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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

  • #23,741
  • Mar 14, 2009 10:30am Mar 14, 2009 10:30am
Thank you jduster..I don't use metatrader I have accu charts fron fx sol.
I hope this works for them.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart175 a.jpg Size: 129 KB
  • #23,742
  • Mar 14, 2009 10:44am Mar 14, 2009 10:44am
Quoting Sohail786
Hi

i think i read somewhere, that you from Karachi, my parents were born in Karachi and then moved to the north, Kharian and Lalamusa (Lahore side), ive been pakistan once in my life time, and it was way to Hot (47C) even on some days it streched to 50 51, walking on the ground in our house with bear feet, it would burn your feet instantly, Hmmmm maybe i went on the wrong side of the weather i went in May am defo going again did love the place.


sohail
Cool!

I am sick and tired of being the only one from my country in this gold mine
I believe . . .
  • #23,743
  • Mar 14, 2009 11:34am Mar 14, 2009 11:34am
hi guys, was wondering what you thought about the weekly pin on the GBP/USD.
  • #23,744
  • Mar 14, 2009 11:42am Mar 14, 2009 11:42am
Quoting alter
Hello guys.
I read a lot of post about how important it is to move SL to BE as soon as first S/R level is reached. The problem is that I'm stopped out at BE very often with this approach.
BE looks like artificial level to me, so if we use PPZ for entering our trades and for PT projection, isn't it better to hide SL behind next S/R level instead of immediate moving to BE?
Thank you
alter
Being stopped at BE is part of this business and happens a lot if you're ultra cautious. You can minimize it by being very picky with your setups or as you mentioned, keep sl behind previous s/r. Just be prepared for drawdowns if you use second approach. I don't mind being stopped out at BE, but I'm really happy If I catch a good trade, like g/chf last Thursday or g/j on Friday. With g/j, I simply set buy order above daily pin and set tp 100ps higher where I expected price to have some difficulties. When I woke up and checked the trade it was already closed, but I really appreciated the fact that it was a good trade with 0 drawdown.
Just keep practicing and you'll get what you want one day..
.
Attached File(s)
File Type: pdf BE or TP.pdf   75 KB | 2,066 downloads
  • #23,745
  • Mar 14, 2009 11:50am Mar 14, 2009 11:50am
This is my analysis of the Euro/chf..with the charts
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Chart175 week.JPG Size: 131 KB
Click to Enlarge Name: Chart173 week PP.JPG Size: 120 KB
Click to Enlarge Name: Chart106 daily.JPG Size: 128 KB
Click to Enlarge Name: Chart113.JPG Size: 148 KB
Click to Enlarge Name: Chart165.JPG Size: 147 KB
Click to Enlarge Name: Chart1641h chart.JPG Size: 138 KB
Click to Enlarge Name: Chart174.JPG Size: 150 KB
  • #23,746
  • Mar 14, 2009 11:53am Mar 14, 2009 11:53am
Quoting StarChild
This is my analysis of the Euro/chf..with the charts

Great joke
  • #23,747
  • Mar 14, 2009 11:56am Mar 14, 2009 11:56am
Quoting raczekfx
Being stopped at BE is part of this business and happens a lot if you're ultra cautious. You can minimize it by being very picky with your setups or as you mentioned, keep sl behind previous s/r. Just be prepared for drawdowns if you use second approach. I don't mind being stopped out at BE, but I'm really happy If I catch a good trade, like g/chf last Thursday or g/j on Friday. With g/j, I simply set buy order above daily pin and set tp 100ps higher where I expected price to have some difficulties. When I woke up and checked the trade it was already...
Uhh. a little confused. You posted a 4Hr chart showing 17 Bars that formed a Daily Pin. 17*4=...
OR
were you refering to the Long Tail Low Candle as 'the Pin'?

