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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

  • #80,701
  • Nov 23, 2010 3:21pm Nov 23, 2010 3:21pm
Quoting jarroo
What stood out to me was the the Big Support and Resistance level . . I wish it was clearer, but you can see that its there.


I can see what you mean, when I really look at it.

A great trade Jarroo, and it shows the vast experience you have.

Newbies like me just see the RH&S and not the S&R that you see.

One day, hopefully.
  • #80,702
  • Edited 4:12pm Nov 23, 2010 3:23pm | Edited 4:12pm
Quoting HanSolo
That's why I use a slightly grey background. In design school I was taught that it is the best background setting for clear foreground contrast (less irradiation than white) and it is far more eye-friendly.

Thanks HS, will give it a try.

This looks good.
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  • #80,703
  • Nov 23, 2010 4:09pm Nov 23, 2010 4:09pm
Quoting cprao
Thank you Mike.. As I understand NZD/CHF is technially not a BEOB since Sunday bar is not accounted for.
I do also see NZDJPY BEOB starts little higher than NZDCHF which is another confluence factor to be accounted for.

However, how about the close of the bar ? NZDCHF bar is big in size and engulfing the big 11/18 bullish bar and NZDJPY did not ..
Does this not one of the factor to consider ?

In fact, I considered this fact in NZDCHF - not only the bar is big and also engulfed the 11/18 big bullish bar.. indicating that it passed through the...
Hey C

Since nzd/chf didn't engulf the prior bar to me it is immediatly discounted as per j16. Again that's just how I do it. Overall there isn't the biggest of differences if it was a BEOB> It would be trading back into the BRN of .7500 as opposed to nzd/jpy trading away from its respective BRN. Again all subtle rules of mine that make things worth or not worth trading. Days like today you can find reasons in a lot of correlated pairs. For me its about the consistency of the approach for the days where things don't work out where the bottom falls out. So for me the reasons stated help keep me consistent. Which is very key for my trading personally

Best
Mike
  • #80,704
  • Nov 23, 2010 4:39pm Nov 23, 2010 4:39pm
Quoting mbqb11
Welcome Bud

Great job so far. There are always drawbacks and advantages to certain approaches. A high winrate low R-multiple will get caught occasionally with the full losses that can wipe out 3-4 trades. Over time you have to learn to cut out your losses quickly as well to prevent those full losses that will eventually come. There is always a trade off. I have yet to see the 80% winrate 3r method , if someone finds it hit me up!

Again welcome and continued success!
Mike
Mike
Thanks for your comments. I took 1 trade last night on AUDUSD daily. My entry was a sell at 0.9810. I placed my take profit at 0.9740 giving me some leeway above the 2 bar lows at 0.9724. My stop loss was set at 0.9920 above the 2 bar highs prior to the pinbar. This is a refinement from my previous approach of risking the full pinbar loss. All in all a 70 pip profit (for risk of 100 pips). I also made 40 pips on EURCHF pinbar at weekend. My results so far since starting demo have been brilliant- but the reality check will probably come soon!!! I will not get carried away- am going to demo and learn from the forum for 6 months before contemplating real money.
  • #80,705
  • Nov 23, 2010 4:51pm Nov 23, 2010 4:51pm
Quoting mbqb11
Hey C

Since nzd/chf didn't engulf the prior bar to me it is immediatly discounted as per j16. Again that's just how I do it. Overall there isn't the biggest of differences if it was a BEOB> It would be trading back into the BRN of .7500 as opposed to nzd/jpy trading away from its respective BRN. Again all subtle rules of mine that make things worth or not worth trading. Days like today you can find reasons in a lot of correlated pairs. For me its about the consistency of the approach for the days where things don't work out where the bottom falls...
Thank you Mike.. makes sense of another factor - Avoid trading into BRN..
  • #80,706
  • Edited 6:30pm Nov 23, 2010 6:15pm | Edited 6:30pm
NZD/CHF enormous H4 PB off the 365, Monthly PPZ and 0.7500 BRN.

Rather bearish Daily bar that it is going against though, that said, the close of that daily bar is above the daily PPZ.

