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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

  • #63,321
  • May 10, 2010 10:39pm May 10, 2010 10:39pm
Quoting joelcf
'ipb' is the new 'touch trading'
if people are trying to trade IPBs before learning to trade PB's, i agree, it's not healthy.

trading PB's is like 'crawling', while IPB trading is like 'walking/running'..
so i hope people try to learn how to crawl first before trying to walk/run..
  • #63,322
  • May 10, 2010 10:47pm May 10, 2010 10:47pm
Quoting triger88990
LOL
rac is already history ,the time for ghous has arisen.
hahaha..
u are a naughty boy!

imho,
touch trading is like the big bro of IPB trading.
IPB trading is like touch trading with a (quasi-)PA.
  • #63,323
  • May 10, 2010 10:51pm May 10, 2010 10:51pm
Quoting cprao
based on Ghous definition an IPB is -
[/color][/font][/color]

1) EURUSD has a bullish pin bar (not very exactly since the head is not closed with in the body of the previous candle)

2. At swing low

3. However the pair is not in uptrend.. neither it is a pullback for the uptrend.

[color=darkgreen][font=Verdana][color=#000000]BUT.. if 1 &...
going off your chart, it looks like a standard PB to me. Not in a very good location, bearish PB at a low.
  • #63,324
  • May 10, 2010 10:58pm May 10, 2010 10:58pm
Quoting supremeChaos
if people are trying to trade IPBs before learning to trade PB's, i agree, it's not healthy.

trading PB's is like 'crawling', while IPB trading is like 'walking/running'..
so i hope people try to learn how to crawl first before trying to walk/run..
I'm in the same opinion, doing this way anyone will be able to understand better what some traders had to go through in order to make this business work.

Quoting supremeChaos
hahaha..
u are a naughty boy!
  • #63,325
  • May 10, 2010 11:03pm May 10, 2010 11:03pm
Quoting spookie94
going off your chart, it looks like a standard PB to me. Not in a very good location, bearish PB at a low.
Thank you.. I think, I am totally confused on this. I am going off one of the example from Ghous chart - EURAUD H4. It looks like, I have not recognized the patterns/bars well enough , yet ?--
  • #63,326
  • May 10, 2010 11:04pm May 10, 2010 11:04pm
Quoting cprao
I think you probably have not done the 2nd setup correctly.

On your chart top left hand -
1. Click on file
2. Clock on Open offline
3. you should see multiple lines items
with the following columns
History data Bars From to
4. Select the one you want
5. Click on Open
6. Chart will be displayed
7. You will see that will be either H8 OR H12 (Whatever you selected)
8. right click on the chart
9. Select Template
10. Save template
11. You are done..
Thanks Cprao but in Step 10, don't you mean Load Template? I pressume this step is where you want to impose on your Offline chart the kind of template you want.
  • #63,327
  • May 10, 2010 11:07pm May 10, 2010 11:07pm
Quoting ertorque
Thanks Cprao but in Step 10, don't you mean Load Template? I pressume this step is where you want to impose on your Offline chart the kind of template you want.
Actually when you save it - you should see the chart you selected on the screen. And if you notice the at the bottom of the chart - you will see the current tab is the chart you just selected.

and yes. you need the load template, when you want to load again in the future. imo.
  • #63,328
  • May 10, 2010 11:23pm May 10, 2010 11:23pm
Quoting supremeChaos
if people are trying to trade IPBs before learning to trade PB's, i agree, it's not healthy.

trading PB's is like 'crawling', while IPB trading is like 'walking/running'..
so i hope people try to learn how to crawl first before trying to walk/run..
Not met any one who started out in the markets who didn't burn out one or 2 accounts. We're in an industry where the individual has to really "GET IT".. for anything/everything applicable.

Dial mentioned something similar as well in an old old post... something about beginning to see what the older, more experienced people were talking about but at that time we didn't listen... like a teenager, always thinking they're right.

Think we've all been there before.. and well, the most we can do is tell pple, if they don't listen... well, it's their account I guess.

I'm officially a lurker here.
Sup Mike, Joel (Jarroo & Nasir too)
One Mind, Any Market
  • #63,329
  • Edited May 11, 2010 12:04am May 10, 2010 11:32pm | Edited May 11, 2010 12:04am
Quoting supremeChaos
if people are trying to trade IPBs before learning to trade PB's, i agree, it's not healthy.

trading PB's is like 'crawling', while IPB trading is like 'walking/running'..
so i hope people try to learn how to crawl first before trying to walk/run..
Couldnt have put it better myself.

