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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

  • #73,321
  • Aug 30, 2010 10:10am Aug 30, 2010 10:10am
Question for Mike who I know watches different feeds or anyone else who watches different feeds with different close times....Do you find that there are more and/or more reliable setups on the eastern time zone feeds compared to other feeds? Do you know of anyone who has backtested this?


I have been meaning to ask this for awhile.

Thanks,

Bill
  • #73,322
  • Aug 30, 2010 10:13am Aug 30, 2010 10:13am
Quoting Atc
Question for Mike who I know watches different feeds or anyone else who watches different feeds with different close times....Do you find that there are more and/or more reliable setups on the eastern time zone feeds compared to other feeds? Do you know of anyone who has backtested this?


I have been meaning to ask this for awhile.

Thanks,

Bill
Hey Bill

No I wouldn't call one feed more reliable on timeframes like the 4hr. Since it is simply 4hrs of data and each one is going to have a couple good closes during the active market times. As for daily closes, it is my belief that 5pm est is a more true over view of the PREVIOUS days action. This doesn't mean more or less reliable, simply IMO the bar encompasses the previous days action in the most logical times

Hope that helps
mike
  • #73,323
  • Aug 30, 2010 10:16am Aug 30, 2010 10:16am
Thank You

Quoting mbqb11
Hey Bill

No I wouldn't call one feed more reliable on timeframes like the 4hr. Since it is simply 4hrs of data and each one is going to have a couple good closes during the active market times. As for daily closes, it is my belief that 5pm est is a more true over view of the PREVIOUS days action. This doesn't mean more or less reliable, simply IMO the bar encompasses the previous days action in the most logical times

Hope that helps
mike
  • #73,324
  • Aug 30, 2010 10:34am Aug 30, 2010 10:34am
Quoting Danku
Now i see why my GBPCHF long from Friday is in loss coz u took the opposite side.............guyz/galz learn to control something called GREED......................am regretting why i left this long running esp when it had given me some 110pips earlier today...................GREED...........
It's amazing how many people blame their trades on "greed". Imo, it's the biggest, most pointless excuse in trading. Read this.
  • #73,325
  • Aug 30, 2010 10:42am Aug 30, 2010 10:42am
Quoting Ace284
It's amazing how many people blame their trades on "greed". Imo, it's the biggest, most pointless excuse in trading. Read this.
I don't think its pointless excuse. Psychology is in fact a key to success. Controlling emotion is important in anything, whether its chess, some other sports, etc.

I have seen people with lot of talent fall apart when they start to get few losses in a row (in any sports). And trading is no different!
  • #73,326
  • Aug 30, 2010 11:07am Aug 30, 2010 11:07am
Quoting The Lord
I don't think its pointless excuse. Psychology is in fact a key to success. Controlling emotion is important in anything, whether its chess, some other sports, etc.

I have seen people with lot of talent fall apart when they start to get few losses in a row (in any sports). And trading is no different!
Yes, psychology is important. What I was saying is, you don't achieve anything by just blaming your loss on greed. If you were to say that my trade failed because it hit an important area of Support or resistance or a major price pattern was formed in the middle of the trade which wiped out a lot of the unrealized profit then it would be valid.

If you just say, well I was greedy. That doesn't help you or anyone in the future. Next time someone will take a similar trade, get out early and then complain about the fact that they could have made such and such amount of money...the excuse will now be...well i was just being too modest. If you read his post you'll see that he says "i was up some 110 pips and lost it"..again that goes back to the could have, would have, should have had mentality.

The market doesn't know and doesn't move based on what one individual trader is feeling, greedy or modest. So to say that greed was the main cause of your loss doesn't really help you out for the future. Yeah, your justifying your loss with a reason...but that reason doesn't necessarily make that much sense.

