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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

  • #32,881
  • Jun 9, 2009 10:47am Jun 9, 2009 10:47am
Quoting jplo
Hi Shemenator....

Are you gonna be looking only for shorts or if it resumes its uptrend are you gonna looking for longs as well?

In this last case, Would you wait until the retrace trendline were broken?

For me this is a kind of timeframe confusing mixture signals....

Weekly... It seems like has made a PB over a PPZ and SMA 200, but anyway, price is uptrending...

4H... Looks like price is in a retracement channel waiting for a breaking to the upside to resume its dialy and weekly uptrend, even when it has broken the uptrendline, nut not...
Well mate you see I never have a real bias and I never have a real trend direction. I simply go with what the maket is showing me as I am coming into the market as well as what its telling me after I am in the market. If the market tells me to stop and reverse I will do so ...it all depends on how the market is playing out. So I will short the market and long the market I am not trying to figure out what direction it will make ...I just want to know who is winning either buyers or sellers and simply participate, then I want to make sure the team I choose keeps on winning or I will switch teams.
  • #32,882
  • Jun 9, 2009 10:48am Jun 9, 2009 10:48am
Quoting supremeChaos
Jduester, TiaForex, Punky,
I'm curious...
what was your entry, stops, # of lots/positions? live trades?
no profit taken?

there was a chance for at least 50-100 pip profit below the weekly PB.
there's a minor ppz in 1.5800-5810 area where price bounced.
above, after 1.6200-6230, next (minor) ppz seems to be 1.6350

Thanks guys
I place stops above the nose, entry beyond the breach, one position with no partial profits.

I've tried a few other ways and this is the style I've settled on.

I also am pickier with my trades and look for longer runners. I use to take small profits but found that when a full loss came along that wiped away five winners it really got to me.

But there are many ways to skin a cat in this game. And it often balances out across many trades. Which is where I like to see my results from, not from the individual trade.
  • #32,883
  • Jun 9, 2009 10:50am Jun 9, 2009 10:50am
Quoting mbqb11
Hey jp

A suggestion that most of us tend to do is to keep timeframes separate. Since the movements are made up of waves occurring on all timeframes this can often contradict each other. A very simple way to deal with this is to try to simply enter and exit off the same timeframe for the most part. This way if you are trying to trade a weekly bar, you don't find yourself pulling your hair out on the hourly bars. Of course it will depend on your style, but it can be kept as simple as that, which takes away a lot of that analysis paralysis that you...

Thank you Mike....
This happens to me very frecuently... When I see "valid" signals in many TF for the same pair...
I stay telling me... "I saw a good sign on the 4H TF, but what if the good one is that on the 1H, or the other one on the weekly, or on the daily?....
And uffff......
I cannot deal with this, but I'm gonna try to do it your way... only looking at one TF......
Thanks, really helps me
  • #32,884
  • Jun 9, 2009 10:52am Jun 9, 2009 10:52am
Quote
I'm thinking you must know my strategy by now Supreme. I wait for the break of PA. I take first TP at 0.5R. I place most stops at end of bar (not in this case though)... 2% risk. ....
You are correct in that price stopped right where I thought it would. Just didn't think it'd reverse quite so severely! ....
BTW, nice trade for anyone who took that USD/CAD 'with the trend' pinbar. It's turned into quite a nice trade.
Jduester,
that was actually a general question but yes, somehow, i know your style. lol

hope u remember 1 of Sir james16's latest posts where i think he mentions a trade with $100/1pip. if that were your case, u surely would have pocketed some profits prior the GU 1.5810 reversal, right.. i often think about this as a reminder

I did take $cad short (my only traded pair today). +73, then 2 small losses (very tight stops).
  • #32,885
  • Jun 9, 2009 10:58am Jun 9, 2009 10:58am
Quoting jplo
Thank you Mike....
This happens to me very frecuently... When I see "valid" signals in many TF for the same pair...
I stay telling me... "I saw a good sign on the 4H TF, but what if the good one is that on the 1H, or the other one on the weekly, or on the daily?....
And uffff......
I cannot deal with this, but I'm gonna try to do it your way... only looking at one TF......
Thanks, really helps me
Just another note also. Watch when James posts a chart. He calls it day trading off the daily chart. He will enter on the daily, you can find the potential trouble ares, and that is how you build your trade mgmt plan. Of course different styles will have their own little tweaks. But Jim is a simple guy and if he started trying to be all fancy and finesse a trade in every single small way he would go crazy too I might guess. Always keep it simple in trading. That is probably my best advice, no matter how you decide to do things

Best of luck
Mike
  • #32,886
  • Jun 9, 2009 10:59am Jun 9, 2009 10:59am
Quote
I place stops above the nose, entry beyond the breach, one position with no partial profits.

