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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

  • #14,461
  • Oct 15, 2008 7:16pm Oct 15, 2008 7:16pm
Quoting Forex007
Or, as they say, course for horses.

This guy (http://www.forexfactory.com/showpost...9&postcount=32) is a pro trader, he manages other people's money. Trades mainly long-term MA crosses (hm, I wonder why he needs anything else apart from MAs then... )

Another way to trade, different philosophy (as James16 said he trades like no other 99.9% traders do).

But when the price is rocketed by a good solid (AAA+) PB from one PPZ to another (irrespective of TF), I doubt it any indicator would pick more than 50% of a strong move. And once the price is action, getting on board (using indicators) is like boarding a moving train...

I especially like the "bomb" and the "burning candle"

P.S. Have a look at what price did after that "BUY" arrow
I guess his hair must be a messy as his chart...
But since he is ok with it..I have no right to critisize him...

http://www.forexfactory.com/attachme...1&d=1224097299

Sonic
  • #14,462
  • Edited 8:02pm Oct 15, 2008 7:44pm | Edited 8:02pm
Quoting bundyraider
How'd you end up entering Jim?

I went for the deep retrace, but can't remember the rationale. Went to bed and woke up to the run down.

Would have been nice to see my free running GJ entries not get stopped out too. ...And they were WELL stacked up when I hit the sack too! lol

I entered at 1.7535. I can't post my charts right now so I had to grab this one off the thread, which is good because it was before the big move down.

I would like to just take the break and place the s/l at the other end and go about my business (sleep). But I like playing off the left eye level on Pin Bars. To me they act as S/R levels. They are so easy to do when they are at lows/highs with space as you and Mike so clearly state. But when they are in "traffic" that eye level or S/R level is not as clear.

At first, one would assume that the orange line "A" would be the eye level. If this was at a high/low with space, yes it would be. But this is in traffic with the trend so I looked for another S/R level (orange line "B"). I played below that level (1.7550 RD) at 1.7535.

Edit: stoploss was placed above the PB.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #14,463
  • Oct 15, 2008 7:51pm Oct 15, 2008 7:51pm
Quoting james16
if i look at a bar and take a trade and watch it go 75 pips into profit and then take a loss im a damn fool
sorry james i dont agree with you here. take GY todays PB example. it broke the pin and it went 94 pips in my favor before reversing and retracing 180 pips. If i would have moved stop to BE then i would have missed the 600 pip move that came afterwards.
I think it really depends on what kind of trader you are. long term or daily scalper.
im trying to be longer term trader so wathcing a profit of 100 pips becoming -100 pips should be normal and not damn foolish.
Market can stay irrational longer than you can stay solvent.
  • #14,464
  • Oct 15, 2008 8:43pm Oct 15, 2008 8:43pm
Quoting jarroo
At first, one would assume that the orange line "A" would be the eye level. If this was at a high/low with space, yes it would be. But this is in traffic with the trend so I looked for another S/R level (orange line "B"). I played below that level (1.7550 RD) at 1.7535.

Edit: stoploss was placed above the PB.
Thanks Jim. Was curious.

I must have been along similar lines. Just looked at the records to find where I opened that one... 1.7533 lol
Bundy's status today: "Waiting..."
  • #14,465
  • Oct 15, 2008 8:44pm Oct 15, 2008 8:44pm
Quoting FXBat
sorry james i dont agree with you here. take GY todays PB example. it broke the pin and it went 94 pips in my favor before reversing and retracing 180 pips. If i would have moved stop to BE then i would have missed the 600 pip move that came afterwards.
I think it really depends on what kind of trader you are. long term or daily scalper.
im trying to be longer term trader so wathcing a profit of 100 pips becoming -100 pips should be normal and not damn foolish.
That's my feeling as well. Just depends on the timeframe you are trading. 75 pips is nothing if the daily range is 300+.
  • #14,466
  • Oct 15, 2008 8:44pm Oct 15, 2008 8:44pm
Quoting moneybags
That's a funky looking chart.
Looks like a video game from 1986.
lol yeah it does. Reminds me of when I was trapped in indicator hell .
May the fish in your stream of life always bite.
  • #14,467
  • Oct 15, 2008 8:47pm Oct 15, 2008 8:47pm
Quoting jarroo
I entered at 1.7535. I can't post my charts right now so I had to grab this one off the thread, which is good because it was before the big move down.

I would like to just take the break and place the s/l at the other end and go about my business (sleep). But I like playing off the left eye level on Pin Bars. To me they act as S/R levels. They are so easy to do when they are at lows/highs with space as you and Mike so clearly state. But when they are in "traffic" that eye level or S/R level is not as clear.

At first, one would assume that the orange line "A" would be the eye level. If this was at a high/low with space, yes it would be. But this is in traffic with the trend so I looked for another S/R level (orange line "B"). I played below that level (1.7550 RD) at 1.7535.

