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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

  • #33,221
  • Jun 12, 2009 4:55am Jun 12, 2009 4:55am
Quoting fat_tom
Yes I think your right.

I am a little concerned as its obviously very subjective as to when and where to move SL to and my lack of experince in this game is my problem here.

I think I will back peddle through this thread for SL posts and info!

thanks again all!

Fat Tom
I think it's all about sizes, if you've a 100 pip stop and you get 75 points in profit then is it worth giving back 175 pips becaue you're only at R:R 0.75?? Not in my opinion. I trade a smaller timeframe and generally only have a 15 - 20 pip stop, but i always take 1/3 off at 10 pips...why 75% of my trades go there straight away so i don't see the point in giving back that profit.

I'm not advising everybody to do this but it works for me, i don't like losses.

get in, get a bit of profit, get to stop to BE and repeat.....

If you get stopped out there will be another trade, if you keep letting those profits dribble away into losses will there be another account?????
  • #33,222
  • Jun 12, 2009 5:05am Jun 12, 2009 5:05am
Quote
I kept asking Jarroo a year ago how did he see what I couldn't see, and how could he do (e.g. pass on a B trade) what I could not. He said "practice, practice, practice, and it will come" (J16 kept saying the same thing from Page 1 too). I followed that advice and "it" (the "A-ha!" moment) did come. THANK YOU, Jim, Jarroo and Mike (and other who helped me)!

Forex007,
I'm glad u have finally found the "james16 light". Thru patience, focus, & practice.
I'm sure more & more will experience the same, sooner or later, if they follow your path.
  • #33,223
  • Jun 12, 2009 5:07am Jun 12, 2009 5:07am
Quote
You are right! it is a demo account!That position was canceled!It was a mistake!1.4085 it was the corect number!

oltciter,
(i prayed it was on demo, & a typo error)...
Thank God...
  • #33,224
  • Jun 12, 2009 5:46am Jun 12, 2009 5:46am
EURCAD daily pin finally broke to the upside after two days in draw down and has become my best trade of today. Half taken off the table and the rest at about 1:2 RR. Really testing my restraint not closing this trade and taking the profit now. I'm sure it'll reach my target in the future but it's just been such a long draw down that i'm over it haha.

EURUSD short trade off the fibs and ppz is about 45 pips and is close to hitting my first target with stops at BE.

Been a very good day approx +5% to my demo after starting with all my positions in DD.
  • #33,225
  • Jun 12, 2009 5:46am Jun 12, 2009 5:46am
Quoting supremeChaos
oltciter,
(i prayed it was on demo, & a typo error)...
Thank God...
Verry funny!
  • #33,226
  • Edited 6:03am Jun 12, 2009 5:51am | Edited 6:03am
See the chart!

Later edit: I will wait for retesting ema 150 (green ma) .If there will be PA for long position Iwill open another buy.
Attached Image (click to enlarge)
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  • #33,227
  • Jun 12, 2009 6:08am Jun 12, 2009 6:08am
Quoting oltciter
See the chart!

Later edit: I will wait for retesting ema 150 (green ma) .If there will be PA for long position Iwill open another buy.
Make sure you watch the 365 ema level for resistance. It's held strong recently so i'm taking a partial profit there as well.

EDIT: Also 1.5767 will be tough to get above
  • #33,228
  • Jun 12, 2009 6:13am Jun 12, 2009 6:13am
Quoting Tipers
Make sure you watch the 365 ema level for resistance. It's held strong recently so i'm taking a partial profit there as well.

EDIT: Also 1.5767 will be tough to get above
I already have closed 50% of my position.Now i'm running with the other half!Thank you for advice!
  • #33,229
  • Jun 12, 2009 6:13am Jun 12, 2009 6:13am
So, that GU H4 setup I posted earlier did played out during the Asian session. There was a good OB on H1. Price stalled at the prior SR (xx20).
Attached Image (click to enlarge)
Click to Enlarge Name: GU_H1_OB.jpg Size: 90 KB
One Chart is Worth Ten Thousand Words.
  • #33,230
  • Jun 12, 2009 6:30am Jun 12, 2009 6:30am
Quoting Forex007
So, that GU H4 setup I posted earlier did played out during the Asian session. There was a good OB on H1. Price stalled at the prior SR (xx20).
Nice, missed that one.