Thanks TiaForex.
This basically clarifies it, to me.
  • #32,887
  • Jun 9, 2009 11:05am Jun 9, 2009 11:05am
Quoting supremeChaos
Jduester, TiaForex, Punky,
I'm curious...
what was your entry, stops, # of lots/positions? live trades?
no profit taken?

there was a chance for at least 50-100 pip profit below the weekly PB.
there's a minor ppz in 1.5800-5810 area where price bounced.
above, after 1.6200-6230, next (minor) ppz seems to be 1.6350

Thanks guys
I am just starting out and testing a few strategies. I opened a demo account about 3 weeks ago and don't plan on going live until I am truely comfortable. I started out just trying to trade the 15min and 30 min charts so working with the daily and weekly charts are something new. But we'll see how it goes. Right now I am just practicing on picking the good trades and after I get comfy with that then learn how to manage them. Baby steps.
  • #32,888
  • Jun 9, 2009 11:12am Jun 9, 2009 11:12am
Punky,
thanks for the reply..

i was from the "below H4 camp" too. lol

Do demo of 3-12 months, or more if necessary. Don't be like some of us (me included). lol
Go live when u are truly ready.

this thread will teach u "less stress & more patience". I guarantee u that.
Yes, be picky. be very picky. focus on Daily & up. practice on plotting the PPZs, it's not that hard though. PPZs will serve as your radar & binoculars.
You are off to a good start.
Keep the Patience up & Good luck!
  • #32,889
  • Edited 11:53am Jun 9, 2009 11:25am | Edited 11:53am
Quoting supremeChaos
Thanks TiaForex.
This basically clarifies it, to me.
I used to have two positions and take partial profits at first target, but then i went back over all my backtested and forward tested trades and discovered that it hit my profits hugely to do that.

And as clockwork71 said "Do you take partial losses".

Not to knock the strategy of taking partial profits, but those who do it successfully, know the tradeoff they are making and are happy to make it because it is what's comfortable for them.

Test what works for you, and then stick to your guns. James16, mbqb11, raczekfx, jarroo all trade in very different ways based on the material. Only the individual can tell what is right for them
  • #32,890
  • Jun 9, 2009 11:28am Jun 9, 2009 11:28am
Quoting supremeChaos
Punky,
thanks for the reply..

i was from the "below H4 camp" too. lol

Do demo of 3-12 months, or more if necessary. Don't be like some of us (me included). lol
Go live when u are truly ready.

this thread will teach u "less stress & more patience". I guarantee u that.
Yes, be picky. be very picky. focus on Daily & up. practice on plotting the PPZs, it's not that hard though. PPZs will serve as your radar & binoculars.
You are off to a good start.
Keep the Patience up & Good luck!
Thanks for the advice supreme. That is exactly what I plan on doing. Practice, practice, practice.
From what I have read and taken in so far from this thread....I have a very very good feeling I am one step forward in the right direction!!
  • #32,891
  • Jun 9, 2009 11:33am Jun 9, 2009 11:33am
TiaForex,
Thanks for the elaboration.
Indeed, there are trade-offs & (strategies) should be trader-specific.
  • #32,892
  • Jun 9, 2009 12:34pm Jun 9, 2009 12:34pm
Quoting supremeChaos
TiaForex,
Indeed, there are trade-offs & (strategies) should be trader-specific.
Well said Supreme. Strategies/methods should be very specific to each individual. Its amazing the results one gets once ones personal style has been established.

MM
The greatest achievements are those that benefit others....
  • #32,893
  • Jun 9, 2009 12:40pm Jun 9, 2009 12:40pm
Quoting fat_tom
Hi folks,

First post on here so go easy

Anyone else seeing the small(ish) daily pinbar forming?

small S/R area - a reversal to the current short term trend back to the long term bullish trend?

thoughts?

Fat Tom
Dunno if you guys saw my earlier post above but I did take the trade.

I was about 130 pips at one point and then set my SL to BE. This was triggered overnight.

oh well....

