james16 Chart Thread | Page 240 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #4,781
  • Jul 20, 2007 3:11pm Jul 20, 2007 3:11pm
Hi Hoss,

I agree and it is not a trade for the inexperienced. You have to be very disciplined and strict cut off at 1.0465. Otherwise it fails. Hence I am still up baby sitting the first steps.
But it is looking very promising- it may go up another 15-20pips tonight.
1.05 looks to be my target - if it can make it over it becomes support.
  • #4,782
  • Jul 20, 2007 3:24pm Jul 20, 2007 3:24pm
Sounds good to me!

Quoting lava
Hi Hoss,

I agree and it is not a trade for the inexperienced. You have to be very disciplined and strict cut off at 1.0465. Otherwise it fails. Hence I am still up baby sitting the first steps.
But it is looking very promising- it may go up another 15-20pips tonight.
1.05 looks to be my target - if it can make it over it becomes support.
Life is too short to have anything but delusional notions about yourself.
  • #4,783
  • Jul 20, 2007 3:30pm Jul 20, 2007 3:30pm
Quoting lava
Hi raczekfx,

For reasons I can not explain on this thread but I am long averaging 1.4032.
sure, i won't ask.
I'd keep an eye on 0520/40 ..
enjoy the weekend.

R.
Attached Image
  • #4,784
  • Jul 20, 2007 3:48pm Jul 20, 2007 3:48pm
Hi

personally i would leave the retracement to the big dogs...IMHO.
I am a newbie with a extra mini trade account for practice and have been biten too often by trading against the trade.

WOW I found at last the james16....been hearing abt it in diff threads

cheers
tasse

Quoting CateFul
Agreed, but I think taking a nice little retraction trade wouldn't be too bad either.
  • #4,785
  • Jul 20, 2007 5:33pm Jul 20, 2007 5:33pm
Quoting vlazaf
Great stuff SL, that should keep me busy for a while.

Also find my USD/JPY short on 4hr, its off a pb, any comments are most welcome.
A very lucrative trade for Friday afternoon. The 1st scale out at previous lows has been taken. Now should one trail here or run with 100% of the stake size?
Any suggestions please? How would one monitor and money manage a trade that's already in your favor by over 100pips. I know there are no hard and fast rules and each to their own but any assistance from members of this thread will be appreciated.
Attached Image
  • #4,786
  • Jul 20, 2007 7:02pm Jul 20, 2007 7:02pm
Quoting vlazaf
A very lucrative trade for Friday afternoon. The 1st scale out at previous lows has been taken. Now should one trail here or run with 100% of the stake size?
Any suggestions please? How would one monitor and money manage a trade that's already in your favor by over 100pips. I know there are no hard and fast rules and each to their own but any assistance from members of this thread will be appreciated.
This is the toughest question to answer, because it isn't about one trade. It is about a string of trades and how you decide to play them. If I told you exactly what to do this trade, would it really help you in the long term(again maybe if you took every trade and played them exactly every time)?

You need to develop how you are going to react through a plan, that you know will get you out on top. If you are just looking for ideas, and you want to scale out(again I am against it), then scale out half your position and place your stop somewhere above 121.90 which should now act as a resistance. There are way to many variables that go into this. Is there anything wrong with taking outright profit either? Is one better then the other? The only way to determine this is for you to decide. You could put in a trailing stop of 50 pips, 75, 100? Only through back and forward testing are you going to figure out what works best for you. Maybe you might decide to close all trades at the end of a trading day on a 4hr chart, and daily charts to trail above the high of each previous days. There are so many possibilities.

I know answers like this people don't want to hear, but this is why me and you could both take this trade and have to different results, and neither of us be wrong. If it fits into our overall goals and trading plan, then we were both right.

But enjoy the pips, and be proud that you are starting to pick out the high probability entries, that is important, just don't stop there.

Keep up the great work and have a great weekend

Mike
  • #4,787
  • Jul 20, 2007 7:59pm Jul 20, 2007 7:59pm
Quoting mbqb11
This is the toughest question to answer, because it isn't about one trade. It is about a string of trades and how you decide to play them. If I told you exactly what to do this trade, would it really help you in the long term(again maybe if you took every trade and played them exactly every time)?

You need to develop how you are going to react through a plan, that you know will get you out on top. If you are just looking for ideas, and you want to scale out(again I am against it), then scale out half your position and place your stop somewhere above 121.90 which should now act as a resistance. There are way to many variables that go into this. Is there anything wrong with taking outright profit either? Is one better then the other? The only way to determine this is for you to decide. You could put in a trailing stop of 50 pips, 75, 100? Only through back and forward testing are you going to figure out what works best for you. Maybe you might decide to close all trades at the end of a trading day on a 4hr chart, and daily charts to trail above the high of each previous days. There are so many possibilities.

I know answers like this people don't want to hear, but this is why me and you could both take this trade and have to different results, and neither of us be wrong. If it fits into our overall goals and trading plan, then we were both right.

But enjoy the pips, and be proud that you are starting to pick out the high probability entries, that is important, just don't stop there.

Keep up the great work and have a great weekend

Mike
Thanks Mike,

Your post few days back; which identified genuine and dud pb's.. combine that with SL's reading of price action has alleviated my game multifold.
So a big big thank you for both your contributions.
Regarding the yen trade, I have opted to stick stops near 121.90 and will wait for 120.70 to be hit before deciding my next plan. This is even tougher than usual as there are no obvious stop levels in place i.e no pullbacks or support/ resistance switch zones to assist with trailing stops. Maybe the fact we do not have any pullbacks along the way signifies a reversal backup could be imminent and this should be my cue to exit. Like you say..countless possibilities...
Let's see how we pan out on Monday AM.
  • #4,788
  • Jul 21, 2007 9:36am Jul 21, 2007 9:36am
You caught that one very nicely....what a way to end the week.......

