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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

  • #74,101
  • Sep 6, 2010 10:58am Sep 6, 2010 10:58am
Quoting novice198
Hi Guys,
Require some technical assistance. Have purchased Apple Macpro during the weekend and I am not sure how to install MT4 on this machine. Googled "How to ...." and it seems that either I can go down the VMWare fusion ( paid software) route or I can install Windows (already have a licensed copy) with Bootcamp assistant (in this case no need to spend additional money) and then install MT4.
Does anyone have any experience in this matter. Your guidance will be highly appreciated.

Cheers
Novice 198

PS Though it is purely technical...
Hey novice, I've used VirtualBox as a free alternative to Parallels/VMWare so you don't have to boot in Windows.

Here is the link: http://www.virtualbox.org/

All you need is a Windows license once you set it up.

Hope this helps,

-- Danny
  • #74,102
  • Sep 6, 2010 12:57pm Sep 6, 2010 12:57pm
Quoting supremeChaos
Hello msmarple,
what is your interpretation of LC's? (& its significance to u)
Thanks Sir!
Hello supremechaos,

thanks for the question. In a ranging sideways market like audusd or eurusd at the moment, I just make note of a) how many and b) buy or sell larger bars ( LC ) occur, as they show conflicting interest of buyers and sellers. Most of the time simple trend bars like that are not enough to break a trend - and get retested. I also make note of where ( location/PPZ ) these ranging conditions appear, most of the time they confirm the PPZ.

However, being quite conservative, I often wait for days before initiating a trade, and then most often based on J16 bars and Jarroo´s magic confluence. ...very rarely based on fibs, channels, patterns.

Thanks for asking. BTW I very much appreciate your posts. You bring us a lot of fun and encouragement !

( below see chart with some J16 bars, or almost... )

==========================================

For today I stand aside. Good trading to all.
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Be like water.
  • #74,103
  • Sep 6, 2010 1:34pm Sep 6, 2010 1:34pm
here was a trade I took after NFP day friday, since I haven't posted much the last few days(friends engagement weekend)

I did a video for the site but it is very short so figured I would share
http://drop.io/vdwl5vi

Hope everyone had a nice long weekend,

Mike
  • #74,104
  • Sep 6, 2010 1:42pm Sep 6, 2010 1:42pm
Quoting mbqb11
here was a trade I took after NFP day friday, since I haven't posted much the last few days(friends engagement weekend)

I did a video for the site but it is very short so figured I would share
http://drop.io/vdwl5vi

Hope everyone had a nice long weekend,

Mike
That was interesting. Thank you. I see you really do not care about initial RR.
But I heard you say if nothing happens you would move your stops or close it.

So basically, bacause of the way you manage your positions it should give you at least 1:1 RR after you make some number of trades, I think...?
  • #74,105
  • Sep 6, 2010 1:48pm Sep 6, 2010 1:48pm
Quoting Adilius07
That was interesting. Thank you. I see you really do not care about initial RR.
But I heard you say if nothing happens you would move your stops or close it.

So basically, bacause of the way you manage your positions it should give you at least 1:1 RR after you make some number of trades, I think...?
Hey Adi

Yes R:R means something but only in terms of ALL your trades. Some trades I make 1/2% some 1/4% some 2% some 3% etc . I look and evaluate situations. And work from there. I am rarely fully ever perfectly right about managing a trade. But in the long run I know I will manage them all well enough to turn a profit. Choppy pair, choppy markets. So I took my profit and ran. As I feel markets are opening up for bigger more clear moves, and a more clear setup appears then I give my trades more room to work. But since friday came to a halting slow down and today being a holiday, this seemed the most logical. This one returned around .8% and they add up.
  • #74,106
  • Sep 6, 2010 2:00pm Sep 6, 2010 2:00pm
Quoting mbqb11
Hey Adi

Yes R:R means something but only in terms of ALL your trades....
Cool, thank you very much. This makes a lot of sense to me now.
I will try to look at market in a same manner. Thanks.
  • #74,107
  • Sep 6, 2010 3:17pm Sep 6, 2010 3:17pm
Open your eyes....
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  • #74,108
  • Sep 6, 2010 4:28pm Sep 6, 2010 4:28pm
Quoting Adilius07
Cool, thank you very much. This makes a lot of sense to me now.
I will try to look at market in a same manner. Thanks.

I've been re-reading a lot of the material here (jduester's summary has been very helpful - post #23250). I was struck by a quote from one of Jim's posts that fits really well here:

" i rarely let a trade run off of a DAILY chart more than 30 or so pips without moving my stop to breakeven and taking some profit. because i am ultra ultra picky its almost a 100% garuntee that im rarely going to lose trading like that.

whats going to happen is this. im going to get stopped out a lot but when that 1 in 5 runs for a 100 pips or more im going to bank 10 or 20 grand.

i took 3 trades in january and all were winners. 1 of them i posted here. they were dirt simple high odds trades. 2 of the 3 i took partial profit at roughly 30 to 40 pips and was stopped on the rest. 1 of them ran i think about 100 pips to a strong s/r area and i got out.

i daytrade the mini dow with the same thought process. where most are taking 15 trades a day im taking 1 or 2 if that.

it is VERY VERY difficult for a small account holder to trade like this. I
KNOW FROM EXPERIENCE.

very very few people trade like i do.

im not worried about ratios or winning percentages.

im focused on not losing" (post #20335).

