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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

  • #106,201
  • Jan 23, 2012 4:02am Jan 23, 2012 4:02am
Quoting jarroo
Mike was referring to this post here:






Its the "This is Critical" post that many people refer to which is centered around trade management and entries.
Thanks Jaroo.
I think I should take a print out of the James 16 Critical Post and paste it in front of my computer.

Also want to thank Mike, for guiding me to this post.

vyky
  • #106,202
  • Jan 23, 2012 4:04am Jan 23, 2012 4:04am
Quoting meshka
be careful taking such expensive trades...your risk reward is lower than 1:1 /if target 1.3400 will be reached/ , its countertrend entry and so on. downscale to smaller TF's and look for entry at 1.3000-3050 retest.
I am going to try this in the demo. Will keep you posted how it goes.

Thanks
vyky
  • #106,203
  • Jan 23, 2012 5:17am Jan 23, 2012 5:17am
Hi Rust,
I agree with you, in the past I think i focused too much on shape and not enough on the other factors.
I'm spending most of my time now , is establishing levels on the dayly and weekly time frames, ( must consider the mthly as well ) establishing the levels that interest me, and then as the price starts approaching these level, i look for other factors,, and pin bars buob etc are just some, and are the last confirmation.
If you have any input ,,, please let me have it.
of course I check every post with charts to see how mine compare , and at last i seem to be getting there.
  • #106,204
  • Jan 23, 2012 6:15am Jan 23, 2012 6:15am
Had to go out today and missed this but, the USD CAD setup worked out.

Noticing that often we see an IB straddling these areas, before price takes off.
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  • #106,205
  • Jan 23, 2012 6:20am Jan 23, 2012 6:20am
Maybe we have another area where price just put the brakes on.
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  • #106,206
  • Jan 23, 2012 6:37am Jan 23, 2012 6:37am
Hey mmikemj,
I'm not a guru , but for me focusing on shape is very good thing . I did some research in the past , that if you don't limit yourself with something like "all my trades must have at least 1:1+ RR" , you can have very nice results just taking very big PA setups (say bigger than previous 100 bars for example) .
You should check this for yourself . Open a chart and find all bars that meet this criteria . Then research what happened after and how this information could help you . It's time consuming and many times it doesn't lead to anything big , but personally I don't regret any of my "tests" . If happens not to learn you how to make money , it could show how not to

If I have to be completely honest , the best part of education I have received is from mbqb11's videos ! His view of anything is always back proof and intelligible and not 'couse "i like it this way" .
But anyway , any minute you spend with charts it counts and brings something valuable .

James16 says trading is simple . But it's much more simple when you spent countless hours in front of the screen This applies to anything in life . Experience makes us better .
  • #106,207
  • Jan 23, 2012 7:00am Jan 23, 2012 7:00am
Quoting mmikemj
Hi Rust,
I agree with you, in the past I think i focused too much on shape and not enough on the other factors.
I'm spending most of my time now , is establishing levels on the dayly and weekly time frames, ( must consider the mthly as well ) establishing the levels that interest me, and then as the price starts approaching these level, i look for other factors,, and pin bars buob etc are just some, and are the last confirmation.
If you have any input ,,, please let me have it.
of course I check every post with charts to see how mine compare...
Hey Mike

That's a fine way to begin to use this information and simplify things

Don't be afraid to post charts with questions too

Best
Mike
  • #106,208
  • Jan 23, 2012 7:01am Jan 23, 2012 7:01am
Quoting Rust
Hey mmikemj,
I'm not a guru , but for me focusing on shape is very good thing . I did some research in the past , that if you don't limit yourself with something like "all my trades must have at least 1:1+ RR" , you can have very nice results just taking very big PA setups (say bigger than previous 100 bars for example) .
You should check this for yourself . Open a chart and find all bars that meet this criteria . Then research what happened after and how this information could help you . It's time consuming and many times it doesn't lead to...
That is fantastic Rust. Always prove it to yourself. This is what I have done with every piece of trading. Thousands of hours of backtesting, forward testing and rinse and repeat.

Good post
Mike
  • #106,209
  • Edited 7:14am Jan 23, 2012 7:02am | Edited 7:14am
This is interesting but, I am going to wait for a daily close.
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  • #106,210
  • Jan 23, 2012 7:15am Jan 23, 2012 7:15am
great area to watch coming up folks at parity
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  • #106,211
  • Jan 23, 2012 9:38am Jan 23, 2012 9:38am
Quoting mbqb11
Hey R

Here are the ones I use. One is a horizontal alert and one is an alert when price closes above/below a certain area.

