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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

  • #37,741
  • Jul 16, 2009 1:48pm Jul 16, 2009 1:48pm
Quoting caseyjw
Hey guys, Sorry I wasn't quite clear with what I was doing here.

I was trading off of the daily charts, if you look at the daily chart that I posed I saw, from the low of June 8, 2009@ 1.580 drawing a fib to the high of 1.6740 on June 30, 2009, price retraced and formed a bullish pinbar on July 8 which poked through the 23.6.

Then on the 13th of June price retested that point and formed a Bullish outside bar, and 3 days later broke the 61.8 and found new support there.

I only looked at the H4 and H1 to time my entry, and got more positive confluence...
Hey Casey

What I am going to say here will save you a lot of thinking. Which is a Great thing in trading. When you see that bullish pinbar, if you believe that is an entry worth taking. Stick to trading JUST that time frame. That is place your buy above the high(with a buffer), and place your stop loss down, and then just manage that trade from the daily chart. James calls it day trading a daily chart. What this does is simplify the whole process. It also will get you in at the start of the move as opposed to chasing the move down later. Now their are variations to all of this, but after doing this for awhile now, it is a simple and effective method that works the best. Forget about dropping down, it will add a lot of paralysis to your analysis by trying to process all that information. It can be done in one easier cleaner way. This helps make it easier to know what to look for, and all ends of trade mgmt easier.

Best
Mike
  • #37,742
  • Jul 16, 2009 1:50pm Jul 16, 2009 1:50pm
Hey I'm back boys!

Here's a trade I took 50% off as I got a bit worried because it hit Resistance. Naughty Resistance. Well I'm still in for the other 50%, here's hoping for it to 'POP'
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Just a boy playing with big bars.
  • #37,743
  • Jul 16, 2009 1:57pm Jul 16, 2009 1:57pm
Thanks guys!

Mark; much more clear on your chart.. thank you

Mike; I like savings in thinking, reinforces the "wait for the A+" setup, and I think I was looking for reasons to take the trade instead of what Jim teaches to look for reasons not to trade.

Casey
  • #37,744
  • Jul 16, 2009 1:59pm Jul 16, 2009 1:59pm
Quoting jimboo
Hey I'm back boys!

Here's a trade I took 50% off as I got a bit worried because it hit Resistance. Naughty Resistance. Well I'm still in for the other 50%, here's hoping for it to 'POP'
Hey Jimboo way to go, do you mind if I springboard with this from my other posts to Casey.

Here is a trade Jimboo took. Now we can all talk about what is good trade criteria to us. That doesn't need to be the focus once you understand this material. You can trade whatever is comfortable from testing. So let us use this BUOB.

Firstly what I was getting across is what Jimboo is doing. You don't need to move your timeframes from the one you are on. The information will always be there. Here is a BUOB, that is in traffic(or a sideways market). How do we know things are more sideways? Well I drew our box with the pinkish horizontals lines. So price is sort of doing one of those blue boxes now(see previous post here)

http://www.forexfactory.com/showpost...ostcount=37517

Just for visual I attached a similar chart.

Now what you see after this is. Ok so things are sideways for the most part. Meaning we aren't in a ton of space. So where is this likely to stall on us? I drew a blue horizontal box at the PPZ. This is where our flip and even most recent bar high was at. At this point. As James would say. Are we going to take a full loss on this trade? I think it would be crazy in this type of environment(box). So you get your stop up at least to b/e, but maybe some just minimize. And look what happened. Price would have never came back, and you could be potentially riding this back to the top, lock in some more maybe under todays low etc.

So this was just a good way for me to explain my prior posts with visuals

Mike
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  • #37,745
  • Jul 16, 2009 2:00pm Jul 16, 2009 2:00pm
Quoting caseyjw
Thanks guys!

Mark; much more clear on your chart.. thank you

Mike; I like savings in thinking, reinforces the "wait for the A+" setup, and I think I was looking for reasons to take the trade instead of what Jim teaches to look for reasons not to trade.

Casey
Bingo! Don't chase. These markets aren't going anywhere. The good trades will come , they ALWAYS do.
  • #37,746
  • Jul 16, 2009 2:01pm Jul 16, 2009 2:01pm
Quoting caseyjw
Thanks guys!

Mark; much more clear on your chart.. thank you

Mike; I like savings in thinking, reinforces the "wait for the A+" setup, and I think I was looking for reasons to take the trade instead of what Jim teaches to look for reasons not to trade.

Casey
No worries,

Casey, would you mind posting a chart with your fib lines.. I might be wrong but it seems you may have drawn one upside down from what you just said?

Mark
Time for a new chapter
  • #37,747
  • Jul 16, 2009 2:10pm Jul 16, 2009 2:10pm
i dont know.

did you?




Quoting jarroo
Did I get the wrong Ken?
  • #37,748
  • Jul 16, 2009 2:10pm Jul 16, 2009 2:10pm
Thanks for the explanation Mike, visuals always help to drive the point home. Correct me here if I'm wrong, but I found the right signals I just wasn't in the right location.

Btw, my trade just dipped below my entry.... so I guess I was lucky to get 15 pips out of it... I think though that the more valuable reward from this trade is to learn what I did wrong.

Regards,
Casey
  • #37,749
  • Jul 16, 2009 2:11pm Jul 16, 2009 2:11pm
Quoting mbqb11
Hey Jimboo way to go, do you mind if I springboard with this from my other posts to Casey.

Here is a trade Jimboo took....

You go for it Mike, glad to be of assistance.
Just a boy playing with big bars.
  • #37,750
  • Jul 16, 2009 2:12pm Jul 16, 2009 2:12pm
good lord.

i would need medication.

