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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

  • #37,321
  • Jul 14, 2009 5:41am Jul 14, 2009 5:41am
Quoting Ryanmcd
Good call, I closed out my short and went long on the 3rd test of the low.
Can I ask you a quick question.

If you trade 5 minute charts, why did you move away from the ES. I'm in the process of moving over completely to ES trading, as I find it much easier than forex. The patterns are more consistent, and it just feels like a much more technical-oriented instrument.

Also the fact that there is a day session, makes it much easier than having this 24 hour market. I've also found that the first 2 hours of the session are the most profitable, so you're basically talking about a 2 hour-day.

I'd appreciate your, and others, comments with regard to trading these day-session futures.

Thanks.
  • #37,322
  • Jul 14, 2009 6:02am Jul 14, 2009 6:02am
Hello everyone....

It is my first question here, I respect all of you........I am learning.....

Is this right Pin Bar or not?


Thank you for answer.....

good trading for all


pipgame
Attached Image (click to enlarge)
Click to Enlarge Name: pb.gif Size: 25 KB
  • #37,323
  • Jul 14, 2009 6:11am Jul 14, 2009 6:11am
Quoting pipgame
Hello everyone....

It is my first question here, I respect all of you........I am learning.....

Is this right Pin Bar or not?


Thank you for answer.....

good trading for all


pipgame
If you are new here you should be reading the thread through first and watching the higher timeframes - this M5 will hurt you
  • #37,324
  • Jul 14, 2009 6:12am Jul 14, 2009 6:12am
Quoting pipgame
Hello everyone....
It is my first question here, I respect all of you........I am learning.....
Is this right Pin Bar or not?
It is a pin bar with a good long nose and I think the location is relatively good too with room to move before running into a previous bar high/low obstacle. Too bad the time frame is so small, any useful move is probably not worth much more than spread.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #37,325
  • Jul 14, 2009 6:40am Jul 14, 2009 6:40am
Quoting pipmyride
If you are new here you should be reading the thread through first and watching the higher timeframes - this M5 will hurt you
Thank you for response....

I am actually new here, I read this thread from time to time.

I know M5 is not good for trading PB. I am just learning....
  • #37,326
  • Jul 14, 2009 6:48am Jul 14, 2009 6:48am
Quoting Thexder
It is a pin bar with a good long nose and I think the location is relatively good too with room to move before running into a previous bar high/low obstacle. Too bad the time frame is so small, any useful move is probably not worth much more than spread.
Thank you for answer.

I am happy to learn from experienced traders.

M5 is too small time frame, but good for learning to find pin bars in real time...

Thanks again

pipgame
  • #37,327
  • Jul 14, 2009 7:22am Jul 14, 2009 7:22am
Quoting pipgame
T
M5 is too small time frame, but good for learning to find pin bars in real time...
pipgame
A M5 pin bar only has value in the context of the overall trend in higher timeframes.

Price retraces all the time and unless you know whether it's a PB off a decent Support or Resistance area you'll never know whether you're going with the flow (generally a good thing) or against the flow (generally a bad thing).

A PB against the main flow can be good for a few pips if you know what you're doing and your targets need to be closer, whereas with the flow you can look for better R:R ratios.

You'll still get it wrong at times, we all do and it's part of the game but trying to learn Price Action on these low timeframes will reduce the chances of you surviving long enough to develop all the skills you need.
  • #37,328
  • Jul 14, 2009 7:29am Jul 14, 2009 7:29am
Quoting DynamicFx
Can I ask you a quick question.

If you trade 5 minute charts, why did you move away from the ES. I'm in the process of moving over completely to ES trading, as I find it much easier than forex. The patterns are more consistent, and it just feels like a much more technical-oriented instrument.

Also the fact that there is a day session, makes it much easier than having this 24 hour market. I've also found that the first 2 hours of the session are the most profitable, so you're basically talking about a 2 hour-day.

I'd appreciate your, and others,...
hi DynamicFx, that was something that struck me immediatly when i recently started to watch the dow ,etc mini futures on my platforms. they look very technically neat to me!?
i cant trade them with oanda though!
jon

p.s. wots ES?? cheers
PATIENCE... DISCIPLINE
  • #37,329
  • Jul 14, 2009 7:36am Jul 14, 2009 7:36am
Jig

Thanks for the responce. Lots of valueable info there I really appreciate the time you took to post it. You have cleared things up for me and provided me with something else to take under consideration to learn how to spot and how to practice playing that type of setup.

