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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

  • #17,501
  • Dec 24, 2008 4:50am Dec 24, 2008 4:50am
Happy Holidays to all on the James16 thread.

These last 12 months have been full of learning and discovery for me, and have produced the first profitable year in the 3 years I've been 'trying' to master this business. My journey to success started elsewhere, but this thread has enlightened me with the simplest of methods with which to draw profits from this wild and varied beast!

Thanks to all involved, especially Jim for his kindness in sharing his knowledge, and for the other senior contributors for imparting their learned wisdom and helping all others to find their path to success.

Here's looking forward to the next 12 months!

Chris
History will be kind to me, for I intend to write it - Winston Churchill
  • #17,502
  • Dec 24, 2008 6:42am Dec 24, 2008 6:42am
Merry Christmas everyone!
I'm new to this forum, and this thread. It's very interesting to read and also participate, and I'm sure that I'll keep enjoying it also after holidays.
  • #17,503
  • Dec 24, 2008 7:53am Dec 24, 2008 7:53am
Quoting Mr Trend
True. However, what if that precediing weekly BEOB was 800 pips long? You could easily play the daily (with levels of S&R) for a particular pair and still be in good shape. This is where the nuances of trading PA come into play and experience is important. Especially in this case when 60-70% of the time the bar following the engulfing bar pullsback to 50 or 61.8... (which is where I pull the trigger to go short)

Excellent point Mr.Trend.

There is usually retrace after a break on higher time frames or as you say 60%-70% of the time. Glad you pointed this out, don't know why I didn't.

Interesting to see if that PB broke (yes I know the Close wasn't within the previous bar) where Price may have gone.

Well look at that, 150 ema (1st time back) and 50% retrace /61.8 Fib all in the same area.

Thanks,

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #17,504
  • Edited 8:31am Dec 24, 2008 8:21am | Edited 8:31am
Quoting bundyraider
lol.

Like they say 40 is the new 30. 50 is the new 40 etc etc.

...Or as I like to say "You're only as old as the women you feel!"

haven't heard that in a while. My wife wont let it be said in this house anymore...

And & Merry Christmas & happy new year to all J16 family from the Rust family.
  • #17,505
  • Dec 24, 2008 11:51am Dec 24, 2008 11:51am
Merry Christmas all! Thank you so much for all your hard work and your help and a prosperous new year.

From a 30 year old, who has been through a lot, this is maybe one of only a few reasons to keep on fighting the good fight. Thank you!
  • #17,506
  • Dec 24, 2008 12:59pm Dec 24, 2008 12:59pm
sorry for the OT but..Happy Xmas to all

I would like to receive just one gift.... manage positions like raczecfx does :-)
  • #17,507
  • Dec 24, 2008 1:04pm Dec 24, 2008 1:04pm
there some weird move on usdcad chart m1... maybe can make some pip over there ... 1 just took 100 -200pips over there...maybe this something good pips before holiday.....

have a nice day to everyone
  • #17,508
  • Dec 24, 2008 1:50pm Dec 24, 2008 1:50pm
Quoting GetSmart;2436984<br /> Ok I have a christmas present for you. Whilst the pips are away get into some backtesting.<br /> <br /> [URL
http://www.forexfactory.com/showthread.php?p=2022904&highlight=trading+simulator#post2022904[/url]
There is another option (some say it's better; I agree) - http://www.forextester.com/ - they have a free version which is pretty good for basic practice.

BTW, guys, I think we should spell 2009 as 2.009
One Chart is Worth Ten Thousand Words.
  • #17,509
  • Dec 24, 2008 1:58pm Dec 24, 2008 1:58pm
Quoting jarroo
Excellent point Mr.Trend.

There is usually retrace after a break on higher time frames or as you say 60%-70% of the time. Glad you pointed this out, don't know why I didn't.

Interesting to see if that PB broke (yes I know the Close wasn't within the previous bar) where Price may have gone.

Well look at that, 150 ema (1st time back) and 50% retrace /61.8 Fib all in the same area.

Thanks,

Jim
I know some traders who always set LIMIT orders based on RT of the "trigger bar" (38 or 50). E.g. they'd wait for a PB to break, and then still enter via RT to improve RR.

