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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

  • #57,621
  • Mar 8, 2010 10:35pm Mar 8, 2010 10:35pm
Quoting Icehocey77
You have to call tech support so they can 'diagnose' it. They'll confirm you have the red rings of death and send you a box to ship it up. Total turn around time for me was about 3 weeks. Also threw in a 3 month xbox live subscription for my troubles.
hahah thanks I will hvae to do that one of these days
  • #57,622
  • Mar 8, 2010 11:25pm Mar 8, 2010 11:25pm
Quoting supermatt
Pretty sure there are a few other brokers but none that have decent spreads and the flexibility with position sizing as go markets.
Called them up and they were really helpful, and not complete retards either, unlike certain other brokers who advertise nationwide quite heavily (you have definitely seen their ads) and didnt know what LIBOR or BBSW90 were (!) and asked whether I meant 'rba mortgage rates'. Ugh

Opened a demo with them.

Quoting supermatt
If she is just learning though you can go with any mt4 demo account, best to do demo for a LONG time before live lol..
Quoting bundyraider
She's demoing first anyway. Isn't she?
Unfortunately, she is alot like me in that there is no point having a play money account, since the amounts dont mean anything and you just end up treating it like a video game.

So its pretty much a tiny account for nanolot trading as a 'demo'.

Thanks for your help guys.
When you have to shoot, shoot. Dont talk.
  • #57,623
  • Mar 9, 2010 12:10am Mar 9, 2010 12:10am
Hey bundy and joel.

You guys got some crazy weather down under.

http://www.wimp.com/flashflooding/
Indicators show the past. Price Action "Indicates" the future.
  • #57,624
  • Mar 9, 2010 1:30am Mar 9, 2010 1:30am
I was waiting for this setups all the day(yesterday),and it seems that patience is paying off at the end of the day,actually everytime if you have enough patience you will be rewarded.

It's like the analogy with cheetah from market wizards.Although is the fastest animal in the world he will wait until it is absolutely sure that can catch his meal and he will attack his prey only when there is no chance it can lose it.

I was waiting almost 2 days for this to fulfill itself.

all the best!!

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  • #57,625
  • Mar 9, 2010 1:36am Mar 9, 2010 1:36am
Quoting Ryanmcd
How low can you go? Shorts today...




Song to play when getting short:

http://www.youtube.com/watch?v=U-P-WRye6JU

what about how high can you go?
  • #57,626
  • Mar 9, 2010 1:39am Mar 9, 2010 1:39am
Thank you for the great thread, I really learned a lot. Still going thru it, might take me a year.

I am sure everybody is aware that charts will differ from broker to broker. I found this to be truer for the 4H chart as the start of the bar will be in different time zones.

My question is if anybody has considered using more than 1 data source to look for pinbars on the 4h?

I have been looking into this and found that it can very possibly increase the number of valid pinbars per market.
  • #57,627
  • Mar 9, 2010 1:50am Mar 9, 2010 1:50am
Quoting mbqb11
Hey Andrea

b/e = breakeven and b/c = becuase

Sorry I just get so used to all these abbreviations, probably is sloppy of me!

Best
Mike
Ciao Mike

...many thanks and please apologise my silly questions
I can understand this might be waste of time for you people walking at twousands of miles ahead of newbies...

appreciate your help very much

have a nice day
Andrea
  • #57,628
  • Mar 9, 2010 2:35am Mar 9, 2010 2:35am
Quoting printer69
Ciao Mike

...many thanks and please apologise my silly questions
I can understand this might be waste of time for you people walking at twousands of miles ahead of newbies...

appreciate your help very much

have a nice day
Andrea

Me lo potevi chiede a me no??
Patience is essential
  • #57,629
  • Mar 9, 2010 2:37am Mar 9, 2010 2:37am
Quoting Jaffels
Thank you for the great thread, I really learned a lot. Still going thru it, might take me a year.

I am sure everybody is aware that charts will differ from broker to broker. I found this to be truer for the 4H chart as the start of the bar will be in different time zones.

My question is if anybody has considered using more than 1 data source to look for pinbars on the 4h?

[color=black][font=Verdana]I have been looking...
hey jaffels! and welcome to the thread

I know that several seniors from here do use to watch different data fed due to different time zones,filtering that way some PA.

