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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

  • #62,021
  • Edited 1:18pm Apr 27, 2010 12:57pm | Edited 1:18pm
Quoting Dan Gilbert
It's the I4B straddling the 1.0000 we were discussing on USDCAD recently....

I was very hesitant on this one, BUT, I4B's that straddle very big round numbers fail very very very very rarely. Easily the best PA setup in J16.

counter trend risk 1%. And with just one trade, I almost have my weekly average goal of a 1% gain.


first target, move to B/E, second target T/P.
If I had to name the best new trader (considering last 12 months) in terms of discipline i I would name Dan Gilbert.
  • #62,022
  • Apr 27, 2010 1:28pm Apr 27, 2010 1:28pm
Quoting nasir.khan
I took it and then I talked myself out of it at -2 pips.
Ohhh well.
No biggie my friend, I have basically sat on my hands this entire month. It's a lot better then big losses


Mike
  • #62,023
  • Apr 27, 2010 1:49pm Apr 27, 2010 1:49pm
Quoting Dan Gilbert
ah..... I see.

I don't know what I would do without that j16 manager to be honest. That thing allows me to sleep at night, and happily leave my trades open while I'm out during the day.
It seems GFTUK do offer automated trading, but I need to code it myself. I don't suppose the code behind the EA you attached is available so I can convert it?
  • #62,024
  • Apr 27, 2010 2:32pm Apr 27, 2010 2:32pm
Quoting Daneel
It seems GFTUK do offer automated trading, but I need to code it myself. I don't suppose the code behind the EA you attached is available so I can convert it?
Hi,

I am also in the UK with a full time job. The methods in this thread do fit in with my job. I make daily trades only; I wait until 10pm to catch the set ups, place my orders/trades with stop losses and limit orders and wait for things to happen. PM me if you like, and I will try and help.

Regards

Glynn
"Fail to prepare, prepare to fail."
  • #62,025
  • Apr 27, 2010 2:34pm Apr 27, 2010 2:34pm
Quoting packhorse
Hi,

I am also in the UK with a full time job. The methods in this thread do fit in with my job. I make daily trades only; I wait until 10pm to catch the set ups, place my orders/trades with stop losses and limit orders and wait for things to happen. PM me if you like, and I will try and help.

Regards

Glynn
Forgot to say, I too would like to use a J16 type EA type Manager, but I also use a SB platform. Would really be interested in a way round this if someone could help

Thanks.
"Fail to prepare, prepare to fail."
  • #62,026
  • Apr 27, 2010 2:35pm Apr 27, 2010 2:35pm
Quoting Dan Gilbert
Of these two pics, which one looks like more fun?

http://www.mountain-bike-buzz.com/im...ike-uphill.jpg

or

http://www.inewscatcher.com/timages/...8051ea0199.jpg



I'll take either option please.
Cap
  • #62,027
  • Apr 27, 2010 3:00pm Apr 27, 2010 3:00pm
Quoting The Captain
I'll take either option please.
fine with me. As long as my bottom line keeps going up, I'll keep folding my 10-5 off suit.

James/Jarroo/Mikes picky-ness has worn off on me, I cannot help it.
Many choose unhappiness over uncertainty.
  • #62,028
  • Apr 27, 2010 3:01pm Apr 27, 2010 3:01pm
Quoting jarroo
Let's take a trade on the 4 hour bullish PB and find out . . . shall we.

On the break, of course.
Quoting s005606
Sure, it'll be a great learning lesson for newbie like me.

UPDATED: On my feed, the current bar hasn't closed yet (2 hrs remaining), but it seems to be rejecting the consolidation box and printing a BuOB (in the making).
Good thing we wait for the break. Waiting for the break saves the day again.
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Indicators show the past. Price Action "Indicates" the future.
  • #62,029
  • Apr 27, 2010 3:04pm Apr 27, 2010 3:04pm
Quoting Dan Gilbert

I4B's remain the most powerful form of PA in my honest opinion.

Dan

Funny you should say this, I have been looking very hard at IBs in general and of course the smaller the IB is in relation to recent bars, the better. I4B's do seem great and as alway it's all about location.

Are you saying you prefer I4B's at BRNs/well-defined PPZs rather than Pins at such places? If so, I would have to agree... the main reason being the I4Bs are small by nature so give a better risk/reward ratio than most Pins.

What do you think?

Thanks

Trig
  • #62,030
  • Apr 27, 2010 3:07pm Apr 27, 2010 3:07pm
Hey Mike.
Could you give a quick overview this potential setup on the nzd/usd.

Thanks.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #62,031
  • Apr 27, 2010 3:10pm Apr 27, 2010 3:10pm
Quoting ghous
Me thinks the IPB looks good in terms of shape, but clearly sucks given that it is almost at a swing low...Shorting thiz IPB means you're heading straight into the triple bottom Eu set for it self so nicely.

I like to trade them at swings or at pull backs to major trends.

g.

EDIT: I see jarroo already covered a good bit of what I said in my post above, he needs a break and I keep telling him that, he just won't listen. :nerd:

...

lol Thanks g.

Yes, the same PA guidelines still apply.
Indicators show the past. Price Action "Indicates" the future.
  • #62,032
  • Apr 27, 2010 3:22pm Apr 27, 2010 3:22pm
Guys,

Others were discussing taking trades with the trend rather than CT. An example of this is possibly building with PB on the EG. Any thoughts?
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"Fail to prepare, prepare to fail."
  • #62,033
  • Apr 27, 2010 3:26pm Apr 27, 2010 3:26pm
Quoting s005606
Just an update of NZDUSD on my feed:

The H4 bar closed, but it failed to print a BuOB. Instead, it printed a kinda like IPBish bar.....(see arrow in chart).

