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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

  • #122,081
  • Jan 3, 2013 9:43am Jan 3, 2013 9:43am
bearsh close today ,confirms wick at 136 pips through major area
Take a look at weekly
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #122,082
  • Jan 3, 2013 10:21am Jan 3, 2013 10:21am
Quoting mbqb11
Hey FF

Happy new year. I think you should find a time scale that fits your schedule but without forcing things. For example if you can't watch the daily charts each day then don't try to do it and have it effect your trading. instead consider moving up to the weeklies/monthlies where you will need even less screen time and thus be able to trade but also juggle the other important aspects of your life.

Best of luck this year

Mike
In my oppinion by trading on a weekly basis you dont gain experience as fast as you would trading daily/intraday simply because you dont take as many trades so the learning progress will take longer.
  • #122,083
  • Jan 3, 2013 11:09am Jan 3, 2013 11:09am
Quoting daveone
In my oppinion by trading on a weekly basis you dont gain experience as fast as you would trading daily/intraday simply because you dont take as many trades so the learning progress will take longer.
Hey Dave

Obviously everyone learns differently but I have actually found from teaching and helping other traders for awhile now that the complete opposite is true. Most think by trading more that they learn more but the reality is by actually doing the opposite and really focusing on trading less and doing less one progresses further. Again this is a general statement based on my experiences helping others that most think what you said but that in reality actually prevents them from learning and progressing further

An interesting business we are all in

Best
Mike
  • #122,084
  • Jan 3, 2013 11:10am Jan 3, 2013 11:10am
Quoting mbqb11
Hey Dave

Obviously everyone learns differently but I have actually found from teaching and helping other traders for awhile now that the complete opposite is true. Most think by trading more that they learn more but the reality is by actually doing the opposite and really focusing on trading less and doing less one progresses further. Again this is a general statement based on my experiences helping others that most think what you said but that in reality actually prevents them from learning and progressing further

An interesting business...
in fact funny enough I emailed this out to the PF today and it fits in nicely here. I was PMed this in the PF last night

Here was my email with his PM in quotes

James has been saying it from day 1. Literally day 1. Most of us beat our heads against the desk for many years before we realize just how important this is. Rifle shot your trades. Period.

Here is a PM I received from a member and I decided let me email the group so those that are over trading and beating themselves up hear it again. And yes I will say it again and again in the future.
Quote
Hey man, after having a few brief conversations with 2 PRO traders, they all preached what jim has been saying since the earlies.
Overtrading kills accounts. THEY CHERRY PICK TRADES, 1 guy saying 1 trade per month was good enough. He mentioned that we are trading for profit, not excitement. Man i could ramble on for hours. That aside, after a few years i am finally profitable consistently. Just wanted to say a quick thank you for keeping the traditional price action trading going. With that said, look forward to seeing more of my posts in here,...
  • #122,085
  • Jan 3, 2013 11:47am Jan 3, 2013 11:47am
Quoting Bones
bearsh close today ,confirms wick at 136 pips through major area
Take a look at weekly

Weekly chart is not good either...
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If you think you can or cannot do it you are correct
  • #122,086
  • Jan 3, 2013 12:02pm Jan 3, 2013 12:02pm
Quoting jonnysikrx3
Thanks Pinbar! Thats a great quick reference chart .

Happy new year to everyone!

I came across this thread strolling through ff, so glad I did. have been following it ever since! Thankyou to everyone who contributes to this thread, there is a wealth of knowledge here.

I attached a c trade, being that there isn't much room to move before traffic and moving towards brn of 1.5. But was hoping for some input more on the trade management side as that where I need to improve, planning entry/exit points.

Again, I can't Thank James and the...
Hi

Trade management is so much personality related and trading style related that my comments are only my way of doing it. And it always depend on the situation. E.g. this type of situation is for one a wannabe break up trade and to another this is quick hit to the target so the trade management depends on the plan you have.
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  • #122,087
  • Jan 3, 2013 12:41pm Jan 3, 2013 12:41pm
Quoting Olu
Weekly chart is not good either...
I had noticed the pinbar on the weekly as well. It's definitely worth keeping an eye on. I exited the trade I took off the daily pinbar when price hit the first level of clear resistance like Mike did. It'll be interesting to see where future price ends up if this week closes as a pinbar!
I'm a dog chasing cars.
  • #122,088
  • Jan 3, 2013 1:01pm Jan 3, 2013 1:01pm
Any thoughts about this one? Mike?

We have round number - it isn't BRN, but this pair is slow and real BRN (every 500 pips) is really rare here...We have trendline rejection and ppz...but I'd love to see a stronger ppz here...and if we zoom out the pinbar isn't very big either...
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  • #122,089
  • Jan 3, 2013 1:02pm Jan 3, 2013 1:02pm
Hey guys.

Correlated pairs EURGBP GBPCHF are both approaching related trendlines, and are at 150ema mean value, both most likely going to close with PB, at previous S/R. GBPCHF is also showing confluence with 61.8 fibo.

Any thoughts about it?
  • #122,090
  • Jan 3, 2013 1:04pm Jan 3, 2013 1:04pm
hey rafstraszek looks like we are watchign the same development haha.

