james16 Chart Thread | Page 2041 | 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

  • #40,801
  • Aug 12, 2009 2:30pm Aug 12, 2009 2:30pm
Nice trade Benji. Nice Trade.



Quoting benji533
Here is another winner I had today.

As usual, I would be glad if the seniors around can give me reasons why NOT entering this trade. It is weird because last week I hardly had one trade...this week 9 so far. I am beggining to think I am not enough picky...I made a total of 8 wins and one looser so far. But does it worth the risk? I mean, maybe I am not enough picky and it will get me in the future. I want to prevent it before it happens.

Here is my last trade....something wrong here?
Thanks guys.
Ben


http://img220.imageshack.us/img220/8176/17815011.jpg

http://img525.imageshack.us/img525/4403/16922112.jpg


PS...
I'm pretty much done with all this ...
  • #40,802
  • Aug 12, 2009 2:30pm Aug 12, 2009 2:30pm
There was no divergence. I made a mistake. Edited the pic.

Ben
  • #40,803
  • Aug 12, 2009 2:37pm Aug 12, 2009 2:37pm
Quoting salisa
Yes perfect sense as usual thanks - particularly the bit: "This is still just another trade".... can you post an example of where you went wrong? please? I know that might be asking more than the usual....
Of course. When I say I went wrong, I still followed my plan, but I just try my best to evaluate each situation and pick the best form of mgmt etc. Here was a case where we had a large run down on the Cad. We formed a large BUOB of a solid area that englufed many bars. This was a strong sign to me + Divg. I knew a few things. First the trend is heavy down, catching a knife is dangerous but at the time decided that was an ample bar to trade still. I also knew that there was a minor PPZ area above(blue) that it could stall out on. My decision was to let this one run and that bar would trump that minor PPZ. It initially bounced, and then went heavily sideways. I decided after awhile to move my stop loss under those consolidating bars, and ended up taking a little over 1/2% loss. Did I go wrong? Well sure, technically one could say, it hit the PPZ reversed as we MIGHT expect. But these are the trading decisions we must make and decide when we might give something more room, when were wrong we cut out. As long as we can recognize these pieces it becomes pretty repetitive in nature, even though each situation is individualistic in its own ways.

Hope that is what you were looking for

Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 15 KB
  • #40,804
  • Aug 12, 2009 2:40pm Aug 12, 2009 2:40pm
Quoting StoragePro
Nice trade Benji. Nice Trade.
Thanks SP.

I found a thing I can improve....I could move my stop to a few pips above that line instead of exiting. I always tell it to myself after a trade, but not doing it. It went down another 35 pips now...

Next time (as I always say...I won't beat myself now lol)...Managing a trade in order to maximize profits is not less important IMO...I will work on it

Thanks.
Ben
  • #40,805
  • Aug 12, 2009 2:41pm Aug 12, 2009 2:41pm
This is a truly amazing statement.

why?

The "truth" behind this statement is "KNOWN" by many but its like an imaginary fog to new people.

The fog is in there imagination.

Its not really there.

The fog is self imposed and its imposed because people think things must be difficult and complicated to be of use or worth.

How do i remove the fog?

by telling people to be ultra ultra picky.

its a bit of trickery on my part.

why do i do this?

because those that are destined to eventually see that the fog is not real will not discover it by me telling them its not real. They will discover it by themselves thru time effort and practice.

i pump my fists when i see this happen.

your not asked to join this "club". you find the door and walk thru it. on the other side are those that found it before you did. welcome.

do you have to be ultra ultra picky?

of course not but you have to know when to get in and get out.

is there a damn thing wrong with just remaining ultra ultra picky?

of course not.

does it not stand to reason if you can make money not being picky your pretty much set if you decide to trade with a good size account and be picky?



Quoting benji533
Here is another winner I had today.

PS - picky or not....it works again and again and again...amazing. This material is a treasure.
  • #40,806
  • Aug 12, 2009 2:42pm Aug 12, 2009 2:42pm
USDCAD Daily - What do you think of this forming BEOB
Attached Image (click to enlarge)
Click to Enlarge Name: j16 setup 012.gif Size: 26 KB
  • #40,807
  • Aug 12, 2009 2:50pm Aug 12, 2009 2:50pm
Quoting james16
This is a truly amazing statement.

why?

