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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

  • #130,681
  • Apr 24, 2014 11:31am Apr 24, 2014 11:31am
Quoting 4StarGen
{quote} Ty for your kind reply, all what you have said does make sense... Regarding the quoted point, don't you think you can build a pretty accurate model of what you are looking for after the formation of the pin bar? So if the conditions x, y and x are met, enter the trade? Don't you think that it would be so much easy and profitable to trade like this?
As Mike said above, it's more about the general story than just the bar itself.
So a pinbar, even if you'd be able to quantify in an EA exactly what it should look like, does not by far tell you enough to trade on it.
Not only the Pinbar - or BEOB, or DBLHC/DBHLC - has to 'fit', the location is of at least as much importance.

There's various ways in which this thread teaches to 'decipher' all of these elements to make good trades.

quality over quantity
Definity holds true.
Up to march, I went into Drawdown peaking at 7%; I got there making over 30 trades.
April, I've taken just 5, and I'm almost out of the drawdown.

I still have a lot to gain in the field of pickyness, but it start with taking less than every PB.
EA's don't fit for that.
It's a sport, an artform and a science.
  • #130,682
  • Apr 24, 2014 1:57pm Apr 24, 2014 1:57pm
Quoting Berserker
@Long2339, cheers for your thoughts. I put in an sell stop at the bottom of the BEOB last night on AUDJPY. Will look to minimize risk quickly if price pops today. Skipped EURCHF - too much going on there, very tight spot. By the way, what does PBT and CB mean on your chart? Never seen those acronyms before!
Attached File(s)
File Type: pdf Price Breaks Through.pdf   1.1 MB | 3,020 downloads
  • #130,683
  • Apr 25, 2014 1:23am Apr 25, 2014 1:23am
Quoting PhAnTi'
{quote} mama mia, pretty big stop for a 14.00 lot position? .... you need to be 70-80% right to be profitable trading such r:r does this work for u? best, J
Quoting Magestic
{quote} I'm Miker's fan, and like his style a lot. So I avoid takeng a full bar loss. I place it at the berginning just to protect the trade from smth terrible that may occure.
Not as big SL as it was, isnt it? 14.00 lots is demo of course, I dont publish positions from live, but the strategy is the same (3% of risk). I dont say it will end up a win, but this setups work more that 50% that for sure. If price comes back above the box again the setup is not valid anymore for me, and no need to wait till the entire bar SL.
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If not up, then down, otherwise sideways :-)
  • #130,684
  • Apr 25, 2014 4:23am Apr 25, 2014 4:23am
Quoting long2339
{quote} {image}
I'd found some of Jarroo's posts on the subject, but who doesn't like a nice ordered PDF Thanks!
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,685
  • Apr 25, 2014 5:00am Apr 25, 2014 5:00am
I read the PDF but to mee see too easy... traders simply can wait for a very good setup, compound the winnings and be millionarie in a few years... what I'm missing?
  • #130,686
  • Apr 25, 2014 5:12am Apr 25, 2014 5:12am
Quoting 4StarGen
I read the PDF but to mee see too easy... traders simply can wait for a very good setup, compound the winnings and be millionarie in a few years... what I'm missing?
Yup, that's how it is. The only problem is that we are the people.
Follow my trading on Twitter and FB: @pumlitch
  • #130,687
  • Apr 25, 2014 5:38am Apr 25, 2014 5:38am
Quoting 4StarGen
I read the PDF but to mee see too easy... traders simply can wait for a very good setup, compound the winnings and be millionarie in a few years... what I'm missing?
In theory, you're not missing anything, yet, in practice 'simply waiting for a very good setup' is not that easy for most traders.
Still, it is the essence of this material, so if you can hold on to that mindset, it'll help.

Just remember, it's not that easy, but it is that simple

W
It's a sport, an artform and a science.
  • #130,688
  • Apr 25, 2014 6:34am Apr 25, 2014 6:34am
Quoting 4StarGen
I read the PDF but to mee see too easy... traders simply can wait for a very good setup, compound the winnings and be millionarie in a few years... what I'm missing?
A lot of successful traders I have read around, or seen interviews with, say that it's common for people to try and overcomplicate trading - and this is why we make it difficult. If you were to distil trading down to a single scientific discipline, I would say it wasn't mathematics and complicated algorithms, but psychology.

