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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

  • #25,141
  • Mar 28, 2009 8:40am Mar 28, 2009 8:40am
Quoting alter
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.
I will certainly take the EURJPY because i think the best setup among the others. 2 microlots at the break of the bar; 1st TP after few pips and 2nd TP at about 126,00.

Then, i like the pin on nzdjpy: i will play it with a smaller position and, if the pin is broken hard, quickly to BE and let the trade run.

Notice that im in the demo step now.
  • #25,142
  • Mar 28, 2009 8:52am Mar 28, 2009 8:52am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
thanks, jarroo, I am actually demoing as you suggested, hope learn a lot from you.

Quoting jarroo
Hang in there buddy. One step at a time. Start demoing because guess where most of your losses come from when you start trading? In the beginning.

So why not get all thoses losses out of the way in the beginning with demo pips.
  • #25,143
  • Mar 28, 2009 9:17am Mar 28, 2009 9:17am
Quoting jarroo
You will find that your feelings of "chickening out" is really "simple, reasonable logic".
I believe that Jim is content to quickly get to breakeven/partial profit at these areas because he knows that there will be a couple a month that will take off and not look back. It's these few trades that will build your account and the rest of the time you are "managing risk".

There is a post by James16 where he mentions taking his breakevens with a smile, I think that is why.
"Whether you think you can or can't, you're right." Henry Ford
  • #25,144
  • Mar 28, 2009 9:59am Mar 28, 2009 9:59am
You're only on Demo bakko85 why bother with microlots. Why don't you put at least $100,000 to work for you...see if you can make a lot of fake $$$...lol. Sorry I couldn't resist..

Quoting bakko85
I will certainly take the EURJPY because i think the best setup among the others. 2 microlots at the break of the bar; 1st TP after few pips and 2nd TP at about 126,00.

Then, i like the pin on nzdjpy: i will play it with a smaller position and, if the pin is broken hard, quickly to BE and let the trade run.

Notice that im in the demo step now.
  • #25,145
  • Mar 28, 2009 10:06am Mar 28, 2009 10:06am
I have 2 questions for more senior members:

1. I understand the benefits of moving your stop to breakeven and I've been able to do that many times. One problem that I never see addressed here is what if your Pin breaks and gets you in the position while you sleep (say London hours for us in the US) or when you didn't get a chance to move your stop to breakeven. When you wake up you or look at your computer again you are already 50 -100 pips in drawdown. Would it be best to close the position immediately at a loss or letting it go with the original stop above the pin (which is what I've been doing)?

2. What is the proper definition of an Outside Bar. Is it only the Body of the candle that should cover the Body of the previous candle excluding the wicks? Or do you care about the whole candle with wicks covering the previous candle with its wicks? I'm only asking because I've seen both used.

Thanks,
Rubin
  • #25,146
  • Mar 28, 2009 10:26am Mar 28, 2009 10:26am
Hi ChartChecker,

I'm not sure what your point is? I don't think anyone in this thread has taken credit for "discovering" pin bars, candlestick formations etc. Jim himself has given credit a few times to Martin Pring for coining the term "Pin Bar" in his book. And I think we are all aware that the Japanese invented the candlesticks. I'm still new here but I think what the seniors here are trying to do is teach people how to use these + S/R + money management for profitable trading which I haven't seen done in many places. The formations in and of themselves won't make you money unless you understand when and where it makes sense to apply them.

Also think about this...If I was a very experienced driver and start teaching someone how to drive a car, am I taking credit for inventing the car? Obviously not! But I could still be very effective teacher.

Rubin.


Quoting ChartChecker
This whole thread is about advanced identification of setups. It explains that which is otherwise known and explained well in many advanced candlestick manuals. The difference is that these chartists use bar charts. Try changing to candles. Much easier to read the market and find setups.

