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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

  • #781
  • Apr 11, 2006 3:13pm Apr 11, 2006 3:13pm
Habeeb -

Thanks for the reply - I have the 4-hour chart attached below...only thing is, my beautiful pin bar from the one hour chart didn't travel too well to the higher timeframe.

The bars I've numbered occur around the approximate time of the 1-hour pin bar (midnight GMT on 4/11)

Bar 1 thru 3 - is this what you are considering a pinbar on the 4-hour chart? It doesn't look good to me at all...in fact, if I had been looking solely at the 4-hour, I would've probably passed it up without another look...are you considering bar 2 the nose? or is bar 1 the nose? Does your chart look different than mine?

Bar 4 is the retracement to the eye of the "maybe pin bar" - I agree, going short at the top of bar 4 would've been a good move, but where was the signal to sell?

Can you post a chart with some comments? I work better with examples

Thanks!!

Jim

PS - I agree about trading higher timeframes being more reliable, but I'm just watching right now, and am looking at all kinds of charts to see what is going on.
Attached Image
  • #782
  • Apr 11, 2006 3:26pm Apr 11, 2006 3:26pm
Sorry about that, I should've posted a chart, since not everyone is using the same chart package. Also, time zones differ.

Anyway, here's the chart.
Attached Image
Keeping it Simple
  • #783
  • Apr 11, 2006 5:10pm Apr 11, 2006 5:10pm
Ahh, I see what you mean! That is a nice setup. Man, this difference between charting platforms really kills me - for example, I chart using a demo account with MT4, but demo trade using an oanda account - the prices between my charts and my trading platform normally differ by at least a few pips - but that spread can narrow and widen sporadically - makes it hard to set proper stops and such...

I'm sure I'm preaching to the choir on this topic!

Habeeb, thanks for replying with your thoughts. I really feel like this thread has been a major step in the right direction for me!

-Jim
  • #784
  • Edited 7:07pm Apr 11, 2006 5:31pm | Edited 7:07pm
Here's another one for you guys to look at - EURGBP, 4 hour chart

Yellow box looks like a nice pin bar, with long nose piercing my MAs (55 SMA and 20 EMA) - Also, had a MA crossover today, with 20 EMA crossing below the 55 SMA...signal for a downtrend? Looks like daily and weekly trend is up...I don't like trading against the trend, but I'm 100% demo right now, so I'm experimenting a lot...

Blue box looks like a nice wedge pattern forming - looks like we are going to have a nice breakout...I am short this right now (demo) - let's see how it breaks...

Thoughts?

-Jim
Attached Image
  • #785
  • Apr 11, 2006 9:23pm Apr 11, 2006 9:23pm
Quoting lootcorp
Here's another one for you guys to look at - EURGBP, 4 hour chart

Yellow box looks like a nice pin bar, with long nose piercing my MAs (55 SMA and 20 EMA) - Also, had a MA crossover today, with 20 EMA crossing below the 55 SMA...signal for a downtrend? Looks like daily and weekly trend is up...I don't like trading against the trend, but I'm 100% demo right now, so I'm experimenting a lot...

Blue box looks like a nice wedge pattern forming - looks like we are going to have a nice breakout...I am short this right now (demo) - let's see how it breaks...

Thoughts?

-Jim
Funny the difference in platforms, mine is Interbank and has a completley different bar setup.
Also I think it's important to recognise the position of pin bars. For the Pin to produce a likely turnaround they are best looked for at the end of trends rather than amongst consolidation patterns.
  • #786
  • Apr 11, 2006 9:24pm Apr 11, 2006 9:24pm
Sorry forgot to post the Pic
Attached Image
  • #787
  • Apr 11, 2006 9:49pm Apr 11, 2006 9:49pm
hello everyone. im still around and i read every single post every day. i plan to get back to my baby next week with some new charts and more interaction. thanks to all of you.

jim
  • #788
  • Apr 11, 2006 10:42pm Apr 11, 2006 10:42pm
Quoting james16
hello everyone. im still around and i read every single post every day. i plan to get back to my baby next week with some new charts and more interaction. thanks to all of you.

jim
Jim, Lindsay et al

The problem with most of the MT4 data feeds (except those on EST) is that they give a false picture sometimes -- including PB's. However if you keep

http://www.globaltradestation.com/forex_prices.asp

running, you can more easily spot the relevant PB's which seem to be based on EST -- as you can if you have VantagePoint -- and also give a good 4H price action picture.

