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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

  • #65,081
  • May 29, 2010 7:57am May 29, 2010 7:57am
Quoting jarroo
Yes, even a no buffer entry would have been tight. But I would have the 1st target at the blue line previous High, about 80 pips away.
Hi Jarroo,
Pardon my ignorance, what do u mean by "no buffer enrty". Can you pls clarify the placement of SL and reasons for that. Alos i see people referring to "FTA", what does that mean.
Cheers
Novice198
  • #65,082
  • May 29, 2010 8:15am May 29, 2010 8:15am
Quoting novice198
Hi Jarroo,
Pardon my ignorance, what do u mean by "no buffer enrty". Can you pls clarify the placement of SL and reasons for that. Alos i see people referring to "FTA", what does that mean.
Cheers
Novice198
FTA = First Trouble Area ...The area that price is first expected to pause at. Whether it's a previous bar low/high or PPZ or trend line or whatever.

Without looking at Jaroo's original post I suspect that "no buffer entry" would mean that even if you entered 1 pip below/above the bar (no buffer. ) , ...you still wouldn't have had room to get far into profit before reversal.

If your first trouble area (FTA) is 20 pips away and you placed your entry order 10-pips above the bar's high (10-pip buffer) you would have only gotten 10 pips into profit before the first possible pull-back happened. ...a bit tight. You want better circumstances than that if you aren't confident of it pushing through further easily.
Bundy's status today: "Waiting..."
  • #65,083
  • May 29, 2010 8:27am May 29, 2010 8:27am
Quoting Dan Gilbert
something I'm looking at... Let's say you set an initial S/L for a pin, or BUOB, and that initial stop is 150 pips.

Now you place a trailing stop of 150 pips on the trade, which activates immediately (where on MT4, the trailing stop isn't activated until the trade is that number of pips into profit, so you need an EA for this type of trailing stop I'm describing).

At the same time, you set a profit target....
Dan,

If you are looking for a trade managemnet EA for trading from MT4 platform, then pls download the attached EA. IMHO it one of the best that I have seen on the FF.

Hope it meets your requirement.
Cheers,
Novice198
Attached File(s)
File Type: zip THV CaveManager v1.3.zip   68 KB | 450 downloads
  • #65,084
  • May 29, 2010 8:48am May 29, 2010 8:48am
Quoting bundyraider
FTA = First Trouble Area...
Bundy,
Thanks for the swift response with the explanations. All clear now.

Cheers
Novice198
  • #65,085
  • May 29, 2010 10:28am May 29, 2010 10:28am
[quote=bundyraider;3762989Don't forget an efficient market creates all types of new opportunities all the time. If everyone trades the same outside bar on the one hour chart then there are those that will want to take advantage of that predictable behaviour eventually too, ...whether it's by flooding the market with the appropriate orders at the close of the bar to make it "Look" right, or by hunting all those delicious stop orders on the negative side of the bar.[/quote]

Thanks Bundy,

Appreciate the explanation. especially on the weekend.

I suppose the manner of filtering out the Manipulated bars with PPZ. RN and confluence, is a must in determining if we are getting a bargain, or a fish?

I seem to have knack for the fish
  • #65,086
  • May 29, 2010 11:50am May 29, 2010 11:50am
Quoting bundyraider
When the first Japanese fella first starting plotting candlesticks to represent the price moves of the day he didn't need anyone else to be doing the same. Did he?

Your price chart is showing the footprints of the hurd. The "Where" and the "How quickly"s.
Long before charting was popular, TA traders were able to make money off of those that were just buying and selling based on whatever reasons those other market participants had to do so.

Confluence of S/R factors is where the self fulfilling prophecy bit comes in. The more people...
Excellent post here. Thank you so much Bundy.
  • #65,087
  • May 29, 2010 11:52am May 29, 2010 11:52am
Quoting novice198
Hi Jarroo,

Can you pls clarify the placement of SL and reasons for that.

Cheers
Novice198
I was showing Dan that taking a "free trade" was an optional trade management approach than just moving the whole position to break even after a +30 pip move. Nothing at all wrong with moving to B/E after a 30 pips move.