Darn good stuff ...
"A is A"
  • #74,109
  • Sep 6, 2010 5:04pm Sep 6, 2010 5:04pm
hey jus't check this set up below:
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  • #74,110
  • Sep 6, 2010 5:48pm Sep 6, 2010 5:48pm
Quote
i daytrade the mini dow with the same thought process. where most are taking 15 trades a day im taking 1 or 2 if that.
it is VERY VERY difficult for a small account holder to trade like this. I
KNOW FROM EXPERIENCE.

That's like Gospel, mini futures can eat a $10k account like an hot knife thru butter.
Been there, seen too much of that.
  • #74,111
  • Sep 6, 2010 7:24pm Sep 6, 2010 7:24pm
Quoting arduino
hey jus't check this set up below:
That inside bar was sort of due given that we had such thin liquidity this Monday (UK bank holiday) such bars are not genuine consolidations that we generally look to trade and hence should be easy passes (quite frankly I didn't even visit my daily charts yesterday at the daily close for this particular reason).

Again we are not looking to jump in on anything and everything that can make money...we are looking for those slam dunk perfect opportunities.

g.
I believe . . .
  • #74,112
  • Edited 7:51pm Sep 6, 2010 7:39pm | Edited 7:51pm
Quoting arduino
hey jus't check this set up below:
No intention to disagree with G, however, that setup worked for me based on BEOB. Again as always it is an individual discretion.
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  • #74,113
  • Edited 8:01pm Sep 6, 2010 7:45pm | Edited 8:01pm
Anyone watching this AUD/USD DBHLC if it closes as such?

Pros:
1: Bar looks big enough.

2: Swing high.

3: Bearish Div

Cons:

1: Congestion

2: RN at 0.9100, right below the minor PPZ

3: No confluence, that I can see.

4: Strong uptrend (Edit)

5: H4 candle just closed and RSI reports Hidden Bullish Div. (Edit)

I guess this is a pass.
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  • #74,114
  • Sep 6, 2010 7:58pm Sep 6, 2010 7:58pm
I show RSI Divergence to add to this...but as Ghous pointed out the thin markets I believe to a degree provided us with some small moves creating the tight bars before it....also, there is aud news coming out in a few hours to which i personally keep an eye out for...but good to watch ...pass for me

Quoting Pinbar
Anyone watching this AUD/USD DBHLC if it closes as such?

Pros:
1: Bar looks big enough.

2: Swing high.

3: Bearish Div

Cons:

1: Congestion

2: RN at 0.9100, right below the minor PPZ

3: No confluence, that I can see.

I guess this is a pass.
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  • #74,115
  • Sep 6, 2010 8:02pm Sep 6, 2010 8:02pm
Quoting Atc
I show RSI Divergence to add to this...but as Ghous pointed out the thin markets I believe to a degree provided us with some small moves creating the tight bars before it....also, there is aud news coming out in a few hours to which i personally keep an eye out for...but good to watch ...pass for me

Yes, I also saw the candle close and RSI Hidden Bullish Div reported.

Thanks ATC.

I must pay more attention to the angle of the EMAs and the dominant trend.

I tend to get mesmerized by a single candle. Not good.
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  • #74,116
  • Sep 6, 2010 9:07pm Sep 6, 2010 9:07pm
Nice trade Mike.

I have a general question. I know that 99% of the time you cancel your pending order if the next bar does not trigger.

I had a pending order on that same bar for eur/cad which never broke. Were there any reasons you would hold on to that pending any trade?

I understand each set up is different , but this has happened to me a few times this past month especially taking a bar later in the day past 12pm est. Ill put a pending order on, it wont break then it will work out very straight forward after sitting idle for a while.

Just trying to get a sense of when to hold on to pending orders.

Thanks in advance


Quoting mbqb11
here was a trade I took after NFP day friday, since I haven't posted much the last few days(friends engagement weekend)

I did a video for the site but it is very short so figured I would share
http://drop.io/vdwl5vi

Hope everyone had a nice long weekend,

Mike
  • #74,117
  • Sep 6, 2010 9:09pm Sep 6, 2010 9:09pm
Quoting ghous
Again we are not looking to jump in on anything and everything that can make money...we are looking for those slam dunk perfect opportunities.
Great say ghous. Why run here and there on the court when you can stand in one place and have slam dunk after slam dunk after....
  • #74,118
  • Sep 6, 2010 9:09pm Sep 6, 2010 9:09pm
Quoting dmc
Nice trade Mike.

I have a general question....
Hey D

You must have been on a different feed as on the fxpro feed the next bar did break and triggered me in. Was that the difference?

Best
Mike
  • #74,119
  • Sep 6, 2010 9:21pm Sep 6, 2010 9:21pm
Quoting KissFan
In my opinion/observation, this is a great opportunity for a low risk short entry off a weekly PPZ. If you will zoom out, you will see that this area has been used many occasions over the past 18 yrs. I am short at 1.2917 with a 30 pip SL will be looking for a trade to the 1.2700 area to start. If we break to the upside, then I'll look long off this same area
when the time is right.

K.I.S.S.
I gotta wonder if Dirt Simple and Fudd are with me on this one.


K.I.S.S.
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  • #74,120
  • Sep 6, 2010 9:25pm Sep 6, 2010 9:25pm
Quoting KissFan
I gotta wonder if Dirt Simple and Fudd are with me on this one.


K.I.S.S.
dang dude nice!
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