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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

  • #96,281
  • Jun 9, 2011 6:47pm Jun 9, 2011 6:47pm
Quoting boubafx
Hello, one thing i would like understand

if on each trade our risk is 1% risk and 2:1 ratio

if we do this on m15 charts we could get one or several winners in the day.

For each winner, our account is 2% up.

Now if we do this on daily, we need more than 1 day to have a winner and the profit in our account is also only 2%

so we must make more money with the m15 time frame than with the daily ????

Can we conclude that a sucess trader will win much more on low time frame than high time frame with the same method

Thanks for your answers...
Hey Bouba

Abstractly on paper this sounds fantastic, but then when it comes down to the reality this is very difficult to do(meaning extrapolate out based in theory).

If I could go back and do it all over I would really stress to myself to learn to trade right and let my method dictate the profits when that happens. Start with building a proper foundation(learning to trade on daily/weekly with RIFLE shots through demo as per the j16 min req.) and then let things fall into place. You may find this is the case for you, no one can tell you differently but it's all easier said then done.

I hope that makes sense and keep at it
MIke
  • #96,282
  • Jun 9, 2011 6:50pm Jun 9, 2011 6:50pm
Quoting mbqb11
Hey JPD

Welcome to the thread bud

Can you be a bit more specific on which setup you are referring too on that chart so I can help

Thanks
Mike
I tried to state it in the post. It's the price action setup with matching highs or matching lows, and then a lower close or high close respectively on the second bar. I think james16 used DHLC and DLHC? I don't know the lingo yet!

Thanks in advance.
Found a way to detect where the market will turn.
  • #96,283
  • Jun 9, 2011 6:50pm Jun 9, 2011 6:50pm
I've been reading this thread a lot and decided to chime in and start to practice. At first with pinbars, because they are easy to spot. Here are two charts for today, that I'm looking to get into. Could someone shine some light on these two and maybe give me some idea what to look out for?
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  • #96,284
  • Jun 9, 2011 7:25pm Jun 9, 2011 7:25pm
Quoting mbqb11
Hey Bouba

Abstractly on paper this sounds fantastic, but then when it comes down to the reality this is very difficult to do(meaning extrapolate out based in theory).

If I could go back and do it all over I would really stress to myself to learn to trade right and let my method dictate the profits when that happens. Start with building a proper foundation(learning to trade on daily/weekly with RIFLE shots through demo as per the j16 min req.) and then let things fall into place. You may find this is the case for you, no one can tell you differently...
Couple of comments.
The Prize or the Task?
Every single one of us, at some point, figured that "If I can do this 10 Times a Day... A Year is all I need."

CALL OUT.
Any 10+ Vouch Members here that want to announce that the 'Primarily IntraDay Trade'

Statistics & Numbers is what we deal with and analyze moment by moment.
Account Balances are a different animal.

I used to play F1 (Racing) Trading. It will make you Old before your Time & will (probably) reduce your stake if it doesn't completely remove it from the game.
PLEASE! excercise caution in TF's less than 4 Hr.
We want ALL to succeed. Not only J16 Members.

Ughhh Duhhh....
Why else would we post here?
It sure aint for a share of the Fee.
The Fee doesn't even cover the Website Costs.
It just happens to be a group of guys&gals that get a kick out of adding to the Growth of All.
That's it.

B

ps. Mike is gonna give me $#it for this because the J16 Group don't do Hard Sell tactics. Jim might even catch this & then Me but I'm not changing a word! Until they tell me to.
  • #96,285
  • Jun 9, 2011 8:05pm Jun 9, 2011 8:05pm
Quoting jpdwilson
I tried to state it in the post. It's the price action setup with matching highs or matching lows, and then a lower close or high close respectively on the second bar. I think james16 used DHLC and DLHC? I don't know the lingo yet!

Thanks in advance.
Hey JPD

Sorry I see a lot of arrows on your chart so I wasn't sure which bar setup you were referring to to know if it was correct or not

Here are some examples of DBHLC

For a DBHLC we need matching highs(or multiple close to matching) and a close LOWER then the previous bars low
For a DBLHC we need matching lows and the close to be higher then the previous bars high.

