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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

  • #97,841
  • Jul 4, 2011 6:20pm Jul 4, 2011 6:20pm
Quoting mbqb11
Hey Dean

Welcome

Yep you can use this information on any timeframe. I personally trade weekly down to the 5min(although most are on the 1hr and up). ...
Happy 4th!
Mike
(TOUNGE IN CHEEK) Fractals: They work in anylizing Charts. Right?
So I can J16 right down to the 1 Minute.

Sure you can. Where are you going to set your SL First TP?
I'm guessing somewhere around 3P SL & 10 TP.
That's a Whole lot of Goodbyes to 3P.

Higher TFs are required to offer a buffer against simple Knee jerk reactions.
If you don't know that yet, you will.

*Sorry Mike. didn't mean to interupt. Gotta go. Limo is here.*

B

* Edit
  • #97,842
  • Jul 4, 2011 9:41pm Jul 4, 2011 9:41pm
Here comes the retest.
I can see how, the likes of the seniors here know how price is rather predictable in its actions of, constantly breaking through and then going back to retest its actions, for confirmation. Or rather the human emotion element is driving it to do this. Did I leave that iron on or off? LOL
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  • #97,843
  • Jul 4, 2011 10:01pm Jul 4, 2011 10:01pm
Quoting supremeChaos
it was probably him or someone else who said that.

1.2300.. that area is still holding so far. it would be interesting to see if it breaks later/tomorrow.
i expect to see your buy stop hanging there for some time. after all it's a weekly-based trade u need bagfuls of patience
Thanks SC

Unless, we this retests shows some decent H4 PA, which could possibly get us into the weekly BUEOB early.
  • #97,844
  • Jul 4, 2011 10:20pm Jul 4, 2011 10:20pm
I want to shout from the mountaintop to all my fellow newbies! The veterans of this thread are the prophets of the forex religion. Like the Israel of old you ignore them at your own peril. I came into this business knowing full well that it would not be a get rich quick scheme. I expected 6 months to a year before I even started using real money. I read every book I can get my hands on. Follow as many news sites, financial channels, internet blogs, etc. as I can find. And, still I feel like I'm drinking from the firehose. Now let me tell you why I still believe that I will be one of the 5%-ers.
In 1999 I went back to college to learn computer networking. By devoting 40 hours a week to it, I was able to compress and 18 month program into 12, and got straight A's doing it. I got recruited by the local County I.T. department even before I graduated. I thought I was hot stuff. Then I found out how little I actually knew.
I had this boss who was just positively anal about testing. Everything from service packs to anti-virus updates to simple Windows updates had to be tested for days and even weeks before general implementation. I figured the guy was overly cautious and just needed to set priorities. Not everything was mission critical. Then we got careless. We knew we were moving to a new version of Windows, and it would require us to also update the network client. We decided to begin installing the new network clients so that when we installed the new Windows it would be an upgrade instead of a full installation, thus saving many hundreds of hours work. Things were fine until we started doing the Tax Collectors department. We did the entire department in a single night after business hours. The next morning every single computer in the department crashed. Turns out the new network client fought with their accounting software for a SINGLE MEMORY ADDRESS. Because of this, it corrupted the entire I.P. stack. Long story short, two hours each on 67 computers just to get things back to the way they were. For obvious reasons I'm not saying which county I worked for.
But, here's the point. No matter how overwhelmed and discouraged I get. No matter how many times I have to drink from the firehose, I don't need to learn the lesson of constant planning and testing. I lived it. I just have to be determined and persistent enough to keep going even when it doesn't feel like I'm making progress. And, I have to keep going back and reading what these guys have to say. Because, they've lived it, too.
CAN I GET AN "AMEN"?
"The only way to win the game is not to play." - B. S. Miller
  • #97,845
  • Edited 10:42pm Jul 4, 2011 10:31pm | Edited 10:42pm
Good one CK.

I can relate that to my own former mentality in trading.
I used to see a great setup, then switch time frames and what do you know, my trading memory on the lower TF would battle the PA or PPZ on the higher TF. "Nah, that tiny bit of consolidation on the weekly TF aint going to hold".
Back to the lower TF and the great setup, but wait, what about that consolidation on the weekly just above my entry?

