:32pm Jun 7, 2009 6:32pm
Quoting TiaForex
Welcome to the thread plus50!

As James said, this thread is a sincere and honest attempt to help people...........

Aaron
Aaron, im loving every single of your posts lately!!!

keep them coming, they are also gold dust!!

Thanks

Cheers mate.

Mat
  • #32,554
  • Edited 8:31pm Jun 7, 2009 7:03pm | Edited 8:31pm
Attached is the E/U daily chart, from about 5 mintues ago.

I am interpreting this as bearish. Assuming I am right on the reading the last full pin bar as bearish, when would you jump into a short trade :
1. Is it advisable to allow the next full daily bar to form before deciding
2. Wait for retracement to a fib level
3. Some other criteria

Where would a reasonable SL be placed?

On a side note, I have never been this careful with a demo account before, amazing what changes I see in my behaviour after starting to read this thread.
Attached Image
non si dimentichi mai
  • #32,555
  • Jun 7, 2009 8:07pm Jun 7, 2009 8:07pm
Quoting plus50
Attached is the E/U daiily chart, from about 5 mintues ago.

I am interpreting this as bearish. Assuming I am right on the reading the last full pin bar as bearish, when would you jump into a short trade :
1. Is it advisable to allow the next full daily bar to form before deciding
2. Wait for retracement to a fib level
3. Some other criteria

Where would a reasonable SL be placed?

On a side note, I have never been this careful with a demo account before, amazing what changes I see in my behaviour after starting to read this thread....
LOL - as usual, I sse it the other way - I took the other half, seeing a solid R/R protected by the recent low at the channel bottom in an uptrend, signaled by a 4-hour rejection of lower levels quite near the target of the 4-hour SHS, aka, a pin of sorts. I will give you, however, that the daily chart does smack of stepping in front of the bus. Notably, though, the bus has been traveling the other way.
  • #32,556
  • Jun 7, 2009 8:55pm Jun 7, 2009 8:55pm
Quoting Alexandra
LOL - as usual, I sse it the other way.
You're probably right, the uptrend may continue. Fridays correction was in large part news related.

This was afterall my first attempt at seeing a trade setup on a daily chart.
non si dimentichi mai
  • #32,557
  • Jun 7, 2009 9:01pm Jun 7, 2009 9:01pm
Quoting TiaForex
Anyway, welcome. I really hope you find what you need. As you may have realised, I'm the verbose one....
Aaron
Thank you for taking the time with such a detailed response Aaron. I too hope I find what I am looking for; I am convinced it is here, I just have to find it and develop the knack for applying it.
non si dimentichi mai
  • #32,558
  • Edited 11:11pm Jun 7, 2009 9:07pm | Edited 11:11pm
Quoting montmorency
TiaForex,

Back in March, you made a great posting about backtesting as a means of testing the real system - i.e. you (and me, and anyone). This was highlighted by James16 no less, in the list at the top of the thread, which is how I spotted it. You said you were using backtesting software which allowed you to play out each bar, as though you were demoing, and thus could get to test many weekly bars in a short time, not like waiting weeks and weeks as in real demo-ing. I know this isn't a substitute for actually demo-ing, but it does sound like...
No problem. It's www.forextester.com

I use it a lot. It saves me a lot of time by telling whether an idea is worth taking on to demo/forward testing. And it's great to test exit strategies with too.

Best of all of course is that it is chart time. Burn the same setups into your mind over a few hundred backtested trades and you'll see the same patterns appear again and again.

Aaron
  • #32,559
  • Jun 7, 2009 9:41pm Jun 7, 2009 9:41pm
had a 3 pip break of the Cable pinbar, stop hunters taking it for a ride
  • #32,560
  • Jun 7, 2009 10:13pm Jun 7, 2009 10:13pm
Weekly Gbp/Usd PB looking for a strong break at 1.5928

Weekly and Daily charts;

Edit: Got a break, lets see if she runs.
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Indicators show the past. Price Action "Indicates" the future.
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