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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

  • #31,181
  • May 27, 2009 7:34am May 27, 2009 7:34am
Quoting supremeChaos
albchr,
wow, 1.6034, u almost nailed the top (mine is 1.6036 on demo; 1.6041 on live)

it's great u are already in profit (+ 20), so all u have 2 think about is squeezing the most pips.

U could just trail stop further (unless u have other strategies in mind/in place) & check possible PPZs/roadblocks.
Yea, first hurdle I see is 5940ish which I think will be my first TP. Almost made it there before this little bounce. But that's cable for ya. Not moving my SL yet to give it a little room to play.

Just love it when I can get my stop to BE or better very quickly...
Ghost Rider - WWTBMD?
  • #31,182
  • May 27, 2009 7:51am May 27, 2009 7:51am
WOW........Guess the bulls aren't taking any of that guff...LOL

Stopped out for +20 Now to see if that 38.2 fib holds....
Ghost Rider - WWTBMD?
  • #31,183
  • May 27, 2009 8:02am May 27, 2009 8:02am
Quoting Flem26
I took this trade because it looked like a double top with RSX divergence with a pin. It wasn't quite 86, but it looked close enough at 85.74 for the high. Going forward, I'm not fooling with 4 hour charts, because I have been burned too many times. Appreciate your insights.
How have your Live trading results on 4 hour compared to your demo/backtesting results on 4 hour? Did you notice that you had a lower reliability (win %) than on daily/weekly? That will be something I'll be interested in this summer when I start backtesting/demoing 4 hour. Are you using the same exit strategy for daily as for 4 hour? Are you using the same risk % for 4 hour as daily?
These are retorical questions you might ask yourself...These variables will make a huge difference your results on 4 hour.

Good luck Flem. Keep with it and you will be successful.

Josh
  • #31,184
  • May 27, 2009 8:04am May 27, 2009 8:04am
Sorry if this is a repost.

I was just curious if anyone following news that could effect your open trades besides non-farm payrolls at the beginning of every month. I recently got stopped out of a usd/jpy trade due to a negative US housing report. One problem was that I had a tight stop and the market knee jerked and took me out.

Thanks
  • #31,185
  • May 27, 2009 8:06am May 27, 2009 8:06am
the H4 PB-BUOB hybrid i mentioned above won the battle.
price just closed with a PB with a higher swing hi & higher swing low. (not the usual J16 stuff)



Quote
How have your Live trading results on 4 hour compared to your demo/backtesting results on 4 hour? Did you notice that you had a lower reliability (win %) than on daily/weekly? ....Are you using the same exit strategy for daily as for 4 hour? Are you using the same risk % for 4 hour as daily? ......These variables will make a huge difference your results on 4 hour.

Flem26,
Josh just made some good points to ponder about.
  • #31,186
  • May 27, 2009 8:08am May 27, 2009 8:08am
Quoting Flem26
The trade triggered at 85.19. I got 5 pips before the prick ramped up to hit my stop. The more I think I about it the more angrier I get. I hate to lose. At anything. Ahh the life of a forex trader. I am just venting guys don't worry. I'll be okay.

Each trade is it's own deal, Think about playing cards it's the same thing, each time you get a hand it resets. This is ALL a odds game really nothing more but you can say it's the brokers fault, it's the markets fault, it's the dogs fault the only fault is YOU! I am not trying to be a ass here I just know what it takes to make it in this business and the 1st thing is saying if your wrong it's your fault but who cares take the next trade that looks good and get on with it, I will tell you I STILL have chains of losers, last run was about 12 and I do this for a living now but who cares because I know that the 10,000 other trades I took I win over 60% of the time so it all works out. When you win is it your brokers fault? Hell no because it's good and we take credit for it. This is all a odds deal and MM that is it.


P.S. I just got stopped out on a long, who cares next trade
Keep taking CT trades, I need more money
  • #31,187
  • May 27, 2009 8:11am May 27, 2009 8:11am
Quote
Sorry if this is a repost.
I was just curious if anyone following news that could effect your open trades besides non-farm payrolls at the beginning of every month. I recently got stopped out of a usd/jpy trade due to a negative US housing report. One problem was that I had a tight stop and the market knee jerked and took me out.

Greetings layton...
news can indeed affect your trades, for the better or worse.
minutes/hours/days prior the news, sometimes PA helps to determine what direction price will take through the news & beyond after it's released.

best to stay out of trades during news releases OR get really good at james16 method so u'll be well-equipped no matter what the market does.
  • #31,188
  • May 27, 2009 8:13am May 27, 2009 8:13am
I also took the breakout on the GBP/JPY that some of you are talking about. I liked the fast break shortly after the new day last night.
In at 151.65. Hit first TP at 152.73 earlier this am. Moved other stops to ensure a b/e minimum...
When I looked at this formation, I actually analyzed a breakout Monday (granted it was holiday for many)... then a retest of 150 yesterday, which it fully rejected, giving us the highest close of 2009... Entered on the break of the continuation BUOB... Would like to hold for multiple R, but that isn't part of what I'm doing (yet), so I'll be sticking to my normal strategy.

