james16 Chart Thread | Page 1519 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #30,361
  • May 18, 2009 10:37pm May 18, 2009 10:37pm
Well said, thanks!

Quoting rustyjeff
there is no SET price.

you need to work that out for yourself..

I will change my settings according to the pa before it.
but as a vague guide on daily euro is about 10-15 pips. & gj can be 10 -20 pips, but it really comes down to the pa before the setup.

you have to try the stuff for yourself to get a feel for it.

if you dont ,you will never have the confidence you are seeking
  • #30,362
  • May 18, 2009 10:43pm May 18, 2009 10:43pm
last std lot stopped @ be, + 1
  • #30,363
  • May 18, 2009 10:44pm May 18, 2009 10:44pm
Quoting rustyjeff
...

What I wanted to try & get across here is that this stuff is best when the individual uses it to create their own method/system.
When one starts to understand how price moves, not why, all becomes easier.
just wait for what you want & trade it.
I hear ya my friend...
I see people come to this thread thinking they have found a holly grail, blindly trade pins, be-buovb, lose some money, get disappointed and and leave...
They don't understand, j16trading is not a system, but only a method. A VERY POWERFUL method, which can catapult your trading to the highest level possible if you use it to complement your own trading system. Having said that, you still have to use your brain... Many are chosen, but only a few will survive.... . Oh well, you can't save every soul. Everyone has different lesson to learn.

Have a great trading week.

p.s. you should take your wife shopping to Montreal one day...
  • #30,364
  • May 18, 2009 10:47pm May 18, 2009 10:47pm
Quoting raczekfx
I hear ya my friend...

p.s. you should take your wife shopping to Montreal one day...

shhhhhhhh,,,
she might here you.
she's in the Bahamas right now... I have enough trouble just keeping my capital before she know's about it.......
  • #30,365
  • May 18, 2009 10:52pm May 18, 2009 10:52pm
Quoting rustyjeff
i do have a small position playing the uj pa as a pure setup. it is in drawdown but with what happened today in india I think this is one of those things that will continue to move the market in todays direction.

democracy beating communism can move things, even artificialy for a while.
i'll be watching asia overnight....

5250 on gu is what i'm looking at

stopped out on gu @be+1.

still standing by the daily.of uj ... of a nice round number..
  • #30,366
  • May 18, 2009 11:09pm May 18, 2009 11:09pm
Is there another bounce coming or a breakout......
Attached Image (click to enlarge)
Click to Enlarge Name: gu20.gif Size: 12 KB
  • #30,367
  • May 18, 2009 11:19pm May 18, 2009 11:19pm
Quoting raczekfx
50ps move on these 4std is a very nice daily 'scalp' income...
p.s. should fiber hit 1.3580 intraday, I'd be in it as well via limit order (now canceled). Waiting for another opportunity elsewhere ....

only took profit on 3, not 4....
the last was stopped @ be +1


still gave $990 so a good night.
i dont do this all the time... I do wait for things that work for me. & then I pull the trigger.
there is a lot of waiting in my trade rules.
  • #30,368
  • May 19, 2009 1:36am May 19, 2009 1:36am
it really is so easy.....
  • #30,369
  • May 19, 2009 1:45am May 19, 2009 1:45am
Raczekfx, so this method is not suitable for those who doesn't have profitable trading system already. Am I right?
  • #30,370
  • May 19, 2009 2:15am May 19, 2009 2:15am
Quoting rustyjeff
Is there another bounce coming or a breakout......
Now that's a hard and fast break . . .to say the least. lol
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #30,371
  • May 19, 2009 2:19am May 19, 2009 2:19am
Quoting rustyjeff
only took profit on 3, not 4....
the last was stopped @ be +1


still gave $990 so a good night.
i dont do this all the time... I do wait for things that work for me. & then I pull the trigger.
there is a lot of waiting in my trade rules.
$990 a welcome amount I am trading from a mini. Wait 4 things that work for you,then pull trigger= U play 2 your strengths. Waiting in your trade rules=Discipline & Patience. I try to grab a bit of wisdom from all you senior traders while finding my own way, a simple but insightful post message recieved.
  • #30,372
  • May 19, 2009 2:56am May 19, 2009 2:56am
Its a possibility Iam off to bed middle of the night here in my neck off the woods
Attached Image
  • #30,373
  • May 19, 2009 3:08am May 19, 2009 3:08am
Quoting 4fun
Its a possibility Iam off to bed middle of the night here in my neck off the woods

I do like its location, strong PPZ level (.8800) on the Daily/Weekly. A bit bigger and longer nose would be better. Lets see how she breaks.
Attached Image (click to enlarge)
Click to Enlarge Name: gudd.gif Size: 23 KB
Indicators show the past. Price Action "Indicates" the future.
  • #30,374
  • May 19, 2009 3:15am May 19, 2009 3:15am
This hard break of the BUOB on AUDUSD has just broken my winning streak since february, which mike has told me not to worry about but to put it in my note for the future stuffs.

In hindsight, I didn't really like the AUDUSD BEOB because the high did not exceed the previous bar's highs, which means the BEOB isn't at an extreme swing high, and maybe I should move my stop to the break high of the BUOB when I see it on the daily TFs.

After I read an article on pinbar psychology written by someone (I don't know who), I've been trying to see every setup as a divided pinbar, especially with a BEOB I'd really like to see the high protrude higher than it did on the AUDUSD several days ago.

Thing is, why am I too connected to the trade? I've upped my ante on it, since february I've always been trading with only 1% acc balance, and since a few trades ago, my risk has just been risen to a sum of 3%, I never thought that 2% of pip value difference would make such a large psychological hit when in drawdown, but now that I've stated those facts, my pip value is actually 3 times the usual pip value when I position size using 1% risk.

