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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

  • #24,801
  • Edited 11:32am Mar 25, 2009 11:21am | Edited 11:32am
Quoting jarroo
Thy best advise Seb.
I second that....

Demos are fun and can contribute greatly to your confidence in the method.
I still use them, as a matter of fact have 3. One for j16 method, one for my own R-db and one for j16 @ ppz only (kind of aggressive method)
one below is my j16 demo using asymmetrical leverage .
..
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  • #24,802
  • Mar 25, 2009 11:35am Mar 25, 2009 11:35am
Quoting mbqb11
Seb I mean this with the very best intentions, that you shouldn't be trading real money. You need to go back and follow James advice outlined in post 1, about demoing. If you enter a trade and then need to come to ask what to do with it,
MIke
Hi Mike, you are right, asking questions after entering a trade is a bad indication. I will confess that i am asking because i entered this trade upon a very bad judgment on my part, not as per the rules.

I am not exactly your typical "newbie". I mean i am not a veteran, have been trading a little over 3 years, have been through it all, was trained and guided by many veterans but did not reach my "Ah ha" moment.

As regards my demoing days, although are still practiced, already made enough success in this department using countless approaches and strategies (but not yet with James method), it is not uncommon for me to make a few thousand dollars in a few days on a 5 k account.

Ah, did not mean to bore you all , so in short what i am trying to do here in James16 is to find my own identity in forex so i would not enter any trade for the wrong reasons.

And rest assured that i will keep asking questions (thanks for the invitation )

Seb
  • #24,803
  • Mar 25, 2009 11:55am Mar 25, 2009 11:55am
Quoting james16
this may sound crazy but i almost feel a sense of graitude to these bars and how they have changed my life over the years. it took the price flips to make them really work for me and i feel the same way about them.

it is very common for me to say out loud to my computer screen.

THANK YOU!!!

they rarely fail me if i "treat" them right.

i love it when i see that same graititude toward them from some of you.

they are "market condition" proof and that is why they work such a high percentage of the time if treated correctly.

the holy grail...

Have to agree. I just read this from a bar in key west. no i havent been trading while i'm here. Too Risky.... but having this business alows me to be here..
I think I'll sail home friday.
  • #24,804
  • Mar 25, 2009 11:59am Mar 25, 2009 11:59am
I know this is very much off the topic and thread but just know what is it.

So what is hedge? is it a method if we are in ranging market and have wrong entry, then we can use hedge to minimize our loss? Do you buy and sell at same place for hedging?

Thanks,

Quoting raczekfx
price is in the middle of the range.
This is what I would do if I didn't have a clue what to do next.
1. close right away
2. hedge the order and

when price approaches 3718, sell the long leg with tight stop and vice versa
when price approaches 3416, sell the short leg with tight stop.

I do it all the time in a ranging market, collecting points between ppz, but this topic is beyond what's being discussed here.
Whatever you do, I hope it works out for you just fine. Personally I'm leaning towards 34 for today.
  • #24,805
  • Mar 25, 2009 12:01pm Mar 25, 2009 12:01pm
Almost as mine, just upside down


Quoting raczekfx
I second that....

Demos are fun and can contribute greatly to your confidence in the method.
I still use them, as a matter of fact have 3. One for j16 method, one for my own R-db and one for j16 @ ppz only (kind of aggressive method)
one below is my j16 demo using asymmetrical leverage .
..
  • #24,806
  • Mar 25, 2009 12:05pm Mar 25, 2009 12:05pm
Hi

Anybody is thinking about buying the retest of support area on gbp/jpy @ 141.80? It would be first test of this area on daily timeframe but DJ is just under the resistance and the move could be capped.
Attached Image (click to enlarge)
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  • #24,807
  • Mar 25, 2009 12:25pm Mar 25, 2009 12:25pm
Quoting Greenhaze
Hi

Anybody is thinking about buying the retest of support area on gbp/jpy @ 141.80? It would be first test of this area on daily timeframe but DJ is just under the resistance and the move could be capped.
Don't neglect the fact that we could see a 2 day pin bar here...

(just my 2 cents)
I believe . . .
  • #24,808
  • Mar 25, 2009 12:26pm Mar 25, 2009 12:26pm
Quoting alter
Almost as mine, just upside down


I can bet this was said more for the jocular touch,

You don't mean it do you
I believe . . .
  • #24,809
  • Mar 25, 2009 12:33pm Mar 25, 2009 12:33pm
Quoting HipsterPipster
Still looking long. Here is what I see and am watching. A little speculation shall we say..... Daily bullish flag developing down to ~1.3350, then long to ~1.3850 where I will be watching for shorts.
But then again, I could be completely wrong. Trade what you see.
Nice chart buddy
I believe . . .
  • #24,810
  • Mar 25, 2009 12:33pm Mar 25, 2009 12:33pm
Quoting ghous
Don't neglect the fact that we could see a 2 day pin bar here...

(just my 2 cents)
Thats another possibility but i see that decline in price is rather slow compared to last momentum burst after breakout of the previous resistance and all the jpy crosses reacted to it except the gbp one which still need to test it for the first time. I have my eyes close on this one ;]
  • #24,811
  • Edited 1:05pm Mar 25, 2009 12:35pm | Edited 1:05pm
Quoting ghous
One of the few A setups we've had today

Notice how the pin bar forms just "below" the ppz zone while finding resistance from it

Regards,
Ghous.

