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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

  • #44,561
  • Sep 24, 2009 10:09pm Sep 24, 2009 10:09pm
Quoting StoragePro
You might be on to something. There was a time where you could take the opposite of my entries - with a 20 pip SL and win 80% of the time.
Me too. We could have started a signal service and raked in the $$$.
Would be if it wasn't so very true.
  • #44,562
  • Sep 24, 2009 10:13pm Sep 24, 2009 10:13pm
Quoting joelcf
Those moves has alot less to do with arbitary trendlines, and alot more to do with the FOMC announcement and existing homes releases last night.
And the beauty of it is , you didn't even need to know 'why' to make money out of it.
Bundy's status today: "Waiting..."
  • #44,563
  • Sep 24, 2009 10:21pm Sep 24, 2009 10:21pm
Quoting g_j_hook@yah
ye iv been looking at this also, i have another senario i think is possible??your opinion would be appreciated.
its run a long range today allready so mabye a little pullback is eminent??
the chart is getting very interesting at any rate!!
cheers
jon
Sorry Jon, I missed this yesterday. ...I guess it's too late to post my thoughts. lol

No hang on, I will anyway:- "...after printing a Pin , Cable will shoot through all in it's way and net us somewhere around 300 points before even giving us a decent pause. " ...insert that into history so that I look like a trading genius, if you can thanks mate.
Bundy's status today: "Waiting..."
  • #44,564
  • Sep 24, 2009 10:22pm Sep 24, 2009 10:22pm
Quoting bundyraider
And the beauty of it is , you didn't even need to know 'why' to make money out of it.
The more I see
the less I know
the more I like to let it gooooooo
Heeeeyyyyy ohhhhhhhhh
I dream, therefore I become.
  • #44,565
  • Sep 24, 2009 10:30pm Sep 24, 2009 10:30pm
Quoting mike w
The more I see
the less I know
the more I like to let it gooooooo
Heeeeyyyyy ohhhhhhhhh
Chelly Puppers! ...ROCK ON!!
Bundy's status today: "Waiting..."
  • #44,566
  • Sep 24, 2009 10:37pm Sep 24, 2009 10:37pm
Quoting StoragePro
You might be on to something. There was a time where you could take the opposite of my entries - with a 20 pip SL and win 80% of the time.
damn u only had to look at my journal....i think i was like 90% wrong with 10 pip stop loss
  • #44,567
  • Sep 24, 2009 10:39pm Sep 24, 2009 10:39pm
Quoting bundyraider
Chelly Puppers! ...ROCK ON!!
My Man!!! Good shit brother!
I can say the chili peppers are probably my favorite band. The stuff they make is ridiculous. I couldn't fathom to think half of that stuff up...then again, they've probably done a lot more acid than myself. lol
I dream, therefore I become.
  • #44,568
  • Sep 24, 2009 10:44pm Sep 24, 2009 10:44pm
Quoting bundyraider
And the beauty of it is , you didn't even need to know 'why' to make money out of it.
That really is a nice thing, makes actually making money a hell of alot easier and less complicated

My only gripe here is that there are two groups of posts from last night (not just here, either): people were playing the flow and saw the pin that Ben did here...

Quoting benji533
.
Or The Oracle did here

Quoting raczekfx
.
...and then people who later drew 'trendlines' on the hourly/daily that cuts through half the bars and then claim that it was almost a certainty that price did what it did.

Maybe its just me, but fwiw I see the reason for this stuff working as ridiculously well as it does being because we are looking at supply and demand, and where they might lie.

A big market shock like yesterday cant, by definition, already be incorporated into the PA that people are looking at until the market starts becoming aware of it... hence those killer pins on small timeframes*...

If Ben got in where his pin said to, he was shorting at the exact moment where bullish pressure stopped and bearish pressure started. And that's a kickass way to do things.

I just worry when I see people ascribing meaning to random post hoc diagonal trendlines that dont even really make that much sense. It's just curve fitting, imo. Price has a reason to pause at a PPZ before an announcement. But no reason to respect a random line that someone drew in and no one else is looking at because it ignores a bunch of other stuff. And there has been more than a few of these charts scattered in between the ones that do actually tell us something like yours, rac's and ben's.


