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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

  • #39,821
  • Aug 3, 2009 9:20pm Aug 3, 2009 9:20pm
Quoting tradertt
Guys sorry but want to understand this portion more

Is this valid fib confluence even when 1 is looking for resistance and the other support?
there is confluence between a fib and other tools(sup/res, ppz, etc.) i think the previous replies coverd this well.

and there is confluence between multiple fibs, chart below. assume you are looking at the chart after #1 high is made, and you want to find sup for the retrace. you draw the two fibs as show, and you should see these two fib confluence:
1. orange 0.382 and red 0.618
2. orange 0.50 and red 0.786

the key is to draw fibs to clear swings, not every high to every low.

also use other tools to prioritize you fibs. for example, confluence #1 above is more important than #2 because #1 is also a ppz.

just my two cents, hope this helps.
Attached Image (click to enlarge)
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  • #39,822
  • Aug 3, 2009 9:32pm Aug 3, 2009 9:32pm
Quoting joelcf
This should be a page 1 quote.

If only more people thought like that! Take good bars in good places, watch for trouble areas and let the money sort itself out.

Not that risk management isnt important - it just doesnt need to be overcomplicated like some people end up doing. My basic rule is 'dont act a fool'.

Risking 1000 pips for a 20 pip gain? Dumb.

Risking 50 for a trade that will almost certainly hit 30, probably hit 65 and possibly shoot off to 100+? Seems fine to me, even if some of the 'strict' interpretations of r:R would...
Joel,

I LOVE () all of your posts.

Moar random insights needed bro !

http://www.threadbombing.com/data/me.../Kyle_Moar.jpg
  • #39,823
  • Aug 3, 2009 9:37pm Aug 3, 2009 9:37pm
Great post - I will digest and ask questions if you do not mind. Also, feel very free to expand.

Some of this I 'kind of' understood, but having it said straight forwardly is illuminating.

Thanks - and I hope you get bored again real soon...

Quoting joelcf
to be honest, forex isnt really my area - i am on the debt market side of things. But, from talking to guys who do that kind of stuff, it is pretty similar. This is probably going to be alot more basic than you are looking for, but if there is any interest in stuff I'd be happy to expand in the slow-thread-3am times (aka its midafternoon on a friday and i am braindead and bored ) So not sure how much use this will be...



*edit*
Wow, that was quite a bit longer than I planned. Shouldnt have had those 4 coffees and started typing randomly...
I'm pretty much done with all this ...
  • #39,824
  • Aug 3, 2009 10:42pm Aug 3, 2009 10:42pm
Quoting Basber
Ghous,
Is This a Valid IPB ?

Regards,
Basber
I wouldn't bother playing that Basber,

Just like STO said in a post earlier, we are not here to trade every PA bar that we see

Just remember than an IPB is a pin bar. Would you ever consider the bar you pointed out as a valid pin bar? Hell no! It's probably just an inside bar or something...

Moreover look at the overall PA of the up trend price has literally dragged on it's way up. lot's of small bullish bars and dojis and inside bars all side by side doing nothing but pulling price a little higher.

the location was all good but pa was poor.

Regards,
Ghous.
I believe . . .
  • #39,825
  • Aug 3, 2009 10:47pm Aug 3, 2009 10:47pm
LOL !! I love that picture. I gotta try to sleep now with that whack-job kid in my head...


MOAR!!!!!

Quoting Jigsaw
Joel,

I LOVE () all of your posts.

Moar random insights needed bro !

http://www.threadbombing.com/data/me.../Kyle_Moar.jpg
I'm pretty much done with all this ...
  • #39,826
  • Aug 3, 2009 10:52pm Aug 3, 2009 10:52pm
You boys are brave with those IPB's. I look at them and say - "What does this say about the order flow? Continuation most likely."

Ghous - can you explain this a bit? Or simply point me at a post? I just don't understand this PA you guys are messin' with. <scratching head>



Quoting ghous
I wouldn't bother playing that Basber,

Just like STO said in a post earlier, we are not here to trade every PA bar that we see

Just remember than an IPB is a pin bar. Would you ever consider the bar you pointed out as a valid pin bar? Hell no! It's probably just an inside bar or something...

Moreover look at the overall PA of the up trend price has literally dragged on it's way up. lot's of small bullish bars and dojis and inside bars all side by side doing nothing but pulling price a little higher.

the location...
I'm pretty much done with all this ...
  • #39,827
  • Aug 3, 2009 10:53pm Aug 3, 2009 10:53pm
Quoting Jigsaw
Joel,

I LOVE () all of your posts.

