james16 Chart Thread | Page 1875 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #37,481
  • Jul 15, 2009 9:50am Jul 15, 2009 9:50am
Quote
Originaly postet by Ghous
Keep going strong, and I would urge you to post more.

In the last weeks i have only reading this great thread and it take
some time for me to understand all the "english stuff".
I only learned english in school and thatīs 30 years back.

But now while iīm reading the J16 my brain remember more and more.
Iīll post more and hope get some useful replys from the "old" guys out there.


Trade well !!!
Trade well and many pips to all. Martin
  • #37,482
  • Jul 15, 2009 9:51am Jul 15, 2009 9:51am
Quoting ghous
Oh I see, yeah I have of coarse...just skipped my mind probably.

It's currently set at 1.1375 hidden nicely behind the 1.135 resistance mark.

Ghous.
So you don't you a trailling stop, you move your SL by hand? According to S/R areas on the way?
Live it or leave it!
  • #37,483
  • Jul 15, 2009 9:55am Jul 15, 2009 9:55am
Quoting pipmax
Thank you for reply

Entry so late because i see it a few hours after open the Daily Bar,
then i think it`s maybe better to wait the Price break the 0,7900 and set a "buy stop" at 0,7910.

I know itīs not right way, but at the time i set up the trade it was the
best (so i think), but iīm a newbie and have to learn so much.
Thatīs why i read this thread since a few weeks.

Sorry for my bad English.


Trade well!!!
hi pipmax, i agree with ghous and just wanted to add a side note.
if you played the break of the round number i would be carefull of entering after only 10 pips above/below the round number as this is not a good confirmation that it has broke. price often breaks the round numbers by 10-20 pips( just from the momentum of the previos move) and then falls back below/above on the next candle to close below. just a heads up
jon
PATIENCE... DISCIPLINE
  • #37,484
  • Jul 15, 2009 10:12am Jul 15, 2009 10:12am
Well guys and Girls

Its a big day for me as I have finally got my account backup to what I deposited initially!!!

I have clawed back from a 18% drawdown in a month!!! - can't belive thats all I've been hanging around doing/learning things the J16 way!!! - seems like a lot longer

I got myself into the initial drawdown stage in less than a week!!! - I was on route to becoming another Forex statistic until I found myself here

Last 5 trades have all been profitable and 2 are still on the go!!

3 important things I've learnt from here in the last month..

1) PA
2) PPZ
3) Patience/pickyness!!!! (the most important IMO!)

Still sticking to daily PA only and probabely will until at least Christmas - suits my lifestyle!

Just as a side extension to this post - what are others getting as a percentage return a month? 18% seems high to me although I do think I have been lucky to an extent and a lot of trades have presented themselves over the last few days.

As some of you may know my account is tiny so the returns are irrelevant in real terms but obviously as a longer term proposition I intend (if all goes well!) to put a larger deposit in my account at some point. It would just be nice to know what is achievable month in month out... if 1% is a realisitic figure then I'm going to be at this for some time... if its 10% then thats doable... 20%? yipee I'll be out of the day job in a few years

Anyway I digress...

Thanks again James16 and everyone else hopefully at somepoint I'll be able to start giving as opposed to taking from this thread!!

Cheers

Fat Tom
  • #37,485
  • Jul 15, 2009 10:21am Jul 15, 2009 10:21am
Quoting Slurpee
So you don't you a trailling stop, you move your SL by hand? According to S/R areas on the way?
yes, I don't believe in those "X" number of pips trailing stops.

I move them manually as price breaks through supp/res levels.

Ghous.
I believe . . .
  • #37,486
  • Jul 15, 2009 10:22am Jul 15, 2009 10:22am
Not sure if people have posted this one, I have been falling behind in reading the thread (partly because I am going over the summary posts again, they ar epowerful and concise).

