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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

  • #56,901
  • Mar 2, 2010 8:28pm Mar 2, 2010 8:28pm
Quoting TiaForex
Bob, is that you????
.. nice catch Aaron.
and he's your neighbor.
I hope he stays... civil and don't get banned again. We can all learn few, new tricks, seriously..
  • #56,902
  • Mar 2, 2010 8:44pm Mar 2, 2010 8:44pm
Quoting ertorque
Hi Oromek,

Could you clarify if the blue FIB levels is also incorrect? I would thought that the 21st Feb high point should be made 100% and the 25th low at 0%. This will be inline with the (long) retracement after the 25th low, no?

If I am correct, then the pin bar that triggered your entry would have been off 61% instead of 38% as drawn in your chart.

Thanks.

CY
Hey Cy, I'm not Oromek, but you are absolutely right (missed that too). Fibs are typically drawn from left to right. So:

1. To capture a retrace from a down move, click the peak first and then the bottom.

2. To capture a retrace from an up move, click the bottom first and then the top.

For accuracy, this is how fibs should be drawn... but pragmatically, it doesn't matter if they are inverted (i.e. 38.2 => 61.8, 50 => 50, 61.8 => 38.2). As long as you use these 3 fibs, there is no difference.

Hope this helps.

-- Danny
  • #56,903
  • Mar 2, 2010 8:54pm Mar 2, 2010 8:54pm
Quoting Max Profit
Ryan, ...... you maybe one of the best traders, or someone .... living in a trailer park, how will I personally know unless I see proof of some sort? ...
I saw the proof...
.
http://www.gifninja.com/Workspace/51...36d/output.gif
  • #56,904
  • Mar 2, 2010 9:14pm Mar 2, 2010 9:14pm
Quoting raczekfx
I saw the proof...
...
nice
no wonder u saw the proofs.
yours can hover above both cars
  • #56,905
  • Mar 2, 2010 9:45pm Mar 2, 2010 9:45pm
Quoting jarroo
Here you go spookie;

http://www.james16group.us/Guests/guestmaterial.html
THANKS JARROO
  • #56,906
  • Mar 2, 2010 9:46pm Mar 2, 2010 9:46pm
Just wanna ask for some confirmation on this. Most people saw and entered on the 4h pin (which was nice), but I'm wondering about the validity of the daily pin that formed.

While it's off a whole bunch of fibs (the pin is barely visible underneath all that on my chart), it is trading into a) 85.00 round number, s/r b) high traffic area in an already sideways market.

I'll opt to sit this one out (remembering mike's video in the guest section of the pf about not risking that precious 1-2% on no confidence trades), I wonder what those who take it thinks, and how they would manage the trade?
Attached Image
  • #56,907
  • Mar 2, 2010 10:57pm Mar 2, 2010 10:57pm
Hi guys,
I thought I’d share this trade with you in an effort to cleanse myself of any negative impact from it.
I was short EURJPY Monday on a 4hr PB/false breakout. Price broke hard and fast, SL moved to BE at +38. Rode out the pullback and price continued down and missed my TP by 0.6 of a pip!! (119.75, low of 119.756). Price then reversed and I watched my +3% winner turn into a BE trade.
Jim tells us a BE trade is a winning trade. So why does this feel like a full-bar loss to me? Because mentally I’d already banked the money and was patting myself on the back for a job well done.
Mistake No.1 - Don’t start counting your money until its actually yours.
Mistake no.2 - Didn’t close the trade when I saw price reversing. 1hr PB off a double bottom with divergence, 4hr PB on EU. The writing was on the wall and I could see what was going to happen but I was unable to close it out as greed got the better of me and didn’t want to settle for anything less than the full TP amount. So I sat and watched +3% evaporate into nothing.

So what positives can I take from this?
My initial analysis was good. That gives me confidence for future trades.
My initial trade management was good. SL at BE, didn’t panic when price came back up. Stuck to the plan.
TP was almost perfect (0.6 out). Obviously tried to bite off just a little too much.
I didn't take a loss!!
Greed is the biggest obstacle I have to overcome but I WILL conquer it because I AM going to succeed at this.

Glad I got that off my chest.

Steve.
Attached Image (click to enlarge)
Click to Enlarge Name: EYPB.png Size: 34 KB
"The more I practice, the luckier I get." (Gary Player)
  • #56,908
  • Mar 2, 2010 11:02pm Mar 2, 2010 11:02pm
Quoting mrsingha
Rode out the pullback and price continued down and missed my TP by 0.6 of a pip!! (119.75, low of 119.756). Price then reversed and I watched my +3% winner turn into a BE trade.
Welcome. You've arrived!
I'm pretty much done with all this ...
  • #56,909
  • Mar 2, 2010 11:10pm Mar 2, 2010 11:10pm
Quoting StoragePro
Welcome. You've arrived!
Thanks SP. My first smile of the day.
I think what annoyed me the most was this was my first fully-funded live trade and it would have been a perfect start.
Mai pen rai as the Thais say. (never mind).
"The more I practice, the luckier I get." (Gary Player)
  • #56,910
  • Mar 2, 2010 11:53pm Mar 2, 2010 11:53pm
Quote
....Glad I got that off my chest...
Quoting mrsingha
Thanks SP.. I think what annoyed me the most was this was my first fully-funded live trade and it would have been a perfect start...
A 'perfect'/fulfilling ending/journey is better & more important than a perfect start. Dont put too much pressure on yourself. our journey is very long.

