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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

  • #4,141
  • Jun 25, 2007 1:27pm Jun 25, 2007 1:27pm
Quoting lstd

At the end of the day any movement in a highly efficient market resembles a random walk, and the forex markets are among the most efficient markets you can find. I recently have been toying with the idea to create a system based on volatility and randomly generated trade signals but with a tight MM in place. I believe that such a system could be winner. I even believe that team aphid is running a similar system which generates a nice equity curve.
resembles a random walk, but the market is farrrrr from random.

with that said, I agree with mr.demark(my PA strategy is based SOLEY on cutting losers and letting profits run). My winning % is dismal at best some months. I also agree MM is the foundation.

Also Wiz, come back bigger, better, and mentaly rested, take care

Mike
  • #4,142
  • Jun 25, 2007 4:30pm Jun 25, 2007 4:30pm
lstd or mbq (or anyone for that matter), could you elaborate on randomly generated signals and how this works? Is it basically taking an educated guess at a direction price will move, and setting the SL so that losers will not lose big, and just letting the wins run?
  • #4,143
  • Jun 25, 2007 9:17pm Jun 25, 2007 9:17pm
Thanks for the input and giving me something to think about Raz! Happy Trading!

Quoting razldazl
hi 211,
the only thing you might want to watch is that last weeks IB broke up to the upside this week, and closed above, which might suggest we will be continuing up. But then again, maybe not, see you Raz
  • #4,144
  • Jun 26, 2007 7:27am Jun 26, 2007 7:27am
Hi Everyone,

Sorry I haven't been posting a much I have been busy getting ready for vacation.

But I thought I would post this pair up since I haven't seen much about it lately.

the US/CAD seems to be forming a nice PB on the monthly. This PB could provide a nice move to the upside in the coming weeks.

And if you notice that the high of this PB was made on 6-21-2007 which means that the move up may have alredy begun.

On the daily you can see the consolidation at historical new lows forming an upward channel.

I will be watching this pair waiting for PA to confirm an entry.

What do the rest of you folks hee think?

Steve
Attached Image(s) (click to enlarge)
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Nothing is impossible, with a willing mind!
  • #4,145
  • Jun 26, 2007 8:08am Jun 26, 2007 8:08am
The nose is small and todays IB just broke short so i gotta stay with my short bias.
GOD IS NOT SHORT OF CASH
  • #4,146
  • Jun 26, 2007 8:54am Jun 26, 2007 8:54am
Quoting 1234
A nice daily PB has also formed at the end of Friday's trading on the US/JPY. I will be looking at this also at the start of next week.
All the best for next week.
Nice trade 1234, I took it and Im trailing by 40 pips, I hope you got in as well thanks for the heads up!, I went long eur aud, though, which isnt looking as happy...I also agree with Swami on the cad situation, lets see how things stand at the end of the month before making any longer term projections though, hope everyone is well and finally we all know that wizard will be back on his feet in no time, good luck everyone and somebody post a chart with something cool on it for gods sake before I take to watching trashy soaps on television... take care all Raz
Never say never.
  • #4,147
  • Jun 26, 2007 12:28pm Jun 26, 2007 12:28pm
Hi everyone, todays PA looks like we will be getting bullish pins on the dailies for the yen. I do not know what to make of them. In general over the last months such PA has resulted in good entries. My feeling, though, is that something big is in the making with regards to the carry pairs (swissy is very reluctant to surrender ground at the same time). Also BoJ is finally commenting on forex. What are your views on these pins?
  • #4,148
  • Jun 26, 2007 12:31pm Jun 26, 2007 12:31pm
Quoting lstd
Hi everyone, todays PA looks like we will be getting bullish pins on the dailies for the yen. I do not know what to make of them. In general over the last months such PA has resulted in good entries. My feeling, though, is that something big is in the making with regards to the carry pairs (swissy is very reluctant to surrender ground at the same time). Also BoJ is finally commenting on forex. What are your views on these pins?
I personally completley ignore anything fundamental. But if you are unsure about a trade ever, just pass.

I am in on the 4 hr pins on /jpy pairs. Good action today.

Best,
Mike
  • #4,149
  • Jun 26, 2007 1:27pm Jun 26, 2007 1:27pm
Hello to all,

I'm really a newbie on forex, just started a month a go, and even that I have done 50 pips on 5 seconds, and $1500 with a $2000 account on 3 days, this was just luck. I was trading on the news move, this is very risky but to someone who know nothing about forex, I guess that is the best trading way.

Altough, this does not hapend every day, eg. past week I have done this only one time with GBP/USD.

After this, I tried to follow fxstreet.com tips, but I can tell you that in one week all the tips to do the reverse of what really hapened.

So I was searching on the net I have found this great forum.

I'm trying to understand this james16 trading system.

I have uploaded a file with one of the james16 situations that I have found on EUR/USD, and I hope that someone can tell me if I'm right.

Thanks to all and good trading
David
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  • #4,150
  • Jun 26, 2007 1:33pm Jun 26, 2007 1:33pm
Hey David,

Firstly welcome to this forum and the james16 thread. You are in for one fun ride
You are correct about the news trade. That is a very very risky trap newbies fall into. They are over leveraged, and love the feeling that they can make a lot of money quick(you can guess what happens to their accounts eventually ). As for following tips, and other peoples signals. It is another trap new traders fall into. The best thing you can learn to do is fish for yourself. Take control of your trading.

I hope you have found your way over to the Forex Beginner Q&A section. Read the sections on money mgmt, and psychology. These are some of the most important parts to trading, and are crucial to your future success.