Took this daily bar off heavy support at the 150 level. swing low, 61.8 Fib. Watched those bar highs to the left and delployed bar break strategy. (moved stop to back of breaking bar. Once and if we broke those highs to the left I had a good idea that it would break much higher. Not sure what my stop situation is, I think if we can stat above 154 for the day it is a good sign to stay in the trade. Will move stop to BE soon if I start to feel uncomfortable.

A little side note on this trade. S/R levels are so important to me as well as round numbers. A concept that I am keeping in my mind more often is: "trade toward the line of least resistance". It comes from Reminicenses of a Stock Operator". Think about how simple that is, I have and I feel my trading improving already.

Attached Image (click to enlarge)
Click to Enlarge Name: gy.gif Size: 13 KB
  • #37,487
  • Jul 15, 2009 10:25am Jul 15, 2009 10:25am
Good thread this, lot's of common sense trading taught here, take your time, wait until the A1 reversal trend pin comes right on previous support or resistance and WHAM, you're in, as you have traded from the trend extreme chances are you will beable to trade to to the otherside of the trend or if you get a warning bar (buob, beob, inside bar etc ) but so far I'm having incredible results, if I keep up the success rate I should be netting 40/50% a year trading weekly and Daily charts! This fits around my job so suits my needs, I don't sleep much so getting up for the occasional quick scan at the charts is no problem, in fact, I'm starting to like staying up just to see what's going on in the worlds markets, I think I'm hooked
Thanks for sharing those who contribute on this great thread, keep sharing!
James, we are not worthy....
Just a boy playing with big bars.
  • #37,488
  • Jul 15, 2009 10:31am Jul 15, 2009 10:31am
Hi Ghous, Racz and others,


Do you guys put a blind trade sell order at 1.41 for the EURO, it is 61.8% retrace of the big fall from and important ppz and round number. 1.4341 and 1.3750, also other fib confluence at this location.

Just curious how you guys be confident putting a blind sell order at 1.41 without any PA occurs?


Thanks!

Pipping
  • #37,489
  • Jul 15, 2009 10:47am Jul 15, 2009 10:47am
Quoting Slurpee
Almfx, did you take this trade? USDCHF pin on 4HR...

I did, my TP hit just an hour ago or so...

Man, we have to love this game
1.0864 - Entry
1.0742 - TP Hit

Happy Pipping Slurpee
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #37,490
  • Jul 15, 2009 10:49am Jul 15, 2009 10:49am
Quoting kk007
Dear all,

Can anyone tell me why do these things (pinbar, BUOB, DLHC, etc.) work? The explanation may be posted before, but this is such a big big big thread. Please help!

Cheers!
Just another view for you. The reasons they actually occur are numerous depending on each situation.

http://www.forexfactory.com/showpost...ostcount=19711

Best
Mike
  • #37,491
  • Jul 15, 2009 10:59am Jul 15, 2009 10:59am
Hey Tom

Congrats on that, that is real good. As you grow your account and as a trader you are always looking for ways to minimize the drawdown. Most traders think in terms of "what is possible a week/month etc". I assure you when you become a trader you really don't look at your trading in terms of what can I make this month. You trade what the market offers. Be it 1% one month or 10% the next.

This isn't directly related to your question but I can see the thoughts for some others popping up some I am gonna re post this link

http://www.forexfactory.com/showpost...ostcount=25755

Returns are going to vary so widely b/w traders. This is do to account size differences, risk tolerance, etc. 20% a month sustainable is just not realistic, and those are the things that start to get people overly excited and giddy when playing with their spreadsheets. What should really get you giddy is play around with an avg of 2-5% a month as your account size INCREASES with both returns and say you add a little bit here and there when you can. For what its worth when I made that post I was up around 17% and now am up a little over 30% for the year. Some might shiver at this thinking jeez only 30%, I want that a month. But I just try to give the reality here. You will find other traders that I respect up double that I wouldn't doubt it. And vice versa those up half what I am with much larger accounts and smiling cheek to cheek. So you can see why it varies greatly so much. I am very conservative by nature and watch my drawdowns and risk per trade. So forget about goals, or what could be. When you learn to do what you are doing by trading right, the rest takes care of itself.

