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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

  • #129,341
  • Dec 25, 2013 7:06pm Dec 25, 2013 7:06pm
Quoting jibson007
{quote} You are not alone on this one. Lets see how it goes but at least its now a risk free trade for me. Merry Christmas to all the Christians of the world. Expecting my chicken laps from you all. lolz... Jibson May the odds be in you {image}r favor ...
Nice one. You caught early. Better keep an eye on what Eur Aud is doing. If the momentum built up north AU can can move south.I will join you once PA confirmed.

  • #129,342
  • Dec 26, 2013 1:11am Dec 26, 2013 1:11am
Quoting ghous
{quote} {quote} Not to forget the 9000 BRN g. {image}

Ghous ,

Do you trade inside bars?. What time frames are good for James price action?. Do you also use particular broker to trade with. Because intraday bars can be different to each broker.
  • #129,343
  • Dec 26, 2013 2:06am Dec 26, 2013 2:06am
Quoting Fxyogi
Fakey {image} {image}
That isn't a fake out bar by any means. Not quite sure what you're looking at

g.
I believe . . .
  • #129,344
  • Dec 26, 2013 2:22am Dec 26, 2013 2:22am
Quoting Fxyogi
{quote} Ghous , Do you trade inside bars?. What time frames are good for James price action?. Do you also use particular broker to trade with. Because intraday bars can be different to each broker.
I don't trade inside bars myself. I personally feel pin bars and the outside bars contain more information and are a bigger chapter to the over all story compared to inside bars. Doesn't mean they are less reliable, but that they are slightly more trickier and you need to have a very strong story around them to use them as reliable triggers to your trades.

James16 PA works across all time frames and markets. However each time frame has its own "micro agenda" that makes higher time frames more suited to beginners than others. Hence its always recommended that you start your training from the higher time frames and work yourself down the time frame ladder (if you feel like) over time and with practice on these higher time frames.

Your broker choice should have nothing to do with the "bar close times" really. Traders generally prefer the feeds where the daily close lines up with the NY markets close and to a certain extent it marks the "unofficial fx markets close time" simply because so many traders watch that feed. That said, your broker not offering that particular feed shouldn't discourage you as a lot of people just analyze their charts on a demo platform of another broker that does offer the NY close feed and execute their trades on their live accounts with their brokers.

Hope you're all enjoying the holidays and not overly occupied with your charts!

g.
I believe . . .
  • #129,345
  • Dec 26, 2013 6:32am Dec 26, 2013 6:32am
My holiday CADJPY trade is playing out nicely. As I mentioned earlier, it's based on two signals. First is the weekly close above 97.00 level couple of weeks ago:
Attached Image (click to enlarge)
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Then it was that H4 pullback pin bar the 97.50 zone:
Attached Image (click to enlarge)
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Overall a bit reckless of me to be trading during the holidays... but PA is PA i guess.
TP is set at the next FTA
With this I am pretty much done for the year.

Merry christmas and happy new year everybody!
Twitter @raitchev
  • #129,346
  • Dec 26, 2013 4:39pm Dec 26, 2013 4:39pm
Hey all,

Hope everyone had a great Christmas

Quick question, does anyone know of a simple analytical tool that tracks all your forex trades that produces charts/equity curve etc. FF has its own tool 'trade explorer' but it just seems way over the top for what I need. I prefer something very simple and easy on the eyes. Also trade explorer is still not compatible with FXCM tradestation.

I currently use alpari demo mt4 for analysing charts but trade from my fxcm tradestation account

Thanks in advance
Dan
  • #129,347
  • Dec 26, 2013 7:29pm Dec 26, 2013 7:29pm
I wasn’t going to trade in holidays, until the first Payrolls, but I saw that the USDJPY get to 105.00 and I take this trade. What do you think? I think that the FTA is 104.80 but I think that the price can get to 104.4 to cover the gap and the 50%fib retracement.


Attached Image (click to enlarge)
Click to Enlarge Name: 2013-12-26 USDJPY.png Size: 36 KB




Happy Xmas and Happy Holidays to everybody!
  • #129,348
  • Dec 26, 2013 9:12pm Dec 26, 2013 9:12pm
Quoting dan89
Hey all, Hope everyone had a great Christmas Quick question, does anyone know of a simple analytical tool that tracks all your forex trades that produces charts/equity curve etc. FF has its own tool 'trade explorer' but it just seems way over the top for what I need. I prefer something very simple and easy on the eyes. Also trade explorer is still not compatible with FXCM tradestation. I currently use alpari demo mt4 for analysing charts but trade from my fxcm tradestation account Thanks in advance Dan
Hey Dan,

The most popular performance tracking application seems to be myfxbook.com. Its easy on the eyes and tracks a whole a bunch of numbers for you. It also automatically recruits the trading details directly through the platform without you having to punch in any numbers/details. It only supports mt4 though as do most other similar applications around. Also its of little use if you don't maintain 100% capital with your broker as the stats are then totally out of line.

You might want to look at "Buck bite's ultimate spreadsheet" over at the pf if you haven't already done that. Requires manual update of the details for every trade but constructs the equity curve on its own.

