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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

  • #101,781
  • Sep 15, 2011 8:58am Sep 15, 2011 8:58am
Quoting nonethewisa
I was in since the formation of the PB on Monday and had been tempted several times to bail out...thankfully i didnt and now have a few more pennies to count It just goes to show that patience can pay in the end.

NTW
Eurjpy had about the same kind of behavior to eurusd..and i bailed out early taking 120 pip loss.

LESSON LEARNT!
  • #101,782
  • Sep 15, 2011 9:18am Sep 15, 2011 9:18am
Quoting fascist
Eurjpy had about the same kind of behavior to eurusd..and i bailed out early taking 120 pip loss.

LESSON LEARNT!
When it was going against me, and I was theoretically down 90 pips, i was seriously tempted to pre-empt my S/L and bail just like i have done too often in the past and i was determined that this time i was going to trust the placing of my S/L and also trust what i had learnt....and it worked

NTW
No more DOH! trades
  • #101,783
  • Sep 15, 2011 9:38am Sep 15, 2011 9:38am
Hi,

Trying to figure this stuff out. Can someone please take a look at the chart & comments within. Does that make sense? What about the two light blue S/R lines? Are they both there, or just one there? The chart seems to get a bit crowded with all those lines.

Thanks,
dkc
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  • #101,784
  • Sep 15, 2011 10:03am Sep 15, 2011 10:03am
Quoting mbqb11
Hey Stoch

We try to help out here as much as possible, don't be shy to ask questions. After reading the first 2-300 pages one should have a better idea of what we do. A lot of the posts in this thread can be skipped(by the nature of any public thread) I do worry that you are putting a lot of pressure on yourself by saying it has to be done in 12 months. Not that it can't be but for most this won't be the case. For most this is for sure a multiple year commitment.
Take care
Mike
Thanks for a your reply Mike, much appreciated, I'll keep on with the thread for sure.

Personal circumstances, as I guess with many people, are what is bringing pressure to bear, basically in 12/18 months time my current income will take a substantial hit.

I don't have any great expectations of being fully proficient in the art of trading within the next 12 months but hopefully, with the help of the J16 group, I'll be a lot closer. I've already committed 8/10 hours a day five days a week for the last nine months, and plan to continue in this vein, so in 12 months time I will be closer to the multiple year commitment that you mention.

I should mention that already, after having read the first few pages of the thread, I have moved to longer time frames which has increased my ability to pick out winning trades more consistently, not to mention the fact that PA makes a LOT more sense to me, incredibly all thanks to the first 7 pages of the thread, how I wish that I'd started at the thread nine months ago!!!

Anyway, once again I would like to absolutely and sincerely thank you for your help and five year - and still going - commitment to this thread and for helping noob traders through the trading minefield, you're a star Mike
  • #101,785
  • Sep 15, 2011 10:11am Sep 15, 2011 10:11am
Quoting dropkick-cat
Hi,

Trying to figure this stuff out. Can someone please take a look at the chart & comments within. Does that make sense? What about the two light blue S/R lines? Are they both there, or just one there? The chart seems to get a bit crowded with all those lines.

Thanks,
dkc
Hey DKC

Welcome to the thread

My comments would be, for your two BEOBs you have marked, I wouldn't really call them BEOBs. We want to see the closes near the bottom portion of the bars, they are a bit high up gives them a funky look. Also that last pinbar has a huge nose which alone in this case makes it a pretty strong sign we are going higher.

For you s/r lines, remember the PPZ, are Price pivot ZONES. So often times these levels are zones rather then a specific line on a chart. We have both major and minor ppzs, and when starting out I always say stick to the most obvious ones.

Here are some posts to help you out from James
http://www.forexfactory.com/showthre...16#post2252116

You are off to a good start
Mike
  • #101,786
  • Sep 15, 2011 10:38am Sep 15, 2011 10:38am
Thank you Mike! Those are very instructive charts.

So glad I came across this forum/thread. The first post alone has been a major learning experience for me. Threw every indicator littering my charts off immediately and stopped looking at M15 and the like.

Thanks again,
dkc
  • #101,787
  • Sep 15, 2011 10:39am Sep 15, 2011 10:39am
This is a trade a took on 4 hour TF, in IBFX and the same PB is shown on FXPRO.
Any comment is most welcome
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  • #101,788
  • Sep 15, 2011 11:22am Sep 15, 2011 11:22am
Quoting Edonya
This is a trade a took on 4 hour TF, in IBFX and the same PB is shown on FXPRO.
Any comment is most welcome
Folks were discussing this a few posts back. That 4hr pin turned into more-or-less a doji on daily. Location was nice though.
When the going gets weird, the weird turn pro.
  • #101,789
  • Sep 15, 2011 11:50am Sep 15, 2011 11:50am
How do seniors in this thread manage their exits? I understand SL's are placed above-below the signal bars. What about TP's? I am sure it has been discussed over and over but kinda getting lost through the pages. Much appreciated.
  • #101,790
  • Sep 15, 2011 12:01pm Sep 15, 2011 12:01pm
eur/jpy finally on the move!
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  • #101,791
  • Sep 15, 2011 12:57pm Sep 15, 2011 12:57pm
Quoting The7
How do seniors in this thread manage their exits? I understand SL's are placed above-below the signal bars. What about TP's? I am sure it has been discussed over and over but kinda getting lost through the pages. Much appreciated.
My undestanding is that a lot of ppl take PPZ. I on the other side am starting to employ a strategy where for example if I was long, I wait for a lower low wick or a PA reversal signal.
  • #101,792
  • Sep 15, 2011 2:52pm Sep 15, 2011 2:52pm
Quoting BigJay
nice cable setup on daily TF. a pinbar on the 1.57500 level with trendline break. First big resistance at the 1.59 + 23.6 fibo area and second on 1.6050 + 38.2 fibo (they are approx the same) and i think the 365 will be close too to this level.

