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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

  • #22,161
  • Feb 21, 2009 11:54pm Feb 21, 2009 11:54pm
Quoting PipGator
Adrian,

The answer to your question depends on who your broker is. Some brokers out there allow you to buy/sell micro-lots. A micro-lot can be around 10 cents per pip in the US depending on the currency pair. With one of these brokers you may be able to set a stop loss of 500 pips while risking around $50 (once again, this depends on the currency pair).

My broker (Oanda) allows me to use any lot size I want. This means that I can set large stop losses and risk as little as one cent per pip. Some problems with this broker include bad charting...
Quoting bundyraider
Actually ...much less less than 1c per pip.

Considering the time frame newbies should be sticking to, Oanda's negatives mostly aren't a problem.

I personally think they're a fantastic broker for new comers to start with. No sizing limitations that can cause oversized trades. ...Just use MT4 for your charting.
Ditto!

Just one more reason why I don't feel shy trading nano lots

Regards,
Ghous.
I believe . . .
  • #22,162
  • Feb 22, 2009 12:08am Feb 22, 2009 12:08am
Quoting iffyfx
salam ghous

can i ask how you would plan to make this trade? you mention that it will enable you to set a tight SL and im really interested in knowing your method of doing this ... as I thought the way to trade PA setups in general is to place the stops above the bars ....

i'm just a newb learning the ropes so your help will be greatly appreciated.

thanks
iffy
W/salaam Iffy,

You are right when you say that the best thing to do (and the most conservative) is to set a stop below the high/low of the PA setup.

As you spend more and more time with this stuff and if your trading personality pushes you to find a more exciting and aggressive yet sensible way of setting them you could look at these...Make sure you don't go with them live without any success with them on demo on a consistent basis, if you're new to this (have been doing this for less than a year) it is strongly recommended that you ignore this

What I meant in that post regarding the Gbp/Chf setup was that if price breaks through the 165 level and makes a sizable move below it, a sensible yet aggressive stop maybe just above the 165 level somewhere around 166, what would make it safe is the anticipation that the lows around 165 should keep price from puuling too far back should it want to do so

Regards,
Ghous.
I believe . . .
  • #22,163
  • Feb 22, 2009 12:09am Feb 22, 2009 12:09am
Quoting Tmac
this works
Thnx Tmac
I believe . . .
  • #22,164
  • Feb 22, 2009 12:19am Feb 22, 2009 12:19am
Quoting ghous
I am not yet confident on a bull run on DJ, or let's say there has'nt been any solid PA to suggest that (comething like a weekly close at or above the 7500 level). Morever we've broken through the 7500 level which may now act as resistance should price pullback, but we'll see...

Jeff what makes you feel Dow's ready for that rally? I am still learning...

Regards,
Ghous.
Ghous,
I dont know what will happen. I just try to remember history. It allways repeats...
If you look technically. usdx is putting in a double top plus pin.. other us$ pairs are showing $ weekness.. But this is all just theory.
who knows what will happen?? just wait for pa.
I'll be honest here.. I play touches & fades & all sorts of things intraday but when I'm not sure what to do I sit tight & wait. I wait for pa @ a good spot. I will wait all week/month for clarity
Its called capital presarvation.
This one plan alone has made me more money than you can imagine..
  • #22,165
  • Feb 22, 2009 1:33am Feb 22, 2009 1:33am
Quoting rustyjeff
Ghous,
I dont know what will happen....
thanks Jeff
I believe . . .
  • #22,166
  • Feb 22, 2009 2:05am Feb 22, 2009 2:05am
Quoting PipGator
Adrian,

The answer to your question depends on who your broker is. Some brokers out there allow you to buy/sell micro-lots....
Thanks for this PipGator

I wasn't sure if i was right about the size of the SL if so how to get around this as I was thinking of going down to lower TF's to get in at a better price however I would like to stick to the Daily TF as recommended on this thread for newbies to PA trading however i can't do nano lots with my broker....
Guess it's sticking with a demo account until I have large enough capital in my account as you recommend..might have another look at Oanda for the nano lots as it looks like alot of people are happy using that platform for trading currencies..

