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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

  • #41,581
  • Aug 20, 2009 1:35am Aug 20, 2009 1:35am
Quoting nasir.khan
Good morning ghous.

So i have this thing in my mind that these 2 (1 before LONDON and next one with TOKYO+LONDON) hours set the tone for the day and at LONDON close the trend of the day gets dry. i let it effect my trades.

what do you think guy's.
Morning Nasir,

You could have that kind of stuff in your mind sure, but just don't add it to your "confluence box" yet...

Ghous.
I believe . . .
  • #41,582
  • Aug 20, 2009 3:47am Aug 20, 2009 3:47am
hello joe like to know your comment on these.
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  • #41,583
  • Aug 20, 2009 4:15am Aug 20, 2009 4:15am
Quoting Ryanmcd
I will say after being a loser for 5+ years I am going to take all that I can out of this market ...
I love your stuff Ryan. Always have. Good to see you here again.

You mentioned spending years not understanding why you were losing. I quote that often to people as an example of the level of perseverance it takes to get profitable. When you finally got profitable and looked up, what were the reasons you were losing over those five years? And what changed?

I've read your post history twice and I don't think it's something you've ever written about. It'd be a great insight into a winner's psychology.
  • #41,584
  • Edited 4:19am Aug 20, 2009 4:18am | Edited 4:19am
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Quoting nasir.khan
hello joe like to know your comment on these.
  • #41,585
  • Aug 20, 2009 4:26am Aug 20, 2009 4:26am
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Quoting TiaForex
I love your stuff Ryan. Always have. Good to see you here again.

You mentioned spending years not understanding why you were losing. I quote that often to people as an example of the level of perseverance it takes to get profitable. When you finally got profitable and looked up, what were the reasons you were losing over those five years? And what changed?

I've read your post history twice and I don't think it's something you've ever written about. It'd be a great insight into a winner's psychology.
I do second that request. I believe that the winner's psychology is really vital important.
Thanks in advance Ryan. Your journey is a great inspiration to many.
  • #41,586
  • Aug 20, 2009 4:35am Aug 20, 2009 4:35am
Combining price bars is something that comes up from time to time on here.

It's not voodoo, and as someone pointed out, a weekly pinbar is simply 5 daily bars combined. A daily pin bar is 6 four hour bars combined. Price is price, our broker simply aggregates it into a visual form that we can read. It's the same price movements whether we look at them on a 4H chart or a daily chart, and really, combining bars is no different than looking to dailies, 4H and 1H for signals.

There are a couple of caveats though.

Firstly, you have the potential to drive yourself nuts. You think "well I look at 20 pairs on the daily and 4H, so I had better get my period converter charts up so I can look at 2H,3H, 5H, 8H, 2D, 3D and all the others! Great! More opportunities!" This will drive you mad. You won't be able to see clearly what's going on with a pair if you have 30 different timeframes open for that one single pair.

IMO you can just see it visually. Don't consider adding all these extra charts to your watch list but keep an eye out for obvious 2 day pins. They are pretty clear. One bar poking up from price and another bar poking down. In fact looking for combined PA that shows up clearly on a chart without using periodcon can be a good filter to avoid overload.

The second point is that it is sometimes easy to forget that if you are taking a 2 day bar, you want the previous bars to be 2 day bars as well so you can see what SR levels you're coming off. This is where periodcon is handy. Sometimes people see a 2 day outside bar and forget that because it is a 2 day bar it needs to be outside the range of the previous two bars, not just one. Just something to be aware of. I personally take combined bars when they are really obvious without periodcon but I can see them visually now after all this time, and I can visually see what the combined chart would produce in terms of SR levels. And if I take a 2 day pin I manage it on the daily, but I am aware that I am effectively dropping down a timeframe to manage it. Like managing a weekly trade on the daily.