Blessings for Easter to all.

Trinity
  • #789
  • Apr 18, 2006 2:08pm Apr 18, 2006 2:08pm
Well, it took me a loooong time, but I finally got through this entire thread, reading each and every post, and it was well worth my time. I have to say that with the knowledge I have gained from this thread as well as being a member of the private forum for 3 months now, I finally feel like I’m at a turning point in my trading. I struggled for over a year after coming across forex through browsing the internet. I had never traded anything at all before, and I decided to get started by purchasing a highly touted mechanical system. Not realizing the benefit of demo trading, I immediately jumped in because of my greed only to watch my account shrink week after week, month after month and disappear despite following the rules of the system. I always thought the turning point would be right around the corner. I knew nothing of money management nor trading psychology at the time, and I would try to make up for the losses suffered by the system on my own not really knowing anything about trading, which only got me deeper into trouble. I only blame myself for my losses, and I accept them now because had I not tried the system, I never would’ve found my way to Forex Factory, this thread, and eventually to the PF. I look at those losses as a sort of initiation, as I have now read the same type of story over and over by successful traders who once were not so successful. For the first time, I have actually seen growth in my small demo account – something I had once thought could never happen. I want to thank you, Jim, for starting this thread and the PF. As I went through this thread, I read a lot of fear in your posts. Fear that you wouldn’t be able to deliver or that what you taught would not work for others I hope you’ve realized by now that you are making a difference even to complete novices like myself. Because of all that I’ve read by you, Dial, and Fiji, I feel that I have turned my trading around through this thread and especially the PF. Keep up the great work – I intend to keep on absorbing all of your awesome lessons in trading as I know that I am nowhere near the level that I want to be, but with your help, I know that I will get there someday! And to everyone who hasn’t fully gone through this thread yet – I recommend it more than anything else!
  • #790
  • Apr 18, 2006 2:29pm Apr 18, 2006 2:29pm
Quoting diggsnoob
Well, it took me a loooong time, but I finally got through this entire thread, reading each and every post, and it was well worth my time. I have to say that with the knowledge I have gained from this thread as well as being a member of the private forum for 3 months now, I finally feel like I’m at a turning point in my trading. I struggled for over a year after coming across forex through browsing the internet. I had never traded anything at all before, and I decided to get started by purchasing a highly touted mechanical system. Not realizing the benefit of demo trading, I immediately jumped in because of my greed only to watch my account shrink week after week, month after month and disappear despite following the rules of the system. I always thought the turning point would be right around the corner. I knew nothing of money management nor trading psychology at the time, and I would try to make up for the losses suffered by the system on my own not really knowing anything about trading, which only got me deeper into trouble. I only blame myself for my losses, and I accept them now because had I not tried the system, I never would’ve found my way to Forex Factory, this thread, and eventually to the PF. I look at those losses as a sort of initiation, as I have now read the same type of story over and over by successful traders who once were not so successful. For the first time, I have actually seen growth in my small demo account – something I had once thought could never happen. I want to thank you, Jim, for starting this thread and the PF. As I went through this thread, I read a lot of fear in your posts. Fear that you wouldn’t be able to deliver or that what you taught would not work for others I hope you’ve realized by now that you are making a difference even to complete novices like myself. Because of all that I’ve read by you, Dial, and Fiji, I feel that I have turned my trading around through this thread and especially the PF. Keep up the great work – I intend to keep on absorbing all of your awesome lessons in trading as I know that I am nowhere near the level that I want to be, but with your help, I know that I will get there someday! And to everyone who hasn’t fully gone through this thread yet – I recommend it more than anything else!
damn guy you almost choked me up. my biggest fear all those months ago was i would be taken as a crackpot or worse yet be burned at the stake like i have been over at moneytec. i love this place and i really feared a backlash from a certain type of person/people. i just had to believe that merlin would not let those kind of people take over this great forum like they have at the other place.

it was merlin who started the whole ball rolling. i never asked and frankly never had any intention of taking things any further than this public thread. when he gave me the oppurtunity he will be the first to tell you i fought it tooth and nail for some time. i dont want to hurt people even if its a result of actually trying to help them. the PF has gone better than i ever dreamed. one person has asked for a refund in 4 months and over 350 subscribers. thats pretty incredible. your post means a lot to me and i thank you.