An experienced trader experiments with a new methodology extending the principals that Jim taught.... and then every new trader just runs with it, without really knowing what they are doing, thinking the 'new secret' is the key to instant success. Who needs 20 years of Jim's experience when we can just short every bar in sight and then draw in some posthoc trendlines to justify it?

Quoting Cyrus
I'm officially a lurker here.
Sup Mike, Joel (Jarroo & Nasir too)
Howdy

I am in the same lurking boat. Just sometimes surface to torpedo a passenger ship
When you have to shoot, shoot. Dont talk.
  • #63,330
  • May 10, 2010 11:35pm May 10, 2010 11:35pm
Cyrus,
dont forget there are outliers - a few people who didnt burn any live accounts because they approached trading with a business mindset from the onset.

personally, i burnt many $100 - $150 mini accounts (1:200 leverage/ $1 per pip.. ). although im an outlier, i tried to push way way past my limit (not to mention i was ultra-malnourished & pressured to make money).
in other words, i tried to hop/sprint () before i learned to crawl.
guess what, the market almost literally put me on my knees.
i just hope the newer traders do not emulate my audacity, in any way, shape or form: despite my being an outlier, the market still found a way to humble me (the odds at that time were ALL against me -- i tried to be a hero {as i love challenges} ).

again, the process is:
crawl - walk - run - sprint/hop
& NOT
sprint/hop - run - crawl
  • #63,331
  • May 11, 2010 12:01am May 11, 2010 12:01am
Quoting cprao
based on Ghous definition an IPB is -
[/color][/font][/color]

1) EURUSD has a bullish pin bar (not very exactly since the head is not closed with in the body of the previous candle)

2. At swing low

3. However the pair is not in uptrend.. neither it is a pullback for the uptrend.

[color=darkgreen][font=Verdana][color=#000000]BUT.. if...
Hi Cprao,

I suggest you read again Ghous's golden post on IPB here:
http://www.forexfactory.com/showpost...ostcount=52647

On the chart you posted, it is not an IPB bar. It is a bearish PB occuring on a retracement of a downtrend indicating the possibility price is going to resume it's downtrend (although in this case the PB is not at a swing high enough IMO).

To qualify as an IPB setup, the charts should look something like this...... The bearish IPB is the red bar with the long nose and could indicate that a short is due.

Hope that helps.

CY




CY
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  • #63,332
  • May 11, 2010 12:13am May 11, 2010 12:13am
Quoting ertorque
Hi Cprao,

I suggest you read again Ghous's golden post on IPB here:
http://www.forexfactory.com/showpost...ostcount=52647

On the chart you posted, it is not an IPB bar. It is a bearish PB occuring on a retracement of a downtrend indicating the possibility price is going to resume it's downtrend (although in this case the PB is not at a swing high enough IMO).

To qualify as an IPB setup, the charts should look something like this...... The bearish IPB is the red bar with the long nose and could indicate that a short...

Thank you. I read this post.. Probably I need to read it again and again..

I plan not to run before I know how to crawl.. but I kind of exicted when I saw this setup and the recent posts were about IPB..

Anyways.. all these are part of learning.. Thank you for your insight, though..
  • #63,333
  • May 11, 2010 12:35am May 11, 2010 12:35am
Quoting mbqb11
hahahaha
leave me alone Mike .......

Quoting joelcf
'ipb' is the new 'touch trading'
Quoting triger88990
LOL

rac is already history ,the time for ghous has arisen.

you guys r so silly ..... lol

pretty straight forward trades, watching some nice levels on ucad, gold amongst others, safe trading guys
post some more as they develop
pa + ppz RULES
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Simplicity is the key to success
  • #63,334
  • May 11, 2010 1:14am May 11, 2010 1:14am
Quoting joelcf
I think you need to have a look at what that bar is telling you before mashing the short button.

(ignore the crap on my chart)
Attachment

You have a strong uptrend, which means you are going to want a pretty damn good bar to setup a fade here.

And then, at the top, we have a small pause bar (open and close are almost the same, so there was no net movement) and it closed near the TOP of its range. Which means, while it had bearish strength at some point, it closed with bullish pressure.

