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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

  • #29,621
  • May 11, 2009 5:42am May 11, 2009 5:42am
Quoting jarroo
I have small partial positions from all three PBs on each pair. (Cad, Eur/Jpy and Aud/Jpy). I take a long term mind set when I hold my last postiton. Meaning I tend to leave this position at break even until I'm stopped out or when a PPZ level on the Weekly or Daily shows a clear sign of strength for me to hide behind. The mind set requires you to endure huge pip swings of 200 to 400 pips or more. Bottom line is that you don't lose money.

Take the Cad. 75/80% of my position was banked at the obvious profit Targets in green. My current stop loss...
jaroo thanx, this is exactly the info i was looking for,
it was a good eye opener to see your stop so far away!! i think this has been the predominent issue for me... i studied charts for a long time on the 15min tf. its not so easy watching price move 200 pips against you eh !!?? im gonna follow your example with my gb/chf trade. i now have profits banked of course and i am comfortable with the size of the possition i have running....
i tend to see floating profits as profit lost if price goes against me. i think this is probably a very bad habit to form, it can only make things harder for holding possitions over longer term!!?? i have remain (psycologically)with the profits banked,and only play the charts any thoughts anyone?
one question, do you look to add to your positions or trade the pair afresh at each set-up??does this make sense??e.g. i am testing using the dibs method to add to trades.
cheers
jon
PATIENCE... DISCIPLINE
  • #29,622
  • May 11, 2009 5:43am May 11, 2009 5:43am
Hi All,

I've been following the J16 thread for a few weeks now (goes without saying the best find ever), I thought it's about time that I get involved.

I'd be keen to hear some thoughts on this set up, I believe that's a BEOB set up on the 4h chart. Plenty of space, at swing high, also pin bar potential set up on daily (I know still some time before close), it seems like it's also bounced back from a strong resistance zone at 0.6100

I plan to keep an eye on this one for a potential play on the daily set up ( at the break of the pin low)

I'd appreciate some thoughts and perhaps point out if I've missed something?

Regards,
CVD

P.S. I hope I've uploaded my charts right
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  • #29,623
  • May 11, 2009 5:47am May 11, 2009 5:47am
Quoting supremeChaos
mea,
This is very important, so if i may, I would like to address this issue for you & specially for other trader's sake. This is, i believe a misconception or what u can call a "norm"(generally accepted fact or idea).

I would like to add an affirmation to what Jigsaw, Meum, mbqb11, fxprocessor,...


i also loved the phrase "if you cant beat your ego on a demo.....etc
brilliant. thanks mike
jon
PATIENCE... DISCIPLINE
  • #29,624
  • May 11, 2009 5:54am May 11, 2009 5:54am
hi yawl, i like the nz/us 4h beob and have placed my order....
but just thought we should be aware of the possible shampoo setup on the weekly..lol..it just looks a bit too nice not to do anything????
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PATIENCE... DISCIPLINE
  • #29,625
  • May 11, 2009 6:01am May 11, 2009 6:01am
BUOB on us/cad 4h... time for some retrace?? im on the sidelines with this, but should be interesting?
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PATIENCE... DISCIPLINE
  • #29,626
  • May 11, 2009 6:03am May 11, 2009 6:03am
Quoting g_j_hook@yah
hi yawl, i like the nz/us 4h beob and have placed my order....
but just thought we should be aware of the possible shampoo setup on the weekly..lol..it just looks a bit too nice not to do anything????
Do you like that one more then the AUD/USD one? I really like it off the .7700 level PPZ, seems like it could spark some more selling idk. Also looking at daily would have a lot more space. I see AUD/USD potential for .7500, whereas the NZD/USD is still sitting on top of .6000 PPZ (hope I got that right).. anyway just my 2 cents
  • #29,627
  • May 11, 2009 6:10am May 11, 2009 6:10am
Quoting Cvd
Hi All,

I've been following the J16 thread ...
Hi CVD

First post and a newbie like myself

Try sticking to daily & weekly time frames for the next few months and look for pinbars to start. They're easy to spot so you won't need the bar indicator. You'll need to find the EJ_CandleTime.mq4 indicator so you'll know when the current bar ends. We're using support & resistance zones (PPZ's) instead of pivot levels.