The "truth" behind this statement is "KNOWN" by many but its like an imaginary fog to new people.

The fog is self imposed and its imposed because people think things must be difficult and complicated to be of use or worth.
How very true....

Confession time - during the early days, It was so foggy for me, I blamed JIM! I really did. Damn Charlatan ...


Quote
do you have to be ultra ultra picky?

of course not but you have to know when to get in and get out.


There are setups that are just simply 'tradeable'. Some are easy - and those are the ones I look for. They almost never turn into a loser - unless I blow managing it.

I hear Chubbs now (from happy Gilmore) saying to me "Just tap it in, just tap it in"... but the ball has to be close in to tap it in...
I'm pretty much done with all this ...
  • #40,808
  • Aug 12, 2009 2:54pm Aug 12, 2009 2:54pm
Quoting StoragePro
I hear Chubbs now (from happy Gilmore) saying to me "Just tap it in, just tap it in"... but the ball has to be close in to tap it in...
GET IN YOUR HOLE!
Attached Image
  • #40,809
  • Aug 12, 2009 2:55pm Aug 12, 2009 2:55pm
What is BEOB, please ?
  • #40,810
  • Aug 12, 2009 2:57pm Aug 12, 2009 2:57pm
Quoting cprao
What is BEOB, please ?
Hey Cprao

BEOB stands for Bearish Outisde Bar.

Here is an example of a BUOB(first one with arrow), and beob(second arrow)
http://www.forexfactory.com/showpost...ostcount=11011


Best
Mike
  • #40,811
  • Aug 12, 2009 3:00pm Aug 12, 2009 3:00pm
Quoting james16
This is a truly amazing statement.

why?

The "truth" behind this statement is "KNOWN" by many but its like an imaginary fog to new people.

The fog is in there imagination.

Its not really there.

The fog is self imposed and its imposed because people think things must be difficult and complicated to be of use or worth.

How do i remove the fog?

by telling people to be ultra ultra picky.

its a bit of trickery on my part.

why do i do this?

because those that are destined to eventually see that the fog is not real will not discover...
Thank you James.

You are right, and I think this fog starts to gain weakness.
I made a post this week that after you understand this material, the only thing that can kill you is wrong money management or psychology. I think that fog is the psychology....but it clears more every time I exit a winner trade. Every additional winning trade make me gain more confidence. I had a lot of trades this week, but I still feel I didn't force myself to trade only for trading.

By the way, I did not get the opportunity to tell you...but....THANKS!! I'm reading this thread everyday (from the beginning and the current posts) and I feel like it's a so easy business (and proved it as far as I can on my charts). I see other desperate traders cursing this market on other forums after years of experience and screens full of indicators....I'm hardly a few weeks in this business and feel I have something that so many people are seeking for YEARS. I m glad you have started this thread. Thank you.

Ben

PS - I apologize to say this here all the time lol....but just one more time for Jim. I really feel that way.
  • #40,812
  • Aug 12, 2009 3:23pm Aug 12, 2009 3:23pm
Quoting cprao
What is BEOB, please ?
check the ebook/pdf found here too.

also, Sir james16 posted a 'special' chart on June4.
lots of bars there for u to study!
  • #40,813
  • Aug 12, 2009 3:24pm Aug 12, 2009 3:24pm
Quoting tradertt
USDCAD Daily - What do you think of this forming BEOB
Hi tradertt,

I think that last yellow line will make trouble to your trade. Not much space for it to run. It is not at a swing High, not really off a PPZ. In addition, you have divergence to the opposite direction. Personally I won't take it.

Hope that helps

Ben


PS - you have ton of lines on your chart. I think that is the reason you call it a PPZ. I would put one or two lines max on the most significant areas cause I like my charts clean and simple as possible. But just my opinion of course.
  • #40,814
  • Aug 12, 2009 3:35pm Aug 12, 2009 3:35pm
Quoting tradertt
Hi Jarroo,

1. What is this Strong PPZ Levels and COnfluence that has to be taken into account?

2. The Double Inside Bar have to form near PPZs? Or it is meant for trade management?

1. Just like any other PA setup, Double Inside Bars off of a PPZ level with supportive confluences can add strength to the setup.

