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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

  • #62,041
  • Apr 27, 2010 2:00pm Apr 27, 2010 2:00pm
Quoting Dan Gilbert
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.
But if it was 10-5 suited? You would still fold it, right? (jk). lol

Dano
Indicators show the past. Price Action "Indicates" the future.
  • #62,042
  • Apr 27, 2010 2:02pm Apr 27, 2010 2:02pm
Quoting Jcpfx
Hey Dan,

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

Thanks,

Jacob
all pairs, as long as it's in the right location!

location location location.
Many choose unhappiness over uncertainty.
  • #62,043
  • Apr 27, 2010 2:03pm Apr 27, 2010 2:03pm
Quoting jarroo
But if it was 10-5 suited? You would still fold it, right? (jk). lol

Dano
oh that's an all in baby! I'm gonna bluff the market!
Many choose unhappiness over uncertainty.
  • #62,044
  • Apr 27, 2010 2:04pm Apr 27, 2010 2:04pm
Quoting Dan Gilbert
oh that's an all in baby! I'm gonna bluff the market!

You'll have to ask Mike what the odds are on that one. lol
Indicators show the past. Price Action "Indicates" the future.
  • #62,045
  • Apr 27, 2010 2:06pm Apr 27, 2010 2:06pm
Dan, you enter at the break of the larger bar, not the small bar, correct?
  • #62,046
  • Apr 27, 2010 2:08pm Apr 27, 2010 2:08pm
Quoting Jcpfx
Dan, you enter at the break of the larger bar, not the small bar, correct?
small bar these days. I used to do break on the larger bar until I realized the only reason i4b's fail is when they are not on a BRN. so that solved that.
Many choose unhappiness over uncertainty.
  • #62,047
  • Apr 27, 2010 2:11pm Apr 27, 2010 2:11pm
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.

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...
Awesome post Dan, I think everyone who has "followed" you (not in a stalker way LOL) can see that you have become exceptionally good at J16 trading. Long may it continue. I hope to as well.

I know 1% sounds small and for me it is, maybe I too will have the revelation you had.

As for the BRNs, VBRNs, 500pip lines, etc... it really does open your eyes doesn't it? Trading no less than daily charts made me laugh too when I first heard Jim go on about it, and even right up to today I still have trouble swallowing it, but then the more I look the more I'm getting it. Some of my first posts weeks ago were trying to pin down the experts as to way waiting for daily setups was better than intraday. You know what? I'm just about a believer now... just. It'll come to me, I'll get there.

I love a pretty Pin, who doesn't, but I love the risk:reward potential of an IB/I4B, but yes IBs under daily frames are... DANGEROUS!!!! I leave well alone. Daily and above seem wonderful.

Thanks again Dan and I will now go and draw the VBRN/500pip-type lines on my daily charts and sniff out the I4Bs. The bigger the number + the smaller the IB = the better! Right?!

I've noticed some highly trending-on-the-daily pairs are useless (??) for IBs in general. You need the wider ranging pairs really, the ones that run up and down in "small-medium" trends (that look rangebound when you zoom right out to see the year on year action). EJ springs to mind.

So I am going to still just look for Pins and I4Bs, but now only at VBRNs and using mini-flip PPZs along the way to manage the trade sensibly. And yes only dailys. Whats the worst that can happen?!
  • #62,048
  • Apr 27, 2010 2:13pm Apr 27, 2010 2:13pm
Quoting jarroo
You'll have to ask Mike what the odds are on that one. lol
I don't know about Mike, but Mark Douglas thinks the market doesn't care if I bluff....


http://ggwhy.com/OG/new/skeptical-hippo.jpg
Many choose unhappiness over uncertainty.
  • #62,049
  • Apr 27, 2010 2:21pm Apr 27, 2010 2:21pm
Quoting jarroo
What with the trend PB are you talking about?
I was looking at the bar that has just ended with its tail touching the Monthly S2. It is at the bottom of a downward trend since about 10th March 2010.

I have 500 BRN lines on my charts, although price is away from these at the moment.

Please tell me if I have missed something here - I anticipate that this may not be a proper Pinbar.

Thanks
"Fail to prepare, prepare to fail."
  • #62,050
  • Apr 27, 2010 2:27pm Apr 27, 2010 2:27pm
Quoting jarroo
You'll have to ask Mike what the odds are on that one. lol
depends on what you're up against strictly % wise that is
  • #62,051
  • Apr 27, 2010 2:34pm Apr 27, 2010 2:34pm
Quoting packhorse
I was looking at the bar that has just ended with its tail touching the Monthly S2. It is at the bottom of a downward trend since about 10th March 2010.

I have 500 BRN lines on my charts, although price is away from these at the moment.

