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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

Quoting Treefingers
My own personal holy grail is to find a setup that the old timers would mark as an A+ setup, does this 2day Pin come close?
Hi Treefingers, not an old timer here, but personally I wouldn't call this A+ because it is in traffic and isn't at a swing high. We typically want bearish pin bars at a swing high, optimally an all-time high or a retracement to a confluenced fib area. I really like 2 day pins as well and the shape would be nice for this one, but it is more of like a continuation pinbar than a reversal.

It could definitely work out, but I wouldn't give it more than a B.

Just my opinion.

Cory
Quoting takingthepip
My primary demo account which I use for A++ setups on Daily charts has been disabled through non use. I think my broker does this automatically after a set period of non use.
.....
The point I'm trying to make is that A++ pinbars on daily don't seem to come along too often...
what is your primary demo account broker?
u can simply re-register on that same demo account, let's say every 20 or 30days so your account wont be disabled. i do it all the time

yes A+ setups dont come too often on dailies. Patience: we are paid to wait.
I love cheetahs so i'll refer to that post again. it's a post directed to me too
Quoting Treefingers
My own personal holy grail is to find a setup that the old timers would mark as an A+ setup, does this 2day Pin come close?

Treefingers I think the 'old timers' would say you want bearish PA at a swing high or after a significant retrace. This 2-day pin is at a swing low and price seems to be moving sideways at the moment.

It may work out as a continuation trade but this wouldn't be A+ in my book.

Just my opinion of course.

Leon

Edit: Hey Cory I see you beat me too it but we have said pretty much the same thing.
Quoting Krysztau
Hi, there is my question, what you think guys of 2-day pinbar on GOLD. I like PPZ + downtrend here. Any comments please?

http://cdn.forexfactory.com/attachme...1&d=1266454864
It's more of a pin by proxy since the close isn't within the prior bar. I like where it formed and it is with the intermediate downtrend. I have short bias on gold at the moment.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
Thanks guys the hunt continues
Learning to be rigid in my rules & flexible in my expectations
Quoting scott087
I just wanted to give a quick update on these 2 trades from my last post.
There are a few golden rules and core teachings of James16 which both came into play here and saved me from a loss both setups.

AUDCHF 8hr pin...
One of the core rules for entering a setup..WAIT FOR THE BREAK.
As for GBPCAD....
There was a clear ppz/resistance at 1.65. See James16 "This is critical". I chose not to enter until the level was broken.
imo, Excellent post Scott
nice illustration of the J16 core teachings. while reading this post, i can remember at least 1 instance Sir mbqb11 posted something similar.

it turned out audchf's minor bar highs around 0.9585 (& perhaps 0.9600) was enough to deter price. almost similar case with gbpcad --both near round numbers & cant make a follow through move.

to me, both look like price losing momentum & hitting stops/trailing stops (& thus creating audchf's 8hr pin & gbpcad's BUOB), but eventually (current) respective trends prevailed (uptrend in audchf, downtrend in gbpcad).

i view these as 2 "wins", no losses
Quoting joelcf

I suspect we would see a much higher concentration of A+ setups if people were trading actual money.


(and by actual, I mean both legal tender and meaningful amounts)
Agreed. Real money in meaningful amounts has a way of really focussing the attention.

Allow me to use your post to jump off into a general ramble Joel.

When Jim says 'Imagine what a 50 pip move on a large account can mean to you' he doesn't just mean the winners. Making 30 grand on 60 pip move is great. Losing 30 grand when it goes against you is awful. The larger the account gets, the more conservative you get. Both in trade selection and management. And your tolerance for drawdown decreases. Until then, it's tempting to just view it as a video game.

This is where someone usually chimes in and says that it shouldn't make any difference and that 1% is 1% no matter the account size. It's also usually said by a person with no experience of trading a large account. They believe it's easy to lose 30 grand if you have a million dollar account. I've yet to see anyone say this who actually has the experience of trading a large account.

There are so many ways to get psyched out on the way to the top. Simple consistent returns from predictable high probability setups, and a ton of waiting in between, always pay dividends. Let compounding take care of the rest.

Ask yourself who the best traders are on this thread. The ones you look up to. Make a list of two or three. Then ask yourself how many trades they take each month. Then look at how many trades you've taken. And ask yourself if you have good reason for trading four times as much as the guys you admire and hope to emulate.

I am pretty sure mbqb11 would be on that list. He took 2 this month so far (hope you don't mind me saying, Mike). Storage Pro has 2 so far I think. So if you're running at 10-15 already this month, why is that? And are they all great setups? Have you proved to yourself you can be profitable taking only 3 or 4 trades a month? Are you doing advanced material before you've mastered the basics?

That's the biggest road to ruin in my opinion. I know because I've walked down it. Jumping around, trying to get it all down at the same time. Not focussing on doing one thing until its profitable.

But anyway, it's 1:30 am and time for bed. This ramble could go on for hours...lol.

Come back Jarroo and whip us all into shape...
What do you guys think about this set up on GBPJPY?

http://img341.imageshack.us/img341/6...01081317pm.jpg

Pinbar at a ppz and I didn't draw it but it also is right on the 38.2 off of the previous swing high. Is this a good trade? Would enter on break and first target would be in the 140ish area.