EURUSD 4h is going strong, his my second target zone @ approx 1:2.5 RR with stops at BE. Will manage the stop on the remainder untill sleep and will probs leave it with a TSL of ~50.

For anyone interested the entry was based upon two 4 hour IB breaking to the downside at a 61.8 fib, whole number and ppz.
Attached Image (click to enlarge)
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  • #33,231
  • Jun 12, 2009 6:38am Jun 12, 2009 6:38am
Quoting Forex007
I bet Raczek is already short...

Just kidding Waiting for (at least) the current bar to close would be prudent. If it does go down, that could be quite a fall (RR-wise)...
Close, but no lunch this time.... needed 18 more pips.
It could be quite a fall....
.
Attached Image
  • #33,232
  • Jun 12, 2009 7:15am Jun 12, 2009 7:15am
Quoting Tipers
Make sure you watch the 365 ema level for resistance. It's held strong recently so i'm taking a partial profit there as well.

EDIT: Also 1.5767 will be tough to get above
Tipers,

I'm still on on this one as well... moved the SL up high to 1.5676 as my trades to small to takr partial profits!!!

even at the SL though still good for ~125pips...

  • #33,233
  • Jun 12, 2009 7:37am Jun 12, 2009 7:37am
Quoting fat_tom
Tipers,

I'm still on on this one as well... moved the SL up high to 1.5676 as my trades to small to takr partial profits!!!

even at the SL though still good for ~125pips...

Closed out at 1.571 after seeing a bunch of resistance. Still a very good trade for me, 101 pips from a 25 pip SL.

Looks like you just got stopped out too : )
  • #33,234
  • Jun 12, 2009 7:40am Jun 12, 2009 7:40am
Now that 1.6420 was tested as Resistance, the next likely target seems 1.6300. Maybe not today as we are already down 240p from the Open.

1.6350 is also a minor PPZ.
Attached Image (click to enlarge)
Click to Enlarge Name: GU_H1_OB_-_2.jpg Size: 83 KB
One Chart is Worth Ten Thousand Words.
  • #33,235
  • Jun 12, 2009 7:44am Jun 12, 2009 7:44am
Quoting Tipers
Closed out at 1.571 after seeing a bunch of resistance. Still a very good trade for me, 101 pips from a 25 pip SL.

Looks like you just got stopped out too : )
Yes I did!!!

oh well - still a good trade overall

happy with that...

now wheres the next daily pinbar......

  • #33,236
  • Jun 12, 2009 7:53am Jun 12, 2009 7:53am
Quoting Forex007
Now that 1.6420 was tested as Resistance, the next likely target seems 1.6300. Maybe not today as we are already down 240p from the Open.

1.6350 is also a minor PPZ.
Also take note of 1.624 if we get down that far, strong support there.
  • #33,237
  • Jun 12, 2009 8:14am Jun 12, 2009 8:14am
Nicely done, people.


Quote
now wheres the next daily pinbar......
fat_tom,
...just around the corner.
we just need to keep searching & be patient.
  • #33,238
  • Jun 12, 2009 8:25am Jun 12, 2009 8:25am
Quoting supremeChaos
Nicely done, people.



fat_tom,
...just around the corner.
we just need to keep searching & be patient.
Oh I am

does everyones trading screen look like mine when you're out looking for a trade?

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  • #33,239
  • Jun 12, 2009 8:34am Jun 12, 2009 8:34am
fat_tom,
at least Sir Mike/mbqb11's is. it was mentioned in 1 of his guest videos at the james16 PF
  • #33,240
  • Jun 12, 2009 8:46am Jun 12, 2009 8:46am
I don't post a great deal as I don't have much time to trade and have mixed success. However this thread is always spot on.

One thing to watch tonight is will GBP go any lower, if so then we might have a DBHLC on the daily. Its not played out yet, so watch this space.
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