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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

  • #37,941
  • Jul 19, 2009 7:52am Jul 19, 2009 7:52am
Quoting tac
I'm the opposite, ill watch but don't play (did in the past) might get round to it also. I only really follow the majors, and watch the last few days after the cut.
Trading FX is like a walk in the park compared to playing golf! Have you ever played the 5 iron helicopter shot into the pond? That 5 iron can really fly!!...lol

GregB
  • #37,942
  • Jul 19, 2009 7:59am Jul 19, 2009 7:59am
Quoting batesmotel
Trading FX is like a tea party compared to playing golf! Have you ever played the 5 iron helicopter shot into the pond? That 5 iron can really fly!!...lol

GregB
LOL no but my first time playing I went with my brother and we ended up late for our tee time. It was a Saturday around lunchtime, so by the time we go to the tee there was a few groups not looking too happy but looking like they golfed alot. So my first shot off the tee was in front of all these guys, talk about pressure.

Just heard about a guy who made a challenge to play a round at par in under a year (from being a rank amateur) and he did it and wrote a book called Dream on. Ive ordered it from Amazon,might spur me to get back onto the fairways.
I hear and I forget. I see and I remember. I do and I understand.
  • #37,943
  • Jul 19, 2009 8:44am Jul 19, 2009 8:44am
Quoting tac
I'm slowly making my way through the thread and learning loads from all the regular posters circa end of 2006, seems like people like Mike,Bundy and Habeeb, SeekingLight and of course Jim where trading good style, excellent charts (even a few days before xmas!!). i know Bundy and Mike still post but what about Habeeb?, he seemed to have it down good style also.
You just had me going back to read that and, as usual , I kept going. lol

Of course, the same techniques worked back then as we use now.

Man.... we were putting on a lot more trades back then weren't we?
That's what I noticed...
....that and how often Mike used the term 'this Bad Boy'. Must have been during that Leather and 'Cat of Nine Tails' phase he tried to hide from us.( )

Habeeb still pokes his head in occasionally for a look-see. The boys got a young family these days to keep him busy though. (G'day H. )


Damn.... Bed time. It's been a big weekend!
.
Bundy's status today: "Waiting..."
  • #37,944
  • Jul 19, 2009 8:58am Jul 19, 2009 8:58am
Quoting bundyraider
Social life....
Nice one Bundy, these are those Bundy golden nuggets we were missing !!!
i think ill pull a chart of this pair and watch wot happens also. I love it when people like your good self see the pa on a chart pretty much like i would!! great confidence boost.
Do you always use close prices for your analysis?? or both??
cheers
jon
PATIENCE... DISCIPLINE
  • #37,945
  • Jul 19, 2009 8:59am Jul 19, 2009 8:59am
Quoting albchr
Hey Jon,

Must have missed this in my back peddling through posts I've missed. Just wanted to say thank you for the very kind words sir...

And you must have a pretty gruesome imagination to picture me as ugly as I am....
hey no probs, i just say it as i see it .
i dont think iv seen anyone get this stuff down as fast and as well as you have.
cheers
jon
PATIENCE... DISCIPLINE
  • #37,946
  • Jul 19, 2009 9:02am Jul 19, 2009 9:02am
Quoting batesmotel
Yes, I hate that....more often than not, the PA bounces right off of your entry point...you need patience and gonads of iron to wait for the sucker to get back into profit.

What I do many times is that I will nibble at the initial entry at break of hi/low with 0.5% risk.....then I will keep adding on to my position as is retraces my initial entry position....That way I can average my entry price and beat the dreaded retrace.

The risk you take though, is that your pair will run on you right away and that you will profit, but only on your small...
Hi GregB,
Pleased to know that we have the same object to...hatelol
Yes, your way to play Pb deserving to study & to deepen. I will try to play demo on this way.
Thank you GregB
fxngo
  • #37,947
  • Jul 19, 2009 9:12am Jul 19, 2009 9:12am
Quoting tac
Hi fxngo,

