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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

  • #33,321
  • Jun 13, 2009 10:25pm Jun 13, 2009 10:25pm
Quoting james16
yep, headed for post one.

jim
Hey jim just going through the guest material on the site... I feel like im being taught by Doctor Phil lol
Grabbing the bull by the horns!
  • #33,322
  • Jun 14, 2009 2:25am Jun 14, 2009 2:25am
Quoting TiaForex
Hi Kean,

I think this is a very valid observation and shows that you're really onto something and thinking about stuff the right way.

So he hardly ever takes a full bar loss and makes up his profit from a high win rate and low risk to reward ratio. ......

Jarroo (and I am putting words into his mouth here) made exactly the same observation as you did and thought "well if I am never going to let my full bar stop be hit then why don't I just place a tight stop at an SR level 30 or 40 pips behind my entry, and then I'll get a much higher risk to...
Awesome Post Aaron, I was just testing this method by looking at daily setups chart and 15 minutes charts inside it to understand the price movement...

Who changed my way of trading to the better and changed how I look at charts right now are Jim and Mike, their help to my life cannot be described with words alone.
What I want to do is Jarroo's and that's a definite...
But the reality stays the same in the end just like the_wizard said.

"What I wanted to do and I've found good at doing, are two very different things"

and that's where backtesting ideas and forward testing ideas comes in.

Aaron has compiled all of this beautifully and has answered all my questions before I even ask them.

Hope all is well at the trading front.

Marcel.
  • #33,323
  • Jun 14, 2009 10:35am Jun 14, 2009 10:35am
Look like nice bearish pins at s/r, pivot levels to this newbie.....
Expert advise appreciated
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  • #33,324
  • Jun 14, 2009 10:38am Jun 14, 2009 10:38am
Hey Bryan,

What is that weekly pivot line based on? Or rather what are the parameters? is it a 50% fib for instance ?
  • #33,325
  • Jun 14, 2009 12:07pm Jun 14, 2009 12:07pm
Quoting Bryan
Look like nice bearish pins at s/r, pivot levels to this newbie.....
Expert advise appreciated
Hey Bryan

Just be careful with these bars. It probably will break down and move lower, but we HAVE to recognize all the bar lows/PPZ that it is trading into and react properly. This is a very choppy pair, thus the likelihood for a bounce is even greater IMO.

Best
Mike
Attached Image
  • #33,326
  • Jun 14, 2009 12:13pm Jun 14, 2009 12:13pm
Quoting Lou
Hey Bryan,

What is that weekly pivot line based on? Or rather what are the parameters? is it a 50% fib for instance ?
I think he's using floor trader pivots which are different from James16 PPZs. James16 PPZs are areas where previous support and previous resistance occurred. Floor trader pivots are a mathematical calculation based on the the high and low and close of the previous bar (traditionally (H+L+C)/3 ) and are more useful with the index markets than forex, although many do use it in forex. The indices are more centralised so everyone's looking at the same line, based on the same previous daily bar.

I may have misunderstood here and you may be well aware that the weekly pivot line on Brian's chart is a floor trader pivot so apologies. But as it is something that is often a source of confusion I thought it would be a nice time to put it in the thread.
  • #33,327
  • Jun 14, 2009 12:18pm Jun 14, 2009 12:18pm
Hi all

Tiaforex had given a fantastic account of SL.
I have a question about entry.
Whether it is for PB or double bars, it was mentioned that it is not valid until it is broken.
However, James had also mentioned that a retracement of even up to 50 level would be good as it reduces the stop loss.
My question is, do I wait for the bar to be broken, then retrace to 50 level, then enter, in that order?
There was a good post earlier with regards to aggressive entry eg at bar close, or conservative entry eg at 10 pips below bar break.
I would like to know what the experienced traders of this thread do for themselves.

Thanks.
  • #33,328
  • Jun 14, 2009 12:21pm Jun 14, 2009 12:21pm
Quoting the novice
Hi all

Tiaforex had given a fantastic account of SL.
I have a question about entry.
Whether it is for PB or double bars, it was mentioned that it is not valid until it is broken.
However, James had also mentioned that a retracement of even up to 50 level would be good as it reduces the stop loss.
My question is, do I wait for the bar to be broken, then retrace to 50 level, then enter, in that order?
There was a good post earlier with regards to aggressive entry eg at bar close, or conservative entry eg at 10 pips below bar break.
I would...
Hey Novice

The usual way to do a retracement entry in your example is buying on the retrace BEFORE the bar is broken. Like you said it is aggressive, but it has many benefits. And like all methods their are pluses and minuses. As long as we put it through the James16 minimum requirements, we are doing the right thing

Best
Mike
  • #33,329
  • Jun 14, 2009 12:35pm Jun 14, 2009 12:35pm
Hi Mike

Thanks for replying.
You are one of those I was hoping would answer my question.