Hope this helps if you need more examples let me know
Mike
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  • #96,286
  • Jun 9, 2011 8:19pm Jun 9, 2011 8:19pm
Quoting Tamiil
I've been reading this thread a lot and decided to chime in and start to practice. At first with pinbars, because they are easy to spot. Here are two charts for today, that I'm looking to get into. Could someone shine some light on these two and maybe give me some idea what to look out for?
Hey Tamiil

Welcome to the thread

I stuck some comments on your chart

Hopefully they help , if not let me know

Best
Mike
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  • #96,287
  • Jun 9, 2011 8:53pm Jun 9, 2011 8:53pm
Could you help to analyze this AUDNZD weekly chart? it formed a PB at swing low / 1.31 PPZ area last week, must be some reason for the sharp down trend this week.
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----------------------------- Discipline makes the difference.
  • #96,288
  • Jun 9, 2011 8:57pm Jun 9, 2011 8:57pm
I'd never give you sh%* for being real

Quoting Bemac
Couple of comments.
The Prize or the Task?
Every single one of us, at some point, figured that "If I can do this 10 Times a Day... A Year is all I need."

CALL OUT.
Any 10+ Vouch Members here that want to announce that the 'Primarily IntraDay Trade'

Statistics & Numbers is what we deal with and analyze moment by moment.
Account Balances are a different animal.

I used to play F1 (Racing) Trading. It will make you Old before your Time & will (probably) reduce your stake if it doesn't completely remove it from the game.
PLEASE! excercise caution...
  • #96,289
  • Jun 9, 2011 9:22pm Jun 9, 2011 9:22pm
Quoting mbqb11
I'd never give you sh%* for being real
Thanks Mike.
Gotta admit I was a little concerned there but still feel the same.

I like being a part of "The Movement."


B
  • #96,290
  • Jun 9, 2011 9:44pm Jun 9, 2011 9:44pm
Quoting jarroo
Great one AD . .


Sorry I need to catch up on this fast moving thread . .

Eur/Gbp Daily BEOB . Swing High and Nice size. Targets previous bars Highs and Lows (in blue). . .targets hits nicely . .

James16 Classic


Jim
The marked line on the weekly was enough to keep me out, did I miss something?
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" I can read the left side of the chart, the right side's a Bitch!
  • #96,291
  • Jun 9, 2011 9:44pm Jun 9, 2011 9:44pm
Quoting CavinK
Could you help to analyze this AUDNZD weekly chart? it formed a PB at swing low / 1.31 PPZ area last week, must be some reason for the sharp down trend this week.

Hey Calvin

See if this helps you

http://www.forexfactory.com/showthre...57#post4671257

Best
Mike
  • #96,292
  • Jun 9, 2011 9:52pm Jun 9, 2011 9:52pm
Quoting mbqb11
Hey Calvin

See if this helps you

http://www.forexfactory.com/showthre...57#post4671257

Best
Mike
Thank you Mike, I missed that discussion, now the lesson learnt here would be that if a pinbar hip seated on a S/R, it will be too risky.
----------------------------- Discipline makes the difference.
  • #96,293
  • Edited 11:34pm Jun 9, 2011 11:13pm | Edited 11:34pm
Quoting CavinK
..now the lesson learnt here would be that if a pinbar is seated on a S/R, it will be too risky.
hello CavinK,
that's not how straightforward it is.
a PB at an S/R can be a great trade setup to take.
it's just that this particular PB is overall not looking good & situated well.

