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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

  • #4,481
  • Jul 11, 2007 1:40pm Jul 11, 2007 1:40pm
Hi Dan,
Would have to agree, I would want some confirmation on the daily before I took anything on this !!!!
Stay Lucky Mimas.
  • #4,482
  • Jul 11, 2007 1:54pm Jul 11, 2007 1:54pm
I would like to agree that less is more! I'd actually prefer that to be my trading style, but will have to practice practice practice. Any advice/suggestions to using less info on the charts? Right now I am using the 150,200,365 moving averages and sometimes placing Fibs on my charts. But I feel that confuses me at times...so taking those off would be nice.

Quoting Mr demark
I sometimes use fibonacci. But for now i use Price action and overall trend direction.

Less is more sometimes, nuh true?
  • #4,483
  • Jul 11, 2007 3:09pm Jul 11, 2007 3:09pm
What does everyone think about the daily pin on USD/CAD?
  • #4,484
  • Jul 11, 2007 3:15pm Jul 11, 2007 3:15pm
Quoting dltvn
Hi Mamutot, if you read 85% of the posts, you must have come across Jim's ideas of taking profits. To sum it up, he takes off the table a portion of his trade as soon as he sees 20-30 pips of profit, moves his SL to BE and let the price action dictate the rest. Each one of us has a different style in the way we attend to our profit taking and with time you'll will develop your own but in the meantime Jim's ideas are great ones and you will be happy applying it.
I hope that this helps you somewhat. Regards, Dan
hey Dan, i am familiar with james' ideas - i was asking for others..
this is actually what i am doing now - takin after 20-30 pips moving BE and letting the rest make me smile few hours later..

thanks
  • #4,485
  • Jul 11, 2007 3:17pm Jul 11, 2007 3:17pm
Quoting the_wizard
What does everyone think about the daily pin on USD/CAD?
Hi Wizard

I managed to grab 40 pips on a long from last night but there seem to be daily pins shaping up on a few pairs - I like the one forming on EURUSD as it's an extreme high and the one on EURAUD looks fairly promising too.

Since I've starting including these daily pin bars in some of my trades, I've had a pretty high success rate although I'd be hesitant to take more than one involving the same currency but that's just me.

Kind Regards
Steve
  • #4,486
  • Jul 11, 2007 3:39pm Jul 11, 2007 3:39pm
I'll let you know in three hours when my daily bar closes. Looks like a nice short trade setting up though.

Quoting the_wizard
What does everyone think about the daily pin on USD/CAD?
  • #4,487
  • Jul 11, 2007 3:54pm Jul 11, 2007 3:54pm
Yeah I'll have to wait a couple of hours for the bars to close and re-evaluate but the Daily Pins on USD/CAD and EUR/CAD look interesting.
The EUR/CAD actually had an 8 hour pin at the day's high and almost touched the 365. It has already trigered short and is up about 30 pips.

PS: This is page # 300 of the James16 Public Forum. Quite the accomplishment. That's awesome.

Tom
  • #4,488
  • Jul 11, 2007 4:02pm Jul 11, 2007 4:02pm
Quoting the_wizard
What does everyone think about the daily pin on USD/CAD?
And Im going to take it if it closes here or lower, Raz
Never say never.
  • #4,489
  • Jul 11, 2007 4:09pm Jul 11, 2007 4:09pm
Quoting moneybags
Yeah I'll have to wait a couple of hours for the bars to close and re-evaluate but the Daily Pins on USD/CAD and EUR/CAD look interesting.
The EUR/CAD actually had an 8 hour pin at the day's high and almost touched the 365. It has already trigered short and is up about 30 pips.

PS: This is page # 300 of the James16 Public Forum. Quite the accomplishment. That's awesome.

Tom
It really is awesome! Well done!
Never say never.
  • #4,490
  • Jul 11, 2007 4:38pm Jul 11, 2007 4:38pm
Actually on the FXDD feed, there was a nice 4H pin for the USDCAD.
It might be a good one. (I use IBFX and the pin wasn't as good)

Tom
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  • #4,491
  • Jul 11, 2007 5:24pm Jul 11, 2007 5:24pm
Quoting razldazl
It really is awesome! Well done!
Hey Raz, if you want one more to celebrate, this forum just passed 2 Yrs.
time .......... Wow, that is something too. Good job Jim.
  • #4,492
  • Jul 11, 2007 5:27pm Jul 11, 2007 5:27pm
Quoting moneybags
Actually on the FXDD feed, there was a nice 4H pin for the USDCAD.
It might be a good one. (I use IBFX and the pin wasn't as good)

Tom
Hi Tom, I for one took the bait and went short a few hours ago. So far I have a small profit but I hope for a much bigger one later on. Dan
  • #4,493
  • Jul 11, 2007 6:02pm Jul 11, 2007 6:02pm
Quoting the_wizard
What does everyone think about the daily pin on USD/CAD?
Hey Wizard and everyone else.

