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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

  • #961
  • Aug 19, 2006 1:56am Aug 19, 2006 1:56am
Quoting james16
new chart
One thing I have found about not "pulling the trigger" is that it is appropriate to any financial experience: from not super sizing the fries to whethet or "Big Slick" is a decent bet in my position. I have heard poker players say that the best hand I ever played was a hand that was lain down
  • #962
  • Aug 19, 2006 9:20am Aug 19, 2006 9:20am
Quoting hk334
I am not questioning your opinions or data on the charts. That has been very enlightening. I find that my sense of humor and quirky education kicks in quite quickly when I find something to question and since there were no posts where posts were said to be, like the boy that was told that the king had on new clothes but was actually wearing nothing (no posts) I asked "or does the "king really have no clothes" The sad thing about explaining a joke is that all humor is lost in the explanation!
hello h, its cool man. since that was your first post and you are an unknown personality i just wasnt sure where you were coming from. welcome not only to this thread but FF proper.
  • #963
  • Aug 19, 2006 2:58pm Aug 19, 2006 2:58pm
Quoting james16
hello linus, love your avatar and username. everytime i see it i go back to 6 years old and smile. you heard right. i was careful not to say that for a while until i was sure but i will say it now. this is my opinion of course. still not sure exactly why but it has something to do with 24 hours vs 8. maybe its also because of so many more years of experience with the dow and sp. a 24 hour move in forex is comparable to 3 days in the dow. long time futures traders have to get used to the 24 hour thing.

the mini dow is much easier to trade than the mini sp. with the mini dow each tick is 5 dollars a contract which gives you much more flxibility than the mini sp or russell which have much higher tick/point values. there are a ton of futures brokers you can demo with. direct trade is one. im not sure if they still offer a demo platform but lions futures is great to trade with. the easiest platform for beginners is jtrader but there are many more. direct trade has a super easy electronic platform. one thing about direct trade. they will start you at a high commission unless you ask for a low rate. asking is all thats required. ask for 7 dollars round trip per contract and i bet they say yes. they did when i asked.
Jim, I've demoed Forex trying multiple strategies with no consistent luck that would want me to put real money on the line. With that said, the mini dow and sp really interests me along with day trading. Can I assume this is one of your speciality you will provide training and guidance upon signing up.

Ready to learn...Randolermo
  • #964
  • Aug 19, 2006 3:22pm Aug 19, 2006 3:22pm
Quoting james16
hello blue, great questions and yes there is a wieght to these bars. thats been one of my worries from the start of this thread. a new trader will not know where they are in relation to not only the chart they are on but other time frames and the particular bar showing there. even the pin bar in the wrong place as accurate as it is can be costly. the bars should be used in conjunction with support and resistance areas and at swing highs and lows. i have said that its possible to trade better than 60/40 with just the bars and nothing else and i am serious. but it takes practice, a lot of practice. the practice is worth it because when you reach a point where you can do it with price only you then have a much better chance of being succesful with your system/s. i have found nothing as accurate as the pin bar when it shows up IN THE RIGHT PLACE. welcome to the forum. jim
As Henry Ford once said, "Thinking is the hardest work one will ever do, Which is why so few get involved in it". The sarcasm is his but the accuracy only slightly misses the point. That observational skill is the most difficult to develope which is why so many applaud it when another demonstrates it. And James in this arena you have demonstrated it. Additionally you have also pointed out that philosphy must accompany the use of any technology and while the "tech" maybe a science (the accumulated observations of a group of people) the application of any tech is an ART. Michael Angelo took many years to get to the point of the Cistine Chaple and it took everything he had to do it. The view from the shoulders of giants may be breathtaking but the climb takes awhile. Thanks
  • #965
  • Edited 6:09pm Aug 19, 2006 4:05pm | Edited 6:09pm
Quoting Randolermo
Jim, I've demoed Forex trying multiple strategies with no consistent luck that would want me to put real money on the line. With that said, the mini dow and sp really interests me along with day trading. Can I assume this is one of your speciality you will provide training and guidance upon signing up.