I use only FXPro which have the daily close at 17:00EST

It's up to you if you want to look on different brokers.

all the best!!
  • #57,630
  • Mar 9, 2010 3:15am Mar 9, 2010 3:15am
Quoting triger88990
I could tell you that I'm doing this and this and show you many charts and you will not have any sort of fillings about it.Is abou YOU and your work that you must done by yourself is not with us,is YOUR work that must be done ,if you don't go through this process you have less chance to succeed in this business

Ultimately at the end of the day, its all YOU.

Although not my entire post is relate to your question I find myself that I can't stop to not talk about it,bc I'm in opinion that everyone should be ITSELF not trying to be someone else....
Just looked interesting topic, I shared my view, how I like to develope them, and was curious how You like those pins to develope.
So, not quite understand Your rant. May be the cause is the written text.
  • #57,631
  • Mar 9, 2010 3:24am Mar 9, 2010 3:24am
Quoting jarroo
Yes, the structure and size are not good on the weekly PB. A hard break above through the 1.5200 would be a good confirmation for me.

I'm in on the break of the Daily BUOB at 1.5175. Let's see if she runs.
How did You manage to manage it Jim?
  • #57,632
  • Mar 9, 2010 3:32am Mar 9, 2010 3:32am
Quoting joelcf
This might be a long shot, but does anyone here use an Australian MT4 broker?

I have a friend who wants to learn how to trade, and I think MT4 is probably the best platform to learn on - stuff like the IG Markets platform is pure rubbish, and she doesnt really have the capital for something like IB+Ninja/TS/etc... I could probably set her up a subaccount under mine on IB, but even then the minimum lot size would be a killer. Hard to teach someone proper risk management with minimum trade sizes of like $25k.

I also dont want her to have to deal...
Hey Joelcf, can I abuse your experience?

I use IG Index without issue. What is there out there that is better and why? Could you elaborate on what I am missing out on?

Still green but learning - thanks to the seniors for your continuing help in this lifeskill.
  • #57,633
  • Mar 9, 2010 3:40am Mar 9, 2010 3:40am
[quote=triger88990;3533481]I was waiting for this setups all the day(yesterday),and it seems that patience is paying off at the end of the day,actually everytime if you have enough patience you will be rewarded.

It's like the analogy with cheetah from market wizards.Although is the fastest animal in the world he will wait until it is absolutely sure that can catch his meal and he will attack his prey only when there is no chance it can lose it.

I was waiting almost 2 days for this to fulfill itself.

all the best!!

Trigger

I was just wondering what your reason is for opening 5 different trades on pairs that are basically dancing partners. Is there an advantage ? I ask this because it just seems to me that managing one pair with more lots is easier and a more efficient use of time.
  • #57,634
  • Mar 9, 2010 3:43am Mar 9, 2010 3:43am
Good questions bapxyz, was also wondering the same thing......i hope triger88990 (although this was my number when i was in jail...Prisoner triger 88990......).............are those trades in demo? Ur GBPJPY sell also happens to be sitting on 50%Fibs, congrats trader.........but do not magnify your risk.............

[quote=bapxyz;3533915]
Quoting triger88990
I was waiting for this setups all the day(yesterday),and it seems that patience is paying off at the end of the day,actually everytime if you have enough patience you will be rewarded.

It's like the analogy with cheetah from market wizards.Although is the fastest animal in the world he will wait until it is absolutely sure that can catch his meal and he will attack his prey only when there is no chance it can lose it.

I was waiting almost 2 days for this to fulfill itself.

all the best!!

Trigger

I was...
  • #57,635
  • Mar 9, 2010 3:57am Mar 9, 2010 3:57am
Quoting ertorque
Hi KISS,

On the weekly chart you posted, it seems that you draw the Fibs on only the last bar.
This is new to me as I thought one has to identify the last significant swing and locate the low and high of that swing to get the Fib levels.
Is drawing Fib levels on just a bar to anticipate retracement part of the J16 method?