Just so I understand, you would enter even though the bar was not broken (as some here would consider an unbroken bar as invalid) and enter on retracement. In that case, I suppose the selection of bar must be really stringent.
  • #33,330
  • Jun 14, 2009 12:50pm Jun 14, 2009 12:50pm
Quoting the novice
Hi Mike

Thanks for replying.
You are one of those I was hoping would answer my question.

Just so I understand, you would enter even though the bar was not broken (as some here would consider an unbroken bar as invalid) and enter on retracement. In that case, I suppose the selection of bar must be really stringent.
Yes exactly that is the "risk" you run with a retracement entry. You are trading an "unconfirmed bar". If the bar works well then you are getting a great price with a much better position size

Hope that helps
Mike
  • #33,331
  • Jun 14, 2009 1:03pm Jun 14, 2009 1:03pm
Quoting the novice
My question is, do I wait for the bar to be broken, then retrace to 50 level, then enter, in that order?
There was a good post earlier with regards to aggressive entry eg at bar close, or conservative entry eg at 10 pips below bar break.
I would like to know what the experienced traders of this thread do for themselves.
One way to get in on retracement either before or after a break, while trying to stay with the rules for taking valid trades (only trading the break of a setup bar) would be to go to a lower time frame once the setup occurs and look for price action on the retracement at the lower time frame. So maybe you have a daily pin you'd like to trade at a better price and when it retraces you go to 4H or 1H and find a pin or outside bar at the extreme of the retracement that lines up with a PPZ on that lower time frame. Then you can get in the daily setup at a better price while taking valid trade setups as usual.

This is the way I allow looking at lower time frames where I normally wouldn't bother but I consider the higher time frame setup to be a confluence stacking the odds of the lower time frame working.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #33,332
  • Jun 14, 2009 1:36pm Jun 14, 2009 1:36pm
Quoting mbqb11
Hey Bryan

Just be careful with these bars. It probably will break down and move lower, but we HAVE to recognize all the bar lows/PPZ that it is trading into and react properly. This is a very choppy pair, thus the likelihood for a bounce is even greater IMO.

Best
Mike

Thanks Mike. Very choppy indeed. Pivots are from an auto pivot indicator.
  • #33,333
  • Jun 14, 2009 1:55pm Jun 14, 2009 1:55pm
well this thread is now complete.

Dean Martin HAS ARRIVED.

GOD I LOVED/LOVE THAT MAN.

Dean is a very big part of every xmas in my house.

no one imho has ever been more cool than ole dean.





Quoting Bryan
Thanks Mike. Very choppy indeed. Pivots are from an auto pivot indicator.
  • #33,334
  • Jun 14, 2009 1:57pm Jun 14, 2009 1:57pm
Quoting kean
Hi there,

I am fairly new to trading and very new to posting on here and would appreciate some help.
[color=black][font=Verdana]I am currently two months in to demoing daily pinbars and so far, it is going quite well and I am 5.25% up after two months. However, I can see that my results could have been better. I have in one of my trades taken a large loss (180 pips) where price reversed on me and hit my stop loss positioned just beyond the end of the pinbar....
Thx kean for asking my questions a few hrs before mehttp://www.forexfactory.com/images/icons/icon10.gif
This is something that's had me thinking the last few weeks.
I have had quite a few trades go from profit 100- 130 pips, reverse and take me out at full s/l.
since i can't monitor trades during the day, it does become slightly annoying.
Don't get me wrong, thanks to this great thread, after a while of blowing accts using every indicator out there, i am absolutely thrilled to be in a position where using PA i can even identify potential trades!!!
A big thx to Tiaforex and the other responses, it made it a lot clearer, and i'm glad i'm not the only one struggling with this!
I've become slightly dissenchanted with the other threads i've been following, i've summised that some experienced traders like to pose as newbies,ego trip perhaps? which throws me into confusion- how comes i can't see what they see after a few months??
Anyway, a big thanks to all on this thread, I'm learning, practising, and beginning to smell the bullshit.
Regards

Pianosaxhttp://www.forexfactory.com/images/icons/icon14.gif
  • #33,335
  • Jun 14, 2009 2:12pm Jun 14, 2009 2:12pm
Quoting james16
well this thread is now complete.