Happy trading all.

Josh
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPY 052609_day1.GIF Size: 47 KB
Click to Enlarge Name: GBPJPY 052609_day2.GIF Size: 41 KB
  • #31,189
  • May 27, 2009 8:14am May 27, 2009 8:14am
Ryanmcd,
greetings...
what long trade is that? which pair & when?
  • #31,190
  • May 27, 2009 8:14am May 27, 2009 8:14am
hi guys,

im picking up a DBLHC on the 4H usdx chart.
4H bearish pins on WTI crude and brent crude.....

could this be the end of the bearish USD for a while at least??!
  • #31,191
  • May 27, 2009 8:20am May 27, 2009 8:20am
Quoting supremeChaos
Ryanmcd,
greetings...
what long trade is that? which pair & when?

eur/usd 5min deal I trade, got stopped out and got long agian seems this long may work. I was going to SAR but it held so I got long 2x as much as my last one. All MM my friend.
Keep taking CT trades, I need more money
  • #31,192
  • May 27, 2009 8:20am May 27, 2009 8:20am
Quote
Would like to hold for multiple R, but that isn't part of what I'm doing (yet), so I'll be sticking to my normal strategy.

Josh,
what's your current strategy, anyway?
nice g/j trade.
  • #31,193
  • May 27, 2009 8:31am May 27, 2009 8:31am
Quoting supremeChaos
Josh,
what's your current strategy, anyway?
nice g/j trade.
Basically #10 from the word document in this post...

http://www.forexfactory.com/showpost...ostcount=26123

Thanks

Josh
  • #31,194
  • May 27, 2009 8:35am May 27, 2009 8:35am
zimdonks,
i got an incomplete/broken chart of the USD index (WHC MT4).
i think it could be a minor bounce. look at previous weekly bar & the monthly bar of May. really huge.
also, based on my eur$ analysis before (somewher in this thread this May) & the way gbp is bragging around right now, it seems far-fetched for the $ index to reverse convincingly in the short/medium term.
just my thoughts.
  • #31,195
  • May 27, 2009 9:22am May 27, 2009 9:22am
Dear all,

I find this thread very useful and the method very profitable. When I read historical chart, I find that it should make profit very easily. Nevertheless, when I demo trade, it is another story. I usually breakeven. Are there anyone who have the same experiences? Please help...

cheers,
  • #31,196
  • May 27, 2009 9:37am May 27, 2009 9:37am
kk007,
yes, with practice, patience, & discipline, very profitable.
Breakeven trades are normal. Do practice more to increase the odds of profitable trades.
  • #31,197
  • May 27, 2009 9:43am May 27, 2009 9:43am
Quoting supremeChaos
kk007,
yes, with practice, patience, & discipline, very profitable.
Breakeven trades are normal. Do practice more to increase the odds of profitable trades.
Thanks my friend.
Are you profitable now? How long do you think it takes to master it in your opinion.
Currently, I keep making mistakes, and only realise afterwards. Not much results are completely unexplanable really.
  • #31,198
  • May 27, 2009 10:19am May 27, 2009 10:19am
Quoting kk007
Thanks my friend.
Are you profitable now? How long do you think it takes to master it in your opinion.
Currently, I keep making mistakes, and only realise afterwards. Not much results are completely unexplanable really.
How long to become profitable? What if I told you it will take you a year? You would probably still keep at it. But the real question to ask yourself, what if it takes you 2, 3, 4, 5, 6? 7+ years?

Again the focus has to shift from the questions like: How long? How much can I make? etc. Those thoughts are what really distract the mind from just learning. If you are serious, and this is something you want to learn. It shouldn't matter how long.

This post might be a huge buzz kill for some, but the reality check will serve you(a general you), far greater. Everyone has a different learning curve. Since being involved with the j16 group, I have seen some people that just blow me away with how fast they pick things up. Others take longer. A lot of people just refuse to takes James16's advice and demo 3 months consec on daily/weekly. They stay stubborn for as long as it takes them to get there ego under control and then they finally decide to do that.

No simple answer here, but focus on what James preaches, he is a smart man!

Best
Mike
  • #31,199
  • May 27, 2009 10:22am May 27, 2009 10:22am
Quoting mbqb11
A lot of people just refuse to takes James16's advice and demo 3 months consec on daily/weekly. They stay stubborn for as long as it takes them to get there ego under control and then they finally decide to do that.


Best
Mike

For most of them, the market will drain their accounts until all that's left is demo trading
  • #31,200
  • May 27, 2009 10:26am May 27, 2009 10:26am
Quoting Life of Pi_p
For most of them, the market will drain their accounts until all that's left is demo trading
Yep, most need a swift kick in the ass before things click. Others will be far gone at that point. But if a bunch of new people happen to catch my post or the many others who plead them to not, it is all worth it
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