I would just say to be careful there big guy. That downward TL is awfully curve fitted. In addition to that I would just throw out there that is not a pin and even if you consider it a pseudo pin that it is not very well formed. While it may have worked out in this instance you may find out taking bars like this will not be conducive to long term profitability.

Ryan
  • #101,793
  • Sep 15, 2011 3:27pm Sep 15, 2011 3:27pm
Quoting fascist
Guys, just thought I did a rant over here.. i entered EURUSD on the break of the first pin bar and got stopped out. Look at where it is headed now! Attachment

Now i think i rather place my stops at the end of the bar rather then conservatively. No rewards for being conservative since most of the bars i manage to trade usually end up in success.
Not sure that I understand you though process on this....

Not placing stops below the bars is not at all conservative. It is the exact opposite. These are agressive plays and should only be practiced after becoming proficent with the base system (the method you speak about going back to). I have been working this system for quite a while and still more often than not place stops below (or above) bars. It is only when it is very very obvious that I move my stops into the bar. This would not have been one of those situations. Just remember that the only bad experiences are the ones where nothing is learned.

Ryan
  • #101,794
  • Edited 4:37pm Sep 15, 2011 3:42pm | Edited 4:37pm
Quoting stochman
In relation to your last answer to me of whether I should (attempt) to read completely the free thread or join the James16 group I have to say that I'm in a bit of a quandry.

As I am currently working from home I have the luxury of being able to commit heaps of time to my trading, or should I say learning experience, however my current occupation, and therefore earning capacity, is time limited to about the next 12 months, by that point in time I would like to be/need to be in a position whereby I am trading consistently profitably.

This being...
DO NOT PLAN ON BEING PROFITABLE IN 12 MONTHS.

I don't want to be a downer, but I am going to be realistic. If you are planning on relying/needing trading for an income in the next 12 months- DON'T. Just by your very need to make money you are causing conflict for trading. It is not something that you can force, and that is exactly what you are saying you must do. By placing constraints on your trading it will inevitably cause you to make exceptions for profitability (that will lead you to the exact opposite- loss). You can head down whatever path you want and we will always be here to help. We are always more than happy to help with answering questions, but it will not be just time invested that will make you profitable. You have to have the whole package and that takes time. How much? Who knows... It just depends on the individual.

Ryan
  • #101,795
  • Sep 15, 2011 4:30pm Sep 15, 2011 4:30pm
Quoting dropkick-cat
Hi,

Trying to figure this stuff out. Can someone please take a look at the chart & comments within. Does that make sense? What about the two light blue S/R lines? Are they both there, or just one there? The chart seems to get a bit crowded with all those lines.

Thanks,
dkc
Some will disagree, but here is what I did to my charts to reduce clutter. It took a moment to get used to, but looking at that chart it is hard to see what is going on. I would keep up candles green, down to red. I would get rid of the grid and instead just add Mike's BRN indicator. I attached it below. Now onto what you are looking at. My issue with backtesting like this is how difficult it can be to judge once we see the movement. There is just no way to not let it effect our thinking. Thoughts on chart.

Ryan

Comments on your chart:
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Here is how my chart looks:
Attachment
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  • #101,796
  • Sep 15, 2011 4:31pm Sep 15, 2011 4:31pm
Quoting biDc
eur/jpy finally on the move!
Hi biDc,

Am I reading your chart correctly?

First buy at the lower broken green line between 50 and 38 ret (Sep 13?)
Second buy at the upper broken green line some 90 pips or so later.
Broken red line = s/l from first buy?

I can see the resistance at around 106.50 and would have thought it was confirmed broken thru on Sep 11. What else made you confident this was a good pin? The long down move from Sep 9?

dck
  • #101,797
  • Sep 15, 2011 4:40pm Sep 15, 2011 4:40pm
Quoting nonethewisa
When it was going against me...trust what i had learnt....and it worked

NTW
Quoting fascist
Eurjpy had about the same kind of behavior to eurusd..and i bailed out early taking 120 pip loss...
If it helps, dropping down a timeframe in this instance gave weight to the story and more credibility that that PB was 'likely' to break.

Having said that "a Pin Bar is not a Pin Bar until it breaks", so played by the book, nobody should have faced a loss on this one.