Please tell me if I have missed something here - I anticipate that this may not be a proper Pinbar.

Thanks
Oh I see now ph. The recent trend is down, but we could be at the bottom of a range as well (chart). The bearish PB is not at a swing High so its location is not ideal. As a continuation PB, as you have noted, is risky. I would like to see it break out of its range and pullback with some beahish PA to hit the .8500.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #62,052
  • Apr 27, 2010 2:37pm Apr 27, 2010 2:37pm
whats going on with the yen today?

and whats an I4b?
  • #62,053
  • Apr 27, 2010 2:39pm Apr 27, 2010 2:39pm
Quoting jarroo
Oh I see now ph. The recent trend is down, but we could be at the bottom of a range as well (chart). The bearish PB is not at a swing High so its location is not ideal. As a continuation PB, as you have noted, is risky. I would like to see it break out of its range and pullback with some beahish PA to hit the .8500.
Many thanks for your help,

Regards

Glynn
"Fail to prepare, prepare to fail."
  • #62,054
  • Apr 27, 2010 2:47pm Apr 27, 2010 2:47pm
Quoting Scotty2Cues
whats going on with the yen today?

and whats an I4b?
here ya go

http://www.forexfactory.com/showpost...ostcount=59040

Mike
  • #62,055
  • Apr 27, 2010 2:47pm Apr 27, 2010 2:47pm
I was wondering if someone could help me understand which time offset to use. I am based in London and have seen brokers offering Forex charts with GMT, GMT+1, GMT-5 etc.. which one is best to use?

The London session has highest volume of transactions doesn't it so should I use GMT?

Does it matter? What I don't understand is that people must be looking at different timeframes and therefore seeing good signals eg.. pin-bar on only some of the charts/timeframes whilst on another chart it may look mediocre. Therefore should I go with majority and what timeframe/offset from GMT is the majority using?

Thanks in advance!
  • #62,056
  • Apr 27, 2010 2:52pm Apr 27, 2010 2:52pm
Quoting packhorse
Many thanks for your help,

Regards

Glynn
Or even something like this Glynn.
Attached Image (click to enlarge)
Click to Enlarge Name: egdailya.gif Size: 27 KB
Indicators show the past. Price Action "Indicates" the future.
  • #62,057
  • Apr 27, 2010 2:53pm Apr 27, 2010 2:53pm
Quoting mbqb11
here ya go

http://www.forexfactory.com/showpost...ostcount=59040

Mike
thanks mike
  • #62,058
  • Apr 27, 2010 2:59pm Apr 27, 2010 2:59pm
Quoting Scotty2Cues
thanks mike
The "Search this Thread" feature on the top right hand side of the thread is a great way to find anything on this thread. fyi
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #62,059
  • Apr 27, 2010 3:06pm Apr 27, 2010 3:06pm
Quoting bluemosaic
I was wondering if someone could help me understand which time offset to use. I am based in London and have seen brokers offering Forex charts with GMT, GMT+1, GMT-5 etc.....
London makes up the majority, then NY. The others are pretty small (< ~10%) in terms of volume. So it makes sense to try and do most of your trading in these sessions.

But your *actual* offset doesnt matter all that much. Your PPZs will be roughly the same on every chart, its only the bar shapes that change. And most of the time, they wont even change that much - you might see a BEOB instead of a pin, or vice versa.

There is an EA floating around the thread that lets you timeshift charts. I could never make it work properly, but at least a couple of people use it regularly.

In the end, I think the best solution is to just get a couple of demo accounts with different brokers and use the charts from each. That way you know you arent missing anything I know Mike looks at 4 or 5 different brokers, and SupremeChaos might do even more than that (if you search for his old posts, you can probably even find a list of brokers and their offsets)

Quoting jarroo
But if it was 10-5 suited? You would still fold it, right? (jk). lol
T5s is only 33% vs a standard opening range, about 4% better than T5o. But both are terrible reverse implied odds hands... you win a small pot, or lose a big one
When you have to shoot, shoot. Dont talk.
  • #62,060
  • Apr 27, 2010 3:06pm Apr 27, 2010 3:06pm
Quoting bluemosaic
I was wondering if someone could help me understand which time offset to use. I am based in London and have seen brokers offering Forex charts with GMT, GMT+1, GMT-5 etc.....

Hey Blue

Ultimately it is up to you b/c there is no closing in the forex market since it is not centralized. I prefer a close at 5pm est as this is after NY and when the other markets are closing thus the "end of the day" in my mind. price bars are just aggregation of price so yes sometimes you might not "see" the bar and other times you will but it comes down to everything together and more importantly location which never changes. Just use what is comfortable

Best
Mike
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