Quoting fat_tom
James16,

I know what you mean - I went up the Aiguille du Midi (http://en.wikipedia.org/wiki/Aiguille_du_Midi) a couple of weeks ago when we where having our summer holiday...

horrifying... simple horrifying.. LOL
  • #37,751
  • Jul 16, 2009 2:12pm Jul 16, 2009 2:12pm
You guys are lucky to have Mike, For me I may help people out a few times but after that they can go back and read, Mike keeps helping


*** TOO ALL THE NEW PEOPLE, WHAT YOU ARE ABOUT TO ASK IS NOT NEW AND HAS BEEN POSTED ABOUT 100+ TIMES, IF I AM INCORRECT I WILL GIVE YOU $100 ***
Keep taking CT trades, I need more money
  • #37,752
  • Jul 16, 2009 2:12pm Jul 16, 2009 2:12pm
Quoting caseyjw
Thanks for the explanation Mike, visuals always help to drive the point home. Correct me here if I'm wrong, but I found the right signals I just wasn't in the right location.

Btw, my trade just dipped below my entry.... so I guess I was lucky to get 15 pips out of it... I think though that the more valuable reward from this trade is to learn what I did wrong.

Regards,
Casey
Well if you mean that daily pin, I would say it is similar to the NZD I posted above. I would still say you want better bars then that. You want a nice long nose that protrudes away from prior price(the gbp/chf on the same day was the nicest of the two for me personally). The DBLHC on the 4hr was too sloppy in my opinion you would want much higher close on that one.

You will get there it is just screen time, trial and error, and taking the right steps to ensure you "live" long enough to have a chance at the finish line

Best
Mike
  • #37,753
  • Jul 16, 2009 2:17pm Jul 16, 2009 2:17pm
Quoting Ryanmcd
You guys are lucky to have Mike, For me I may help people out a few times but after that they can go back and read, Mike keeps helping


*** TOO ALL THE NEW PEOPLE, WHAT YOU ARE ABOUT TO ASK IS NOT NEW AND HAS BEEN POSTED ABOUT 100+ TIMES, IF I AM INCORRECT I WILL GIVE YOU $100 ***


OOOOOOOOOhh, you're not a friendly fella, yes we have Mike, he's a Top Man after our Teacher, James . So just wondering are you as tough as you like to make out? I bet I could find your soft spot.
Just a boy playing with big bars.
  • #37,754
  • Jul 16, 2009 2:21pm Jul 16, 2009 2:21pm
Guys hate to be irrelevent but not as much traffic in the mt4 forums as there is here. I am trying to change the Break Even Expert to a Current Bar Low stop EA. Set stop to bar current bar low after a certain number of pips. I am an MT4 newb. Can anyone point me in the right direction or help me modify. I have attached the break even EA which is not my own(just a disclaimer)
Attached File(s)
File Type: mq4 BreakEvenExpert_v1-10.mq4   3 KB | 399 downloads
  • #37,755
  • Jul 16, 2009 2:22pm Jul 16, 2009 2:22pm
well thanks rock.

you will be my hero when you have stuck to and completed the outline set out in post one.

jim

Quoting rockya1
Hello Jim,

I would like to thank you for putting your heart (and ˝guts˝) out and opening this great thread to teach us your way of trading and thinking. I am tired of listening that song that goes - I am back down to zero-! Now I have tuned my radio to the song:

JIM YOU ARE MY HERO!!!

Thank you


Rok
  • #37,756
  • Jul 16, 2009 2:24pm Jul 16, 2009 2:24pm
Yes I was naughty, there wasn't much 'space' as Mike puts it to the left, but it hit it's poor little head on Resistance then formed a Pin, sorry, i couldn't resist!
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Just a boy playing with big bars.
  • #37,757
  • Jul 16, 2009 2:24pm Jul 16, 2009 2:24pm
Hey Jim,

I plan on it, figure it may take me a year to get past step 1

Casey
  • #37,758
  • Jul 16, 2009 2:35pm Jul 16, 2009 2:35pm
Can I just share some of my own personal experience with trading?

Here's a little bit, I'm not into 'targets' I feel people obsess over it. "I want 2:1 Risk Reward Min or I wont take the trade"

Well, I want to be a PoP Star, doesn't mean I will be one will it?

What I'm trying to say is, NOBODY knows what profit will get, not even our Teacher James

So, as we like to trade, this means we like to take a risk right?

What I do is enter a trade at a set up I see, I haven't a clue what I'm going to get, but I will be buggered if I'm going to risk a profit because I'm too ignorant to accept less than a fantasy profit I saw in my head before I even took my trade! As soon as I see danger or feel scared, I take some profit, move my stop up, then I FEEL more at ease...

Anyway, thanks for listening!
Just a boy playing with big bars.
  • #37,759
  • Jul 16, 2009 2:36pm Jul 16, 2009 2:36pm
Hey folks

look at this formation on usd/cad H4.

We have a TBL yesterday and a little PB today on the same level at 1.1200.

What do you think about this setup???


Trade well !!!
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Trade well and many pips to all. Martin
  • #37,760
  • Jul 16, 2009 2:49pm Jul 16, 2009 2:49pm
Quoting Ryanmcd

*** TOO ALL THE NEW PEOPLE, WHAT YOU ARE ABOUT TO ASK IS NOT NEW AND HAS BEEN POSTED ABOUT 100+ TIMES, IF I AM INCORRECT I WILL GIVE YOU $100 ***
I have a feeling you won't lose much money Ryan.

All kidding aside though, people in here are lucky to have someone like Mike around. Great trader, knows this stuff inside & out, and is willing to help all the time. And explains in a very clear way.
This thread is now at 2500+ pages. That's one hell of an undertaking for all the new people. I feel bad for you guys...

Take care,
Tom
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