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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

  • #13,481
  • Sep 5, 2008 5:44pm Sep 5, 2008 5:44pm
Quoting gagiul
hi. Can I ask you why would you short the Usd/Chf now? I dont see any PA supporting it, the PB has been broken to the upside. Only MACD shows divergence....

yea, I probabl shoulnd't post trades like this, but I have good success taking trades like this, where the daily pinbar only breaks by a little, tiny stop, because the stop is so small, win ratio doesn't have to be very high, but often enough, pins fail by a small amount, then workout, I won't post any more of these, i'll stick to the regular daily entries, good example was weekly EJ at the top, after failing, the thing rocketed down with a vengence.

One doesnt' need these dirty entries to succeed, so I won't post them.
  • #13,482
  • Sep 5, 2008 6:02pm Sep 5, 2008 6:02pm
Quoting gagiul
Lol, your humour is a really weird, to use a nice word. Besides, I dont get why do you include FxProcessor in the same category.
gagiul, so now you wanna be the lone author of the book ? *


enough joking, this thread is for learning.
Once A Trader Always A Trader.
  • #13,483
  • Sep 5, 2008 6:09pm Sep 5, 2008 6:09pm
Quoting Mr Smith
...dirty entries ...
i love that expression!! i think i actually understand your logic behind taking it short and respect your willingness to think outside the box ... i'm still trailing my USDCHF long trade from the 8/22 IB (kind of a bumpy ride that one was) -- and kept a tight TSL on it once it started showing some signs of life.

i look forward to any charts you post.

thank you for your willingness to stick your neck out to protect the integrity of j16 and the thread.
"Believe nothing you hear and half of what you see." Proverb
  • #13,484
  • Sep 5, 2008 6:30pm Sep 5, 2008 6:30pm
Quoting Liviu
gagiul, so now you wanna be the lone author of the book ? *


enough joking, this thread is for learning.
good that you realized that lol.
We leave no soldier behind.
  • #13,485
  • Sep 5, 2008 6:36pm Sep 5, 2008 6:36pm
Quoting Mr Smith
yea, I probabl shoulnd't post trades like this, but I have good success taking trades like this, where the daily pinbar only breaks by a little, tiny stop, because the stop is so small, win ratio doesn't have to be very high, but often enough, pins fail by a small amount, then workout, I won't post any more of these, i'll stick to the regular daily entries, good example was weekly EJ at the top, after failing, the thing rocketed down with a vengence.

One doesnt' need these dirty entries to succeed, so I won't post them.
am I mistaking or this is the same trading style Raczek was/is using? a bit aggressive but profitable...
We leave no soldier behind.
  • #13,486
  • Sep 5, 2008 7:03pm Sep 5, 2008 7:03pm
It's agressive like rac, but not sure he takes that same situation or not.
  • #13,487
  • Sep 5, 2008 8:22pm Sep 5, 2008 8:22pm
Quoting Mr Smith
This is a chart of euro, showing trades both long and short that a good setups, 4 trades won, 1 trade lost, keep in mind the potential for the winners were huge, ALOT bigger then the one loss, anyone like fib got questions about my chart fire away, but don't complain about hindsight, if you wanna see this stuff not in hindsight, you can use the f12 key in mt4 to take you day by day and see it all unfold in front of your eyes, pound chart was even better then this, no losses. This method actually is the holy grail of trading, sorry to say but it's true.
Nice use of S/R, it almost looks like what Mouteki would call Fib Target Zones (these zones are plotted weeks/months in advance and you simply sit back and watch price interact towards them), by the way this might also help some folks BillyRayValentine's thread...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd d1 fib target zones.gif Size: 18 KB
  • #13,488
  • Sep 5, 2008 8:46pm Sep 5, 2008 8:46pm
Quoting Aad
Nice use of S/R, it almost looks like what Mouteki would call Fib Target Zones (these zones are plotted weeks/months in advance and you simply sit back and watch price interact towards them), by the way this might also help some folks BillyRayValentine's thread...
Nice "No brainers" type line u have there,,,
May I know..how can I draw it too??
Using any indi??

Thx
Sonic
  • #13,489
  • Sep 5, 2008 8:52pm Sep 5, 2008 8:52pm
Quoting gagiul
Thanks again Jarroo. You are one of the greatest. I especially appreciate you for posting your PA trades live and for continuing the great DIBS thread.