Edit: stoploss was placed above the PB.
So you placed 1.7535 as a limit sell and went to bed? In many cases price won't retrace that deep on your pin... are you not scared that you will miss a good trade?
  • #14,468
  • Oct 15, 2008 8:49pm Oct 15, 2008 8:49pm
Quoting FXBat
sorry james i dont agree with you here. ...
different strokes for different people...but..

What Jim's trying to say here is that you don't let winners become losers.
You can move your stop to BE and get stopped out. That's not a loss.
You can take some profit once you're 75ps and move stop to BE on the rest. That's a winning trade.
What you don't do, is to watch your trade make you profit and then let it turn into a loss. That's not a business, that's gambling at its worst.
Some folks here trade with $1000/pip, so those 75ps can be two annual salaries for an average Joe and losing it....... you get my point....?
  • #14,469
  • Oct 15, 2008 8:57pm Oct 15, 2008 8:57pm
Quoting FXBat
sorry james i dont agree with you here. take GY todays PB example. it broke the pin and it went 94 pips in my favor before reversing and retracing 180 pips. If i would have moved stop to BE then i would have missed the 600 pip move that came afterwards.
I think it really depends on what kind of trader you are. long term or daily scalper.
im trying to be longer term trader so wathcing a profit of 100 pips becoming -100 pips should be normal and not damn foolish.
Hiya fellas,

Bat , Betard I hear what you guys are saying but I think your missing Jame's point. The point is if you trade James way you wont get hurt 95% of the time. He doesn't even look at risk vs reward anymore. He knows that 95% of the time he will at least get his stop to B/E. If you can do that in your trading you can kill the fear. I mean if you hit B/E 95% whats their to fear? Further I don't remember the exact figure but James had made like 86 trades off the daily in FX this year. only 6 were losers, 20 were B/E that means 60 hit the target. after the GU pin im sure its 21 hit the target lol. So to do math... loss is 6 units and win is 61 units. = plus 55 units for the year. Max draw down 6 units. If I am close to correct about James16's daily fx trades this year that not just good, given his incredibly low draw down that is Godly. You will never have that shallow a draw down trend trading. That is James Point. If one unit is 3% of your account that's up 165% for the year with a 18% draw down assuming his 6 losses were in a row which im sure they weren't. If I'm outa line here please feel free to beat me about the shoulders.

Best wishes,
Jason
May the fish in your stream of life always bite.
  • #14,470
  • Oct 15, 2008 9:07pm Oct 15, 2008 9:07pm
Quoting raczekfx
different strokes for different people...but..

What Jim's trying to say here is that you don't let winners become losers.
You can move your stop to BE and get stopped out. That's not a loss.
You can take some profit once you're 75ps and move stop to BE on the rest. That's a winning trade.
What you don't do, is to watch your trade make you profit and then let it turn into a loss. That's not a business, that's gambling at its worst.
Some folks here trade with $1000/pip, so those 75ps can be two annual salaries for an average Joe and losing it....... you get my point....?
Well said raczekfx. The vast majority of my trades are in profit at some point. I am so guilty of letting it move against me. I'm still in hell with the take profit. Almost to the point of making two trade plans. take the same entry and let part of the position run. Sorry thinking out loud. I need to go fishing lol

Jason
May the fish in your stream of life always bite.
  • #14,471
  • Oct 15, 2008 9:16pm Oct 15, 2008 9:16pm
Quoting saskgui
So you placed 1.7535 as a limit sell and went to bed? In many cases price won't retrace that deep on your pin... are you not scared that you will miss a good trade?
I have missed good trades when I didn't get the Price I wanted.
Oh well . .tomorrow is a different day.

I usually will always take a small position on the break of a qualified PA set-up and build from there if warranted.
Indicators show the past. Price Action "Indicates" the future.
  • #14,472
  • Oct 15, 2008 9:26pm Oct 15, 2008 9:26pm
macd, stoch, rsi, cci among several others. its just a question of what do you like. they will all be a bit different when set at default but you can always play with the settings.

Quoting aSandman
Thanks for validating this James, I was hoping this was an A grade trade. Your chart said "like taking candy from a baby" but lead locked has to my favorite saying In my study the only thing I missed was divergence, Do you always use MACD to verify divergence?

Best Wishes,

Jason
  • #14,473
  • Oct 15, 2008 9:28pm Oct 15, 2008 9:28pm
this made me smile.

jim

Quoting giusepp8
Got to tell everyone what happened to me today ...

