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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

  • #4,981
  • Jul 26, 2007 7:00am Jul 26, 2007 7:00am
I went short the GBP/JPY last night at 247.16.

This morning it was going my way and I was trailing my stop at the previous bar high on the hourly with a target of the 50ema on the daily which is around 245.00.

Anyway it's hovering at the intraday support of 246.30, profit is locked in and I decide to go for a quick walk to stretch my legs and buy some sweets.

Come back not long later and the market has absolutely tanked having traded as low as 50 points below my target (244.50) and is now staging a short term rally.

I get out immediately (15 points above target) with the awful feeling that that 45p pack of Tooty Frooties just cost me £65!!
  • #4,982
  • Jul 26, 2007 7:06am Jul 26, 2007 7:06am
Quoting the_wizard
I went short the GBP/JPY last night at 247.16.

This morning it was going my way and I was trailing my stop at the previous bar high on the hourly with a target of the 50ema on the daily which is around 245.00.

Anyway it's hovering at the intraday support of 246.30, profit is locked in and I decide to go for a quick walk to stretch my legs and buy some sweets.

Come back not long later and the market has absolutely tanked having traded as low as 50 points below my target (244.50) and is now staging a short term rally.

I get out immediately (15 points above target) with the awful feeling that that 45p pack of Tooty Frooties just cost me £65!!
Hey Wiz,

That sucks. I hate it when that happens but it's the name of the game. It's hard to get the perfect exit and not leave some profit on the table.

That's probably the most expensive pack of Tooty Frooties you'll ever buy.

Take care,
Tom
  • #4,983
  • Jul 26, 2007 7:35am Jul 26, 2007 7:35am
Quoting SeekingLight
I'm realizing more and more that 27 USDJPY pips are a lot more preferable to 270 on GBPJPY
Mildly exaggerated.

(read: GBPJPY is an uncontrollable and unpredictable beast and given USD weakness and GBP strength, which would you rather ride? To illustrate: the last drop of USDJPY was 108 pips. The corresponding move on GBPJPY was only 150 pips. Stops on USDJPY are only HALF the size and spread is half as well. Which one is really the better performer in this case?)

Hi Seeking Light,
I would have to agree with you I have been burned more than once from this beast it really is in a world of it's own.....however I wish I had taken this trade now... as I would be up not 270pips but 300+........bloomin typical.
Especially when I had to bale out of my NZD_JPY trade with a loss of 40pips.
Stay lucky.
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  • #4,984
  • Jul 26, 2007 8:20am Jul 26, 2007 8:20am
I posted this in another thread (I think, I hope it's not in this one twice now hehe), but when I hear some of you guys word things like "should have taken this" and "afraid that....", it makes me think you should go and read Mark Douglas' "Trading In The Zone" .... it will change your life, not just your trading! This is coming from a newbie like myself who got a serious psychological adjustment after reading that!
  • #4,985
  • Jul 26, 2007 8:36am Jul 26, 2007 8:36am
For those of you who are in the black on their account balances consistently, I have a question:

What TF produces the largest % of account growth? (NOT the largest # of pips, the largest amount of money)

I'm trading 4H, 1D, and have not yet really made any good weekly trades. Since your SLs must be so much bigger on average for a weekly tf, then you likely have smaller position sizes for these trades. So again, does most of your money come from the little trades, or does the big weekly win give you most of your money, even though you probably have a smaller position size?
  • #4,986
  • Jul 26, 2007 10:31am Jul 26, 2007 10:31am
Quoting JoshDance
For those of you who are in the black on their account balances consistently, I have a question:

What TF produces the largest % of account growth? (NOT the largest # of pips, the largest amount of money)
Scalping: You get to go to sleep in bed every night. Bet larger for 10 M max.

Damn hard work though! Especially on a 3 second trade!
  • #4,987
  • Jul 26, 2007 11:17am Jul 26, 2007 11:17am
Quoting the_wizard

Come back not long later and the market has absolutely tanked having traded as low as 50 points below my target (244.50) and is now staging a short term rally.

