james16 Chart Thread | Page 2205 | 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

  • #44,081
  • Sep 18, 2009 4:37am Sep 18, 2009 4:37am
Hi Benji,

Are you playing these break outs blindly with no price action confirmation? I can't see any PA on the GBPCHF chart or EURCAD chart. Or did you enter based on PA from a lower time frame?


Quoting benji533
.
  • #44,082
  • Sep 18, 2009 4:38am Sep 18, 2009 4:38am
Quoting benji533
Yea I saw that 4H bar in the way to close as a great looking pin, much more powerful than the 1H. But I entered early on the 1H pin in purpose to get a smaller stop (better R:R)

Now I have even more confidence in this trade after this 4H pin. Just remember that trading reversals is natural trading into traffic...so manage it accordingly.

Ben
hi ben, i just thought post a E/G charts but just saw yours. also i took this short. 0.9 area, and nice H4 pinbar and 'big' space? let's see.
  • #44,083
  • Sep 18, 2009 4:50am Sep 18, 2009 4:50am
Quoting Pirabuji
Hi Benji,

Are you playing these break outs blindly with no price action confirmation? I can't see any PA on the GBPCHF chart or EURCAD chart. Or did you enter based on PA from a lower time frame?
All I do in this current stage of my trading is testing. So I also try different things.

This time there was a pinish BEOB off the round number on a lower TF, but the previous bar lows where too close. So I have just plaid a blind break of the previous low.

The location is more important than the last bar IMO. Maybe in the future I'll start playing blind breakouts. Step by step though.

Ben
  • #44,084
  • Edited 6:01am Sep 18, 2009 5:36am | Edited 6:01am
Good morning from a first time poster in the UK. Firstly I'd like to say thanks to Jim and everyone else who has made this thread the most eye opening thing I have seen since I have been dabbling with trading part time over the past couple of years. I think the shot gun and rifle analogy perfectly explains my trading style to date, but I hope this will change as I continue to learn, demo, learn and demo some more until I am confident I can trade a "real" account.

I am (another) forex newbie and would appreciate some comments on the following setup, my 2nd trade on my demo account.

GBPCHF on the daily yesterday showed a DBHLC bar (with the highs around 3 pips of each other. This bounce was off a PPZ, with confluence being the trend since end of July.

This position has a large stop because of the length of the right hand bar, with my entry at 1.6896 and stop at 1.7110. I have risked 1% of the account

Next area of support seems to be at the 1.67 round number. I will manage the trade at the end of the day only, no micro managing intraday. The first thing I will look to do is move the stop to breakeven, then play the trade as I see it develop. I fully expect to see the market retrace as the right hand bar is large so I am prepared for this and will not move to break even too quickly. If it stalls before 1.67 I will get out at hopefully breakeven or better, if gets to 1.67 and stalls I may take profit there but ultimately I hope it breaks 1,67 and I can let it run.

Any comments will be most welcome.

Thanks Again
Sam

(n/b I am not using Oanda to chart so if figures are not exactly as above then that is because I have taken figures from my charting package)
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.GIF Size: 122 KB
  • #44,085
  • Sep 18, 2009 5:50am Sep 18, 2009 5:50am
Quoting esbatu
Hi guys, quick questions here.
How do you guys manage your trade on volatile pairs if you can't be around to monitor it? Do you use trailing stop to move the stop to BE? Or just simply pass the trade?....
BE is considered a win. & BE are better than losses.

take some profits off the first PPZ/support/resistance; leave the rest at BE.

for volatile pairs, u can simply avoid them if u want.
& if u cant be around to monitor your trades, better to be more picky & or trail stops/move stops quickly to BE as much as u can.
alternatively, u can monitor them thru your cellphone/smartphone (if applicable).
  • #44,086
  • Sep 18, 2009 6:05am Sep 18, 2009 6:05am
Quoting Icehocey77
I guess everyone hasn't made it through yet the video yet, but this is pure gold. This should be required viewing to anyone new joining the thread. Thanks Jim.
i finished it about 30minutes ago.
its 1.47hours long (1:47:08 or 1hour, 47minutes+).
i think i viewed it for 2+ hrs (to replay a few segments, as my earphone's max volume was pretty inadequate).

