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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

  • #32,341
  • Jun 5, 2009 2:43am Jun 5, 2009 2:43am
Quoting james16
he is long off the recent OB and decided tonight to set his stop at 8792 which locks about 100 pips profit.

we have an alert set at 89. if it reaches there i have no idea what he has planned.

if i know him he will probably snug it up under the 150.

geez... i feel like his personal broker sometimes.
LOL That's great.

That Eur/Gbp post really helps out a lot of people here. I see so many complicated scenarios that I want to throw may hands up and say "just what for the break" or "just wait until it gets to that level".

It really is simple and when we start to complicate things, it should be a red flag to step back and take a more common sense second look.

Thanks jim
Indicators show the past. Price Action "Indicates" the future.
  • #32,342
  • Jun 5, 2009 2:44am Jun 5, 2009 2:44am
yep thats him. lol
Quoting ghous
I remember that kid from the time when you posted the heir's picture with that Ball python.

Incredible stuff!

Regards,
Ghous.
  • #32,343
  • Jun 5, 2009 2:51am Jun 5, 2009 2:51am
yes he thinks im way over rated.

he messes with me all the time about it.

truth is he is probably more right than wrong.

then i remind him of how well he gets to live compared to a lot of his friends and he shuts up...real quick.

my kid does not know the first thing about tough times or hardship.

i worry about that at times.

Quoting krue
your son says it's simple, then, no simpler money on this planet than this pa business. the funny thing is he think you are so so, Sir Jim. haha, you are just so so in your son's opinion.
  • #32,344
  • Jun 5, 2009 2:54am Jun 5, 2009 2:54am
Quoting jarroo
The 1.6000 is a bold round number and PPZ level how it acts around this level will be interesting. If it gets there.

This was my target as well Jaroo but I shot myself in the foot this morning....

I entered short at 6240. This morning I closed half at 6050 and decided to put a 30 pip trailing stop on it. My broker recently went to the 5 decimal system and I typed 30 (3 pips) instead of 300 (30 pips) and promptly got stopped out at 6045.

Still a nice trade but ........ MAN do I feel silly...

Now I wonder if it's worth trying to reenter...
Ghost Rider - WWTBMD?
  • #32,345
  • Jun 5, 2009 3:01am Jun 5, 2009 3:01am
Quoting albchr
This was my target as well Jaroo but I shot myself in the foot this morning....

I entered short at 6240. This morning I closed half at 6050 and decided to put a 30 pip trailing stop on it. My broker recently went to the 5 decimal system and I typed 30 (3 pips) instead of 300 (30 pips) and promptly got stopped out at 6045.

Still a nice trade but ........ MAN do I feel silly...

Now I wonder if it's worth trying to reenter...
The sucks. I guess its better to make a mistake in profit then in a loss. I wouldn't try and chase it, that's just me. Just take your lumps and wait for the next one. Some nice Weekly setups shaping up.
Indicators show the past. Price Action "Indicates" the future.
  • #32,346
  • Jun 5, 2009 3:03am Jun 5, 2009 3:03am
Quoting james16
yep thats him. lol
Jim, that's just fantastic that you're teaching him at this age. I wish my kids were still this young (and impressionable). Of course, by the time I learn what you know, they'll be MY age....lol
Ghost Rider - WWTBMD?
  • #32,347
  • Jun 5, 2009 3:10am Jun 5, 2009 3:10am
Quoting jarroo
The sucks. I guess its better to make a mistake in profit then in a loss. I wouldn't try and chase it, that's just me. Just take your lumps and wait for the next one. Some nice Weekly setups shaping up.
Agreed. I'm not one for chasing either. I've learned a lot from demos and chasing the market or jumping on moving trains...lol

I've already surpassed my weekly goal by almost 2X so I think I'm out for the week which is good as now I can focus on my third time reading the thread. Yes, I see a few nice weekly pins shaping up for next week.
Ghost Rider - WWTBMD?
  • #32,348
  • Jun 5, 2009 3:17am Jun 5, 2009 3:17am
Quoting albchr
Agreed. I'm not one for chasing either. I've learned a lot from demos and chasing the market or jumping on moving trains...lol

I've already surpassed my weekly goal by almost 2X so I think I'm out for the week which is good as now I can focus on my third time reading the thread. Yes, I see a few nice weekly pins shaping up for next week.
Excellent.


