james16 Chart Thread | Page 1027 | 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

  • #20,521
  • Feb 5, 2009 6:27am Feb 5, 2009 6:27am
"I'm just trying to figure out how James16 means for us to trade starting out"
The answer is in your question is you dont trade when starting out.In fact forget about trading altogether for years or demo instead focus on what we are really doing here and that is learning to chart price.It could be the mini dow or oil or corn or a 3 month T-note or futures the point is charting is the key and the trades rise out of that charting.Have you back tested price action?can you see confluance between the time frames?whats the trend or bias? whats the win/loss rate what risk.Its all in the charts.Better to close your platform and forget about trading or making calls unless you have done days and days of back testing price bars,see how sometimes they make combos of price bars and how these combos work in relation to higher time price action.It take consistant wins to win in this game.Why dont i play Nfp or rate change days?cause i dont need to simple.Cause i have seen such violent swings on these day that its just not worth it.And it can bring bad habits but it comes down to confidance.When you manage a trade over night or make 3-10% a month missing these days it all makes sense.Yes the euro/gbp looks good south and the gbp/swiss gap long might work the price action is there more so on euro/gbp but the fact that its a big news day reduces your odds of victory down to a news call.And firstly im better than that secondly when the same kind of price action appears on similar days and all hearty from your last news day price action set up it kills you and fast will u start to doubt the material here? i know i did when i was in demo mode.Look there are great traders that do that but like i said ive never seen it on the J16 vibe.I remember when i first heard jim say he stays away from big news days i didnt get it after a few whipsaws i learnt to enjoy the short weeks and just let go.You know how hard it is to close a ticket thats been pending for days cause it a news day?really hard till she takes a chunk out of your capital.Dude im a chartist not a trader and im 100% J16 its a marathon not a sprint
  • #20,522
  • Feb 5, 2009 6:32am Feb 5, 2009 6:32am
Quoting Piproo
is this true BOE? sorry, I really dont know whats BOE
Bank of England
  • #20,523
  • Feb 5, 2009 6:33am Feb 5, 2009 6:33am
Quoting Piproo
is this true BOE? sorry, I really dont know whats BOE

Bank of England

Half a per cent . . . madness . . . Strong near 200pip move on GBP/USD in 20 minutes there.

http://www.iol.ie/~mountain/job/LOL/lol_oh_lawd.jpg

Alright I am outta here
  • #20,524
  • Feb 5, 2009 6:34am Feb 5, 2009 6:34am
Quoting jarroo
Notice the break of this 4 BEOB, coincides with the Low of the previous bar Low of the Weekly BEOB.

If the Weekly BEOB breaks put this trade in the J16 text book. Should be fun to watch if it does.
Update:
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #20,525
  • Feb 5, 2009 6:38am Feb 5, 2009 6:38am
Quoting ghous
The BUOB did't close above the 1.68 on my chart, although price is well above this region now I'll be waiting for a restest of the level to think abt an entry, if we don't see a pullback, then no trade and i'll watch it go rocket from the sidelines...

Hi Ghous,

What signal you are waiting? a pa in the pull back region? Or you just put an buy stop waiting for the continue long after test the resistance?
  • #20,526
  • Feb 5, 2009 6:47am Feb 5, 2009 6:47am
Quoting Baba G
"I'm just trying to figure out how James16 means for us to trade starting out"...
Baba and Jig
Thanks for the insightful replies. I am not sure I asked the correct question. I agree with the theory that you have to first master charting (being able to find the trend, S/R, correct FIB placement, Bar formations, know what is and is not congestion, know what is and what isn't a breakout, etc). By becoming fluent at chart reading, the trades opportunities will find themselves. As I've said many times, I am demo trading.
I especially like the idea of going back months/years and looking at what I see, and the bar formations, and the trend, and the confluence, and then making an educated (well 'educated') prediction of where price will go. Thanks for that Jig and I will be working on that as part of my daily schedule.
It sounds like I may have hit a nerve Baba. I didn't mean to upset you. I'm not trading the news. As I've been trying to say, I'm just trying to learn here and ask the 'right' questions. Don't want to be at this point a year from now.

Happy Trading all!

Josh
  • #20,527
  • Feb 5, 2009 7:06am Feb 5, 2009 7:06am
Quoting Jigsaw
Bank of England

Half a per cent . . . madness . . . Strong near 200pip move on GBP/USD in 20 minutes there.

http://www.iol.ie/~mountain/job/LOL/lol_oh_lawd.jpg

Alright I am outta here
And what happens when you see it go straight in favor of your trade

Man I am greatful I have my bed next to my pc. lol!
Attached Image (click to enlarge)
Click to Enlarge Name: eg.gif Size: 10 KB
I believe . . .
  • #20,528
  • Feb 5, 2009 7:09am Feb 5, 2009 7:09am
Quoting RedA
Hi Ghous,

What signal you are waiting? a pa in the pull back region? Or you just put an buy stop waiting for the continue long after test the resistance?
I am looking for a proper move back down around the 1.68 to enter, if it happens I enter or else i pass on it, no way was i jumping in on that BUOB just before BOE news and specially when the BUOB did not close above the 1.68 ppz on my chart

Regards,
Ghous.
I believe . . .
  • #20,529
  • Feb 5, 2009 7:10am Feb 5, 2009 7:10am
Quoting jarroo
Update:
I rather wanted to see 0.88 a break under normal market conditions. I'll wait for the dust to settle atleast...
I believe . . .
  • #20,530
  • Feb 5, 2009 7:11am Feb 5, 2009 7:11am
Quoting ghous
Man I am greatful I have my bed next to my pc. lol!
The same here.
  • #20,531
  • Feb 5, 2009 7:12am Feb 5, 2009 7:12am
Quoting ghous
I rather wanted to see 0.88 a break under normal market conditions. I'll wait for the dust to settle atleast...
I'm waiting with growing patience too
  • #20,532
  • Feb 5, 2009 7:15am Feb 5, 2009 7:15am
Pinbar on a EUR/JPY 30M chart, is anybody in this trade?
I will wait for another candle for confirmation.