I personally only use a very simple excel spreadsheet along with a v-log for every trade I take. Since I don't trade a lot its not a lot of work and very effective and useful when I review the trades at month end.

Hope this helps.

g.
I believe . . .
  • #129,349
  • Dec 26, 2013 9:45pm Dec 26, 2013 9:45pm
Hello all and happy holidays. I used to be a part of the private forum for a couple of months. I am a current student looking to pursue a career in finance and would love to sign back up on the private forum as it was the best learning experience for forex I had ever found. Who should I be contacting regarding the previous months I had been registered? I would like to see if I can make the lifetime membership by including the 2-3 months I was a member and pay the last 9-10 months to receive the benefits of being a lifetime member. Sorry if this post is out of context but there is no contact information on the website and i can't seem to get a hold of James16.
  • #129,350
  • Dec 26, 2013 11:32pm Dec 26, 2013 11:32pm
Quoting Dyekid217
Hello all and happy holidays. I used to be a part of the private forum for a couple of months. I am a current student looking to pursue a career in finance and would love to sign back up on the private forum as it was the best learning experience for forex I had ever found. Who should I be contacting regarding the previous months I had been registered? I would like to see if I can make the lifetime membership by including the 2-3 months I was a member and pay the last 9-10 months to receive the benefits of being a lifetime member. Sorry if this...
You will need to get in touch with Mike ( username: mbqb11). In the absence of James he has been taking care of all PF matters.
I believe . . .
  • #129,351
  • Dec 27, 2013 1:31am Dec 27, 2013 1:31am
Quoting Dyekid217
Hello all and happy holidays. I used to be a part of the private forum for a couple of months. I am a current student looking to pursue a career in finance and would love to sign back up on the private forum as it was the best learning experience for forex I had ever found. Who should I be contacting regarding the previous months I had been registered? I would like to see if I can make the lifetime membership by including the 2-3 months I was a member and pay the last 9-10 months to receive the benefits of being a lifetime member. Sorry if this...
Hey Dye

Not a problem at all they all count towards the year

When you go to sign up use your past user name. If you forgot it drop me a PM with your email you think you used

And thanks Ghous

Mike
  • #129,352
  • Dec 27, 2013 3:01am Dec 27, 2013 3:01am
Quoting ghous
{quote} That isn't a fake out bar by any means. Not quite sure what you're looking at g.
This is a inside bar fakeout. trying to catch counter trend traders. Do u mean its not a fakey?.

From now on i will try to post only James PA trading. I should not cutter this beautiful thread. This thread should remain simple as it is i think. I like simplicity mate. But i am complicated . Not for any good.
  • #129,353
  • Dec 27, 2013 3:18am Dec 27, 2013 3:18am
Quoting ghous
{quote} I don't trade inside bars myself. I personally feel pin bars and the outside bars contain more information and are a bigger chapter to the over all story compared to inside bars. Doesn't mean they are less reliable, but that they are slightly more trickier and you need to have a very strong story around them to use them as reliable triggers to your trades. James16 PA works across all time frames and markets. However each time frame has its own "micro agenda" that makes higher time frames more suited to beginners than others. Hence its always...
Ghous,

Thanks very much mate. But we were asking you about price action signals. One guy with one time zone will see an out side bar, but another guy with different time zone will not see outside bar since his candles/bars arranged to the different time zone. How to over come this?. this will effect the intraday price action reading.

We have another question on the attached chart. Will u trade that PB given that left shoulder is there. Suppose say yes, do u consider both blue and red lines as your trouble areas?.

Man we are having fun with trading and drinking. But you are correct need some rest .

Sorry for too many questions.

Attached Image (click to enlarge)
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  • #129,354
  • Dec 27, 2013 3:48am Dec 27, 2013 3:48am
Quoting mbqb11
{quote} Hey Dye Not a problem at all they all count towards the year When you go to sign up use your past user name. If you forgot it drop me a PM with your email you think you used And thanks Ghous Mike


Hey Mike,

how is it going ? ... Thought I should drop by to check the situation :-p
Hero calls followed by margin calls...
  • #129,355
  • Dec 27, 2013 5:05am Dec 27, 2013 5:05am
Still pushing further on the learning (5 months so far). A GBPJYP trade i took since last friday just closed out. Still in the AU trade, wants to see how the day ends i may hold it over the weekend.


Pls mike when is the new baby arriving. one needs to get more serious particularly taking advantage of the beginning of a new year.


Happy new year in advance to you all.


Jibson

May the odds be in your favor ...
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy trade tp hit.png Size: 51 KB
Still trying to get to meet myself...
  • #129,356
  • Dec 27, 2013 6:49am Dec 27, 2013 6:49am
Hey,

Where is the right balance between mechanical and intuitive trading?
Would you please share your views to help me shape my approach?

One extreme is fully mechanical systems. Something so well-defined that we could write an automated system to backtest and trade it, e.g. a MT4 EA. I believe, and I guess many of you will agree, that fully mechanical systems either do not work long term (years) OR they are very hard to trade with drawdowns twice as big as annual return (like long term mechanical trend following systems).

