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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

  • #10,821
  • May 16, 2008 1:44pm May 16, 2008 1:44pm
Quoting saskgui
Belief in the system or the person trading it?

ps what is your commission for trading other peoples accounts
Believe in one's skills to pick the best probability trades and manage them properly.
LoL.... I don't trade (nor I want to) other peoples accounts. Trading is a hobby of mine... just like flying, fishing and time travel..
  • #10,822
  • May 16, 2008 3:03pm May 16, 2008 3:03pm
mbqb11,

Okay, if I well understand "The Space" is the distance between the set-up, the pin bar in your example and the NEAREST resistance, in fact the OLD support.

If you take the example on the chart below, you didn't qualify it due to the lack of space or room. I mean that the high of the Pin bar is at a minor PPZ (the white horizontal white) as a resistance considering the low of the left preceding bars : am I right ?

Last question, does a minimum space require at least 1:1 R/R ?

Thanks for your attention,

Have a pleasant weekend

Sincerely

Angel65



http://www.forexfactory.com/attachme...1&d=1210928635
  • #10,823
  • May 16, 2008 3:14pm May 16, 2008 3:14pm
Quoting Angel65
mbqb11,

Okay, if I well understand "The Space" is the distance between the set-up, the pin bar in your example and the NEAREST resistance, in fact the OLD support.

If you take the example on the chart below, you didn't qualify it due to the lack of space or room. I mean that the high of the Pin bar is at a minor PPZ (the white horizontal white) as a resistance considering the low of the left preceding bars : am I right ?

Last question, does a minimum space require at least 1:1 R/R ?

Thanks for your attention,

Have a pleasant weekend

Sincerely

Angel65

Hey Angel,

The reason I considered this bar in traffic was all the bars to the left. It was created in a sideways range. What this means is that the pin nose shot down, but the actual bar itself was created in the same range. With that said, if you did play this one, which is not what I consider an A trade, it did stall where you would have expected it. So the pin still worked. As James teaches you would have at the very least got your stop to b/e at the highs where the arrows are.

As for Risk:Reward, by the very nature of how picky I am my setups usually have great potential, that is why I am picky. But I never directly say, this has 1:2 or 1:3, I trail my stops. So my reward has no cap to it. I like trailing stops(manual ones), because of the ability to stay in a trade(if it is a good one, hence the strict criteria), and the ability to cut your losses, but still giving things a chance to breathe.

Here is a little chart

Mike
Attached Image (click to enlarge)
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  • #10,824
  • May 16, 2008 4:08pm May 16, 2008 4:08pm
mbqb11,

Thanks very much Mike, it's clear now.

Your IDEAL area for a Pin makes the swing more CLEAR and clean, I mean more obvious !!

It could be hard to take a Pin in the traffic area after a beakout no ?

You share your knowledge and it's very kind of you

My best to you

Take care

Angel65
  • #10,825
  • May 16, 2008 4:19pm May 16, 2008 4:19pm
What a day. Guys, check out these three PB's on the GBP/USD.

One on the 4hr
One on the Daily
One forming on the Weekly

ALL on a major Support line. Am I right?
Attached Image (click to enlarge)
Click to Enlarge Name: GU.JPG Size: 102 KB
All I ask for is a chance to prove that money cannot make me happy.
  • #10,826
  • May 16, 2008 4:27pm May 16, 2008 4:27pm
Quoting Marsh
What a day. Guys, check out these three PB's on the GBP/USD.

One on the 4hr
One on the Daily
One forming on the Weekly

ALL on a major Support line. Am I right?

Marsh,

For what it's worth, I bough into this pair two days ago. Although there was certainly an area to worry about....1.95, I figured the reward was too good to pass up for me.

If you look at this chart, it's a weekly cable chart.....notice where my buy line is roughly.....a DEAD OBVIOUS PPZ.

Clockwork

PS - funny isn't it? Weekly bar is forming a pinbar as well.
Attached Image (click to enlarge)
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  • #10,827
  • May 16, 2008 4:40pm May 16, 2008 4:40pm
Quoting Marsh
What a day. Guys, check out these three PB's on the GBP/USD.

One on the 4hr
One on the Daily
One forming on the Weekly

ALL on a major Support line. Am I right?
Hey, somebody stole my charts!

