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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

  • #31,341
  • May 28, 2009 3:16am May 28, 2009 3:16am
Quoting Ryanmcd
Also it's compounded, I do 2% a trade and if I win I redo my risk every trade, if I lose it's 2% less. To be honest you can make as much as you need once you get over 500k. The problem you will find is you have to use a big broker or several as I do, DBFX is a good big one, and once you get a broker account things change. You get your own personal broker and lots of GOOD free TA from them that helps as well as better spreads and *0* BS spreads that all the small brokers hit you with. If you can trade with the small brokers cheating you and having...

I am not doubting you are very successful in the lower timeframe, based on the big guns coming out in support of you then you must be for real. I am just saying from my experience its not easy to do, on forex, I know other markets its much more possible. Hope no offence was caused.
Economists have forecast 9 out of the last 5 recessions
  • #31,342
  • May 28, 2009 3:20am May 28, 2009 3:20am
Quoting Ryanmcd
LOL, I also know all the "pros" dont sell a buy, sell, hold service. If you can trade why sell a 1 year deal for $700.
Careful, the James16 group charges double that a year. Well worth the money I might add.
Economists have forecast 9 out of the last 5 recessions
  • #31,343
  • May 28, 2009 3:21am May 28, 2009 3:21am
out of interest's sake, you who trade the smaller time frames, i am interested in how you do this.

I know there is a lot more to it, but do you look to the large TF's for some bullish or bearish price action.... then buy all the dips or/sell all the highs on the lower TF's in accordance with that larger trend??

or do you ignore the large TF's altogether??
  • #31,344
  • May 28, 2009 3:31am May 28, 2009 3:31am
Quoting wwtravel
Yup, that was me. I do not like to leave my positions open over night so I got out with +80 pips. You are riding a good trend....what is your target?

Next band of confluences are between 156,158,160. ill be watching price action around for exit. i like minimum R:R of 1:1. i dnt exit trades until i see a reason.so i dont have to reenter at a higher price
  • #31,345
  • May 28, 2009 3:36am May 28, 2009 3:36am
sure Jon,
here are the commodity currencies: AUD, BRL(Brazilian Real), CAD, MXN (Mexican Peso), and NZD.... (currencies of countries with alleged vast natural resources; why is the Philippines not involved in this group? LOL.... my poor country, probably because we also have the Peso as our currency )

these currencies have benefited during the past few days/weeks amid the $ weakness. or the other way around. More like a chicken & egg story.
  • #31,346
  • May 28, 2009 3:37am May 28, 2009 3:37am
Quoting mbqb11
passed on both here, size of bars were too small for me, nice location on both but just not quite good enough for me
Good choice. CADJPY didn't trigger and it is already invalidated , GBPUSD went 60 pips and stop me at BE.
  • #31,347
  • May 28, 2009 3:39am May 28, 2009 3:39am
Quote
out of interest's sake, you who trade the smaller time frames, i am interested in how you do this.
I know there is a lot more to it, but do you look to the large TF's for some bullish or bearish price action.... then buy all the dips or/sell all the highs on the lower TF's in accordance with that larger trend??
or do you ignore the large TF's altogether??


zimdonks,
uhhhhmmm...... i think it's just proper & cordial to call/address someone by his name, or at least his forum name

i think his name here is Ryanmcd...
  • #31,348
  • May 28, 2009 3:46am May 28, 2009 3:46am
Quoting zimdonks
out of interest's sake, you who trade the smaller time frames, i am interested in how you do this.

I know there is a lot more to it, but do you look to the large TF's for some bullish or bearish price action.... then buy all the dips or/sell all the highs on the lower TF's in accordance with that larger trend??

or do you ignore the large TF's altogether??
Zimdonks,
I would suggest (as many have done recently) to read Ryan's other posts to get a feel for his strategy. There's no sense in him explaining things multiple times, especially when he talks a lot about his method IN THIS THREAD even...
I have only read his posts in this thread, but I will be reading all of his posts in the near future. His posts have a lot of wisdom attached to them (similar to James16 posts). That can only come from experience and eventual success. Thank you Ryan for coming back and we look forward to more of your wisdom in the future!

Josh
  • #31,349
  • May 28, 2009 3:46am May 28, 2009 3:46am
Quoting supremeChaos
zimdonks,
uhhhhmmm...... i think it's just proper & cordial to call/address someone by his name, or at least his forum name

i think his name here is Ryanmcd...
supremechaos, i meant "you" in the plural form......appealing to anyone who does trade this way. My question wasn't directed at anyone particular.

I know there are a few people in here who trade this way. James16 and ryanmcd for instance

i wasn't being dis-respectful if that is what you think.
  • #31,350
  • May 28, 2009 3:48am May 28, 2009 3:48am
Quoting supremeChaos
sure Jon,
here are the commodity currencies: AUD, BRL(Brazilian Real), CAD, MXN (Mexican Peso), and NZD.... (currencies of countries with alleged vast natural resources; why is the Philippines not involved in this group? LOL.... my poor country, probably because we also have the Peso as our currency )

these currencies have benefited during the past few days/weeks amid the $ weakness. or the other way around. More like a chicken & egg story.
ahha, thanx i will be looking into it.
PATIENCE... DISCIPLINE
  • #31,351
  • May 28, 2009 3:49am May 28, 2009 3:49am
Quoting alter
Good choice. CADJPY didn't trigger and it is already invalidated , GBPUSD went 60 pips and stop me at BE.
Good money management Alter. Glad you were able to escape these suspect looking pinbars without harm. This should provide a building block of what a 'failed' pinbar looks like.