It appears that a PB to the upside is forming on the Daily off a rejection of the 54.00 level. If this plays out and closes as a PB, would it cancel the initial PB you entered off?

I also took this trade and just checked up on it not too long ago to see it was in a deep retrace.


EDIT: I soon as I posted this, price starts heading back south. I guess I spoke too soon. Crazy charts ....
  • #24,812
  • Mar 25, 2009 12:43pm Mar 25, 2009 12:43pm
Quoting raczekfx
price is in the middle of the range.
This is what I would do if I didn't have a clue what to do next.
1. close right away
2. hedge the order and

when price approaches 3718, sell the long leg with tight stop and vice versa
when price approaches 3416, sell the short leg with tight stop.

I do it all the time in a ranging market, collecting points between ppz, but this topic is beyond what's being discussed here.
Whatever you do, I hope it works out for you just fine. Personally I'm leaning towards 34 for today.
This really does work great I must say. Works a lot more often then you'd think. I had an order last night on EUR/GBP, was sitting on daily support, with some help from fibs. Went down to lower timeframe looked like some solid accumulation at that support, with price quickly shooting up every time it approached. Figured some decent orders there, so figured I'd join in, S/L 10 pips below or so.... of course I mistyped my first profit target, and my 2nd one was far too conservative.... but nonetheless, felt good. Hopefully one day I can actually be smart enough to get some real profits lol... my motto let the losers run, take profits to soon on the winners... works everytime
  • #24,813
  • Mar 25, 2009 12:47pm Mar 25, 2009 12:47pm
You know, this is zero sum game

Quoting ghous


I can bet this was said more for the jocular touch,

You don't mean it do you
  • #24,814
  • Mar 25, 2009 1:05pm Mar 25, 2009 1:05pm
Quoting ghous
Don't neglect the fact that we could see a 2 day pin bar here...

(just my 2 cents)
ghous, why did u say that? the previous daily bar is not a pin bar, or did i misunderstood? Also what is DJ?

Thnx for explaining;

Seb
  • #24,815
  • Mar 25, 2009 1:12pm Mar 25, 2009 1:12pm
Quoting Jlr
This really does work great I must say. Works a lot more often then you'd think. ...
As long as you are careful and know PA well, you should do ok..
I was almost caught with my pants down on mar 18. Had a blackout for some reason and hedged my long fiber positions. A couple of hours before the news closed short leg for a small loss and was very happy with the long leg outcome. Should I've waited till after the news, perhaps, I'd be still working it out. Hedge is alright, but sometimes simple hard stop is much less of a headache.
  • #24,816
  • Mar 25, 2009 1:12pm Mar 25, 2009 1:12pm
Quoting seboileroom
ghous, why did u say that? the previous daily bar is not a pin bar, or did i misunderstood? Also what is DJ?

Thnx for explaining;

Seb
Im not ghous but double day pinbar is a pinbar you get from summing last two closed bars on daily timeframe. DJ is american stock index Dow Jones.
  • #24,817
  • Mar 25, 2009 1:15pm Mar 25, 2009 1:15pm
If it breaks I'll be looking at 1.44 next
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Attached Image
  • #24,818
  • Mar 25, 2009 1:29pm Mar 25, 2009 1:29pm
Quoting raczekfx
As long as you are careful and know PA well, you should do ok..
I was almost caught with my pants down on mar 18. Had a blackout for some reason and hedged my long fiber positions. A couple of hours before the news closed short leg for a small loss and was very happy with the long leg outcome. Should I've waited till after the news, perhaps, I'd be still working it out. Hedge is alright, but sometimes simple hard stop is much less of a headache.
I'm way to careful I think. I am hoping with more experience, I will gain more confidence. Last few weeks have been so sad with the calls I've made, you'd think my account would be pretty healthy, but I'm to chicken to let it all play out. I don't think I was fully aware, or prepared, for the emotional side of this all... its seriously been pretty rough. Going to push myself even more I guess, really get this down, this really could be so nice, but I get in my own way 9/10 times.

What do you mean by hedge, if you don't mind me asking? You take a position, and then hedge it was something completely opposite, then sell the opposite one when you think its time for your first position to take off? I never thought of this for forex, but I suppose it is probably still something that can help. Ty
  • #24,819
  • Mar 25, 2009 1:33pm Mar 25, 2009 1:33pm
Guys, check the EURGBP

I think it is forming a double low higher close (DBLHC)

There is resistance about 100 pip away though. What do u think?

(sorry, no chart)
100% of traders are losers. Just that some win more than they lose!
  • #24,820
  • Mar 25, 2009 1:36pm Mar 25, 2009 1:36pm
Quoting Jlr
What do you mean by hedge, if you don't mind me asking? You take a position, and then hedge it was something completely opposite, then sell the opposite one when you think its time for your first position to take off? I never thought of this for forex, but I suppose it is probably still something that can help. Ty
yes, take opposite position on the same cross (instead of a SL) in a ranging market.
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