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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

  • #25,121
  • Mar 27, 2009 9:01pm Mar 27, 2009 9:01pm
Quoting Bemac
Hey "J" one i think you may have missed.

http://www.forexfactory.com/showpost...postcount=7297

Just as a continuation of what you do here.

Thanks friend. your tenacity is not missed.


http://www.forexfactory.com/showpost...postcount=7312
Indicators show the past. Price Action "Indicates" the future.
  • #25,122
  • Mar 27, 2009 9:10pm Mar 27, 2009 9:10pm
Quoting jarroo
Could some post a Daily Eur/Jpy. Is that a DBHLC on the Daily or close to one?
It's a 6 pips difference in my feed Jim, I won't call that a DBLHC, but then again, I'm still a newbie here compared to you
  • #25,123
  • Edited 9:46pm Mar 27, 2009 9:17pm | Edited 9:46pm
Quoting marcelnyo
It's a 6 pips difference in my feed Jim, I won't call that a DBLHC, but then again, I'm still a newbie here compared to you
I will give some leeway to the strictness of Price Action formations on higher time frames like the Daily/Weekly. But I agree with you on the lower time frames.

I just blame it on demo chart data feeds. lol
Indicators show the past. Price Action "Indicates" the future.
  • #25,124
  • Mar 27, 2009 9:42pm Mar 27, 2009 9:42pm
Hi all,

This may be a question that has been asked over and over again,

As we all know , some trades with decent price action setups and on PPZs has a power of reaching some point after the break of the PA bar, and then retracing way to the 61.8 fib level or more, only to finally break break lower/higher in our favor.

Now in my experience with this material (only 3 months or so), I usually chicken out and take everything out of the trade after it reaches the first danger area.

Examples might be the USDCHF pin and CADCHF BUOB a while ago, and the recent EURJPY bearish pin.

Those setups reached a place when prices decided to bounce back to a drawdown, and then finally breaks to our favor.

My tendency of exiting with profit is about disliking seeing drawdowns on my trades, well it won't be anything important if the pip value were peanuts, but as jim always said from time to time, it's all about pip value, if I went from an $30 profit to $80 drawdown, that's ain't a big deal, but in my head I try multiplying the pip value by 100 and imagine what it would be like, watching a $3,000 profit goes down to $8,000... now that would kept me awake at night

I'd like to know your experiences on this, and whether my habit is a good or bad one to maintain...

Thanks.

Marcel
  • #25,125
  • Edited 10:30pm Mar 27, 2009 10:01pm | Edited 10:30pm
Quoting marcelnyo
Hi all,

Now in my experience with this material (only 3 months or so), I usually chicken out and take everything out of the trade after it reaches the first danger area.

Those setups reached a place when prices decided to bounce back to a drawdown, and then finally breaks to our favor.

My tendency of exiting with profit is about disliking seeing drawdowns on my trades, well it won't be anything important if the pip value were peanuts, but as jim always said from time to time, it's all about pip value, if I went from an...
Yours is a very good habit to maintain. lol To say the least.

As you gain more experience in the way Jim teaches Price Action and where Price is likely to go i.e. danger areas. You will find that your feelings of "chickening out" is really "simple, reasonable logic".
Indicators show the past. Price Action "Indicates" the future.
  • #25,126
  • Mar 27, 2009 10:49pm Mar 27, 2009 10:49pm
Senior members

A couple of questions if i may.

1 We have some nice pinbars on eur/jpy, chf/jpy weeklies but Stoploss on placement above pin = 3 to 4 % so how to deal with this possible drawdown?

2 Which of the above appears to be the best candidate? My thoughts are that the chf has less obstacles in the way( PPZ ).

Thanks Guys
  • #25,127
  • Mar 27, 2009 11:26pm Mar 27, 2009 11:26pm
Quoting jarroo
Yours is a very good habit to maintain. lol To say the least.

As you gain more experience in the way Jim teaches Price Action and where Price is likely to go i.e. danger areas. You will find that your feelings of "chickening out" is really "simple, reasonable logic".
Thanks for the reply Jim, appreciate it

I guess I'll stick to what works for me and see how it sums up in the long run.

Marcel.
  • #25,128
  • Edited 11:46pm Mar 27, 2009 11:42pm | Edited 11:46pm
Quoting Gerard212
Senior members

A couple of questions if i may.

1 We have some nice pinbars on eur/jpy, chf/jpy weeklies but Stoploss on placement above pin = 3 to 4 % so how to deal with this possible drawdown?