Nice charts Marsh.
Indicators show the past. Price Action "Indicates" the future.
  • #10,828
  • May 16, 2008 5:19pm May 16, 2008 5:19pm
Quoting Aad
I believe North Finance is being acquired by FxPro.com and maybe their MT4 charting might also be a little different...
Yes, you are correct on that. I used their demo but fpro requires minimum 100 pips SL. To much for me.
Thanks, Jonathan
  • #10,829
  • May 16, 2008 5:48pm May 16, 2008 5:48pm
chart
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  • #10,830
  • May 16, 2008 5:58pm May 16, 2008 5:58pm
Quoting exitand4getit
Yes, you are correct on that. I used their demo but fpro requires minimum 100 pips SL. To much for me.
Yeah, I think there's something weird with their pricing since they add more digits to their price quotes. This seems to throw off the pip count, I wish they would stop trying to be eccentric...LOL!
  • #10,831
  • May 17, 2008 3:21am May 17, 2008 3:21am
hi there fellas..

i dont think that this PB is good enough in its position, lenght

few reasons - in the image

http://i28.tinypic.com/eheq1i.gif

would like to hear regarding that..
  • #10,832
  • May 17, 2008 11:10am May 17, 2008 11:10am
Quoting raczekfx
Perhaps this will help some of you believe in PA....

This is one of my demo accounts, where I trade based on material from james16 chart thread, j16website plus some common sense. This is high risk/high reward system, which includes taking trades on touches of ppz, fibs, pins, emas... etc..

... some 45000+ pips since mid January...

It is possible!!! Learn the material, practice, visualize your goals.. and you ARE successful..

Have a great weekend everyone.
.
Wow 45.000 pips, that is a lot of pips.

I notice in your profile your trading experience is 5 years, may I know how many years I have to learn to master this stuff? let say average people.

BTW how many pairs do you trade?
  • #10,833
  • May 17, 2008 11:20am May 17, 2008 11:20am
Quoting clockwork71
Marsh,

For what it's worth, I bough into this pair two days ago. Although there was certainly an area to worry about....1.95, I figured the reward was too good to pass up for me.

If you look at this chart, it's a weekly cable chart.....notice where my buy line is roughly.....a DEAD OBVIOUS PPZ.

Clockwork

PS - funny isn't it? Weekly bar is forming a pinbar as well.
Yes, great place to long.
BTW any plan to exit in area around 1.9600?
Attached Image (click to enlarge)
Click to Enlarge Name: GBP - USD.JPG Size: 81 KB
  • #10,834
  • May 17, 2008 12:27pm May 17, 2008 12:27pm
Quoting james16
chart
James, it is always comforting to see you post a chart explaining a trade, and that explanation being exactly how I played it too. Thanks!
Hindsight is 20/20
  • #10,835
  • May 17, 2008 3:28pm May 17, 2008 3:28pm
Quoting jatis
Wow 45.000 pips, that is a lot of pips.

I notice in your profile your trading experience is 5 years, may I know how many years I have to learn to master this stuff? let say average people.

BTW how many pairs do you trade?
Hi Jatis,
I can't really tell you how long it's gonna take you. Some people get good at it after several months, some will take years. Others will spend entire life trying to get this work... . It's a personal thing, but seeing you in this thread, I can tell, you’re on the right track. I'd say your chances are much better than others, who jump from thread to thread, from system to system..

I trade all yen crosses, majors and gbp/chf
  • #10,836
  • May 17, 2008 4:20pm May 17, 2008 4:20pm
rac, please clean your message box so i can send you some spam
  • #10,837
  • May 17, 2008 10:26pm May 17, 2008 10:26pm
i just wonder whether it would be a good idea to take the GU daily pin bar now , with the price having moved 70 - 80 pips in the direction....
  • #10,838
  • May 17, 2008 10:45pm May 17, 2008 10:45pm
Quoting ns_karthik77
i just wonder whether it would be a good idea to take the GU daily pin bar now , with the price having moved 70 - 80 pips in the direction....
no you certainly don't want to jump in this late. The idea is to buy when the high of the pin breaks, and put your stop below the pin(or some other level determined by the trader). By now the trader is already thinking about where to take profit/reduce risk exposure on this trade

There will be many more though no worries
  • #10,839
  • May 17, 2008 10:48pm May 17, 2008 10:48pm
Keep an eye out for this Weekly PB on E/U. Not necessarily an A trade (tail could be longer), but it sure looks nice on a support level in an uptrend.
Attached Image (click to enlarge)
Click to Enlarge Name: EU.JPG Size: 51 KB
All I ask for is a chance to prove that money cannot make me happy.
  • #10,840
  • May 17, 2008 10:58pm May 17, 2008 10:58pm
Quoting Marsh
Keep an eye out for this Weekly PB on E/U. Not necessarily an A trade (tail could be longer), but it sure looks nice on a support level in an uptrend.

hey Marsh, that bar is actually a neutral bar(a bar with open and close near the middle of the bar). These bars indicate indecision. Which could mean a move back up, but generally these aren't bars that we play(james16 material).
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