Dean Martin HAS ARRIVED.

GOD I LOVED/LOVE THAT MAN.

Dean is a very big part of every xmas in my house.

no one imho has ever been more cool than ole dean.

When I saw Bryan's avatar I had a little private bet to myself that you'd be posting about it James...

If I knew that, then I really have been spending a lot of time on this thread.
  • #33,336
  • Jun 14, 2009 2:24pm Jun 14, 2009 2:24pm
Hey, Dean, Sammy, peter, Frank??
How cool r those guys?
How great is that music?
I play it everyday!
I'm only early 40's , but oh to have been around in that era!!
Oh well, back to trading, but you can see from my sig, what instruments i play!
As an aside, anybody in London see Sonny Rollins (my hero) last Nov ??
What a gig!!http://www.forexfactory.com/images/icons/icon14.gifhttp://www.forexfactory.com/images/icons/icon14.gif
  • #33,337
  • Jun 14, 2009 2:26pm Jun 14, 2009 2:26pm
Quoting pianosax12
I've become slightly dissenchanted with the other threads i've been following, i've summised that some experienced traders like to pose as newbies,ego trip perhaps? which throws me into confusion- how comes i can't see what they see after a few months??
Almost the single biggest advantage for me in finding James16 has been that my days of looking from thread to thread wondering if it was a real system or BS are now at an end.

That is more of a relief than I can describe in words. Sometimes I look at some of the other threads on FF, even the ones that teach a ripped off version of the price action James teaches here. The attitude, the craziness and the BS on some of them just makes me sick to my stomach.

When friends ask me about trading, I tell them where I am on the learning curve and how I can help. I say that I cannot do any of the work for them but I can point them to reliable resources, namely this thread. Then I tell them that by just doing that, I may well have sliced 2-3 years off their learning curve.

This material takes a long time to practice, demo and get right. If we invested that time in every system we saw, just to be absolutely sure we'd investigated it properly, then we could end up spending a long time in the wilderness. Listen to James. 8 years. 5 grand a system. A six figure sum lost. Days curled up under the desk in the foetal position. Criticism and abuse from wife and family. Loss of faith in himself.

By starting this thread, James has given us the potential to avoid all of that. We still have to do the work. But at least it's not wasted work. Wasted work on useless systems, again and again and again, hoping we'll one day find one that actually rewards our work.

Not a day goes by that I don't think how lucky I am to have found this place.
  • #33,338
  • Jun 14, 2009 2:41pm Jun 14, 2009 2:41pm
Quoting james16
well this thread is now complete.

Dean Martin HAS ARRIVED.

GOD I LOVED/LOVE THAT MAN.....


Cooool, i love him too (And Frankie )

Inserted Video


This video always cracks me up!! Entertainment does not get any better than that...lol

Cheers

Mat
  • #33,339
  • Jun 14, 2009 2:50pm Jun 14, 2009 2:50pm
Bullshxxt threads, that r only a ripoff of what's being taught on here,on here in a polite and civilised manner.
Go to the other threads, egos running rampant!http://www.forexfactory.com/images/icons/icon13.gif
I'm really trying to learn, and thx to this thread and the posters, i can see that somebody is always already ahead of me in the learning curve.
I can only hope to learn at my pace, and if at some time in the future i can help somebody else, then i will.
This can be a lonely business, but i can't stand these egotistical traders, who r not willing to help or even explain their reasoning.
After blowing numerous accts, i feel hope for the first time in ages!!


regards to allhttp://www.forexfactory.com/images/icons/icon14.gif
  • #33,340
  • Jun 14, 2009 3:57pm Jun 14, 2009 3:57pm
Quoting TiaForex
Almost the single biggest advantage for me in finding James16 has been that my days of looking from thread to thread wondering if it was a real system or BS are now at an end.

That is more of a relief than I can describe in words. Sometimes I look at some of the other threads on FF, even the ones that teach a ripped off version of the price action James teaches here. The attitude, the craziness and the BS on some of them just makes me sick to my stomach.

When friends ask me about trading, I tell them where I am on the learning curve and how I...
I second that from the bottom of my heart!
Gotta love Jim for all he has given here and in the PF.

RM
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