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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

  • #53,061
  • Jan 27, 2010 1:46pm Jan 27, 2010 1:46pm
Hi guys,
What do you think of those Daily setups (Pinbars) ?
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  • #53,062
  • Jan 27, 2010 2:11pm Jan 27, 2010 2:11pm
Quoting djmanu
Hi guys,
What do you think of those Daily setups (Pinbars) ?
Personally I think they are too small in relation to prior bars for me. Also, they don't really stick out much from the previous bars. If you decide to play them I'd be aggressive and move your stops quickly.

This is just my opinion.

Cory
  • #53,063
  • Jan 27, 2010 2:24pm Jan 27, 2010 2:24pm
Quoting alifari
Take Profit Hit +45 Pips.
Hello Alifari,

How do you make those checkmarks on your chart. Seems it could be helpfull.

Thanks,

FP
Posting Demo charts, mirroring some of them live.
  • #53,064
  • Jan 27, 2010 2:30pm Jan 27, 2010 2:30pm
Quoting forexpiet
Hello Alifari,

How do you make those checkmarks on your chart. Seems it could be helpfull.

Thanks,

FP
Hi,

In MT4, click insert -- arrows -- (select) check sign and drag it wherever you want it on chart.
The purpose of knowledge is action, not knowledge
  • #53,065
  • Jan 27, 2010 2:50pm Jan 27, 2010 2:50pm
Quoting Cbh123
Personally I think they are too small in relation to prior bars for me. Also, they don't really stick out much from the previous bars. If you decide to play them I'd be aggressive and move your stops quickly.

This is just my opinion.

Cory
Yes I didn't like them so much because it's not in the trend but didn't see other Daily setups
  • #53,066
  • Jan 27, 2010 3:06pm Jan 27, 2010 3:06pm
Quoting djmanu
Yes I didn't like them so much because it's not in the trend but didn't see other Daily setups
This is what I'm watching for dailies today DJmanu. I'm not sure if I'll take it yet, but here are the positives I see:

1. Bounce of TL
2. PPZ/Round number at 143.50
3. 61.8 fib (Rac's favorite! )
4. Minor RSI divergence (not on chart)

Negatives:
1. Trading into PPZ at 146.5/147.00, would definitely move to B/E and take some off here if not earlier.
2. Quite a bit of traffic
3. Bar doesn't stick out much from previous bar
4. the PB isn't too big

If I'm missing anything anyone, please comment! I'm here to learn.

NOTE: THIS IS NOT A TRADE RECOMMENDATION, AND IS JUST FOR DISCUSSION.

Cory
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  • #53,067
  • Jan 27, 2010 3:35pm Jan 27, 2010 3:35pm
Quoting wh1zz0
It dropped about a thousand pips or so, I felt like crap but was determined not to chase it & wait for the next setup.

The remaining part is patience and discipline (preservation of capital) which I believe you can also cultivate. It's just as matter of time and your zeal to always try to avoid previous mistakes.

Cheers.
Great post wh1zz0. Good stuff.
Indicators show the past. Price Action "Indicates" the future.
  • #53,068
  • Jan 27, 2010 3:57pm Jan 27, 2010 3:57pm
Quoting jarroo
spoil away brother. lol


Eur/Jpy; see I told you the 125.00(125.50) was going to be easy.
But I have a feeling you already knew that. lol


I had a buy orders set at 125.20 and 124.80.
Price kissed my first order and flew away.
Missed it by the spread. Asia looks v.interesting tonight.
  • #53,069
  • Jan 27, 2010 3:58pm Jan 27, 2010 3:58pm
Are her peolpe who uses fibonacci channel?
As the dark blue on my chart.

Great thread, read it last time a lot.

Thierry
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  • #53,070
  • Jan 27, 2010 4:00pm Jan 27, 2010 4:00pm
Quoting Cbh123
This is what I'm watching for dailies today DJmanu. I'm not sure if I'll take it yet, but here are the positives I see:

1. Bounce of TL
2. PPZ/Round number at 143.50
3. 61.8 fib (Rac's favorite! )
4. Minor RSI divergence (not on chart)

Negatives:
1. Trading into PPZ at 146.5/147.00, would definitely move to B/E and take some off here if not earlier.
2. Quite a bit of traffic
3. Bar doesn't stick out much from previous bar
4. the PB isn't too big

If I'm missing anything anyone, please comment! I'm here to learn.

[size=1]NOTE: THIS...
Thanks Cory, well spotted.
I like pullbacks to TrendLine but it seems that there are too many negatives (not enough space is the worst for me).
  • #53,071
  • Jan 27, 2010 4:00pm Jan 27, 2010 4:00pm
Quoting raczekfx


I had a buy orders set at 125.20 and 124.80.
Price kissed my first order and flew away.
Missed it by the spread. Asia looks v.interesting tonight.

