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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

  • #23,561
  • Mar 12, 2009 9:17am Mar 12, 2009 9:17am
Quoting pipmyride
How did u possibly stay in the trade after a near 100 pip retrace ??

to ya if ya did !
Easy . What's a pip worth?? Don't think in pips for starters.
Bundy's status today: "Waiting..."
  • #23,562
  • Mar 12, 2009 9:18am Mar 12, 2009 9:18am
Quoting bundyraider
To go all the way without a retrace is unlikely.

Personally I entered on the 4hr and ignore the 1 hour because of that. ...And get to grab some sleep in the mean time. lol
Is there any reason for that Bundy? Just look at G/J
  • #23,563
  • Mar 12, 2009 9:19am Mar 12, 2009 9:19am
Quoting enculée
yes - SNB cut interest rates...

yen options expiry day was especially fun
That wouldn't explain the magnitude of the move, especially the cut was in the cards.
SNB (Swiss National Bank) has purchased a foreign currency to prevent CHF appreciation mainly against Euro.
It has done quite good to my trailing position (long EUR/CHF) based on the BUOB earlier this week.
As many curriences are at their historical levels (even some went further) the probability of such an intervention in others (Yen, Pound) is quite high.
I think I'm done for the week for now
  • #23,564
  • Mar 12, 2009 9:20am Mar 12, 2009 9:20am
WOW - GBP/JPY has taken off. this stuff really does work
  • #23,565
  • Mar 12, 2009 9:28am Mar 12, 2009 9:28am
Quoting arcus
Is there any reason for that Bundy? Just look at G/J

Yeah... Well... She's certainly made a move. lol

These are the types of Pins Mikey waits for and I change my tactics for. (Anyone wondering why Mike's good at holding? )

Learn to wait for these charmers in good locations and not trade anything else, .......you'd do pretty well for yourself.

Night y'all.
Bundy's status today: "Waiting..."
  • #23,566
  • Mar 12, 2009 9:28am Mar 12, 2009 9:28am
A lesson in playing it safe!

So who got burned by the CHF interest rate/apparent intervention today?

If there's a lesson I've heard from the experienced traders 100 times, its ignore the news, Apart from Interest Rate days and Major releases like NFP.

It's too much like gambling if you're hoping the market will react in your favour. If you're in a trade, at least get your stops to BE. But if price is anywhere near your entry level, then just take the trade off the table. Better to miss a move worth a few 100 pips, than to be sitting there with a trade going against you way over your risk tolerance.

Personally, I had a position on CAD/CHF short from yesterday, which I closed off this morning for a nice gain. I did see some posts here earlier talking about going short on pairs crossed with CHF. I just hope you guys & gals were aware of the decision coming out. If not, lesson learned!

This is also a case-in-point where sticking to the higher timeframes would have kept you in good stead, as the only trade CHF based you should have been in was CHF/JPY, in which case price gave a good indication as to where it wanted to go, and also gave you plenty of time to move your stops.

Just a cautionary word to those who might have forgotten to check the calendar this week
  • #23,567
  • Mar 12, 2009 9:37am Mar 12, 2009 9:37am
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Nice to wake up to, and still always surprised
  • #23,568
  • Mar 12, 2009 9:38am Mar 12, 2009 9:38am
well said Chris P.
Thanks for sharing your insight with us.
  • #23,569
  • Mar 12, 2009 9:40am Mar 12, 2009 9:40am
GBP/JPY also forming Daily pin. so may be worth holding 4hr longer
  • #23,570
  • Mar 12, 2009 9:45am Mar 12, 2009 9:45am
Quoting ghous
You're on the right path Johnny,

Not sure if you know that by believing in those words you wrote above in your post you've already overtaken thousands of traders around the world, a mindset such as the one you possess this early in your trading career is nothing less than a blessing in disguise

All the best for your quest!

Regards,
Ghous.
Thanks again, ghous!

It looks like we were well positioned to take advantage of the Swiss intervention. I thought about doubling down on my long CADCHF trade before going to bed last night as it looked like it was getting ready to turn around. Wish I had, but still more than satisfied with what I got. Have taken half profit and set stop to b/e on my formerly "terrible trade." Too bad I had to sleep while the Swiss were handing out all these pips. Looks like I missed some seriously no-brainer trades. But that's okay, cuz I got this one.
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  • #23,571
  • Mar 12, 2009 9:51am Mar 12, 2009 9:51am
Quoting johnnyonspot
Thanks again, ghous!

It looks like we were well positioned to take advantage of the Swiss intervention.
Good work Johnny

That's why these longer daily timeframe trades hold more sway over the direction. (Forgot to mention this pair as well before). Easy pippin!
  • #23,572
  • Mar 12, 2009 10:13am Mar 12, 2009 10:13am
I've noticed most of the charts posted in this thread are from the Weekly, Daily and 4HR time frames, and rightfully so.

What I wanted to know is do you guys have all this charts open on your screen at the same time, or are you dropping up/down accordingly?

I dont like to have to many charts on my screen at once, but I dont know which ones I should be following at a given time. I might be watching a daily chart, but miss a trade set up on the 4HR. How do you guys get around this issue?

