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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

  • #25,881
  • Apr 2, 2009 10:45am Apr 2, 2009 10:45am
Quoting arcus
...

I apologize mate! lol!

EDIT: corrected...
I believe . . .
  • #25,882
  • Apr 2, 2009 10:53am Apr 2, 2009 10:53am
Alter give me a shout via email and let me work with you on a personal basis.

send me some charts on some recent trades in that email also.

jim

Quoting alter
Nice PIN on CHFJPY weekly chart was stop out as well. I think it was A setup, taken from weekly PPZ, 38.2 fib ret., and a lot of space down to 82 area where was my first PT(I think its obvious from the chart). At least it takes much longer to blow out account on weekly chart then on H4 or H1.
alter
  • #25,883
  • Apr 2, 2009 10:58am Apr 2, 2009 10:58am
Quoting jarroo
I'm still in Cad on the 2nd half. My 1st half was 32 pips. I have mentioned in an earlier post that I will give a little more leeway to an "A" category trade on the 2nd half. The key being, it's on the 2nd half.

So I moved my stop loss on the 2nd half 22 pips above my entry. To many times Price will retrace and test the break and then continue on.

I've done the same with the Eur/Chf.
v. nice.

Something I still have to work on. I usually take part profit as quickly as you, but for the second half I set (almost alwyas) a TP. With cad it would be all out @ 2430/40. There is nothing wrong with it and I can't complain, but I'm well aware of the fact that sometimes I miss huge runners and have to look for another opportunity (PA) to get back in a trade (more work and not as simple).

On the other side, sometimes TPs work better (like last week g/j and e/j PBs ), especially when weekly PPZs are involved, e.g. last week short on WPB break (all out) TP at 2710 saved me lots of pips...
We never stop learning, I guess...
.
Attached Image
  • #25,884
  • Apr 2, 2009 10:59am Apr 2, 2009 10:59am
very well said ghous.

all of us must remember that the moment where things click does not come for everyone at a predefined time or level.

many of you already know that losing can really mess with your head.

we must not get angry with those that are trying but confused and a bit angry.

i think ghous did an admirable job.

hang in there alter and cointact me via email please.

jim

Quoting ghous
uh..oh!

No and certainly not Alter, I wasn't being ironical atall...

Right so it was a loosing trade...

The setup was good, let's not use absolute words so as to refer to it as A+ but i'll say the setup was good.

The pin bar broke, so you're in...

it's on the weekly and you wait for it to give you some handy pips before you look to move your stop to BE.

THIS IS EXACTLY WHAT IT DID!

It went a good 150 pips in your favor,

It's to avoid trades like these that Jim recommends a move to BE as soon as you possibly can.

you may argue...
  • #25,885
  • Apr 2, 2009 11:00am Apr 2, 2009 11:00am
CHART
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  • #25,886
  • Apr 2, 2009 11:01am Apr 2, 2009 11:01am
I didn't move my SL as there was no reason to do so. Next PPZ was another 100 pips farther and it was just first day of the week. It's also different if the trade goes in your way 70 pips on H4 chart or weekly where you have 350 pips SL, I can not treat it in the same way, can I?
I think the problem with weekly setups is that they are likely to be under influence of fundamentals. And this is exactly what happened with this trade. On Tuesday there were some positive news, DJI went up and JPY down.
Anyway I will stop trading when I'm 15% down , so I have couple of trades to go. Thank you for your analysis Ghous
alter
  • #25,887
  • Apr 2, 2009 11:03am Apr 2, 2009 11:03am
I've been keeping my eye on the EUR/yen at this level and i was wondering if anyone has any tips or ideas on how they will make their entry into this trade. I'm trying to decide if I should buy at the break up above resistance or wait for a pullback and then buy. This is for a 4hr or daily TF chart. any ideas would be great.
"Luck favors the prepared mind"
  • #25,888
  • Apr 2, 2009 11:05am Apr 2, 2009 11:05am
Quoting alter
I didn't move my SL as there was no reason to do so. Next PPZ was another 100 pips farther and it was just first day of the week. It's also different if the trade goes in your way...
At least you're smart enough to know that when you're in a deep hole you should stop digging.

You'll get it Alter, let Jim help you with it, he specializes in it...
I believe . . .
  • #25,889
  • Apr 2, 2009 11:06am Apr 2, 2009 11:06am
Quoting jpa0827
I've been keeping my eye on the EUR/yen at this level and i was wondering if anyone has any tips or ideas on how they will make their entry into this trade. I'm trying to decide if I should buy at the break up above resistance or wait for a pullback and then buy. This is for a 4hr or daily TF chart. any ideas would be great.
That's certainly a nice area to watch for Jpa,

Let PA show you the way
I believe . . .
  • #25,890
  • Apr 2, 2009 11:08am Apr 2, 2009 11:08am
fundies mean nothing. pivot zones are there to guide you and help manage trades. They are not meant to be used as a mechanical way of exiting trades.

example:

im in a trade with a pivot zone 150 pips away and im already up 75 pips.

would i in a million zillion years let that turn into a losing trade waiting for that pivoit to be hit?

no way.

this is where your struggling.

its not hard to get over that hump.

just keep working and send me emails with charts if you want or need to.