Nice Trade though.
  • #23,748
  • Mar 14, 2009 11:58am Mar 14, 2009 11:58am
Hi Giusepp8..I am relativly new..I am looking for some feedback on my process of analysis..I'm not sure what you meant by great joke..I'm looking for feed back..if I'm missing something..or not seeing clearly in my process..I do need help!
  • #23,749
  • Mar 14, 2009 12:05pm Mar 14, 2009 12:05pm
Hi Zim,

these are my opinions about this weekly pin.

Glad to hear more opinions, i personally will not take this trade on my demo account..don't like it very much.
Attached Image (click to enlarge)
Click to Enlarge Name: pin weekly gbpusd.gif Size: 15 KB
  • #23,750
  • Mar 14, 2009 12:15pm Mar 14, 2009 12:15pm
Quoting StarChild
Hi Giusepp8..I am relativly new..I am looking for some feedback on my process of analysis..I'm not sure what you meant by great joke..I'm looking for feed back..if I'm missing something..or not seeing clearly in my process..I do need help!
No no no .. exscuse me it just came sponteaneously 'cause of all the indicators on your charts ...
No offense implied, just take the indi off you'll feel better.
  • #23,751
  • Mar 14, 2009 12:28pm Mar 14, 2009 12:28pm
Quoting Bemac
Uhh. a little confused. You posted a 4Hr chart showing 17 Bars that formed a Daily Pin. 17*4=...
OR
were you refering to the Long Tail Low Candle as 'the Pin'?

Nice Trade though.
apologies for lousy job with rectangle. if should be 6*4 or look like below.
4hr was shown to make next res zone stand out little better. Since it was friday, there was no intention to marry the trade.
.
Attached Image
  • #23,752
  • Mar 14, 2009 12:51pm Mar 14, 2009 12:51pm
Quoting raczekfx
apologies for lousy job with rectangle. if should be 6*4 or look like below.
4hr was shown to make next res zone stand out little better. Since it was friday, there was no intention to marry the trade.
.
I know your TP was 100 pips and you had 0 drawdown, but I'm curious as to what you had your SL set as?

thanks
  • #23,753
  • Mar 14, 2009 1:07pm Mar 14, 2009 1:07pm
Quoting giusepp8
No no no .. exscuse me it just came sponteaneously 'cause of all the indicators on your charts ...
No offense implied, just take the indi off you'll feel better.
Hi Giusepp8,
I have been trading for a few years...make profit and give it back...
I have to say I am afraid to trade without the indicators...maybe this is the problem.
  • #23,754
  • Mar 14, 2009 1:27pm Mar 14, 2009 1:27pm
Quoting StarChild
Hi Giusepp8,
...
I have to say I am afraid to trade without the indicators...maybe this is the problem.
.. then you are on the right thread .. you should give it a try and start reading from page 1 .. remeber that most people on this thread have been where you are, me too .
  • #23,755
  • Mar 14, 2009 1:29pm Mar 14, 2009 1:29pm
Quoting dengzhi
I know your TP was 100 pips and you had 0 drawdown, but I'm curious as to what you had your SL set as?

thanks
to be honest i had two long entries
1. on the break of that highlighted 1hr pin (136.06)
2. on the break of a daily pin (136.60)

stop for both was set at 135.10 below hourly swing low.
.
Attached Image
  • #23,756
  • Mar 14, 2009 1:45pm Mar 14, 2009 1:45pm
Quoting StarChild
Hi Giusepp8..I am relativly new..I am looking for some feedback on my process of analysis..I'm not sure what you meant by great joke..I'm looking for feed back..if I'm missing something..or not seeing clearly in my process..I do need help!
Hi StarChild,

First of all - YOU ARE AT THE RIGHT PLACE TO REALLY IMPROVE YOUR TRADING SKILLS. If you are new to forex or trading and just started being around the forums don't waste the luck you had to find this place. Or you will come back later with a smaller account.

This was how I started to understand James16 method and study it each day with more interest since then.