It's a perfectly valid and feasible way to do things. The danger is that it blows the whole concept of "keep it simple" out of the water. It can lead directly to the biggest area of quicksand for new traders which is the thought "how do I get more opportunities to trade". The real question in my opinion is "how do I maximise the profits from the opportunities I am getting"
  • #41,587
  • Aug 20, 2009 5:17am Aug 20, 2009 5:17am
also a very good post with the exact facts of the situation. As a new trader Its all to easy to get sucked in to all these extra things you can do such as using multiple bars. Its drained me just trying to concept it the last few days as you said that its just to much to monitor if you look at a few pairs.

I guess the bottom line is just be sensible about your approach and stick to the basics. Its fine to combine a couple of basic bars if they are at the right locations on the main time frames but thats about it for me I think.

thanks for all your posts regarding this. It has helped me regain some sight.
  • #41,588
  • Aug 20, 2009 5:43am Aug 20, 2009 5:43am
Quoting TiaForex
Firstly, you have the potential to drive yourself nuts. You think "well I look at 20 pairs on the daily and 4H, so I had better get my period converter charts up so I can look at 2H,3H, 5H, 8H, 2D, 3D and all the others! Great! More opportunities!" This will drive you mad. You won't be able to see clearly what's going on with a pair if you have 30 different timeframes open for that one single pair.

>snip<

It's a perfectly valid and feasible way to do things. The danger is that it blows the whole concept of "keep it simple" out of the water....

As always you come right down on it Tia.

I will combine bars - up to Two. Simple works. If it is hard for me to visualize, the rest of the trading world might have the same problem.

We are all not so different. Simple sells. Simple works. Support and Resistance with solid PA coming off of it.
I'm pretty much done with all this ...
  • #41,589
  • Aug 20, 2009 6:13am Aug 20, 2009 6:13am
Is it that simple???????
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  • #41,590
  • Aug 20, 2009 6:15am Aug 20, 2009 6:15am
Oopsy - me and my weird need to sleep.

Just the kind of PA I like in a tight range. Price sticks it's nose way up and out, and rushes back in forming a nice PB/BEOB in rejecting the foray out. News in about 80 minutes, but it seems the market has yet again tipped it's hand. Nothing is ever sure, but this one is in BE + territory.

And I missed my entry... No chasing. Chasing is bad.

Darn Sleep. When will it ever end...

Quoting nasir.khan
Is it that simple???????
Yep...
.
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I'm pretty much done with all this ...
  • #41,591
  • Aug 20, 2009 6:29am Aug 20, 2009 6:29am
Quoting nasir.khan
Is it that simple???????

I hope you people can help me out here. I agree that that charts you posted make it look simple BUT I couldn't get up the courage to enter the cable trade due to the traffic on the left (see my blue highlighted area). I thought that the last pb would've had to get way past this area to give a decent R:R. Sadly, this is the way of most of my potential trades. I find it all too easy to find reasons not to trade. Sure, it protects my account, but I miss out on a hell of a lot. In hindsight, I should've entered this trade. What would the pros on here have done?
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  • #41,592
  • Aug 20, 2009 6:34am Aug 20, 2009 6:34am
Quoting nasir.khan
Is it that simple???????
I'm short GBPJPY too. =)

Finally getting a hang at this.
One Mind, Any Market
  • #41,593
  • Aug 20, 2009 6:38am Aug 20, 2009 6:38am
Quoting StoragePro
Oopsy - me and my weird need to sleep.

Just the kind of PA I like in a tight range. Price sticks it's nose way up and out, and rushes back in forming a nice PB/BEOB in rejecting the foray out. News in about 80 minutes, but it seems the market has yet again tipped it's hand. Nothing is ever sure, but this one is in BE + territory.

And I missed my entry... No chasing. Chasing is bad.

Darn Sleep. When will it ever end...

Yep...
.
You need to speak to Mike. I swear that guy has only had 14 hours of sleep so far this year.

And the little *&^%*^ still looks young and fresh.