I took profit on my short at around +200 for around 60% of the position. Go to play basketball today as we hold 246.40 with a TL. Pended a small short below it, limit at around 145 pips or so. I come back after around 90 minutes and see the pending short already closed again and that instead of +200 where I "lost" most of the position I am now holding a +550 pipper...worth nothing really compared to what it could have been =)

Nothing's ever easy

At least I left EJ intact
Trust price. Know yourself.
  • #4,988
  • Jul 26, 2007 12:20pm Jul 26, 2007 12:20pm
Here was a great trade I took.

Market trending down on the daily and then makes a double bottom with pin.
Attached Image
  • #4,989
  • Jul 26, 2007 12:59pm Jul 26, 2007 12:59pm
Quoting the_wizard
Here was a great trade I took.

Market trending down on the daily and then makes a double bottom with pin.

I saw this one also but only after the 2nd eye closed - would you enter on the break of 2nd eye or is it too risky to do that stuff??


Thanks
  • #4,990
  • Jul 26, 2007 1:10pm Jul 26, 2007 1:10pm
1 hr chart, from James16's mouth to god's armpits.
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  • #4,991
  • Jul 26, 2007 1:34pm Jul 26, 2007 1:34pm
Credit where credit is due.

I would just like to say that my first J16 trade went very well. Tried it with a small lot only one and let it run and bagged 200+ pippers.
Thanks for a great thread.

NB: Need to test for a longer period of time! But very nice all the same.
  • #4,992
  • Jul 26, 2007 1:37pm Jul 26, 2007 1:37pm
What trade did you make ????
  • #4,993
  • Jul 26, 2007 1:41pm Jul 26, 2007 1:41pm
Hi Tiki,

I took the PB from yesterday off the GBP/CAD. I scalped 30 off the Loonie yesterday and noticed that it was going to go up but did not see J16 trade on there and I was desparate for a J16 and noticed GBPCAD.
  • #4,994
  • Jul 26, 2007 1:51pm Jul 26, 2007 1:51pm
That is good... scalping is not good for me... I always lose.... I like j16 because if I want to I can just study the charts once a day and plan my trades... go to bed all comfy and cozy... good for people like me who have to still work one of those regular jobs !!

And James 16 works... none of this lagging indicator stuff... If I plan a trade and it does not fire off... I lose nothing... lot's better than taking trades and just hoping for the best...
  • #4,995
  • Jul 26, 2007 1:57pm Jul 26, 2007 1:57pm
What's a regular job ?
- does anyone know ?

I'snt Trading Forex a job ? ..........or do you have to be a broker ?

Why could'nt working in Forex industry be considered a regular job ?.....

---------------------------------------------------
Found this link yesterday -
Here is a list of Financial and Forex companies looking for traders and trainees
http://jobs.efinancialcareers.com/FX_Money_Markets.htm
A whopping 239 companies are listed here
  • #4,996
  • Jul 26, 2007 1:58pm Jul 26, 2007 1:58pm
BEB's on all pairs ending with xxx/JPY or xxx/USD

Go SHORT Go SHORT

Or maybe we just got it all over with in one day !!! Something serious is going on today... !!!

Can anyone tell me what it is ???
  • #4,997
  • Jul 26, 2007 2:03pm Jul 26, 2007 2:03pm
I must admit that it was probably the easiest trade I have ever made.
I even left the computer and switched it off- that I have never done.

More than a job Mwavez!! A profession.

Be careful Tiki tomorrow is Friday!!! It can flip tomorrow and end the day where it began.
  • #4,998
  • Jul 26, 2007 2:03pm Jul 26, 2007 2:03pm
Hint: Look back to February 28?
  • #4,999
  • Jul 26, 2007 2:06pm Jul 26, 2007 2:06pm
Stock Market is down 405 points right now.....

- talk about going to hell in a hand-basket

----------------------------------------------------

and the Usd/Yen pair fell off a cliff today

Finally maybe some people got the wake up call today

----------------------------------------------------------
and now the Usd/Cad is going up up and away ..

Does the housing stats today have anything to do with any of this ......?
  • #5,000
  • Jul 26, 2007 2:08pm Jul 26, 2007 2:08pm
Quoting the_wizard
Here was a great trade I took.

Market trending down on the daily and then makes a double bottom with pin.
Nice catch Wizard,
Missed that one altogether !
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