however you can also wait for the retrace and enter then making your stop smaller and profit bigger. The downside to that is you might miss trades that shoot off the bat.
Thanks Tac..this is the way..but need to keep patient.
Otherwise, not unusually..the price will retrace 50% or 61.8% fibo of the pb..then i think beside the stop order at low/high of the pb....we will enter order at market price for the retrace with tight stoploss & take profit around fibo. and then...find the signal to reverse & sell the other amount at fibo...meaning we play three orders at all fot the pb.
does it work?
  • #37,948
  • Jul 19, 2009 9:16am Jul 19, 2009 9:16am
Some pin bars on the yen pairs, on the 4hr, this one has lower highs through the round number 154. Might be good to 153.
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I hear and I forget. I see and I remember. I do and I understand.
  • #37,949
  • Jul 19, 2009 9:28am Jul 19, 2009 9:28am
Quoting batesmotel
Yes, I hate that....more often than not, the PA bounces right off of your entry point...you need patience and gonads of iron to wait for the sucker to get back into profit.

What I do many times is that I will nibble at the initial entry at break of hi/low with 0.5% risk.....then I will keep adding on to my position as is retraces my initial entry position....That way I can average my entry price and beat the dreaded retrace.

The risk you take though, is that your pair will run on you right away and that you will profit, but only on your small...
hi guys, i dont get this problem as often as you guys seem to get it, maybe giving a slightly bigger buffer on the bar break might help?? i think 5 pips was mentioned? i think this is very tight on a daily bar?
just my 2 pips
jon
PATIENCE... DISCIPLINE
  • #37,950
  • Jul 19, 2009 9:30am Jul 19, 2009 9:30am
Quoting tac
Some pin bars on the yen pairs, on the 4hr, this one has lower highs through the round number 154. Might be good to 153.
Here's mine Tac it's not showing a PB so just play it safe and wait for the break. If you plot a 150ema you should find it off 154.30. Pin off 150 ema is powerful stuff. It should break for $ but I'd babysit it as the longer TF's are starting to indicate bullishness IMHO. What does your E/J 4hr chart look like?

K.I.S.S.
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  • #37,951
  • Jul 19, 2009 9:31am Jul 19, 2009 9:31am
Quoting g_j_hook@yah
hi guys, i dont get this problem as often as you guys seem to get it, maybe giving a slightly bigger buffer on the bar break might help?? i think 5 pips was mentioned? i think this is very tight on a daily bar?
just my 2 pips
jon
Yeah Jon, on daily I would say 10 pips plus spread of that pair.
I hear and I forget. I see and I remember. I do and I understand.
  • #37,952
  • Jul 19, 2009 9:34am Jul 19, 2009 9:34am
Quoting KissFan
Here's mine Tac it's not showing a PB so just play it safe and wait for the break. If you plot a 150ema you should find it off 154.30. Pin off 150 ema is powerful stuff. It should break for $ but I'd babysit it as the longer TF's are starting to indicate bullishness IMHO. What does your E/J 4hr chart look like?

K.I.S.S.
Hey Kiss,

Here it is, looks like a better pin, however emas (150 purple, 365 black) are below, so might hold it up. Thanks for the MA tips they are powerful.
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I hear and I forget. I see and I remember. I do and I understand.
  • #37,953
  • Jul 19, 2009 9:36am Jul 19, 2009 9:36am
Quoting forexngo
Thanks Tac..this is the way..but need to keep patient.
Otherwise, not unusually..the price will retrace 50% or 61.8% fibo of the pb..then i think beside the stop order at low/high of the pb....we will enter order at market price for the retrace with tight stoploss & take profit around fibo. and then...find the signal to reverse & sell the other amount at fibo...meaning we play three orders at all fot the pb.
does it work?
yeah i like this idea on the current BUOB on the au/us weekly. i would like that daily IB to break to downside and then maybe give us some bullish PA at or around the 50-61% fib of the weekly bar!! that woud be nice, the best of both worlds!
jon
PATIENCE... DISCIPLINE
  • #37,954
  • Jul 19, 2009 9:38am Jul 19, 2009 9:38am
Quoting tac
Yeah Jon, on daily I would say 10 pips plus spread of that pair.
yeah i agree and with some Xs e.g. yen Xs, even more.
i usually wait for price to break a round number also if there is one lurking on the horizon.
jon
PATIENCE... DISCIPLINE
  • #37,955
  • Edited 10:16am Jul 19, 2009 9:39am | Edited 10:16am
Quoting g_j_hook@yah
hey no probs, i just say it as i see it .
i dont think iv seen anyone get this stuff down as fast and as well as you have.
cheers
jon

Well, it's sinking in but I still have much to learn. The way I see it right now is, I'm playing the most most basic form of J16 PA. I'm still mystified by all the IB's, 2IB's (Ghous and blind entries) etc. etc.....but that's all just beginning to take hold in my saw dust brain.

