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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

  • #10,321
  • Apr 27, 2008 6:12pm Apr 27, 2008 6:12pm
Hey guys, hope everyone has had a good weekend...

Here's my take on USD/CHF.
PB off down trend + PPZ + Fib ret confluence.

p.s. jarroo thx for ur feedback on my previous USDCAD post
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  • #10,322
  • Edited Apr 28, 2008 8:34am Apr 27, 2008 6:13pm | Edited Apr 28, 2008 8:34am
.
Trust price. Know yourself.
  • #10,323
  • Apr 27, 2008 6:16pm Apr 27, 2008 6:16pm
Quoting jarroo
Thanks Seeking.
Your posts on this thread (throughout FF) have been a huge help for me in this business.
Thanks again,
You're very welcome.

I in turn am just the product of other J16 people helping me in the first place

Everything I know and do I got from here and people revolving around J16.

//
I still feel 80% of my stuff is sub-par, but I hope to one day post strictly with the utmost clarity just leaping out from the charts

Righto, bedtime big time for me now.

Cya all, trade safely and have a good week!


-SL
Trust price. Know yourself.
  • #10,324
  • Apr 27, 2008 6:21pm Apr 27, 2008 6:21pm
Quoting jarroo
I guess I missed that entry (1.0142)
Took a short on the cad at 1.0118. The break was OK in terms of "hard and Fast". I'll see what happens
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Indicators show the past. Price Action "Indicates" the future.
  • #10,325
  • Apr 27, 2008 6:43pm Apr 27, 2008 6:43pm
Quoting SeekingLight
And you shouldn't system hop either.
I'd like to to add that nothing in trading is about pips, as pips are irrelevant. You can lose money with net positive pips and make money with net negative pips. I don't know why this hasn't become a commonplace understanding yet. Everyone keeps quoting pips everywhere.
SeekingLight
I completely agree with that statement and am so glad that you have brought it up! My opinion is that quoting pips is absolutely irrelevant unless you're trying to express the magnitude of a price movement... it does not convey any other information unless someone couples it with what % they risked. And if they do that then you start talking about money management, and that's tailored to the individual.

On that note, I remember reading a thread/article from james himself which made me raise an eyebrow about this issue of pips. I've just fetched that article and it can be found at his website under guest material... It's called "100 pips"

http://www.james16group.us/Guests/gu...thread.php.htm

I'm not sure I agree with the "100 pips" for virtually every trade on each pair. I believe the underlying concept he is trying to convey is to have discipline to only take A trades. However, again it's the pip thing which I was concerned with... I'd rather look at the % or reward/risk (also what Tharp refers to as R multiple). Anybody care to elaborate this? Or am I way out of line?

Peace.
  • #10,326
  • Apr 27, 2008 6:47pm Apr 27, 2008 6:47pm
Quoting jarroo
Took a short on the cad at 1.0118. The break was OK in terms of "hard and Fast". I'll see what happens
Nice one! Good luck on that one!

bedtime as well... sweeeeet
  • #10,327
  • Edited 8:02pm Apr 27, 2008 6:55pm | Edited 8:02pm
:-)

Quoting SeekingLight
My trouble simply is that almost everything I've read from you so far has led me to conclude that none of this is suited to what you really want and demand from it(at least this is what I constantly feel you're trying to say), yet something won't let you let go.
I will stand firm indefinitely.