One must praise the persons for identifying trading mechanics using bars. But the Japanese discovered these insights centuries ago trading rice markets and they can be found in most japanese trading manuals. Nothing is new in life' so let us praise those who originally...
  • #25,147
  • Mar 28, 2009 10:26am Mar 28, 2009 10:26am
Quoting gorubin
You're only on Demo bakko85 why bother with microlots. Why don't you put at least $100,000 to work for you...see if you can make a lot of fake $$$...lol. Sorry I couldn't resist..
Because when i will open my real account, it will be exactly the same as the demo account (1000€): i think that a 100,000€ account would lead me to take more risk than necessary (i know, very psichological reason )
  • #25,148
  • Mar 28, 2009 11:44am Mar 28, 2009 11:44am
Quoting bakko85
Because when i will open my real account, it will be exactly the same as the demo account (1000€): i think that a 100,000€ account would lead me to take more risk than necessary (i know, very psichological reason )
Hallo Bakko....i'm an Italian trader too.Nice to see you here with this great stuff.Email me if we want to discuss about J16 method.

Bye....good pips.
Patience is essential
  • #25,149
  • Mar 28, 2009 11:49am Mar 28, 2009 11:49am
Hey Gorubin


Quoting gorubin
I have 2 questions for more senior members:

1. I understand the benefits of moving your stop to breakeven and I've been able to do that many times. One problem that I never see addressed here is what if your Pin breaks and gets you in the position while you sleep (say London hours for us in the US) or when you didn't get a chance to move your stop to breakeven. When you wake up you or look at your computer again you are already 50 -100 pips in drawdown. Would it be best to close the position immediately at a loss or letting it go with the original...
I think that you have to be able to work around this. If you can't be up to watch a trade then you shouldn't trade it. You can set sound alarms for when it hits an area to wake you up, move stop to b/e then go back to bed. Or depending on your broker and programming have an EA move your stop to b/e when it hits a certain level, I am sure I have seen these written for MT4.


Quoting gorubin
2. What is the proper definition of an Outside Bar. Is it only the Body of the candle that should cover the Body of the previous candle excluding the wicks? Or do you care about the whole candle with wicks covering the previous candle with its wicks? I'm only asking because I've seen both used.
An outside bar is one that englufs the previous bar. So that means the high must be higher then the previous bar and the low must be lower then the previous bar. When we look for a BEOB we are looking for a higher high and lower low, and then the CLOSE to be near the lower part of the bar. I prefer a lower close then the previous bars low as well.



Take care

Mike
  • #25,150
  • Mar 28, 2009 12:13pm Mar 28, 2009 12:13pm
Quoting bakko85
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?
Nice work bakko.
Indicators show the past. Price Action "Indicates" the future.
  • #25,151
  • Mar 28, 2009 12:27pm Mar 28, 2009 12:27pm
Quoting gorubin
what if your Pin breaks and gets you in the position while you sleep (say London hours for us in the US) or when you didn't get a chance to move your stop to breakeven. When you wake up you or look at your computer again you are already 50 -100 pips in drawdown.
Here ya go, I use this EA from Stockwet and it works pretty well. It will move your stoploss for you and also take partial profit at desired levels. You have to leave your computer running (no hibernate) for it to work.

http://www.forexfactory.com/showthre...light=managetp
"Whether you think you can or can't, you're right." Henry Ford
  • #25,152
  • Mar 28, 2009 12:54pm Mar 28, 2009 12:54pm
Quoting Scot Pippin'
I believe that Jim is content to quickly get to breakeven/partial profit at these areas because he knows that there will be a couple a month that will take off and not look back. It's these few trades that will build your account and the rest of the time you are "managing risk".

There is a post by James16 where he mentions taking his breakevens with a smile, I think that is why.
hey, that's a good idea, I think I'll make 2 demo accounts and test the exit strategies
  • #25,153
  • Mar 28, 2009 1:08pm Mar 28, 2009 1:08pm
eur/gbp weekly: 2 weeks pin bar on resistance (0.95)
it's not as good as the eur/jpy PB, but imho it can be done...
what do you think?
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbpweek2.gif Size: 13 KB
  • #25,154
  • Mar 28, 2009 1:15pm Mar 28, 2009 1:15pm
Quoting ChartChecker
This whole thread is about advanced identification of setups. It explains that which is otherwise known and explained well in many advanced candlestick manuals. The difference is that these chartists use bar charts. Try changing to candles. Much easier to read the market and find setups.

