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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

  • #10,361
  • Apr 28, 2008 11:48pm Apr 28, 2008 11:48pm
I stumbled upon this thread in an odd way. But in reading it I'm now quite blown away. I took James' advice and read from the start. I'm up to page 270 in almost two weeks.

Wanted to query if the Private side is still active as was noted almost a year ago. I'm wanting to learn more - much more.

My trading journey is like many I've met here. This forum's thought process seems to be the most encouraging I've encountered to date. Realistic and also optimistic too. Healthy balance from what I've learned so far.

thanks for all you've shared!
  • #10,362
  • Apr 28, 2008 11:51pm Apr 28, 2008 11:51pm
Quoting dljtrader
I stumbled upon this thread in an odd way. But in reading it I'm now quite blown away. I took James' advice and read from the start. I'm up to page 270 in almost two weeks.

Wanted to query if the Private side is still active as was noted almost a year ago. I'm wanting to learn more - much more.

My trading journey is like many I've met here. This forum's thought process seems to be the most encouraging I've encountered to date. Realistic and also optimistic too. Healthy balance from what I've learned so far.

thanks for all you've shared!
A lot of great people on this thread.

Welcome aboard.
Indicators show the past. Price Action "Indicates" the future.
  • #10,363
  • Apr 29, 2008 12:17am Apr 29, 2008 12:17am
Quoting dljtrader
I stumbled upon this thread in an odd way. But in reading it I'm now quite blown away. I took James' advice and read from the start. I'm up to page 270 in almost two weeks.

Wanted to query if the Private side is still active as was noted almost a year ago. I'm wanting to learn more - much more.

My trading journey is like many I've met here. This forum's thought process seems to be the most encouraging I've encountered to date. Realistic and also optimistic too. Healthy balance from what I've learned so far.

thanks for all you've shared!
Yes. Private side is active. You may subscribe at www.james16group.us

Good luck with your trading.

TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #10,364
  • Apr 29, 2008 3:48am Apr 29, 2008 3:48am
Quoting jarroo
I guess my point is that at the beginning of the trade their was a risk, I agree.
But once I moved my stop loss to break even, I eliminated any potiential loss on that trade. Yet, allowing unlimited potiential gain. So, what is that called?Jim
I think some people call it a "free trade"... Sounds right to me coz from the point you take your stop to BE it's as if your trade is free to roam around... (Hopefully it roams away and cha ching! )
  • #10,365
  • Apr 29, 2008 3:51am Apr 29, 2008 3:51am
Quoting jcsmesquita
I think some people call it a "free trade"... Sounds right to me coz from the point you take your stop to BE it's as if your trade is free to roam around... (Hopefully it roams away and cha ching! )
It's all about controlling losses, my friend. The profits will take care of themselves.
Indicators show the past. Price Action "Indicates" the future.
  • #10,366
  • Apr 29, 2008 5:29am Apr 29, 2008 5:29am
Quoting jarroo
It's all about controlling losses, my friend. The profits will take care of themselves.
I've recently finally started behaving like this. Tonight I missed 150 pips short on Cable because I moved my stop to break even asap and ended up getting +5 before getting stopped and watching another 150 go in my direction. For the first time I didn't care, I got out unscarred. I've been doing this since the end of last week and I'm up around +60 from a bunch of small gains and break evens.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #10,367
  • Apr 29, 2008 5:35am Apr 29, 2008 5:35am
Quoting Thexder
I've recently finally started behaving like this. Tonight I missed 150 pips short on Cable because I moved my stop to break even asap and ended up getting +5 before getting stopped and watching another 150 go in my direction. For the first time I didn't care, I got out unscarred. I've been doing this since the end of last week and I'm up around +60 from a bunch of small gains and break evens.
You'll get better at it, trust me. It just takes practise. Start locking in at 30, 40, 50, 60 pips. and set the other half at break even. And like you said I don't care if I get stopped out at break even. A break even trade is a successful trade in my book.
Indicators show the past. Price Action "Indicates" the future.
  • #10,368
  • Apr 29, 2008 6:39am Apr 29, 2008 6:39am
Quoting Thexder
I've recently finally started behaving like this. Tonight I missed 150 pips short on Cable because I moved my stop to break even asap and ended up getting +5 before getting stopped and watching another 150 go in my direction. For the first time I didn't care, I got out unscarred. I've been doing this since the end of last week and I'm up around +60 from a bunch of small gains and break evens.
It might get frustrating at times when good trades come back and stop you out just above your break even point +5Pips. What I do depends on how volatile a currency is, but usually I set my Swiss Army Ea (Ea only manages trades) to break me even at +5pips once I'm at 50/100 pips in profit. Then I let it apply a 50/100 pip trailing stop after that point, I also make it apply a 50/100pip stop loss once a trade is opened.

I'm still trying to tweak that a little though...
  • #10,369
  • Apr 29, 2008 6:53am Apr 29, 2008 6:53am
Quoting Aad
It might get frustrating at times when good trades come back and stop you out just above your break even point +5Pips. What I do depends on how volatile a currency is, but usually I set my Swiss Army Ea (Ea only manages trades) to break me even at +5pips once I'm at 50/100 pips in profit. Then I let it apply a 50/100 pip trailing stop after that point, I also make it apply a 50/100pip stop loss once a trade is opened.