2 Which of the above appears to be the best candidate? My thoughts are that the chf has less obstacles in the way( PPZ ).

Thanks Guys
I'm not a senior member, but I do think that both pins can do a great deal, while EURJPY when breaks down, can run about 80 pips before it reaches the first minor support, it still has to go through some minor zones before finally reaching a target area of 126ish.

CHFJPY may went about 80pips before reaching the first minor support, but after that it's actually it's as free as interstate highways down to major PPZ at 82.

But I don't really like how the CHFJPY Pinbar closed in my feed on FXPro, I like it to closed like EURJPY Pin, when the close is lower than the open for a bearish pin, but James himself I've heard did not put any significant weight for where the open/close differs.

All above is my opinion, while both pins looks good, CHFJPY has more room to run, despite the open/close thingy.
and Oh yeah, I think EURJPY closes below a PPZ... while CHFJPY's Pin closes inside a PPZ between 85 and 86.

Sorry to not having the point of your question here.
To answer about the risk applied.
I can put a 1% risk on every trade whether it is weekly, or even monthly chart, I think it has to do with the minimum pip value your broker can provide, or the size of your account, in this case, I think oanda's flexibility in pip value can really help big time.

I've learned that keeping the risk profile on your account as a constant rather than make it a variable will help your money management in the long run, the risk should remain constant or else it will compromise the health of your account's compounding.

Hope that helps.

Marcel
  • #25,129
  • Edited 1:35am Mar 28, 2009 12:12am | Edited 1:35am
Quoting krue
Ghous,speaking probability, will you suggest this pair long now?
I wouldn't want to go long, we've just bounced off the 5800 level on the daily,

Be careful with those "odd time frame" setups I look at them only when the location permits me too...

On my chart I wasn't looking at any 2 day bullish formations once we hit the 5800 level and bounced.

Cheers,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: nu daily.gif Size: 12 KB
I believe . . .
  • #25,130
  • Mar 28, 2009 1:23am Mar 28, 2009 1:23am
Quoting krue
I am not good at trading for the moment, from any aspect to say. when I be in a trade, feel stressful,
Stress and Trading

http://woodiescciclub.com/Lectures/d...tober2005.html
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #25,131
  • Mar 28, 2009 1:34am Mar 28, 2009 1:34am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Eclipse
aud/usd weekly: nice pin bar on 0.7 + 38.2 fib.

eur/jpy weekly: extremely nice pin bar on 133 + 38.2 fib.

what do you think?
if you place your EJ fib in the same manner as your AU fib, you will be at a small daily retracement point around 154.84, this will then put the 50% fib smack on top of the PB just above the 2BH and inline with the area of ressitance - this has been my target zone for some time, even before coming to this thread as it also lines up with a daily 200ema (part of my current method)
  • #25,132
  • Mar 28, 2009 1:35am Mar 28, 2009 1:35am
Here is a simple trade in the making...usdchf

Look at the last 2 candles and look at how the market left a wick first...and then the selling pressure just dominated the next 4 hours. Second price is overbouht in this pair meaning the market should be up forsome sort of profit taking. What I will do here is move stop to break even once 1373 gets hit and win at 1340 .

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  • #25,133
  • Mar 28, 2009 1:49am Mar 28, 2009 1:49am
Quoting marcelnyo
I'm not a senior member, but I do think that both pins can do a great deal, while EURJPY when breaks down, can run about 80 pips before it reaches the first minor support, it still has to go through some minor zones before finally reaching a target area of 126ish.

CHFJPY may went about 80pips before reaching the first minor support, but after that it's actually it's as free as interstate highways down to major PPZ at 82.

But I don't really like how the CHFJPY Pinbar closed in my feed on FXPro, I like it to closed like EURJPY Pin, when the close...
I pretty much agree with Marcel,

Eur/Jpy is one of those beautiful setups you could wait on your butts for months

Chf/Jpy may also be a valid setup but again I don't like the fact that it closed well above the ppz I would have liked it to close under.

