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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

  • #28,541
  • Apr 29, 2009 5:48am Apr 29, 2009 5:48am
I won't pass this up.........

GUITAR-playing ?!!!! well, i love music, but i still haven't tackled the guitar. Any1 got some tips for a left-handed guy? I'm a percussion guy ("widow player", i play "by ear" &not into music notes ---yet), play the snare drum well (got no drum set yet ) but very much willing to learn to play string instruments with guitar, violin, cello in my priority list..

anybody here plays the guitar "horizontally"(as if the guitar is lying horizontally in bed/as if playing the marimba, drums, etc; i dont know the correct term for this)?

Maybe sometime soon i'll get back to u guys for advice/suggestions with regards to guitar playing/awesome songs to play guitar with. I got further confirmation today that traders all over the world are uniquely multi-talented.
  • #28,542
  • Apr 29, 2009 5:54am Apr 29, 2009 5:54am
Quoting DanUK
Thanks again, Jarroo - perfectly clear to me now! I like your stop strategy; it gives me more confidence in the strategy I am using (which is very similar)!

I always used to put my stop at the top of the setup but as has been mentioned here before, often a very good setup will result in a very quick and clean break, so a tight stop works out just fine.

Thanks & regards,
Dan
hey dan
cld u pls explain the concept of the tight stop loss u r refering to
hope u dnt mind sheding some light on it.....
I also put my stop loss at the other end of the bar (think i understand but not fully)
thnx in advance
Simplicity is the key to success
  • #28,543
  • Apr 29, 2009 5:55am Apr 29, 2009 5:55am
Quoting supremeChaos
I won't pass this up.........

GUITAR-playing ?!!!! well, i love music, but i still haven't tackled the guitar. Any1 got some tips for a left-handed guy? I'm a percussion guy ("widow player", i play "by ear" &not into music notes ---yet), play the snare drum well (got no drum set yet ) but very much willing to learn to play string instruments with guitar, violin, cello in my priority list..

anybody here plays the guitar "horizontally"(as if the guitar is lying horizontally in bed/as if playing the marimba, drums, etc; i dont know...
jeeez.. im left handed also. what a pain in the ASS!! it will take you 5 times longer to learn unless you carry your guitar everywere you go!!...lucky us lefties are 5 times more talented ..ask Van the man..or ole jimmy...lol
PATIENCE... DISCIPLINE
  • #28,544
  • Apr 29, 2009 5:57am Apr 29, 2009 5:57am
Siam, scott087, others,
your EJ trade has done well.
more upside?
  • #28,545
  • Apr 29, 2009 6:06am Apr 29, 2009 6:06am
I reviewed both of these last night; played the USD. After a move up of about 30 pips, set stop to BE and went to bed. Stopped out. EUR action was very similar, but I would still be in the trade. For those of you who chose EUR over USD, what was your rationale? They both looked decent to me, but I thought USD had a clearer path up. Thanks.
"A is A"
  • #28,546
  • Apr 29, 2009 6:08am Apr 29, 2009 6:08am
g_j_hook@yah,
on the contrary, i'm a pain in another's ass..
I feel blessed that i'm a leftie, jack of all trades(master of many? ) , & it makes me feel $100% "unique-r" than others.

well, what can i say to your reply but... I'll have u & d other guys as my guitar mentors, if u don't mind. If possible, i plan to play it left-handed (as i see right-handed strumming would be a difficult "round number" for me & hinder me to learn to play as many songs as quickly as possible) & alternatively try to play it "upside down" & "horizontally" if i get the time & patience to do so.
  • #28,547
  • Apr 29, 2009 6:12am Apr 29, 2009 6:12am
Quoting DanUK
often a very good setup will result in a very quick and clean break, so a tight stop works out just fine.
I guess there could be some confusion re SL. A smaller/tighter SL should not mean smaller loss. With the correct position sizing, any SL - when hit - should result in, say, 1% equity loss.

Smaller SL improves RR potential, that's all. I think Jarroo's logic is as follows: "correct" SL is say 100pips (above/below the setup), but as the setup is AAA+++, the price is likely to move (fast) at least 30-40pips. So, by going for 30pip SL and closing 1/2 at RR1, Jarroo achieves (I'd say with the same degree of probability) the same result as if he went for a 100-pip SL and waited for the price to move 100pips. Am I on the right track here, Jarroo?..
One Chart is Worth Ten Thousand Words.
  • #28,548
  • Apr 29, 2009 6:13am Apr 29, 2009 6:13am
Quoting supremeChaos
Siam, scott087, others,
your EJ trade has done well.
more upside?
Well my first entry is showing now 230 pips + right now but I still cant believe it moves like it does.
This trade has more to tell in my opinion. But it is very hard to sit on hands and wait.
I think we will face some price falling, but I dont see it past 128.00 .
Here is what I see.
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  • #28,549
  • Apr 29, 2009 6:18am Apr 29, 2009 6:18am
catiron,
without checking the charts... just via intuition & my "feel" of the recent charts/markets:
recently (i'm talking short, short-term time horizon) euro is fairly strong vs usd &/or jpy
AND/OR the strength of usd is neutralized by the strength of jpy as risk aversion ebbs & flows by the day. There is a push & pull between usd & jpy (apart from chf) with regards to safe haven status & risk aversion
  • #28,550
  • Apr 29, 2009 6:28am Apr 29, 2009 6:28am
Quoting Schneeule
Well my first entry is showing now 230 pips + right now but I still cant believe it moves like it does.
This trade has more to tell in my opinion. But it is very hard to sit on hands and wait.
I think we will face some price falling, but I dont see it past 128.00 .
Here is what I see.
so, u did get in using your H16 chart....
where is your stop? have u trailed it, locking "some" pips?
now it seems unreal, but next time it will be in the realm of "predictable profitability" for you, then u will reach the mighty snipers' zone where trading is "boring & profitable"
Patience got u in this trade, just keep on doing it. Patience & consistency will reap rewards for all of us.

