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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

  • #32,461
  • Jun 5, 2009 7:14pm Jun 5, 2009 7:14pm
Its all relative, how hard is it to understand that on 5 min timeframe a 20 pip SL going for 30 pips TP on daily = 200 pip SL and 300 pip TP. Why are you using daily SL's with 5 min TP?
Economists have forecast 9 out of the last 5 recessions
  • #32,462
  • Jun 5, 2009 7:19pm Jun 5, 2009 7:19pm
Quoting Ryanmcd
TiaForex thanks so much for that post, I will get something down because PA is PA just longer times are traded a little different....
No problem Ryan. The higher timeframes bring their own problems...sitting on your hands while watching your trades go into drawdown, cutting profits too early, but having never traded the lower TFs I can't compare. The biggest problem is when, using your friend as an example, you miss one of your 4-5 opportunities a year because you were out that night. After waiting say 5 weeks and no trades appearing nightly, then you think "hey it doesn't matter i'll just head out tonight" and boom your trade turns up, you miss it, and there goes your psych.

I think, as you say, the great thing about PA coupled with SR and James16 Price Pivot Zones is that it applies to any market and any timeframe. And it never never stops working. Now that's my kind of holy grail.

Enjoy your weekend.
  • #32,463
  • Jun 5, 2009 7:20pm Jun 5, 2009 7:20pm
I think this relates partly to a few foregoing postings, but it's something I've been thinking about lately:

Do many people actually trade the weekly directly, or do most people use it mostly just as a general directional pointer, and then trade daily or lower?

I have mostly traded daily, 4H and 1H, but am currently concentrating on the daily.

I was considering trying the weekly, especially as it seems there are some good setups coming up, and was wondering how to manage the trade. As well as the large stops, trade management on something like that seems of a different order to lower TFs.

(Don't worry, I'll demo it before I trade it live - now that is something I have taken to heart from this thread )
Regards, Mike Still learning my trade.
  • #32,464
  • Jun 5, 2009 7:36pm Jun 5, 2009 7:36pm
Quoting montmorency
I think this relates partly to a few foregoing postings, but it's something I've been thinking about lately:

Do many people actually trade the weekly directly, or do most people use it mostly just as a general directional pointer, and then trade daily or lower?

I have mostly traded daily, 4H and 1H, but am currently concentrating on the daily.

I was considering trying the weekly, especially as it seems there are some good setups coming up, and was wondering how to manage the trade. As well as the large stops, trade management on something...
People trade the weekly directly and also use it as a pointer. The recent EJ Weekly pinbar had everyone in it. I think most use the monthly for direction if they look at it.

A nice daily pinbar at a 50% retrace of a weekly one is a great way to get into a weekly trade early. But generally if I see a nice weekly pin, I'll play it straight. If I am already in the trade (like the current cable setup) I might reduce risk. My cable daily pin is at break even so I have no risk exposure there. I just want to make sure that if I go in on the weekly a failure doesn't wipe out my daily profits, if that makes sense.

Hope that helps.

(I am spending far too much time on this forum lately. Eat that Mikey... )
  • #32,465
  • Jun 5, 2009 9:17pm Jun 5, 2009 9:17pm
Quoting montmorency
I think this relates partly to a few foregoing postings, but it's something I've been thinking about lately:

Do many people actually trade the weekly directly, or do most people use it mostly just as a general directional pointer, and then trade daily or lower?

I have mostly traded daily, 4H and 1H, but am currently concentrating on the daily.

I was considering trying the weekly, especially as it seems there are some good setups coming up, and was wondering how to manage the trade. As well as the large stops, trade management on something...
Hey Mike. I trade the Weekly all the time. Not all, but many of mine have been posted here. James16 recommends it as per post #1.

Yes, next week will be interesting.
Indicators show the past. Price Action "Indicates" the future.
  • #32,466
  • Jun 5, 2009 9:22pm Jun 5, 2009 9:22pm
Quoting james16
actually what i usually do is set the full bar stop, place an alert at 25 to 35 pips in case of a quick reversal and an alert where i intend to go breakeven.

this covers 3 areas.

1. FULL BAR STOP - a potential/possible catastrophe scenario with the full bar stop.

2. QUICK REVERSAL ALERT - a CHOICE/CHANCE with the alert set at aprox 30 pips to MANIPULATE the full bar stop or get out with a very "small" loss. I WANT CONTROL OVER THE TRADE. I DONT WANT THE TRADE TO CONTROL ME.

3. BREAKEVEN LEVEL ALERT - a conservative...
Wise...as always...

Oh Btw...

I just noticed...is that Merlin's head you got in your avator? It's becoming somewhat like a "Trademark" of extraordinary traders...

Ghous.
I believe . . .
  • #32,467
  • Jun 5, 2009 9:27pm Jun 5, 2009 9:27pm
I;ve been studying further thru the thread here and got one question I'm kind of new using fibonnaci lines and how to draw them.... just using S/R and pivots... do you guys use some indi to draw the fib levels or do it by hand? Can someone advice on a indi for that and some good websites to learn hoe to use it?
Sorry for this newbie question... but needed indeed
  • #32,468
  • Edited 9:43pm Jun 5, 2009 9:29pm | Edited 9:43pm
Quoting timf1979
I;ve been studying further thru the thread here and got one question I'm kind of new using fibonnaci lines and how to draw them.... just using S/R and pivots... do you guys use some indi to draw the fib levels or do it by hand? Can someone advice on a indi for that and some good websites to learn hoe to use it?
Sorry for this newbie question... but needed indeed
Hi Tim you don't need any indicator to assist you.

