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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

  • #68,381
  • Jul 11, 2010 8:02pm Jul 11, 2010 8:02pm
Quoting cprao
Great !! Very good.
One quick question though:

why reducing 1/2 after consecutive wins ?

one more if you don't mind; where is the close loop here? I mean when will position size go to 'normal' after it is halved?
  • #68,382
  • Edited 8:33pm Jul 11, 2010 8:17pm | Edited 8:33pm
Quoting supremeChaos
9 yards?!??
that's a huge move
Hahah
The I4+Bs (in green) on the Gbp/Jpy Monthly have proved successful, even for the R:R guys.

Also, RL4+Bs (in purple): Range is Lower then the previous 4 or more Bars, they are not Inside Bars. The smaller the better as with I4+Bs.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,383
  • Jul 11, 2010 8:21pm Jul 11, 2010 8:21pm
Quoting jarroo
Oh Yeah . . breakout baby . . .hard break . .retest . .the whole 9 yards.

For the history buffs....

The whole 9 yards came from the length of a WW1 machine gun belt on a plane. 27 feet. When they returned empty they gave them the whole 9 yards.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #68,384
  • Jul 11, 2010 8:23pm Jul 11, 2010 8:23pm
Quoting jarroo
The I4+Bs (in green) on the Gbp/Jpy Monthly have proved successful, even for the R:R guys.

Also, RL4+Bs (in pruple): Range is Lower then the previous 4 or more Bars, they are not Inside Bars. The smaller the better as with I4+Bs.
Hey! Interesting observations......does this make good empirical data to form the postulate that RL4+Bs are good setups?
  • #68,385
  • Edited 8:41pm Jul 11, 2010 8:28pm | Edited 8:41pm
Quoting ertorque
Hey! Interesting observations......does this make good empirical data to form the postulate that RL4+Bs are good setups?

Sure . . its not a new setup . . breakout traders use this type of setup all the time or variations of it.
Indicators show the past. Price Action "Indicates" the future.
  • #68,386
  • Jul 11, 2010 8:36pm Jul 11, 2010 8:36pm
Quoting Rufus
For the history buffs....

The whole 9 yards came from the length of a WW1 machine gun belt on a plane. 27 feet. When they returned empty they gave them the whole 9 yards.

Rufus

I didn't know that . . . cool. Thanks
Indicators show the past. Price Action "Indicates" the future.
  • #68,387
  • Jul 11, 2010 8:47pm Jul 11, 2010 8:47pm
New to J16 thread. So following along learning.

Lately with so much work I have needed to get away from intraday trading. The stuff here looks to be my ticket. To keep myself active with things.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #68,388
  • Jul 11, 2010 8:58pm Jul 11, 2010 8:58pm
Sorry to be pedantic but the saying comes from WW2 not WW1 and I think it related specifically to the P51 Mustang fighter.
  • #68,389
  • Jul 11, 2010 9:06pm Jul 11, 2010 9:06pm
Quoting Bemac
Clan: Anderson.

Motto: Stand Sure.

[font=Arial][size=2]ANDERSON or ANDREWSON simply means son...

Interesting and, how wonderfully that painting expresses the pride of the beast.
  • #68,390
  • Jul 11, 2010 9:06pm Jul 11, 2010 9:06pm
Quoting jarroo
The I4+Bs (in green) on the Gbp/Jpy Monthly have proved successful, even for the R:R guys.

Also, RL4+Bs (in purple): Range is Lower then the previous 4 or more Bars, they are not Inside Bars. The smaller the better as with I4+Bs.
Curious Question.. not to enter any position..

So what is the bias here ? Break-out to up or down ? I know that IB's are in-decision bars.. how do you determine now it has potential to go up or down ?

Can you please enlighten me ?
  • #68,391
  • Jul 11, 2010 10:55pm Jul 11, 2010 10:55pm
Hey guys,

Thanks for the replies to my bits of paper stuck all around my desk.