  • #122,091
  • Jan 3, 2013 2:31pm Jan 3, 2013 2:31pm
No it does not lol ,
136p d1 wick is not common


Quoting Olu
Weekly chart is not good either...
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #122,092
  • Jan 3, 2013 2:49pm Jan 3, 2013 2:49pm
Quoting CryAgony
Hey guys.

Correlated pairs EURGBP GBPCHF are both approaching related trendlines, and are at 150ema mean value, both most likely going to close with PB, at previous S/R. GBPCHF is also showing confluence with 61.8 fibo.

Any thoughts about it?
Hey Cry

I am showing a neutral bar with the more confluenced area higher up at 1.5

I'd be waiting I think the market wants to test that area, stuck b/w a rock and a hard place right now

Best
Mike
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  • #122,093
  • Jan 3, 2013 3:10pm Jan 3, 2013 3:10pm
Yes, it's surely not anymore a PB .

I'll sit aside and wait for the test of those levels. Many thanks for your analysis
  • #122,094
  • Jan 3, 2013 3:40pm Jan 3, 2013 3:40pm
Interesting eu situation...two days beob on daily and beob on weekly...
Brake of trandline and daily/weekly hcr...

Any thoughts?
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  • #122,095
  • Jan 3, 2013 3:41pm Jan 3, 2013 3:41pm
Quoting CryAgony
Yes, it's surely not anymore a PB .

I'll sit aside and wait for the test of those levels. Many thanks for your analysis
Yep, I'm giving up on my eurgbp also...
  • #122,096
  • Jan 3, 2013 3:41pm Jan 3, 2013 3:41pm
Hello again everyone. I started testing J16 on daily bars in June 2010. Due to my schedule I only spend a few minutes a day trading. This means I am not available throughout the day to move my stops. This means I must wait for the best setups to avoid taking a loss. I wanted to see if it was possible to make good gains while only trading daily bars. I like to pop in about every 6 months to update.


In July and August, I took 12 trades and ended up break even.
Sept: 3 wins, 1 loss
Oct: 2 wins
Nov: 1 win
Dec: No trades

It's been a wild ride, but I can say I have found J16 methods quite effective. My poor trading periods happen when I stop trading J16 bars or start taking poor setups. My loss in September was blindly shorting when price hit a 365 EMA. All of my wins were J16 bars.

I've finally gotten really picky with trades, but there is still room for improvement.
Less is more!
  • #122,097
  • Jan 3, 2013 4:21pm Jan 3, 2013 4:21pm
Quoting PenguinTrade
Hello again everyone. I started testing J16 on daily bars in June 2010. Due to my schedule I only spend a few minutes a day trading. This means I am not available throughout the day to move my stops. This means I must wait for the best setups to avoid taking a loss. I wanted to see if it was possible to make good gains while only trading daily bars. I like to pop in about every 6 months to update.


In July and August, I took 12 trades and ended up break even.
Sept: 3 wins, 1 loss
Oct: 2 wins
Nov: 1 win
Dec: No trades

It's been a wild...
awesome PT , this is how to get it done


Best
Mike
  • #122,098
  • Jan 3, 2013 6:02pm Jan 3, 2013 6:02pm
Just a quick question re different timings as far as different charting packages. Noted a number of posts about pin bar on GBPUSD yesterday and obviously it had a good run down. Have attached my chart as I was looking at and I don't have a PB at all. Obviously it is to do with the different open/closing times for different brokers. I am in AUS and use MT4.

Ideally I would like to trade using the same open/closes of the markets as what the majority of traders are using. In my mind that makes the PA patterns more reliable if more people are seeing the same thing. Or does it really matter that much?

I gather 5PM EST (New York) is what the majority of people are looking at. Is this correct?

Thanks

hally
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Learning for Earning and Trading for Freedom
  • #122,099
  • Jan 3, 2013 6:04pm Jan 3, 2013 6:04pm
Quoting hally0301
Just a quick question re different timings as far as different charting packages. Noted a number of posts about pin bar on GBPUSD yesterday and obviously it had a good run down. Have attached my chart as I was looking at and I don't have a PB at all. Obviously it is to do with the different open/closing times for different brokers. I am in AUS and use MT4.

Ideally I would like to trade using the same open/closes of the markets as what the majority of traders are using. In my mind that makes the PA patterns more reliable if more people are seeing...

Hey Hally

Even some brokers with a 5pm close time didn't show a PB yesterday. This was a biproduct of many brokers being closed for new years day and opening their charts late. FX is a 24/7 market that doesn't close and thus there was action going on. So many brokers are simply missing that data which looks like a gap and a bearish bar

Best
Mike
  • #122,100
  • Jan 3, 2013 6:39pm Jan 3, 2013 6:39pm
Quoting mbqb11
Hey Hally

Even some brokers with a 5pm close time didn't show a PB yesterday. This was a biproduct of many brokers being closed for new years day and opening their charts late. FX is a 24/7 market that doesn't close and thus there was action going on. So many brokers are simply missing that data which looks like a gap and a bearish bar

Best
Mike
Thanks Mike.
Learning for Earning and Trading for Freedom
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