Also, quite a few JPY pairs formed pinbars. Any other ones look attractive?
[quote=TiaForex;3474629]Agreed. Real money in meaningful amounts has a way of really focussing the attention.
This is where someone usually chimes in and says that it shouldn't make any difference and that 1% is 1% no matter the account size. It's also usually said by a person with no experience of trading a large account. They believe it's easy to lose 30 grand if you have a million dollar account. I've yet to see anyone say this who actually has the experience of trading a large account.

very very true! several years ago i had my first experiance trading a large account.... the psychological differences are truely incomparable! once i registered my first loss (33k usd/jpy and i still remember the chart and no i'm not joking) its a completely different ball game, it's the difference between taking a penalty kick in the park with your mates to doing it in a football match infront of 60,000 people.... physically its the same but the psych changes things Big Time!

anyway i digress
Hey guys,

Just checking in and trying to catch up with the thread.

Florida is going great. These old folks are keeping me pretty busy. I can't keep up with them. Thank God that it's mandatory in this state that if you're over 70 years old you have to play Bridge once a day or I wouldn't get any rest. lolol

Jim
Indicators show the past. Price Action "Indicates" the future.
Quoting TiaForex
Agreed. Real money in meaningful amounts has a way of really focussing the attention.

Allow me to use your post to jump off into a general ramble Joel.

When Jim says 'Imagine what a 50 pip move on a large account can mean to you' he doesn't just mean the winners. Making 30 grand on 60 pip move is great. Losing 30 grand when it goes against you is awful. The larger the account gets, the more conservative you get. Both in trade selection and management. And your tolerance for drawdown decreases. Until then, it's tempting to just view it as a video...

I should be back this weekend. I'm need to get back to my comfort zone which is my trading room.

Patience is indeed a virture. It's probably the hardest part of trading, at least it was for me. But it can be mastered, it just takes time and practise just like anything else in this business.

Great post as always Aaron,

Jim
Indicators show the past. Price Action "Indicates" the future.
For anyone that's interested in backtesting.

I came across this very useful trading simulator script for MT4 over the weekend. Found it on FF somewhere. It allows you to place trades, modify trades, etc. using historical data and I love the way you can move TP and SL by simply clicking and dragging horizontal lines on the chart. You can close portions of trades too. (You can't, however, view different timeframes while it's running). I can skip forward a day at a time until a great setup presents itself, so can get through a year's data on Daily in a matter of hours. With over 20 currency pairs, it should keep me busy for months to come. You can use trendlines, RSI, FIBS, etc. It goes from Daily down to 1 minute TFs. No weekly or monthly.

It includes a PDF with instructions and the installation is a breeze.

Perfect for practising when you're waiting for those A+ trades in real time.



- TTP -
Attached File(s)
File Type: zip Trading simulator(2).zip   491 KB | 412 downloads
My next target area, multiple confluences (strong PPZ, 61 fib, trendline, retrace) if we get some PA here then would be a good chance of some pips.. Patience is key here, might take a day or two, or it might never get there.
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Quoting nasir.khan
If we check a bigger picture;

We may get some PA in the Orange boxes.
.
Mission complete.

Plan your trade and trade your plan.

Hope charts make sense.
.
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Quoting takingthepip
For anyone that's interested in backtesting.

I came across this very useful trading simulator script for MT4 over the weekend. Found it on FF somewhere. It allows you to place trades, modify trades, etc. using historical data and I love the way you can move TP and SL by simply clicking and dragging horizontal lines on the chart. You can close portions of trades too. (You can't, however, view different timeframes while it's running). I can skip forward a day at a time until a great setup presents itself, so can get through a year's data on Daily...

Pip

Thanks for posting the link to this file man, just what I need to occupy myself while waiting for the A+ guys to come along. Its easy to get restless at times so hopefully this should help!!

berti
PA is where its at!!
Quoting nasir.khan
Yep i see it's pretty small.

But still Yen won't allow me.
Told ya.
.
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Quoting nasir.khan
Mission complete.

Plan your trade and trade your plan.

Hope charts make sense.
.
Nice, the power of PPZs
Quote
I also tried the same with Fiber but it blew away the 1.37 level fro -30 pip loss (1%), anyone know why, I should check the news I guess.
Bonjour Chatzi,

By saying that, it seems that you found your first nugget to filter out effectively your touch trades ?

"Don't trade during BIG news release day" could be your very first filter*, who knows ?

Happy trading all

Cheers




* IMHO, a good filter should be simple to apply with NO complicated and over fitting features to set.
Quoting takingthepip
For anyone that's interested in backtesting.

I came across this very useful trading simulator script for MT4 over the weekend......
Just thought I'd crawl out of the woodwork to say thanks for sharing this.
Works great!
If you set the speed to 31 it'll do a 4HR bar in 2 minutes.
Very interesting to watch PA interact with S/R at that speed.

Thanks a lot.

Steve.
"The more I practice, the luckier I get." (Gary Player)
Quoting jarroo
Hey guys,
...
Florida is going great....
Thank God that it's mandatory in this state that if you're over 70 years old you have to play Bridge once a day or I wouldn't get any rest....
that's great, Jim. good state ordinance.
now go back there & play, Sir.
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