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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

  • #25,821
  • Apr 2, 2009 7:36am Apr 2, 2009 7:36am
Quoting MPP
we may start with a 120pip sl and a tp1 of 40pips (each trade makes a small gain), but we expect it to get there 80% of the time (4 out of 5 trades) and then the rest is moved to BE (just one version of managing the trade) - what this means to me is that our system has a higher than 1:1 return ratio
MPP, just curious how you arrived to RR1: if you size your position based on SL of 120pips, RR1 is only achieved if your WHOLE position is exited at +120pips (or you can exit, for example, 2/3 at +40pips, but then - for RR1 - you need to exit remaining 1/3 at +300pips).
One Chart is Worth Ten Thousand Words.
  • #25,822
  • Apr 2, 2009 7:46am Apr 2, 2009 7:46am
Hi guys,

just wondering, which currency pairs do you mostly trade? I know that James trades 40 different markets, but which are your "favourite" pairs? Are those majors and minors only, or do you also trade crosses? If yes, which crosses do you mostly trade?

Thanks and sorry for asking this question but so far I wasn't able to find the answer on my own.

Best regards!
  • #25,823
  • Apr 2, 2009 7:50am Apr 2, 2009 7:50am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Forex007
MPP, just curious how you arrived to RR1: if you size your position based on SL of 120pips, RR1 is only achieved if your WHOLE position is exited at +120pips (or you can exit, for example, 2/3 at +40pips, but then - for RR1 - you need to exit remaining 1/3 at +300pips).
It's about the system, not the trade, if only 1 trade in 5 hits your SL at 120pips and 4 trades make the 40pips the system average is better than 1:1 with a loss of 120pips and a gain of 160pips - were 40pips up, but the rest of the system is at BE and some will run which is the key to the longer term game.

now granted weve taken 5 trades, but not at the same time, at any one time we only risk our 120pips, then when we make BE, we can use the same risk again.

i'm not one for worrying about R:R so people do pick holes in my ideas about it, but the concept works for me, hope this helps you understand were i'm coming from.
  • #25,824
  • Apr 2, 2009 7:51am Apr 2, 2009 7:51am
Quoting hendrix
Hi guys,

just wondering, which currency pairs do you mostly trade? I know that James trades 40 different markets, but which are your "favourite" pairs? Are those majors and minors only, or do you also trade crosses? If yes, which crosses do you mostly trade?

Thanks and sorry for asking this question but so far I wasn't able to find the answer on my own.

Best regards!
Hey Hendrix,

I think you will find that everyone is different.
But I would say that most people here trade all pairs. It makes it easier to pick the best trades when you are looking at 20 pairs instead of 5.
Personally I look at every pair my broker offers and I would say most people do the same.

PS: I dont have any favourite pairs. My favourite pair is whichever has a good setup that makes me $$. (that's just me though)

Tom
  • #25,825
  • Apr 2, 2009 7:57am Apr 2, 2009 7:57am
Quoting hendrix
Which currency pairs do you mostly trade?
Anything I can get my hands on! PA works across all markets

(holding for a break through this level...)
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  • #25,826
  • Apr 2, 2009 7:57am Apr 2, 2009 7:57am
Quoting PipGator
The USD/CAD pinbar created a tug-of-war battle in my brain. When I got home from work last night I read this forum as usual and saw a couple of posts regarding the USD/CAD pinbar. I then looked at my chart and decided that it was a good opportunity after performing my rookie analysis. The pinbar had bounced off of a nice PPZ, had fib confluence, we recently had a BEOB on the weekly chart and there seemed to be a decent amount of space.

I logged into my trading account and placed an order to sell @ 1.2656 with first TP @ 1.2510 and second TP @...
A good trade sticks out like a sore thumb. To you.

...If you're not in the trade , you can't stress over it being a dumb 'over-trading' choice.

You took the right decision at the end to "just wait for something nicer".
Do that more often.
.
Bundy's status today: "Waiting..."
  • #25,827
  • Apr 2, 2009 8:12am Apr 2, 2009 8:12am
Quoting moneybags

PS: I dont have any favourite pairs. My favourite pair is whichever has a good setup that makes me $$. (that's just me though)

Tom
hahahah, well said!
  • #25,828
  • Apr 2, 2009 8:16am Apr 2, 2009 8:16am
Thanks for the advice, Chris.

Part of the reason I felt good about staying out of the USD/CAD trade is that I was able to set aside the opinions of others when the final decision was made. I have to admit, though, that there have been many times that I have tried to use this thread as a signal service. Although I have not yet reached the point where the only opinion that matters is my own, I feel that I am one step closer.

Quoting Chris P
Hey Pip,

This isn't wholly directed at you. More of a general method of developing a trading skill set.

When I first started out reading this thread I went through the exact same process. Some contributors would be giving reasons to not take a trade and others would then be saying that they were on board.

