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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

  • #18,881
  • Edited 11:58am Jan 16, 2009 11:37am | Edited 11:58am
Quoting Interceptor
Message received and understood.
TP1 hit, and stop to b/e.
Ah!! very well done mate!

Now consider youself having missed that trade just because you knew it was a good one but since some stupid person named "Ghous" on FF thought it was'nt all that great a setup

It's all abt self belief and confidence everywhere, in trading and other aspects of our life

Regards,
Ghous.
I believe . . .
  • #18,882
  • Jan 16, 2009 11:40am Jan 16, 2009 11:40am
gu, uj, gj
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  • #18,883
  • Jan 16, 2009 12:03pm Jan 16, 2009 12:03pm
Quoting ghous
Ah!! very well done mate!

Now consider youself having missed that trade just because you knew it was a good one but since some stupid person named "Ghous" on FF thought it was'nt all that great a setup

It's all abt self belief and confidence everywhere, in trading and other aspects of our life

Regards,
Ghous.
My GOD the daily is killing me

A close above 0.9 would be coool!
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I believe . . .
  • #18,884
  • Jan 16, 2009 12:09pm Jan 16, 2009 12:09pm
NJ - daily pin,
...retrace, price pivot, 50fib ret, pin on 1hr off of ppz....Kaboom ... up?
.
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  • #18,885
  • Jan 16, 2009 12:12pm Jan 16, 2009 12:12pm
Hi guys, sorry for the OUT-OF-TOPIC post but I have a question....Can I set a pending order in MT to close 50% of the position held on a trade?
If yes, How can you do it???

thank you....
  • #18,886
  • Jan 16, 2009 12:14pm Jan 16, 2009 12:14pm
Quoting trujillo1980
Hi guys, sorry for the OUT-OF-TOPIC post but I have a question....Can I set a pending order in MT to close 50% of the position held on a trade?
If yes, How can you do it???

thank you....
You can with a script. But I find it easier to take two trades and set one with a TP.
  • #18,887
  • Jan 16, 2009 12:15pm Jan 16, 2009 12:15pm
uj,
daily break out, retrace to price pivot, pin on 1hr, Kabooom... up
Confidence comes with practice, practice and practice. If you're wrong, you're wrong. That's what the stops are for....

Now let's all of us push that dow, so we can close at least 30-60 pips on the plus side and send that yen when it belongs....

Have a great weekend guys.
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  • #18,888
  • Jan 16, 2009 12:22pm Jan 16, 2009 12:22pm
Quoting willf
You can with a script. But I find it easier to take two trades and set one with a TP.

Thank you for the quick reply...I was thinking about that, 2 trades 50%-50% each one.

If I had do that Most of my holding trades would had hit TP1 .

Where can I find that Script???
  • #18,889
  • Jan 16, 2009 12:33pm Jan 16, 2009 12:33pm
is there any indicator used, diddnt see anything on the first page, introducing myself again, im a newbie and trying to b like u guys in a couple of months....
the only thing ive seen is the tf to use which is daily / weekly
Simplicity is the key to success
  • #18,890
  • Jan 16, 2009 12:40pm Jan 16, 2009 12:40pm
Quoting squeezy
is there any indicator used, diddnt see anything on the first page, introducing myself again, im a newbie and trying to b like u guys in a couple of months....
the only thing ive seen is the tf to use which is daily / weekly
Indicators free it is our goal ...As soon as you learn this style of trading, you won't need any indicators to trade... so please keep reading from the begining of the thread and you will be rewarded,

Regards....
  • #18,891
  • Jan 16, 2009 12:48pm Jan 16, 2009 12:48pm
Quoting scott087
I feel like I am watching it too closely, but I don't want to turn this into a loser. I have my first TP at .5550 as marked on the chart--it looks like a nice ppz to me. Last night it hit a high of .5526 so 25 pips away from TP1. Price is now around where I entered and I'm waiting for it to go to .5550, but I'm not sure if thats the right thing to do.
Are you on demo?

If it's a live account you are hopefully only risking around 1% on each trade and would be comfortable letting the trade run it's course.

It's likely to be just the usual pull back you get at bottoms. So don't stress about this not being in profit yet.

Most trades in this situation would have made it to that TP you chose in that first push , in my opinion. ...Only thing I would have done different is knock my usual 10 pips off of the .5550 target level as my first TP, but even that would have been missed here. lol

Take note that it has just reached the level of the left eye and shows signs of reversing. This is common. So take a deep breath and let it run. If it stops out , that's just way it is. Move on.