Moar random insights needed bro !

http://www.threadbombing.com/data/me.../Kyle_Moar.jpg
Lol,

You gotta stop torturing kids Jigsaw! That one's abt to explode!
I believe . . .
  • #39,828
  • Aug 3, 2009 10:59pm Aug 3, 2009 10:59pm
Quoting StoragePro
You boys are brave with those IPB's. I look at them and say - "What does this say about the order flow? Continuation most likely."

Ghous - can you explain this a bit? Or simply point me at a post? I just don't understand this PA you guys are messin' with. <scratching head>
lol

Not always STO,

a bullish pin bar during an uptrend at a resistance point gives you a hint abt the short order flow, just that since the bulls are dominant they do end up taking price back up to where it opened on the bar...but then it's a good indication that the bears are starting to get in...

Same with a bearish pin bar at certain locations...

Here's a post you could refer to...

IPB introduction

it is definitely the most subtle of all PA bars though...the one Basber pointed out was nowhere near a trade, someone trading that won't be brave he'd be flat out stupid.

Ghous.
I believe . . .
  • #39,829
  • Aug 3, 2009 11:05pm Aug 3, 2009 11:05pm
Quoting joelcf
....
I think SC might even have 5? (I could be making that up).....
Hahaha... u are not making that up, Sir.
u actually marked it down.
since different brokers have different feeds/volumes & timezones, i observe/check them all from time to time.
often i monitor 2-4 MT4s & trade off of these (live & demo).

Quoting joelcf
This should be a page 1 quote...........
*edit*
Wow, that was quite a bit longer than I planned. Shouldnt have had those 4 coffees and started typing randomly
wow, lengthy but worth reading....



Quoting bundyraider
And I was going to strongly disagree. LOL. I totally do what Tradertt has done. It's a confluence for christs sake and I use it exactly this way!! Thought everyone here did?!? LOL
yes, me guilty too.
i love different perspectives, upside down or not. lol
  • #39,830
  • Aug 3, 2009 11:13pm Aug 3, 2009 11:13pm
Quoting ghous
I wouldn't bother playing that Basber,
Just like STO said in a post earlier, we are not here to trade every PA bar that we see......
Basber,
haven't checked my audjpy chart, but likely this PB was a trend continuation PB. we'll see after a few more bars where it really wants to go.



StoragePro,
Coincidentally, ghous was having an IPB lesson yesterday for 'us' kids.
around these posts here & here.


btw, just want to share Igrok's post here about a possible August-December trend pattern emergence/replication. Hope this is beneficial to most.
  • #39,831
  • Edited 11:33pm Aug 3, 2009 11:15pm | Edited 11:33pm
Quoting jarroo
Here's a great post from James16 replying to a post of mine how waiting for the break had saved me from many losing trades and will continue to save me from good setups that had other ideas.

http://www.forexfactory.com/showpost...ostcount=29519
We should tatoo this post on our arms until we REALLY internalise what James has said!

The "when your yearly salary is worth 200pips" line smacks me in the head flat out! *splut splut*
One Mind, Any Market
  • #39,832
  • Edited 11:44pm Aug 3, 2009 11:39pm | Edited 11:44pm
Quoting Jigsaw

http://www.threadbombing.com/data/me.../Kyle_Moar.jpg
lmao. that's awesome.


Quoting Cyrus
We should tatoo this thread on our arms until we REALLY internalise what James has said!

The "when your yearly salary is worth 200pips" line smacks me in the head flat out! *splut splut*
Same. Complete perspective-changing stuff.

Posts like that are the reason this thread is the best thing on the internet. Except maybe that kid above

to paraphrase a wise man on the pf: anyone who buys another trading book or joins another website after having this material... is a moron.
When you have to shoot, shoot. Dont talk.
  • #39,833
  • Aug 4, 2009 12:01am Aug 4, 2009 12:01am
This is my plan for gbpjpy daily!
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  • #39,834
  • Aug 4, 2009 12:10am Aug 4, 2009 12:10am
Does anyone use multiple displays with MT4? I've got 3 but can't seem to get charts to the different monitors. Any help would be appreciated.

Note: I'm able to move other windows such as the terminal window, data window etc. to the other monitors though.

thanks
A lawn mower is not an effective tool to pick-up dog poop!
  • #39,835
  • Aug 4, 2009 12:22am Aug 4, 2009 12:22am
Quoting Jazflyer
Does anyone use multiple displays with MT4? I've got 3 but can't seem to get charts to the different monitors. Any help would be appreciated.