Sorry if I sound like Scrooge here !

Mike

Quoting fat_tom
Well guys and Girls

Its a big day for me as I have finally got my account backup to what I deposited initially!!!

I have clawed back from a 18% drawdown in a month!!! - can't belive thats all I've been hanging around doing/learning things the J16 way!!! - seems like a lot longer

I got myself into the initial drawdown stage in less than a week!!! - I was on route to becoming another Forex statistic until I found myself here

Last 5 trades have all been profitable and 2 are still on the go!!

3 important things I've learnt from here in...
  • #37,492
  • Jul 15, 2009 10:59am Jul 15, 2009 10:59am
Quoting fat_tom
Well guys and Girls

Its a big day for me as I have finally got my account backup to what I deposited initially!!!

I have clawed back from a 18% drawdown in a month!!! - can't belive thats all I've been hanging around doing/learning things the J16 way!!! - seems like a lot longer

I got myself into the initial drawdown stage in less than a week!!! - I was on route to becoming another Forex statistic until I found myself here

Last 5 trades have all been profitable and 2 are still on the go!!

3 important things I've learnt from here in...
Congrats Tom !
Keep the GUN FIRING Best of Luck
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #37,493
  • Jul 15, 2009 11:01am Jul 15, 2009 11:01am
Quoting jimboo
Good thread this, lot's of common sense trading taught here, take your time, wait until the A1 reversal trend pin comes right on previous support or resistance and WHAM, you're in, as you have traded from the trend extreme chances are you will beable to trade to to the otherside of the trend or if you get a warning bar (buob, beob, inside bar etc ) but so far I'm having incredible results, if I keep up the success rate I should be netting 40/50% a year trading weekly and Daily charts!...
That's terrific and welcome to the forums I see this is your first post. Hopefully you will post more here

Best
Mike
  • #37,494
  • Jul 15, 2009 11:05am Jul 15, 2009 11:05am
Quoting jimboo
Good thread this, lot's of common sense trading taught here, take your time, wait until the A1 reversal trend pin comes right on previous support or resistance and WHAM, you're in, as you have traded from the trend extreme chances are you will beable to trade to to the otherside of the trend or if you get a warning bar (buob, beob, inside bar etc ) but so far I'm having incredible results, if I keep up the success rate I should be netting 40/50% a year trading weekly and Daily charts! This fits around my job so suits my needs, I don't...
Welcome Jimboo
Even though James16 says 'This stuff is Dirt Simple'
You got to watch your back, when taking trades
Congrats on your results
ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #37,495
  • Jul 15, 2009 11:08am Jul 15, 2009 11:08am
Quoting mbqb11
Hey Tom

Congrats on that, that is real good. As you grow your account and as a trader you are always looking for ways to minimize the drawdown. Most traders think in terms of "what is possible a week/month etc". I assure you when you become a trader you really don't look at your trading in terms of what can I make this month. You trade what the market offers. Be it 1% one month or 10% the next.

This isn't directly related to your question but I can see the thoughts for some others popping up some I am gonna re post this link ...
Mike,

Thanks for this.

I did think 18% it seemed excessive. After all I would have been a millionaire in a handful of years

Anyways I have had a good month. I will play towards what the markets present me and not try to force the market towards my expectations...

Lets see how we go.

Thanks again for your advice!

Fat Tom
  • #37,496
  • Jul 15, 2009 11:11am Jul 15, 2009 11:11am
Quoting PippingMama
Hi Ghous, Racz and others,


Do you guys put a blind trade sell order at 1.41 for the EURO, it is 61.8% retrace of the big fall from and important ppz and round number. 1.4341 and 1.3750, also other fib confluence at this location.