U can try to 'adjust' your TP next time (flexible with TP's). better to win with 1-20 pip less.. than lose it all because of a 'fixed' target. take broker spreads into consideration too.

Mai pen rai Sir Steve... Next!
  • #56,911
  • Mar 3, 2010 12:05am Mar 3, 2010 12:05am
Who's this bob guy you're obsessed with, he obviously has an impression, is that the same 'what about bob' in Ryans sig? Looked into him, he trades the 60 min, I trade the 5 min, a big difference there guys, TIA, back to the drawing board!

Ryan, what color Roses do you prefer lover boy?
  • #56,912
  • Mar 3, 2010 12:08am Mar 3, 2010 12:08am
Quoting supremeChaos
A 'perfect'/fulfilling ending/journey is better & more important than a perfect start. Dont put too much pressure on yourself. our journey is very long.
A very good point Chaos.

Quote
U can try to 'adjust' your TP next time (flexible with TP's). better to win with 1-20 pip less.. than lose it all because of a 'fixed' target. take broker spreads into consideration too.
Next time I'll use TP-10
"The more I practice, the luckier I get." (Gary Player)
  • #56,913
  • Mar 3, 2010 12:23am Mar 3, 2010 12:23am
do you guys think it's possible to find an A++ Pin Bar per week?
if that one nets you something like 2%, that would be something like 170% (there are 52 weeks per year, but you know, coumpunded earnings... hehe) per year, which is not really bad, even if you start with something like a 2/3K account.
Of course we should expect losing trades, but what do you think about it? Even getting 100% a year that would be a great returning... i know people that strave to achieve something like 10% returning per year, what about this 100%? You would double your account every year, with a 1K account, assuming everything goes right, you would have a 1M account in 10 years... i know 10 years are long but, what the hell, 1M!!

Ok, let me know your thought about it, i bet everyone here some time made similar thoughts =)

see you
  • #56,914
  • Mar 3, 2010 12:25am Mar 3, 2010 12:25am
Remember it's Non Farm today girls, pay day!
  • #56,915
  • Mar 3, 2010 12:32am Mar 3, 2010 12:32am
Quoting raczekfx
I saw the proof...
.
Here's Rac's craft;

http://www.wimp.com/flyinghovercraft/
Indicators show the past. Price Action "Indicates" the future.
  • #56,916
  • Mar 3, 2010 12:51am Mar 3, 2010 12:51am
^ $13,000 hovercraft..
is that cheap??
  • #56,917
  • Mar 3, 2010 12:57am Mar 3, 2010 12:57am
Quoting bluetrader
Well, I'm out full lots on that last push at the second area of traffic. Jarroo, I did notice the daily pin bar, but switching between time frames to manage a trade isn't in my plan as of now.

Nice trade, good luck to those still in it.

-- Danny
Nice trade blue.

I wasn't talking about the Daily PB but the Daily PPZ level, 85.75, which is good to know if your trading the lower time frames. Thought it may aid in your trade management.
Indicators show the past. Price Action "Indicates" the future.
  • #56,918
  • Mar 3, 2010 1:01am Mar 3, 2010 1:01am
Quoting supremeChaos
^ $13,000 hovercraft..
is that cheap??
Yeah that's cheap. Pretty cool.
Indicators show the past. Price Action "Indicates" the future.
  • #56,919
  • Mar 3, 2010 1:35am Mar 3, 2010 1:35am
Quoting ertorque
Hi Oromek,

Could you clarify if the blue FIB levels is also incorrect? I would thought that the 21st Feb high point should be made 100% and the 25th low at 0%. This will be inline with the (long) retracement after the 25th low, no?

If I am correct, then the pin bar that triggered your entry would have been off 61% instead of 38% as drawn in your chart.

Thanks.

CY
hi CY
good point, but i must say i dont care too much about direction, as proportion are the same, i look only at 38 and 61 fibo levels (and they switch if you draw fibo levels incorecctly), and 50% level.
Next time i will try to draw them in proper direction.
cheers
oromek
  • #56,920
  • Mar 3, 2010 1:49am Mar 3, 2010 1:49am
Quoting nasir.khan
I think i should look into it.

Used do Tech things before, FOREX took care of me.

Wait for the PM Cherry i am going through your posts.
.
P.s : Used this EA at FXpro and takes care of digits problem.
Thanks Nasir,
I have just found I didn't have PM turned on so sorry if you tried to send me one!
Gom is working for vids at present.

What do you think of the EA for moving to BE when I'm asleep? Reliable?
Being in Au does make it hard without something like this.

Thanks,
Cherry
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