I'll do a chart hang on...
I believe . . .
  • #32,469
  • Jun 5, 2009 9:38pm Jun 5, 2009 9:38pm
Quoting ghous
Hi Tim you don't need indicator to assist you.

I'll do a chart hang on...
Hi ghous, thanks for the assistance. i really appreciate that
  • #32,470
  • Jun 5, 2009 9:43pm Jun 5, 2009 9:43pm
Quoting ghous
Hi Tim you don't need indicator to assist you.

I'll do a chart hang on...
here you go...

Note: just remember..."To draw fibs all you have to do is to start where the trend starts and end where the trend ends"

So for a downtrend you'll start at a swing high and drag the cursor along to the swing low...(again these have to be MAJOR swings)

Regards,
Ghous.
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I believe . . .
  • #32,471
  • Jun 5, 2009 9:48pm Jun 5, 2009 9:48pm
Quoting ghous
here you go...

Note: just remember..."To draw fibs all you have to do is to start where the trend starts and end where the trend ends"

So for a downtrend you'll start at a swing high and drag the cursor along to the swing low...(again these have to be MAJOR swings)

Regards,
Ghous.
Thanks Ghous for the help, simple and clear info on how to draw it. Have a great weekend!
  • #32,472
  • Jun 5, 2009 9:57pm Jun 5, 2009 9:57pm
Quoting ghous
here you go...

Note: just remember..."To draw fibs all you have to do is to start where the trend starts and end where the trend ends"

So for a downtrend you'll start at a swing high and drag the cursor along to the swing low...(again these have to be MAJOR swings)

Regards,
Ghous.
Draw them as per your needs, Either for an overall trend or for a major chunk of the trend like I've done on the chart appended in the above post, A good idea is to have 2 sets of fibs. One for the entire trend and the other at major pullback zones. We then arrive at "Confluence" zones that can serve as good support and resistance levels.

I didn't show it on the above chart so you won't get confused nor was there any major confluence of the fibs. Here's another chart with 2 sets of fibs lining up perfectly to serve as support/resistance for price.
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I believe . . .
  • #32,473
  • Jun 5, 2009 10:13pm Jun 5, 2009 10:13pm
Just draw 2 fibs on my eur/usd charts. the Blue one refers to the last weekly major downtrend. the yellow refers to the current uptrend at the daily TF... easy to spot a major confluence of fibs around the 1.3780 and the 1.3740...
Did i get it ?
  • #32,474
  • Jun 5, 2009 11:26pm Jun 5, 2009 11:26pm
After 8 hours of looking at charts the daily it is for me to start out. Jim is a smart one If I can make 10% a month that's more then enough. Also it will be nice to have a life again lol

Sleep time
Keep taking CT trades, I need more money
  • #32,475
  • Jun 6, 2009 12:53am Jun 6, 2009 12:53am
Quoting timf1979
Just draw 2 fibs on my eur/usd charts. the Blue one refers to the last weekly major downtrend. the yellow refers to the current uptrend at the daily TF... easy to spot a major confluence of fibs around the 1.3780 and the 1.3740...
Did i get it ?
Yup you got it.
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I believe . . .
  • #32,476
  • Jun 6, 2009 12:57am Jun 6, 2009 12:57am
Quoting jarroo
Absolutely.

I just noticed something on Jim's son chart. This should be fun.

Jim said out of the 9 Outside Bars (BUOB,BEOB) he only took 6 of them.

I wonder why he didn't take the other 3?

Does anybody know why?

http://www.forexfactory.com/showpost...ostcount=32296

(Sorry I cant post charts right now)

3 of them are not a swing points, they are continuation. Is that it?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #32,477
  • Jun 6, 2009 4:04am Jun 6, 2009 4:04am
Quoting TiaForex
People trade the weekly directly and also use it as a pointer. The recent EJ Weekly pinbar had everyone in it. I think most use the monthly for direction if they look at it.

A nice daily pinbar at a 50% retrace of a weekly one is a great way to get into a weekly trade early. But generally if I see a nice weekly pin, I'll play it straight. If I am already in the trade (like the current cable setup) I might reduce risk. My cable daily pin is at break even so I have no risk exposure there. I just want to make sure that if I go in on the weekly a failure...
Thanks TiaForex, and yes it does make sense and it does help.

Quoting jaroo
"Hey Mike. I trade the Weekly all the time. Not all, but many of mine have been posted here. James16 recommends it as per post #1."
Good point Jaroo. I was thinking that trade management of such a large TF may not come easily to someone with less than Jim's experience, but clearly that is a skill that I am going to have to learn demo-ing.

Thanks again guys.
Regards, Mike Still learning my trade.
  • #32,478
  • Jun 6, 2009 4:51am Jun 6, 2009 4:51am
How wary are you guys of correlation when holding multiple positions?

For instance if you're risking 2% of your account on each of 4 trades, depending on the correlation of the instruments you can be essentially risking up to 8% on the one idea.

Another thing to consider is the length of your trade on the weekly timeframe not allowing you to take all of your daily and below setups.
  • #32,479
  • Jun 6, 2009 6:47am Jun 6, 2009 6:47am
Quoting goodtiding5
Well, this is my 3+ year learning from James :-)

PIN on 150 and 60. After two huge BUB's over previous few days.

Ken
Very nice work Ken. I would say those 3 years have paid off nicely, to say the least.

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #32,480
  • Jun 6, 2009 6:56am Jun 6, 2009 6:56am
Quoting jarroo
Very nice work Ken. I would say those 3 years have paid off nicely, to say the least.

Jim
Too much traffic or do you think this pin is tradable?
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