i particularly liked the last stretch, from 1:26 til the end. i repeated it several times.
'..get that stinkin stop to BE....'
'..(eurchf) spike was caused by news...whatever..' (i LOVE hearing Sir Jim say this)


Sir Jim, i appreciate all the time u spend/share in all of the trading world.
I assure u i'll pay it forward, sooner or later. You can bank on it.
  • #44,087
  • Sep 18, 2009 6:08am Sep 18, 2009 6:08am
Quoting supremeChaos
I assure u i'll pay it forward, sooner or later. You can bank on it.
You're already doing it Chaos, and you're at a loss if you don't realize it buddy.

I believe . . .
  • #44,088
  • Sep 18, 2009 6:40am Sep 18, 2009 6:40am
Quoting sammers
Good morning from a first time poster in the UK. ....
GBPCHF on the daily yesterday showed a DBHLC bar (with the highs around 3 pips of each other. This bounce was off a PPZ, with confluence being the trend since end of July.....
Welcome Sam!

like BEOBs, i prefer DBHLCs at swing highs, but i think this one is a continuation DBHLC.
i havent reviewed my lines/PPZs, but i agree with 1.67. so far, my last PPZ down there is 1.62.
1.6820 is a minor PPZ (price stopped somewhere here today).
ideally, u have several positions open & have taken some profits already (at 1.6850 &/or 1.6800-20). your stop is pretty wide, for my taste, but i guess it will work. i think u want to hold this trade for some time.

do update us of this & your future trades.
dont forget to view the Guest Videos
Good luck!
  • #44,089
  • Edited 7:26am Sep 18, 2009 7:00am | Edited 7:26am
Quoting supremeChaos
i finished it about 30minutes ago.
its 1.47hours long (1:47:08 or 1hour, 47minutes+).
i think i viewed it for 2+ hrs (to replay a few segments, as my earphone's max volume was pretty
yeah. Jim's videos are ridiculously awesome.

I can safely say that the PF is the best money I have ever spent on learning stuff.

that he gives away the info on this whole thread AND pf videos is... Wow

*edit* first iPhone post!
When you have to shoot, shoot. Dont talk.
  • #44,090
  • Edited 8:12am Sep 18, 2009 7:34am | Edited 8:12am
hey guys I'm with you here about the video from the guest section.

james is doing all this stuff looking so dirty simple that I never thought.

Not only that james it's a gentleman but he is so generos shering with us all the information.

let me tell you something in the beging I was sceptical about this stuff but as more I read through this thread I'm able to see the light.I believe james when he say to stick in our beginnig process to the requirement from post nr1,and for sure that will change manys lives.

thanks JAMES.

Ps I'm feeling in love with this thread.
  • #44,091
  • Sep 18, 2009 8:04am Sep 18, 2009 8:04am
Quoting forexlife
hi ben, i just thought post a E/G charts but just saw yours. also i took this short. 0.9 area, and nice H4 pinbar and 'big' space? let's see.
This ended as a lose for me. Price stalled at the first trouble area and turned. By that time I have moved my stop a few pips above the round number and took a lose of 0.6R (1.2% of my account).
This is why I damn hate reversals. A round number + PPZ + huge divergence + space + great pin bar wasn't enough to make price turn down. Look what a sharp trend up. This trade only make my point about trading with the trend brighter.

Maybe if my stop was still on the top of the pin's high I would still be in this trade....but I won't take a full bar lose on this.

Lost 1.2%...never mind...I also made other 8% profit on other trades today, so I'm fine Good lesson though.