Note: I'm able to move other windows such as the terminal window, data window etc. to the other monitors though.

thanks
Strike F11 to go in full screen mode! After that put your charts in normal window mode inside of your full screen mode. Sorry for my english.I hope you understand what I mean!
  • #39,836
  • Aug 4, 2009 12:45am Aug 4, 2009 12:45am
Quoting joelcf
Same. Complete perspective-changing stuff.

to paraphrase a wise man on the pf: anyone who buys another trading book or joins another website after having this material... is a moron.
Yes yes, I agree.
Why bother??? It's irrational

I've only recently (like less than 1 week) joined the PF, after going through quite abit of this thread, so I'm not THAT sure what the philo for position building is (someone enlighten me?), but imho, if the daily trend is up, we should be crossing our fingers and letting profits RUN after taking perhaps 1/2 of a 4 hr position off the table, in the direction of the daily trend.
"Let your profits run" + Pay yourself for taking risk

Anyone in this now btw?

GBPJPY 4hour. Shape and Location look good. Space... so so. Looks like its counter a big move up, not hoping for a homerun, just a grab
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One Mind, Any Market
  • #39,837
  • Aug 4, 2009 12:51am Aug 4, 2009 12:51am
Quoting joelcf
This should be a page 1 quote.

The Swiss and Japanese central banks are probably the most interventionist out there. They have some massive s/r levels that stick out like nothing else.

*edit*
Wow, that was quite a bit longer than I planned. Shouldnt have had those 4 coffees and started typing randomly
Great post. Keep them coming.
"Don't trade to trade . . . trade to win." - James16
  • #39,838
  • Aug 4, 2009 12:55am Aug 4, 2009 12:55am
Quoting Jazflyer
Does anyone use multiple displays with MT4? I've got 3 but can't seem to get charts to the different monitors. Any help would be appreciated.

I believe if you want MT4 to expand to take up all 3 monitors you'll have to setup your computer to treat all 3 monitors as one big monitor (not separete monitors 1,2, & 3, but just monitor 1).
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #39,839
  • Aug 4, 2009 12:56am Aug 4, 2009 12:56am
Quote
..we should be crossing our fingers and letting profits RUN after taking perhaps......
Cyrus,
since u are now a J16 PF member, refrain from "crossing our fingers" & use the knowledge u obtain there. well simply, u look for overhead PPZs, S/R's, MAs (in your example being the daily trend is up) & observe/react as necessary.

in the free J16 guest videos, Sir mbqb11 mentions his 2-bar stop as a trailing stop. maybe u can consider that too.

looking at that gbpjpy chart, there is actually tons of space to the left of that PA setup. yes, this possible reversal may be short-lived (if uptrend is really strong), just observe the PPZs/ S&R's & act accordingly.
Hope this helps




btw, i appreciate the multi-monitor short discussion....
  • #39,840
  • Aug 4, 2009 1:08am Aug 4, 2009 1:08am
Quoting supremeChaos
Cyrus,
since u are now a J16 PF member, refrain from "crossing our fingers" & use the knowledge u obtain there. well simply, u look for overhead PPZs, S/R's, MAs (in your example being the daily trend is up) & observe/react as necessary.

in the free J16 guest videos, Sir mbqb11 mentions his 2-bar stop as a trailing stop. maybe u can consider that too.

looking at that gbpjpy chart, there is actually tons of space to the left of that PA setup. yes, this possible reversal may be short-lived (if uptrend is really strong), just observe...
supreme, i was thinking along the lines of what james said,
"coming to the realization that a certain percentage of those 30 pip moves where i moved my stop to breakeven will shoot off to 200 pips BEFORE stopping me out at breakeven."

and not 'crossing fingers' as in, praying for something that is not there. =)
Hope this clarifies things abit.
Sometimes, you get taken out at breakeven/loss, sometimes you dont and it runs like *wooooooooooooooooooooooohooooo*
We do the best we can with the knowledge, but the rest is well, up to the market.

I say this in light of the knowledge that the market is a probabilistic animal and nothing is guaranteed.
However, that said, Livermore, Richard Dennis, Michael Marcus, Ed Seykota... well, they're very biased to stay with the trend...
from that I infer that the probability of success lies with the trend, hence the thought of building positions in that direction,
while taking off the ones counter-trend earlier.

Just some thoughts about the many books I've read over the years.
I dont know dude, just my 2pips for now.
My opinions change as I progress and this forum has helped that much in a short time.

True, I forgot about 'that' space concept. I was thinking "space for price action to run". Thanks for the reminder. =)
One Mind, Any Market
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