Quoting alter
I didn't move my SL as there was no reason to do so. Next PPZ was another 100 pips farther and it was just first day of the week. It's also different if the trade goes in your way 70 pips on H4 chart or weekly where you have 350 pips SL, I can not treat it in the same way, can I?
I think the problem with weekly setups is that they are likely to be under influence of fundamentals. And this is exactly what happened with this trade. On Tuesday there were some positive news, DJI went up and JPY down.
Anyway I will stop trading when I'm 15% down , so...
  • #25,891
  • Apr 2, 2009 11:10am Apr 2, 2009 11:10am
Quoting james16
CHART
Great poet?...lol!
I believe . . .
  • #25,892
  • Apr 2, 2009 11:17am Apr 2, 2009 11:17am
I think the message here is try and limit your losses, move to break even as soon as you have some pips in profit, having a break even trade is like skipping the trade, plus you got some trade experience.
Economists have forecast 9 out of the last 5 recessions
  • #25,893
  • Apr 2, 2009 11:17am Apr 2, 2009 11:17am
Quoting james16
fundies mean nothing. pivot zones are there to guide you and help manage trades. They are not meant to be used as a mechanical way of exiting trades.

example:

im in a trade with a pivot zone 150 pips away and im already up 75 pips.

would i in a million zillion years let that turn into a losing trade waiting for that pivoit to be hit?

no way.

this is where your struggling.

its not hard to get over that hump.

just keep working and send me emails with charts if you want or need to.

Ok Jim I will contact you soon. Thank you very much
alter
  • #25,894
  • Apr 2, 2009 11:21am Apr 2, 2009 11:21am
Quoting raczekfx
I'll give you a tip (on top of PA, which Jim will discuss with you), worth many lost accounts.

Yen is very special currency and not as simple to trade as many think. Japanese traders and BOJ always play games with traders (check PA after Tankan report earlier this week). They work like one big brain and they hate traders other than their own. Ever seen Tokyo stock exchange at work? It's a quiet harmony compared to mess on wall street.

Here is a tip: Almost all jpy crosses move in unison (95% ) ..., so you have to...
You are right about that, I took EURJPY and GBPJPY Weekly PINs , they hit support and turn back, CHFJPY moved with them, without a need to hit PPZ.
  • #25,895
  • Apr 2, 2009 11:33am Apr 2, 2009 11:33am
Quoting james16
how many of you are envious of jarroo and mad at my post that i would move my stop to BE?

This is a great lesson.

why?

because the next time i make a statement like that it might rocket off the other direction and i will be everyones hero instead of the goat.

LOL.

Im about not taking losses, what more can i say.

These happen to me all the time but on the bright side i rarely take more than tiny losses.

the other thing to remember?

they dont all come back and stop you at BE. sometimes you get these huge runners after...
It's taken me almost a year to get this. After seeing it myself on demo, I finally understood a few months ago. Thanks again Jim.
"Don't trade to trade . . . trade to win." - James16
  • #25,896
  • Apr 2, 2009 11:33am Apr 2, 2009 11:33am
The BOJ is
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #25,897
  • Apr 2, 2009 11:41am Apr 2, 2009 11:41am
I wanted to contribute something. Attached you will find a chart with common formations and a brief description of typical ways of trading them (per babypips.com). If anyone would like me to remove/add anything to the bullets, particularly relating to J16 strategies, by all means let me know
Attached File(s)
File Type: pdf chart formations.pdf   55 KB | 1,825 downloads
  • #25,898
  • Apr 2, 2009 11:42am Apr 2, 2009 11:42am
Quoting ikki
The BOJ is
YES. Evil to core.
"Don't trade to trade . . . trade to win." - James16
  • #25,899
  • Apr 2, 2009 12:28pm Apr 2, 2009 12:28pm
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 @...
I can so relate to this. It's probably one of my big hurdles. Rather than playing a bar on its merits I look to see what the seniors make of it. I forget that what they think of a bar is only part of the whole picture. For example, mbqb11 likes to move his stops at the end of the day. He doesn't day trade off a daily chart so much. That's more Jim. So mbqb11 is looking for more potential to remove. James16 and Jaroo are more day traders off the daily chart. They take some profit off the table at first target.

Everyone evaluates a bar based on how they trade. If I want to day trade off the daily chart, it's not necessarily going to line up with a trade Mike would take. And if I want to move stops only at the end of the day then I've got no business trading some of the trades Jaroo takes.

It takes me a while to get this through my head, because I am easily swayed. Call it 'forum confluence' if you will. What has helped me is backtesting. Because that is decision after decision taken on my own. Helps to build the muscle.

Thanks for posting this PipGator. Boy do I relate...
  • #25,900
  • Apr 2, 2009 12:30pm Apr 2, 2009 12:30pm
While we're on the topic of 'moving to B/E', I had a quick question...I've been trading with a 45 pip trailing stop with a target typically around 200 pips away. Obviously after 45 pips, I move to B/E, but then I typically get stopped out no where near 200 because of a retrace in between a 200 pip jump.

I'm amazed at you guys that can pound out 500-1000 pip trades - what do you do with your trailing stop? Do you just put it really far away (<100 pips) and let it just continually go until you hit your target or do you move your stop up after every 100 pips (no trailing stop)? Obviously with 1000 pips it will retrace at least 45 pips (at least with my method) so what do you guys do? (clearly I'm willing to change my method...ha ha)
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