there are a lot of factors to consider:
PB size
trend
the way it formed/closed on/near an S/R
among others

u well learn more about the intricacies as u read further


here's another view on the audnzd. hope it helps
Quoting supremeChaos
....
i agree that weekly trend is bullish, but immediate trend (May2011 onwards) on Daily & below is bearish IMHO.
also that pinbar is not good looking, & small. plus it's just below a PPZ (1.3180 - 1.32). it's kind of like u are 7 foot tall & the ceiling is 7feet 3inches. almost headbanging close, lol
imho, this is more likely to fall than rise... probably towards 1.24 - 1.29
Quoting poncho1
The marked line on the weekly was enough to keep me out, did I miss something?
maybe not.
maybe u are a weekly-only trader & or the trade didnt fit your risk profile.
  • #96,294
  • Jun 9, 2011 11:40pm Jun 9, 2011 11:40pm
Quoting mbqb11
Hey Tamiil

Welcome to the thread

I stuck some comments on your chart

Hopefully they help , if not let me know

Best
Mike
Thanks, it did help. I need to be pickier taking my trades. I thought I had after reading this thread, going from newbie's favorite intraday to sometimes a day per month on one currency. I still have a ways to go.

For the record I did manually backtest eurusd from 2000 to 2010. Taking every pinbar that stuck out even a little, even the counter trend ones and using solely pivots. The result was about 2000 pips in profit. However, there were two unprofitable years and in those if I started comparing the worst months to other currencies, I found out that they weren't too good either. So even though you'd end up profitable, there's gonna be months were things look way too grim when adding all the currencies together and maybe even wipe out your account. That's why cherry picking is important, making trades you are sure about.
  • #96,295
  • Jun 9, 2011 11:58pm Jun 9, 2011 11:58pm
Hey Jarroo

Good to see you around, my friend.

Has your thread over at the PF surpassed 1000 posts yet?

I am sure it has & good for you.
  • #96,296
  • Jun 10, 2011 12:06am Jun 10, 2011 12:06am
Quoting supremeChaos
hello CavinK,
that's not how straightforward it is.
a PB at an S/R can be a great trade setup to take.
it's just that this particular PB is overall not looking good & situated well.

there are a lot of factors to consider:
PB size
trend
the way it formed/closed on/near an S/R
among others

u well learn more about the intricacies as u read further


here's another view on the audnzd. hope it helps


maybe not.
maybe u are a weekly-only trader & or the trade didnt fit your risk profile.
Thank you Chaos for your coaching, definitely I need more study on that.
----------------------------- Discipline makes the difference.
  • #96,297
  • Jun 10, 2011 12:23am Jun 10, 2011 12:23am
I can see that everybody is trading really well and I keep to my nzd/usd breakout (?) trade
As it looks going not exactly my way I reduce the risk to 50%,

Peter
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Jesus Christ is my only Lord !
  • #96,298
  • Jun 10, 2011 12:48am Jun 10, 2011 12:48am
Quoting Pinbar
Hey Jarroo

Good to see you around, my friend.

Has your thread over at the PF surpassed 1000 posts yet?

I am sure it has & good for you.

Hey Steve . .good to see you too. .


lol . .Not yet at 1000 posts . . but they're moving pretty quick . .

Just good old Support and Resistance levels once PBT&CAorB . . .HCR/LCS . .trade management . .etc ..

Its alot of fun . .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #96,299
  • Jun 10, 2011 1:04am Jun 10, 2011 1:04am
I have nothing against what is obviously a successful trading method, but for those dealing with the trainer 'FijiTrader' you need to be aware of the following ...
http://www.paclii.org//cgi-bin/disp....?query=bamlett
http://www.paclii.org//cgi-bin/disp....?query=bamlett
http://www.paclii.org//cgi-bin/disp....?query=bamlett
http://www.paclii.org//cgi-bin/disp....?query=bamlett
  • #96,300
  • Jun 10, 2011 1:12am Jun 10, 2011 1:12am
Quoting hipcio
I can see that everybody is trading really well and I keep to my nzd/usd breakout (?) trade
As it looks going not exactly my way I reduce the risk to 50%,

Peter

Hi hipcio,

any other reasons to entry Long for this currency coz only the breakout of the line

in my view there are 3 negative divergence for this NU
1. Monthly TF
2. Weekly TF
3. Daily TF

and on the 240 Hr TF State 3 IB's (inside one bar) look like reversal to be in progress...

Cheers
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