Have you read anything by Mark Douglas? He is author of "The Disciplined Trader" and "Trading in the Zone". His work gives a great head start in helping you understand why you do what you do when trading, and why people find it so difficult to succeed.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,689
  • Apr 25, 2014 7:25am Apr 25, 2014 7:25am
Someone pointed this pair, after their fake call out as Ghous, retreated over 2,400 pips
Attached Image (click to enlarge)
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  • #130,690
  • Apr 25, 2014 7:33am Apr 25, 2014 7:33am
Quoting cesar8
Someone pointed this pair, after their fake call out as Ghous, retreated over 2,400 pips {image}
Very nice setup!
It's actually a fake-out, a BUOB and it has a wick like a pinbar.
From a good location too.
It's a sport, an artform and a science.
  • #130,691
  • Apr 25, 2014 7:54am Apr 25, 2014 7:54am
this pair is giving much to talk about these days, its continued impact against resistance is well defined, and accompanied with regular divergence, we could be aware of a sharp fall in the price.
Attached Image (click to enlarge)
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  • #130,692
  • Edited 9:07am Apr 25, 2014 7:55am | Edited 9:07am
Quoting Donaciello
{quote} In theory, you're not missing anything, yet, in practice 'simply waiting for a very good setup' is not that easy for most traders. Still, it is the essence of this material, so if you can hold on to that mindset, it'll help. Just remember, it's not that easy, but it is that simple W
No I didn't read it... checking out on Amazon, ty for the tip
  • #130,693
  • Apr 25, 2014 9:10am Apr 25, 2014 9:10am
Quoting cesar8
this pair is giving much to talk about these days, its continued impact against resistance is well defined, and accompanied with regular divergence, we could be aware of a sharp fall in the price. {image}
Another GBP pair to watch, this time GBPJPY. Seems to be winding up tight, also with strong divergence to the downside.

Attached Image (click to enlarge)
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We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,694
  • Apr 25, 2014 10:07am Apr 25, 2014 10:07am
Attached Image (click to enlarge)
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  • #130,695
  • Apr 25, 2014 11:12am Apr 25, 2014 11:12am
Did anyone else get in on this...

i am on it, and i this are my thoughts:
long pin on a rejection of a previous supply zone.
keys into a breakout trade on the weekly (which i took ealier and exited)
there are some bar lows in the area to tuck away stops.

cons:
not a lot of space
traffic area not far ahead.

rgds,
Dinta
Attached Image
  • #130,696
  • Apr 25, 2014 11:43am Apr 25, 2014 11:43am
Is NR7 a pattern that the J16-ers pay attention to? If so, it looks like the day might close with NR7 bars on E/U and U/CHF
  • #130,697
  • Apr 25, 2014 12:01pm Apr 25, 2014 12:01pm
[quote=mbqb11;7423269]{quote} Do not worry M, that works VERY well if you do it consistently. Your R:R and more importantly your PROFIT FACTOR(way more important than R:R) will be great. I'm running at a near 80% win rate with a profit factor near 5. Keep it up M, youre doing great Mike[/quote

Mike,

What is profit factor? Is it the same as the expectancy of a trading system?

N
  • #130,698
  • Apr 25, 2014 12:05pm Apr 25, 2014 12:05pm
Is it the same as the expectancy of a trading system?

It's the simple division of gross profits/gross loss.

Thereby favoring trader A, who wins €10 and loses only €1, over trader B, who lost €5 and gained €10.

A: 10/1=10
B: 10/5=2

Being picky and taking profit at FTA both may account for a very high profit factor.
It's a sport, an artform and a science.
  • #130,699
  • Apr 25, 2014 2:34pm Apr 25, 2014 2:34pm
Quoting Dinta
Did anyone else get in on this... i am on it, and i this are my thoughts: long pin on a rejection of a previous supply zone. keys into a breakout trade on the weekly (which i took ealier and exited) there are some bar lows in the area to tuck away stops. cons: not a lot of space traffic area not far ahead. rgds, Dinta {image}
Looks like it will be finishing up Friday with a nice Bullish bar. Will your next move be to move the stop in behind today's bar?
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,700
  • Apr 26, 2014 1:55am Apr 26, 2014 1:55am
Quoting Berserker
{quote} ... Will your next move be to move the stop in behind today's bar?
No, I will leave my stops where it is.
Friday's close was not as strong as I'd hoped. although it was still a good close, I think it's due to weekly profit takers.
I will only move my stops when we close above the 6.59 bar highs and lows.
my target is the 6.65 area.

rgds
Dinta
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