I tried to do the same as you on my Ibfx MT4 and could not get it displayed as yours ( yours had the word "buysell" on certain levels and your Fib has the line extended to the right whereas mine has just numbers only and...
Good morning ertorque. Like all of us here, I use J16 method as a basis for my trading. Over time and based on personal experience, I have developed a trading style that works with my personality based on hundreds of hours of reading all the great material contributed by many of the senior posters here. If you will stick with this, you will too. Over the past couple of years I have kept a journal. I am really glad that I did start this process as I can see now how far I have come since starting my journey. I now have a good foundation based on the offerings here on this thread. You are not wrong to plot your fibs from swing high to low. You are doing fine. You are welcome to read more of my personal material here.
http://www.forexfactory.com/showthre...=70069&page=43 Post #642 You are welcome to post any questions to me there as well. I am not trying be stingy with my own info, I just do not want to clutter Jim's thread with my own junk that might confuse the newer students. Now, with your fib tool on MT4 you go to objects double click fibo and open the fib levels tab. You can add or delete fib levels here. You can also highlight description and type whatever label you want. Use %$ in the description area to display price on any fib level. I hope this helps you.

K.I.S.S.
  • #57,636
  • Mar 9, 2010 4:03am Mar 9, 2010 4:03am
Quoting benem
Me lo potevi chiede a me no??
Sto barbone... c'era pure lui, e io mica lo sapevo che eri pure te ita, io ho mandato 1 pm a printer ma nn mi risponde, non volevo spammare il thread.
Ti mando un PM pure a te!

Sorry for the spamming, anyway i quote bapxyz:
Quoting bapxyz
I was just wondering what your reason is for opening 5 different trades on pairs that are basically dancing partners.
I'm wondering the same. Let us know please!
=)
  • #57,637
  • Mar 9, 2010 4:10am Mar 9, 2010 4:10am
Quoting mbqb11
LOL my xbox has been broken since I beat up on Tiaforex
Thanks for reminding me.

Get it fixed so I can come down on you like a weekly MXN trade...
  • #57,638
  • Edited 5:16am Mar 9, 2010 5:04am | Edited 5:16am
Quoting bapxyz


I was...

As I say it you must know your risk appetite befor you enter on any given trade,you see you say that is more confortable for you to manage it by expose your risk only on one currency,which is fine,but I'm trying to trade what is in my confort zone within my personality.

I pulled the trigger based on many observation and something fundametal that I'm aware over time wich is interest rates.Knowing that interest rates are very attractive for speculators instantly we would expect capital flowing into the country which would carry on yen to rise,everything else is right on the charts.

hope it helps!

all the best!!
  • #57,639
  • Mar 9, 2010 5:11am Mar 9, 2010 5:11am
Quoting Danku
Good questions bapxyz, was also wondering the same thing......i hope triger88990 (although this was my number when i was in jail...Prisoner triger 88990......).............are those trades in demo? Ur GBPJPY sell also happens to be sitting on 50%Fibs, congrats trader.........but do not magnify your risk.............
LOL

How did you escape from jail? just joking

I know that is more aggressive approach,based on many observation of price behavior, and therefor involve a greater risk,you must build up confidence in your tradining methodologies otherwise you will end up questioning yourself everytime,don't forget that the outcome of any given setup is random.

It is like playing the PB not always they will work out,even a great A+++ fail from time to time.It could be frustating over time because the win/lose ratio can be low

Is not a recommendation for trading this way,you must find YOUR one way by yourself.

Know yourself ,have a plan and trade it

all the best!!

PS: they are on my demo account
  • #57,640
  • Mar 9, 2010 5:22am Mar 9, 2010 5:22am
cheers triger88990, comfort zone and trading your plan.........for me i would just pile all the lots onto one trade but again it is your comfort zone and you trading your plan...........i admire that.................

Jail was fine, we had all the prison gals and the jail was next to the beach....so we always had an afternoon swim with the gals............

Quoting triger88990
LOL

How did you escape from jail? just joking

I know that is more aggressive approach,based on many observation of price behavior, and therefor involve a greater risk,you must build up confidence in your tradining methodologies otherwise you will end up questioning yourself everytime,don't forget that the outcome of any given setup is random.

It is like playing the PB not always they will work out,even a great A+++ fail from time to time.It could be frustating over time because the win/lose ratio can be low

Is not a recommendation for...
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