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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

  • #40,101
  • Aug 6, 2009 5:10am Aug 6, 2009 5:10am
Quoting StoragePro
EURGBP 1hr Chart.

Notice the PB prior to the news? You had only the last few minutes of the hour to get your trade on, but the market generally knows in advance.

GBPCAD also Pinned yesterday.

The market knows. Trade PA, or paralyze yourself with news, (There are some news traders out there, but they die young...)
Exactly,

News is price and price is news...

All these stupid releases are "priced in" and if you know PA you have nothing to worry, STO's post above literally SCREAMS that out,
I believe . . .
  • #40,102
  • Aug 6, 2009 5:12am Aug 6, 2009 5:12am
Quoting ghous
this...



is pretty annoying,

Were they able to give you a reason for this?
not yet,

and I do not count they will - if they do - the explanation woud be - I suspect - even more annoying,
so I will better forget about quickly

Peter
Jesus Christ is my only Lord !
  • #40,103
  • Aug 6, 2009 5:16am Aug 6, 2009 5:16am
Quoting hipcio
Yes, I did but instead of profit I received a mail

Your order #4485784 (BUY STOP 0.01 EURGBP at 0.8536 was deleted due to the market price breakout.

what shell I think of it?
I bet it means they could not hedge your trade (and a bunch of others) and have decided to remove the risk - after the fact. How long prior to the move were you in the trade?
I'm pretty much done with all this ...
  • #40,104
  • Aug 6, 2009 5:18am Aug 6, 2009 5:18am
Just for those wondering, it was the extension of QE by the BoE to a further £50bil that moved GBP.
  • #40,105
  • Aug 6, 2009 5:19am Aug 6, 2009 5:19am
Quoting kk007
Hi Joelcf,

Thanks a lot. Your reply was a very good detailed one indeed, although a bit personal.

I use 2-3 pip for H1 was to scale down the 10 pip for D1.

I seldom look at the daily pivot, but yes, I have to learn to look at it now.

The Fibo 61.8 was not some too exact here. It is just representing that more than half have gone.

I have to decide to use H1, until I master it. If someone can do it, I can too. Perhaps, it may take a bit longer.

If enter on retracement in your method, the inner end of the pinbar may not be broken, even...
Storage Pro pretty much said it much better than I could kk. But I wanted to add my advice.

You're on this thread looking to learn the J16 method. You see people doing well with pinbars and price action and the like and so you want to get good at it yourself. Makes sense. It's why we are all here.

So the first thing I would do, is find out the most successful people who trade here and ask their advice. Put yourself and your theories out there and ask for feedback. Which is exactly what you are doing. Congratulations, it puts you already ahead of most.

Now here's the tricky part. If every single one of those people says "If you ever want to get god at this you need to start on the dailies/weeklies" (and as far as I can see, every single senior has said that) and you choose to ignore that advice, then I have to ask why you were asking for the advice in the first place.

Reagrding your 1H pin charts I have to be honest and say I would never consider taking those pinbars. And I don't think you'd find many here who would. They are poor grade setups. And that in itself tells me you should be looking at the dailies and weeklies only. You will learn patience there.

You are discovering what many of us did. Initially we thought "well if I get my stop to break even quick then I can take less than optimal setups". Then three or four of those C or D grade pinbars move one pip turn around and bite you. And you're left scratching your head.

You are also saying "if this stuff works it should work regardless of the timeframe". We all did that too. If you want to do that no one will stop you. But one thing you must be aware of is this. You are ignoring the advice of everyone who has travelled this road and got good at 1H timeframes using the James16 method. Just be aware of that. Let it sink in. You are ignoring the advice of everyone who was successful at what you are trying to do.

I think the reason you have attracted so many helpful responses is because so many of us recognise ourselves in you and identify with where you are in your journey. That's why many are jumping in to help. It's now up to you whether you accept their help or decide to go it alone and do it "your way".

As a footnote, retrace entries are an advanced technique on any timeframe. On the 1H timeframe taking a pinbar retrace is, in my opinion, trading suicide.

I understand that you are eager to succeed. But get good at the basics first and this stuff will come quicker to you. If you start on higher timeframes I can almost guarantee that you will eventually be trading the 1H successfully quicker than if you you continue the way you're going.

You've had a ton of well meaning advice from a lot of very smart and profitable traders. I hope you take it in the spirit in which it is intended.

Good luck!

