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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

  • #68,481
  • Jul 12, 2010 8:22pm Jul 12, 2010 8:22pm
Quoting mihazupan1
Speaking of MACD: does anyone know how to set up the same MACD as in MT4 in Dealbook 360?
Just go into add a study and choose MACD. Keep inputs the same. In Style deselect visible on MACD and MACD sig. Hope this helps.
  • #68,482
  • Jul 12, 2010 8:37pm Jul 12, 2010 8:37pm
Quoting Donkey
Anybody considering the GBPCAD daily pin?

Pros:

 

  1. PPZ at BRN 1.5500
  2. 50/62 fib Confluence at BRN
  3. Bullish (green) Pin with a close above the BRN

Cons:

 

  1. Not a lot of space
  2. Bar is not small, but doesn't stand out tremendously
  3. Against the major trend

I'm gonna pass (trying to be more picky). If I were to trade, play the break to B/E real quickly at around 1.57 and full profit around 1.5830.

The thing that stands out to me is this pair was trading into a range for so long and broke out. Now is the pin going to act as support and move up? I may give it a second look.
  • #68,483
  • Jul 12, 2010 9:04pm Jul 12, 2010 9:04pm
Quoting cprao
Jim, Thank you for the explanation. I will go one step at a time.
First understanding the pattern:

When you say "I4+Bs are no different in that sense. The only qualifer is that their range in bar size is smaller then the previous 4 or more bars."

Does that mean each succeeding bar has to be smaller than the immediate previous bar or just the 4th bar(in this example) is just smaller than the previous 4 bars... may not be in descending bar size ?
The 4th is just smaller in range that the previous 4 bars or more . . they do not have to be in descending bar size.
Indicators show the past. Price Action "Indicates" the future.
  • #68,484
  • Jul 12, 2010 9:25pm Jul 12, 2010 9:25pm
Quoting spookie94
Jim,
if you have 4 or more IBs in a row and each one is smaller then the one before it (forming a triangle or pennant), where would you consider an entry? A break of the previous bar?
There are many ways one could enter . .break of the previous bar, break of the IB, wait for a retest after the break, etc. I like the break of the IB itself and use the preivous bar high/low as confirmation when or if it breaks.

Every setup is unque with the situations that surround it.

Take the Usd/Chf 4 hour Double Inside Bar that started the trading week.

The IB's high itself, the previous bar high and the 4 hour PPZ level all line up at the same level. So an entry above those levels would have made sense and then use that level to hide your stop loss.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,485
  • Jul 12, 2010 9:28pm Jul 12, 2010 9:28pm
Quoting jarroo
There are many ways one could enter . .break of the previous bar, break of the IB, wait for a retest after the break, etc. I like the break of the IB itself and use the preivous bar high/low as confirmation when or if it break.

Every setup is unque with the situations that surround it.

Take the Usd/Chf 4 hour Double Inside Bar that started the trading week.

The IB's high itself, the previous bar high and the 4 hour PPZ level all line up at the same level. So an entry above those levels would have made sense and then use that level to hide...
WHen you say IB, you mean the 1st inital IB, correct?
  • #68,486
  • Jul 12, 2010 9:29pm Jul 12, 2010 9:29pm
Quoting spookie94
WHen you say IB, you mean the 1st inital IB, correct?
Correct.
Indicators show the past. Price Action "Indicates" the future.
  • #68,487
  • Jul 12, 2010 9:48pm Jul 12, 2010 9:48pm
audnzd: buystop
cadchf: sellstop
  • #68,488
  • Jul 12, 2010 9:49pm Jul 12, 2010 9:49pm
Quoting mistersimple
audnzd: buystop
cadchf: sellstop
Got a chart mr. simple?
Indicators show the past. Price Action "Indicates" the future.
  • #68,489
  • Jul 12, 2010 10:03pm Jul 12, 2010 10:03pm
Quoting Pinbar
Thanks for the encouragement Jarroo, you are a kind soul.

Funnily, I seem to have the strong impression that my analysis is getting worse .
That said, I am struggling with myself to simplify it.
The first thing I did was to get rid of sweet spots gold, it shows the Rn alright, but tends to distract me from seeing the PA and smaller but nevertheless important TA. Still, I will strive on to train my eye to see the real deal.


Many thanks.

Your looking for other confluences, not as many lines, less MAs . . you'll get there Pb.
Indicators show the past. Price Action "Indicates" the future.
  • #68,490
  • Jul 12, 2010 10:21pm Jul 12, 2010 10:21pm
Quoting jarroo
The 4th is just smaller in range that the previous 4 bars or more . . they do not have to be in descending bar size.
Thank you Jarroo !!
  • #68,491
  • Jul 12, 2010 10:21pm Jul 12, 2010 10:21pm
Quoting jarroo
Got a chart mr. simple?
[IMG]file:///C:/Users/BRIGAD%7E1/AppData/Local/Temp/moz-screenshot-4.png[/IMG]
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  • #68,492
  • Jul 12, 2010 11:57pm Jul 12, 2010 11:57pm
Quoting jarroo
Your looking for other confluences, not as many lines, less MAs . . you'll get there Pb.
You mean, I should kill the 150 EMA?

