james16 Chart Thread | Page 898 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #17,941
  • Jan 6, 2009 2:34pm Jan 6, 2009 2:34pm
Quoting LasVahGoose
I was just thinking about adding to my position then I read this. You say you wouldn't be entering now, is that because it has moved so much with little retrace? If price has a shot at the 1.92 level, we are talking almost 2500 pips from where we are now. For me, I'd risk a few hundred pips for a few thousand. I'll keep watching the charts and see if there is pull back and with some PA signals long. Unless there is a blaring reason not to, or I'm making an obvious mistake, anyone please feel free to comment. Here to learn and grow.
wouldn't that feel like buying the top right now? It's ok to miss a trade or lose a trade, but It's not ok to lose a trade on feelings and greed.
Even though price might eventually hit 1.74, it might also reverse 500ps or so, taking out all the little guys like us. That's why you always need to have a plan to scale in and out, and follow it.

Below is an example of two of my plans for scaling in, once I determine short/long term trend.

1. add on break outs (more aggressive-red arrows)
2. add on after breakouts and retest (conservative-red arrows in squares)

As you probably noticed on the chart, using conservative approach, I'd only add once and by using breakout method (whatever tf you like), I'd have 4 positions running.
Different styles suit different personalities, but you still must have a plan. Without it, it would be chaos trading..
Hope this helps..

R
Attached Image
  • #17,942
  • Jan 6, 2009 2:47pm Jan 6, 2009 2:47pm
Quoting DutchTrader
Aud/Usd battling the ppz on the daily, I like the looks of this pair right now.

I tried a short from .7238 and got stopped. so when would you pull the trigger on a short?
  • #17,943
  • Jan 6, 2009 3:00pm Jan 6, 2009 3:00pm
Quoting NoBread
I tried a short from .7238 and got stopped. so when would you pull the trigger on a short?
Wouldn't look to go short. I'm looking at the weekly and daily and I see blue skies ahead. I can't post charts, running on a Mac but if you look at the weekly/daily charts I don't see anything to make me short. Unless someone's seeing something else, definitely open to any other folks' take?
Patience + Humility + Study = Success
  • #17,944
  • Jan 6, 2009 3:02pm Jan 6, 2009 3:02pm
E/U

Good place to look for shorts. Confluence of 50% last swing, support level and maybe trendline.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.GIF Size: 12 KB
  • #17,945
  • Jan 6, 2009 3:21pm Jan 6, 2009 3:21pm
I was reading somewhere that TA is not working in this current low liquidity market and we should count on fundies only but how can one believe this BS if there is so many oportunities to make good pips now using pure TA. The R:R ratio is even better when market is moving quick but i can imagine what hell it can be for overleveraged players ;]
  • #17,946
  • Jan 6, 2009 3:28pm Jan 6, 2009 3:28pm
Quoting Pie Trader
Price has gone exactly where expected. Went through my TP1 (1.3502) by 1 pip before retracing. Rest of the trade is now at BE with final TP2 set at 1.3546. Gotta love PA
well played! i enjoyed it too. was a little conservative with my tp and closed out @ 50% of today's downswing _ 3485 that is.
  • #17,947
  • Jan 6, 2009 3:31pm Jan 6, 2009 3:31pm
I would love to see if this bar end up as PB, but it seems having problem to break the 1.3530 area. If it forms PB, looks like good location with PPZ and 61.8Fib. Looking at weekly, look still bearish. But perhaps retracement of the weekly bar could worth hundred pips (hopefully). Any comment on this?
Attached Image (click to enlarge)
Click to Enlarge Name: eud.gif Size: 17 KB
  • #17,948
  • Jan 6, 2009 3:44pm Jan 6, 2009 3:44pm
BUOB.

In a bit of traffic.
But breaking out of 0.58-0.59 PPZ which includes 23 fib from March 08 High

Alternatively, a clear break of 0.60 with a retest and some long PA off 0.59-0.60 would be more conservative.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzd.JPG Size: 72 KB
Click to Enlarge Name: nzd2.JPG Size: 74 KB
  • #17,949
  • Jan 6, 2009 3:55pm Jan 6, 2009 3:55pm
Martin Pring says he named the Pinbar after Pinnochio because of the nose and that the price is telling a lie. Looks like the dollar index has been liyng to us today. Let`s see if it can break down and get some punishment tomorrow. It could possibly turn out to be a nice little move if the retrace since Christmas turns out to be an A-B-C correction.

Have a good night everybody

T
Attached Image (click to enlarge)
Click to Enlarge Name: dxy1.gif Size: 14 KB
  • #17,950
  • Jan 6, 2009 4:26pm Jan 6, 2009 4:26pm
Quoting Pipsi cola
well played! i enjoyed it too. was a little conservative with my tp and closed out @ 50% of today's downswing _ 3485 that is.
Glad you made some pips from it Pipsi cola, good work. I'm still in my 2nd half, although it seems to be having a bit of trouble making any headway. Let's see what happens overnight...
History will be kind to me, for I intend to write it - Winston Churchill
  • #17,951
  • Jan 6, 2009 4:31pm Jan 6, 2009 4:31pm
Quoting DutchTrader
Wouldn't look to go short. I'm looking at the weekly and daily and I see blue skies ahead. I can't post charts, running on a Mac but if you look at the weekly/daily charts I don't see anything to make me short. Unless someone's seeing something else, definitely open to any other folks' take?
I'd definitely agree with you DutchTrader, long is the only direction I want to be looking at on this pair right now. Check out the chart below: confluence of a daily PPZ and 50% fib of the last daily swing down. Now we just need the PA, hang on - is that a BUOB I see? Nice position to play a break of that bar also taking out the 50% fib at the same time. Of course there's still 30 mins until my bar close, but if it stays like this, my orders will be placed.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd d 060109.gif Size: 22 KB
History will be kind to me, for I intend to write it - Winston Churchill
  • #17,952
  • Jan 6, 2009 4:34pm Jan 6, 2009 4:34pm
Another silly question here...I hope you guys don't mind..
Is it wise to enter a trade during the Asian session?
All I know is they tend to range during Asian session..
  • #17,953
  • Jan 6, 2009 4:38pm Jan 6, 2009 4:38pm
Quoting xcov
Another silly question here...I hope you guys don't mind..
Is it wise to enter a trade during the Asian session?
All I know is they tend to range during Asian session..
I personally only put on intraday trades during the main sessions (london/NY).