So I obviously shouldn't have meddled with that but it did get me thinking about the trade a little more. I played traditional J16 style (SL 10 pips above pinbar) buy stop a couple of pips above the bottom etc) however my SL and TP where similar distances apart therefore this was fairly close to a 1:1 R:R. although the risk was less than 3% of capital.

As I am very much a beginner playing with a very, very small account can I assume that I should never really have taken the trade?

I am thinkin that I have got of lightly with no losses on this one (even though its tempting to think I could of had a winner here if I left the trade alone)

So was this a sensible trade for a beginner?

Did I just mess up fiddling with the trade?

Or is this the desire to trade issue that newbies like me encounter and lack of all round patience.

any opinions are greatly welcome!!!!

great thread BTW!!!!

Fat Tom
  • #32,894
  • Jun 9, 2009 1:01pm Jun 9, 2009 1:01pm
Quoting fat_tom
Dunno if you guys saw my earlier post above but I did take the trade.

I was about 130 pips at one point and then set my SL to BE....
Hey Tom

Welcome to the thread. This type of bar is what I categorize a quick hitter. Meaning, if you are to play this type of bar which has not created a great deal of space(meaning some traffic), that it has to be a situation where you move your stops to b/e quick, or get out of profit rather early. This isn't to say this bar won't continue to run, but there is enough to turn it around that one has to be cautious about.

Here is my chart with the area marked, that needs to be watched where this trade could have turned around completely. This is the point where something must be done IMO, with a bar of this size, and location.

Just my views and glad you are enjoying the thread

Mike
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  • #32,895
  • Jun 9, 2009 1:12pm Jun 9, 2009 1:12pm
tough to see you lose on this one jd after the nice outside bar short on the daily.

where is the 365 ema on your daily chart at?

its at 6393 on mine.

if it works with your risk profile 6400 might hold as resistance.

NOT TRADING ADVICE im just mentioning something you may or may not have noticed.

how much profit did that weekly pin give you before it reversed?

jim





Quoting Jduester
Yeah, holding the weekly pin... deep drawdown now... need it to stop!... or take a loss. It was a good setup IMO, so not bothered by it.

stop at 1.6330

Josh
  • #32,896
  • Jun 9, 2009 2:02pm Jun 9, 2009 2:02pm
Quoting Ryanmcd
I think I am going to go for this as well, got some RSI divergence on the "2day" pin, small money just to have it show up on my sheet. Also I like that Gartley stuff, I have his $120 stock book for the 1920's and then I know Larry he re-worked his stuff about 15 years ago.
Gartley's is a great book indeed! Larry - do you mean Williams, Ryan?
One Chart is Worth Ten Thousand Words.
  • #32,897
  • Jun 9, 2009 2:08pm Jun 9, 2009 2:08pm
Quoting Forex007
Gartley's is a great book indeed! Larry - do you mean Williams, Ryan?

Nope Larry Pesavento lol, I know lots of ppl in dis here market thing
Keep taking CT trades, I need more money
  • #32,898
  • Jun 9, 2009 2:10pm Jun 9, 2009 2:10pm
how much profit did that weekly pin give you before it reversed?

jim[/quote]

About 100+ pips, i got stopped out @ B.E on my entries
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Respect a man, and he will do all the more.
  • #32,899
  • Jun 9, 2009 2:28pm Jun 9, 2009 2:28pm
Quoting fxprocessor
I may be going against the general consensus here but I'm not taking the weekly cable pin.

Two reasons:

1. I don't want to trade into the 1.6000 round number.

2. As this is a weekly pin I would potentially have to hold it for a while. Looking at the monthly chart I see a strong bullish bar and this is only one timeframe above the one I would be trading on.

This is my thought process on this one anyway :-)
I'm very happy some of the crew took some good profit out of the weekly pin

I generally don't have the time to micro manage my positions so would have struggled with this one.

That monthly bar sure was telling me to stay clear of this one anyway.

I recall asking FXVision about a trade once and he told me to look at the monthly and asked "do I still want to take it?".

Thanks FXV! (Where are you? I miss your posts). Kept me out of this one as well :-)
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  • #32,900
  • Jun 9, 2009 2:29pm Jun 9, 2009 2:29pm
GU
I got stopped out of my sell at 1.6250.
There is so much confluence that I sold again at 1.6350.
is anyone else following this one or is it too late in the trading day?
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