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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

  • #33,641
  • Jun 17, 2009 3:26am Jun 17, 2009 3:26am
Quoting james16
To succeed in this business you need a sound method (notice i did not say system), common sense, discipline and a rock solid understanding that if you do not treat this as a business you have a ZERO CHANCE of long term success. 95 percent of new businesses fail even when the owner knows what they are doing. Do you really think this business is going to work for you after 3 months practice or less?
A great partial quote from this thread's updated 1st. post. Which is a good read.

Jim,
Thanks for teaching us a 'sound method' for four years. I appreciate your work here and in your forum. Congratulations on this this thread's 4 year anniversary. This is one thread I enjoy reading.
  • #33,642
  • Jun 17, 2009 3:56am Jun 17, 2009 3:56am
chris600uk, nvwine,
Greetings!
post more, will u?
  • #33,643
  • Jun 17, 2009 3:57am Jun 17, 2009 3:57am
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
[quote=jarroo;2808384]2nd half stopped out at break even. 1st half 31 pips/2nd breakeven./quote]

GBPJPY, USDJPY and EURJPY all have PB in 4H, which allow me to be picky. USDJPY and EURJPY retraces to 50.0 if I'm not mistaken while GBPJPY is 61.8.

Hence, I choose the GBPJPY but I've breakeven now. Pretty nice though, and now price is all bearish.
  • #33,644
  • Edited 5:17am Jun 17, 2009 5:00am | Edited 5:17am
I know this is kind of off topic, so feel free to kick this if it doesn't belong. I'm wondering if anyone trades the news on this thread? Yesterday, I had a long-running short on GBP/USD taken out by the news spike. If I had been quick-thinking enough, I could've placed a short term long with a trailing stop of around 20 pips and I would've countered my loss on the short. I've heard people say that trading the news is dangerous but if you're able to watch and place a live order in the direction of the spike with a tight trailing stop, it seems to me that you are almost certain to gain. Surely my noobish brain must be missing something?

EDIT: Also, a big news spike like we had today, naturally creates a PB. Would this constitute a J16 trade? It didn't really hit a clear PPZ before reversing but it certainly would've pulled in some tidy pips today.
  • #33,645
  • Jun 17, 2009 5:22am Jun 17, 2009 5:22am
TotalNewbie,
u are being after-the-fact.
sometimes/often news create unpredictable moves.
example, data is $-positive but price instead goes $-negative.

mostly hitting traders' stops on both sides of current price. who knows.

if u are well experienced & got fast fingers AND internet AND (reliable) broker, u can go for news trading.

But yes, u are correct, some/most here try to avoid news. since we are trading H4 & up in this thread, price movements via news may just be contained in a single H1 or H4 bar, so not so important to our higher timeframe trading.
U can just stick with practicing/mastering j16 & it will take care of your profits. No need to news-trade.
Good luck

EDIT: if price takes u out, just wait for the next trade.
  • #33,646
  • Jun 17, 2009 5:23am Jun 17, 2009 5:23am
When struggled so many times to make sense in FX, I am grateful that I found this thread.

Reading this thread while trading becomes a habit of me. And I started to enjoy what I have learnt.

Really really appreciate everyone.

Happy birthday James16 Group, thread, members, everybody.

Happy trading. (English is not my native language I hope I didn't make linguistic mistakes here. )
......
  • #33,647
  • Jun 17, 2009 5:28am Jun 17, 2009 5:28am
rh674,
post more, will u?
by the way, u did fine with your post.
  • #33,648
  • Jun 17, 2009 5:30am Jun 17, 2009 5:30am
Quoting supremeChaos
TotalNewbie,
u are being after-the-fact.....
Good luck

EDIT: if price takes u out, just wait for the next trade.

Thanks for the reply. Could you clarify please, the 4H PB on GBP/USD today was caused by the news spike. It wasn't in a particularly good place for a PB so I didn't take it. However, if it had been in a good place, is it still a legitimate PB to trade, even though it was caused by reaction to news?
  • #33,649
  • Jun 17, 2009 5:31am Jun 17, 2009 5:31am
Happy Birthday James 16!!

Life is certainly a since finding this thread!!

Other than avoiding "entering" a trade shortly before/after news, I pay no attention at all to it.
Ghost Rider - WWTBMD?
  • #33,650
  • Jun 17, 2009 5:34am Jun 17, 2009 5:34am
[quote=LSs;2808912]
Quoting jarroo
2nd half stopped out at break even. 1st half 31 pips/2nd breakeven./quote]

GBPJPY, USDJPY and EURJPY all have PB in 4H, which allow me to be picky. USDJPY and EURJPY retraces to 50.0 if I'm not mistaken while GBPJPY is 61.8.

Hence, I choose the GBPJPY but I've breakeven now. Pretty nice though, and now price is all bearish.
yeh i caught the gbpusd a little late, due to having dinner and getting home from my final exam.... YEWWWWW, getting hammered this weekend
Attached Image (click to enlarge)
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Grabbing the bull by the horns!
  • #33,651
  • Jun 17, 2009 5:44am Jun 17, 2009 5:44am
Happy Birthday to J16 thread and all contributors and lurkers .

I'll be in nodsville here in oz at the exact anniversary time but I look forward to checking out the thread in the morning.

Certainly is a great learning experience here!!