"Trading is a game" - this one is lifted straight from Market Wizards chapter where he interviews Dr Van K Tharpe. The idea is that each game has rules and unless you play by the rules you cannot win. Therefor to play and win the game you have to follow the rules! It also ties in with the "do what you love and you'll never work a day in your life" saying as well.

"Reduce position size by 1/2 after 4 wins" - I've been thinking about scrapping this one, again it's lifeted straight form the same book. The trader interviewed (I forget which one) would always get overconfident on a winning streak and start taking risks. On about his 5th successful trade he'd get a loser so with this rule in place he'd minimise his losses. Thinking about it - if I stick to the checklist and other rules I shouldn't really need this rule..

Thanks for pointing that out.

I'm long AUD again this week, nothing triggered yet but got a stop sell for GBP/AUD at the break of the weekly BEOB and long AUD/CAD at the break of the weekly BUOB
Anything can happen.
  • #68,392
  • Jul 11, 2010 11:26pm Jul 11, 2010 11:26pm
Quoting ddinnov
Hey guys,

Thinking about it - if I stick to the checklist and other rules I shouldn't really need this rule..
  • #68,393
  • Jul 11, 2010 11:36pm Jul 11, 2010 11:36pm
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Gone to a better place
  • #68,394
  • Jul 11, 2010 11:48pm Jul 11, 2010 11:48pm
Id like to pose some questions with charts. However I'm not sure how to post. Would anyone mind letting me know how to? Cheers SR
  • #68,395
  • Jul 11, 2010 11:50pm Jul 11, 2010 11:50pm
Quoting Sjr
Id like to pose some questions with charts. However I'm not sure how to post. Would anyone mind letting me know how to? Cheers SR
hey Sjr

Save your chart somewhere, if you use mt4 you can right click it. Save as Picture(I use the AS IS). Then under your message there is a box called manage attachments. Simply browse and locate your image file click upload and you are all set.

Best
Mike
  • #68,396
  • Jul 11, 2010 11:57pm Jul 11, 2010 11:57pm
Wow, fast response. If I'm right its 3am in the States east coast. Thanks. I have some charts Im gone put up with some basic notations, more for practice, then with some questions around trades etc.
  • #68,397
  • Jul 11, 2010 11:58pm Jul 11, 2010 11:58pm
Quoting Sjr
Wow, fast response. If I'm right its 3am in the States east coast. Thanks. I have some charts Im gone put up with some basic notations, more for practice, then with some questions around trades etc.
yep it is

please do my friend
  • #68,398
  • Jul 12, 2010 12:05am Jul 12, 2010 12:05am
LOL Ill try that again. Just deleted the chart as I was checking it. Here it is again. As a Newbie, still trying to get this, Ive put some notations on a 240 min chart to see what people think. I welcome all comments. Cheers

SR
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  • #68,399
  • Jul 12, 2010 12:06am Jul 12, 2010 12:06am
Quoting Sjr
LOL Ill try that again. Just deleted the chart as I was checking it. Here it is again. As a Newbie, still trying to get this, Ive put some notations on a 240 min chart to see what people think. I welcome all comments. Cheers

SR
Hey SR

Yep you basically got it. The first beob is iffy b/c of the close we really want lower, but technically I would say it is a beob. The rest are correct in terms of bar patterns alone.

Best
Mike
  • #68,400
  • Jul 12, 2010 12:09am Jul 12, 2010 12:09am
Mike & Jarroo

I am looking at this bar that may or may not end up as a PB, on USD/JPY.

It is off the 89 RN and has confluence of the 50 & 38.2 fibo with a diagonal TL or maybe diagonal PPZ.

The thing is, when looking at the Monthly and weekly, I find it really hard to find the PPZ on this pair and we look to be not that far from rock bottom.

When you have time, I would appreciate it if you could give me your opinion, mainly on the PPZ, I realize this is not yet a PB.

Thanks in advance.
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