Another extreme is totally discretionary intuitive trading. I guess this is for guru masters only, after many years of experience of trading.

At the same time, a common advice in most reliable trading knowledge sources, including this thread, is to "follow your trading plan". (on top of "find the right strategy for you", "manage risk: always use stop loss at a broker and risk small account % per trade", "trade quality setups only, in line with your plan", etc.)


So this takes me to the question... how "defined" vs. how "flexible" the trading plan should be?
Shall I say "trade bullish pinbars on key levels in line with the trend", or maybe "pinbar with shadow 2 or more times body with bulish close, trade it on the break of the high, with SL tick below the low, if price is above daily EMA 20 and if a level has been tested 3 times from both sides with 10 pip precision"?! But then... second version is almost like a MT4 EA which (I tested it except the level) does not make money, while version one leaves a lot of room for discretion (confluence items, etc.)

Another example, this is a big difficulty for me, the entry method... at market on bar close? limit at 50% retracement (for great R), on break (as confirmation)? Or intuitively?! Or use just one consistenetly? (my journal review shows that I in most cases choose the wrong one).

Does it depend on traders' level? (almost mechanical for beginners, and more intuitive for masters?)
Interestingly, Douglas in his "trading in the zone book" tells us to do an exercise and take 20 trades using some mechanical system, just to prove we can follow the rules. (I "almost" did this, the sys I traded as a part of this exercise was somewhat discretionary, and I made money, on demo ;-)

Thanks and best wishes for 2014!
Michal9
  • #129,357
  • Dec 27, 2013 10:40am Dec 27, 2013 10:40am
Quoting Fxyogi
{quote} This is a inside bar fakeout. trying to catch counter trend traders. Do u mean its not a fakey?. From now on i will try to post only James PA trading. I should not cutter this beautiful thread. This thread should remain simple as it is i think. I like simplicity mate. But i am complicated . Not for any good.
Fxyogi - that is indeed a fakey setup except for one problem - I think the "inside bar" on your chart is actually a Sunday bar? Therefore not technically a valid fakey for me.

FYI The fakey / Hikkake pattern is one of my highest probability setups. I don't trade inside bars the way Jim trades them but they are key to my analysis and I watch for them.
If you can't tell what the herd is doing...you probably are the herd.
  • #129,358
  • Dec 27, 2013 10:49am Dec 27, 2013 10:49am
Quoting PhAnTi'
{quote} Hey Mike, how is it going ? ... Thought I should drop by to check the situation :-p
what's up my friend

Have a happy and safe new year!
  • #129,359
  • Dec 27, 2013 12:25pm Dec 27, 2013 12:25pm
Quoting michal9
Hey, Where is the right balance between mechanical and intuitive trading? Would you please share your views to help me shape my approach? One extreme is fully mechanical systems. Something so well-defined that we could write an automated system to backtest and trade it, e.g. a MT4 EA. I believe, and I guess many of you will agree, that fully mechanical systems either do not work long term (years) OR they are very hard to trade with drawdowns twice as big as annual return (like long term mechanical trend following systems). Another extreme is totally...

Hi Michal!

No one will be able to give you a proper answer. There are just too many ways to approach this business. The question is what do YOU need. If I told you that I make XYZ $/month just using my mechanical system will you follow my lead? If I told you that I analyze market sentiment, news, market depth, executed orders, volume profiles etc. will you dig deeper in this stuff, just because I told you?

Think about your time. When and how can you trade. If you can answer this question, then you will have the answer to all your questions at some point regarding mechanical vs discretionary systems.

Entry method:
Here again: Test for yourself. If I told you to enter with 50% will you do so? If I told you to trade breakouts, will you do so? Despite the fact, that you hate buying when price is high and selling when price is low do you still follow my system's rules and my advices? Obviously no...

Forums are great but if you want to succeed sooner or later you will have to follow your own path. Use forums for gathering information. See the possibilities. Then make a system of your own

Cheers,
Stephen
It's all psychology...
  • #129,360
  • Dec 27, 2013 12:55pm Dec 27, 2013 12:55pm
Quoting ghous
{quote} Hey Dan, The most popular performance tracking application seems to be myfxbook.com. Its easy on the eyes and tracks a whole a bunch of numbers for you. It also automatically recruits the trading details directly through the platform without you having to punch in any numbers/details. It only supports mt4 though as do most other similar applications around. Also its of little use if you don't maintain 100% capital with your broker as the stats are then totally out of line. You might want to look at "Buck bite's ultimate spreadsheet" over...
Hey Ghous, thanks for the reply mate.

Yeah I was looking into myfxbook, but like you said they only seem to support mt4 which suck (for me anyway lol). Thats an interesting point about maintaining capital. I hadnt thought of that. But for me I guess this is OK but I dont withdraw any of my money. I compound every trade. I guess I could take the exact same trades on my demo mt4 while taking live trades through tradestation, that way I would atleast get the stats I need without having to change live brokers.

Oh and thanks for reminding me about Bucks spreadsheet. I actually downloaded it while I was a member of the PF just looking through it now ...

Take care
Dan
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