Ready to learn...Randolermo
no the forum is directed towards forex and my section almost soley towards position trading. at some point in the future i have ideas of a dow daytrading room. i originally put threads in to follow and position trade the futures markets but since this is a forex forum it really has not caught much attention. the single most important thing from a personal standpoint i can say about the private forum is this. i did not develope and spend six months working on it to try and get rich, i have money. nor do i care about how many subscribers it has now or at any time in the future. the last thing in the world i want or need is a ball and chain to drag around. one of the reasons i recruited charles and douglas was so i wouldnt be tied to it day and night. it grew out of this thread and requests for help. its purpose was to give people an affordable place where they could spend a few months or longer learning stuff that cost me tens of thousands of dollars and over twenty years learning. i dont know what the success rate is with similar places but i dont know how anyone could beat ours. 1200 plus subscriptions and 3 requests for a refund. there is no doubt the reason for this is the amount of information versus the cost. its almost silly to ask for a refund. that was the goal from the start because i dont want headaches. i have always said as long as folks seem happy and things go smoothly i will keep it going and possibly add new things. if it ever goes the other direction i will close shop and be very happy to just keep going with this thread. its weird, all my life when i focused on doing the right thing and doing things i enjoy it always seems easy and ends up succesful. those times in my life where i did things strictly for the money or cut corners or my motives were wrong things went to shit. the old saying garbage in garbage out is wrong. it should be garbage out garbage in.
  • #966
  • Aug 19, 2006 8:18pm Aug 19, 2006 8:18pm
Quoting james16
the single most important thing from a personal standpoint i can say about the private forum is this. i did not develope and spend six months working on it to try and get rich, i have money. nor do i care about how many subscribers it has now or at any time in the future. the last thing in the world i want or need is a ball and chain to drag around......

it grew out of this thread and requests for help. its purpose was to give people an affordable place where they could spend a few months or longer learning stuff that cost me tens of thousands of dollars and over twenty years learning. i dont know what the success rate is with similar places but i dont know how anyone could beat ours. 1200 plus subscriptions and 3 requests for a refund. .....
Sir,

Even though I'm a newstrader, I just invested a good 10 hours of my life this Saturday reading with avid fascination the evolution of this marvelous thread and the PF. By facilitating the success of others, your success is guaranteed. As you noted, when doing something with the wrong motivation, wrong outcomes result. But when your project comes from the heart, unselfishly, particularly when helping another, then the favor of God must come to rest on the project, its proponents and its beneficiaries.

Continued blessings upon you and your family, as well as everyone who helped bring your vision to fruition.

Simply a masterpiece.
  • #967
  • Aug 19, 2006 8:33pm Aug 19, 2006 8:33pm
Quoting MoneyMa$ter
Sir,

Even though I'm a newstrader, I just invested a good 10 hours of my life this Saturday reading with avid fascination the evolution of this marvelous thread and the PF. By facilitating the success of others, your success is guaranteed. As you noted, when doing something with the wrong motivation, wrong outcomes result. But when your project comes from the heart, unselfishly, particularly when helping another, then the favor of God must come to rest on the project, its proponents and its beneficiaries.

Continued blessings upon you and your family, as well as everyone who helped bring your vision to fruition.

Simply a masterpiece.
thanks money, you news traders amaze me, always have. so many of you have such an elegant way with words. yes i learned long ago the folly of dark thinking and selfish motives. i tell my son that you wont be a real man until you learn to be aware of your thoughts and learn that the ancestor of every action was a thought, good or bad.
  • #968
  • Aug 19, 2006 8:45pm Aug 19, 2006 8:45pm
Thanks for quick response.

Sorry for not understanding the focus on forex. I do find forex exciting but as I said I have not found a successful stratregy and have been looking for place to learn more. By everyone's positive response, I couldn't find a better place to read and learn so I can determine if I'm cut out for the forex or not.