As a side note. Jim would probably have taken some profit when it first stalled with 40 pips or so under it's belt. Then moved his stop to Break Even... and went on to do something else or relaxed. lol ....But you'd have to ask him. ....My best guess is he would have chosen other pairs over this one to begin with.
Bundy's status today: "Waiting..."
  • #18,892
  • Jan 16, 2009 12:51pm Jan 16, 2009 12:51pm
Quoting trujillo1980
Indicators free it is our goal ...As soon as you learn this style of trading, you won't need any indicators to trade... so please keep reading from the begining of the thread and you will be rewarded,

Regards....
wow! 0 indicators , now dat is just awesome...thnx buddie
Simplicity is the key to success
  • #18,893
  • Jan 16, 2009 1:02pm Jan 16, 2009 1:02pm
Quoting bundyraider
As a side note. Jim would probably have taken some profit when it first stalled with 40 pips or so under it's belt. Then moved his stop to Break Even... and went on to do something else or relaxed. lol ....But you'd have to ask him. ....My best guess is he would have chosen other pairs over this one to begin with.
Well there you go. Just noticed the NZD/JPY trade he posted a couple of pages back. lol

Check it out. A great way to trade.
Bundy's status today: "Waiting..."
  • #18,894
  • Jan 16, 2009 1:49pm Jan 16, 2009 1:49pm
Quoting ghous
Ah!! very well done mate!

Now consider youself having missed that trade just because you knew it was a good one but since some stupid person named "Ghous" on FF thought it was'nt all that great a setup

It's all abt self belief and confidence everywhere, in trading and other aspects of our life

Regards,
Ghous.
TP2 hit, and out.
Although there's a cruel irony in today being the start of 3-month's of demo'ing!
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  • #18,895
  • Jan 16, 2009 1:51pm Jan 16, 2009 1:51pm
Quoting james16
damn i knew that was going for a few pips but didnt take it. see jaroo knows what the hell he is doing, just look at where his stop is now. you never know this could bust long big time.

jim

Stopped out at break even on the 2nd half. 56 pips on the 1st.

There is no better feeling one can have when your 1st target gets hit and a break even balance is placed.

The next one will bust long big time.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #18,896
  • Edited 1:59pm Jan 16, 2009 1:57pm | Edited 1:59pm
Quoting Interceptor
TP2 hit, and out.
Although there's a cruel irony in today being the start of 3-month's of demo'ing!
No irony there Interceptor... it just means that you're that much closer to your first month of trading profitably. According to Jim's minimum requirements (as I read them) if you have a down month then you're starting over at month numero uno. So if you can knock out the three months profitable trading in the first three months you're ahead of the curve.

As it is, I started my three months Jan 1. I'm up 5% so far. Hope to make it to 10%. I've been demoing for about 9 months so far. Not one of them was profitable. But I started using the James16 method this time... so far so good.

By the way Interceptor... what's that green box in the lower right hand corner of your chart?
  • #18,897
  • Jan 16, 2009 2:26pm Jan 16, 2009 2:26pm
Here is our trouble. Bar lows and highs with fib 50.
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  • #18,898
  • Jan 16, 2009 2:51pm Jan 16, 2009 2:51pm
Quoting senorsam21
No irony there Interceptor... it just means that you're that much closer to your first month of trading profitably. According to Jim's minimum requirements (as I read them) if you have a down month then you're starting over at month numero uno. So if you can knock out the three months profitable trading in the first three months you're ahead of the curve.

As it is, I started my three months Jan 1. I'm up 5% so far. Hope to make it to 10%. I've been demoing for about 9 months so far. Not one of them was profitable. But I started using the James16...
Hi Sam
The indicator box is a hangover from a previous trading regime.
It's called the 'Probability Meter', and it gives you a reading off a basket of indicators(MACD, stochs, RSI etc) for the pair in question. Also, it displays the indice strength against a basket of currencies, and the currency pair range. I've found it to be strongest as a momentum indicator-when it hits 90%+ launch all missiles!.
I'm weaning myself off it at the moment.
  • #18,899
  • Jan 16, 2009 3:00pm Jan 16, 2009 3:00pm
Quoting bundyraider
Are you on demo?...
It's live and I'm only risking between 1-2% per trade. I saw the nice bullish pin that formed on the 4 hour this morning which gave me some confidence.

Also, why do you say that he would have chosen a different pair than this one (which he did..he took NZD/JPY rather than NZD/USD)

Thanks!
  • #18,900
  • Jan 16, 2009 3:00pm Jan 16, 2009 3:00pm
Quoting HipsterPipster
Here is our trouble. Bar lows and highs with fib 50.
Seems she might close as a weekly pinbar and looking at the dayly 90.904 seems to be the key level.
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