I know this post may come off as somewhat rude, but I assure you that I'm not trying to be. I'm just sharing my insight.
  • #73,327
  • Edited 11:46am Aug 30, 2010 11:41am | Edited 11:46am
Long weekly pin G/J

Only 250 pips loss by now
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Don't give up
  • #73,328
  • Aug 30, 2010 11:49am Aug 30, 2010 11:49am
Quoting geomink
Long weekly pin G/J

Only 250 pips loss by now
Hey G,

It's important to understand that you are trading right in the middle of pointless, dead consolidation. Clearly price is winding up nicely and if anything, I feel a trade taken away - at a breakout either ways is your best bet.

g.
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I believe . . .
  • #73,329
  • Aug 30, 2010 11:57am Aug 30, 2010 11:57am
Quoting Ace284
Yes, psychology is important. What I was saying is, you don't achieve anything by just blaming your loss on greed. If you were to say that my trade failed because it hit an important area of Support or resistance or a major price pattern was formed in the middle of the trade which wiped out a lot of the unrealized profit then it would be valid.

If you just say, well I was greedy. That doesn't help you or anyone in the future. Next time someone will take a similar trade, get out early and then complain about the fact that they could...
I think to get to the stage where "none of it is your fault" takes time. Until then IMHO it is fine to blame your emotions for intervening and disrupting an otherwise perfect trade management plan "which would have worked out" - IF you honestly feel they have interfered.

Emotions do get the better of everyone at the early stages and to live in an illusion that they are not responsible for the losses/mismanaged trades IMO will actually get you into a hole you'll never be able to dig out from because essentially "there is nothing wrong with the mentality and everything that went wrong was on the charts" Yikes!

g.
I believe . . .
  • #73,330
  • Aug 30, 2010 12:00pm Aug 30, 2010 12:00pm
Quoting ghous
Hey G,

It's important to understand that you are trading right in the middle of pointless, dead consolidation. Clearly price is winding up nicely and if anything, I feel a trade taken away - at a breakout either ways is your best bet.

g.
Something similar on a GBP/USD daily and 4 hour chart.

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  • #73,331
  • Aug 30, 2010 12:17pm Aug 30, 2010 12:17pm
missed this beauty earlier today...

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  • #73,332
  • Aug 30, 2010 12:20pm Aug 30, 2010 12:20pm
Quoting ppfx
missed this beauty earlier today...

Attachment
Sleeping again?

It is a beauty though Could call that a good setup IMO.
  • #73,333
  • Aug 30, 2010 12:45pm Aug 30, 2010 12:45pm
Hey guys,

Been reading through a lot of posts here and realised the importance of location and/or traffic. However im still confused as to what contitutes a good location to start a trade.

How do you guys define a good location? Is there some sort of benchmarking like perhaps a minimum r:r ratio taking into consideration the surrounding S/R, PPZ etc?
  • #73,334
  • Aug 30, 2010 12:47pm Aug 30, 2010 12:47pm
Quoting ppfx
missed this beauty earlier today...

Attachment
This was on my radar but I passed on it as the bar didn't seem that big, wanted a lower low. I see it ran nicely
  • #73,335
  • Aug 30, 2010 1:22pm Aug 30, 2010 1:22pm
Quoting mihazupan1
Sleeping again?

It is a beauty though Could call that a good setup IMO.
haha no, not this time i was watching a movie loll... well i cant sit all day long in front of the charts, right?
  • #73,336
  • Aug 30, 2010 1:24pm Aug 30, 2010 1:24pm
Quoting melvin87
Hey guys,

Been reading through a lot of posts here and realised the importance of location and/or traffic. However im still confused as to what contitutes a good location to start a trade.

How do you guys define a good location? Is there some sort of benchmarking like perhaps a minimum r:r ratio taking into consideration the surrounding S/R, PPZ etc?
Hi Melvin,
there is an excellent video by Mike posted some 500 pages ago that explains 'space': http://drop.io/cfnoat3
Oh, and here's a link to the guest area videos if you haven't discovered them yet: http://james16group.us/Guests/guestmaterial.html
If you don't risk, you don't ever have to lose.
  • #73,337
  • Aug 30, 2010 1:26pm Aug 30, 2010 1:26pm
(4h charts being focused on but information relevant for all uk based mt4 traders)

sharing info is always a good fuel for debate. so i thought i would share something i have studied over the years. The outcome of my analysis has lead me to conclude that as long as i was using an mt4 broker, i would need to use a broker based in the USA as long as i used mt4 which doesn't allow bar close time configuration.