I am not very familiar with IPB, but this bar is not at major swing low, and coming from a breakout+pullback setup like this, I am not very sure how we can play it.
Yes that's a small IPB at a pullback. And I sure that ghous would agree with that. Again the PA size would be a concern.

So if you entered at the Close of that IPB your loss would be . . .what . . . 15 pips. I think that meets the "losses small, gains big" mantra.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #62,034
  • Apr 27, 2010 3:28pm Apr 27, 2010 3:28pm
Quoting packhorse
Guys,

Others were discussing taking trades with the trend rather than CT. An example of this is possibly building with PB on the EG. Any thoughts?
What with the trend PB are you talking about?
Indicators show the past. Price Action "Indicates" the future.
  • #62,035
  • Apr 27, 2010 3:28pm Apr 27, 2010 3:28pm
Quoting triggerju
Dan

Funny you should say this, I have been looking very hard at IBs in general and of course the smaller the IB is in relation to recent bars, the better. I4B's do seem great and as alway it's all about location.

Are you saying you prefer I4B's at BRNs/well-defined PPZs rather than Pins at such places? If so, I would have to agree... the main reason being the I4Bs are small by nature so give a better risk/reward ratio than most Pins.

What do you think?

Thanks

Trig

I prefer the I4B's at BRN only for my live account. I may demo here and there some I4B's which interest me, but are NOT at BRN's. but as far as the real winners, BRN's is where you should look.

Often times you will see a "perfect" I4B, that is NOT on a BRN, and you get that false break one direction, followed by the explosion out the other side.

nothing in trading is ever 100%, but I know where I like to place my bets so much better now than even just a couple months ago.

When mike first said that the only round numbers he keeps on his charts at all times are at 500 pip increments, I took note and now i trade accordingly.

I cannot thank the people here enough for teaching me everything I know. I'm just going one step at a time.

When James said that many people who come on board with the group never drop to lower TF's after they realize how perfect the daily charts are, I laughed and figured I would be diving into 1hr charts within a few months at the longest. It has also been said that just 2-5 trades per month is all you need to grow an account at an exceptional rate. I also though that was BS and figured 50-100 trades would be more reasonable.

Then Mike once said that if you make 1%/week, that's a very good return.

I thought, "1%/week is nothing.... but wait.... that's 50%/year WITHOUT COMPOUNDING"

that is HUGE, and was my wake up call to just sit and wait for those A+ trades that tag me with a tiny bit of profit, one trade at a time.

Now I'm demoing futures and hope to be live on them in a few months.

today my live account equity broke a BRN, and I feel great about it. so I apologize for this blog post in the middle of PA discussion lol.
Many choose unhappiness over uncertainty.
  • #62,036
  • Apr 27, 2010 3:30pm Apr 27, 2010 3:30pm
Quoting packhorse
Guys,

Others were discussing taking trades with the trend rather than CT. An example of this is possibly building with PB on the EG. Any thoughts?
packhorse, mark a horizontal line every 500 pips on your chart, at the VBRN's, look for trades primarily in those areas (and/or STRONG PPZ's), and don't try and trade INTO them, trade away from them.
Many choose unhappiness over uncertainty.
  • #62,037
  • Apr 27, 2010 3:40pm Apr 27, 2010 3:40pm
Quoting jarroo
Hey Mike.
Could you give a quick overview this potential setup on the nzd/usd.

Thanks.

Jim
Hey Jim
Overall it looks to be a bullish flag. i don't like the pattern on the daily b/c of the amount of space b/w the recent peaks but if we drop back out to the weekly it looks a bit more clear. It would be interesting if price goes retests .7000 gives us some bullish PA that eventaully clears the way for price to go overall higher. Choppy pair overall really going to be waiting for something clear and disticing around the .7000 area more then anything else. But a break of this and potential for a pullback at your area makes perfect sense too.



Just my views
Mike
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  • #62,038
  • Apr 27, 2010 3:45pm Apr 27, 2010 3:45pm
Quoting mbqb11
Hey Jim
Overall it looks to be a bullish flag. i don't like the pattern on the daily b/c of the amount of space b/w the recent peaks but if we drop back out to the weekly it looks a bit more clear. It would be interesting if price goes retests .7000 gives us some bullish PA that eventaully clears the way for price to go overall higher. Choppy pair overall really going to be waiting for something clear and disticing around the .7000 area more then anything else. But a break of this and potential for a pullback at your area makes perfect sense too....
Thanks Mike. That makes sense. When I saw this setup potential I like to put my "Mike hat" on so to speak. Its good to see I wasn't too far off.

Thanks again.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #62,039
  • Apr 27, 2010 3:51pm Apr 27, 2010 3:51pm
Quoting HanSolo
Is it just me or are PBs with nearly equal open/close more reliable than other PBs?
Your going to have to give me more information than that Hans.

Where is that PB located? BRN? PPZ level? Or both?
What's its size as it relates to preceeding bars?
Is it at a swing High or Low?
Does it have a lot traffic?
Does it have any confuences that support it? Or confluences going against it?
Is it at a retracement level?
Is there conflicting PA on higher time frames? Or does it agree with higher tiime frame PA?
What is it trading into?

Etc.
Indicators show the past. Price Action "Indicates" the future.
  • #62,040
  • Apr 27, 2010 3:56pm Apr 27, 2010 3:56pm
Quoting Dan Gilbert
I prefer the I4B's at BRN only for my live account. I may demo here and there some I4B's which interest me, but are NOT at BRN's. but as far as the real winners, BRN's is where you should look.
Hey Dan,

What pairs do you watch for I4B's. Do you find some pairs work better than others for this setup?

Thanks,

Jacob
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