It's amazing how different feeds give different results, on my chart it does not even show as a pin ???
Attached Image (click to enlarge)
Click to Enlarge Name: usd_jpy.jpg Size: 54 KB
  • #4,789
  • Jul 21, 2007 9:48am Jul 21, 2007 9:48am
Quoting mimas
You caught that one very nicely....what a way to end the week.......

It's amazing how different feeds give different results, on my chart it does not even show as a pin ???
Hi Mimas,

The last 3rd and 4th bars formed an 8HR PIN.

Ken
  • #4,790
  • Jul 21, 2007 10:27am Jul 21, 2007 10:27am
Ahhhh,
That explains it thanks Ken.
Stay Lucky
  • #4,791
  • Jul 21, 2007 10:50am Jul 21, 2007 10:50am
Quoting raczekfx
the only problem with entering on it's break is that solid bub bar on weekly..
It's just a gut feeling, but we might see another attempt to break that high.
any thoughts?
Raz,
We also seem to have a TBH on the monthly if that breaks ............who knows ???
Attached Image (click to enlarge)
Click to Enlarge Name: gbp_chf.jpg Size: 58 KB
  • #4,792
  • Jul 21, 2007 11:59am Jul 21, 2007 11:59am
Quoting mbqb11
This It is about a string of trades and how you decide to play them.

You need to develop how you are going to react through a plan, that you know will get you out on top.

Mike
Cherry picking your post - and how true these two sentences are. I find that it does take some time to internalize things that you read about here from the postings of a few *really good* traders. It all seems to make sense, but until you learn to live it, they are just words.

Practice, practice. Listen and learn. Ask questions. And go back and apply it and it becomes a part of you. Then, once you are comfortable - teach it to someone else.

mike
I'm pretty much done with all this ...
  • #4,793
  • Jul 21, 2007 7:01pm Jul 21, 2007 7:01pm
Next week I will be looking at two pairs to start out with and thought I'd post my opinions on here to get some feedback. The first pair is the GBP/CHF: On the daily we have a nice PB that formed along with a Triple top(you can only see two of the three tops on my chart for some reason...but the thrist was back on 1-23-07) for resistance so I am thinking "short" this pair if price breaks below the PB. However, if price breaks above the Triple top...then a long would be in order. Any comments/suggestions?
Attached Image
  • #4,794
  • Jul 21, 2007 7:04pm Jul 21, 2007 7:04pm
I'm also thinking long on this pair due to the weekly PB that did have price break to the upside as shown below.
Attached Image
  • #4,795
  • Jul 21, 2007 7:05pm Jul 21, 2007 7:05pm
I also saw this PB on the 4hr chart that, if price breaks to the upside can get you into this trade and confirm the weekly. Also, you'd be trading with the trend on this pair.
Attached Image
  • #4,796
  • Jul 21, 2007 10:56pm Jul 21, 2007 10:56pm
Quoting mimas
You caught that one very nicely....what a way to end the week.......

It's amazing how different feeds give different results, on my chart it does not even show as a pin ???

mimas, as goodtiding replied, these two bars are just a representation of buying pressure, followed by selling pressure, whether it's 4 hrs, 8 hrs, or 2 months.

BUB + BEB (of equal size) ~= PINBAR
  • #4,797
  • Jul 21, 2007 10:58pm Jul 21, 2007 10:58pm
Quoting Tw0eleven
Next week I will be looking at two pairs to start out with and thought I'd post my opinions on here to get some feedback. The first pair is the GBP/CHF: On the daily we have a nice PB that formed along with a Triple top(you can only see two of the three tops on my chart for some reason...but the thrist was back on 1-23-07) for resistance so I am thinking "short" this pair if price breaks below the PB. However, if price breaks above the Triple top...then a long would be in order. Any comments/suggestions?
I'm taking this short for sure. Pretty big SL, but then again it's gbpchf, so what should we expect eh?
  • #4,798
  • Jul 22, 2007 1:58am Jul 22, 2007 1:58am
Hi everyone, noob here.. virgin post.

all feedback are welcomed.

I'm planning to long the USDCAD.

1)DBLHC on daily.
2)near support line and S1 pivot
3)MM lines near 1/8 signalling buy.
4)potential PB on weekly chart.



any constructive feedback are much appreciated.
  • #4,799
  • Edited 6:21am Jul 22, 2007 6:05am | Edited 6:21am
Hi All,

Continuation of my James 16 study. I thought I would look at the Swissy ( USD/CHF).
I thought I would look at this because I noticed on Friday that after a noble attempt to rise from a well based support- IT FAILED. The move appeared to be strong and relatively fast.
Lo and behold to my glee there is a PB. It has come off the 161.8% Expansion and the 23.8 % retrace of the current trend down.
So I fulfill the Fibo confulence.
It was also a reject of the weekly Pivot- So another tick there.
Rejection of the upper trendline. Another tick.
The 365 MA is sitting at 1.2331- so we are in Bear country. Tick.
I calculate targets from the original move down using Fibo expansion.
The tail of the expansion is a surprize to me. As it stems from the reject of the 365 EMA.
Target 1- 1.1862; Target 2- 1.1679; Target 3- 1.1496.
I also see a reverse sideways triangle.
This is the Dialy USDCHF chart.

Tell me what you guys think?
What have I missed?
Attached Image
  • #4,800
  • Jul 22, 2007 6:06am Jul 22, 2007 6:06am
Hi all,
A nice 4HR PB formed at the close of trade on Friday for the AUD/JPY. Worth watching at the start of trade next week. Good trading to all. Ray
Attached Image
70 traders viewing now