True, sometimes price moves too fast (one trader made an interesting observation of the downwards moves when "red" candles have no wicks - pretty interesting, it can be seen on many charts), but you cannot have your cake and eat it.
One Chart is Worth Ten Thousand Words.
  • #17,510
  • Dec 24, 2008 2:25pm Dec 24, 2008 2:25pm
Quoting raczekfx
we still have some room here... don't we...
who knows....
Raczekfx,

I wish I had the confidence to stay in the trades as long as you do. I've looked around and didn't seem to see this asked, but please forgive me if it has been. Can I ask why you have your TP1 point marked where it is (EUR/CHF) and not up by the 50.0 retrace on your chart (sorry to go back so many posts with the chart). I know that part of this is just having a good feeling for the markets and price action (experience), but I had my TP1 marked around the 50.0 point on the chart since it was the 50% and there were bar highs sitting there making a PPZ for me. I ended up bailing a lot earlier than you and was hoping you might be able to shed some light on how you set your initial TP for this trade.

Thank you,
Brian
  • #17,511
  • Dec 24, 2008 6:45pm Dec 24, 2008 6:45pm
merry Xmas every1...
  • #17,512
  • Dec 24, 2008 7:50pm Dec 24, 2008 7:50pm
Merry Christmas James16 pipsters. Enjoy the season.
"Don't trade to trade . . . trade to win." - James16
  • #17,513
  • Dec 24, 2008 8:32pm Dec 24, 2008 8:32pm
Quoting byorkFX
Raczekfx,

I wish I had the confidence to stay in the trades as long as you do. I've looked around and didn't seem to see this asked, but please forgive me if it has been. Can I ask why you have your TP1 point marked where it is (EUR/CHF) and not up by the 50.0 retrace on your chart (sorry to go back so many posts with the chart). I know that part of this is just having a good feeling for the markets and price action (experience), but I had my TP1 marked around the 50.0 point on the chart since it was the 50% and there were bar highs sitting there...
Why did you bail??????
Did you bail your total position or just some of it?
If you bailed where you said you still have made a good %r depending of course where you got in. but from where Rac got in definately.
This stuff just takes time to work through. To find what style or speed or whatever that one is comfortable with.
Try everything on demo....
The next step is up to you.
As bad is this sounds... & i know a lot of new people will not like to here it. You can not & will not ever make it in this business if you cant trust yourself & whatever rules you have set.
You have to learn to trust your decisions. (refer to Bundy's post earlier)
Practise with what you think to be good. If its not good, practise some more. on demo of course.
What i'm trying to say. Is what Bundy,James,Rac,Mike,Hip,Seeking & many others have said. This is a learning method & a reliable one since the start of the ticker. Believe the examples you have seen, but dont try to copy them. Find you own style, or rythem & then you will be comfortable & profitable for ever.
Cheers & Merry Christmas
Jeff
  • #17,514
  • Dec 24, 2008 9:34pm Dec 24, 2008 9:34pm
Byorkfx,
I read my post & i think i sound arrogant. Which is not my intention.
Here is my trade & stop as it is now. I entered on the break of the ib (daylie)
& because i think the chf will become stronger in the future I am trailing my stop way back at the high of the weekly bar.
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  • #17,515
  • Dec 24, 2008 11:06pm Dec 24, 2008 11:06pm
It has nothing to do with feelings. I keep feelings reserved for the woman I love....

I don't pay much attention to 50 retrace (i think someone mentioned before, it's jacko stuff, but I'm no fan of that method). If we break 38 we're going down (at least that's my experience)

If you contemplate on blue rectangles, you shall find the answer to your TP1 question.
Cheers,

R

Quoting byorkFX
Raczekfx,

I wish I had the confidence to stay in the trades as long as you do. I've looked around and didn't seem to see this asked, but please forgive me if it has been. Can I ask why you have your TP1 point marked where it is (EUR/CHF) and not up by the 50.0 retrace on your chart (sorry to go back so many posts with the chart). I know that part of this is just having a good feeling for the markets and price action (experience), but I had my TP1 marked around the 50.0 point on the chart since it was the 50% and there were bar highs sitting...
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  • #17,516
  • Dec 24, 2008 11:24pm Dec 24, 2008 11:24pm
Quoting raczekfx
It has nothing to do with feelings. I keep feelings reserved for the woman I love....