Ben
Attached Image (click to enlarge)
Click to Enlarge Name: pפpppppppppppppppppppppפפp.gif Size: 21 KB
  • #44,092
  • Sep 18, 2009 8:11am Sep 18, 2009 8:11am
I have a question. When you play pinbars, do you wait for price to break the pinbar or do you go into the trade as soon as the pinbar candle close?
Attached Image
  • #44,093
  • Sep 18, 2009 8:15am Sep 18, 2009 8:15am
Traditionally we play pins at the break of the high (or low), or a few pips above the high (or low) to ensure it is broken and the signal is valid.


Quoting ekling
I have a question. When you play pinbars, do you wait for price to break the pinbar or do you go into the trade as soon as the pinbar candle close?
  • #44,094
  • Sep 18, 2009 8:45am Sep 18, 2009 8:45am
Quoting benji533
Hey bro, what's up?

IMO the 84 can be a bit hard. I'm looking at this as well.

Ben
Hey Mike, seems like it stalled around the 85 like we thought.

Ben
Attached Image(s) (click to enlarge)
Click to Enlarge Name: pפpppppppppppppppפp.gif Size: 29 KB
Click to Enlarge Name: pפpppppppppppppppppppppפpפp.gif Size: 25 KB
  • #44,095
  • Sep 18, 2009 8:50am Sep 18, 2009 8:50am
Quoting ekling
I have a question. When you play pinbars, do you wait for price to break the pinbar or do you go into the trade as soon as the pinbar candle close?
Attached Image


Here you go, I robbed your chart
  • #44,096
  • Sep 18, 2009 8:51am Sep 18, 2009 8:51am
Quoting james16
nice nasir.

im smiling about my profit for sure. some of it in the bank already.

i like my sleep so full tp @ 1.o7. easy money
  • #44,097
  • Sep 18, 2009 9:00am Sep 18, 2009 9:00am
Quoting benji533
A rac trade?

Edit: ignore the other trade on my chart.
It worked for sure.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: p.gif Size: 28 KB
Click to Enlarge Name: 1k2pu8kppלi93ioם3pppםkppםpopppopk3פppפחllפpppppp.gif Size: 25 KB
  • #44,098
  • Sep 18, 2009 9:08am Sep 18, 2009 9:08am
Quoting benji533
This ended as a lose for me. Price stalled at the first trouble area and turned. By that time I have moved my stop a few pips above the round number and took a lose of 0.6R (1.2% of my account).
This is why I damn hate reversals. A round number + PPZ + huge divergence + space + great pin bar wasn't enough to make price turn down. Look what a sharp trend up. This trade only make my point about trading with the trend brighter.

Maybe if my stop was still on the top of the pin's high I would still be in this trade....but I won't take a full bar lose...

Ben..I didnt want to say anything when you posted this trade cause i knew this would happen..

Its done to me before as well so dont worry about it.. When this pair moves like it has been.. I stand aside.. dont get in the way..on moves like this I prefer a solid pa on the daily to stop the move or at least pause it..

I know 90 is a nice round number but have a look just above at 91-91.50. on the weekly.
  • #44,099
  • Sep 18, 2009 9:11am Sep 18, 2009 9:11am
Quoting benji533
It worked for sure.

well done Ben..
this is another one of mikes cherry trades.. he has a video, I'm sure you have seen where the chart looks the same just on daily..
  • #44,100
  • Sep 18, 2009 9:34am Sep 18, 2009 9:34am
Quoting benji533
It worked for sure.
Yep - that stuff is hard to beat.

PB, at a PPZ with 50 - 61.8 fib confluence. It is the most basic of J16 trades and favorite setup of many. They happen a lot across many TF's. I also like the combination of a PPZ a Bar and the 150 or 365 too - on the 'first time back', AKA "Base".

For the newer people - notice what is at work here - a good bar at a PPZ with confluence - in this case the fib retrace. Money in the bank. If the trade is missing something, I can assure you that it will be money TO the bank instead.

Regarding your PB reversal on the EG today - check Bemac's ICCE thread - I put a chart up there a few moments ago.
I'm pretty much done with all this ...
42 traders viewing now