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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

  • #5,901
  • Sep 7, 2007 8:22am Sep 7, 2007 8:22am
I totally agree. The site forexbastards is itself a scam site. It is there solely to promote this scam artist felix and his terrible trading system. By putting down professional quality sites he can get market share from newbie traders who actually think the complaints on the site are real. Ignore them. I made a great expert advisor for forex trading and every single person without exception made money with it yet 1 or 2 people who thought they could start with $500 stake and turn it into a million overnight got on that site and said the most ridiculous lies about my product. Like I would not give them their money back because they did not make a million overnight and they deserve their money and the software. I told them to f off like I would any buyer fraud person. My point is to ignore the weirdos as their are so many of them out there you cannot count them all.


Quoting james16
thank you sir. what bothers me most about fb is anyone can post anything without having to prove they were even a member. for those like me that really do care about thier good name its tough to see posts that are simply not true. i would never mind an intellegent tough review but to put me in with the scammers is a tough pill to swallow. ive given my heart and soul for almost 3 years trying my damndest to be the anti-scam.

i dont want to be some high profile supposed teaching guru. ive never claimed to be one and want nothing to do with that kind of stuff. what i really want is to remain small and anonymous and just continue helping those that cross my path if i can. almost all the reviews there are 5 star but the truth is i wish i wasnt even there. i dont advertise anywhere. i havnt spent a dime on advertising since we started the group and have no plans to do so. i could care less if the group is 25 or 2500 as long as im having fun and people seem happy. im just as proud of this free thread as i am of the private group and i mean that.

jim
  • #5,902
  • Sep 7, 2007 8:23am Sep 7, 2007 8:23am
Interesting that while the dollar slumps across the board it refuses to go lower against the Canadian.

4hr pin bar is close to triggering...
  • #5,903
  • Sep 7, 2007 8:40am Sep 7, 2007 8:40am
Quoting the_wizard
Interesting that while the dollar slumps across the board it refuses to go lower against the Canadian.

4hr pin bar is close to triggering...

EURCAD DBLHC (which I took)
Trust price. Know yourself.
  • #5,904
  • Sep 7, 2007 8:43am Sep 7, 2007 8:43am
Quoting Goozman
I read the FB complain that affected Jim (why charge for this info when it's free all over the internet).
Because you don't pay for the product, you pay for the support.

That's simply the fact nowadays in a lot of industries.

You CANNOT replace the people by saying all you need is 5 pages of charts.

If you think you can, good luck with that

The PF is the PF is the PF.


And the people are who make it so.
Trust price. Know yourself.
  • #5,905
  • Sep 7, 2007 9:00am Sep 7, 2007 9:00am
Quoting the_wizard
Interesting that while the dollar slumps across the board it refuses to go lower against the Canadian.

4hr pin bar is close to triggering...
They have a pact together, if you don't drop, I won't.
  • #5,906
  • Sep 7, 2007 10:29am Sep 7, 2007 10:29am
Well that was a bullish sign to me and it looks like we had a delayed reaction...I went long at 0526...lets see where this goes
  • #5,907
  • Sep 7, 2007 10:41am Sep 7, 2007 10:41am
Quoting the_wizard
Well that was a bullish sign to me and it looks like we had a delayed reaction...I went long at 0526...lets see where this goes

Fascinating pair. First - triggered long 1.0580. Which was the high by +-5 pips.

Then it fell, stopped me out.

Triggered me short by +-5 pips, moves up, hits stop +- 5 pips, drops 25 pips.

So, can anyone understand now why I hate this pair?

Meantime EURUSD, GBPUSD, USDCHF, USDJPY ALL behaved fine.

Yea, I'm just gonna banish that pair from my trading portfolio.

BTW, USDX isn't moving during all this frenzy atm, which to me means USDJPY's drop gets compensated by USDCAD's rise.

Also means CADJPY is making INSANE moves.
Trust price. Know yourself.
  • #5,908
  • Sep 7, 2007 11:15am Sep 7, 2007 11:15am
Anyone go Short on FBP|JPY in the last few days?

I posted earlier how I HOPED(I know don't hope) that it would drop down, after I was at -70 pips, but hadn't hit my stop.