jim
  • #791
  • Apr 18, 2006 3:20pm Apr 18, 2006 3:20pm
Hi Jim,


have not seen you for ages

Happy Easter to you and your family

As you see your pin bars made me give up my job and begin professional trading
kiss the trend
  • #792
  • Apr 18, 2006 3:29pm Apr 18, 2006 3:29pm
Quoting fx-trader777
Hi Jim,


have not seen you for ages

Happy Easter to you and your family

As you see your pin bars made me give up my job and begin professional trading
hello fx, yeah i think its time to get this thread going again.
  • #793
  • Apr 18, 2006 3:59pm Apr 18, 2006 3:59pm
Quoting james16
one person has asked for a refund in 4 months and over 350 subscribers. thats pretty incredible. your post means a lot to me and i thank you.

jim



Probably a guy from Moneytec

Quinn
I started out with nothing, and I've got most of it left!
  • #794
  • Apr 18, 2006 4:55pm Apr 18, 2006 4:55pm
Quoting quinn


Probably a guy from Moneytec

Quinn

i dont know if you guys are aware of this and merlin would not brag about it so i will. moneytec has always been the big boy on the block. often times you will see it refered to as the mighty moneytec. well it aint the big boy on the block no more. Forex Factory is now blowing moneytec out of the water. thats not a visual take but based on actual statistics. moneytec is now number 2 behind this great forum and it tickles me to death.
  • #795
  • Apr 18, 2006 5:08pm Apr 18, 2006 5:08pm
[QUOTE=james16]i dont know if you guys are aware of this and merlin would not brag about it so i will. moneytec has always been the big boy on the block. often times you will see it refered to as the mighty moneytec. well it aint the big boy on the block no more. Forex Factory is now blowing moneytec out of the water. thats not a visual take but based on actual statistics. moneytec is now number 2 behind this great forum and it tickles me to death. [/quote]


I'm still waiting for David123 to come back and eat some humble pie

What do you think Jim?

Quinn
I started out with nothing, and I've got most of it left!
  • #796
  • Apr 18, 2006 5:47pm Apr 18, 2006 5:47pm
Quoting james16
i dont know if you guys are aware of this and merlin would not brag about it so i will. moneytec has always been the big boy on the block. often times you will see it refered to as the mighty moneytec. well it aint the big boy on the block no more. Forex Factory is now blowing moneytec out of the water. thats not a visual take but based on actual statistics. moneytec is now number 2 behind this great forum and it tickles me to death.
Good people = Great forum
Not very much surprised... hehe...
okay, I'm braggin about it also..

But yeah, most special thanks to the very good people that started the ball rollin to make this the new big boy on the block baby! And everyone who's part of the community who is also keeping the ball rollin..
  • #797
  • Apr 18, 2006 6:35pm Apr 18, 2006 6:35pm
its because of you guys that this place is rockin so hard lately!!

im really glad to see that we have maintained the friendly atmosphere through the growth. this is the one forum that brings a smile to my face everytime i come visit! i love you guys! ok, ok, enough already, before i shed a tear in front of everyone! LOL!!!
Relax and be happy.
  • #798
  • Apr 18, 2006 10:15pm Apr 18, 2006 10:15pm
Quoting merlin
its because of you guys that this place is rockin so hard lately!!

im really glad to see that we have maintained the friendly atmosphere through the growth. this is the one forum that brings a smile to my face everytime i come visit! i love you guys! ok, ok, enough already, before i shed a tear in front of everyone! LOL!!!



WOW, the mighty one has made a rare appearance here in my home. i am touched and honored. there is only one reason this forum is what it is and thats you o mystic one.
  • #799
  • Apr 18, 2006 10:17pm Apr 18, 2006 10:17pm
Quoting quinn
[QUOTE=james16]i dont know if you guys are aware of this and merlin would not brag about it so i will. moneytec has always been the big boy on the block. often times you will see it refered to as the mighty moneytec. well it aint the big boy on the block no more. Forex Factory is now blowing moneytec out of the water. thats not a visual take but based on actual statistics. moneytec is now number 2 behind this great forum and it tickles me to death.



I'm still waiting for David123 to come back and eat some humble pie

What do you think Jim?

Quinn[/quote]

i think he is already here just under a different name.
  • #800
  • Apr 18, 2006 10:48pm Apr 18, 2006 10:48pm
Quoting james16

WOW, the mighty one has made a rare appearance here in my home. i am touched and honored. there is only one reason this forum is what it is and thats you o mystic one.
LOL... You said that right Jim..
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