I don't pay much attention to 50 retrace (i think someone mentioned before, it's jacko stuff, but I'm no fan of that method). If we break 38 we're going down (at least that's my experience)

If you contemplate on blue rectangles, you shall find the answer to your TP1 question.
Cheers,

R
Hey Rac,

Another solid trade eh? Congrats!

I have a question abt your Eur/chf trade though. We saw RustyJeff (another superb trader proven by the fact that he is doing great with fx while having his most precious possession missing )take this same trade at the break of the IB, you somehow entered while the Ib was forming. What convinced you that the daily is gonna close the way it did?

I know one of those shorts you took was off that long nosed doji off the 4H, the other short that you took as your first entry had to be while the bar was still in the music. I don't know how experience aids you here if atall it does. how can we speculate the close of the bar exactly the way it did?

What i know off is that this is what is often termed "one of the biggest mistakes of a trader" that he wants to anticipate something to happen in future for which he acts in the present I am obviously not saying that you are making a mistake (how dare i! ), i am just curious how you get out of this?

Could it not have been that you saw some resistance at the 61.8, you went short only to find out that the resistance was short lived and the daily actually closes in a bullish manner? I know that shouldn't happen most of the times when Rac takes a trade but why exactly??

Whatever it is you must know that this special quality of yours of timing your trades and managing them with pinpoint accuracy over such a long perios of time is what enables ppl to admire you and i am no exception! I promise to give it my everything to trade like you one day
I believe . . .
  • #17,517
  • Edited 2:04am Dec 25, 2008 2:02am | Edited 2:04am
Ghous,
Check out Rac's post # 17462. His first entry was his famed Raczek's Dreamboat.

Happy Holidays everyone. Thanks for this great thread.
  • #17,518
  • Dec 25, 2008 3:07am Dec 25, 2008 3:07am
Quoting davema
Ghous,
Check out Rac's post # 17462. His first entry was his famed Raczek's Dreamboat.

Happy Holidays everyone. Thanks for this great thread.
Lol! yeah i guess!

thnx for the reference, he is just a phenomenal trader, i think the level of experience that he has cannot be imagined perhaps only experienced when we're at a stage where he currently stands!

have a great Xmas and New Year!

Regards,
Ghous.
I believe . . .
  • #17,519
  • Dec 25, 2008 4:23am Dec 25, 2008 4:23am
Merry Christmas and Happy New Year to All J16 guys!
  • #17,520
  • Edited 9:03am Dec 25, 2008 8:51am | Edited 9:03am
Quoting rustyjeff
Byorkfx,
I read my post & i think i sound arrogant. Which is not my intention.
Here is my trade & stop as it is now. I entered on the break of the ib (daylie)
& because i think the chf will become stronger in the future I am trailing my stop way back at the high of the weekly bar.
Merry Christmas!

I didn't think your first post sounded arrogant, so don't worry about it. I'm a regular reader of the thread, so I assumed from your other posts that you were not being arrogant (maybe just bummed that a fellow trader bailed too early).

I got in around the place Rac got it and I bailed on 1/2 at the 50 area I mentioned and the rest a little further south, but I'm totally out. Part of the reason I pulled everything is that I didn't know what Christmas trading would bring and I was pretty happy with the profit the trade was in at the time. The good news is that I'm learning from all of this. I went back to demo for 5 months since I was starting to get a little out of control overtrading my real account - don't worry, I didn't trade it into the ground. December is the 5th month of my demoing and I'm happy to say that all 5 months were profitable so I think I'm ready to move back to my real account at the start of the new year.

I think my biggest problem is not zooming out or moving to higher time frames to look for better PPZs for my TP areas. I'll keep working on it and hopefully will get better with practice and experience.

This thread is great and I want to thank all of the regular posters who make it what it is. I know that I'll keep learning and hopefully this year will be a good one for my real account.

Merry Christmas and Happy New Year!

-Brian
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