Adrian
  • #22,167
  • Feb 22, 2009 3:03am Feb 22, 2009 3:03am
Quoting jlmac27
This is what I do.I use Oanda as my broker and MT4 as my charting.I have a hard time treating demo as real so I stick to a very low pip value and trade live.If I lose $2.00 on a trade I think I can handle it.This is just me though.
I know James stresses the use of demo.This just works for me.
This is a completely valid approach and utterly in line with James16's thinking. As long as the losses are tiny some people prefer the use of a very very small live account to demo as it gives them more focus and more appreciation of the live trading environment.

I personally don't see how you can go wrong with this approach as long as the amounts really are small, and that you're not tempted to blast up to maximum funding levels just because you've had a good run.
  • #22,168
  • Feb 22, 2009 4:11am Feb 22, 2009 4:11am
EURUSD Daily:
first resistance at yellow dashed line. last resistance at red line... target support lower line...

notice the huge volume spike in the rectangle area from jan 26th to feb 6th. does it mean something? opinions welcome.
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  • #22,169
  • Feb 22, 2009 5:40am Feb 22, 2009 5:40am
Looking for a possible breakout here from 120-122. Has a backwards daily pin in a good spot, and also has some interesting pins on the 4h. Pattern is also a ascending triangle. Some slight traffic in the 120-122 range, but looks like a good flip zone. No fibs or anything that I can see that would really cause problems. Curious if anyone can see any immediate problems with the trade? I would be looking to play the bounce back from the breakout, and hope for a bullish outside bar, or a pin bouncing back off the 120 level, and then hopefully to the moon.

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Also I am reading how the EUR/JPY and the S&P 500 are highly correlated? When the S&P goes up, usually the Euro will too.. almost in tandem?
I notice this pin on the S&P 500 level that would give support to my trade...?? Not the best looking pin, but considering its level to bounce from, it looks pretty good. Also I know the bad bank plans are going to come through next week, and depending how the market interrupts the data, the market will act accordingly (I'm leaning towards a bounce personally, besides even seeing the PIN, we want bank clarification more then anything imo).

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Anyway wondering if anyone can help me out. Wondering if my trade looks good, and also the correlation I read about, and my thoughts on it, make sense? Can't tell if I'm adding something to my trading, or just completely confusing myself all together.
  • #22,170
  • Feb 22, 2009 6:11am Feb 22, 2009 6:11am
Hi guys,

Has anybody a working

James 16 Patterns or
VM Candle Price Action

indicator?

I need one with an audible alert.

Thanks

T.
  • #22,171
  • Feb 22, 2009 8:31am Feb 22, 2009 8:31am
Welcome tdeu. You do not need any indications for this style of trading. In the short time I have been on this forum, there have been quite a few newcomers who have asked the same question as you. The standard answer goes something like this: "Read every post in this thread. It is a daunting task, but it is well worth it". Good luck.

Quoting tdeu
Hi guys,

Has anybody a working

James 16 Patterns or
VM Candle Price Action

indicator?

I need one with an audible alert.

Thanks

T.
  • #22,172
  • Feb 22, 2009 2:07pm Feb 22, 2009 2:07pm
I will place an order at the elipse area on my chart just below the 1.1700 round number.

This would be a retrace of the daily BEOB and a test of the broken trendline.

Pinbar on dollar index gives additional confluence.
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  • #22,173
  • Feb 22, 2009 2:24pm Feb 22, 2009 2:24pm
Hi to you all, and thanks a lot for a fantastic tread with so much useful learning. Amazing to find so many people giving so much trading knowledge away for free.

I have been trading after james16 method for a while, demo and micro, and I am starting to understand how to get pips... . But here is my problem these days; I don´t know when to take profit. Time after time I have this 40-50 pips+ on daily and h4, setting SL to +1, and instead of getting 40 pips + I end the trade with almost nothing.
I belive my problem is gread, I always want more, more, more, and end up with having to start over again.
I know about ppz, r/s, pinbars, and can see how to use them to START a trade, still not very good at that, but working at it. The problem is bigger at ending the trade, exit.
What I would like comments on is; are there any signs to see when to exit, should I set TP where I see PPZ, ??? just some idés about this that could get me one step further would be nice...

Thanks!
Small steps shall help me forward!
  • #22,174
  • Feb 22, 2009 2:29pm Feb 22, 2009 2:29pm
I know alot of people have posted up the EUR USD trade on the weekly for this week but has anyone looked at the USD CHF. I have a BEOB with 61.8 Fib and off the 150 EMA and of the 1.15 round number. Not really sure about the spacing though. Any thoughts?
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  • #22,175
  • Feb 22, 2009 2:56pm Feb 22, 2009 2:56pm
Quoting RandiF
Hi to you all, and thanks a lot for a fantastic tread with so much useful learning. Amazing to find so many people giving so much trading knowledge away for free.