Just curious how you guys be confident putting a blind sell order at 1.41 without any PA occurs?


Thanks!

Pipping

I actually did the same thing thinking we'll have a 4 hour pin. Still have 111min left on my 4 hour bar. It seems the 1.4100 is only a test.
  • #37,497
  • Jul 15, 2009 11:19am Jul 15, 2009 11:19am
Quoting pipmax
... it take
some time for me to understand all the "english stuff".
I only learned english in school and thatīs 30 years back.
But now while iīm reading the J16 my brain remember more and more.
Iīll post more and hope get some useful replys from the "old" guys out there.
pipmax,
excellent then!
u are having a two-part learning here:
one is to learn how to trade properly & profitably
& two, u get to practice english too.
U kill two birds with one stone. Good for u!
  • #37,498
  • Jul 15, 2009 11:25am Jul 15, 2009 11:25am
jimboo,
Welcome & nice first post!
Continue reading & continue learning!
Good luck in your trading journey


fat_tom,
Doing great huh? Keep it up!
U will be out of the rat race soon... one step at a time


Quote
Not sure if people have posted this one, I have been falling behind in reading the thread (partly because I am going over the summary posts again, they are powerful and concise).
Took this daily bar off heavy support at the 150 level. swing low, 61.8 Fib....
dmc,
fairly similar situation with $jpy. but gj is the big brother of course. lol
  • #37,499
  • Jul 15, 2009 11:38am Jul 15, 2009 11:38am
Quoting PippingMama
Hi Ghous, Racz and others,


Do you guys put a blind trade sell order at 1.41 for the EURO, it is 61.8% retrace of the big fall from and important ppz and round number. 1.4341 and 1.3750, also other fib confluence at this location.

Just curious how you guys be confident putting a blind sell order at 1.41 without any PA occurs?


Thanks!

Pipping
Hi PM,

I am no where near Mark in any sense,

But my blind entries look for long tails most of the time. Which means I don't take first touch trades frequently (unless it is really obvious) 1.41 is a good area yes. What I would like is a 4H bar that touches 1.41 and then close well below it. A blind trade will then target the test of this high which is a lot more safe and PA backed...it's important for somebody like me who 1) is ill experienced at the art, 2) don't use fundi's as an added edge.

Example:

Eu chart appended. look at the twin bar highs highlighted (2). These are near the 1.41 round number some time back. Notice how the first 4H bar tests a previous distinct bar high (1) and then closes below 1.41, the next bar goes up to test this high (by the pip is a rare rare case) this is where a blind trade get's triggered. Bind because I didn't wait for an inside, outside or a pin bar but somehow still PA backed...

("Tails"...are one of my recent research projects. )

Some other ways I trade my blind entries are breakouts and retests and double tops double bottoms etc, but they are not relevant for now.

Rac will pool in with a diff school of thought, his crystal ball is his only. lol!

Regards,
Ghous.
Attached Image
I believe . . .
  • #37,500
  • Jul 15, 2009 11:51am Jul 15, 2009 11:51am
Ghous,

Well that is a good approach for entering the blind entry. I will give it a thought but safer way, I still prefer PA setup.

Can you share your way of putting the blind entry stoploss?


I think Rac's crystal ball will also include the analysis of the gold, oil and index chart to judge whether they are also hitting the important resistence or support area. By doing that, it will give another "Confluence" to his entry. Just my 2 cents.


Thanks Ghous!









Quoting ghous
Hi PM,

I am no where near Mark in any sense,

But my blind entries look for long tails most of the time. Which means I don't take first touch trades frequently (unless it is really obvious) 1.41 is a good area yes. What I would like is a 4H bar that touches 1.41 and then close well below it. A blind trade will then target the test of this high which is a lot more safe and PA backed...it's important for somebody like me who 1) is ill experienced at the art, 2) don't use fundi's as an added edge.

Example:

Eu chart appended. look at the twin...
33 traders viewing now