I stayed in, came home yesterday to +18, woo hoo!.

Later that evening I had +40.

I set my limit to +50 since it seemed no one really jumped on this trade, and I woke up with my limit being hit... AND... my old limit being hit.

I know, don't think of the what if's... but as a demo'er still I would like to know --- was it foolish for me to keep drop my limit? Sure I took in 50 pips, but I didn't stick to my plan, and essentially it cost me +150 pip potential.



What do you guys do to access if your trade should be lowered in limit... should I have gone down to an hourly chart to see what things are doing? I want to hone down my precision so things like this happen as little as possible.
"Please sir, may I have some more pips?"
  • #5,909
  • Sep 7, 2007 11:51am Sep 7, 2007 11:51am
Quoting the_wizard
Interesting that while the dollar slumps across the board it refuses to go lower against the Canadian.

4hr pin bar is close to triggering...
Investors are worried that a contraction in the US economy ~ possible recession, as indicated by the NFP numbers - will have an impact on the Canadian economy, since much of what goes on in Canada depends on the U.S. output.
  • #5,910
  • Sep 7, 2007 12:08pm Sep 7, 2007 12:08pm
Quoting J2FcM
Anyone go Short on FBP|JPY in the last few days?

I posted earlier how I HOPED(I know don't hope) that it would drop down, after I was at -70 pips, but hadn't hit my stop.

I stayed in, came home yesterday to +18, woo hoo!.

Later that evening I had +40.

I set my limit to +50 since it seemed no one really jumped on this trade, and I woke up with my limit being hit... AND... my old limit being hit.

I know, don't think of the what if's... but as a demo'er still I would like to know --- was it foolish for me to keep drop my limit? Sure I took in 50 pips, but I didn't stick to my plan, and essentially it cost me +150 pip potential.



What do you guys do to access if your trade should be lowered in limit... should I have gone down to an hourly chart to see what things are doing? I want to hone down my precision so things like this happen as little as possible.
I am demo trading but, when I trade this pair I use a trailing stop. My thought is that becasue this pair moves so much, why not continue to evaluate the situation every 4 to 8 hours or more. But, then again taking profit is not a bad idea either. You also can keep an eye on USD/JPY because its movement is reflected in GBP/JPY. (GBP/USD value)*(USD/JPY value) = (GBP/JPY value).
  • #5,911
  • Sep 7, 2007 12:11pm Sep 7, 2007 12:11pm
Hey there SL

USDCAD is also the pair that I've never got a grip on haha. I still trade it occasionally because it will surrender one day

Took a long a couple of days ago at 1.0535 & twice it's nearly hit my t/p just over 1.0590. Of course today it nicked my s/l at 1.0474 before shooting back up to the price I bought it lol.

Whilst I'm here just wanted to also say that this thread is simply the best on FF and the one I always direct newbies to.

Hope you're keeping well bro & catch you soon no doubt.

Kind Regards
Steve

Quoting SeekingLight
Fascinating pair. First - triggered long 1.0580. Which was the high by +-5 pips.

Then it fell, stopped me out.

Triggered me short by +-5 pips, moves up, hits stop +- 5 pips, drops 25 pips.

So, can anyone understand now why I hate this pair?

Meantime EURUSD, GBPUSD, USDCHF, USDJPY ALL behaved fine.

Yea, I'm just gonna banish that pair from my trading portfolio.

BTW, USDX isn't moving during all this frenzy atm, which to me means USDJPY's drop gets compensated by USDCAD's rise.

Also means CADJPY is making INSANE moves.
  • #5,912
  • Sep 7, 2007 12:19pm Sep 7, 2007 12:19pm
Quoting J2FcM
Anyone go Short on FBP|JPY in the last few days?

I posted earlier how I HOPED(I know don't hope) that it would drop down, after I was at -70 pips, but hadn't hit my stop.

I stayed in, came home yesterday to +18, woo hoo!.

Later that evening I had +40.

I set my limit to +50 since it seemed no one really jumped on this trade, and I woke up with my limit being hit... AND... my old limit being hit.