Your assistance with this would be greatly appreciated.

Thanks
  • #23,573
  • Mar 12, 2009 10:17am Mar 12, 2009 10:17am
Quoting BWise
I've noticed most of the charts posted in this thread are from the Weekly, Daily and 4HR time frames, and rightfully so.

What I wanted to know is do you guys have all this charts open on your screen at the same time, or are you dropping up/down accordingly?

I dont like to have to many charts on my screen at once, but I dont know which ones I should be following at a given time. I might be watching a daily chart, but miss a trade set up on the 4HR. How do you guys get around this issue?

Your assistance with this would be greatly appreciated....
I display one chart at a time since I am doing this on a laptop. And I move up and down the TFs, weekly, daily, 4hr. I don't look at the daily too much, until the daily closes. Same with weekly.
  • #23,574
  • Mar 12, 2009 10:22am Mar 12, 2009 10:22am
I am unfortunately fully out of the GBP/JPY trade. First took profit at 133.80 then took profit at 135.00 looks like this thing could run for a while but, a good trade nonetheless for me.
  • #23,575
  • Mar 12, 2009 10:29am Mar 12, 2009 10:29am
Quoting BWise
What I wanted to know is do you guys have all this charts open on your screen at the same time, or are you dropping up/down accordingly?

How do you guys get around this issue?...

Thanks
Here's a screen grab from my monitor. The little clock in the top right hand corner is a small program called dsclock (its free). I set this to chime every hour so that it reminds me to check the charts.

First thing in the morning and last thing at night, I'll check my charts to see what's interesting. I'll then set alerts up around any ppz's where I'm waiting for PA to occur. Then it's a case of walk away and forget about it (or carry on with the day job!). Once an alert is sounded, that pair will then go on my watchlist, and I'll check it every hour/4h (different broker feeds) to see if anything interesting is occurring. Same with any trades I'm in on. I'll set alerts around targets, areas of s/r etc, and if nothing alerts me, I'll just check them every hour or so to see how they're doing. I haven't quite got to the stage yet of walking away for days on end. That will come in time I hope.

Hope this helps you or you can gleam something to help your setup.

Best,
Chris
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  • #23,576
  • Mar 12, 2009 10:33am Mar 12, 2009 10:33am
I'm following the minimum requirements that james has outlined for traders new to these methods. I have been trading this method for 4 months being ultra picky on daily charts. I have taken only 3 setups and they have all been winners. I know James requires 3 profitable months in a row to move to the next step. Do you guys think that I should keep trading for a few months until I move to the next step since I have only taken 3 daily setups?
  • #23,577
  • Mar 12, 2009 10:50am Mar 12, 2009 10:50am
Hi Scott087,

Wow, I think you are very ultra picky even more than James in my opinion. If I remember correctly I think James took 3 trades in Jan (correct me if I'm wrong). I think 3 trades in 4 months seems really low to me. Not that there's anything wrong with being ultra picky, it's just that you don't have enough stats to draw a conclusion. You could still move to the next step and trade a really small Live account...being this picky definitely won't hurt you.

Rubin.

Quoting scott087
I'm following the minimum requirements that james has outlined for traders new to these methods. I have been trading this method for 4 months being ultra picky on daily charts. I have taken only 3 setups and they have all been winners. I know James requires 3 profitable months in a row to move to the next step. Do you guys think that I should keep trading for a few months until I move to the next step since I have only taken 3 daily setups?
  • #23,578
  • Mar 12, 2009 11:09am Mar 12, 2009 11:09am
Quoting gorubin
Hi Scott087,

Wow, I think you are very ultra picky even more than James in my opinion. If I remember correctly I think James took 3 trades in Jan (correct me if I'm wrong). I think 3 trades in 4 months seems really low to me. Not that there's anything wrong with being ultra picky, it's just that you don't have enough stats to draw a conclusion. You could still move to the next step and trade a really small Live account...being this picky definitely won't hurt you.

Rubin.
I only trade daily, I saw one or two setups on weekly and passed on them. I was feeling that I needed more results to draw a conclusion. Also, in January I missed one setup that I was planning on taking. I'm mostly sticking with pins and outside bars, I'm not trading inside bars or double high/low bars yet.

- Scott
  • #23,579
  • Mar 12, 2009 11:10am Mar 12, 2009 11:10am
Quoting scott087
I'm following the minimum requirements that james has outlined for traders new to these methods. I have been trading this method for 4 months being ultra picky on daily charts. I have taken only 3 setups and they have all been winners. I know James requires 3 profitable months in a row to move to the next step. Do you guys think that I should keep trading for a few months until I move to the next step since I have only taken 3 daily setups?


I admire your strict adherence to quality set ups.
  • #23,580
  • Mar 12, 2009 11:15am Mar 12, 2009 11:15am
Quoting johnnyonspot


I admire your strict adherence to quality set ups.
Thanks! Its been tough but I'm focusing on percentages and not dollar amounts. It's also been hard because I've seen some very nice 4 hour setups but I've passed because my rules don't allow 4 hour trades yet.
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