So what's the best solution? Easy. Do your own analysis of the charts every night. Identify possible trade opportunities as you go through the charts and make a note of the pairs. Then go back to those marked and analyse them more closely. If...
  • #25,829
  • Apr 2, 2009 8:25am Apr 2, 2009 8:25am
Quoting PipGator
Thanks for the advice, Chris.

Part of the reason I felt good about staying out of the USD/CAD trade is that I was able to set aside the opinions of others when the final decision was made. I have to admit, though, that there have been many times that I have tried to use this thread as a signal service. Although I have not yet reached the point where the only opinion that matters is my own, I feel that I am one step closer.
YW Pip. You took the right decision in weighing up all of the pro's and con's and coming to your own conclusion. Where people can struggle with this is by blindly following others' plans.

As Bundy said, you're on the right path
  • #25,830
  • Apr 2, 2009 8:26am Apr 2, 2009 8:26am
Quoting jarroo
...
A hard break of this level will confirm the setup for me. Let's see what happens. I'm in at 1.2564.
...
Jarroo must like this break and must be smiling right now. IMHO, someone must be waiting for the blue box area - confluence. Yen crosses breakout made me smile when I woke up from sleep
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  • #25,831
  • Apr 2, 2009 8:32am Apr 2, 2009 8:32am
Any thoughts on the USD/JPY 4hr chart. Looks like it formed a pin bar but not sure if it is worth playing given the momentum upwards. I like that it closed below the main resistance level on daily though.
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"Luck favors the prepared mind"
  • #25,832
  • Apr 2, 2009 8:35am Apr 2, 2009 8:35am
repeat performance??? 30 mins left till close
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PATIENCE... DISCIPLINE
  • #25,833
  • Apr 2, 2009 8:37am Apr 2, 2009 8:37am
Entered yesterday in USDCAD at 1.2573 (break of low), with a lower size.

This morning I saw it a bit in the green, not with big momentum, so lowered stop at breakeven +1pip, and target at the first congestion area.

So, luckily (I hate having to use this word in trading issues, but Luck has a role nevertheless in human events) I exited at +40 pips. Else, I would have been stopped at breakeven on a nasty retracement, for a couple of pips.
  • #25,834
  • Apr 2, 2009 8:41am Apr 2, 2009 8:41am
Quoting ghous
I get to bear such trades once every few months,

Just as I mentioned I would do, I moved my stop to BE once we saw 14420, price intentionally moved to stop out a stupid trader in a stupid part of the world named "Ghous" (Oh and BTW it's Boss, only the B get's replaced by a G...it's the closest for you native English speakers. lol!) and then rocketed to the moon...
..
You're not stupid Ghous To be honest, I think you are one of the best contributor in this thread! It's better to be stopped out at BE than taking a loss (imho). My fiber was also stopped out for small loss then it goes to the moon lol Fiber was one of my fav setup but I get stopped out before it goes rocketed to the sky, and when I woke up I was like hmmm....lol But things happen and lucky my yen crosses pairs are paying me good pips except G/J (entry came out when I was sleeping so NVM).
  • #25,835
  • Apr 2, 2009 8:43am Apr 2, 2009 8:43am
Quoting jpa0827
Any thoughts on the USD/JPY 4hr chart. Looks like it formed a pin bar but not sure if it is worth playing given the momentum upwards. I like that it closed below the main resistance level on daily though.
That pin is pointing right into a lot of resistance which is not far enough away to allow any room to maneuver.
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  • #25,836
  • Apr 2, 2009 8:43am Apr 2, 2009 8:43am
this 8 h pin could be worth watching also??
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PATIENCE... DISCIPLINE
  • #25,837
  • Apr 2, 2009 8:54am Apr 2, 2009 8:54am
Quoting g_j_hook@yah
this 8 h pin could be worth watching also??

definitely - the stupid thing is that i was in this trade from the 1hr IB but came out too early even though i thought it might form an 8hr pb.
bit tired today - amazing how that seems to dent your self confidence. still 40 pips is still 40pips profit.
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  • #25,838
  • Apr 2, 2009 8:55am Apr 2, 2009 8:55am
Its gone into a wedge shape along the 50-fib at 1.2455. any thoughts on how to play it from here? could be some action really soon.
Just focus on the pips. The rest is insignificant.
  • #25,839
  • Apr 2, 2009 8:57am Apr 2, 2009 8:57am
Quoting simoncs
definitely - the stupid thing is that i was in this trade from the 1hr IB but came out too early even though i thought it might form an 8hr pb.
bit tired today - amazing how that seems to dent your self confidence. still 40 pips is still 40pips profit.
mabye youlle get another chance for more??!!
PATIENCE... DISCIPLINE
  • #25,840
  • Apr 2, 2009 8:57am Apr 2, 2009 8:57am
G J
I don't think what you are looking at is strictly an 8H pin-bar cos it does'nt open or close within the 'body' of the previous bar. Also potential support at 1.6550
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