Any thoughts on this one?


EDIT: I think we are going to have to see a close above this channel on H4 or H1 first.
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  • #80,707
  • Nov 23, 2010 6:34pm Nov 23, 2010 6:34pm
Quoting millions
Mike
Thanks for your comments. I took 1 trade last night on AUDUSD daily. My entry was a sell at 0.9810. I placed my take profit at 0.9740 giving me some leeway above the 2 bar lows at 0.9724. My stop loss was set at 0.9920 above the 2 bar highs prior to the pinbar. This is a refinement from my previous approach of risking the full pinbar loss. All in all a 70 pip profit (for risk of 100 pips). I also made 40 pips on EURCHF pinbar at weekend. My results so far since starting demo have been brilliant- but the reality check will probably come soon!!!...
You are really taking all the right steps and keeping your head on straight. Most are so far off from where you are mentally. 2 posts and they have both had signs of great maturity in trading.

Thanks for sharing Millions

Mike
  • #80,708
  • Nov 23, 2010 7:07pm Nov 23, 2010 7:07pm
Hey Mike,

I just want to say thank you...

Your unselfish guidance...

I JUST MADE 1,034 PIPS THIS WEEK AND THE WEEK AIN'T OVER YET...

an all time high for myself...

AND YEAH, I LOST 60 PIPS TOO AS OF TODAY...

Thank you, thank you!
  • #80,709
  • Nov 23, 2010 7:49pm Nov 23, 2010 7:49pm
Broke out of the channel, let's see what it does around the 0.7600 area as we get closer to the FO & LO.
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  • #80,710
  • Nov 23, 2010 8:27pm Nov 23, 2010 8:27pm
Quoting Pinbar
Broke out of the channel, let's see what it does around the 0.7600 area as we get closer to the FO & LO.
IBFX hasn't got the PB on the H4. Hmmm, strange......................
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  • #80,711
  • Nov 23, 2010 8:29pm Nov 23, 2010 8:29pm
Quoting ertorque
IBFX hasn't got the PB on the H4. Hmmm, strange......................
yeah looks like a bad feed spike
  • #80,712
  • Nov 23, 2010 8:30pm Nov 23, 2010 8:30pm
Quoting Sagad
Hey Mike,

I just want to say thank you...

Your unselfish guidance...

I JUST MADE 1,034 PIPS THIS WEEK AND THE WEEK AIN'T OVER YET...

an all time high for myself...

AND YEAH, I LOST 60 PIPS TOO AS OF TODAY...

Thank you, thank you!
congrats Sagad!, I appreciate the nice words, but it is you that has put the hard work in

Best
Mike
  • #80,713
  • Nov 23, 2010 8:41pm Nov 23, 2010 8:41pm
I'm new to the forum, but not to trading, sadly. Started trading in futures about 3 years ago; demo'd for a few months, thought I had it all figured out, then lost nearly 25K (and that's a HUGE amount for me) over the next year. Did virtually everything wrong - relied solely on indicators, switched systems midstream, overtraded, traded mad, ignored MM, etc. Stopped looking at charts for about a year, too demoralized to even think about trading, but decided to try again about 6 months ago with a small FX account. Promptly lost about 1K - then found this thread. Wow.

I feel like an alcoholic - hi, my name is Dave, and I haven't traded real money in almost three months (Hello, Dave!)

I've read the first couple hundred pages, and the last hundred pages. I think I get most of the concepts J16 is teaching, but I do have a couple of small questions. Please feel free to direct me to posts if these have already been addressed!

What is parity? I'm guessing that it's the 1.0000 level where the two currencies are each worth exactly one of each other, yes?

To trade a BEOB, is it desirable for it to appear at a swing high? And conversely for a BUOB - best at a swing low?

One other question that is not so easily answered as the first two, I think. After my initial experience with trading I vowed I would never "day trade" again. So one of the first things that attracted me to this thread is J16's emphasis on only trading the daily and higher TFs. But with only rare exceptions, the demo trades I've taken using this method have been closed out in a day or less, either because they got stopped out for loss or BE, or they hit FTA and I closed them. Do most of you find that the majority of your trades are short term - a day or less?