Aaron
  • #40,106
  • Aug 6, 2009 5:21am Aug 6, 2009 5:21am
Quoting StoragePro
I bet it means they could not hedge your trade (and a bunch of others) and have decided to remove the risk - after the fact. How long prior to the move were you in the trade?
The order had been placed more than 24 hr before
Jesus Christ is my only Lord !
  • #40,107
  • Aug 6, 2009 5:40am Aug 6, 2009 5:40am
Quote
My grandma's checkbook could bust your stop. And she's dead.

i just ahve to say that is the funniest thing i have read in a long time lol!!!!


hey kk i know how you feel when presented with these new concepts. a few weeks ago i was defending the r:r thingy and decided allthough i don't fully agree with those who posted (even long time veterans) I decided that I would have an open mind and i would "fake it till i make it"

so what I do is i accept the reality that there are some seriously experianced traders trading this method and i am new.

its like jackie chan in the kingdom. he gave his student a full cup and started pouring into it. the cup was overflowing and overflowing all over the place. then jackie said how can i fill your cup when it is already full (or something like that)

the point im trying to make kk is emty your cup, leave your methods behind you enough to learn some new stuff. Eventually what I think will happen is you will have a nice balance of j16 method mixed with kk method.

just if you are not profitable now in your method than why not abandon it temporarily and focus on the j16 long time poster's way of doing things. see how it works for you?

anyway thats my opinion and that is what i am doing i have put the johnnyk method on the back burner and i am focused on the j16. eventually i will incorporate what i am comfortable with into it and there you go.

I hope this post was coherent
  • #40,108
  • Edited 6:01am Aug 6, 2009 5:57am | Edited 6:01am
Quoting hipcio
The order had been placed more than 24 hr before
ooh. That is a problem. I would positively file a complaint on it and report it to the NFA as a complaint. It is not as though you were breaking an anti-scalping rule. Get your money, then close the account.

EDIT - errr. I see you are in Poland, so the NFA won't help. Perhaps the EU or a government watchdog agency can help. If you can, stick with FX brokers in the UK. I cannot vouch for other places in the EU, but the UK has some controls and a solid law enforcement mindset.
I'm pretty much done with all this ...
  • #40,109
  • Aug 6, 2009 6:02am Aug 6, 2009 6:02am
Quoting hipcio
Yes, I did but instead of profit I received a mail

Your order #4485784 (BUY STOP 0.01 EURGBP at 0.8536 was deleted due to the market price breakout.

what shell I think of it?
hipcio, maybe u should consider switching broker.

In essence, what most MT4 brokers do (alot of retail brokers in fact, including investment banks) is that they have an algorithm to filter price action, so that they always make their spread. If your trade happens to go counter-algorithm (like during a fast break), they give you that,

"Sorry buddy, you were right, but you ain't makin' no money cause we aint makin' it from you" garbage.
(friend I know working @ Deutches told me this btw)

Daytrader i know lost a hefy 5 figure amount cause there was a fast move while he was shifting his stop down and his MT4 broker kept requoting him. I was using migFx before and I've waited 2mins or so to get filled before......actually... 2mins only to get re-quoted cause the market ran away from them while I was trying to get in.

No offence to everyone using brokers w MT4. It's an awesome software.

I use MT4 for charting and Oanda for execution, ALL my orders have been instant fills, regardless of limit, stop or market.
Their spreads widen during news, but at least you know tt way in advance.
I've tried a few brokers before, thus far, Oanda has been the best.

Their perfect granularity of trades (can trade I think a notional $1 if I remember right) allows traders with smaller accounts to manage their % risk nearly perfectly too.

Just my 2 pips pls.
One Mind, Any Market
  • #40,110
  • Aug 6, 2009 6:03am Aug 6, 2009 6:03am
Quoting joelcf
In My Humble Opinion

Generally used when being condescending towards someone on the interbirds
I hope not, I use it all the time. Thought it was more of a meek gesture.

Way I see it it's like saying "I'm fine with your standpoint and definitely don't mind you having it. I have a perspective that might differ. If I may voice it, mine goes roughly like this:"

..and not like "Yea, that's nice that you think that, but I don't give a toss about it and here's how it really is"
Trust price. Know yourself.
  • #40,111
  • Aug 6, 2009 6:08am Aug 6, 2009 6:08am
Quoting StoragePro
ooh. That is a problem. I would positively file a complaint on it and report it to the NFA as a complaint. It is not as though you were breaking an anti-scalping rule. Get your money, then close the account.

EDIT - errr. I see you are in Poland, so the NFA won't help. Perhaps the EU or a government watchdog agency can help. If you can, stick with FX brokers in the UK. I cannot vouch for other places in the EU, but the UK has some controls and a solid law enforcement mindset.
Thank You Sto,

I will move my acc. surely, they are not very serious, charging an acc was by the Ukrainian bank and it is registrated in Estonia.
Ukraine is not in EU for today so it is very mysterious.
Jesus Christ is my only Lord !
  • #40,112
  • Aug 6, 2009 6:11am Aug 6, 2009 6:11am
Quoting Cyrus
hipcio, maybe u should consider switching broker.

In essence, what most MT4 brokers do (alot of retail brokers in fact, including investment banks) is that they have an algorithm to filter price action, so that they always make their spread. If your trade happens to go counter-algorithm (like during a fast break), they give you that,

"Sorry buddy, you were right, but you ain't makin' no money cause we aint makin' it from you" garbage.
(friend I know working @ Deutches told me this btw)

Daytrader i know lost a hefy 5 figure amount cause there...
Thank You Cyrus,
I will take it into consideration

Peter
Jesus Christ is my only Lord !
  • #40,113
  • Aug 6, 2009 6:21am Aug 6, 2009 6:21am
Quoting johnnykanoo
hey kk i know how you feel when presented with these new concepts. a few weeks ago i was defending the r:r thingy and decided allthough i don't fully agree with those who posted (even long time veterans) I decided that I would have an open mind and i would "fake it till i make it"
Man, don't abandon your R:R ideals! ....That's not what's taught here at all.