Today i went to a trading workshop (free) set up by my bank here in italy...
The course was intended for explainations of the banks platform for trading but after an hour people was starting to question about Technical advices and how to trade charts ... seen the big moves down i guess a lot of people had red accounts.
However to advicer/teacher started to explain how we could trade Breakouts on 5min charts with tight stops and tight takeprofits, I said it was crazy and to risky for us small account traders but he continued ... so around 15gmt he took eur/usd h/l daily range and said to place a buy order at 1.36, 'cause he was sure that there was going to be a new high....
I illustrated him that yesterdays support turned to a nice strong intraday resistance and in addintion a pin formed on it even if it was not a good location and if he was willing to take a position a short was probably a better idea .... guess what ???
... he went long !!!
Really you should have seen the other participants face when price went down ... and even if today I didn't make money with PA,.... PA rewarded me with glory and satisfaction ....
Thank you to all .
giuseppe
  • #14,474
  • Oct 15, 2008 9:32pm Oct 15, 2008 9:32pm
no problem with that at all. posts like yours are what makes this thread great and keeps people coming back. my style simply comes from an 8 year journey of incredible pain. in a thousand years i wouldnt say i know the only way to a bit of success.

jim

Quoting FXBat
sorry james i dont agree with you here. take GY todays PB example. it broke the pin and it went 94 pips in my favor before reversing and retracing 180 pips. If i would have moved stop to BE then i would have missed the 600 pip move that came afterwards.
I think it really depends on what kind of trader you are. long term or daily scalper.
im trying to be longer term trader so wathcing a profit of 100 pips becoming -100 pips should be normal and not damn foolish.
  • #14,475
  • Oct 15, 2008 9:42pm Oct 15, 2008 9:42pm
Am I seeing a possible PB in EU and EJ H1 TF??


Sonic
  • #14,476
  • Oct 15, 2008 9:44pm Oct 15, 2008 9:44pm
Quoting raczekfx
different strokes for different people...but..

What Jim's trying to say here is that you don't let winners become losers.
You can move your stop to BE and get stopped out. That's not a loss.
You can take some profit once you're 75ps and move stop to BE on the rest. That's a winning trade.
What you don't do, is to watch your trade make you profit and then let it turn into a loss. That's not a business, that's gambling at its worst.
Some folks here trade with $1000/pip, so those 75ps can be two annual salaries for an average Joe and losing it....... you get my point....?
I understand what you guys are saying. I move stops to BE sometimes as well. The important thing is not to do it too early. Many people see 50-75 pip gain and move stop to BE automatically. Again, it depends on the timeframe/position size. If you're playing with a 300+ pip stop you may be jumping the gun to move your stop so quickly. I trade weekly/monthly sometimes, and even with a 200 pip gain I won't move the stop up sometimes because you can get a pretty big retrace. Hell, I just moved stop from monthly U/J pin from 110.7 to 103.1 a couple days ago.

I'm a fan of moving down a timeframe or two and setting stop above swing highs (if I'm short) on that timeframe. For example, if I took a trade on the weekly, I'll move to daily or 4 hour and move my stop. I think it's best to have a technical reason for moving the stop.
  • #14,477
  • Oct 15, 2008 9:47pm Oct 15, 2008 9:47pm
Quoting sonicdeejay
Am I seeing a possible PB in EU and EJ H1 TF??


Sonic
Nicely off 1.3500. Good to close the gap.
  • #14,478
  • Oct 15, 2008 9:54pm Oct 15, 2008 9:54pm
Quoting HipsterPipster
Nicely off 1.3500. Good to close the gap.
looks like PB isn't valid anymore..5 min to go...in EU and EJ h1 TF..

Sonic
  • #14,479
  • Oct 15, 2008 9:56pm Oct 15, 2008 9:56pm
Quoting Betard
I understand what you guys are saying. I move stops to BE sometimes as well. The important thing is not to do it too early. Many people see 50-75 pip gain and move stop to BE automatically. Again, it depends on the timeframe/position size. If you're playing with a 300+ pip stop you may be jumping the gun to move your stop so quickly. I trade weekly/monthly sometimes, and even with a 200 pip gain I won't move the stop up sometimes because you can get a pretty big retrace. Hell, I just moved stop from monthly U/J pin from 110.7 to 103.1 a couple days ago.

I'm a fan of moving down a timeframe or two and setting stop above swing highs (if I'm short) on that timeframe. For example, if I took a trade on the weekly, I'll move to daily or 4 hour and move my stop. I think it's best to have a technical reason for moving the stop.

Yes for sure. Checking the lower time frames certainly widens the picture.

Geppy is one pair that must be given a lot of room to breathe IMO (as demonstrated by the 450 pip PB). 180 pips is really chicken feed for this beast. 50-100 pip 1 minute bars are not out of the ordinary.

Knowing the typical price movement of the pair you're trading is a must, so you at least know what to expect.

As always, sound MM keeps the nerves in-tact. Set and forget is my motto. If I return to a loss, so be it. The next winner is only right around the corner
  • #14,480
  • Oct 15, 2008 11:19pm Oct 15, 2008 11:19pm
Quoting raczekfx
Long since 1.6990 (50/61fib, confl, etc... and 50fib of daily pin retracement)
..
another example of the same methodology (more risky)on a smaller TF. This is just about as low as I get.
Retrace to mid 50/61fib and ppz confl, before reloading longs.
Waiting for PA confirmation is always safer though.
SL below 61fib (at the time of a trade), TP - bars low or another ppz (on the same TF)
..
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