DislikedI took this trade on the 61.8 retrace at 4695. Have taken 2/3's off at 4830, hoping the rest will hit the 4950 resistance area. A few days to get there doesn't bother me, will enjoy the extra swap.Ignored
Hindsight is 20/20
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedI took this trade on the 61.8 retrace at 4695. Have taken 2/3's off at 4830, hoping the rest will hit the 4950 resistance area. A few days to get there doesn't bother me, will enjoy the extra swap.Ignored
DislikedHi!
I have been lurking around these pages for a while now and have finally decided to join the j16 group. I was wondering what books can i pre-read to be prepared for the group as i am relatively new to forex but would very much like to be involved with a group of ppl who are serious with it and learn as much as possible from them.
Would love it if one of the instructors/group members could recommend a book particularly for the j16 trading style.
ThanksIgnored
DislikedNF will tell you the same thing...
Not balls. Just knowing what strategies work where. Quite a few of us got in at the 61.8%. Mine was a split 38.2% and 61.8% set.Ignored
DislikedEdit: Just to add that James mentioned in one of his posts, 2-3 weeks ago, that EJ chart is one chart that he couldn't find anything like A+ trade, i just don't remember exactly was it the daily or weekly. one.Ignored
DislikedI got really tired of missing fills by 10 pips, so I have shyed away from retrace entries on everything except trades where I see nothing going against me. Entry at the 365 EMA (also 61.8% retrace) looks tempting on this pin though
Is there anything specific you look for when deciding to enter on a retrace vs. a break? For me it's usually % chance that I think the trade will turn into a winner vs. %chance I think it will retrace to that point.Ignored
DislikedIs there anything specific you look for when deciding to enter on a retrace vs. a break? For me it's usually % chance that I think the trade will turn into a winner vs. %chance I think it will retrace to that point.Ignored
DislikedExample of expected retrace on AUD/USD Outside Bar
You can see how the 38.2% line is the most likely retrace point. (It also coincides with the daily floor pivot. ) ...but it's entirely possible still to get a 61.8% retrace. Stop would still go below OB . At least you have minimized your risk a little bit.Ignored
DislikedI knew you'd be on to it Jim.
And 'Flynn'. I think the saying is related to the Actor's exploits. LOL
.Ignored
DislikedLOL, na not balls mate.
Bear with me here, I hit the bundy pretty hard last night
just last night?? ...
and am a bit hung over today.
Bundy is right on the money. Fair setup, strong resistance turned support, little room to move up however. I could see at least 2:1 reward/risk and played the trade as per the book. You win some and you lose some, that's the way she goes.
Would have been water off a ducks back if it didn't play out.
It's good to break down what each pattern is telling you. As the old saying goes, a picture speaks a thousand words.
If you break a single daily bar down, you effectively have 6 x 4 hour bars, 24 x 1 hour bars and so on. Looking down to the 4 hour chart on the EU outside bar, you will have noticed a run of lower lows and then one single higher high. This is a good indication that the trend may be (that's may, not is) about to change. Buying on a 50-61.8% retrace means you are trying to get in on a dip.
A double low, higher close is even better, this means the price has made a double bottom and then possibly a higher high (double check your 4 hour chart to confirm). Vice-versa for a double high, on a lower time frame, this means we have a double top and a possible lower low.Ignored
DislikedThrough practise comes experience. Through experience comes some success. Through successes comes confidence. Through confidence comes a consistent winning attitude. That grows after every trade.
More so after a losing trade.Ignored
DislikedIgnored
DislikedOh so very true jaroo.
Patience fits in there somewhere too. Somewhere between experience and the winning attitudeIgnored
DislikedAbsolutely.
Probably fits in there with everything.
Patience with learning the material and practising. (it doesn't happen over night)
Patience with knowing that success will come. (sometimes more later then sooner)
Patience with knowing that one day it will finally "Click". And the stress of trading begins to fade.Ignored