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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

  • #53,641
  • Feb 2, 2010 2:46am Feb 2, 2010 2:46am
Quoting jarroo
Cad Daily BEOB.

Looks some of you may be in this one. Not a bad break at all.
Not liking the break on this one now. I would like to see the break run more in a continuious movement . I can't blame the time of day, this time. lol
Indicators show the past. Price Action "Indicates" the future.
  • #53,642
  • Feb 2, 2010 2:48am Feb 2, 2010 2:48am
Quoting jspeakman
Thanks Mike - would be very grateful if you could explain your 2 bar exit strategy mentioned earlier - must have missed that somewhere.

Jeremy
Hey J

All it is using is a previous bar low or high to place your stop behind. In this case counting 2 bars back from the current closed bar and placing your stop under that level. It works best in trending markets, or bars that have a lot of room to run.

Just a side note about exits from my view point as well

http://www.forexfactory.com/showpost...ostcount=36491

Best
Mike
  • #53,643
  • Feb 2, 2010 3:02am Feb 2, 2010 3:02am
Quoting mbqb11
Hey J

All it is using is a previous bar low or high to place your stop behind. In this case counting 2 bars back from the current closed bar and placing your stop under that level. It works best in trending markets, or bars that have a lot of room to run.

Just a side note about exits from my view point as well

http://www.forexfactory.com/showpost...ostcount=36491

Best
Mike
Brilliant - this has really helped to clarify this point, and have filed the post. Final question (promise!)- when considering 'traffic' (and I guess ppzs) effect do you relate this to the same time frame? - or do you say take a trade based on PA in the Daily but may look to 4 hour for traffic/ppz trouble spots?

Thanks

Jeremy
  • #53,644
  • Feb 2, 2010 3:11am Feb 2, 2010 3:11am
anyone know how to fix this in MT4, its only doing it for this pair & in 1 day view?
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Learning to be rigid in my rules & flexible in my expectations
  • #53,645
  • Feb 2, 2010 3:16am Feb 2, 2010 3:16am
Quoting jspeakman
Brilliant - this has really helped to clarify this point, and have filed the post. Final question (promise!)- when considering 'traffic' (and I guess ppzs) effect do you relate this to the same time frame? - or do you say take a trade based on PA in the Daily but may look to 4 hour for traffic/ppz trouble spots?

Thanks

Jeremy
My 2 cents is that you manage the trade on the time frame that it was given. PA on the Daily . . . . PPZ levels, High/Lows, traffic used just on the Daily.
Indicators show the past. Price Action "Indicates" the future.
  • #53,646
  • Feb 2, 2010 3:23am Feb 2, 2010 3:23am
Quoting jarroo
My 2 cents is that you manage the trade on the time frame that it was given. PA on the Daily . . . . PPZ levels, High/Lows, traffic used just on the Daily.
Thanks - have been puzzling over this one - very helpful

Jeremy
  • #53,647
  • Feb 2, 2010 3:35am Feb 2, 2010 3:35am
Quoting jspeakman
Thanks - have been puzzling over this one - very helpful

Jeremy

It can get confusing if you jump down time frames to manage or look for traffic.

Take the current Gbp/Chf Daily bearish PB. Nice solid PB with clear PPZ levels or trouble areas. The 4 hour bullish PB looked great and it worked out great. It hit its target. I would not look at this 4 hour bullish PB to get out of my Daily bearish PB.

Although it is a way to manage trades very conseratively. Meaning if you got out of your Daily bearish PB because of this bullish 4 hour PB. I would not say that it was a bad decision.
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Indicators show the past. Price Action "Indicates" the future.
  • #53,648
  • Feb 2, 2010 3:48am Feb 2, 2010 3:48am
Quoting jarroo
Not liking the break on this one now. I would like to see the break run more in a continuious movement . I can't blame the time of day, this time. lol
I knew if I said this I would shake it loose. lol
Indicators show the past. Price Action "Indicates" the future.
  • #53,649
  • Feb 2, 2010 3:54am Feb 2, 2010 3:54am
Quoting jarroo
It can get confusing if you jump down time frames to manage or look for traffic.

Take the current Gbp/Chf Daily bearish PB. Nice solid PB with clear PPZ levels or trouble areas. The 4 hour bullish PB looked great and it worked out great. It hit its target. I would not look at this 4 hour bullish PB to get out of my Daily bearish PB.

Although it is a way to manage trades very conseratively. Meaning if you got out of your Daily bearish PB because of this bullish 4 hour PB. I would not say that it was a bad decision.
Yes - this was what was confusing me - seemingly contradictory signals from different time frames prompting early exit. Getting to point of paralysis by analysis! KISS I think is the learning point (doubtless Kissfan would agree!)

Thanks again for great help on this.

Jeremy
  • #53,650
  • Feb 2, 2010 4:10am Feb 2, 2010 4:10am
Quoting albertsy2
How come in the basic literature about trading, they mostly say that a hammer is a reversal bar, but J16 does not mention this type of candle? come to think of it, i've not come across a lot of threads in FF that talk about hammers as reversal bars.
Hi Albertsy2,