I am wondering if zooming in more will be beneficial and looking for bar lows and highs, after of course I have marked the price flips zoomed out.

I notice the Big guy does this a lot and Benji mentioned something about zooming in.

I mean, this is pretty zoomed in.

The Big guys chart.
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  • #68,493
  • Jul 13, 2010 12:12am Jul 13, 2010 12:12am
May I also post them
Attached Image
  • #68,494
  • Jul 13, 2010 12:33am Jul 13, 2010 12:33am
Quoting Adilius07
May I also post them
Jeez,

You guys just blow me away with your trading stations!

One day...one day...I'll post mine as well
I believe . . .
  • #68,495
  • Jul 13, 2010 12:42am Jul 13, 2010 12:42am
Quoting ghous
Jeez,

You guys just blow me away with your trading stations!

One day...one day...I'll post mine as well
Ghous, they only serve to impress girls when I set them a few years ago I thought I will be super profitable with them but soon to find out the truth...
But anyway in really bad times they help me to remind of my goal and purpose, to stand up and to keep on learning I should get there. I have to!

Looking forward to see your screens!
  • #68,496
  • Jul 13, 2010 1:21am Jul 13, 2010 1:21am
Right, no more messing around.

I have marked the weekly and daily PPZ on these 8 charts, now I dig in and wait for PA that CLEARLY stands as a definitive PA bar around these areas, I DO NOT chase a setup, I WAIT with patience and don't try to fade the market.


Once I find a PA setup, I look for confluence and if I find obvious confluence with fibos, RN & trendlines, I work out the FTA and the RR ratio. If it all adds up, I place my order and manage the trade accordingly.

Any other thoughts folks?
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  • #68,497
  • Edited 1:56am Jul 13, 2010 1:44am | Edited 1:56am
Hi Guys,

I have decided to target 100 points per month on 4 pairs = 400 points.

I have 2 questions for all you guys out there trading especially seniors who are consistently making money.. your opinion would be really appreciated

Firstly targets:
How many points per month do you target, is it x amount per pair or do you leave it open? Do you have one overall pip target... how do you gauge performance, what defines a great month compared to an average month..(obviously when you make a lot of money) but what is an average pip month that you would be happy with.... etc
Just thought i would get some feedback on how you guys feel about targets as i read on james16group.com website about the 100 pips a pair x 6 pairs target .... seemed like something i would like to do in order to build confidence on demo of course

Favourite pairs:
What are your top 2 pairs to trade, are there some pairs which are more "compatable" with the James 16 method, ie pairs that trend better than others...etc some that you should definitely stay away from(bad experiences)

It would be nice to get a feel of how different people view targets and preferences in currency pairs..
Thanks for your help and i look forward to your views
  • #68,498
  • Jul 13, 2010 2:01am Jul 13, 2010 2:01am
Quoting Shanetrader
Hi Guys,

I have decided to target 100 points per month on 4 pairs = 400 points.

I have 2 questions for all you guys out there trading especially seniors who are consistently making money.. your opinion would be really appreciated

Firstly targets:
How many points per month to you target, x amount per pair or do you leave it open? one overall pip target......
Hi Shanetrader,

Of course it's up to you, but many people here would not advocate having a "target" as such, as it often leads to added pressure. For example if you were nearing the end of the month and only half your target had been met, you might feel more tempted to over trade (and therefore take less quality setups) in order to achieve your goal. In my experience this never ends well.

Secondly personally I don't think so much in terms of point/pips as it doesn't give the whole story.
For example 100pips profit sounds very impressive but not if the trader risked 500pips to make those 100. Personally I work in percentage terms.
If i risk 1% with a 100 pips stop loss and make 100 pips profit, then I have made 1%.
If I risk 1% with a 50 pips stop loss and make 100pips, I have made 2% profit.

Sorry I know that doesn't even begin to answer your question

My favorite pairs are simply the ones that have the most volatility. (GU GJ etc) but even the exotic pairs sometimes produce great setups, so they're always worth watching.

J
  • #68,499
  • Jul 13, 2010 2:26am Jul 13, 2010 2:26am
http://alertstocks.com/

Has anyone tried this iphone app? Handy to set alerts and get them through push messages.
  • #68,500
  • Jul 13, 2010 3:05am Jul 13, 2010 3:05am
This week slow of quality or is it just me ?
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