T
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  • #101,798
  • Edited 5:11pm Sep 15, 2011 4:56pm | Edited 5:11pm
Quoting Edonya
This is a trade a took on 4 hour TF, in IBFX and the same PB is shown on FXPRO.
Any comment is most welcome
liked it, but passed since I was already very long e/u - too much correlation.

would've bought at 1.575-55(around the close of the bar) on break of pin/hammer/whatever you wanna call it(never really bothered learning tbh) - remember I was looking at it(wouldn't have enter on break of top - bar wasn't that good, so would've try to squeeze some more, even if direction corresponded with my bias - frankly direction was the best + of the bar, shape was so and so).

Quoting stochman
Personal circumstances, as I guess with many people, are what is bringing pressure to bear, basically in 12/18 months time my current income will take a substantial hit.

I don't have any great expectations of being fully proficient in the art of trading within the next 12 months but hopefully, with the help of the J16 group, I'll be a lot closer. I've already committed 8/10 hours a day five days a week for the last nine months, and plan to continue in this vein, so in 12 months time I will be closer to the multiple year commitment that...
depends very much on starting capital(I'm still captain obvious); if you have both pressure of making a living from it and high expectations due to low capitalization... it won't be pretty. High required ROI - very high chance to break your neck. If 1-2%, tops 3%/month needed... very hard, but not impossible. If 10% - forget it.

also, it ain't such a big philosophy(trading), but experience helps(and that you gain while doin' it).

another thing - are you sure you want to do this(I consider your approach the sane one - it's a job, nothing else)? You sure you like this job(no, you won't be next Soros, so dreams aside)? And even if you'll be the next whoever, I remember reading an interview with Druckenmiller in market magicians or somethin' like that - who mentions the 1st quarter when he made more then his secretary to be two years after he started Duquesne(and that guy was damn good and Duquesne had quite a track record). It's pretty lonely - a reason I love it, but if you're the social type, you won't like it. Do you work better when stressed or when calm(I work better under stress for sure - I'm very lazy - however majority works better in normal conditions)? Do you have a backup case you won't succeed(contrary to most jobs, here you can also lose money, beside "getting fired")? You understand "hope" ain't a plan(as bad as it might sound)? You understand you'll need some backup cash/do you have some backup cash? There are months without opportunities, there are months when, gasp, you'll lose - bills keep comin'.

How did you come up with this? If it's a "last chance" plan, I'd ditch it. It's the wrong field to try "chance".
  • #101,799
  • Sep 15, 2011 5:36pm Sep 15, 2011 5:36pm
Repost, the first never appeared in any form, e.g. with the manual review message, in the thread. If duplicate, my apologies and please delete. Thanks.

Quoting gungriffin
Some will disagree, but here is what I did to my charts to reduce clutter. It took a moment to get used to, but looking at that chart it is hard to see what is going on. I would keep up candles green, down to red. I would get rid of the grid and instead just add Mike's BRN indicator. I attached it below.
Hi Ryan,

Thanks for your comments and sharing your setup! Definitely a good idea to figure out how to customize the MT4. Is this
the BRN indicator? Can't find out how to open the file with MetaEditor right now, later maybe. http://www.forexfactory.com/showthread.php?p=3999728

In the upper right corner are further custom indicators, I reckon?

Quoting gungriffin
Now onto what you are looking at. My issue with backtesting like this is how difficult it can be to judge once we see the movement. There is just no way to not let it effect our thinking. Thoughts on chart.
I agree. I have to make an effort to tell me "only up to this very bar!". Trouble is, I am trying to practice recognizing PA items. With limited success, as evidenced by my posted chart (and that took me about 30 mins to analyze...). Just looking at the current bars, I mostly see not much. Or I see "this could be a pin bar on the daily, if the close were 50 pips higher in 8 hours from now".

Thanks,
dkc
  • #101,800
  • Sep 15, 2011 7:09pm Sep 15, 2011 7:09pm
Quoting dropkick-cat
Repost, the first never appeared in any form, e.g. with the manual review message, in the thread. If duplicate, my apologies and please delete. Thanks.



Hi Ryan,

Thanks for your comments and sharing your setup! Definitely a good idea to figure out how to customize the MT4. Is this
the BRN indicator? Can't find out how to open the file with MetaEditor right now, later maybe. http://www.forexfactory.com/showthread.php?p=3999728

In the upper right corner are further custom indicators, I reckon?



I agree. I have to make an effort...
I attached both of the indicators, but I am probably going to delete the one that is in the upper right hand corner. I have switched to a multi monitor setup and it just takes up too much space when I have multiple charts on the screen. To make any indicator usable in MT4 you have to place the indicator in the indicator folder. It is located in:
C: -> Program Files (32bit) -> Name of your broker MT4 -> experts -> indicators

Just an FYI if you hit F12 when you are in a chart it will advance the bars one at a time. Makes it much easier to look for tradable bars etc. There are also multiple testing software companies out there. I don't know exactly how they work, but you can find them. Here is one to get you started.

http://www.forexfactory.com/showthread.php?t=60849

Ryan
Attached File(s)
File Type: ex4 Grid_v2.ex4   3 KB | 382 downloads
File Type: ex4 #Signal_Bars_v8D.ex4   39 KB | 439 downloads
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