As to your chart. This is correct. That is a DBHLC! Very well done.

Don't be afraid to ask questions and seek help. And don't forget to demo trade or open an account with a broker that allows you to trade for pennies. No real money, until you can proev to yourself you can be succesful over at least 3 months(following a strict Money mgmt and trading plan)!

Wish you much success,

Mike

Quoting drtduarte
Hello to all,

I'm really a newbie on forex, just started a month a go, and even that I have done 50 pips on 5 seconds, and $1500 with a $2000 account on 3 days, this was just luck. I was trading on the news move, this is very risky but to someone who know nothing about forex, I guess that is the best trading way.

Altough, this does not hapend every day, eg. past week I have done this only one time with GBP/USD.

After this, I tried to follow fxstreet.com tips, but I can tell you that in one week all the tips to do the reverse of what really hapened.

So I was searching on the net I have found this great forum.

I'm trying to understand this james16 trading system.

I have uploaded a file with one of the james16 situations that I have found on EUR/USD, and I hope that someone can tell me if I'm right.

Thanks to all and good trading
David
  • #4,151
  • Jun 26, 2007 2:16pm Jun 26, 2007 2:16pm
Hi Mike,

Thanks a lot for your words, I have used a demo account on saxo bank platform, for a month, now I'm using real money $2200 that I do not wish to loose, but it will not be a nightmare if I do.


Just a comment, yesterday and today I was following EUR/USD and I had the feeling that I should enter short at 1,3470 (I mean this pair is near is high 1,3690 and even if it goes up, it will came back, otherwise USA economy wil be in trouble- but I tought let me see what hapends, well it fell to 1,3430 then it as gone up to 1,3470 again, and I tought, it can't happend again and I didn't enter short again, so it fell again to 1,3430 and now it is trading near 1,3468 again.

I could have done 80 pips in two days...

What do you think, we must follow our feelings sometimes?
  • #4,152
  • Jun 26, 2007 2:43pm Jun 26, 2007 2:43pm
Quoting drtduarte
Hi Mike,

Thanks a lot for your words, I have used a demo account on saxo bank platform, for a month, now I'm using real money $2200 that I do not wish to loose, but it will not be a nightmare if I do.


Just a comment, yesterday and today I was following EUR/USD and I had the feeling that I should enter short at 1,3470 (I mean this pair is near is high 1,3690 and even if it goes up, it will came back, otherwise USA economy wil be in trouble- but I tought let me see what hapends, well it fell to 1,3430 then it as gone up to 1,3470 again, and I tought, it can't happend again and I didn't enter short again, so it fell again to 1,3430 and now it is trading near 1,3468 again.

I could have done 80 pips in two days...

What do you think, we must follow our feelings sometimes?
trust them when you can justify thier presence through odbjective chart analysis otherwise they may lead you astray. these second rate ooportunities are two apenny . this is a waiting game.
Swami S
GOD IS NOT SHORT OF CASH
  • #4,153
  • Jun 26, 2007 3:08pm Jun 26, 2007 3:08pm
Quoting Swami S
trust them when you can justify thier presence through odbjective chart analysis otherwise they may lead you astray. these second rate ooportunities are two apenny . this is a waiting game.
Swami S
Couldn't have said it better
Keeping it Simple
  • #4,154
  • Jun 26, 2007 3:45pm Jun 26, 2007 3:45pm
NOR I.

JIM

Quoting habeeb
Couldn't have said it better
  • #4,155
  • Jun 26, 2007 3:47pm Jun 26, 2007 3:47pm
Thank you for your feedback.

Good tradings for all
  • #4,156
  • Jun 26, 2007 11:13pm Jun 26, 2007 11:13pm
Quoting lstd
I agree, but unfortunately am miles away from managing this art myself yet.

At the end of the day any movement in a highly efficient market resembles a random walk, and the forex markets are among the most efficient markets you can find. I recently have been toying with the idea to create a system based on volatility and randomly generated trade signals but with a tight MM in place. I believe that such a system could be winner. I even believe that team aphid is running a similar system which generates a nice equity curve.

In my opinion even a simple slope-change-MA system can continuously grow your account if MM is applied stringently (and the markets show reasonable trend following behaviour)

Mr Denmark, can you recommend good literature/forums etc. on the topic?
I'll look and PM you

Now Price action guys, look @ this DBLHC on CAD and tell me what u think?
http://i8.tinypic.com/6fk9no2.gif
100% of traders are losers. Just that some win more than they lose!
  • #4,157
  • Jun 26, 2007 11:21pm Jun 26, 2007 11:21pm
anyways, here are the files i promised you,
Attached File(s)
File Type: zip tools.zip   799 KB | 3,237 downloads
100% of traders are losers. Just that some win more than they lose!
  • #4,158
  • Jun 27, 2007 1:19am Jun 27, 2007 1:19am
Quoting Mr demark
I'll look and PM you

Now Price action guys, look @ this DBLHC on CAD and tell me what u think?
I would ignore it. It's got nowhere to go, as you've drawn your triangle already. If it breaks out of that, then I'd reconsider.
  • #4,159
  • Jun 27, 2007 1:19am Jun 27, 2007 1:19am
Quoting Mr demark
anyways, here are the files i promised you,
Awesome, thanks Mr. Denmark, these are excellent!
  • #4,160
  • Jun 27, 2007 2:00am Jun 27, 2007 2:00am
Did anyone take the USDJPY pinbar? I'm up 86 pips right now on that trade, and my trigger to enter GBPCHF weekly short has been hit as well.
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