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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

  • #57,201
  • Mar 4, 2010 10:41am Mar 4, 2010 10:41am
Quoting benji533
Hey Yarin,

I realize that this thread is going into 1000 directions at once. Many would disagree with me on this, but IMHO that was hardly a B- bar, better C imo.
Here are some thoughts, going back 5 years all the way to James16 principals.

[right]אגב, טוב לראות אותך פה אח שלי. מקווה שהכל טוב איתך, ובהצלחה
...
By the way, here are another few examples for A+ setups in MY book.
http://www.forexfactory.com/showpost...ostcount=55435
http://www.forexfactory.com/showpost...ostcount=55436
http://www.forexfactory.com/showpost...ostcount=55437
  • #57,202
  • Mar 4, 2010 10:52am Mar 4, 2010 10:52am
Quoting michal7
Thanks Ben for explaining your view on those issues in more detail. Have something to think about again

Best to you,
Mikey
Hey Mikey,

So...are you in this trade?
A pin is never confirmed as a pin till it breaks.. So no loser here my friend
  • #57,203
  • Mar 4, 2010 11:10am Mar 4, 2010 11:10am
Some trades I took on the live account today:

1. IB on 4H off a PPZ with trend on EUR / AUD
2. Pin bar off a PPZ with trend on EJ
3. BEOB following a false breakout on EU
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  • #57,204
  • Mar 4, 2010 11:35am Mar 4, 2010 11:35am
Quoting yarin
Every time I think i got the metrial there is a trade that show me that im worng...
this is the CADJPY,why i got in:
-daily PN folloew by an IB.
-on a very strong PPZ and round number 86.0
-61.8 Fibo

yes i know this is not an A++ setup,but i though at lest an A.
i just wanted the price to get to the next PPZ at 85.0, I realy didnt see any other PPZ before that.
but as u can see the price almost eat my stop.
[size=3]Im...
Hi yarin,

I remember this pin bar. It was a nice bar but location was not good for me, no extreme, no good S/R, no BRN(actually, running into 85.00). Same day CADCHF had nice pin bar too at much better location IMO. I set order there, hasn't been reached...

Just wondering, how many trades do you take a month?.

And don't worry, if we keep learning we'll get there!

Cheers,
Mikey
  • #57,205
  • Edited 11:54am Mar 4, 2010 11:37am | Edited 11:54am
Quoting benji533
Hey Mikey,

So...are you in this trade?
A pin is never confirmed as a pin till it breaks.. So no loser here my friend
Hey Ben,

No I'm not, price haven't reached my order which is at 1.0335(below the lows from 1st and 2nd of March, but man it was close!). But also price has not broken pin bar on the upside so not sure if I should cancel order now or wait. I know Mike cancels order if next bart doesn't break. But Jim says in video that he doesn't mind if it breaks next bar or later.

EDIT: And also very nice double top is forming... If this 1.0335 breaks I think it will run a bit...

Cheers,
Mikey
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  • #57,206
  • Mar 4, 2010 11:55am Mar 4, 2010 11:55am
Quoting benji533
Hey Yarin,

I realize that this thread is going into 1000 directions at once. Many would disagree with me on this, but IMHO that was hardly a B- bar, better C imo.
Here are some thoughts, going back 5 years all the way to James16 principals.

[right]אגב, טוב לראות אותך פה אח שלי. מקווה שהכל טוב איתך, ובהצלחה
...
Awesome post Benji, agree 100% and also the next bar didn't break the low which is when I personally cancel my order(that isn't a set rule, just mine)

Good stuff
Mike
  • #57,207
  • Mar 4, 2010 12:17pm Mar 4, 2010 12:17pm
Quoting michal7
Hey Ben,

No I'm not, price haven't reached my order which is at 1.0335(below the lows from 1st and 2nd of March, but man it was close!). But also price has not broken pin bar on the upside so not sure if I should cancel order now or wait. I know Mike cancels order if next bart doesn't break. But Jim says in video that he doesn't mind if it breaks next bar or later.

EDIT: And also very nice double top is forming... If this 1.0335 breaks I think it will run a bit...

Cheers,
Mikey
Hi Mikey

I also had my order at 10335 and price did come within 1 pip so quite fortunate here. I have cancelled my order as my stop was just above 10400. If the price had stayed below 10400 I would have kept the order in even though the pin didn't break on the next bar.
  • #57,208
  • Mar 4, 2010 12:18pm Mar 4, 2010 12:18pm
Dave, Arctos, Jacob and James: Thanks for the info.

I really, really like this place. Been messing around with forex about 5 months now. Went through the Baby Pips school, skulked in a few forums soaking up what i could comprehend (which was damn little), and demoing every "simple" system i came across. I was like James Woods in that Family Guy episode--"Ooh, piece of candy. Ooh, piece of candy. Ooh, piece of candy. Ooh, piece of candy." Unfortunately, it was like going to class every day and learning nothing.
Then i found James. (btw, that's brotherly love, James. Don't get ahead of yourself.)
Finally, my forex education has begun. This is the stuff i need to know to become a trader. And it CAN be learned. I realize it's gonna take time and that's OK. In fact i kind of like that part. Things i've gotten good at always took time. That's usually the way it works.
So, i just shut down my most recent "simple" TS yesterday and started looking for pinbars on daily charts.
That's right, you heard me. Pinbars. Maybe you're familiar with them.
Found one that looked good and took it and went to bed. (It was the $CHF 4H 16:00 pb.) Woke up this morning to about a hundred pips. Moved stops into profit and had a nice breakfast. Normally, I'd be loading my shotgun and hunting for anything even remotely resembling an entry. I'd have 5 or 6 trades going by 9:30, based on what i was decoding from my numerous indicators. Then I'd sit in front of the screen for hours, jumping in and out like a lunatic. I only shrunk my 50K demo acc't by about 20 grand, so it wasn't like total failure. But it was definitely heading in that direction.
It appears i could be rambling here, so that's about all for now. Just want to express my appreciation.