* the timeframe here is important, because anyone trading an hourly/4hourly got to the party after all the beer was gone and the hot women had left.
When you have to shoot, shoot. Dont talk.
  • #44,569
  • Sep 24, 2009 10:50pm Sep 24, 2009 10:50pm
mike is spot on.

could easily see 0800 but if it hits 0850 and turns dont let it kill you.

that first bar high at 0850 was an old great pin bar.

jim



Quoting mbqb11
Don't be persuaded by me though

I just see a huge bullish move small pin, with a lot of support at 1.0850(we both agree on that which is probably the msot important point). I could see a small retrace before a resumption. Still hasn't broke the low on mine. There is a high from sept 15 if that can hold it down it would happen around now, if not up up and away it looks like.

Mike W has been at this awhile, so he knows the forums are where we share ideas not where we trade off others. One trade doesn't make a method.
  • #44,570
  • Sep 24, 2009 10:59pm Sep 24, 2009 10:59pm
While I am waiting for a trade setup, sitting in a hotel bored to tears. I figure I would work on a PA alerting indicator. Nothing special, just sends emails and such when a pin or BEOB ect... forms.

Que
Que
  • #44,571
  • Sep 24, 2009 11:04pm Sep 24, 2009 11:04pm
Quoting joelcf
...and then people who later drew 'trendlines' on the hourly/daily that cuts through half the bars and then claim that it was almost a certainty that price did what it did.
.
.
I just worry when I see people ascribing meaning to random post hoc diagonal trendlines that dont even really make that much sense. It's just curve fitting, imo.
If they hang around long enough in here... ...we'll fix 'em up.
Bundy's status today: "Waiting..."
  • #44,572
  • Sep 24, 2009 11:05pm Sep 24, 2009 11:05pm
i was aware of fomc. was holding 1/4 from 9/17th pin and added some more on a retrace. took half of new position at 1.075 and left the rest. still holding some... my thinking was that oil will show the way. this plus general expectation for a stronger dollar and visible pa signs all over the place led me to believe that it is worth to hold to some open positions. the big news just gave the kaboom effect. they could either accelerate my profits or stop me out at be or small loss. it was like we were just waiting for the news to come out so we can move on... regardless of this i think it is better to assume that i made few lucky trades and still got a lot to learn. i dont have big enough record to prove to myself that i know what am doing in a longterm. hope to keep getting such a great schooling as i do in here. by the way wanna thank you for your input joel. your divergence- sport analogy post is one of my favourite. simplicity the holy grail. keep it up please !
ps. probably i simply couldnt get new CL chart open and this is why i just hold my trades
ps. once again thanks jim for this thread- it is like an island among the ocean of bs of disinformation out there
ps. i am thinking that the whole issue of intermarket relations fe: dollar- stocks, gold- dollar or oil- cad, currency pairs correlation etc are kind of left aside in this thread.. isn't it crucial for a general market understanding ?
ps. and the best of it all is that even if i go to bad i know that the folks from other hemispheres will add sth worth reading- it's like a 24/7 college! ( jim is the teacher ) - and i can write the biggest rubbish and they still be polite to me !
ps. and i promise to try not to post any diagonal trendlines that dont even really make that much sense in the future for the sake of keeping this thread as good as it is
  • #44,573
  • Sep 24, 2009 11:06pm Sep 24, 2009 11:06pm
Quoting Que
While I am waiting for a trade setup, sitting in a hotel bored to tears. I figure I would work on a PA alerting indicator. Nothing special, just sends emails and such when a pin or BEOB ect... forms.

Que
Hi Que,

Comparing the length of your signal bar with ATR can be a good filter. Otherwise you end up with a lot of very ordinary signals that just wake you up for jack.
Bundy's status today: "Waiting..."
  • #44,574
  • Sep 24, 2009 11:09pm Sep 24, 2009 11:09pm
Quoting bundyraider
If they hang around long enough in here... ...we'll fix 'em up.

hahaha hope i'll stay long enough....
  • #44,575
  • Sep 24, 2009 11:10pm Sep 24, 2009 11:10pm
Quoting pavulon2007
ps. and i promise to try not to post any diagonal trendlines that dont even really make that much sense in the future for the sake of keeping this thread as good as it is
I wasnt specifically referring to you - I think your post was just the last post I read this morning, so I hit reply.... sorry if it seemed that way, I can see how that would have sounded harsh! No offence intended at all.