"Free trade" approach is taking half of your position off and into profit at the FTA (or sooner) and then move the SL of the other half that equal distance below(/above) from your entry. Your basically covering your risk while still being in the trade and giving your trade some space to move or breathe.

My chart example was showing (as bundy explained) that even if you entered with no buffer a 30 pip free trade would have been tight.

Dan's entry was 130.84, a 29 pip buffer from the break of the Daily I4+B. A 30 pip free trade would not have worked.

A standard 10 pip buffer (130.65) on the Daily I4+B would have also been really tight with a 30 pip move. But if you viewed the 5/24 Daily High as the FTA for the free trade target, which was 72 pips away, it could have easily worked and you would still be in this trade if you were looking for a long term potential ride.

(Even though this setup and targets were already established before this setup broke, I understand that this is a hindsight analysis.)

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #65,088
  • May 29, 2010 4:52pm May 29, 2010 4:52pm
Hello, everyone.

Posted earlier but for some reason my post didn't show up. I've been following this thread for quite a while and finally joined. I wanted to say Thanks to all those who contribute. This thread has greatly improved my trading. Hopefully I can find time to contribute as well. Thanks!
  • #65,089
  • May 29, 2010 7:01pm May 29, 2010 7:01pm
Any suggestions for EAs to manage trades? I finally found a UK based spread betting company that uses MT4.
  • #65,090
  • May 29, 2010 8:37pm May 29, 2010 8:37pm
Quoting jarroo
Hi and welcome mrhb.

That's a nice size BEOB on the 4 hour Usd/Chf, engulfing many candles.

The valid signal for me would be an entry below the Low of the BEOB (1.1485), of say 5 to 8 pips.


Let's look at the setup a little closer. (Chart 1)
We have had a pretty strong uptrend going on on the Usd/Chf. So a big size PA setup would be what to look for to counter this strong move up. The size is not bad but its in a consolidation area not at a swing High on the 4 hour time frame.

I like the fact that the Low of the BEOB is below the 1.1500....

Dear Jaroo,

Thank you for advise and clarification, also your explanation of the second chart for this currency is very helpful & very much appreciated for me.

Cheer
  • #65,091
  • May 29, 2010 10:09pm May 29, 2010 10:09pm
Just looking at the weekly PB on NZD/USD that Jarroo pointed out and am trying to work out a feasible plan of action, if we do see the PB break.
Not that I am thinking of taking it live at this stage but I may demo it, however I am not going to make demo trades that I would not actually take on the small account I plan to use live with PA once I get the basics down.

Any thoughts on this Possible scenario.
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  • #65,092
  • May 30, 2010 12:01am May 30, 2010 12:01am
I would never trade that PB. The location is OK but not great. The nose barely extends past the low of the previous bar. Also, the market has been sideways with a bearish bias since mid October of last year. If I did trade it, I would expect price to at least stall at 0.7000. The chart below shows where I would look for a bullish PA setup. Any PA setups that occur between now and when price reaches the blue area will be skipped (assuming price goes lower, but hopefully my point is clear).

Scott

Quoting Pinbar
Just looking at the weekly PB on NZD/USD that Jarroo pointed out and am trying to work out a feasible plan of action, if we do see the PB break.
Not that I am thinking of taking it live at this stage but I may demo it, however I am not going to make demo trades that I would not actually take on the small account I plan to use live with PA once I get the basics down.

Any thoughts on this Possible scenario.
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  • #65,093
  • May 30, 2010 12:34am May 30, 2010 12:34am
Quoting Pinbar
Just looking at the weekly PB on NZD/USD that Jarroo pointed out and am trying to work out a feasible plan of action, if we do see the PB break.
Not that I am thinking of taking it live at this stage but I may demo it, however I am not going to make demo trades that I would not actually take on the small account I plan to use live with PA once I get the basics down.

Any thoughts on this Possible scenario.
Hi Pinbar, on your third chart, you wrote EP on it. What does EP stands for?
Thanks.