The biggest thing I've learned here for me so far is patience and being as picky as I can be under my circumstances.

Not that I would EVER recommend it but, perhaps having to take such hugely INSANE risk to accomplish my needs is, in some crazy way, a good thing for me. It forces me to kill trades very quickly if not going my way almost immediately. That's saved me from more than one bad choice I assure you.
Ghost Rider - WWTBMD?
  • #37,956
  • Jul 19, 2009 9:40am Jul 19, 2009 9:40am
Quoting bundyraider
....that and how often Mike used the term 'this Bad Boy'. Must have been during that Leather and 'Cat of Nine Tails' phase he tried to hide from us.( )
.
PATIENCE... DISCIPLINE
  • #37,957
  • Jul 19, 2009 9:48am Jul 19, 2009 9:48am
Quoting albchr
Well, it's sinking in but I still have much to learn. The way I see it right now is, I'm playing the most most basic form of J16 PA. I'm still mystified by all the IB's, 2IB's (Ghous and blind entries) etc. etc.....but that's all just beginning to take hold in my saw dust brain.

The biggest thing I've learned here for me so far is patience and being as picky as I can be under my circumstances.

Not that I would EVER recommend it but, perhaps having to take such hugely INSANE risk to accomplish my needs is a good thing. It forces me to kill trades...
I read about your situation Chris and you have risen to the challenge, well done you are an inspiration. I know we should all start out slowly but it goes to show you this stuff works if you throw yourself into it you can get profitable quickly. Thanks to all the guys developing this method with new set-ups like those you mention and inside PB's
I hear and I forget. I see and I remember. I do and I understand.
  • #37,958
  • Jul 19, 2009 9:49am Jul 19, 2009 9:49am
Quoting albchr
Well, it's sinking in but I still have much to learn. The way I see it right now is, I'm playing the most most basic form of J16 PA. I'm still mystified by all the IB's, 2IB's (Ghous and blind entries) etc. etc.....but that's all just beginning to take hold in my saw dust brain.

The biggest thing I've learned here for me so far is patience and being as picky as I can be under my circumstances.

Not that I would EVER recommend it but, perhaps having to take such hugely INSANE risk to accomplish my needs is a good thing. It forces me to kill trades...
yeah, i have often thought about increasing my risk to help me cut out the half assed trades and to slow down my overtrading.
have you found that letting your trades run with such a large risk has been a problem??
cheers
jon
PATIENCE... DISCIPLINE
  • #37,959
  • Jul 19, 2009 9:59am Jul 19, 2009 9:59am
Quoting KissFan
Here's mine Tac it's not showing a PB so just play it safe and wait for the break. If you plot a 150ema you should find it off 154.30. Pin off 150 ema is powerful stuff. It should break for $ but I'd babysit it as the longer TF's are starting to indicate bullishness IMHO. What does your E/J 4hr chart look like?

K.I.S.S.
hi KissFan, when a bar like this forms in the last few hours of trading do you see the significance of the bar as different from any other?? i am always wary of trading these bars when the market opens again??
cheers
jon
PATIENCE... DISCIPLINE
  • #37,960
  • Jul 19, 2009 10:00am Jul 19, 2009 10:00am
Quoting g_j_hook@yah
yeah, i have often thought about increasing my risk to help me cut out the half assed trades and to slow down my overtrading.
have you found that letting your trades run with such a large risk has been a problem??
cheers
jon
DON'T Jon, PLEASE! Keeping your risk low and manageable is the only "smart" way to survive this business long term. Yes, I've done well, (FOR A MONTH). Even if I'm here in a year and still doing well, I'd probably chalk it up more to LUCK than anything else. If I didn't have to trade this way, I DEFINITELY wouldn't.

No problem as long as they're going my way...LOL If not, they're dead FAST.

I look for the "bigger" runners and always mark my targets, take a portion at those targets and move my stop to a no loss trade quickly. If I'm confident about direction I usually start with 3 lots and have 3 targets closing 1 lot at each. With that much risk, I'm at BE+ after a few pips in profit. I get stopped out a lot but that one that runs? That's the puppy I'm looking for.
Ghost Rider - WWTBMD?
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