One must praise the persons for identifying trading mechanics using bars. But the Japanese discovered these insights centuries ago trading rice markets and they can be found in most japanese trading manuals. Nothing is new in life' so let us praise those who originally...
If you know what you are looking at, it makes no difference. Steve Nison made a killing trying to sell this idea. Truth is, I started out with candlesticks. I use bars now.
  • #25,155
  • Mar 28, 2009 1:17pm Mar 28, 2009 1:17pm
Quoting gorubin
You're only on Demo bakko85 why bother with microlots. Why don't you put at least $100,000 to work for you...see if you can make a lot of fake $$$...lol. Sorry I couldn't resist..

Because he is practicing in a realistic manner. This will help him when he goes live. Very smart to be honest. Think of it this way: WHY do you think brokers give you a free 100k demo? Hmmmm......
  • #25,156
  • Mar 28, 2009 1:20pm Mar 28, 2009 1:20pm
Quoting gorubin
I have 2 questions for more senior members:

1. I understand the benefits of moving your stop to breakeven and I've been able to do that many times. One problem that I never see addressed here is what if your Pin breaks and gets you in the position while you sleep (say London hours for us in the US) or when you didn't get a chance to move your stop to breakeven. When you wake up you or look at your computer again you are already 50 -100 pips in drawdown. Would it be best to close the position immediately at a loss or letting it go with the original...

The trade isn't void until the stop is taken out, period.

Outside bars should be outside the entire bar previous. You like to see it close near the top in the case of bullish.....bottom in bearish.
  • #25,157
  • Mar 28, 2009 1:30pm Mar 28, 2009 1:30pm
Thanks for your answers clock and Mike. I always appreciate your insights.

Rubin.


Quoting clockwork71
The trade isn't void until the stop is taken out, period.

Outside bars should be outside the entire bar previous. You like to see it close near the top in the case of bullish.....bottom in bearish.
  • #25,158
  • Mar 28, 2009 1:35pm Mar 28, 2009 1:35pm
I agree with you clock. I was only kidding...I have demoed with small amounts myself in the past. I guess it was "fun" for me to enter huge orders occassionally on demo and hope I have a big enough account one day to do it live....until then Micro lots baby!


Quoting clockwork71
Because he is practicing in a realistic manner. This will help him when he goes live. Very smart to be honest. Think of it this way: WHY do you think brokers give you a free 100k demo? Hmmmm......
  • #25,159
  • Mar 28, 2009 1:57pm Mar 28, 2009 1:57pm
Quoting Eclipse
eur/gbp weekly: 2 weeks pin bar on resistance (0.95)
it's not as good as the eur/jpy PB, but imho it can be done...
what do you think?
Hi Eclipse,

I won't consider that 2 day pin bar,

not only is the bar not in perfect shape it's also running into a short term price flip (refer to chart) what may further embitter a potential trade is the 900 round number that follows immediately after this flip.

For now I am looking at the daily BEOB as a short term hold down to the two matching weekly lows.

Regards,
Ghous.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp weekly.gif Size: 11 KB
Click to Enlarge Name: eurgbp wdaily.gif Size: 13 KB
I believe . . .
  • #25,160
  • Mar 28, 2009 2:05pm Mar 28, 2009 2:05pm
Quoting krue
Actually, jarroo, I am not good at trading for the moment, from any aspect to say. when I be in a trade, feel stressful, when having no position, still stressful. don't know when I could walk out of this typle of weird condition.anyhow, I think I will get that level of status you were just describing. thank you again for the advise.
Surviving or simply losing is all in your mind: you worry about

1: Being wrong
2: Losing money
3: Missing out on a trade
4: Leaving "money" on the table

Probabilities are the name of the game and will require you to buy into the following

1: Anything can happen
2: You don't need to know what is going to happen next to make money
3: There is a random distribution between wins and losses for any set of variables that define your edge
4: An edge is nothing more than an indication of a higher probability of one thing happening over another
5: Every moment in the market is unique


the system in your head will decide if you succeed or fail at trading

the majority of analysis you should do is not fundamental nor technical but MENTAL analysis first

think about these "simple" truths over the weekend

"Ah Ha" moments will come if you do this
Don't chase the market, Let the market come to you
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