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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

  • #31,381
  • May 28, 2009 6:59am May 28, 2009 6:59am
Quoting ephisi
Yeah thats the only trade ill be taking for now, till i get a new signal. I trade just GJ.its enuf headache for me.


Concerning auslanco, i had a long signal at 146.44 closed it at 149.44. should have stayed in though but a profit is a profit. The trade was based on 4hr gann turning bullish, breaking above 4hr 50ema. i like to stay in a trade until i get a valid reverse signal.

I was awaiting the daily candle before the breakout would form an evening star but it didnt as i pointed out. 4hr gann was about to flip bearish but it didnt. so there...
I see that now. Breakout trades can be a little tricky. Added confluence is always a good thing. the more the merrier.

Nice one ephisis.
Indicators show the past. Price Action "Indicates" the future.
  • #31,382
  • May 28, 2009 7:02am May 28, 2009 7:02am
Quoting Shermenator
Alright I have taken 50 percent out of the market ...took 12 pips with a 30 pip stop ...so now I have a hard stop of 24 pip stop from my entry...
Very nice Sherman. Is really this simple . . . it sure can be.
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Indicators show the past. Price Action "Indicates" the future.
  • #31,383
  • May 28, 2009 7:08am May 28, 2009 7:08am
Quoting jarroo
Very nice Sherman. Is really this simple . . . it sure can be.
Yep...Its now a free trade so it can do as it wants....
So news could either give me a huge winner or simply get out at break even...

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  • #31,384
  • May 28, 2009 7:15am May 28, 2009 7:15am
I took 15 pips on it with a 15 pip SL.

Quoting Shermenator
Yep...Its now a free trade so it can do as it wants....
So news could either give me a huge winner or simply get out at break even...

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  • #31,385
  • May 28, 2009 7:16am May 28, 2009 7:16am
Quoting Shermenator
Yep...Its now a free trade so it can do as it wants....
So news could either give me a huge winner or simply get out at break even...
So this trade could potentially go down to say 1.3700 or 1.3500, hell even 1.3000 and the worst possible outcome to you would be a break even trade! WOW.

Just kidding Sherman. I understand all to well.


I like your style.
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Indicators show the past. Price Action "Indicates" the future.
  • #31,386
  • May 28, 2009 7:30am May 28, 2009 7:30am
Quoting Shermenator
Yep...Its now a free trade so it can do as it wants....
So news could either give me a huge winner or simply get out at break even...
Oh yeah. I forgot. . . your only 9 freaking teen (19).

I see a very fruitful future for you Sherman.

Keep it rolling buddy.
Indicators show the past. Price Action "Indicates" the future.
  • #31,387
  • May 28, 2009 7:34am May 28, 2009 7:34am
Quoting jarroo
Oh yeah. I forgot. . . your only 9 freaking teen (19).

I see a very fruitful furure for you Sherman.

Keep it rolling buddy.
What fruits in specific lol? just playing
  • #31,388
  • May 28, 2009 7:38am May 28, 2009 7:38am
Quoting Shermenator
What fruits in specific lol? just playing
Sorry I'm not up with what's down with the youth today. lol

You got some serious coin heading your way brother. lolol.
Indicators show the past. Price Action "Indicates" the future.
  • #31,389
  • May 28, 2009 7:52am May 28, 2009 7:52am
Quoting Shermenator
Alright I have taken 50 percent out of the market ...took 12 pips with a 30 pip stop ...so now I have a hard stop of 24 pip stop from my entry...
So you probably got stopped out. But you knew where it was likely to go and if it got there, what it was likely it could do (which was reverse). And you protected yourself accordingly. Your miles ahead of many many traders out there. (just like the ones on this thread, of course. )

A very successful trade in my book.
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Indicators show the past. Price Action "Indicates" the future.
  • #31,390
  • May 28, 2009 7:52am May 28, 2009 7:52am
Quoting markmm
Careful, the James16 group charges double that a year. Well worth the money I might add.

Again he does not tell what and when to buy and sell, also he has videos and such I even used it for a few months and learned the PB's and now add that to my trading.

I am saying take what works for you and leave the rest. So far I have a mix of systems that all tie into what I do, they all help me understand price better nothing more.
Keep taking CT trades, I need more money
  • #31,391
  • May 28, 2009 7:55am May 28, 2009 7:55am
Quoting rustyjeff
so now who cant trade the 4hr.......??????
its still the same amount of bars & still the same look....

It's too damn slow for me and I know it, I took over 1 year and did it and just could not sleep at night haha.
Keep taking CT trades, I need more money
  • #31,392
  • May 28, 2009 7:59am May 28, 2009 7:59am
Quoting g_j_hook@yah
hi Ryanmcd, one of the attractions of the lower TFs for me is the possibility of catching the days range(or longer) with a tiny stop,thus giving a great R:R potential. its funny this came up yesterday as i had been trading on the 1m TF on my DEMO, something i havent bothered to do for a while,(yep its GREAT fun bundy)i managed to bag about 80 pips with an initiall stop of 15 pips. once i was 10 in profit i trailed a stop of 10 pips. my question is do you ever look for a runner rather than a hard target??
cheers
jon
p.s. the posts you have made...