Glad I found this thread.
  • #969
  • Aug 19, 2006 9:30pm Aug 19, 2006 9:30pm
Quoting james16
hello trumpcard, here is as honest as i can get

1. backtesting on charles system was done manually by its inventors, the results are unbelievable so i wont post them. i have said before that its not my intention to overhype the pf so i wont here even though you have given me a golden oppurtunity. i will be presenting some personal systems but my main focus will be teaching price action. shoot charles ( dialist) a pm and he might send you the actual results. i believe they run the past couple of years.

2. everything in the pf will require demo trading in my opinion to become good at them.

3. i see no reason why they could not be automated but there is some descretion in all of them.

4. there will absolutly be no live trading calls in the pf. the forum will be for teaching and educational purposes only. i dont want to go to jail or be fined by the authorities.

5. the ongoing commitment will be 99 bucks a month.

6. you can quit whenever you want, the whole purpose of the pf is to teach some really good and unusual stuff. i think most people would be better served to stick around longer than two months but you can print it and leave in 2 days if you want.

THE ENTIRE POINT OF THE PF IS TO HELP NOT TRY TO TAKE YOUR MONEY FOR NOTHING. ANYONE WHO SPENDS THE 99 BUCKS WILL SEE THIS IN ABOUT 2 SECONDS. thanks for your questions.
I made it to p34 of 65 and can't stand it any more I'm going to the PF
  • #970
  • Aug 19, 2006 10:32pm Aug 19, 2006 10:32pm
Quote
Originally Posted by james16
4. there will absolutly be no live trading calls in the pf. the forum will be for teaching and educational purposes only. i dont want to go to jail or be fined by the authorities.


That is why I love and value this gem/(jim).

kolachi
  • #971
  • Aug 20, 2006 1:29am Aug 20, 2006 1:29am
Quoting PeterFM
It is.

Peter
LOL! I love you too Peter!

Dial
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  • #972
  • Aug 25, 2006 8:10am Aug 25, 2006 8:10am
I'm new to this FORUM, and new to James16, so please forgive if I misunderstand the message.

The message said: "the ongoing commitment [to pf] will be 99 bucks a month."

Is this the same "pf" as the monthly forum for the $129 = currently the recurring monthly charge?

Bill13
  • #973
  • Aug 25, 2006 8:39am Aug 25, 2006 8:39am
hello bill, yes its the same, in april we went to 129 per month.
Quoting Bill13
I'm new to this FORUM, and new to James16, so please forgive if I misunderstand the message.

The message said: "the ongoing commitment [to pf] will be 99 bucks a month."

Is this the same "pf" as the monthly forum for the $129 = currently the recurring monthly charge?

Bill13
  • #974
  • Aug 25, 2006 3:01pm Aug 25, 2006 3:01pm
I finally made it through the entire thread so I just wanted to make a quick post to make myself known.

Forgive me if I don't repeat what every one has already said.....I think at this point it's understood that if someone actually took the time to get from page 1 to page 66, they don't have anything negative to say.

I will however say this....

It was more than a little refreshing to look at a chart where I could still see the price bars!!! At one point my charts had gotten so out of hand with indicators that the box containing the price bars was often too small to see. Going from staring at a mess to actually seeing something is a welcomed change.

Anyway, thanks for everything up to this point and my plan is to sign up for the PF and see what there is to be seen.

(Someone made a poker reference here not too long ago about playing "Big Slick". I found that funny because, being an avid poker player myself, I often compare learning curves such as this to the one I experienced learning poker. I went from "gambling" and never walking away from a table with a chip to "analyzing", which has made me an overall winner. Hopefully a similiar transition awaits here as well.)
  • #975
  • Aug 25, 2006 4:06pm Aug 25, 2006 4:06pm
thanks sun, one of the things i hope people will get out of this thread is you can combine a knowledge of price action with your systems. it really can make a difference.
Quoting Sunrunner
I finally made it through the entire thread so I just wanted to make a quick post to make myself known.

Forgive me if I don't repeat what every one has already said.....I think at this point it's understood that if someone actually took the time to get from page 1 to page 66, they don't have anything negative to say.

I will however say this....

It was more than a little refreshing to look at a chart where I could still see the price bars!!! At one point my charts had gotten so out of hand with indicators that the box containing the price bars was often too small to see. Going from staring at a mess to actually seeing something is a welcomed change.