I have been trading after james16 method for a while, demo and micro, and I am starting to understand how to get pips... . But here is my problem these days; I don´t know when to take profit. Time after time I have this 40-50 pips+ on daily and h4, setting SL to +1, and instead of getting 40 pips + I end the trade with almost nothing.
I belive my problem is gread, I always want more,...
speaking as a j16 newb myself, depending on whichever tf (timeframe) you are trading, & also depending on whether it is an a or b setup (dont even consider a c), what is the next area of s/r or ppz? the less distance there is the less likely a trade has to run. just to be safe, a good idea is to close half of your position near the next area of s/r or ppz or just go ahead and bank anywhere from 30-50 pips, then bring your sl (stop loss) to be (breakeven) (where you originally entered the trade), & continue to manage/adjust your sl placement from there if the trade continues to run. i am not nearly as exerienced as the rest here, so this is just my 2cents. hope this helps.
  • #22,176
  • Feb 22, 2009 2:58pm Feb 22, 2009 2:58pm
That relationship is real, however I think it is breaking down somewhat, only time will tell.

That 4H bar is not a high probability trade btw, if you are trading the ascending triangle wait for a breakout and retracement and then watch the PA.

Im watching Yen crosses too, looking *very* bullish.


Quoting Jlr
Looking for a possible breakout here from 120-122. Has a backwards daily pin in a good spot, and also has some interesting pins on the 4h. Pattern is also a ascending triangle. Some slight traffic in the 120-122 range, but looks like a good flip zone. No fibs or anything that I can see that would really cause problems. Curious if anyone can see any immediate problems with the trade? I would be looking to play the bounce back from the breakout, and hope for a bullish outside bar, or a pin bouncing back off the 120 level, and then hopefully to the...
  • #22,177
  • Feb 22, 2009 3:10pm Feb 22, 2009 3:10pm
Quoting enculée
That relationship is real, however I think it is breaking down somewhat, only time will tell.

That 4H bar is not a high probability trade btw, if you are trading the ascending triangle wait for a breakout and retracement and then watch the PA.

Im watching Yen crosses too, looking *very* bullish.
Thanks encluee, I actually am doing just that, going to wait for the pullback, and watch PA at the top level... this is something I picked up from this thread that I think is big.

About the S&P500 and EUR/JPY correlation, I was also wondering, what is up with the last 5 days between the two? The correlation seems to be pretty strong, but the last 5 days between them are completely opposite? Have no idea what that means... any idea?
  • #22,178
  • Edited 3:47pm Feb 22, 2009 3:13pm | Edited 3:47pm
That's what I meant when I said that it seems to be breaking down.

It could be a variety of reasons, I'm not very informed on fundamentals. If the BoJ is increasing Yen supply on the sly, however, there is every chance that these pairs will put in a huge rally.

Then again the relationship could have broken down because of the unwinding of all the carry trades...don't really know much about it.
  • #22,179
  • Feb 22, 2009 3:17pm Feb 22, 2009 3:17pm
Quoting ghous
W/salaam Iffy,

You are right when you say that the best thing to do (and the most conservative) is to set a stop below the high/low of the PA setup.

As you spend more and more time with this stuff and if your trading personality pushes you to find a more exciting and aggressive yet sensible way of setting them you could look at these...Make sure you don't go with them live without any success with them on demo on a consistent basis, [b][i][u]if you're new to this (have been doing this for less than a year) it is strongly recommended that you...
thanks for the reply ghous!

iffy.
  • #22,180
  • Feb 22, 2009 3:18pm Feb 22, 2009 3:18pm
Quoting dmc
I know alot of people have posted up the EUR USD trade on the weekly for this week but has anyone looked at the USD CHF. I have a BEOB with 61.8 Fib and off the 150 EMA and of the 1.15 round number. Not really sure about the spacing though. Any thoughts?
i think fxprocessors post above clearly explains it all (thx mate). would anyone consider this both a beob & a pin on the wkly? if so, does that add to the confluence presented by dmc? this one is #1 on my watch list this week & i will be looking (waiting ) for a retrace as well. the dollar looks bearish all around, so i wish good trading to all this week.
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