It's like you said, "Open mind".

The market gives you what it gives you. Narrow your trades down to those that satisfy that R:R need too if you like. ....For your primary targets.

What's being argued here is ->
Don't let your trade become a full %Risk loss after reaching half way to your primary target and reversing.
...That mantra doesn't prevent you from selecting your trades the way YOU want to.... by R:R ratios. That's YOUR choice. And it's a great way to trade. But not the only way.

Losses are a part of this business, but you don't have to let full losses happen just because the target isn't reached on your trades.
Bundy's status today: "Waiting..."
  • #40,114
  • Aug 6, 2009 6:25am Aug 6, 2009 6:25am
Quoting hipcio
Thank You Sto,

I will move my acc. surely, they are not very serious, charging an acc was by the Ukrainian bank and it is registrated in Estonia.
Ukraine is not in EU for today so it is very mysterious.
I am living near you so I know what are you talking about. We have here the same brokers and I was looking at Admiral Markets as well. But after I got burned about some of them I decided to switch them and now I am not even willing to hear about their offers or something.
I would suggest you to move to some more serious brokers as well! Friendly advice

Ed
  • #40,115
  • Aug 6, 2009 6:26am Aug 6, 2009 6:26am
Hi StoragePro,

Yes, if it is about reaction problem. It is better to use D1 than H1. But now the problem is not about reaction time. Also, I am using demo. There is no problem about too risky to trade H1.

If you've encountered some of my previous post here, you will know that my first concern about R:R is about risk control. I don't like high-risk-to-reward ratio trade. And yes, I am thinking how much money I can make too, and it is normal. Would you?

Not understand what you means by "in general".

Yes I gone through almost everything on the James16.us a while ago.
If you find I am the most stubborn person on this thread about insisting on trading H1. Then I am. If it takes longer than D1 then it takes longer.

I think PB works too, and it is about location.

kk

Quoting StoragePro
Hi KK - I have four suggestions for you - which means you get a bonus!

1Hr. You need time to think. Forget the 1hr and go daily. You can get there, but you need to work to it. Go back and read the first post of this thread. DO WHAT IT SAYS. You are not progressing for a reason. When a man with 25 years of experience tells you how to be successful, only a fool would ignore it.

Win rate and R:R. You are focused on exactly the wrong thing. Those questions inform me that you are thinking about how much money you can make, rather that on the all...
  • #40,116
  • Aug 6, 2009 6:27am Aug 6, 2009 6:27am
Quoting tradertt
GBPJPY H4 ... Big BEOB Take or not to take that is the question
Hello friend i have beeing following your post and questions to Ghous its really very informative and educational and i have learn a few things as well can you share with me some of the things you learn so we can learn together
  • #40,117
  • Aug 6, 2009 6:31am Aug 6, 2009 6:31am
Quoting SeekingLight
I hope not, I use it all the time. Thought it was more of a meek gesture.

Way I see it it's like saying "I'm fine with your standpoint and definitely don't mind you having it. I have a perspective that might differ. If I may voice it, mine goes roughly like this:"

..and not like "Yea, that's nice that you think that, but I don't give a toss about it and here's how it really is"
No no, just a little tongue-in-cheek because I think *I* overuse it a little.
When you have to shoot, shoot. Dont talk.
  • #40,118
  • Aug 6, 2009 6:38am Aug 6, 2009 6:38am
Thanks TiaForex,

Why all people here without exception giving me the same advice?

Although I still don't understanding why... Ok, I will start trading some D1 chart from now on to see what the difference is to me.

cheers,

kk


Quoting TiaForex
Storage Pro pretty much said it much better than I could kk. But I wanted to add my advice.

You're on this thread looking to learn the J16 method. You see people doing well with pinbars and price action and the like and so you want to get good at it yourself. Makes sense. It's why we are all here.

So the first thing I would do, is find out the most successful people who trade here and ask their advice. Put yourself and your theories out there and ask for feedback. Which is exactly what you are doing. Congratulations, it puts you already ahead...
  • #40,119
  • Aug 6, 2009 6:40am Aug 6, 2009 6:40am
Quoting idejs
I am living near you so I know what are you talking about. We have here the same brokers and I was looking at Admiral Markets as well. But after I got burned about some of them I decided to switch them and now I am not even willing to hear about their offers or something.
I would suggest you to move to some more serious brokers as well! Friendly advice

Ed

Yes, surely I will escape from AM,

Thank You Ed,

Peter
Jesus Christ is my only Lord !
  • #40,120
  • Aug 6, 2009 6:42am Aug 6, 2009 6:42am
Quoting row
Hello friend i have beeing following your post and questions to Ghous its really very informative and educational and i have learn a few things as well...
That's what I love about this thread! The content in this thread is what opened my eyes to PA, and the great learning community is what kept me
skype: ststroud. let's talk trading.
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