Anyway, thanks for everything up to this point and my plan is to sign up for the PF and see what there is to be seen.

(Someone made a poker reference here not too long ago about playing "Big Slick". I found that funny because, being an avid poker player myself, I often compare learning curves such as this to the one I experienced learning poker. I went from "gambling" and never walking away from a table with a chip to "analyzing", which has made me an overall winner. Hopefully a similiar transition awaits here as well.)
  • #976
  • Aug 26, 2006 7:06pm Aug 26, 2006 7:06pm
Quoting Sunrunner
I finally made it through the entire thread so I just wanted to make a quick post to make myself known.

(Someone made a poker reference here not too long ago about playing "Big Slick". I found that funny because, being an avid poker player myself, I often compare learning curves such as this to the one I experienced learning poker. I went from "gambling" and never walking away from a table with a chip to "analyzing", which has made me an overall winner. Hopefully a similiar transition awaits here as well.)
That was myself. I have found a great deal of similarity between trading and playing poker SMARTLY. But then I find a great deal similarity between trading and doing anything via $$$$$$$$$$$$$$. Poker has made me a better trader and better Backgammon player and both of those have made me a better trader.
  • #977
  • Edited 8:23pm Aug 27, 2006 5:57pm | Edited 8:23pm
Quoting james16
thanks m, anyone who quotes the brothers is ok in my book. looking forward to seeing what you got.
Thanks James.

What I am presenting here is a simple trade signal generator that appears to work well on any time frame, although I personally do not look at anything below 15 min's and only rarely below 30 min's with this method.
I use candlestick charts with this method but I'm sure bar charts will work as well.

I want to make it perfectly clear that I am not the originator of this signal method. The technique was passed on to me several months ago by a fellow trader whom I thank very much and owe a great deal to and have tramendous respect for. We have been working to try and develop a complete trading system around this simple signal and I believe it has great potential. I have added a couple of filters to the few original simple rules and have learned through observation a few nuances that have proven to be successful in identifying good trade set-ups.

The technique is referd to as: The 10 - 26 Bridge Trade.

The Set-up:

On your favorite chart (any time frame), place a 10 period EMA (median) and a 26 period EMA (median).

The Signals:

Enter a long position on the close of a candle that completely crosses or "bridges" the gap between the two MA's. The candle must open below the lower MA and close above the upper MA. Two candle bridges are acceptable on all time frames and I have allowed three candle bridges on longer time frames, (daily, weekly,) as long as there is no retracement bar in between the start and completion of the bridge.

Short trade signals are the same in reverse.

That's it. This is the basic signal method as I first learned of it. Now, as I mentioned, I have added a couple of filters to the signals in an attempt to eliminate as many of the false signals as possible. Yes, there are some false signals with this method, (don't all systems have them?).

The first filter is a 5 bar HI/LO restriction. Do not jump on a signal until the price closes above a 5 bar high or below a 5 bar low. Many bridge trade signals appear on the charts as single or double bar bridges. However, if the close of the bar that completes the bridge does not exceed a 5 bar HI/LO, patiently wait until the price does close above or below a 5 bar HI/LO before making an entry. The bar that completes the bridge is counted a bar #1 when counting back 5 bars. If the next bar does not close above or below a 5 bar HI/LO, then simply advance to the next bar for an entry trigger. The current bar is always #1. When the close of a current bar exceeds a 5 bar HI/LO, then a trade can be entered in the direction of the bridge.

The second filter is more subjective and uses the Bollinger Bands, (default) to determine market volitility. When the market has made a recent move of appreciable size, the Bollinger Bands expand to reflect this volitility. After the expansion, the bands collapse back toward the median price range. During this contraction, the market is generally moving into a period of consolidation. The duration of which is relavant to the time frame of the particular chart you are looking at. During this period of consolidation, I have observed many bridge signals that either signal small gains or are false signals indicating only losing trade set-ups. Some of the best bridge trade signals appear just after a period of very low market volitility commonly known as "the Bollinger Squeeze". In this scenario, the bridge signal is a very accurate indicator of a volitility break-out move.