Cheers, Gov
  • #33,652
  • Jun 17, 2009 5:48am Jun 17, 2009 5:48am
TotalNewbie,
what MT4 broker? i'll check if u can wait a while.
  • #33,653
  • Jun 17, 2009 6:09am Jun 17, 2009 6:09am
I know this chart is already in this thread, but I wanted to my best trade of the week, after having survived a retracement close to my Stop loss to the pip last night

300 sweet pips in one trade following simple rules
Attached Image (click to enlarge)
Click to Enlarge Name: gb.gif Size: 15 KB
  • #33,654
  • Jun 17, 2009 6:10am Jun 17, 2009 6:10am
Quoting g_j_hook@yah
lol, nice post,picky is indeed a good thing.lol
i took no offence at your last post by the way,just making my point.
cheers
jon
I'm always amazed at the matureness and appreciation that everyone on this thread would show to each other, not to mention how helpful thel people here are, we can always see any argument or "debate" would bloom to a intelligently brewed conversation(s).

This is one of the landmark of our very loveable 4 Years old thread, and one of those things that kept it living vigorously for so long, did you guys know that the number of posts grew exponentially each year? I bet we'll reach 4000 pages at the end of 2009!

That being said, this thread has blew life to my trading, I might finally decide to trade for the rest of my life solely because of the implied motivational posts of the great people here.

Although Indonesia is a great country, I've been dreaming of moving to the United States since I was a little boy, since then it was just a dream, until I learnt from Douglas the magic of compounding, I've counted with a $40.000 account I can reach the amount I'm targeting within 12-15 years, after that I'll apply for immigration to the states by buying a business in Texas, then I can finally meet the great man that made me start believing myself on trading.

This all may sound too much of a "dreamy" thing, but I'm trying to make it as real as possible, if I can't reach the stars, at least I'll land on the moon.

Best Wishes to Everyone Here.

Marcel
  • #33,655
  • Jun 17, 2009 6:23am Jun 17, 2009 6:23am
Quoting supremeChaos
TotalNewbie,
what MT4 broker? i'll check if u can wait a while.
I'm in the UK, so I'm spread betting using IG Index. I also use DailyFX.com for charting.
  • #33,656
  • Jun 17, 2009 6:30am Jun 17, 2009 6:30am
Quoting marcelnyo
I'm always amazed at the matureness and appreciation that everyone on this thread would show to each other, not to mention how helpful thel people here are, we can always see any argument or "debate" would bloom to a intelligently brewed conversation(s).

This is one of the landmark of our very loveable 4 Years old thread, and one of those things that kept it living vigorously for so long, did you guys know that the number of posts grew exponentially each year? I bet we'll reach 4000 pages at the end of 2009!

That being said, this thread has...
Too dreamy Marcel? There's no such thing brother. Life is MADE of dreams and the bigger the better!!
Ghost Rider - WWTBMD?
  • #33,657
  • Jun 17, 2009 6:36am Jun 17, 2009 6:36am
Quoting marcelnyo
I'm always amazed at the matureness and appreciation that everyone on this thread would show to each other, not to mention how helpful thel people here are, we can always see any argument or "debate" would bloom to a intelligently brewed conversation(s).

This is one of the landmark of our very loveable 4 Years old thread, and one of those things that kept it living vigorously for so long, did you guys know that the number of posts grew exponentially each year? I bet we'll reach 4000 pages at the end of 2009!

That being said, this thread has...
hi Marcel,dreams are just dreams if we give them such a silly status.otherwise they are only small tasks to achieve along the way. dont let anyone tell you diferent!iv changed countries once to help achieve fulltime trader status for myself,i landed here with about 50 euros and nothing else!!it took me 6 weeks to find work but here i am a few years later with nice life, a class computer system and a couple of 1000 euros in my training account! slowley but surely my friend!! no such thing as dreams.only time
cheers
jon

HAPPY BIRTHDAY THREAD!!!!!
A good time to thank jim for creating this thread and being who you are, and everyone involved here(too many to mention)
You have all helped us more than you think!!
CHEERS!!!
PATIENCE... DISCIPLINE
  • #33,658
  • Jun 17, 2009 6:42am Jun 17, 2009 6:42am
Just popping by to wish the thread a Happy 4th Birthday

By far the best thread on FF with so many knowledgable traders always on hand to help out.

Kind Regards
Steve
  • #33,659
  • Jun 17, 2009 6:44am Jun 17, 2009 6:44am
Happy birthday James16 Chart Thread! Congratulations to all the ones here who make this thread what it is. OK nice, "What is it?" For me it is a place to further my trading education. Sometimes it's a place to have my thoughts validated and sometimes constructively critisized. A place for agreement and disagreement. A wealth of perspective and experience. It's good for a chuckle from my brothers and sisters here and it's sobering in it's delivery of lessons and the reality that is trading. I haven't been on too many forums in my time, but I know how negative they can be. Here, you can feel the encouragement from one to another. It's my home here on FF. Thanks for letting me stay. I'll do my best to give back and make worthwile contributions. I'll put the lid down on the toilet when I'm done and I'll replace the cap on the toothpaste as well. Gotta go! Time to take out the garbage.

Best Regards to all!

K.I.S.S.Fan
  • #33,660
  • Jun 17, 2009 6:44am Jun 17, 2009 6:44am
This is the thread that opened my mind to trading

I am really grateful to this thread. Thanks a million!!

Wishing a very HAPPY birthday to James16

Can't stop myself from thanking jim

ALM
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