It'll be back.
Indicators show the past. Price Action "Indicates" the future.
  • #53,072
  • Jan 27, 2010 4:08pm Jan 27, 2010 4:08pm
Quoting nasir.khan
In U/cad i was stoped out , it was based on retrace of 4H BEOB.

EU long has 50% retracement, 1.4000 RN, Divergence and a little PPZ just below it so i gave it chance against the big trend keeping the stop below the RN.

Gold was bad trade i agree and both of them (for me). 1st short trade i took was with the trend but Big BUOB on the left was just itching me so when my BE was hit i took a Long but then it was against the trend and then i closed my Long while ago cause i got frustrated because i was trading in between a Range. ...
Hey nasir.

I understand we are at a good location with the Cad and even with Gold. Let the trade develop and come to you my friend.

I know you can make that happen . . . . . you do good work.
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Indicators show the past. Price Action "Indicates" the future.
  • #53,073
  • Jan 27, 2010 4:21pm Jan 27, 2010 4:21pm
Quoting marxdhr
Hi: I have been studying and trading the methods on this thread for about two weeks and am fortunate enough to be having success with the methods risking only $20 per trade with a 150 unit bankroll. I am having difficulty with trying to get my stops to break even as quickly as James16 seems to recommend in some of his videos. In particular, I watched his video on support and resistance in so-called "side-to-side markets" where he seems to indicate that even after having a very small move in your favor he advocates moving your stop to break even...
Hello Marxdhr,
Maybe this will clear a little up for you.This is a response I got from Jim when asking a similiar question.

"

great question and a simple answer but it wont seem simple to you for a while. it will however if you keep the focus of only taking the best set ups. how do you know the best? after practicing for a while.

ok the answer.

i literally know with almost certainty that when i enter a trade its going to do one of two things virtually every time.

1. give me a profit either full or partial

or at the least

2. give me a chance to get my stop to breakeven because i understand simple side to side support and resistance. understanding this had a great deal to do with the decision to take the trade in the first place.

i go months at times without taking a loss from daily charts BECAUSE i know before i enter its a near sure thing. the losses i do take whether daytrading or not are still for the most part less than A PLUS set ups. (yes i still screw up).

those losses usually come after a very long run of winners and im feeling over confident. (yes im just like the rest of you)


since i trade with a very large account im only looking for 2 or 3 slam dunks every month. there are ALWAYS 2, 3 or more "money in the bank" set ups every month.

its actually very easy when you trade like that when you start out on daily charts IF you keep that ultra picky attitude. The hard part is for small account holders to be picky ( been there done that)

being that picky is 180 degrees different than the way 99 percent of people trade.

this is what i teach people to do.

a certain percentage try it and give it there best for 6 months or a year and a very high percentage of them find out it works.

a certain percentage refuse to try my way because they want it all and they want it now (thank you freddie mercury). many of them return when they are beat up, bruised and whipped. those are the ones i enjoy seeing make it the most. i have a bunch of them and they are my pride and joy.

once someone finds out my way works (from there own hard work) on long term charts they then have a thought.

"i just proved i can do it on daily charts so if i follow the same business plan perhaps i can do it on 4 hour"

(many never see a need to go to 4 hour or less. daily gets to easy and profitable for them to even waste there time)


Since they now "know how" to make it work making it work on a lower time frame is simply a matter of following the game plan NO MATTER HOW LONG IT TAKES.

So what does good money management mean to me?

1. never risking more than 3 percent of my account on any one trade.

and

2. being so picky and aware of the best set ups that losing that 3 percent is highly unlikely. less than a 10 percent chance.

DO I always follow my own advice?

NO, but i do most of the time. http://cdn.forexfactory.com/images/s.../yim/happy.gif


jim
  • #53,074
  • Jan 27, 2010 4:28pm Jan 27, 2010 4:28pm
Quoting jlmac27
Hello Marxdhr,
Maybe this will clear a little up for you.This is a response I got from Jim when asking a similiar question.

"

great question and a simple answer but it wont seem simple to you for a while. it will however if you keep the focus of only taking the best set ups. how do you know the best? after practicing for a while.

ok the answer.

i literally know with almost certainty that when i enter a trade its going to do one of two things virtually every time.

1. give me a profit either full or partial

or at the least

2. give me a chance...
Thank you for sharing that. It's good to have that reminder every now and again.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #53,075
  • Jan 27, 2010 4:33pm Jan 27, 2010 4:33pm
Quoting LasVahGoose
Thank you for sharing that. It's good to have that reminder every now and again.
Ditto that LVG.

