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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

  • #32,221
  • Jun 4, 2009 7:29am Jun 4, 2009 7:29am
Quoting jarroo
Or word got out about the quality PA BEOB on the Daily Cable on the James16 Chart Thread.


Just kidding ephisi. lol thanks.
you re welcome. Just saw the big drop and immediatley knew i should check the news. Im short on Gj but i entered too early at 23.6fib and 1hr pin. 38.2 and 50% where better entries supported by confluence of resistances. My short was close to confluence of support. Lesson learnt.
  • #32,222
  • Jun 4, 2009 7:33am Jun 4, 2009 7:33am
lol, price is news anyway. Anyone who traded dis the text book way caught this drop on many pairs
  • #32,223
  • Jun 4, 2009 7:35am Jun 4, 2009 7:35am
Quoting ephisi
lol, price is news anyway. Anyone who traded dis the text book way caught this drop on many pairs
Indicators show the past. Price Action "Indicates" the future.
  • #32,224
  • Jun 4, 2009 7:40am Jun 4, 2009 7:40am
Quoting ephisi
lol, price is news anyway. Anyone who traded dis the text book way caught this drop on many pairs

Smart post...
  • #32,225
  • Jun 4, 2009 7:52am Jun 4, 2009 7:52am
Quoting raczekfx
after daily beovb break wait for 38/50 fib and ppz retr. (confluence) stop above 61, short, boooom....
lol.. i just knew you would be on to it.!! i was smiling to my self as i watched price reach the fib.hehe
do you also enter at the break or just miss the trade if there is no retrace??
cheers
jon
PATIENCE... DISCIPLINE
  • #32,226
  • Jun 4, 2009 7:54am Jun 4, 2009 7:54am
Quoting g_j_hook@yah
hey Ryan,wow thats some jump from 5min to 2day bars!!hehe
thats not bad for a noob!!
but i just thought i would show you a couple of things to look out for seeing as you have quite large targets(lol)(and are new to this)hehe
cheers
jon

Thanks for the feedback, the problem I am going to have is holding it but at least I know it. I really just need to forget about the trade, maybe open a 3rd account and do dailys on it lol Also that PPZ looked good to me and I do see the messy part. In fact I put on 3 positions here one w/o any target the other 2 are T1 and T2.
Keep taking CT trades, I need more money
  • #32,227
  • Jun 4, 2009 8:01am Jun 4, 2009 8:01am
Quoting KissFan
My only question is about the management of the trade. When will you move your SL to BE. This is different for everyone. A recurring theme here is "not allowing a winner to become a loser". I think that you and Jaroo touched on KILLING the trade when you feel it's not going to produce. The sooner I get my trade to free money the better.

K.I.S.S.

I want T1 to hit for me to goto stop @ cost, I think it's the same why I traded before just not 15min maybe 5+ days and that's fine, I would LOVE to walk away from this and not be here 15+ hours a day
Keep taking CT trades, I need more money
  • #32,228
  • Jun 4, 2009 8:05am Jun 4, 2009 8:05am
the last 4 pages are better then the 40+ before it, thanks for all the info and telling what you want it to do and why it really helps noobs like myself out
Keep taking CT trades, I need more money
  • #32,229
  • Jun 4, 2009 8:17am Jun 4, 2009 8:17am
Quoting Ryanmcd
Thanks for the feedback, the problem I am going to have is holding it but at least I know it. I really just need to forget about the trade, maybe open a 3rd account and do dailys on it lol Also that PPZ looked good to me and I do see the messy part. In fact I put on 3 positions here one w/o any target the other 2 are T1 and T2.
lol, i opened a sub acc. yest for the same reason.not just the longer term trades but the A+ setups (imo)my first trade today got stopped at a 1.5%loss!!(gb/us)
( i entered 1/3 on the 1h TF and the rest at the 2 day pin break with the stop above 6350)i took the full loss on the 2/3 but made a little on the first 1/3
jon
PATIENCE... DISCIPLINE
  • #32,230
  • Jun 4, 2009 8:42am Jun 4, 2009 8:42am
Today I had 2 setups:

1. on early break out of GBP/USD BEOB, where I managed a BE outcome
2. EUR/USD 2D pinbar breakout. where i lost 2% of my deposit.

here's the chart and the question I have to experienced J16 method traders.
I don't have a problem accepting my loss but the thing that makes me worry is that I wasn't able to determine accurately the zone where the price could reverse and run against me. My first trouble zone was 1.4050, was i wrong, and should i lock the position in BE when the price reached 50 fib line, or it was just a matter of pending news that supported the market?

P.S. while analyzing the position my fib was drawn from the previous swing low.
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  • #32,231
  • Jun 4, 2009 8:54am Jun 4, 2009 8:54am
Quoting datogio
Today I had 2 setups:

1. on early break out of GBP/USD BEOB, where I managed a BE outcome
2. EUR/USD 2D pinbar breakout. where i lost 2% of my deposit.

here's the chart and the question I have to experienced J16 method traders.
I don't have a problem accepting my loss but the thing that makes me worry is that I wasn't able to determine accurately the zone where the price could reverse and run against me. My first trouble zone was 1.4050, was i wrong, and should i lock the position in BE when the price reached 50 fib line, or it was just a matter...

How did you lose on the EUR/USD SHORT?
Keep taking CT trades, I need more money
  • #32,232
  • Jun 4, 2009 8:54am Jun 4, 2009 8:54am
D,

There is no right answer here, but my question to you is how did you lose 2% of your deposit. If you are playing the pin in a traditional james 16 wasy you still should be in this trade having your stop at the tip of the nose of your pin. One strategy would be to put your trade on BE as soon as your trade hits first point of resistance. But remeber often, the larger time fram trades take longer to play out, so if you were will in this trade it very well could play out by the end of the day or the end of the week or next week. Where was your stop?