2. Both. Remember that PPZs can be an enemy; i.e trading into them. Or a friend; i.e. hiding behind them once Price moves through them.
Indicators show the past. Price Action "Indicates" the future.
  • #40,815
  • Aug 12, 2009 3:38pm Aug 12, 2009 3:38pm
Quoting salisa
I can't remember who said it but it went something like this: losing is what traders do while they wait for the great A++ set-ups... oooh so true. nothing last week only for a hatful of points to come along this week... does a pin ever look better than this?

I believe that one is from Mike, but he said it in a different way. lol
Indicators show the past. Price Action "Indicates" the future.
  • #40,816
  • Aug 12, 2009 3:41pm Aug 12, 2009 3:41pm
Quoting layton
aud-usd

support off the .8200
support off the 38.2.0FIB
Confluence 38.2FIB and .8200
with the trend
MACD divergence

Not a major swing low though
no good pinbars today. look at AUD/USD, there is no room to run, it might run into traffic at ~8350-8450
  • #40,817
  • Aug 12, 2009 3:43pm Aug 12, 2009 3:43pm
Quoting dengzhi
no good pinbars today. look at AUD/USD, there is no room to run, it might run into traffic at ~8350-8450
EUR/AUD looks good to me on a PPZ and with trend.

Update: I have placed a pending order for the break of this. if it breaks 7000 and then the bar lows it could be a continuation of the trend.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-08-12_2150_EUR_AUD_PB.png Size: 51 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #40,818
  • Aug 12, 2009 3:53pm Aug 12, 2009 3:53pm
Quoting salisa
Mike says that days like this come.... we all believe him ... I know it to be true from backtesting.... so why oh why do I ever bother to trade the b- bars?

lesson for tomorrow= believe mike and jim!
Its probably the best and hardest lesson to learn.
But once its embraced. Look out!
Indicators show the past. Price Action "Indicates" the future.
  • #40,819
  • Aug 12, 2009 3:55pm Aug 12, 2009 3:55pm
Quoting tac
I know this is a totally subjective thing, but trading this method on daily and 4 hour, I reckon a Monthly ROI of between 4-12% could be achieved. I suppose it depends on your risk and style. Do any the seniors have any knowledge of realistic ROI (assuming you have are consistently profitable, not a new trade)?
My comfort zone lands me randomly in that area.

It's important to trade with an amount that doesn't cause stress at all when a trade moves towards our stop, so different people are going to have different outcomes based on that in itself.

That brings me to this one...

Quoting pipmyride
My only tip is that with GJ - all rules need bending ! So moving to BE at the wrong time, this will happen A LOT.

Knowing when to BE is the 6 million dollar question with GJ ... i tend to give it more wiggle room , although it can hurt the heart ..
G/J only hurts the heart when you trade the wrong time frame or the wrong trade sizes. 30 pips profit and then going to BE is often too early for G/J.

This is where talking in 'Pips' too often here can let us down.
With a pair like EuroUS, you know that 30 pips is already a winner, so it's easy to base the decision on pips. If you apply what you're used to with pairs like E/U to G/J it will bite you on the butt.

For me, I look at the chart when entering and I know BEFORE HAND where I'm going to manage it to B.E.. using the Support Resistance points that are there
.....NOT by watching my account screen float up and down in profit.

Draw a horizontal line on the chart at a 30 pips move point when you enter on G/J .....then step back. It's only a blip!! Too close for a lot of good set ups to really shine.

(All depending on time frame ,of course)
Bundy's status today: "Waiting..."
  • #40,820
  • Aug 12, 2009 3:56pm Aug 12, 2009 3:56pm
Quoting nonick
hi all,
posting some of my old charts, from the beginning of july.
i didn't take all of these setups, only the best-looking ones(those with a lot of space).
i hope, it might help some of you to see the difference between A+ and the average setups and i think it also shows that there are plenty of signals every day.
Wow, how sweet are those charts.

Very nice, nick.

Thanks.
Indicators show the past. Price Action "Indicates" the future.
171 traders viewing now