I make it almost a weekly ( mostly monthly) to go back over James' and Mike's posts and videos. It really puts you back on track. Although I do have a special liking to their tough talk rants. lol
Indicators show the past. Price Action "Indicates" the future.
  • #53,076
  • Jan 27, 2010 4:34pm Jan 27, 2010 4:34pm
Quoting LasVahGoose
Thank you for sharing that. It's good to have that reminder every now and again.
Not a problem LVG,Was good to read it myself too!
  • #53,077
  • Jan 27, 2010 4:35pm Jan 27, 2010 4:35pm
Quoting jlmac27
Hello Marxdhr,
Maybe this will clear a little up for you.This is a response I got from Jim when asking a similiar question.

"

great question and a simple answer but it wont seem simple to you for a while. it will however if you keep the focus of only taking the best set ups. how do you know the best? after practicing for a while.

ok the answer.

i literally know with almost certainty that when i enter a trade its going to do one of two things virtually every time.

1. give me a profit either full or partial

or at the least

2. give me...
Good post.
  • #53,078
  • Jan 27, 2010 4:44pm Jan 27, 2010 4:44pm
Ok, I have been getting a lot of questions. I'm going to try an answer every single one. If I missed anybodys question at all, please let me know, either in PM, or on here... (preferably on PM so I can see it for sure)

Quoting bgin2end
Nice signature, are you a Dave Ramsey fan??
I am aware of Dave Ramsey, but only this quote . so no, not a fan... I heard the quote on a video I watched on youtube and really liked it.

Quoting marcelnyo
I think you'll get your wish dan, but about the huge spit I wouldn't know

143.5 support is exhausted.
yeah i didn't get my big slide down . B/E for me.... plenty opportunities in the future...

Quoting PippingMama
Hello Dan,

can you tell me why you pick the entry at the low of third inside bar? (is it always better to set the entry around middle ones of the inside bar?) Also where is your stoploss when it break out?

I have feeling playing inside bar is simliar playing the break of the small triangle pattern. That's why I usually rather use breakout and pull back strategy. (rather miss the trade than catch the false breakout). Do you think so?

Thanks

PM
Through my backtesting - I have found - as you can see by all the i4b's that set up yesterday, the last bar in the pattern is so small, that it can easily give a false break. If I wait for a bigger bar in my pattern to break, I can have a better chance of catching the correct side of the breakout. Sure I won't get that super tight stop, allowing a bigger position, but who cares? At least I won't rack up a ton of losing trades.

Quoting ppfx
just took the trade short based on a 1h BEOB , hope that the 4h bar will close as a pin which will give double confirmation that it will go short

Attachment
That 1hr BEOB never broke for ya.... waiting for the break saves the day! again.

Quoting ertorque
Hi Dan,
I am currently on page 353 (which is dated July 2007) of this great thread and figured that at the rate I am going, it will take me at least another 6 mths before I could catch up with the current page 3536 (and god knows how many pages more it will move from 3536 in that 6 months). So I will now do 2 things: Continue reading from Page 353 and at the same time start fresh reading from page 3536. This way I will be more attuned to the latest going-ons/posts while I'm doing my demo. I recognize from my reading the 353 pages that you...
in regards to the GBPJPY...

What I mean is, there was just a breakout of this pair to the downside. then a quick retrace, and a 4hr BEOB off the PPZ @ 146.85, and I took a short position off that. so I was looking to add another short position to GBPJPY. If it broke north, that would be betting against what I am seeing overall on this pair. I would use a break to the north side to close my current short position that I already had opened (which is what I ended up doing, along with getting stopped @ B/E on the IB's breakout).

Quoting gjworley1952
I like your charts Dan, an your explanations of your trades ,its a great help ! thanks Gary
no problem, don't be afraid to PM me if you have a specific question about anything. (Just in case I don't catch it in this thread)




IF I MISSED ANYONE, PLEASE PM ME
Many choose unhappiness over uncertainty.
  • #53,079
  • Jan 27, 2010 4:45pm Jan 27, 2010 4:45pm
Quoting jarroo
It'll be back.
Maybe not.

Let see how this will break. A+ ? Location wise, Yes. Size wise, No.
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Indicators show the past. Price Action "Indicates" the future.
  • #53,080
  • Jan 27, 2010 4:56pm Jan 27, 2010 4:56pm
Quoting mbqb11
Hey G
... My favorite are BEOBs as continuations when you are getting a breakout with them(so a pattern that has almost a BEOB say as a tip off of the breakout). ...
Like this one on USDSGD?
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