Quoting datogio
Today I had 2 setups:

1. on early break out of GBP/USD BEOB, where I managed a BE outcome
2. EUR/USD 2D pinbar breakout. where i lost 2% of my deposit.

here's the chart and the question I have to experienced J16 method traders.
I don't have a problem accepting my loss but the thing that makes me worry is that I wasn't able to determine accurately the zone where the price could reverse and run against me. My first trouble zone was 1.4050, was i wrong, and should i lock the position in BE when the price reached 50 fib line, or it was just a matter...
  • #32,233
  • Jun 4, 2009 8:58am Jun 4, 2009 8:58am
I lost it on demo account where i'm testing 40 pips stop loss with 2% risk. stop was 1.4129, I usually lock in break even after 20 pips in profit and thought this trade had enough room to give me such an opportunity.
  • #32,234
  • Jun 4, 2009 9:05am Jun 4, 2009 9:05am
D, I'm far from a wizened trader, but if you're trading longer TF's you have to adjust your SL according. Average Daily Range will give you an estimate, if you don't want to do it the traditional way of using 10p on top of the other end of the PB.
  • #32,235
  • Jun 4, 2009 9:05am Jun 4, 2009 9:05am
D,

Okay I am not the most experienced trader here by far but here is a quick thing to think about. When looking at pin bars that rise up to significant levels of S/R there is a reason for them going to those areas, then pulling back to form the pin - to go the opposite direction. That is what most traders who play pins especially the new one put there stops above the top of the pin becuase if there is enough support or resistance from that area your stop will not get hit. Price will usually go to the point of least resistance, thats why we dont liek to trae into heavy resistance especiallay as a beginner.

YOu testing this method is fine and could work epsecially on trades with great momentum behind them but a 40 pip stop on a 2 day pin trade is very small!

Quoting datogio
I lost it on demo account where i'm testing 40 pips stop loss with 2% risk. stop was 1.4129, I usually lock in break even after 20 pips in profit and thought this trade had enough room to give me such an opportunity.
  • #32,236
  • Jun 4, 2009 9:13am Jun 4, 2009 9:13am
ok thank you guys for the answers. I think i should have to work harder on finding some golden edge for the first targets. only way to find out 40 pip stoploss outcome is to go on testing it.

thanks a lot
  • #32,237
  • Jun 4, 2009 9:24am Jun 4, 2009 9:24am
EUR/USD short with the 15M trend on Demo on 15M today at 9:15am eastern. Got out at +33 pips. Stop was 33 pips. R:R was 1:1 on this trade with the trend (the length of the Pin was about 30 pips ).

Obviously I'm demoing this FAST 15M timeframe...but it might be better for me. Personally I find it hard to hold daily trades for days on end whether I'm in profit or in drawdown...I have the old daytrader instincts somewhere...

This one is for Ryan... I really enjoyed reading your posts from yesterday!

Rubin.

Quoting Ryanmcd
How did you lose on the EUR/USD SHORT?
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  • #32,238
  • Jun 4, 2009 9:25am Jun 4, 2009 9:25am
Quoting datogio
ok thank you guys for the answers. I think i should have to work harder on finding some golden edge for the first targets. only way to find out 40 pip stoploss outcome is to go on testing it.

thanks a lot
What I do and I am no pro on the longer times, is I put a stop above the high of the 2d PB, any place else to me is high risk. If you wanted to try to reduce some risk you can wait for a re-trace into the pib or say 38% or 50% but then you may miss it.


What I am thinking of doing is getting into the pin, if it does a retrace I will add into it.
Keep taking CT trades, I need more money
  • #32,239
  • Jun 4, 2009 9:27am Jun 4, 2009 9:27am
Quoting gorubin
EUR/USD short with the 15M trend on Demo on 15M today at 9:15am eastern. Got out at +33 pips. Stop was 33 pips. R:R was 1:1 on this trade with the trend (the length of the Pin was about 30 pips ).

Obviously I'm demoing this FAST 15M timeframe...but it might be better for me. Personally I find it hard to hold daily trades for days on end whether I'm in profit or in drawdown...I have the old daytrader instincts somewhere...

This one is for Ryan... I really enjoyed reading your posts from yesterday!

Rubin.

Nice trade, I love the short TF's but with summer here I don't want to live on the screen 15+ hours a day and I like to go out sometimes too lol. If I can get the 4hr or daily down then I will be on the lake a lot more and I am sure it will reduce my stress as well.
Keep taking CT trades, I need more money
  • #32,240
  • Edited 10:05am Jun 4, 2009 9:36am | Edited 10:05am
Quoting Ryanmcd
What I do and I am no pro on the longer times, is I put a stop above the high of the 2d PB, any place else to me is high risk. If you wanted to try to reduce some risk you can wait for a re-trace into the pib or say 38% or 50% but then you may miss it.


What I am thinking of doing is getting into the pin, if it does a retrace I will add into it.
on real account im trading conservatively, always placing the stoploss above or below the PA. but with 40 pip stop approach i want to catch some monsters that would overcome all my loser and BE trades per year. one of them was usd/cad daily pin on 21.04.2009 that produced 80% profit with trailing stops in a month.

I just want to achieve consistency, closing half of the position at the first target, over all break even would be acceptable too, and just wait for the monster ones.

That's my concept.
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