But if I have daily orders in after the daily bar closes(mine is 5pm est), I don't care what session they get triggered in.

The last few months have not been the norm with the volatility being high across the board. Seems to be fading a bit back to normal though(sadly).

Best
Mike
  • #17,954
  • Jan 6, 2009 4:46pm Jan 6, 2009 4:46pm
Quoting mbqb11
I personally only put on intraday trades during the main sessions (london/NY).

But if I have daily orders in after the daily bar closes(mine is 5pm est), I don't care what session they get triggered in.

The last few months have not been the norm with the volatility being high across the board. Seems to be fading a bit back to normal though(sadly).

Best
Mike
Ahh thanks Mike, that clears some things up...I also think the same
  • #17,955
  • Jan 6, 2009 4:54pm Jan 6, 2009 4:54pm
Quoting raczekfx
wouldn't that feel like buying the top right now? It's ok to miss a trade or lose a trade, but It's not ok to lose a trade on feelings and greed.

Even though price might eventually hit 1.74, it might also reverse 500ps or so, taking out all the little guys like us. That's why you always need to have a plan to scale in and out, and follow it.

Hope this helps..
R
Giving this some thought and yes it does seem like buying at the top. Actually, reminds me of a video I watched and the person worked at the CME as a floor trader and he said it was like clock work that orders would poor in to buy at tops and sell at bottoms of moves. It was always the inexperienced traders late to the game. Funny how that works... Here I am looking to add at what so far would be a top of a move.

I think you hit the nail on the head, it is greed that is the motivation to add at this point and time. I've already entered in text book setup and price has moved nicely, you'd think I'd be happy with that, but I want more, more, more. It's funny to me because I never considered myself a greedy type person.

Thank you for the scaling plan, I do need to sit down and make one of my own for sure.

This has been helpful and I thank you.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17,956
  • Jan 6, 2009 6:41pm Jan 6, 2009 6:41pm
Here is one that we can chew the fat on. I have an 2 entries short at 138.85. My SL is 140.95. The thick horizontal yellow line is the daily PPZ. The green horizontal lines are the 4HR PPZ's. I am using about half the usual equity risk as I would have rather had the PB nose climb slightly higher. However, I do like the fact that the PB printed right at the 100% fib on the daily for retracement after the ride up for a couple of days. This might be the only chance to short before this pair moves north with a vengence.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 20 KB
  • #17,957
  • Jan 6, 2009 7:21pm Jan 6, 2009 7:21pm
hi all. i have done some research into many different styles of trading in an effort to find one that i wish to pursue. i know i only want to position or swing trade larger time frames (i have a day job). i have read some into the james16 method and wish to learn all about it. its not that i dont want to read thru the entire thread, but i just dont have the time. this thread has gotten pretty long. has anyone put together a comprehensive summary guide to this method? in .pdf format? so that i can read it and then jump right into the current posts. if so, would someone be so kind as to point me in that direction? sorry for not being a veteran or sr. member here or asking a question that many of you already know the answer to , thanku.
  • #17,958
  • Jan 6, 2009 7:24pm Jan 6, 2009 7:24pm
My Short on EUR/USD...

I am so happy with my TP too... once my TP hit the price retace back..

J16 thread is gold...it was a near +500 pips trade..

Sonic
Attached Image (click to enlarge)
Click to Enlarge Name: shi.gif Size: 21 KB
  • #17,959
  • Jan 6, 2009 7:25pm Jan 6, 2009 7:25pm
Quoting KissFan
Here is one that we can chew the fat on. I have an 2 entries short at 138.85. My SL is 140.95. The thick horizontal yellow line is the daily PPZ. The green horizontal lines are the 4HR PPZ's. I am using about half the usual equity risk as I would have rather had the PB nose climb slightly higher. However, I do like the fact that the PB printed right at the 100% fib on the daily for retracement after the ride up for a couple of days. This might be the only chance to short before this pair moves north with a vengence.
I really would like g/j to test 135 (orange line)before marching higher, but for some reason, I'm thinking, we might hit 144/46 first..
Attached Image
  • #17,960
  • Jan 6, 2009 7:32pm Jan 6, 2009 7:32pm
Quoting dkmb92
hi all. i have done some research into many different styles of trading in an effort to find one that i wish to pursue. i know i only want to position or swing trade larger time frames (i have a day job). i have read some into the james16 method and wish to learn all about it. its not that i dont want to read thru the entire thread, but i just dont have the time. this thread has gotten pretty long. has anyone put together a comprehensive summary guide to this method? in .pdf format? so that i can read it and then jump right into the current posts....

Hey DKM

The difference b/w this thread and many of the threads on FF is there is not a Do this, then do that. Like raczefx pointed out a few pages back, James16 is not a system, but a method. A method that takes some time and a lot of dedication to learn. You would be best served to spend the extra time you have to start from page 1. If you can only read 1 page a day, it will serve you very well. I know it seems like an enormous task, but you will think very differently when you get even a 100 pages in. If you must skip some of the thread, the just read James16 posts. You will not regret it.

Best of luck!
Mike
26 traders viewing now