Nothing about...
Excellent insight Joel.

There is almost always some kind of a pattern hiding inside a PA BAR on a lower TF just like what you can see in 3M pattern inside 1H IPB. Not a necessary thing to look at all the time but it could be useful when you'r unsure about a setup.

Well in the hindsight you can find many things to not take the setup.lol

But looking at some general conditions here that could be applied to most of these setups.

Well first of all when you drop down below 4H you'r Win/Loss ratio also drops. Good setups could fail more often and bars of this size fail more than 40%-50% (ohhh look anther PB failing now @ 1H).

CT without Divergence on 1H,........????? No Way. I heard James telling about someone who does not take CT's without Divg and goes months on months without a loss.

Comparing the size of this IPB with previous 3 bull bars puts more doubt in the decision.

But on the other hand it looks good cause it did develop on a BRN, Exactly @ 50% of the recent swing and between 50%-62% from the 1.55 to 1.45

and in the end it could be a very high R:R if it works out but if you take it the next big question is where is your FTA.

The first bar high that comes in our way is @ 1.4983. Yea i know it's just bar high and in the hindsight every on could spot it cause it did stopped the price and reversed it.

But if take a look at how it performed at the daily TF i bet you would took some off the table and set rest at BE.

Now did this IPB worked out or not,..??????,.... everyone have their own choice.

Anyway just my views.
.
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  • #63,335
  • May 11, 2010 1:21am May 11, 2010 1:21am
Quoting joelcf
Couldnt have put it better myself.

An experienced trader experiments with a new methodology extending the principals that Jim taught.... and then every new trader just runs with it, without really knowing what they are doing, thinking the 'new secret' is the key to instant success. Who needs 20 years of Jim's experience when we can just short every bar in sight and then draw in some posthoc trendlines to justify it?

Howdy

I am in the same lurking boat. Just sometimes surface to torpedo a passenger ship
I am busy with some crazy T20 action going on. lol

Joel do you take interest in Cricket?
.
  • #63,336
  • May 11, 2010 1:21am May 11, 2010 1:21am
Quoting mbqb11
Hey Cy

It is just part of the process, you then have to go to File Open offline then FIND the chart of the new period under the currency

Mike

hello mike
knowing that I always watch the daily chart,
I would like to know if on tf 8H pattern "two bars matching high" "is reliable, especially if it follow the trend
many thanks
  • #63,337
  • May 11, 2010 1:24am May 11, 2010 1:24am
Quoting ertorque
Hi Yaniv,

Could you share with us the aggregation bars indicator?
Thanks.

CY
Hey CY,

Mike gave you the links to that indicator and as he said i also used MT5 platform.

This indicator is kinda tricky and also found a bug in it (nothing big).

Also, if you want to aggregate bars in order to get a pattern you will need to use the time shifting option in that indicator.

If you still need any help, you can send me a PM and we can talk via skype so i would explain to you how it works.

Yaniv
  • #63,338
  • May 11, 2010 1:28am May 11, 2010 1:28am
Quoting extraneo
hello mike
knowing that I always watch the daily chart,
I would like to know if on tf 8H pattern "two bars matching high" "is reliable, especially if it follow the trend
many thanks
Hey E

Two bar matching lows/highs can be a good sign of a continuation when they break. I prefer multiple matching highs/lows within a short period. Those are even better

Find on you chart where you have 4-5+ matching highs/lows and what happens when price breaks them

Best
mike
  • #63,339
  • May 11, 2010 1:37am May 11, 2010 1:37am
Quoting (Yaniv)
Same story with CHFJPY 14H PB, closing on a minor flip of PPZ

It's all about location, price is price no matter what the TF

Yaniv
Go Yaniv, Go.
Indicators show the past. Price Action "Indicates" the future.
  • #63,340
  • May 11, 2010 1:37am May 11, 2010 1:37am
Quoting mbqb11
Hey E

Two bar matching lows/highs can be a good sign of a continuation when they break. I prefer multiple matching highs/lows within a short period. Those are even better

Find on you chart where you have 4-5+ matching highs/lows and what happens when price breaks them

Best
mike

Mike

Is nobody trading the 150, 25 & 10 EMA pullback or the 6-150 pullback system in this thread?

I mean are these base systems basically separate from this thread?
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