I know, don't think of the what if's... but as a demo'er still I would like to know --- was it foolish for me to keep drop my limit? Sure I took in 50 pips, but I didn't stick to my plan, and essentially it cost me +150 pip potential.



What do you guys do to access if your trade should be lowered in limit... should I have gone down to an hourly chart to see what things are doing? I want to hone down my precision so things like this happen as little as possible.
Of course these are another one of those personal trading questions, so remember again, mine is just my opinion

Personally My plans are set before entering a trade. Then it is all maintenance work. If my target is X, then that is my target. The reason for this is when I am not in a position yet I am able to think most clearly. Of course there are exceptions when I trail certain trades, but mostly just in reaction to how things pan out. So if X happens I do X, if Y happens I do Y. If you analzyed the trade correctly before hand, lowering your limit, or raising your stop can lead to bad habits. Then when you are rewarded it can reinforce this bad behavior. Of course if you have a solid reason and understand the ramifications(risk vs reward) of doing something, then I am all for it.

Have a good weekend
Mike
  • #5,913
  • Sep 7, 2007 12:38pm Sep 7, 2007 12:38pm
yes ive heard more than one story similar to yours. anyway enough of my whining and on to more important things.

jim

Quoting steve50
I totally agree. The site forexbastards is itself a scam site. It is there solely to promote this scam artist felix and his terrible trading system. By putting down professional quality sites he can get market share from newbie traders who actually think the complaints on the site are real. Ignore them. I made a great expert advisor for forex trading and every single person without exception made money with it yet 1 or 2 people who thought they could start with $500 stake and turn it into a million overnight got on that site and said the most ridiculous lies about my product. Like I would not give them their money back because they did not make a million overnight and they deserve their money and the software. I told them to f off like I would any buyer fraud person. My point is to ignore the weirdos as their are so many of them out there you cannot count them all.
  • #5,914
  • Sep 7, 2007 12:58pm Sep 7, 2007 12:58pm
Well - USD/CAD was an interesting ride!

Took it from 0526 up to 0565 (10 pips off the high) and then closed out.

I find this pair is fine if you don't take a long term time frame.
  • #5,915
  • Sep 7, 2007 1:03pm Sep 7, 2007 1:03pm
Quoting J2FcM
I set my limit to +50 since it seemed no one really jumped on this trade, and I woke up with my limit being hit... AND... my old limit being hit.

I know, don't think of the what if's... but as a demo'er still I would like to know --- was it foolish for me to keep drop my limit? Sure I took in 50 pips, but I didn't stick to my plan, and essentially it cost me +150 pip potential.

What do you guys do to access if your trade should be lowered in limit... should I have gone down to an hourly chart to see what things are doing? I want to hone down my precision so things like this happen as little as possible.
What Mike said is pretty much how I feel as well.
You need to have a plan ahead of time and be consistent with it.
Obviously things will happen sometimes where you will have to change your plan in the middle of a trade, but as long as there is a good reason for it then it's ok.

In my trading, I rarely set limits. If you look at my account statement you'll see the stop loss getting hit on almost every single trade. It looks bad at first glance, but they're all positive trades. That's because I like to trail trades and go with the flow until price takes me out.
Sometimes I will change my limit (or trailing stop) if I see conflicting PA or if some supp/res starts forming. Then I re-evaluate and might change the target/plan.

It's a really personal thing that develops through experience and practice.
I know that doesn't really help much.

Tom
  • #5,916
  • Sep 7, 2007 1:11pm Sep 7, 2007 1:11pm
Quoting J2FcM
I know, don't think of the what if's... but as a demo'er still I would like to know --- was it foolish for me to keep drop my limit? Sure I took in 50 pips, but I didn't stick to my plan, and essentially it cost me +150 pip potential.

