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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

  • #99,061
  • Jul 21, 2011 3:49pm Jul 21, 2011 3:49pm
Quoting Kalin Tsenko
Hey, everybody,

I added an indicator to my Mt4 platform. I didn't like the signals that it gave me, so I removed it. But with removing this indicator, somehow my levels were deleted also. These were a year and a half worth of work to put these levels on. My backup file is no longer available, so I'm in pretty big trouble right now. Is there any other way to Undo that? Thank you.

Probably it is not relevant anymore, anyway, I just got an idea how to recover the removed objects - a kind of hacking - it is based on a fact that MT4 saves changes only when we exit MT4 using "normal" way. But if power supply of PC will be suddenly turned off, in this case MT4 will not have a chance to save the new data (with removed objects), so it is possible that the old graphical objects will appear after that. Of'course, I cannot guarantee that it will work. And if MT4 was already restarted then this way will not help.
Also, this way might be harmful for hard disk (do it on your own risk and only if it worth it), so need to close ALL open applications (except MT4) before switching off the power of computer (hard disk should not be used by any program at that time).
  • #99,062
  • Jul 21, 2011 4:24pm Jul 21, 2011 4:24pm
Thanks guys for you're concerns. I knew that there's no way to do this, but... you know - hope dies last. Anyway, I figured, that if all the "experts' " analysis are based on previous OHLC's, than maybe applying all the OHLC's from the monthly and weekly charts to the 5min chart, maybe things will work-out just fine. Probably I won't have all the levels I used to have and probably I'll have a lot that I didn't, but I'll just add some more as I go. To tell you the truth it took me 6hours to add all the OHLCs from the monthly chart to the 5min chart and things look even better, than I expected. :nerd: I have done this once more on the USD/CHF chart and things were working grate... Before the pair went to all time lows... Thanks again for the efforts to answer to my question. I hope you guys had a ball trading today and good luck tomorrow... C ya!
  • #99,063
  • Jul 21, 2011 4:36pm Jul 21, 2011 4:36pm
No trades for me today.. flat for the day..
Trading is a test match not a Twenty20.
  • #99,064
  • Jul 21, 2011 4:47pm Jul 21, 2011 4:47pm
Quoting decentchap
No trades for me today.. flat for the day..
same here, im still in on a short USD/CHF from 0.8242
  • #99,065
  • Jul 21, 2011 6:32pm Jul 21, 2011 6:32pm
Quoting Sgrb1
SG

Edit:
And I think a large part of 'knowing' when to let them run is based on how much confidence you have in the setup - which I believe comes with experience..
I believe that all posts have been very relevant to the subtopic at hand of smaller R returns, but this one hits the nail on the head. I don't know about everyone here, but I have to have a VERY SERIOUS story in order to take a .1 or .2 R trade. It is not that we are not willing to take them, but doing so requires a mindset that only takes the best probability trades, AND also evaluates quickly how the trade is progressing to evaluate moving the SL down.


Something else (mainly directed towards Aidilius due to his recent questions about %R) is how often do trades return much more than .1 or .2 R? I have not had any even clost to .2%R so far this month. I have taken 4 trades. One was a BE, and if I had not strayed from my plan it would have been a 1.5 R gain. The other 3 were varying %R return trades. One was .6, one was 1R and the other was 3R. That works out to an avg of 1.15 R per trade taken (including the BE at BE). I moved my stops on ALL of these trades as well. On two of the trades I moved the stop to within 10 pips (or less) of a reversal point. It is an average of all trades that we are looking to accomplish. I cannot say with 100% certainty, but I have not seen too many trades where Mike has gone with .1 and .2 %R trades recently either. If he did I cannot imagine they would not be considered his bread and butter. They CAN be taken successfully, but .1-.2%R is awfully close to a FTA, isn't it? Are you willing to take a full bar loss on a trade that is that close to a FTA? If you have been doing so that is something that you may want to think about. Remember it is not about trading, but instead trading the best.

Ryan
  • #99,066
  • Jul 21, 2011 6:34pm Jul 21, 2011 6:34pm
Quoting mbqb11
Adi

You are still thinking about things in only one way which is

Full bar loss, or small win

Why do you HAVE to take profit at the FTA? Why can't you use that information. Why do you HAVE to take a full bar loss|


Let that soak in my friend
Mike
Just hit this post and I could not agree more. Mike (as usual ) said what I was trying to get accross in fewer words.