If I don't get my 8 hours I look like something out of Dawn Of The Dead
  • #41,594
  • Aug 20, 2009 6:55am Aug 20, 2009 6:55am
Quoting TotalNewbie
I hope you people can help me out here....
I saw the PPZ, I saw the PIN, Calculated the loss and when i felt i could take it, I pulled the trigger.

and when it fell down i thought,

Quote
Is it that simple???????
  • #41,595
  • Aug 20, 2009 6:56am Aug 20, 2009 6:56am
Hope (Can't wait ) it will close like that.
H1
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  • #41,596
  • Aug 20, 2009 7:07am Aug 20, 2009 7:07am
Quoting Radsson
Hope (Can't wait ) it will close like that.
H1
Watch out for the huge PPZ just above, waitin to kick someone's ass

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In the words of Naughty By Nature... guard your grill
When you have to shoot, shoot. Dont talk.
  • #41,597
  • Aug 20, 2009 7:08am Aug 20, 2009 7:08am
Quoting StoragePro
Oopsy - me and my weird need to sleep.

Just the kind of PA I like in a tight range. Price sticks it's nose way up and out, and rushes back in forming a nice PB/BEOB in rejecting the foray out. News in about 80 minutes, but it seems the market has yet again tipped it's hand. Nothing is ever sure, but this one is in BE + territory.

And I missed my entry... No chasing. Chasing is bad.

Darn Sleep. When will it ever end...

Yep...
.
SP,

I had this problem,

You should maybe try a bedside laptop with PA alerts on ? I sometimes do this in the mornings from around 6AM to 10AM, I doze off in bed and I still get the markets "watched" in those times because when PA occurs I get woken up by the alerts.

Just a thought.

Jig
  • #41,598
  • Aug 20, 2009 7:24am Aug 20, 2009 7:24am
Quoting Jigsaw
SP,

I had this problem,

You should maybe try a bedside laptop with PA alerts on ? I sometimes do this in the mornings from around 6AM to 10AM, I doze off in bed and I still get the markets "watched" in those times because when PA occurs I get woken up by the alerts.

Just a thought.

Jig
Oh yes. My wife would love that...

Nah - I need my rest - I have a day job to half do. Not that I have not considered it though!
I'm pretty much done with all this ...
  • #41,599
  • Aug 20, 2009 7:25am Aug 20, 2009 7:25am
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Quoting nasir.khan
Is it that simple???????
It is...it just takes time and practice to believe that it is that darn simple.
Good luck and many pips to all.
  • #41,600
  • Aug 20, 2009 7:27am Aug 20, 2009 7:27am
Quoting Radsson
Hope (Can't wait ) it will close like that.
H1
Careful Radsson this one is trading into a ton of resistance. We like ideally to see bullish pinbars at swing lows and not so close to the highs, especially on these very low timeframes.

It also looks like you put your buy order in before the pin breached (that is if it wasn't an order based on another strategy, and if it was, I'd be mightily wary of the strategy) and didn't put your stop beyond the nose. We wait for the breach of the pin before entering, and also usually put our stops beyond the pin's nose.

This is an example of seeing a pin and trading it without looking around to see what might hold it up, where our confluences are and whether we have room for it run.

In my opinion this will get you killed in the long run, even if this trade does work out. It's also not the way PA is taught here.

As someone who has been down this road and put on plenty of trades just like this in the past, save yourself the nerves and anxiety and look for slam dunk trades on the higher timeframes which will build your account and your confidence nicely.

Hope you don't mind me pointing all this out. Believe me there isn't anyone here who hasn't done exactly what you're doing to begin with. But from what I can see on your chart, trading this way may well bring you a lot of anxiety and dent your confidence.

Hope that helps.

Aaron

Edited to add: Take a look at the pinbar on your chart from 19th August. Off a PPZ (if you zoom out), price shooting down before it so that it has a little space to go back up. That's more the kind of thing we look for. Seemed to do pretty well too...
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