Sure I'm on it on the break. It signals continuation in a very defined trend. It is at 50% retracement of the recent small drop. Everything looks getting calmed after the risk aversion stuff.
Let's hope it works!
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  • #4,494
  • Jul 11, 2007 8:55pm Jul 11, 2007 8:55pm
I would have to agree with Melinni. Looks like a nice continuation PB! Anyone think the Cad will reach 1.0000 or near it?

Quoting Melinni
Hey Wizard and everyone else.

Sure I'm on it on the break. It signals continuation in a very defined trend. It is at 50% retracement of the recent small drop. Everything looks getting calmed after the risk aversion stuff.
Let's hope it works!
  • #4,495
  • Jul 11, 2007 10:36pm Jul 11, 2007 10:36pm
I think parity between the US and Canada will give Bush more of a leg to stand on when he introduces the Amero (Canada, US, Mexico currency). It's still amazing how very little about this is being talked about on the news. Canada knows it, Texas knows it, but not many others do. The superhighway connecting the three countries is well under way in Texas. This looks similar to what was done before the Euro came out.
Life is too short to have anything but delusional notions about yourself.
  • #4,496
  • Jul 11, 2007 11:09pm Jul 11, 2007 11:09pm
Quoting hoss
I think parity between the US and Canada will give Bush more of a leg to stand on when he introduces the Amero (Canada, US, Mexico currency). It's still amazing how very little about this is being talked about on the news. Canada knows it, Texas knows it, but not many others do. The superhighway connecting the three countries is well under way in Texas. This looks similar to what was done before the Euro came out.

Hey Hoss, Happy to know there is someone else out there who can talk about this. It is scary all these currencies are coming to parity or easily converted levels. Plus, Bush needs something. Look it up. USD to CAD 1 to 1. USD/Cad to Peso 10 to 1. There are also some big players buying up all the land where that highway would theoretically go. I think its got to happen. Then again, what do I know.
  • #4,497
  • Jul 12, 2007 2:36am Jul 12, 2007 2:36am
'What does everyone think about the daily pin on USD/CAD?' ... the Wizard

Hi Wiz,
I am new to this thread. The Pin looks very good to me - it went up throught the 13dma in a similar way to the good one back on 11th May.
The major down trend is awesome, so I am in.

My only problem is with a TP and a SL.

I have read that James16 starts to take money off after 20-30 pips - that seems a rather poor profit for an 80+ pip risk. (Assuming you set SL above end of Pin and only entered upon break of Pin).

Any thoughts anyone?
  • #4,498
  • Jul 12, 2007 2:53am Jul 12, 2007 2:53am
Hi all,
Thanks to James and all the positive contributors to this forum......I've been reading since February..... such a lot to learn, and I hope I have learnt at least some of it!

So, I have taken the first step and opened a trade on my first pinbar.....I placed a limit order short last night at 1.0530, ie several pips plus spread below the base of the pin.....my stop I placed at the 50% fib level @1.0578. No PT as I would like to let this run a while with a trailing stop.....
now I need to walk away and let it be as I have had a tendency to panic and grab profits, move stops too soon while on the other hand letting losses run....not a good idea!
  • #4,499
  • Jul 12, 2007 2:58am Jul 12, 2007 2:58am
If you do, make sure you do not set your trailing stop too tight!

Take a look at what normal retracements are for the pair, and base your s/l margin on that! It's always terrible if a trail stops you out at 10 PIPs loss, and then continues for 200 PIPs profit!
  • #4,500
  • Jul 12, 2007 3:06am Jul 12, 2007 3:06am
Quoting ianf0ster
'What does everyone think about the daily pin on USD/CAD?' ... the Wizard

Hi Wiz,
I am new to this thread. The Pin looks very good to me - it went up throught the 13dma in a similar way to the good one back on 11th May.
The major down trend is awesome, so I am in.

My only problem is with a TP and a SL.

I have read that James16 starts to take money off after 20-30 pips - that seems a rather poor profit for an 80+ pip risk. (Assuming you set SL above end of Pin and only entered upon break of Pin).

Any thoughts anyone?
Hi,

I went short at 1.0533 and have a stop at 1.0617 (84 pips away)

My strategy is to wait for the end of day and alter the stop then. I will not move it intraday no matter what happens.

A more conservative approach would be to take some money off the table early on and then ride the rest of the move. Depending on how it reacts at that level - 1.0500 may be a good place to do it and then move your stop to BE.
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