It also reinforces the idea that regardless of entry, your exit strategy and money management is what will determine your profit/loss. You waited for a good confirmation on the CAD/JPY which never came, and you moved your stop to avoid a loss on the GBP... Nice work!

Josh
  • #31,352
  • May 28, 2009 4:03am May 28, 2009 4:03am
g_j_hook@yah,
sure, no problem.



zimdonks,
ok, granted.... I'll view your post in good faith.
but do remember, that this is a public forum, it would be better & specially productive in your part if u would address a question directly & specifically to the person/s involved, as opposed to your post above which was vague & unspecified. otherwise, your question may not get answered & even be overlooked by most readers.
If u were indeed addressing your query to such person/s like James16 & Ryanmcd, then how come u did not say so in the first place? it isn't hard to replace "you" with "james16", "Ryanmcd" or "james16 & Ryanmcd", is it?
U addressed your question to a certain "you", which lead me (& even Jduester/Josh) to infer that u were pertaining to Ryanmcd, whom has recently posted about such strategy you were referring to.

Like i said, this is the proper & productive way. It was a reminder. So, i hope no offense was taken & everything is cool.
  • #31,353
  • May 28, 2009 4:05am May 28, 2009 4:05am
I saw another possible setup on USDCAD yesterday. PB from weekly TL that looks strong + 50 fib ret.. The tail is short but location is more important, unfortunately I don have any horizontal level on my chart so I skipped this trade. Do you take trades based on TL , without horizontal S/R confirmation?
alter
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  • #31,354
  • May 28, 2009 4:07am May 28, 2009 4:07am
Quoting Jduester
Good money management Alter. Glad you were able to escape these suspect looking pinbars without harm. This should provide a building block of what a 'failed' pinbar looks like.

It also reinforces the idea that regardless of entry, your exit strategy and money management is what will determine your profit/loss. You waited for a good confirmation on the CAD/JPY which never came, and you moved your stop to avoid a loss on the GBP... Nice work!

Josh
Well, I was lucky with these, but still have 4 trades in progress
  • #31,355
  • May 28, 2009 4:12am May 28, 2009 4:12am
Quoting alter
I saw another possible setup on USDCAD yesterday. PB from weekly TL that looks strong + 50 fib ret.. The tail is short but location is more important, unfortunately I don have any horizontal level on my chart so I skipped this trade. Do you take trades based on TL , without horizontal S/R confirmation?
alter
i know some can and do trade this way very profitably,(even without any bar confirmation!). check out the igrok method or the posts from belekas,interesting stuff.
cheers
jon
EDIT: i have my TL from a different second low from you.(dont know which is "correct").this is the main problem with TL trading i have found.getting the TLs in real time is a real pain.most people seem to have there own way to draw them making it difficult to be sure of an entry based soley on the TL.
PATIENCE... DISCIPLINE
  • #31,356
  • May 28, 2009 4:15am May 28, 2009 4:15am
Today I am kicking myself.
I took a trade on UJ, and felt quite happy with my analysis.
I then browsed this forum, and picked up some negative vibes re a psyche number. This gnawed away at my belief structure, and I subsequently closed the trade.
You can guess what happened next.
Long Stick Goes Boom.
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  • #31,357
  • May 28, 2009 4:15am May 28, 2009 4:15am
Quoting supremeChaos
g_j_hook@yah,
sure, no problem.



zimdonks,
ok, granted.... I'll view your post in good faith.
but do remember, that this is a public forum, it would be better & specially productive in your part if u would address a question directly & specifically to the person/s involved, as opposed to your post above which was vague & unspecified. otherwise, your question may not get answered & even be overlooked by most readers.
If u were indeed addressing your query to such person/s like James16...

I am at fault supremechaos, i have alot going on and am up and down from my computer and in and out of the forum these days. as a result i tend to miss pages from the forum and pick up the back end of discussion's. i will read back before i ask questions in the future. This way i know who to address if i have any questions.

No offence taken, lesson learned!
thanks
richard
  • #31,358
  • May 28, 2009 4:20am May 28, 2009 4:20am
4h BEOB on the us/chf....
PATIENCE... DISCIPLINE
  • #31,359
  • May 28, 2009 4:31am May 28, 2009 4:31am
The fib levels on this chart are this months candle showing the retrace between the 50 & 61.8 fib and what should be a strong resistance level at 97.Its kind of like being back to square 1 a couple weeks ago.Personally I got stopped at b/e on one position and got slapped with a nice loss on my other one thus giving some earlier pips back s?$t happens part of the game.So at this point will watch pa to close this month,if 98 is broken will abandon bearish bias. So curious to see this chart 2 weeks from now.
Attached Image
  • #31,360
  • May 28, 2009 4:35am May 28, 2009 4:35am
Quoting Interceptor
Today I am kicking myself.
I took a trade on UJ, and felt quite happy with my analysis.
I then browsed this forum, and picked up some negative vibes re a psyche number. This gnawed away at my belief structure, and I subsequently closed the trade.
You can guess what happened next.
Long Stick Goes Boom.
hehe...yeah this sucks.
plan your trade and trade your plan....not as easy as it sounds....twice as important as it sounds though.
i recently posted about a trade that missed my TP by 2 pips and then hit my SL by 2 pips and of course immediatly went the other way!!lol . the thing is i had previously decided to put my round number targets at the round no. + 15(it used to 5-10)on this occasion i left it at round no. + 9....price went to round no. + 11 !! i took a loss instead of a 2:1 gain! lol
lesson learned there also.
PATIENCE... DISCIPLINE
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