I started looking at doing more of a trail but I ran out of time backtesting. I know that 90% of the runs that work do go 20-25 in todays market, if that range changes then I have to re-adjust. I was playing with going into a trade with 3 positions say 15-25-35 and scale. The good thing about this is it's really 1:1 still but most of the time you will get that +15 out quick. I was also looking at maybe doing a +10-25-35 and front loading the +10 say 2x as much as the 35. This is just something I never really messed with due to making money just doing the 1 in 1 out deal over and over. If you have any ideas please let me know because R:R is the name of the game and it really lets you compoundfter you get it down.
Keep taking CT trades, I need more money
  • #31,393
  • May 28, 2009 8:11am May 28, 2009 8:11am
Quoting Ryanmcd
It's too damn slow for me and I know it, I took over 1 year and did it and just could not sleep at night haha.
Clear all positions before going to bed.
  • #31,394
  • May 28, 2009 8:25am May 28, 2009 8:25am
Base Occuring at 1.3800

Next Leg Up appears to be not that far away.
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  • #31,395
  • May 28, 2009 8:28am May 28, 2009 8:28am
For those who took the GU trade.GU is showing a divergence but Refuses to drop. The macd and qqe are dropping drastically but price is not dropping. This to me means Its simply coming out of overbought conditions gathering steam to blast through 1.6000. hopefully.
As long as GJ is bullish GU is gonna have the hardest time of its life trying to go bearishs. GU 4hr gann has refused to turn bearish(flip).
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  • #31,396
  • May 28, 2009 8:46am May 28, 2009 8:46am
Quoting Ryanmcd
Again he does not tell what and when to buy and sell, also he has videos and such I even used it for a few months and learned the PB's and now add that to my trading.

I am saying take what works for you and leave the rest. So far I have a mix of systems that all tie into what I do, they all help me understand price better nothing more.
I also have joined J16 PF and the videos etc are well worth it, but I think there's more to Jackos offering than just calls. Anyway I agree PA is a great addition to any trading system/method.
Economists have forecast 9 out of the last 5 recessions
  • #31,397
  • May 28, 2009 8:47am May 28, 2009 8:47am
Quoting ephisi
For those who took the GU trade.GU is showing a divergence but Refuses to drop. The macd and qqe are dropping drastically but price is not dropping. This to me means Its simply coming out of overbought conditions gathering steam to blast through 1.6000. hopefully.
As long as GJ is bullish GU is gonna have the hardest time of its life trying to go bearishs. GU 4hr gann has refused to turn bearish(flip).
I'm sorry. I"m not following the price action in this post. Could you explain what price action you are using? S/R? Pinbars? All I read is indicators... No comprende.

I could just be missing what you are explaining too?

Josh
  • #31,398
  • May 28, 2009 9:27am May 28, 2009 9:27am
Hey Mark, are you waiting the Crude Oil Inventories.?
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #31,399
  • Edited 10:09am May 28, 2009 9:55am | Edited 10:09am
Quoting Ryanmcd
I started looking at doing more of a trail but I ran out of time backtesting. I know that 90% of the runs that work do go 20-25 in todays market, if that range changes then I have to re-adjust. I was playing with going into a trade with 3 positions say 15-25-35 and scale. The good thing about this is it's really 1:1 still but most of the time you will get that +15 out quick. I was also looking at maybe doing a +10-25-35 and front loading the +10 say 2x as much as the 35. This is just something I never really messed with due to making money just...
hey Ryanmcd,just to make sure im getting this right..15-25-35 would be the targets and in total you would still be risking 2%?and i assume you would move the stop along the way??actually if thats correct thats a good way to get some profits fast without messing with the trade.
the +10-25-35 senario would be what..?? say 65% off at +10..
my experience of short TFs is based on the 15min and 1 h charts,(5min is way off limits for my real account!!hehe) and mainly just trading concolidation patterns on 15min charts. after plotting them for a few months i finally decided to record averything on exel..the josh styley,and as attractive as leaving runners looked the data i collected sugested the best wat to trade them was a hard TP at + 50.(stop to BE at +30)with a stop of 15-20 pips. i think at the end off the day trying to ride longer moves with such a tight stop prooves pretty much impossible after a while.( say 20-30 candles max)after all we are basicaly trying to trade the noise. moving the stop wider just evades the whole point.i also toyed with the idea of scaling out but thought that in the end it just cut the R:R( unless the % risk is increased) and that it was better just to play the odds ..in or out..SL or TP. i.e.if +30 is risky but +20 is likely i forget the +30.
so ill say this ...if YOU have any ideas please let ME know..lol.
thanx a lot
jon
EDIT: one idea i am toying with atm is to move the SL to lock in say + 1:1 and let it ride while widening the stop ??could get lucky??hehe
PATIENCE... DISCIPLINE
  • #31,400
  • May 28, 2009 10:15am May 28, 2009 10:15am
us/chf 4h BEOB turned out nice!!
EDIT: eu/us looks to be breaking out also??
PATIENCE... DISCIPLINE
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