I will follow your advice, take a breathe and give it another try to PA this weekend, re-read all the stuff I have and review my trading style. Temporarily no more GF though, just broke up coz the relationship was going like the euro...down down down.

That's the spirit.

You got to be Tenacious with a capital "T" in this business. Because in the beginning you have more losers then winners. (the winners were lucky. lol)
Er go, the demo account.

Soon the wins and losses will balance out. Then the wins will start gaining in number while the losses get smaller. Funny thing is that this started happening when I cut my trades per month to about 10-12 from 500. lol.

You'll get there. It just takes time and practise.
Indicators show the past. Price Action "Indicates" the future.
  • #13,490
  • Sep 5, 2008 8:54pm Sep 5, 2008 8:54pm
I was out all day and did not trade, had the 3-5 setup's a day though as I said happens Also thanks for all the PM's guys I am not doing this to push my own ego just tring to help others out.
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd5min.jpg Size: 144 KB
Keep taking CT trades, I need more money
  • #13,491
  • Sep 5, 2008 8:58pm Sep 5, 2008 8:58pm
Quoting sonicdeejay
Nice "No brainers" type line u have there,,,
May I know..how can I draw it too??
Using any indi??

Thx
Sonic
Hi SonicDeejay,

It's not from that thread, it's from Mouteki's new thread about Fib Target Zones. Where you can plot targets for any currency and watch for them to be respected, if they are respected you then trade that currency towards the targets and retraces...

Reposted:

To plot the lines individually, take the low or high price of a retracement or an all time highs/lows on a currency of your choice.

Then subtract/add to that price by one of the following Fibonacci numbers (0, 144, 233, 377, 610, 987, 1597, 2584, 4181, 6765, etc...) to get your Target Zones.

Example:

EurUsd All Time High Price Is Around 1.6035 (depends on your broker).

Now to get a Target Zone from that you would subtract from it by using one of the Fibonacci numbers (0, 144, 233, 377, 610, 987, 1597, 2584, 4181, 6765, etc...).

16035 - 233 = 15802

So your 233 Fib Target Zone = 1.5802.

Do the same with the rest of the numbers, subtract in a down movement and add in an up movement.
  • #13,492
  • Edited 10:24pm Sep 5, 2008 9:48pm | Edited 10:24pm
Quoting Aad
Hi SonicDeejay,

It's not from that thread, it's from Mouteki's new thread about Fib Target Zones. Where you can plot targets for any currency and watch for them to be respected, if they are respected you then trade that currency towards the targets and retraces...

Reposted:

To plot the lines individually, take the low or high price of a retracement or an all time highs/lows on a currency of your choice.

Then subtract/add to that price by one of the following Fibonacci numbers (0, 144, 233, 377, 610, 987, 1597, 2584, 4181, 6765, etc...) to get your Target Zones.

Example:

EurUsd All Time High Price Is Around 1.6035 (depends on your broker).

Now to get a Target Zone from that you would subtract from it by using one of the Fibonacci numbers (0, 144, 233, 377, 610, 987, 1597, 2584, 4181, 6765, etc...).

16035 - 233 = 15802

So your 233 Fib Target Zone = 1.5802.

Do the same with the rest of the numbers, subtract in a down movement and add in an up movement.
i have been following his posts/videos too and really, really thinking about how much this could be integrated into j16!!
"Believe nothing you hear and half of what you see." Proverb
  • #13,493
  • Sep 6, 2008 9:19am Sep 6, 2008 9:19am
Quoting Mr Smith
It's agressive like rac, but not sure he takes that same situation or not.
Just to challenge you a little bit if you look on the weekly, you can see that Usd Chf still has space to move up until the confluence of 1276 resistance and the downsloping TL, where I think it will face some resistance. Besides, the MACD on Weekly favors more the upside than downside, therefore I think going short now is quite risky.
Attached Image
We leave no soldier behind.
  • #13,494
  • Sep 6, 2008 10:37am Sep 6, 2008 10:37am
Quoting gagiul
Just to challenge you a little bit if you look on the weekly, you can see that Usd Chf still has space to move up until the confluence of 1276 resistance and the downsloping TL, where I think it will face some resistance. Besides, the MACD on Weekly favors more the upside than downside, therefore I think going short now is quite risky.
make sure you don't overlook that divergence on the macd, it's showing strong bearish signs! those long bars to the north tell you nothing, divergence says a hell of stuff...

there are plenty of signs around suggesting the green back to end on a loosing note yet again in the coming days, Eu, Gu, Usd/cad, Uj, the usd/chf, AU all are along very important sup/res lines, i am foreseeing a drop in the usd....anybody ith me??