I'm a little confused right now, should I return to 1% risk? I think after dealing with a loss, I might want to gain back my rythm before risking the same percentage again.

I've attached the article I've been talking about, maybe someone know who the writer is?
Attached Image (click to enlarge)
Click to Enlarge Name: 3544692995_420af0cb3d_o.png Size: 25 KB
Attached File(s)
File Type: doc Swing Highs and Lows - Understanding the Pin Bar.doc   94 KB | 945 downloads
  • #30,375
  • May 19, 2009 3:23am May 19, 2009 3:23am
I spotted this set up last night but didn't take it due to lack of confidence (not helped by the fact that nobody else mentioned it). It happens to have worked out well but would I have been lucky, or was it good set up? I need to know so that I can have confidence in my analysis (or not!).
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX GBP_JPY (19-MAY-09).png Size: 12 KB
  • #30,376
  • May 19, 2009 3:36am May 19, 2009 3:36am
Quoting TotalNewbie
I spotted this set up last night but didn't take it due to lack of confidence (not helped by the fact that nobody else mentioned it). It happens to have worked out well but would I have been lucky, or was it good set up? I need to know so that I can have confidence in my analysis (or not!).
IMO you should not be trading like this, I know this thread are full of pro traders but trading by someone else's words will bite you in the rear end more times than you can imagine, it will create a bad habit of fear and uneasy feeling of taking decisions for yourself, I can say that because I've been (or maybe still are) in your shoes.

I can see mike coming in a minute when he sees you posting like this, but it's okay, being beat up by mike's kind words is very much better and is something you should look forward to, every time mike throws his experience on me, it always has opened a new window of prespective for me and for that I'm very grateful to him.

now for the GBPJPY setup, I didn't really like it yesterday due to the fact that it isn't an extreme swing low, but to some, maybe it is in a good place because of the fib confluences and a minor swing low after a retracement from an uptrend and it has a clear ascending trendline too if you like those, I think if it were a pinbar, I'd definitely consider taking it, but since my beliefs on outside bars aren't that solid yet, I've passed it, and the only thing that interests me today were the USDJPY BUOB, which turns out breaking weak therefore not a good setup IMO.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy19052009.gif Size: 16 KB
  • #30,377
  • May 19, 2009 3:40am May 19, 2009 3:40am
Quoting marcelnyo
This hard break of the BUOB on AUDUSD has just broken my winning streak since february, which mike has told me not to worry about but to put it in my note for the future stuffs.

In hindsight, I didn't really like the AUDUSD BEOB because the high did not exceed the previous bar's highs, which means the BEOB isn't at an extreme swing high, and maybe I should move my stop to the break high of the BUOB when I see it on the daily TFs.

After I read an article on pinbar psychology written by someone (I don't know who), I've been trying to see every...
I agree with you, I am only looking at pin bars from now on, good 1,2,3 day pin bars at swing high low for A+ setups. I will then look at other good looking pin bars not at optimal locations but look to move stop to BE quickly. I think outside bars work, but as you say they need to be at the swing high low, not a few bars after. I took a loss on this one also and wiped out my profits from last trade and more (using small account size though, demo for me). Learning costs, we should be glad we are here only losing a few % than using some crazy system and blowing out accounts.

Mark
Economists have forecast 9 out of the last 5 recessions
  • #30,378
  • May 19, 2009 3:41am May 19, 2009 3:41am
Quoting marcelnyo
This hard break of the BUOB on AUDUSD has just broken my winning streak since february, which mike has told me not to worry about but to put it in my note for the future stuffs.

In hindsight, I didn't really like the AUDUSD BEOB because the high did not exceed the previous bar's highs, which means the BEOB isn't at an extreme swing high, and maybe I should move my stop to the break high of the BUOB when I see it on the daily TFs.

After I read an article on pinbar psychology written by someone (I don't know who), I've been trying to see every setup...
nice post mate..
im far from qualified to offer any advise but if it was me i would try to seperate my emotions from my analysis of the situation. i would also revaluate my mm and see what it dictates??
good luck bro
jon
EDIT: i also took a loss on this trade...we live n learn eh??!! hehe
PATIENCE... DISCIPLINE
  • #30,379
  • May 19, 2009 3:56am May 19, 2009 3:56am
Quoting marcelnyo
IMO you should not be trading like this, ...
You are absolutely right, of course. Normally, I would have taken it because of the confluence with the fib at around 14400, coupled with the clear up trend. However, I had just been burned on another outside bar set up (not the AUDUSD one BTW!) and so my confidence had taken a beating. Interestingly, I had rejected the AUDUSD setup because I saw too much resistance below it (I posted a chart a couple of days ago on the subject). So I guess I called that one right? Maybe my confidence shouldn't be so beat up. It's just that its so hard to recover confidence when real money is at stake. I know, I should be demoing but I feel I can only really learn if real money is involved.

Maybe you can help me out with another question. You say the PA is not at an extreme swing low (which it isn't) but surely it never will be unless it drops below its low back in Jan. I thought the idea was that price oscillates between PPZs and so a low at any PPZ could potentially be considered a swing low? Am I making sense, or have I missed something?
  • #30,380
  • May 19, 2009 3:58am May 19, 2009 3:58am
This is the first time I have taken a loss using method, where I haven't felt like moving on. In the past I would take a loss then move on to a new system/method. I feel so confident in PA and Jim's teachings that I know it works, I just have to practice and learn. I don't mind if I make small losses or break even while doing this, it's well worth it. We will have this knowledge and experience for the rest of our trading lives, a year is nothing.
Economists have forecast 9 out of the last 5 recessions
23 traders viewing now