I'm still trying to tweak that a little though...
Does it cook dinner and clean the house too?? lol kiddin, Raz
Never say never.
  • #10,370
  • Apr 29, 2008 7:17am Apr 29, 2008 7:17am
Quoting razldazl
Does it cook dinner and clean the house too?? lol kiddin, Raz
Hahahahaha! I'll have to check the manual for that setting...
  • #10,371
  • Edited 8:40am Apr 29, 2008 8:13am | Edited 8:40am
Quoting jcsmesquita
I think some people call it a "free trade"... Sounds right to me coz from the point you take your stop to BE it's as if your trade is free to roam around... (Hopefully it roams away and cha ching! )
Why would you call it a free trade? You risked at least two positions for the trade to reach a certain amount of pips to close half and break even the other half. True, you would eliminate a potential loss after breaking even, but let's not forget at the same time you lose a potential gain by not closing it. You're actually risking 50 pips or whatever of potential profit. That's why I wouldn't call this a "free" trade.
Of course, I've never been a fan of breaking even. Based on my personal experience, by blindly breaking even some positions (not implying that you're doing it) instead of placing the stop losses under/above support/resistance, your stop loss is bound to be hit most of the time unless you're lucky. Of course, I might be wrong and I know that trading is all based on what you feel comfortable in. Just wanted to express my view on the subject.

Kevin
  • #10,372
  • Apr 29, 2008 9:29am Apr 29, 2008 9:29am
Quoting Kaysole
Why would you call it a free trade? You risked at least two positions for the trade to reach a certain amount of pips to close half and break even the other half. True, you would eliminate a potential loss after breaking even, but let's not forget at the same time you lose a potential gain by not closing it. You're actually risking 50 pips or whatever of potential profit. That's why I wouldn't call this a "free" trade.
Of course, I've never been a fan of breaking even. Based on my personal experience, by blindly breaking even some positions (not implying that you're doing it) instead of placing the stop losses under/above support/resistance, your stop loss is bound to be hit most of the time unless you're lucky. Of course, I might be wrong and I know that trading is all based on what you feel comfortable in. Just wanted to express my view on the subject.

Kevin
You're certainly not alone in that view Kev.
Bundy's status today: "Waiting..."
  • #10,373
  • Apr 29, 2008 9:43am Apr 29, 2008 9:43am
Quoting Kaysole
Why would you call it a free trade? You risked at least two positions for the trade to reach a certain amount of pips to close half and break even the other half. True, you would eliminate a potential loss after breaking even, but let's not forget at the same time you lose a potential gain by not closing it. You're actually risking 50 pips or whatever of potential profit. That's why I wouldn't call this a "free" trade.
Of course, I've never been a fan of breaking even. Based on my personal experience, by blindly breaking even some positions (not implying that you're doing it) instead of placing the stop losses under/above support/resistance, your stop loss is bound to be hit most of the time unless you're lucky. Of course, I might be wrong and I know that trading is all based on what you feel comfortable in. Just wanted to express my view on the subject.

Kevin
I see what you mean. I still like the name though.

Like you said, one is still risking his/her potential profit. However, the way I see it, and this is my personal opinion, in a "free trade" my balance isn't going to go down if it goes against me. True, I might have lost a potential profit, but my pocket won't get any lighter.

My personal experience (which is tiny compared to most of these guys) tells me to be a bit more patient with stop loss movements to BE. I found that I was moving them too quickly and more often than not would get stopped out only to watch the position go my way.

This is still a grey area to me because I'm not sure yet what method works best for me. At the moment I am trying to take into account the TF of the trade. I.e. if it's a weekly signal I will let the move play out for longer than a H4 signal. I don't move my stop losses to BE blindly anymore... There are a few conditions which I look for before doing so...

It's a tricky one though and I can see how things would be different if I were trading a much bigger account!

Anyways just thought I'd share those thoughts.
  • #10,374
  • Apr 29, 2008 9:48am Apr 29, 2008 9:48am
Bit of a head and shoulders on the AUD/USD daily?
  • #10,375
  • Apr 29, 2008 9:55am Apr 29, 2008 9:55am
Quoting jcsmesquita
Bit of a head and shoulders on the AUD/USD daily?

also pinbar on the weekly. already in..
  • #10,376
  • Apr 29, 2008 12:02pm Apr 29, 2008 12:02pm
Quoting woolley
also pinbar on the weekly. already in..
Me too. .09356
Indicators show the past. Price Action "Indicates" the future.
  • #10,377
  • Apr 29, 2008 12:14pm Apr 29, 2008 12:14pm
Quoting jarroo
Me too. .09356
Me three... 0.9385. Caught it on the retracement, very clear resistance @0.9400... potential to make a killing
  • #10,378
  • Apr 29, 2008 12:32pm Apr 29, 2008 12:32pm
Quoting jcsmesquita
Me three... 0.9385. Caught it on the retracement, very clear resistance @0.9400... potential to make a killing
Nice jc.

Took the break at .9356. Stop loss above the 50% at .9430.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,379
  • Apr 29, 2008 1:21pm Apr 29, 2008 1:21pm
Quoting jarroo
Me too. .09356
glad were all seeing the same thing, im in at 0.9338, will be much more confident when the pinbar has been validated around the 0.9282 area, as the price hasnt broken below the low of last week as yet. im also in audcad at 0.9457 (weekly pinbar) both look like they have plenty of scope to move down a few pips.
  • #10,380
  • Apr 29, 2008 1:52pm Apr 29, 2008 1:52pm
one to keep an eye on if daily cant close below the trend line could go back up from todays drop, also with this theres a pin bar formed on the 4hr price couldnt close below the t line..
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