Regards,
Ghous.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chfjpy.gif Size: 10 KB
Click to Enlarge Name: eurjpy.gif Size: 9 KB
I believe . . .
  • #25,134
  • Mar 28, 2009 1:56am Mar 28, 2009 1:56am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting frankm7
1. size of the account = 5k (is this too little?)Not an issue, so long as you manage your funds correctly
2. my failure to follow the 2-3% risk rule big issues are here
3. the fact that i'm still learning and not taking the "A" trades here

The hardest thing for me to do thus far was going from 15m - 30m charts to the 4 hour... still need to move up higher - read page one again

1. since i am looking for the best trades, how many pairs should I be looking at? Originally...
Hi Frankm
i'm new to this thread, but i can tell you that your issues are not unusual - been there done that (almost) i stopped trading when the loses started to stack up.
I have not attempted to answer all the questions as some are better answered by more seasoned J16 members, but i hope this helps, read money management 101 at the J16 forum, also you can find good MM advice on Auslanco's thread here at FF.

also read page 1 again

also read page one again

just in case read page 1, 2 more times - demo it first

regards

MPP
  • #25,135
  • Mar 28, 2009 1:59am Mar 28, 2009 1:59am
that E/J setup looks sweeeeetttttttttttt..............


should make up for my lack of trading for the last 2 weeks due to ISP issues... (strangely I can access FF and Skype but mail, trading platform et al won't cooperate)
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #25,136
  • Mar 28, 2009 2:02am Mar 28, 2009 2:02am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting ghous
I pretty much agree with Marcel,

Eur/Jpy is one of those beautiful setups you could wait on your butts for months

Chf/Jpy may also be a valid setup but again I don't like the fact that it closed well above the ppz I would have liked it to close under.

Regards,
Ghous.
I'm still reading about PB's, but have a question on how to trade this.

as read sofar we enter after the break around 10pips, but this is a weekly PB, so how do we handle this,

my view is that due to the fact that it was a friday and last one in the month, some of this was due to people exiting positions and taking profit, therefore i would look for a small retracement and a PA setup on a lower TF, the last Daily bar was 300pips long, and i would look for an IB or something like this and also watch the 4h, all to reduce the risk size and allow a better position size.

good or bad?

MPP
  • #25,137
  • Mar 28, 2009 3:12am Mar 28, 2009 3:12am
Quoting coscorp
that E/J setup looks sweeeeetttttttttttt..............


should make up for my lack of trading for the last 2 weeks due to ISP issues... (strangely I can access FF and Skype but mail, trading platform et al won't cooperate)
I guess your ISP's CEO is a shareholder of your brokerage, and they've been losing a great deal of money due to your trading activities, they must've somehow found out about your trade logs and shutdown the port to access metatrader and your other trading platforms.

What a conspiracy... what would become of our world?
Sorry I couldn't resist... been watching a marathon of 24 series. lol.
  • #25,138
  • Mar 28, 2009 3:50am Mar 28, 2009 3:50am
Hi all,
I can see some interesting setup, especially on yen crosses: they're attached in the charts below. What do you think? In this case, do you prefer taking only the BEST setup (weekly pin on ej, with no doubt) or do you watch also to other trades (maybe with smaller positions..)?

IMHO, ej is an A setup, but also the nzdjpy seems to be a nice setup, which can bring us some pips..Any comments?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp beob 27-03.gif Size: 19 KB
Click to Enlarge Name: nzdjpy 2day pb 27-03.gif Size: 23 KB
Click to Enlarge Name: chfjpy dbhlc 27-03.gif Size: 21 KB
Click to Enlarge Name: eurjpy pin bar weekly 27-03.gif Size: 21 KB
  • #25,139
  • Mar 28, 2009 6:20am Mar 28, 2009 6:20am
Quoting marcelnyo
I guess your ISP's CEO is a shareholder of your brokerage, and they've been losing a great deal of money due to your trading activities, they must've somehow found out about your trade logs and shutdown the port to access metatrader and your other trading platforms.

What a conspiracy... what would become of our world?
Sorry I couldn't resist... been watching a marathon of 24 series. lol.

rofl...no..it's far simpler than that..I changed ISP's as my former one was always giving me bandwidth issues...problem is that the new one...needs 15 (fifteen days) to switch me over....

15 days to press a button as the "new" one actually owns the network....only in Italy...of course..I'm really awful in forgetting how long it may take a person to actually log in and do it...which accounts for 14 days 23 hours an 58 minutes..
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #25,140
  • Mar 28, 2009 6:31am Mar 28, 2009 6:31am
Yen crosses look very nice. How do you handle this from MM perspective?
For example EURJPY and CHFJPY are pairs with high level of correlation if you take both you actually double your risk.
I'm still in 2 other yen trades from earlier this week, that haven't move anywhere so far, so I'm not very eager to take another 2 yen short trades.
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