Again, to u & the others, nice trade.
  • #28,551
  • Apr 29, 2009 6:51am Apr 29, 2009 6:51am
SupremeChaos

All possitions locked at 127.9 . I just wish something like this happen
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  • #28,552
  • Apr 29, 2009 6:51am Apr 29, 2009 6:51am
Bit off topic here but could someone post the fib indicator that has the price along side the percentages ?
  • #28,553
  • Apr 29, 2009 6:51am Apr 29, 2009 6:51am
.....hang in there neil....i know your finger are hurting mate but theres just another 20 pips to go !!....
PATIENCE... DISCIPLINE
  • #28,554
  • Apr 29, 2009 6:54am Apr 29, 2009 6:54am
Quoting Billy73
Bit off topic here but could someone post the fib indicator that has the price along side the percentages ?
click on the fib properties, and type %$ in front of the "discription"
e.g. %$ 50% fib, and this shows the price also.
jon
EDIT: p.s it seems to be an off topic day here today, hehe. mostly my fault so i wouldnt worry about it.
PATIENCE... DISCIPLINE
  • #28,555
  • Apr 29, 2009 6:59am Apr 29, 2009 6:59am
Quoting g_j_hook@yah
click on the fib properties, and type %$ in front of the "discription"
e.g. %$ 50% fib, and this shows the price also.
jon
EDIT: p.s it seems to be an off topic day here today, hehe. mostly my fault so i wouldnt worry about it.
Didn't know that... Thanks
  • #28,556
  • Apr 29, 2009 7:09am Apr 29, 2009 7:09am
Hi guys

Did not take EJ pin because of traffic to the left, but I was very tempted. Just wondering what category this would fit into, eg B+? I did not think it an A+ so passed on this one somewhat reluctantly!

berti
PA is where its at!!
  • #28,557
  • Apr 29, 2009 7:11am Apr 29, 2009 7:11am
Quoting 4fun
I am waiting for this daily candle to close, I see 200pips from this level
Just got out of bed its 5am westcoast here like to check 4hr candles happy to see my 200pips in the bank while sleeping still left %10 runnin.Lookin to see what fiber does at 1.3300 level wk s/r?
  • #28,558
  • Apr 29, 2009 7:15am Apr 29, 2009 7:15am
Quoting squeezy
hey dan
cld u pls explain the concept of the tight stop loss u r refering to
hope u dnt mind sheding some light on it.....
I also put my stop loss at the other end of the bar (think i understand but not fully)
thnx in advance
Hi,

That's ok I don't mind sharing... basically my thinking is that when the A+++ trades break, they tend to break pretty hard and fast so it isn't always necessary to have a stop loss right at the other end of the price action setup. Please have a look at the chart as an example of what I mean by the hard and fast break.

Which, as Forex007 points out, you get a better R:R...

Quoting Forex007
I guess there could be some confusion re SL. A smaller/tighter SL should not mean smaller loss. With the correct position sizing, any SL - when hit - should result in, say, 1% equity loss.
Quoting Forex007

Smaller SL improves RR potential, that's all. I think Jarroo's logic is as follows: "correct" SL is say 100pips (above/below the setup), but as the setup is AAA+++, the price is likely to move (fast) at least 30-40pips. So, by going for 30pip SL and closing 1/2 at RR1, Jarroo achieves (I'd say with the same degree of probability) the same result as if he went for a 100-pip SL and waited for the price to move 100pips. Am I on the right track here, Jarroo?..
But I would add that as far as I know this isn’t the way James16 teaches his method of trading so I wouldn’t take it as gospel! It’s just a personal preference of mine and I think Jarroo.

Regards,

Dan
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  • #28,559
  • Apr 29, 2009 7:17am Apr 29, 2009 7:17am
Shorted the USD/CAD last night almost at the very top of the bar. 1.2214 was my entry. What a nice move to wake up to in the morning. I loaded up nice on this one, due to the false break of the inside bars on the daily. This is one of the patterns that I am very confident with. Moved my stop to BE +40 and giving it room to run. so far this week has been very good to me. +400ish pips so far.

Just want to thank everyone here for all the help and support. This has been one of the best experiences an turn arounds in my trading career so far.
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"Luck favors the prepared mind"
  • #28,560
  • Apr 29, 2009 7:21am Apr 29, 2009 7:21am
Billy73, Schneeule,
u play around with it, depending on your preference...
again: fib properties> fib levels> under description, double-click on the fib level u want to edit, then do what jon/gj said above (type "%$"). or alternatively type, for example, "38.2 %$", "%$ 38.2", "38.2 --- %$" or even "38.2 (%$)", whichever one u prefer.



Quote
....I just wish something like this happen
Schneeule,
u'd be surprised that that pattern happens often... only, it happens in different pairs & different timeframes, in uptrends as well as downtrends... probably not daily, but often!



bertie123,
rating a trade A+, C+ or whatever varies from trader to trader. As u said, u "did not think it was an A+ so passed on this one...". Never mind, still more to come as long as u don't quit in this journey!
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