1 - Forget the old charts. Just delete them all.
2 - Open new charts, naked of indicators. I just have macd, to look for convergence/ divergence. I don't give too much importance to it anyway.
3 - Learn what mean terms like Confluence, Pivot Point Zones (PPZ), Round Numbers, Location, etc
4 - Learn about the PA used on this method (PB, BEOB, BUOB, DBHLC, DBLHC, etc)
5 - Learn how to draw the horizontal lines and find PPZ (monthly, weekly and daily). This is crucial. It has nothing to do with your plataform pivot points.

This is just about the "chart part" of the method.

Then I got into the money management approach of this method, and my confidence just exploded. Terms like risk, position size and compounding must be well understood when playing this game.

Then, I got into the psychology part of it and wow wow... I am now beggining to "trade in peace", I mean starting to not stress when price goes against me or overtrade after consecutive losses (well, I confess I haven't been tested on this one yet I am well aware that the pain will come one day, I just hope I can handle with it), also learning to be patient.

This 3 areas of James16 method have the same degree of importance and you must read all you can about them. You won't be successful if you discard one of this areas.

YOU MUST TREAT THIS LIKE A BUSINESS, that hopefully will start paying out in 3 or 5 years.

Finally, people here are just great and extremely kind, you can ask anything you want that you will get an answer from the James16 masters...

Happy trades and remember - this is a marathon.

Hope this helps you. 3 months ago I was where you are now.

Regards,
Miguel

P.S. - Read everything you can on this forum and follow this thread too - Silent Service Method. Clockwork is a James16 excellent teacher.
  • #23,757
  • Mar 14, 2009 1:50pm Mar 14, 2009 1:50pm
Hi all, long time reader, first post.

Missed this one on Thursday evening/Friday morning.

48 hour pin bar around pivot level (grey box - above that i've drawn what the pin would look like over 48 hours).

Ideal opening would have been a Buy Stop at 136.55 with a target of next resistance at 141.

The price is now 64 points gone although i think it's still within range considering the target level. May take this with a stop below Friday's bar.

Would be great to get your thoughts.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy 13mar.gif Size: 24 KB
  • #23,758
  • Mar 14, 2009 1:51pm Mar 14, 2009 1:51pm
Quoting Luso
Hi StarChild,

First of all - YOU ARE AT THE RIGHT PLACE TO REALLY IMPROVE YOUR TRADING SKILLS. ...

Finally, people here are just great and extremely kind, you can ask anything you want that you will get an answer from the James16 masters...

Happy trades and remember - this is a marathon.

Hope this helps you. 3 months ago I was where you are now.

Regards,
Miguel

P.S. - Read everything you can on this forum and follow this thread too - Silent Service Method. Clockwork is a James16 excellent teacher.
Very well said - Clockworks thread is amazing, so much to learn so little time. I really like Wayne Jacksons thread over at Jacko's Forex House of Pleasure and Pain.
  • #23,759
  • Mar 14, 2009 2:15pm Mar 14, 2009 2:15pm
Quoting bgin2end
Very well said - Clockworks thread is amazing, so much to learn so little time. I really like Wayne Jacksons thread over at Jacko's Forex House of Pleasure and Pain.
I have 4 subscribed threads: the other 2 are Jacko's and No Brainer Trades. But honestly, I just follow James16 and Clockwork thread.
I am really happy with James16 and don't have the time to study other stuff, at least for now.
  • #23,760
  • Mar 14, 2009 2:16pm Mar 14, 2009 2:16pm
Quoting Luso
Hi StarChild,

First of all - YOU ARE AT THE RIGHT PLACE TO REALLY IMPROVE YOUR TRADING SKILLS. If you are new to forex or trading and just started being around the forums don't waste the luck you had to find this place. Or you will come back later with a smaller account.

This was how I started to understand James16 method and study it each day with more interest since then.

1 - Forget the old charts. Just delete them all.
2 - Open new charts, naked of indicators. I just have macd, to look for convergence/ divergence. I don't give too much...
Thank you so much for your advice..I will change my charts..only the MACD -I know about support and resistance..but I still have much to learn..I am reading all I can..alot of information. Thanks for the silent service method site..I really appreciate this sites support..Thank you
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