What do you guys do to access if your trade should be lowered in limit... should I have gone down to an hourly chart to see what things are doing? I want to hone down my precision so things like this happen as little as possible.
Try this - make a mental note of where the key PPZ levels are or areas you think price will be affected whether it be EMA's or fib levels etc. Close your charts. Pull up a quote for the price and watch your side of the bid-offer as it reaches key levels.
  • #5,917
  • Sep 7, 2007 2:09pm Sep 7, 2007 2:09pm
I have been in the pf for just 1 week. wow...
I wanted to pass on my thanks to all that make the pf what it is & to recomend it to all that may be looking.
This week i had 3 trades based on the new stuff i learned in the pf. All were good for 210 pips total. the best part is i felt comfortable doing what i was doing. I had a plan to get in, to get out, & i only risked 2% per trade. Its going to be a long ride but now i can see a lot more clearly. thanks again to all esp Jim,Dial,fiji,sl,habeeb,wiz,raz......& the list could go on.
  • #5,918
  • Sep 8, 2007 4:53am Sep 8, 2007 4:53am
Quoting Goozman
Indeed it is. A great thread with a lot of good stuff for your brain grey matter.

I read the FB complain that affected Jim (why charge for this info when it's free all over the internet). To that person I say: direct me to any place where this info is presented and explained as well as it is here. Plus you can't find a better place to see other price action experts (or soon to be experts) in action.

Thank you Jim
The Public Site is great Jim. I am not yet a member of the PF but I am certain that is where Jim and others provide SUPPORT necessary to put the theory of the public forum into practice. You ( the student) still need to provide the effort.
I, for one think Jim is genuine.
Thanks for your hard work Jim.
every Saint has a past. Every Sinner has a Future
  • #5,919
  • Sep 8, 2007 1:57pm Sep 8, 2007 1:57pm
Quoting james16
great question, i will play a stop that large from time to time on a longer term chart if i am confident in the outcome. it may not be many lots due to position sizing requirements but on longer term charts i am looking to make a bunch of pips so its ok. for this trade i did a fib ret of the pin bar itself. i placed my stop outside of the 61 fib of the bar. i think my original stop was around 125 to 150 pips. remember this is a weekly chart. i have an account that trades pin bars only, the account when i opened the trade was at 13,500. 13,500 x 3% = 405..... 405/125= 3.25.... i entered with 3 mini lots but i added 2 more as you can see on the chart. when i added the other two i pulled my original stop to be for the original 3. i now have the second position also at be. if it goes well at around 137 i will trail the stop for the original 3 down to the entry for the second position. the current weekly bar looks like it will finish the week as a nice bearish bar. if it does i will set another entry for 2 more lots just below this weeks bar as i expect this fall to continue. i hate giving away really big moves on longer term charts by trailing stops to close. i will give it some room to retrace part of this weeks bar but not enough to stop me out on a simple one bar correction. in the private forum in my section what i am doing here is what we will all be doing. what has me excited is charles and i are starting to see some very cool potential dovetails between price action and his knife system. with a little bit of time and work the two of us may develope something that will just be outstanding. jim
Well! Well!! & Welllllllllllllllllll!!!!!!!!!!!. I simply loved this explaination. For the 1st Time, I learnt how to manage a 'Trade' with such a 'Beauty'. Ofcourse, James, I recognized your ma's in the chart given earlier and also appreciate the way 'Habeeb' tries to justify his own way of thinking with respect to that particular trade. I also like the 'Gems' of 'Charles' put in from time to time with such a simple humour but blended with a 'Master's Advise'. I wish to learn his 'Knife's strategy' but donot know where to search! If you are reading it 'Diallist Sir', please e-mail me at '[email protected]' .
I am reading this thread from the very 1st post by James and reached upto here, I know I have to cover a lot of distance, but my friends! I will reach there. I also know that I will have to revisit the begining pages of charts for a better understanding and I will do it again and again till I get soaked up. Thanks to every that member who is helping me to improve my trading.

Omsai
Peace. May God be with you.
  • #5,920
  • Sep 8, 2007 2:14pm Sep 8, 2007 2:14pm
Quoting omsai
...
I wish to learn his 'Knife's strategy' but donot know where to search! If you are reading it 'Diallist Sir', please e-mail me at '[email protected]' .
...
Omsai
Peace. May God be with you.
Omsai,
Knife system is explained in the PF in Diallist Tutorials thread.
If you're not a member, you can search FF for vegas4hr or tunnel methods.
Knife is based somehow on vegas4hr system, but is fine tuned with filters and rules to avoid bad trades and pick only those with high probability of success.
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