Start with the videos in the guest section at http://www.james16group.us; and then the first post in this thread
WARNING: Don't follow me as I'm just learning
  • #29,628
  • May 11, 2009 6:13am May 11, 2009 6:13am
Quoting g_j_hook@yah
but just thought we should be aware of the possible shampoo setup on the weekly..
what is a "shampoo" setup? thx.
  • #29,629
  • May 11, 2009 6:17am May 11, 2009 6:17am
Quoting dkmb92
what is a "shampoo" setup? thx.
nevermind, i get it now, "head n' shoulders"...i just woke up...but nice to wake up to 150 pip profit on gbp/chf daily short, wonder what the wkly will bring?
  • #29,630
  • May 11, 2009 6:18am May 11, 2009 6:18am
Quoting dkmb92
what is a "shampoo" setup? thx.
sorry....head and shoulders reversal pattern.
its shampoo brand name in britain for everyone else.lol
PATIENCE... DISCIPLINE
  • #29,631
  • May 11, 2009 6:28am May 11, 2009 6:28am
Quoting g_j_hook@yah
sorry....head and shoulders reversal pattern.
its shampoo brand name in britain for everyone else.lol
as well as everywhere else in the rest of the world
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #29,632
  • Edited 6:40am May 11, 2009 6:29am | Edited 6:40am
Quoting Jlr
Do you like that one more then the AUD/USD one? I really like it off the .7700 level PPZ, seems like it could spark some more selling idk. Also looking at daily would have a lot more space. I see AUD/USD potential for .7500, whereas the NZD/USD is still sitting on top of .6000 PPZ (hope I got that right).. anyway just my 2 cents
i like that also...im in allready. after seeing the last 4h BEOB then IB than the IB break with a BEOB!! i was left wishing i had got in on the break of the IB low@ just below .7650. but was a little late. my entry was .7639
MMMmmmm.... price just broke by a couple of pips. good luck if you take it.
jon
EDIT: by the way i agree with what you said about the nz, and i will be watching v. closely how this developes.regarding the aussie i want a good break below .7600 before i will be comforable.
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PATIENCE... DISCIPLINE
  • #29,633
  • May 11, 2009 6:43am May 11, 2009 6:43am
Quoting g_j_hook@yah
i like that also...im in allready. after seeing the last 4h BEOB then IB than the IB break with a BEOB!! i was left wishing i had got in on the break of the IB low@ just below .7650. but was a little late. my entry was .7639
MMMmmmm.... price just broke by a couple of pips. good luck if you take it.
jon
Interesting, didn't even notice the IB and all of that... only caught my attention with that last 4 hour bar right off the .7700 level on my feed. I would have definately played this one but got enough open atm. Good luck
  • #29,634
  • May 11, 2009 8:48am May 11, 2009 8:48am
Quoting 4fun
Just going over the charts on a lazy Sat am and couldnt help but notice this head&shoulder setup I know recent trend is up this weeks candle bearish,look at thurs & friday day candle combined gives a bear pin i am not saying this is a trend changer but worth taking note! Btw some really excellent post everyone
This is starting to look good I went short @ 98 just testing the waters 97 is the big level to watch might add to it!
  • #29,635
  • May 11, 2009 8:50am May 11, 2009 8:50am
One final post on News reading...

Last night when market reopened, I shorted (@market) G/J, E/J, N/J and A/J... and then I read THIS. Dont bother reading the whole story, just first sentence ....
How do you react if you're in the trade?

1. You panic and immediately close all your positions.
2. You go have a drink and then hedge your positions by opening trades in opposite direction (see what happens)
3. You start posting on the forums, hoping someone else have the same view as yours (the more the merrier and probably not wrong (crowd psychology..))

4. You KNOW that you have a TRADING PLAN and traded for a reason. You know that people write stories for a reason (money, fame) or have an agenda (draw crowd to their payperview website). You KNOW, that you have a business and no one else have your best interest at heart but YOU. You know, that 95% people are making wrong trading decisions. You also know that talk is cheap.
HENCE YOU STICK TO YOUR GUNS (your trading plan) until proven wrong.

have a great trading week.

R
  • #29,636
  • May 11, 2009 8:52am May 11, 2009 8:52am
EURAUD strong break of Pin bar. Stop at BE. Will see how this one runs.
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  • #29,637
  • May 11, 2009 8:53am May 11, 2009 8:53am
Quoting raczekfx
One final post on News reading...

Last night when market reopened, I shorted (@market) G/J, E/J, N/J and A/J... and then I read THIS. Dont bother reading the whole story, just first sentence ....
How do you react if you're in the trade?

1. You panic and immediately close all your positions.
2. You go have a drink and then hedge your positions by opening trades in opposite direction (see what happens)
3. You start posting on the forums, hoping someone else have the same view...
So true, so true.
Patience + Humility + Study = Success
  • #29,638
  • May 11, 2009 8:55am May 11, 2009 8:55am
Quoting raczekfx
One final post on News reading...

Last night when market reopened, I shorted (@market) G/J, E/J, N/J and A/J... and then I read THIS. Dont bother reading the whole story, just first sentence ....
How do you react if you're in the trade?

1. You panic and immediately close all your positions.
2. You go have a drink and then hedge your positions by opening trades in opposite direction (see what happens)
3. You start posting on the forums, hoping someone else have the...
Word.
"Don't trade to trade . . . trade to win." - James16
  • #29,639
  • May 11, 2009 8:58am May 11, 2009 8:58am
Ive been known to pop a top good or bad newshttp://www.forexfactory.com/images/icons/icon10.gif
  • #29,640
  • May 11, 2009 8:58am May 11, 2009 8:58am
Quoting raczekfx
One final post on News reading...

Last night when market reopened, I shorted (@market) G/J, E/J, N/J and A/J... and then I read THIS. Dont bother reading the whole story, just first sentence ....
How do you react if you're in the trade?

1. You panic and immediately close all your positions.
2. You go have a drink and then hedge your positions by opening trades in opposite direction (see what happens)
3. You start posting on the forums, hoping someone else have the same view...
Great post Rac.

I particularly agree with:
"You KNOW, that you have a business and no one else have your best interest at heart but YOU. "
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