so you probably wondering why is this the case. the 4 hour chart is very popular with large traders (bankshedge funds...ect).Traditionally, each bar is thought to cover a particular segment of a session. so to understand this, think of it this way, each 4 hour bar should cover session open followed by session close.

now put this in context of broker locations which dictates bar closes. if your broker is based in the uk or europe, bar closes are most likely not going to overlap with the standard session times. At time of writing this for example, a uk feed has a new 4h bar (supposedly indicating the beginning of the end of the usa session , or the sessions second 4h bar) my usa feed still indicates the first half of the usa session is still open and only due to close in 50 minutes.

so how is this information important. here is where you need to understand the importance of session transitions and how the big guys trade them. each session starts by looking at the previous session and moving in accordance or as a result of additional information. each session close is important because it tells the tale of what happened and where the next session might go. now if your brokers bars dont overlap the sessions correctly, you will end up in a situation of misinformation.

so how can this misinformation affect your trading as a uk trader using a uk broker. to simply put it you will not see the correct reflection of the market sessions. so my uk broker will have the usa session close at 23:00 BST instead of 00:00 (also the start of the asia session). this misinformation exists in each session and as a result you will get poor setups and fewer setups.

i hope this information is useful to other uk traders. my advice is to use usa based mt4 brokers unless you use a broker which charts allow you to configure your sessions.


attached is some charts showing you how this overlap can affect your trading as a result of not displaying the sessions correctly
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  • #73,338
  • Aug 30, 2010 1:33pm Aug 30, 2010 1:33pm
Quoting Bollocks
(4h charts being focused on but information relevant for all uk based mt4 traders)

sharing info is always a good fuel for debate. so i thought i would share something i have studied over the years. The outcome of my analysis has lead me to conclude that as long as i was using an mt4 broker, i would need to use a broker based in the USA as long as i used mt4 which doesn't allow bar close time configuration.

so you probably wondering why is this the case. the 4 hour chart is very popular with large traders (bankshedge funds...ect).Traditionally,...
while I understand what you are saying at the end of the day price is still price. The broker times are only an aggregation of what price did historically and that doesn't change.

Also in term of big boys, they all trade in such a variety of different ways in such a huge market like FX, that one could never blanket any statment to fit them all into any sort of box as well.

The above example both show BEOBs or one shows a DBHLC. Still the infromation is the same, just how it is put together. For every timezone you can show me where price doesn't aggregate pretty, I can find one on that same broker that does and another doesn't.

So while I agree to some respect, ultimately price is still price and this is why I watch 4 brokers with 4 different 4hr closes, b/c that price bar is such a very small part of what matters in my opinion

Again just my views/beliefs and at the end of the day all any of trade are just that
Mike
  • #73,339
  • Aug 30, 2010 1:36pm Aug 30, 2010 1:36pm
Quoting mbqb11
while I understand what you are saying at the end of the day price is still price. The broker times are only an aggregation of what price did historically and that doesn't change.

Also in term of big boys, they all trade in such a variety of different ways in such a huge market like FX, that one could never blanket any statment to fit them all into any sort of box as well.

The above example both show BEOBs or one shows a DBHLC. Still the infromation is the same, just how it is put together. For every timezone you can show me where price doesn't...
Hi mike, could you be so kind as to give the names of the brokers so I could also watch the different closing times?
Thank you j16!
  • #73,340
  • Aug 30, 2010 1:36pm Aug 30, 2010 1:36pm
Quoting bug
Hi Melvin,
there is an excellent video by Mike posted some 500 pages ago that explains 'space': http://drop.io/cfnoat3
Oh, and here's a link to the guest area videos if you haven't discovered them yet: http://james16group.us/Guests/guestmaterial.html
Thanks Bug, I need to put that up in the guest section I keep forgetting
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