Trade Management:

I generally let the market decide where to place a stop loss. Most often it is 5-10 pips above or below the bar that started the bridge signal. If that price level is to tight to the current price level relative to the current noise, I will place the stop 10 pips above or below a recent swing hi or low relative to the bridge signal and adjust my lot size according to my MM rules.

Exit strategy: This is an area that needs more work, but generally speaking while my trade entry is based on a series of "ANDS" my exit strategy is based on only one "IF". The first close below the upper MA in a long trade or above the lower MA in a short trade is more often a short term pull back from the beginning of the move. I will generally stay in the trade through this period and maybe take half or a third of the position in profit at this point. A close below the lower MA in a long trade or above the upper MA in a short trade is deffinately a signal for me to exit, though I may have given back a good deal of profit at this point. The trade may regain momentum and continue on. I will then look for opportunities to re-enter the trade on shorter time frames. I have also included a 100 period SMA and a 200 period SMA to my charts and I use these as levels of support and resistance. A bridge signal in close proximity to a bounce or failure off of the 200 or 100 SMA is a very strong signal.

This is still a work in progress and I believe there is good potential for this method.

Place the MA's on your charts and take a look back at the GBPUSD pair. You will be amazed at how many of the good price moves started with a bridge trade signal present.

I have attached a few chart examples as reference to the above.

I welcome your comments and suggestions. Thanks for your time.
Attached Images
"You can make money or you can make excuses, you can't do both". unknown
  • #978
  • Aug 27, 2006 6:19pm Aug 27, 2006 6:19pm
Hi mpotis,

Thanks for posting your system.

I've communicated with you before and know that you are a good person.
So I do appreciate you posting your system.

Just a suggestion though, why not create your own thread in the Journal section?

I mean, it's a system right? And others may be interested in it.
If you post it in this thread, it may not get the attention that it deserves.

(Although I know that it's not the attention you're looking for, but for the spirit of sharing/giving. )

Regards,
East
  • #979
  • Aug 27, 2006 6:45pm Aug 27, 2006 6:45pm
Thanks East,

That's a good suggestion. Perhaps I will move it to the journal section in the near future. The post was in response to a challenge that James threw out earlier in this thread about adding his price action techniques to any system to supercharge it. I thought his appeal was sincere and had some merrit as I am a big fan of his pin bars, DBHLC, etc. I will gauge the response I get here and then make a decision. The biggest difficulty for me is that I only trade on a part time basis right now and my time on the tube is very limited. I divide my time between trading or learning to trade and doing research to become a better trader. Maybe starting a journal with this system wil be just what I need to help me get to the next level of trading and becoming a full time trader trading for a living. That is my objective.

Thanks again East, your comments are always appreciated.

M
"You can make money or you can make excuses, you can't do both". unknown
  • #980
  • Aug 27, 2006 7:04pm Aug 27, 2006 7:04pm
Quoting mpotis
Thanks East,

That's a good suggestion. Perhaps I will move it to the journal section in the near future. The post was in response to a challenge that James threw out earlier in this thread about adding his price action techniques to any system to supercharge it. I thought his appeal was sincere and had some merrit as I am a big fan of his pin bars, DBHLC, etc. I will gauge the response I get here and then make a decision. The biggest difficulty for me is that I only trade on a part time basis right now and my time on the tube is very limited. I divide my time between trading or learning to trade and doing research to become a better trader. Maybe starting a journal with this system wil be just what I need to help me get to the next level of trading and becoming a full time trader trading for a living. That is my objective.

Thanks again East, your comments are always appreciated.

M
Hmmmm.. yeah, I forgot about that challenge..
Thanks for the reminder... I believe that challenge is Jim pointing out where you can improve your system using price action.
(I hope it does push through coz I believe Jim has a lot of things on his plate right now... Don't worry jim, we are still here for ya!)

You and I are also on the same boat (won't you look at that, an idiom! LOL..) regarding time management.

But anyway, always wishing us the best in our journey.

Regards,
East
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