Here is the j16manager. Note this is not made by james just someone who uses this material and thought others would enjoy it.

http://www.forexfactory.com/attachme...2010%2012:37pm

Best
Mike
thanks Mike, these indicators could be very very useful.

however j16manager is, in fact, very similar to the EA I posted earlier. the main difference is that this one is designed especially for "our" trading method.

i have an important question. does the j16 manager move your stop "permanently" (saving the new stop into the broker's server) or if i lose connection with the broker the new stop level is lost? i assume that like every ea, j16manager cant work without connection with the broker (this means that, at least, we should be connected with the broker at the time the price go in our favor to the point we want the j16manager to move our stop) but i wish to know if ONCE the ea have moved the stop, the stop is immediately saved to the broker's server (allowing us, for example, to shut down the pc when the ea has moved our stop to BE, without having the fear of possible losses).

i ask this because the multi purpose trade manager ea i posted before works pretty well, but in some cases the stop "created" by the ea simply vanish if mt4 is disconnected from broker's server (however, in these cases, remain valid the SL and the TP you once entered when placing the trade).

i hope i explained my doubts well enought
  • #106,212
  • Jan 23, 2012 9:39am Jan 23, 2012 9:39am
Quoting R3ta
thanks Mike, these indicators could be very very useful.

however j16manager is, in fact, very similar to the EA I posted earlier. the main difference is that this one is designed especially for "our" trading method.

i have an important question. does the j16 manager move your stop "permanently" (saving the new stop into the broker's server) or if i lose connection with the broker the new stop level is lost? i assume that like every ea, j16manager cant work without connection with the broker (this means that, at least, we should be connected...
Hey R

The stop loss should be saved once that order is placed with your broker, but I know EAs have to remain running since they are client side(but once an order is moved that should be server side). I have never used an EA so I couldn't tell you about this. Hopefully someone else is more familiar with this EA

Best
Mike
  • #106,213
  • Jan 23, 2012 10:13am Jan 23, 2012 10:13am
Quoting Rust
Thanks R3ta , but personally I don't like PA indicators . It's more of a visual thing to me and i don't find it helpful . I think such indicators could lead you to take setups you don't want to
I remember the phase I was watching each pair for PA setups and I don't remember it with good emotions It's better to find your setup/location/pattern/story (many names) and then look for PA bar as a confirmation .

Just my opinion of course
i completely agree with you Rust, i should have probably specified why i use these indicators. i never use them to influence my judgment over a given trading setup, i use this pa indicator ONLY to spot every possible setup (the indicator is set only to display alarm, so my charts are completely clear).

to be more specific, i monitor more than 20 daily timeframes on my screen but i don't have much time to monitor every new 4hr candle, even if i'm at home (i'm just lazy sometimes). this indicator allow me to focus my attention only when a very good price action opportunity occurs on 4hr timeframe without having to look every single pair every four hours.

usually i get very few signals a day, and they are always very bad signals (bad pa location, no confluence, etc...) but sometimes this indicator grab my attention on high probability setup which i probably had never noticed instead...

of course i dont base my trading on this indicator, but it helps to spot opportunity even if i'm busy with other things.
  • #106,214
  • Jan 23, 2012 11:09am Jan 23, 2012 11:09am
AUDCAD look interesting...
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  • #106,215
  • Jan 23, 2012 1:03pm Jan 23, 2012 1:03pm
Quoting R3ta
AUDCAD look interesting...
Hey man ,
I am looking at this chart , then reading the beginning of your signature .... and something is diverging out there

Does this pin looks significant to you ? More like "the price reaches previous high and wonders what's the weather out there" situation to me ...
  • #106,216
  • Jan 23, 2012 1:08pm Jan 23, 2012 1:08pm
Quoting R3ta
AUDCAD look interesting...
Indeed. Quite a small pin with FTA fairly close by, but worth a look for sure.... the H4 pin looked nicer than the daily but didn't break... yet.
  • #106,217
  • Jan 23, 2012 2:05pm Jan 23, 2012 2:05pm
Quoting Rust
Hey man ,
I am looking at this chart , then reading the beginning of your signature .... and something is diverging out there

Does this pin looks significant to you ? More like "the price reaches previous high and wonders what's the weather out there" situation to me ...
yes, i think you're right

the pin has a good shape BUT as you pointed out the bar is quite small related to the previous. you see... this setup is a "so-so" trade, and not an A++ trade, so that's the reason why i'm gonna stay out from this.

by the way i think price will probably fall down for at least 30-40 pips before turn around.

a good method to determinate if a pin bar have enought "strenght" is to calculate its range and compare it with the median price range of the previous four bars: if the pin bar is wider then it can be considered a good pin bar.

in this case the previous 4 bars has a "dimension" (high-low) in pips of:

85 + 36 + 64 + 100

which median dimension is of 71.25 pips.

our pin bar is only 54 pips wide, so our pin bar doesn't "carry" enought "strenght".

if im not sure i use this method and it always clear me out the right way.
  • #106,218
  • Jan 23, 2012 2:18pm Jan 23, 2012 2:18pm
Quoting jarroo
Yeah, that Friday close could be a hint . . but it still looks pretty wedged up on the Weekly.
Hello Jarroo

Weekly (and daily) wedge broken with beob on daily.

This is a valid trade, right?

Happy chinesse new year to all

Best wishes

Hector
  • #106,219
  • Jan 23, 2012 2:25pm Jan 23, 2012 2:25pm
Quoting Rust
More like "the price reaches previous high and wonders what's the weather out there" situation to me ...
I like that quote Rust

Always think about the orders behind the bars it helps make better decisions in the long run. At least that's what I think

Mike
  • #106,220
  • Jan 23, 2012 3:21pm Jan 23, 2012 3:21pm
hi guys!! i've not written so much but i read all your posts.

i was wondering on this h4 pin bar. the location and the size seem good to me. i don't like the close so much. it seems to be quite weak. and this is the third touch on this support level and every touch has less power than the previous one. so i'd pass this one..

what do you think?
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