Re-reading the thread is really a great thing to do once you become more versed and experienced with the J16 method. You pick up and learn so many different thing that you didn't see before.

Indicators show the past. Price Action "Indicates" the future.
  • #32,349
  • Edited 4:08am Jun 5, 2009 3:19am | Edited 4:08am
Quote
It really is simple and when we start to complicate things, it should be a red flag to step back and take a more common sense second look.

Hi all,

I enjoy reading this thread as there is so much good trading discussion here.

I hope you will allow me to quote you sometime regarding the above Jaroo.


Best regards to all.

Dale
  • #32,350
  • Jun 5, 2009 3:32am Jun 5, 2009 3:32am
Quoting Dale
Hi all

I enjoy reading this thread as there is so much good trading discussion here.

I hope you will allow me to quote you sometime regarding the above Jaroo.


Best regards to all

Dale
Hey Dale. Thanks.

I still look for those Double Inside Bars on many time frame. Still amazes me how tradable and profitable they can be.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #32,351
  • Jun 5, 2009 3:39am Jun 5, 2009 3:39am
nice to see u here, Dale.
  • #32,352
  • Jun 5, 2009 4:00am Jun 5, 2009 4:00am
Quoting james16
chart
Hey Jim,

got a question to that chart and your trade in the USD/CAD.

If I got it right you traded it like this:

- You went long at a break of the high of the pinbar and set your SL below the pinbar. You had then an inital risk of around 15k.
- Trade came back quickly you couldn't move to breakeven or take profits
- You took a 30 pip SL, or 3k as you said because as you say you couldn't take more risk/drawdown/losses which I understand because 3k is already a lot of money.

Now my question is why don't you set your stoploss at those 30 pips right away if you don't want to lose more on that trade.

Or trade less contracts/size so that you lose only 3k if you get stopped out down there below the pinbar.

Thank you,

Marco
  • #32,353
  • Jun 5, 2009 4:03am Jun 5, 2009 4:03am
Quoting jarroo
Hey Dale. Thanks.

I still look for those Double Inside Bars on many time frame. Still amazes me how tradable and profitable they can be.
PB and IB...sure a way to make $$...in every mkt condition...

Sonic
  • #32,354
  • Jun 5, 2009 4:04am Jun 5, 2009 4:04am
Thankyou

Here is a three inside bar trade, I wonder what it will look like in a few bars?
Attached Image (click to enlarge)
Click to Enlarge Name: james.gif Size: 15 KB
  • #32,355
  • Jun 5, 2009 4:12am Jun 5, 2009 4:12am
Quoting sonicdeejay
PB and IB...sure a way to make $$...in every mkt condition...

Sonic
Yes that is a nice setup as well but it only has one IB. The double IB (which I always think of Dale when I see one) are two IBs in a row. (chart)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #32,356
  • Jun 5, 2009 4:13am Jun 5, 2009 4:13am
Quoting Dale
Thankyou

Here is a three inside bar trade, I wonder what it will look like in a few bars?
Yes that's a great one. Thanks Dale.
Indicators show the past. Price Action "Indicates" the future.
  • #32,357
  • Jun 5, 2009 4:17am Jun 5, 2009 4:17am
Dale, sonicdeejay, jarroo,
wow.... D(IB)S.
  • #32,358
  • Jun 5, 2009 4:18am Jun 5, 2009 4:18am
Quoting supremeChaos
Dale, sonicdeejay, jarroo,
wow.... D(IB)S.
lol Very clever sChaos.
Indicators show the past. Price Action "Indicates" the future.
  • #32,359
  • Jun 5, 2009 4:23am Jun 5, 2009 4:23am
sChaos you make my laugh,

Thankyou.

I should add that I do not know if the 3 inside bars would test out as good as the 2 inside bars: so I am also looking for other market conditions prior to placing the trade.

Best regards
  • #32,360
  • Jun 5, 2009 4:31am Jun 5, 2009 4:31am
Quote
lol Very clever sChaos.

jarroo,
that's because i (we traders here) have a clever teacher. go ask around for mr. jarroo, or better yet search for him yourself.


[ i would've wanted to emphasize with color, but avoiding it as much as i can ]
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