It's just worrysome, as it feels like an unhealthy setting.
What is wrong with democracy? Unless there is a left speaking out to the right and vice versa, you are an unhealthy "my way or no way" community. I strive to bring counterarguments against the voodoo methods of trading, and have several people that enjoy reading my input.
  • #10,328
  • Apr 27, 2008 7:20pm Apr 27, 2008 7:20pm
Quoting jarroo
Took a short on the cad at 1.0118. The break was OK in terms of "hard and Fast". I'll see what happens
Took off half at 50 pips, other half at break even. This is how I roll.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,329
  • Apr 27, 2008 7:55pm Apr 27, 2008 7:55pm
Quoting jarroo
Took off half at 50 pips, other half at break even. This is how I roll.
Nice one Jarroo, though I only focus on Eur/Usd & Gbp/Jpy it's nice to see you hunt any currency down, he he...
  • #10,330
  • Apr 27, 2008 8:03pm Apr 27, 2008 8:03pm
Quoting Aad
Nice one Jarroo, though I only focus on Eur/Usd & Gbp/Jpy it's nice to see you hunt any currency down, he he...
I look at many of the USD pairs and GBP/JPY because its challening and rewarding. The Cad looked ripe tonight.
Indicators show the past. Price Action "Indicates" the future.
  • #10,331
  • Edited 1:50am Apr 28, 2008 1:19am | Edited 1:50am
AUD/USD: A nice level eye on that Weekly Pin Bar looks good at the 50 % retrace.
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Indicators show the past. Price Action "Indicates" the future.
  • #10,332
  • Apr 28, 2008 2:07am Apr 28, 2008 2:07am
Quoting jcsmesquita
On that note, I remember reading a thread/article from james himself which made me raise an eyebrow about this issue of pips. I've just fetched that article and it can be found at his website under guest material... It's called "100 pips"

http://www.james16group.us/Guests/gu...thread.php.htm

I'm not sure I agree with the "100 pips" for virtually every trade on each pair. I believe the underlying concept he is trying to convey is to have discipline to only take A trades.
Indeed I, too, believe that in this case I believe this is more intended as a patience, discipline and confidence building exercise rather than anything else.
Looking for, finding and trading the good setups AND THEN NOT OVERTRADING AFTER YOU'VE GOT YOUR PROFIT is basically key.
Trust price. Know yourself.
  • #10,333
  • Apr 28, 2008 3:40am Apr 28, 2008 3:40am
Quote
Looking for, finding and trading the good setups AND THEN NOT OVERTRADING AFTER YOU'VE GOT YOUR PROFIT is basically key.

No joke, the urge to "always be in a trade" or "If I'm not trading I'm not working" nonsense can drive one to bankruptcy very quickly.
  • #10,334
  • Apr 28, 2008 4:22am Apr 28, 2008 4:22am
Hi guys, for all of you looking at the weekly pin bar on AUDUSD thought this AUDCAD chart was also very interesting with a nice pin bar (long nose, open and close near bottom ) showing potential bearishness off resistance.

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  • #10,335
  • Apr 28, 2008 5:42am Apr 28, 2008 5:42am
Quoting jarroo
Took off half at 50 pips, other half at break even. This is how I roll.
Other half stopped out at break even. Well, at least I gave it a chance to run with ZERO risk.
Indicators show the past. Price Action "Indicates" the future.
  • #10,336
  • Apr 28, 2008 5:59am Apr 28, 2008 5:59am
Quoting jarroo
Other half stopped out at break even. Well, at least I gave it a chance to run with ZERO risk.
My limit buy missed the bounce by 18 pips... Oh well... Plenty of action in other pairs! nice breakout move though jarroo!
  • #10,337
  • Apr 28, 2008 11:28am Apr 28, 2008 11:28am
Hello Jarroo and all,

Sorry for my question which is out of the topic ..........

My charting capabilities with my broker (TWS from Interactive Brokers) is HORRIBLE. Each time, it's a real pain for opening charts, shifting TF to another TF, not enough historical data...etc.....

Now, I'm seriously thinking to find another ECN broker providing (why not but not obligatory) the MT4 trading platform because she is very easy and confortable to use.

I would need your feed back concerning :

1) A solid and honest ECN Forex broker using MT4 ?
2) Is MT4 a very secure trading plateform as TWS from IB is ?

Thanks for your help,

Happy and fun trading,

Cheers

Angel65
  • #10,338
  • Apr 28, 2008 11:34am Apr 28, 2008 11:34am
Quoting jarroo
Took off half at 50 pips, other half at break even. This is how I roll.
Nice, Jaroo!
Where was Your SL when You took the trade?
THX, L
  • #10,339
  • Apr 28, 2008 11:50am Apr 28, 2008 11:50am
good afternoon everyone, heres one to keep an eye on. if price closes below the yellow trendline could go to todays lows possibly even 38.2 fib level if price breaks the support (pink line) if you look at the weekly theres a DBHLC to give further evidence of a possible fall.
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  • #10,340
  • Apr 28, 2008 12:39pm Apr 28, 2008 12:39pm
CHFJPY, today. Would You take this? If not, why not?
L
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