I just read a couple of forums, and.... well, lets just say that the difference between the guys in here and the people outside this thread is like the Patriots playing against a team of chihuahuas.

Drunk chihuahuas.

and this kind of thinking:
Quoting pavulon2007
the big news just gave the kaboom effect. they could either accelerate my profits or stop me out at be or small loss. it was like we were just waiting for the news to come out so we can move on...
leads me to believe that you arent as new to this as you claim
When you have to shoot, shoot. Dont talk.
  • #44,576
  • Sep 24, 2009 11:16pm Sep 24, 2009 11:16pm
Quoting pavulon2007
ps. i am thinking that the whole issue of intermarket relations fe: dollar- stocks, gold- dollar or oil- cad, currency pairs correlation etc are kind of left aside in this thread.. isn't it crucial for a general market understanding ?
to be completly honest, I don't think it is at all neccesary. Maybe I am bias b/c I don't need any of it. But a lot of people I greatly respect don't use that type of stuff either. Of course with learning and watching markets you just see things you can't help but take note of like some of what you mention above. But a chart really is a chart. Most of my highly educated finance MBA friends blah blah etc etc could talk me so far under the table fundamentally, but they couldn't trade even slightly(like the rest of the world). Most people I know that can talk about all that stuff sound great. They impress me they really do. But very few use that information in any meaningful way. The few that do are already great traders, and know what it takes. One of the most amazing people I ever read talk about fundies was Merlin. Man some of you just don't know how smart that man was! Search his old posts(many which have been disolved), if you care to see some amazing calls.

Don't know why I ramble, so I end with, trade the charts

Why need anything else when we have it all from James like this. Usd/chf, old support, turned to resistance, now broke through. Will it become support again? Maybe, maybe not. But I can be well prepared either way

Just my thoughts
Mike
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  • #44,577
  • Sep 24, 2009 11:18pm Sep 24, 2009 11:18pm
Quoting Que
While I am waiting for a trade setup, sitting in a hotel bored to tears. I figure I would work on a PA alerting indicator. Nothing special, just sends emails and such when a pin or BEOB ect... forms.

Que

that would be so great brother!...
  • #44,578
  • Sep 24, 2009 11:23pm Sep 24, 2009 11:23pm
Quoting pavulon2007
hope i'll stay long enough....
definitely stick with it. Even if you spend 100 hours learning all the stuff Jim/Mike/etc have to teach, think about it in terms of the $/hr it is going to be worth in the long run.

Adds up to a pretty killer wage
When you have to shoot, shoot. Dont talk.
  • #44,579
  • Sep 24, 2009 11:23pm Sep 24, 2009 11:23pm
Quoting mbqb11
One of the most amazing people I ever read talk about fundies was Merlin. Man some of you just don't know how smart that man was! Search his old posts(many which have been disolved), if you care to see some amazing calls.
Just my thoughts
Mike
You got that right about Merlin. I love going over posts that were from around 04-06. Do yourselves a favor and read through. Thanks Mike, I know what I'm doing early tomorrow morning now.
I dream, therefore I become.
  • #44,580
  • Sep 24, 2009 11:27pm Sep 24, 2009 11:27pm
Anyone is welcome to comment on this thing. This is just my first try for PinBars only.

Ok You have a few options here (As usual):

NosePercent: This is the percent of the bar that must be above / below the open and close. I did some quick tests and found that 60 percent of the bar must be the nose looks good, so that is the default. Feel free to change it to your preference.

SpreadPercent:

This is the effectively how far apart the open and close can be from each other. Given bar sizes are different, I did it with a percent. This represents the percent of the total bar range. example. if it is set to 20 (Default) and the bar range is 100, then the open and close must be within 20 pips of each other.

PrevBarsToTrend:

This is how many past bars to trend. This allows for filtering on an actual reversal. Default is 2, but I think I like 3 better. If it is three, it means even if you have a pin, the three previously consecutive bars must have consecutively been higher than one another (for a short pin), the opposite for a long pin.

The other options are alert options and self explanatory.

Have fun,

Que

*edit* I don't even know if this will be useful to people. Honestly I like coding and just trying to contribute a little bit.
Attached File(s)
File Type: ex4 PA.ex4   6 KB | 404 downloads
Que
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