Regards,
Ghous.
I believe . . .
  • #13,495
  • Sep 6, 2008 12:56pm Sep 6, 2008 12:56pm
Hi guys.....

.......your thoughts on this daily PB in EURCHF please.

It has a long, protruding nose relative to the previous bar, a close near the high of the day, space to the left, @ 50% fib retr, reasonably strong PPZ, @ swing low, room to move higher before encountering resistance. However, is it against the overall trend? Certainly the daily bar before the PB was strongly bearish, and the weekly bar just gone was a bearish break of an IB.
Would it be safer to look for PA to go short on a retracement to the lower limit of the congestion area at 1.6000-1.6060?

Would Jim or Mike trade this PB if it was triggered to the upside?....or anybody else?......
Attached Image(s) (click to enlarge)
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  • #13,496
  • Sep 6, 2008 1:06pm Sep 6, 2008 1:06pm
Quoting Pat Ciceroni
Hi guys.....

.......your thoughts on this daily PB in EURCHF please.
Hey pat,

On my chart feed we have a body that is equal to the nose length. So this to me is not really a pinbar. When they are equal length like this I pass on these.

Attached is a picture of what I mean.

Attached also is the gbp/jpy with what I consider a high probability trade. I have multiple long positions already built from the gap, but because we have such a beautiful pinbar and still a gap to close(highlighted in blue), I will even add more on the pinbar.

Hope that helps

Mike
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  • #13,497
  • Sep 6, 2008 1:49pm Sep 6, 2008 1:49pm
Quoting gagiul
Just to challenge you a little bit if you look on the weekly, you can see that Usd Chf still has space to move up until the confluence of 1276 resistance and the downsloping TL, where I think it will face some resistance. Besides, the MACD on Weekly favors more the upside than downside, therefore I think going short now is quite risky.
Your absolutely right, as I mentioned it's a dirty entry and high risk, so I only risk 1/4 % of normal position
  • #13,498
  • Sep 6, 2008 2:05pm Sep 6, 2008 2:05pm
Hey pat,

On my chart feed we have a body that is equal to the nose length. So this to me is not really a pinbar. When they are equal length like this I pass on these.

Attached is a picture of what I mean.

Attached also is the gbp/jpy with what I consider a high probability trade. I have multiple long positions already built from the gap, but because we have such a beautiful pinbar and still a gap to close(highlighted in blue), I will even add more on the pinbar.

Hope that helps

Mike[/quote]


Thks for the quick response Mike.
Yes, the different chart feeds certainly give us different things to think about.
Gbp/Jpy not quite a pinbar on my feed, but usd/yen a good PB, but with a lot of overhead resistance. I will keep an eye open for yen weakness perhaps on a lower TF.
Best of luck.

Pat
  • #13,499
  • Sep 6, 2008 2:18pm Sep 6, 2008 2:18pm
Couple of questions for you Mr Smith.

1. Have you back/forward tested these setups and proved a positive expectancy over a reasonable amount of time as see this is not typical James16 material (playing a failed pin bar in this way).

2. Do you always use 1/4 normal position or use asymmetric leverage?

regards
FXP

Quoting Mr Smith
Your absolutely right, as I mentioned it's a dirty entry and high risk, so I only risk 1/4 % of normal position
  • #13,500
  • Sep 6, 2008 10:20pm Sep 6, 2008 10:20pm
Quoting fxprocessor
Couple of questions for you Mr Smith.

1. Have you back/forward tested these setups and proved a positive expectancy over a reasonable amount of time as see this is not typical James16 material (playing a failed pin bar in this way).

2. Do you always use 1/4 normal position or use asymmetric leverage?

regards
FXP
I haven't back tested, it only broke by 13 pips, so it's debatable whether it truly failed or not, I mainly only do this in these occasions where it's easily conceivable that we get some pull back from all this usa strength, nothing goes one direction forever without retraces, so it's more a discretion thing, something I'm personally no good at back testing, if one looks at weekly, there is clear arguement that it's just to bullish, closed above etc, so I wouldn't recommend anyone taking this trade. I think I'll start a journal to show how I use j16 material in my trading as to not clutter this thread with ideas like this. I'll post a link here soon, when I get it up and running for anyone interested.
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