Regards,
scorpionFX
  • #20,533
  • Feb 5, 2009 7:15am Feb 5, 2009 7:15am
I personally don't believe that we can apply any win/loss ratio in the last 3 months and do anything with that number .

The next 3 months will definately not be the same.

price action is always the same and unless you have consistant win/loss ratios over 3,6,9 months ect you cant build your yeild curve or determine risk priniples or see if your call work in all market seas.
As for Jim talking about this stuff, just cast your mind back to the first few charts. They were 5MINUTE ! charts
He said it was for the veterans too.
 Price action is price action is price action. I believe if you start on the Daily's and work your way down to the 4HR and eventually (eventually) the 1HR you will be profitable with experience at the given timeframe and with the knowledge and experience you have from the higher timeframes.
I only use the 4 and 1 to monitor and manage my dailys and maybe from time to time i see price action oppotunity on those timeframes but i would only put markets money on it not mine and why up my screen time for a small win at less % risk when waiting can give me a great set up with a lower trade count with a higher % win,but thats a yeild curve thing.Also on the dailys you have the oppotunity to build a postion in a direction with chunks of your play locked of in profit as a new set up appears in harmoney with your exsisting open tickets so by the time Gbp/swiss did her weekly pin long not only did you have the break of the lows play but you also had x amount riding south from the late october fall off.Thats my game right now 1 hour pin?no thanks not worth the pain for 30 pips i say.
 The difference between intraday and Daily . . . Is intraday is forged out of just PURE hard work , PURE experience (More so than Daily) My take on the lower TF's is you are either making a killing or you are getting killed.
Its all work,we make it hard or not depending on how closely we stick to the principles i say leave the killing to the armys and traders that plunged this world into this mess.I just want consistant wins and so does my client. I wonder why when people start this trip they think they can reinvent the wheel?And that a newbie thread is full of lower timeframe stuff.Is anyone interested in charting or we trying to get rich quick?90% of FX traders die 5% breakeven 5% make it.Man im sorry but is this a James 16 thread?Any way untill i call a few wins none of you will believe me anyway hopefully we should all be on the same thing if were all J16 players no?
  • #20,534
  • Feb 5, 2009 7:16am Feb 5, 2009 7:16am
here is the picture..
Attached Image (click to enlarge)
Click to Enlarge Name: pinbar.JPG Size: 82 KB
  • #20,535
  • Feb 5, 2009 7:20am Feb 5, 2009 7:20am
Quoting ghous
I rather wanted to see 0.88 a break under normal market conditions. I'll wait for the dust to settle atleast...
Picky, picky, picky . . . . . oh wait . . .that's a good thing.
Indicators show the past. Price Action "Indicates" the future.
  • #20,536
  • Feb 5, 2009 7:22am Feb 5, 2009 7:22am
Quoting Jlr
Bank of england.
I know its not advised on this thread to be trading the news, but as some had pointed out, there was a lot of strength on multiple GBP charts. I spotted a few ascending triangles, and some cup and handles... basic stuff I know, but I figured it was something. Anyway I know I'm going to get highly scolded for this post, and I probably deserve it, but I've actually had a lot of success trading interest rate cuts on the US market, and first time here made for a quick profit.... just got to keep your finger on the trigger I guess,...

thanks , finally I got the meaning of BOE.
I thought was like bullish outside engulf bar. lol
  • #20,537
  • Feb 5, 2009 7:23am Feb 5, 2009 7:23am
Quoting Piproo
thanks , finally I got the meaning of BOE.
I thought was like bullish outside engulf bar. lol
Yes, it's that too.
Indicators show the past. Price Action "Indicates" the future.
  • #20,538
  • Feb 5, 2009 7:26am Feb 5, 2009 7:26am
Quoting jarroo
Update:

Jaroo, question for u.

honestly, I havent played any wkly yet! mostly on daily and 4hr.

So if u play this wkly OB, ur sl on the high? that's around 700 pips sl.... even using MM to enter, still looks like giant sl to me.

and for wkly trading, how long it lasted?

Any advice? thanks
  • #20,539
  • Feb 5, 2009 7:28am Feb 5, 2009 7:28am
Yw, I didn't know what it meant either until tonight haha
  • #20,540
  • Feb 5, 2009 7:44am Feb 5, 2009 7:44am
Quoting Piproo
Jaroo, question for u.

honestly, I havent played any wkly yet! mostly on daily and 4hr.

So if u play this wkly OB, ur sl on the high? that's around 700 pips sl.... even using MM to enter, still looks like giant sl to me.

and for wkly trading, how long it lasted?

Any advice? thanks
Yes that's the best place for the stop loss so you adjust your position to meet that money management requirement. If your like most people you make that adjustment and your per pip amount is .000001 cent. lol

Or you can place the s/l above a Daily or 4 hour PPZ which will reduce your risky substantially.

Or you can use a fixed amount say 50-70 pips and move your stop loss to break even quickly once a you gain 30-50 pips, which I like to do.

All approaches have their pros and cons.

It's really is up to the individual trader and their risk tolerance.
Indicators show the past. Price Action "Indicates" the future.
204 traders viewing now