Cheers

Punky


Quoting Jigsaw
Since I have posted here,



I'll bite for this one if I may,

@Punky -

See Chart One - First Candle is an inside bar (Blue one), then on the next one (Yellow one) it breaks the low of the inside bar so it is triggered ("Triggered" depending on how you play it)

What you are possibly confusing it with is this -

See Picture Two - "Master Candle" (Not J16 stuff) where theres a series of inside bars in the "shadow" of a big candle, it is activated when the master candle itself is broken.



Possibly confusing...
  • #37,330
  • Jul 14, 2009 7:42am Jul 14, 2009 7:42am
Quoting PeterFM
A M5 pin bar only has value in the context of the overall trend in higher timeframes.


You'll still get it wrong at times, we all do and it's part of the game but trying to learn Price Action on these low timeframes will reduce the chances of you surviving long enough to develop all the skills you need.

I liked your quote , I have just entered the market and trying to learn things .
thanks a lot. My acct is already down by 40% though.
  • #37,331
  • Jul 14, 2009 7:42am Jul 14, 2009 7:42am
Quoting g_j_hook@yah
p.s. wots ES?? cheers
It's the E-mini (S&P 500 futures contract).

I'm glad you have seen it too. I've witnessed support and resistance levels being defended to the tick even on a 1 minute chart. It's quite incredible to watch, and completely different to the volatile spikes you see in forex.

I would also argue that futures trend more than forex, it just depends what timeframe you're looking at, especially oil. There will usually be a good few hours of trend in the futures every day, which is not always the case in forex.
  • #37,332
  • Jul 14, 2009 7:49am Jul 14, 2009 7:49am
Jarroo

Thank you as well....

I love your posts.....and as many have already told you they are always so full of info and VERY clean and understandable. What makes me feel good is that by everything you said in your post I had taken into consideration and I managed to take in 50 pips before the retrace.

I will definately still go back and review all the James16 info as I have been going back every now and again just to make sure it sinks in.

Cheers

Punky

Quoting jarroo
(Thanks sChaos. )

Hey Punky, nice 1st post.

Inside Bars can be traded in many different ways. Breaking the previous Bar Low (Bar 1) is certainly one way to trade them as a confirmation of the IB setup.

As a Price Action setup as discussed in the thread, they can be traded just like any other qualified PA setup, i.e. Pin Bars, BEOB, BUOB, DBHLC, etc.

So we look for areas of high confluence (Location) and wait for a bar confirmation to give us a hint of where Price may be heading.

The Weekly Gbp/Chf IB has some good confluences....
  • #37,333
  • Jul 14, 2009 7:55am Jul 14, 2009 7:55am
Quoting hindart
I liked your quote , I have just entered the market and trying to learn things .
thanks a lot. My acct is already down by 40% though.
The thing to do here is to forget position sizing altogether and trade the smallest lot size your borker offers.

This alone will make your account last longer. You still need to study the charts but analyse those areas where you think you've made mistakes and deal with them first.

Look carefully at the positioning of your stoplosses in the past and see where they could have been better placed.

Then restart trading but only putting the smallest size on and as your trading improves you'll see a gradual move back to break even in your account. It's suprising how small lot sizes on good trades can boost your account. It's what I did and still do more often than not and although your fund doesn't grow quickly in the early days you can always increase your risk marginally as your confidence and skill grows.
  • #37,334
  • Jul 14, 2009 7:56am Jul 14, 2009 7:56am
Quoting hindart
I liked your quote , I have just entered the market and trying to learn things .
thanks a lot. My acct is already down by 40% though.
hi mate i wasnt gonna chime in as everyone has given good advise allready , but for wot its worth, if your account is down 40%.. STOP TRADING!! NOW... (would be my advice)
go back to the beginning of this thread and your spend the time reading this and go back to demo. When u can decide for yourself when a bar is a pinbar or not and wether its a good one in a good location, AND you can impliment what you learn into your trading ( which is harder than you would think imo)
Then u might want to start risking more money. i would stay off the lower TFs also. although they can be profitable they require more experience as the dicisions have to be much faster, etc. if you are loosing money more than making it you will loose it faster on the lower TFs purly as you will trade more often.
jus my view.
good luk
jon
PATIENCE... DISCIPLINE
  • #37,335
  • Jul 14, 2009 7:58am Jul 14, 2009 7:58am
Hi guys,
I don't know whether anyone climbed aboard the EURAUD PB on the daily yet here's a couple of charts entry and exit just now at 1.7696 for a net 122 pips. ......still a bit frosty with regards over the new high created around 1.8100 and a potential bounce at these fib levels so its over an out for another day....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURAUD1 Jul. 14 22.45.jpg Size: 66 KB
Click to Enlarge Name: EURAUD2 Jul. 14 22.48.jpg Size: 85 KB
Without women, money would have no meaning - Aristotle Onassis
  • #37,336
  • Edited 8:18am Jul 14, 2009 8:07am | Edited 8:18am
Quoting DynamicFx
It's the E-mini (S&P 500 futures contract).