Ryan
  • #99,067
  • Jul 21, 2011 6:43pm Jul 21, 2011 6:43pm
Quoting featurelion
Please comments on this.Thanks
Sohail Riaz
hey Sohail

This would be a BUOB at a swing high, remember we want these at swing lows. Now of course you can play them at swing highs, but it is my belief to learn them the traditional way james teaches them at first. I do like the size, but here is what you have to watch out for(see chart)

Hope that helps
Mike
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  • #99,068
  • Jul 21, 2011 6:44pm Jul 21, 2011 6:44pm
Quoting deankenny21
same here, im still in on a short USD/CHF from 0.8242
Are you still in the trade? - i saw a hugh wick on my feed - fxpro.
Attached Image (click to enlarge)
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Trading is a test match not a Twenty20.
  • #99,069
  • Jul 21, 2011 6:45pm Jul 21, 2011 6:45pm
Quoting mbqb11
hey Sohail

This would be a BUOB at a swing high, remember we want these at swing lows. Now of course you can play them at swing highs, but it is my belief to learn them the traditional way james teaches them at first. I do like the size, but here is what you have to watch out for(see chart)

Hope that helps
Mike


Gahhhhh!!!!!!! Damnit Mike stop being quicker than me... See post below...
  • #99,070
  • Jul 21, 2011 6:46pm Jul 21, 2011 6:46pm
Quoting featurelion
Please comments on this.Thanks
Sohail Riaz

http://www.forexfactory.com/attachme...3&d=1311258070
Been a bit lazy here today and as such my comment will not carry as much weight because I cannot say it to be put into forward testing. I was not going to say anything, but then I was looking at the chart and the exact area that I was wondering about turned out to be something to be mindful of in the future on trades like this. It is that bar low that is to very left of your chart. I try to be mindful of those. I am not saing that I would not take this trade, but I would very strongly consider how much risk I want on the table when it hits points like that. my chart below.

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  • #99,071
  • Jul 21, 2011 6:51pm Jul 21, 2011 6:51pm
Quoting gungriffin
Gahhhhh!!!!!!! Damnit Mike stop being quicker than me... See post below...


It's great when it gets reiterated, it shows people this isn't just blind pointing and clicking

Keep on keeping on brotha

Mike
  • #99,072
  • Jul 21, 2011 6:57pm Jul 21, 2011 6:57pm
Quoting Mrgreener
Hi Ghous,

What setup would you recommend to learn first off, trading off pinbars?

Regards
Steve
Mrgreener,

I am merely a beginner myself but let me try to answer you here.
Most beginners here first learn to identify ppz - than look for pin bar and engulfing bar setups.
As you learn those - emphasise on building a framework of rules to suit your style. Once you are consistant and build some confidence, you can work on improving your trade management and learn other setups.
You may find soon that trade managment and exits are key parts of any trading style.
Trading is a test match not a Twenty20.
  • #99,073
  • Jul 21, 2011 7:16pm Jul 21, 2011 7:16pm
Quoting Panthera
Hi guys, could you please help me out?
I can not figure out why this trade did not work?
Did I miss something? I saw it as a very good setup....and thought will go till my FTA!
Thanks
Monika

http://www.forexfactory.com/attachme...6&d=1311261523
Hey there Monika. This would be something of a traffic issue I would say as my main point. The other thing that I would say is that I am not sure how long you have been forward testing the J16 method, but this most definitely is not a swing low. That is one of the core tenants of the J16 basic method. Once people become proficent at the method then it can be expanded apon, but after years of practicing the method I can honestly say that my favorite trades are the ones at swing lows. I grade most all of my trades with a letter grade. This one immediately would get one letter deduction for not at swing low and one more for traffic. I will not play with bars that get below a B grade. Why do I do this? Because there are too many A- to A+ bars to trade to put good money at bad probability trades.

Here is my chart exactly as I have it. Intesting thing is that the line that I did not extend looks to be at a very interesting point for the day I wanted to place my chart up untouched so that you can see why the trade did not do exactly what you were thinking it would. Now that this trendline has held I will pull it over further and keep a much more mindful eye on it in the future.

Orig. Daily:
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Orig. 4HR (It is more visible as a S/R area on the 4HR):
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My new 4HR (I have started to color coordinate my trendlines to the TF that they originate from):
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Here is sort of how I think about trading with regards to bar quality. I keep about 35 pairs on my MT4 account at the moment. About 30 are ones that I would say have a good spread based on volatility. About 20 trend better than the original 35 and about 5-6 stay on my watch list for possibilies due to factors that I find favorable at the moment and usually there are 1-2 that I keep an eye on the 4HR time horizon due to factors that I have seen in the past that have worked well on the lower TF.