One thing I don't agree with.
I do not see the seniors of this thread as prophets, I see them as even more important.
That being, people helping fellow people with kindness and sincerity.

LOL

Welcome to the thread from another newbie.
  • #97,846
  • Jul 4, 2011 10:59pm Jul 4, 2011 10:59pm
Anyone else take a short on the GbpChf Daily. Appears to be a nice little bearish pin bar at close of the June 4, 2011 bar at the resistance level of 1.3600, which also appears to be confluent with the downtrend.

The pin bar is not A+ by any means however the very strong bearish trend of the pair for the last 11 months or so makes it a tempting trade for me.

Any thoughts?
  • #97,847
  • Jul 4, 2011 11:06pm Jul 4, 2011 11:06pm
Quoting sergiel
Anyone else take a short on the GbpChf Daily. Appears to be a nice little bearish pin bar at close of the June 4, 2011 bar at the resistance level of 1.3600, which also appears to be confluent with the downtrend.

The pin bar is not A+ by any means however the very strong bearish trend of the pair for the last 11 months or so makes it a tempting trade for me.

Any thoughts?

I think you summed it up when you said, a nice "little PB".
Under that nice area of consolidation but, IMHO it looks way too small compared to the previous bullish three bars.
Three bullish or bearish bars in a row is also a J16 continuation signal.
Also, on my feed it has yet to even break.
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  • #97,848
  • Jul 4, 2011 11:56pm Jul 4, 2011 11:56pm
Quoting J.W. Holmes
I like to play "where is price going" using my forex tester software. If you do some searches with the key word "wipg" you will see what J16 does with thise. If you are able to get that program it will help your confidence greatly.

Here is a link, they have a demo if you are interested. The full version is well worth the price.

http://www.forextester.com/

Jacob
Hey Jacob, is it using the real history?
----------------------------- Discipline makes the difference.
  • #97,849
  • Jul 5, 2011 12:01am Jul 5, 2011 12:01am
Quoting CavinK
Hey Jacob, is it using the real history?
Yes it is real history. You can download the free demo and it will give you a month or two of history to try out. It is well worth the price for the full program. I spend just as much time on that as I do on live charts. I know a couple other people on this thread and on the PF use forex tester as well.

Jacob
  • #97,850
  • Edited 1:03am Jul 5, 2011 12:10am | Edited 1:03am
Quoting CavinK
Hey Jacob, is it using the real history?
Here you go, just manually take the files in the TS experts folder and install them into the EXPERTS directory and the TS scripts files go on the SCRIPTS directory.

Have fun.

These are the basic settings you need with the Blue arrows.
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  • #97,851
  • Jul 5, 2011 1:37am Jul 5, 2011 1:37am
Quoting sergiel
Anyone else take a short on the GbpChf Daily. Appears to be a nice little bearish pin bar at close of the June 4, 2011 bar at the resistance level of 1.3600, which also appears to be confluent with the downtrend.

The pin bar is not A+ by any means however the very strong bearish trend of the pair for the last 11 months or so makes it a tempting trade for me.

Any thoughts?
Hi Sergiel

That Pb being very small still provide short opportunity at very good location. The not so so pinbar is rewarded by more space to move downward hence better R:R.

Daily close is just under the resistance and SL above the pin eyes might be the way to go here.
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  • #97,852
  • Jul 5, 2011 1:42am Jul 5, 2011 1:42am
Quoting Pinbar
Here you go, just manually take the files in the TS experts folder and install them into the EXPERTS directory and the TS scripts files go on the SCRIPTS directory.

Have fun.

These are the basic settings you need with the Blue arrows.

Thank you Pinbar and Jacob....it makes me exciting.
----------------------------- Discipline makes the difference.
  • #97,853
  • Jul 5, 2011 1:54am Jul 5, 2011 1:54am
Quoting J.W. Holmes
I like to play "where is price going" using my forex tester software. If you do some searches with the key word "wipg" you will see what J16 does with thise. If you are able to get that program it will help your confidence greatly.