Thanks; I'm going to start posting demo trades after Thanksgiving; any advice will be most gratefully received. Enjoy your holidays and let's hope things in the Pacific don't get out of hand!
  • #80,714
  • Nov 23, 2010 9:13pm Nov 23, 2010 9:13pm
Quoting ertorque
IBFX hasn't got the PB on the H4. Hmmm, strange......................

That was the ibfx feed?

I wish someone would have mentioned it earlier.



Could someone kindly post an NZD/CHF H4 chart, please. My live FXDD account does not have this pair.


PS: It is even on the daily chart.... Thought it was too good to be true.
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  • #80,715
  • Nov 23, 2010 9:20pm Nov 23, 2010 9:20pm
Hey Oldice my answers below in bold

Quoting Oldice
I'm new to the forum, but not to trading, sadly....
Welcome to the thread Dave. Sorry to hear about your loss, and sadly it is such a common story that it is scary. Good thing is you have STOPPED LIVE! That is huge. If you can't do it on demo you have no chance live and although you learned the hard way like many out there. Glad to see you taking control of your trading. So welcome
Quote
I've read the first couple hundred pages, and the last hundred pages. I think I get most of the concepts J16 is teaching, but I do have a couple of small questions. Please feel free to direct me to posts if these have already been addressed!

What is parity? I'm guessing that it's the 1.0000 level where the two currencies are each worth exactly one of each other, yes?
Yep you got it.
Quote
To trade a BEOB, is it desirable for it to appear at a swing high? And conversely for a BUOB - best at a swing low?
Yes this is the traditional way. Bars can be traded at all points, but best to get the traditional way teaches before moving onto using these bars as continuations. Ultimately it is the location/story of these bars are our trigger points.
Quote
One other question that is not so easily answered as the first two, I think....
It depends. I have daily bars that close in a few hours, and daily bars that close after weeks. All depends for me and my trade mgmt. So it varies. Same for all timeframes for me.
Quote
Thanks; I'm going to start posting demo trades after Thanksgiving; any advice will be most gratefully received. Enjoy your holidays and let's hope things in the Pacific don't get out of hand!
Happy thanksgiving to you and yours and look forward to your demo posts after that

Best
Mike
  • #80,716
  • Nov 23, 2010 9:27pm Nov 23, 2010 9:27pm
Thank you for the quick reply, Mike; this is the kind of generosity I've seen over and over reading this thread, and I'm truly grateful.

I'm going to try posting a chart as an experiment. Hopefully this will work.

Solid blue lines are PPF off of monthly; dashed are off of weekly, and dotted are off of daily. Am I close?
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  • #80,717
  • Nov 23, 2010 9:31pm Nov 23, 2010 9:31pm
NZD/CHF H4 chart request.


Can someone post an NZD/CHF chart with the open and close of the H4 candle previous to the current one, preferable an IBFX chart feed.

Got to fix this feed with the data.


Thanks in advance
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  • #80,718
  • Nov 23, 2010 9:41pm Nov 23, 2010 9:41pm
OK, forget the chart folks.


I fixed it by re downloading all the data but, and this is really weird, look at the order on the trade I took about an hour ago. It is at 0.75961 even though price was really already at 0.77168.
Yet, it is at a loss of -$6.. weird.
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  • #80,719
  • Nov 23, 2010 10:55pm Nov 23, 2010 10:55pm
Quoting Pinbar
NZD/CHF H4 chart request.


Can someone post an NZD/CHF chart with the open and close of the H4 candle previous to the current one, preferable an IBFX chart feed.

Got to fix this feed with the data.


Thanks in advance
hello, Pinbar. it seems different platform have different chart. i am sorry to see that we have different charts. and here is mine. hope it can give you a few help.
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A chart helps those who can read it.
  • #80,720
  • Nov 23, 2010 11:28pm Nov 23, 2010 11:28pm
Pinbar I've had the same thing happen to me the last few trades also.
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