Just thing about the maths on this one.
If we stick to dailies only:
(35 charts)*(about 240 trade days a year)= 8400 bars produced

How many good bars do you feel you could find in 8400 bars? My guess is that we could EASILY find 12. That would average about 1 a month.

Do you think if you learned (with time and practice) to play only the absolute best 12 PA bars (out of 8400) a year you could be happy with the results of those 12 trades? I don't know the answer that you would give, but I believe it is very possible the answer is yes. That means that we are looking for the best .001% of the bars to trade. That is one thousandth of one percent of bars. Just a different way to think about it.

Ryan
  • #99,074
  • Jul 21, 2011 7:20pm Jul 21, 2011 7:20pm
Hey, just thought I'd stop in. I don't come here often, but I've been demoing my daily J16 strategy for the past 6 months. I've only allowed myself to log in once a day to prevent myself from messing with the trades i pick. (sometimes I login after 6 or 18 hours to tighten my stop though.)

It's worked quite well for me.

3 trades so far this month, all winners. USD/CAD pinbar was my favorite, took 1/2 at first target (bottom red line), the rest was stopped at b/e. (middle red line). Missed on some profit, but didn't lose anything, so I'm happy.

Am up a lot in the past couple months, but since I've let it go to my head in the past I'm going to stay on demo for the rest of the year till i've got it solidly.
So just a hat tip to the crew for the help
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  • #99,075
  • Jul 21, 2011 7:26pm Jul 21, 2011 7:26pm
Quoting mbqb11


It's great when it gets reiterated, it shows people this isn't just blind pointing and clicking

Keep on keeping on brotha

Mike
Ha ha I can definitely agree with that. Nothing like confluence in the forums to reiterate a point I loved it when I first started because it drove the point home that much harder and interestingly I still love it- because it helps my mind to reiterate the point that much more. I love this place.

Ryan
  • #99,076
  • Jul 21, 2011 7:28pm Jul 21, 2011 7:28pm
Quoting PenguinTrade
Hey, just thought I'd stop in. I don't come here often, but I've been demoing my daily J16 strategy for the past 6 months. I've only allowed myself to log in once a day to prevent myself from messing with the trades i pick. (sometimes I login after 6 or 18 hours to tighten my stop though.)

It's worked quite well for me.

3 trades so far this month, all winners. USD/CAD pinbar was my favorite, took 1/2 at first target (bottom red line), the rest was stopped at b/e. (middle red line). Missed on some profit, but didn't lose anything, so I'm happy....

Glad to hear that things are going so well. Keep on keepin' on! We would love to see you here a bit more too, but none the less glad to hear that things are going well for you.

Ryan.
  • #99,077
  • Jul 21, 2011 9:25pm Jul 21, 2011 9:25pm
Quoting decentchap
Are you still in the trade? - i saw a hugh wick on my feed - fxpro.
oh my!!!!! your right, luckily my trade was done on my live account at alpari uk, where this wick is not seen, see below first pic is my fxpro feed which i use for J16 trades. The second pic is my alpari uk feed both m15 like you posted, im tempted to contact fxpro and ask where that wick come from, looks extremely abnormal, anyone else have any input on this ghost wick as i would call it.

http://i53.tinypic.com/30bgx06.jpg

http://i54.tinypic.com/24l2dj9.jpg
  • #99,078
  • Jul 21, 2011 10:29pm Jul 21, 2011 10:29pm
Area of Interest:

E/J Daily
113.50 PPZ
50% FIB

http://img88.imageshack.us/img88/3536/82962839.gif
  • #99,079
  • Jul 21, 2011 10:52pm Jul 21, 2011 10:52pm
Quoting gungriffin
Ha ha I can definitely agree with that. Nothing like confluence in the forums to reiterate a point I loved it when I first started because it drove the point home that much harder and interestingly I still love it- because it helps my mind to reiterate the point that much more. I love this place.

Ryan
I think i was just reitter... rietr... rie etr...
f me. I think i was just done over.

said the actress to the sailor.

B
  • #99,080
  • Edited 12:31am Jul 22, 2011 12:16am | Edited 12:31am
Quoting Mrgreener
Hi Ghous,

What setup would you recommend to learn first off, trading off pinbars?

Regards
Steve
Following Mike like the rats follow the pied piper. Except that I am sure he won't lure you into jumping off the cliff. He'll lead you where few can get to.

The idea is to keep following the basics religiously till you really master them...and by really I mean really. It's not that Pin bars need to be mastered before outside bars or some other order. The idea is to be really picky with your setups. If you nail down your locations well outside bars will rock for you as much as pin bars and other PA setups.

Trust me.
I believe . . .
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