Here is a link, they have a demo if you are interested. The full version is well worth the price.

http://www.forextester.com/

Jacob
That is a great website/software Jacob.Thanks for sharing.
I looked at some of the demos. Is there anyway to look all the historical data ( so we can practice drawing SRs and Fibs) and then test one candle at a time to see where price is going? It will ideal to set parameters so
1. I can look at historical data/candles ( for timeframe I choose, preferably daily) before any date in the history.
2. Draw SRs
3. Then go forward one candle at a time guessing where it is going :-)

do you know if that is doable?

Appreciate your comments and you sharing the info.

cheers
  • #97,854
  • Jul 5, 2011 2:28am Jul 5, 2011 2:28am
Quoting Imphilomath
That is a great website/software Jacob.Thanks for sharing.
I looked at some of the demos. Is there anyway to look all the historical data ( so we can practice drawing SRs and Fibs) and then test one candle at a time to see where price is going? It will ideal to set parameters so
1. I can look at historical data/candles ( for timeframe I choose, preferably daily) before any date in the history.
2. Draw SRs
3. Then go forward one candle at a time guessing where it is going :-)

do you know if that is doable?

Appreciate your comments and you sharing...
Yeah, grab the program I just uploaded and you are set to go.
  • #97,855
  • Jul 5, 2011 2:29am Jul 5, 2011 2:29am
Quoting Greenhaze
Hi Sergiel

That Pb being very small still provide short opportunity at very good location. The not so so pinbar is rewarded by more space to move downward hence better R:R.

Daily close is just under the resistance and SL above the pin eyes might be the way to go here.

Now that worked out quickly. Retrace to the PB low before any/if continuation is fully expected but with small profits banked, loss on that is almost impossible now. Cheers! Location > Bar
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  • #97,856
  • Jul 5, 2011 2:44am Jul 5, 2011 2:44am
EJ, FTB 365 EMA, 50 fibo confluence, top of the consolidation box & 117.500 rn.
Only problem is the massive weekly bullish bar.
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  • #97,857
  • Jul 5, 2011 4:02am Jul 5, 2011 4:02am
Quoting Greenhaze
Now that worked out quickly. Retrace to the PB low before any/if continuation is fully expected but with small profits banked, loss on that is almost impossible now. Cheers! Location > Bar
nice job, i missed that one. I got short on a usd chf four hour bearish engulfing, am up over 30pips, 50% profits taken rest moved to BE
  • #97,858
  • Jul 5, 2011 4:13am Jul 5, 2011 4:13am
Quoting Bemac
Fiji. The FF Gap.

Fijitrader of the PF has been on my mind a lot lately and I just realized that he (or someone very much like him) is a major Gap here at FF.

Mike said:
"it's what you do between the good ones that usually will determine ones success or failure"
Adilius07 replied:
"Hi Mike, yes. So maybe the answer to my struggle is just NOT taking the crappy trades in between those A+ setups..."

I would like to add that either a very good memory or a journal {doesn't have to be web based} is the answer.
You see, you will be very ineffecient...
Hello Bemac.

Interesting and very wise comments (as usual).

May I ask:

1. What would you consider your best (most preferred) set ups and timeframe?

2. Why do you think P.C. had so much success with the one hour dib concept? Some stop losses would have been within a few pips if one followed this method???

What would be an average stop loss for you (e.g. average number of pips).

Just curious and thank you if you respond.

KR
  • #97,859
  • Jul 5, 2011 4:43am Jul 5, 2011 4:43am
wait for pa
but FTA is close and could be H&S..
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  • #97,860
  • Jul 5, 2011 6:59am Jul 5, 2011 6:59am
Quoting Greenhaze
Hi Sergiel

That Pb being very small still provide short opportunity at very good location. The not so so pinbar is rewarded by more space to move downward hence better R:R.

Daily close is just under the resistance and SL above the pin eyes might be the way to go here.
I have an order on this one as the location I had drawn already as a weekly PPZ on my chart - I would have considered a touch trade from this location but a so-so pin bar will do. Haven't been triggered yet as my entry (1.3650) is quite aggressive - may not get triggered at all
Anything can happen.
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