I'm glad you have seen it too. I've witnessed support and resistance levels being defended to the tick even on a 1 minute chart. It's quite incredible to watch, and completely different to the volatile spikes you see in forex.

I would also argue that futures trend more than forex, it just depends what timeframe you're looking at, especially oil. There will usually be a good few hours of trend in the futures every day, which is not always the case in forex.
ahha thanx.
ye iv just been looking at the oil 4h chart !! says it all for trending. it gave out about 500 BEOBs for us to get on board also !! hehe
it is something i will be watching closley from now on also. especially for clues to the moves of the yenXXX.

cheers
jon
PATIENCE... DISCIPLINE
  • #37,337
  • Jul 14, 2009 8:14am Jul 14, 2009 8:14am
Quoting PeterFM
A M5 pin bar only has value in the context of the overall trend in higher timeframes.

Price retraces all the time and unless you know whether it's a PB off a decent Support or Resistance area you'll never know whether you're going with the flow (generally a good thing) or against the flow (generally a bad thing).

A PB against the main flow can be good for a few pips if you know what you're doing and your targets need to be closer, whereas with the flow you can look for better R:R ratios.

You'll still get it wrong at times, we all do and it's...
Thank you very much for answer, Peter

I actually trade THV system (scalping) on M1 and M5. For bigger picture I use H1 and H4 chart with Andrew's Lines and S/R lines.

I fully agree with you about M5 pin bar - value only in the context of the overall trend in higher timeframes.

I just started learning about pin bar.....

Thank you, your posts are grate.

be good

sorry for my english, It is not my mother tongue...

pipgame
  • #37,338
  • Jul 14, 2009 8:40am Jul 14, 2009 8:40am
Just 1 week short of 3 months profitable trading, here are my results...a work in progress (as I am making refinements and MM as I go) yet have managed to capture approx 25% of the move just using the daily and weekly charts alone..... along the main signals as you will find in the first few posts, clean charts, stand out signals, I encourage others to post their results here as well for comparison and perhaps some sharing of better money management techniques

Matt
Attached File(s)
File Type: xls James16 Trades.xls   28 KB | 917 downloads
Without women, money would have no meaning - Aristotle Onassis
  • #37,339
  • Jul 14, 2009 8:43am Jul 14, 2009 8:43am
Quoting pipgame
Thank you very much for answer, Peter
That's what we do here...

Quote
I actually trade THV system (scalping) on M1 and M5. For bigger picture I use H1 and H4 chart with Andrew's Lines and S/R lines.
OK, forget the M1 & M5 for now and stick with H1 & H4 if you really must. Andrew's Pitchfork (if that's what you mean) is quite a complex trading strategy and it's easy to misread what you're seeing. S/R is simpler and, in some ways, is all you need. It's all I use and have done for some time now. But if you like AP and you're careful to study all its subtleties then fine. A pin bar on the higher timeframes becomes more valuable as a signal than those on short term charts. So looking for those pin bars that line up with AP & S/R will give you better signals than the ones your getting now. In a year or so you'll have a better chance of picking less risky trades if you slip back to the faster charts.

Quote
I fully agree with you about M5 pin bar - value only in the context of the overall trend in higher timeframes.

I just started learning about pin bar.....
Fine

Quote
Thank you, your posts are grate.

be good

sorry for my english, It is not my mother tongue...

pipgame
I only post what I know from experience and hope folk find value in them. As for your english, it's better than many but it isn't relative to your trading abilities. Don't apologise, it isn't necessary to anyone on this forum.
  • #37,340
  • Jul 14, 2009 8:46am Jul 14, 2009 8:46am
Quoting triger88990
Reason:break of the daily PB
I know that many of you will skip this one but this is tradabel in my book,I'm just learning now ,after I will be very sure about what I'm doing I will tell you everyoane but for now I'm may do stupid things, let's the time say if I'm right or not

PS: take profit at +70 pips and move the rest to BE
I see some great inventive skills there.

All the best and let us know when the experiment gives you the "POP" sound.

Regards,
Ghous.
I believe . . .
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