Bun
  • #65,094
  • May 30, 2010 12:42am May 30, 2010 12:42am
Quoting phpscott
I would never trade that PB. The location is OK but not great. The nose barely extends past the low of the previous bar. Also, the market has been sideways with a bearish bias since mid October of last year. If I did trade it, I would expect price to at least stall at 0.7000. The chart below shows where I would look for a bullish PA setup. Any PA setups that occur between now and when price reaches the blue area will be skipped (assuming price goes lower, but hopefully my point is clear).

Scott

Thanks for your input phpscott.

Just looking at the Monthly we can see that it is almost a monthly DBHLC with only 1 day left of the trading month. Also, the eye of the weekly PB is almost 25 pips outside the close of the previous bar.

Possibly Jarroo only mentioned this W-PB as I think someone mentioned a short setup on a lower TF.

Many thanks.

For me, it is still a bit confusing as to if I am Bullish or Bearish looking at so many TF.
Possibly I am over complicating things and need to find a comfortable method of analyzing setups.

I will find one or die trying.
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  • #65,095
  • May 30, 2010 1:20am May 30, 2010 1:20am
It looks like you are looking for a trade, any trade. I've been there, and we all go through it. What my chart shows is... you must be patient. Wait for good PA setups at good locations. As you can see from my chart, I could end up waiting quite a while (weeks or even months) for price to reach a good location on NZD/USD weekly. I typically end up with between 5 - 10 trades per year on the weekly timeframe using the James16 methods.

Stick to the daily and weekly timeframes only until you have three consecutive profitable months (see minimum requirements in post #1). Completely ignore the lower timeframes.

Since you are neither bullish nor bearish, why place a trade? You are over-analyzing in an attempt to force a trade. When a good PA setup occurs at a good location, it will jump out at you. There will be little thinking involved.

Quoting Pinbar
Thanks for your input phpscott.

Just looking at the Monthly we can see that it is almost a monthly DBHLC with only 1 day left of the trading month. Also, the eye of the weekly PB is almost 25 pips outside the close of the previous bar.

Possibly Jarroo only mentioned this W-PB as I think someone mentioned a short setup on a lower TF.

Many thanks.

For me, it is still a bit confusing as to if I am Bullish or Bearish looking at so many TF.
Possibly I am over complicating things and need to find a comfortable method of analyzing setups.

I...
  • #65,096
  • May 30, 2010 1:24am May 30, 2010 1:24am
Quoting phpscott
It looks like you are looking for a trade, any trade....
Exactly my thoughts,

I have always believed:

"If a setup is making you think it's not worth thinking over at all"
I believe . . .
  • #65,097
  • May 30, 2010 1:26am May 30, 2010 1:26am
Quoting ghous
"If a setup is making you think it's not worth thinking over at all"
Nice quote.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #65,098
  • May 30, 2010 1:32am May 30, 2010 1:32am
Quoting bun888
Hi Pinbar, on your third chart, you wrote EP on it. What does EP stands for?
Thanks.

Bun

Oh, it is just Entry Point if a possible entry presented itself.
  • #65,099
  • May 30, 2010 1:39am May 30, 2010 1:39am
Yes, you guys could be right....Thanks for the advice.

I have already done the 3 months, actually more on several demo accounts which are around 15% profit.

However, and this is the big one. All these were traded on H4 or H1.

I like many others, I probably did this because of the following reasons, 1: small account and will not be able to size position correctly for 1% RPT on weekly or daily with the size of these SL. 2: Impatience and wanting to make trades. I mean, it is hard to comprehend how demoing Weekly & Daily will help us in the situation where we go live with a small account and start trading H4 or even H1.
In my heart, I know all you guys have been there and done this, and that Jim insists on the weekly & daily for new people, but somehow we get distracted.


Right from tomorrow.....ONLY the Weekly & Daily!
  • #65,100
  • May 30, 2010 1:52am May 30, 2010 1:52am
Quoting ghous
Exactly my thoughts,

I have always believed:

"If a setup is making you think it's not worth thinking over at all"
Ghous

I understand your point by this, and I imagine you would recommend the manner in which to comprehend that statement is trading the weekly & daily?
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