You'll find that over here, we tend to refer to hammers as pin bars. Same thing, different name - hope that helps!
  • #53,651
  • Feb 2, 2010 4:34am Feb 2, 2010 4:34am
Dear Seniors, could anyone please write some kind of short summary of His trades in January 2010? How many trades did You get? Think this would be great thing for newbies to know where is this road going to and how looks month of trading if you are Senior. Sorry if it was earlier but i didn't find it and thanks in advance!
  • #53,652
  • Feb 2, 2010 4:39am Feb 2, 2010 4:39am
Seems like UCAD is moving a bit ... next trouble zone around 1.0550-60.
  • #53,653
  • Feb 2, 2010 6:02am Feb 2, 2010 6:02am
Quoting Nawry
Dear Seniors, could anyone please write some kind of short summary of His trades in January 2010? How many trades did You get? Think this would be great thing for newbies to know where is this road going to and how looks month of trading if you are Senior. Sorry if it was earlier but i didn't find it and thanks in advance!
Hey Nawry,
Allow me to use your post to make a clarification that might help here. Bear in mind, I'm a breakeven trader but have been a J16 student for a year now. My January:
3 trades
1-14-10 gbp/cad daily pinbar (B/E)
1-26-10 eur/nzd weekly BUOB (not A+ for my management strategy, still open)
1-29-10 gbp/chf daily pinbar (still open)

What can you take from the results of senior traders?
- Be picky. Mike has said many times that he only gets 0-5 daily opportunities in a month. He makes a conscious effort each year to become more picky than the last.

What can you not get?
- A strict answer to 'this is how you do it to be successful'. Believe me, I've searched for so long for the 'right' way to trade. But I'm now realizing that there are really infinite ways to trade, even within the price action method. No two traders will manage their trades the same. None of the seniors manage their trades the same, yet all are profitable.
There isn't even an answer to 'How many A+ setups were there in January." What's A+ for one strategy will not meet the criteria for a different strategy. Certainly there were more opportunities than 3 on the daily tf in January, but they must fit into our trading rules and trading plan for them to be traded.

I hope this helps a bit. IMO, the greatest advice a good trader can give is to be patient and picky. Eliminating subpar trade setups from your results will be the best way to move toward profitability.

Think about it this way: All the senior traders trade vastly different management styles, yet all are profitable and confident in their style. So what do they have in common that makes them profitable? They are all picky and know exactly 1) What they are looking for in a great trade setup and 2) What setups to avoid as they tend to Not work well for their management style.

(I write this as much as a reminder to myself as to you.)

Happy Trading,
Josh
  • #53,654
  • Edited 7:27am Feb 2, 2010 6:52am | Edited 7:27am
I'm watching the pull back very closely. I'd love to see a situation whereby 127.00 gets rejected, then say bye bye to that level.

Also, keeping an eye on the Interest Rates Decisions this week as key determinants of future trends in the markets. Rates have to go up but no one wants to raise them.

Plus talks that they would kill the carries (not news yet, might just be rumour). If this happens will surely affect interest rates. I'm just saying this because I like to really hold my positions and to do that sometimes I like to be aware of some stuff in the outside world which goes with some discretion too. Check this: For example Yen is @ .10%, Aussie @ 3.75%, they just buy the AussieYen and collect 3.65% everyday on their money (find a low interest currency and buy a high interest rate against it)-( Carry Over)- (3.65% on 3Billion per day)- Do the math: They don't care about if it goes up or down but they buy n hold and sell it off when it comes into profit (hedge funds - the difference is us their slaves) .. (Hey but don't listen to my funnymentals / rants please ).

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Looking at the BIGGER picture, it is interesting to know that the trend has been down since 1980!

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  • #53,655
  • Feb 2, 2010 7:04am Feb 2, 2010 7:04am
Quoting nasir.khan
If this 4H bar could close above 1.6842. It would have all potential to break through 1.6870 or even 1.6900.

But 1.6945. well lets see.
Poor thing did't broke 1.6900. Would have been a nice touch trade but i was waiting at 1.6945.

never mind.
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  • #53,656
  • Feb 2, 2010 7:13am Feb 2, 2010 7:13am
For USDCAD trade, I moved my S/L to be when I saw it was stuck with 20pips profit and my BE SL was touch.
It seems it could retrace inside previous bar (maybe 50fib), i'm waiting to enter again on the 50fib or on the re-breakout, what would you consider as the best plan ?
  • #53,657
  • Feb 2, 2010 7:40am Feb 2, 2010 7:40am
Thank you Josh very much for your answer! I think i didn't make myself clear last time, my english is poor, so i have troubles in writing what i'm thinking exactly. I'm fully aware that the same setup can be A+++ setup for one trader and only a B setup for another. The same with managing trade. I was just wondering if some Senior could show us which trades He get last month, not necessary how he managed them(but this would be wonderful), just which one for Him/Her were the A+++, it is just my curiosity, which doesn't have to be satisfied, but it would be nice if it did Sorry for my english, still learning..
  • #53,658
  • Feb 2, 2010 7:49am Feb 2, 2010 7:49am
anyone else still in this? or am I the only one????
Attached Image
Many choose unhappiness over uncertainty.
  • #53,659
  • Feb 2, 2010 8:01am Feb 2, 2010 8:01am
Quoting Dan Gilbert
anyone else still in this? or am I the only one????
I was in it until yesterday morning but I closed it out and went long because of the 4 hour pin. But i closed out my long at BE because I didn't like the way it moved.
  • #53,660
  • Feb 2, 2010 8:22am Feb 2, 2010 8:22am
Quoting djmanu
For USDCAD trade, I moved my S/L to be when I saw it was stuck with 20pips profit and my BE SL was touch.
It seems it could retrace inside previous bar (maybe 50fib), i'm waiting to enter again on the 50fib or on the re-breakout, what would you consider as the best plan ?
I'm going to throw a suggestion at you, instead of moving the stop to B/E, how about moving it to a spot a little bit higher than a minor PPZ...

In my pic, i did not move my stop yet, but if you are un-sure about the trade, try this...
Attached Image
Many choose unhappiness over uncertainty.
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