Peace
Mike
  • #57,209
  • Mar 4, 2010 12:38pm Mar 4, 2010 12:38pm
Well I dont understand. I got taken in and took a full bar loss..
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  • #57,210
  • Mar 4, 2010 1:06pm Mar 4, 2010 1:06pm
Anybody remember when father Jim made this post????

http://www.forexfactory.com/showpost...ostcount=52095


here is where we stand today... although the bar is still forming.....
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Many choose unhappiness over uncertainty.
  • #57,211
  • Mar 4, 2010 1:20pm Mar 4, 2010 1:20pm
Are double bottoms legitimate on this thread? If so is the 4H engulfing bar shown also legitimate? If so having I correctly identified the first legitimate target?
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  • #57,212
  • Edited 1:52pm Mar 4, 2010 1:35pm | Edited 1:52pm
original post-I got taken in to this trade and out by a full bar loss-just getting used to posting and trying to upload the metatrader chart. I cant understand how no one else got taken in........
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  • #57,213
  • Mar 4, 2010 1:41pm Mar 4, 2010 1:41pm
Quoting lmturek11
Are double bottoms legitimate on this thread? If so is the 4H engulfing bar shown also legitimate? If so having I correctly identified the first legitimate target?
Hi Imturek, welcome to the thread. This is a great place to learn about price action, so I would definitely suggest reading the whole thread little by little, it is full of great information.

As far as your question, yes double bottoms are legitimate. However, we typically wouldn't play an outside (engulfing) bar that closed that low. If it doesn't close higher than the previous high, I personally don't take it, but even people who don't have that strict of rule probably wouldn't take this bar as a strong reversal sign. The close appears to be near the middle of the bar, which is a sign of indecision, rather than reversal.

Hope this helps! Please feel free to ask tons of questions, you'll find there are a lot of people willing to help here.

Cory
  • #57,214
  • Mar 4, 2010 1:44pm Mar 4, 2010 1:44pm
Hi guys,

Sorry for not posting anything useful, but I'm just wondering how you guys manage multiple charts in MT4? I like to cycle through all symbols every hour, so I've opened up a chart window for each symbol and just ctrl+tab through each. I've saved this in each timeframe as a separate profile.

Problem is if I want to make any tweaks like add an indicator I need to do this for every single window in all profiles, which takes toooo long.

Is there a better way? Can I have just one chart and easily cycle through the symbols on that chart?
  • #57,215
  • Mar 4, 2010 1:59pm Mar 4, 2010 1:59pm
Quoting simjas
original post-I got taken in to this trade and out by a full bar loss-just getting used to posting and trying to upload the metatrader chart. I cant understand how no one else got taken in........
Hey Sim

We want to set a sell order below the low of the previous bar using a buffer. The basic buffer on the daily is 10 pips, but I sometimes go as high as 20 depending on the pair. This will keep you out a lot of the false breaks(we want to see a strong solid break - as Jarroo would show).

Hope that helps
Mike
  • #57,216
  • Mar 4, 2010 2:07pm Mar 4, 2010 2:07pm
Thank you cbh123
  • #57,217
  • Mar 4, 2010 2:21pm Mar 4, 2010 2:21pm
Thanks Mike for replying. I'm totally honered as my first post is a winge and that isnt what I wanted for my viginity. Been lurking since 08 and finally took my first live. It was the one in ten that blew me. OK I cant say I'm not pissed off. I am, but what gets me more is when I think someone isnt being quite as truthful My point was that I got taken in under 35 (by ten pips) and this was Yarins limit. I'm Metatrader so others must be hurting with me. Yarin isnt being quite honest here in my opinion, however I am glad that with your knowlegde and expereience you didnt get caught otherwise I think today would have totally taken me out of trading forever.....
P.S I.ve done the knowledge just need to find my way out of London
  • #57,218
  • Mar 4, 2010 2:23pm Mar 4, 2010 2:23pm
Quoting mbqb11
Awesome post Benji, agree 100% and also the next bar didn't break the low which is when I personally cancel my order(that isn't a set rule, just mine)

Good stuff
Mike


Quoting simjas
original post-I got taken in to this trade and out by a full bar loss-just getting used to posting and trying to upload the metatrader chart. I cant understand how no one else got taken in........
Hey simjas,

Mike gave you a good response above. BTW I must way your chart doesn't look like mine. On FxPro price never reached 1.0335, so I'm not sure.
  • #57,219
  • Mar 4, 2010 2:24pm Mar 4, 2010 2:24pm
Quoting Dan Gilbert
Anybody remember when father Jim made this post????

http://www.forexfactory.com/showpost...ostcount=52095


here is where we stand today... although the bar is still forming.....

Hello Dan,

I like this Daily BUOB too, but the weekly shows us a big BEOB last week, are we playing agaist the higer timeframe PA?

Also, what do you think about the NFP report that would cause the volatility?

Thanks!

PM
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  • #57,220
  • Mar 4, 2010 2:28pm Mar 4, 2010 2:28pm
Quoting simjas
Well I dont understand. I got taken in and took a full bar loss..
Hi Simjas

At what price did you have your order? If you had your stop loss above the high of the pin then you should still be in this trade. On my charts the high of today is exactly equal to the high of the pin so the pin has not failed yet.

Post your Daily chart with entry and stop loss positions and explain a bit about how you approached this trade.

Leon
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