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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

  • #44,941
  • Sep 30, 2009 3:38am Sep 30, 2009 3:38am
Quoting jarroo
To those that asked, Yes I'm still in this trade on the U/J.
hi Jarroo, it seems you are using a trade management style similar to what i have been experimenting with, take enough of the table at a point when you can give yourself a free trade WITHOUT having to moving your SL.
I have been taking 2/3rds off some trades at the same pioint which gives me a small profit and a risk free trade without having to move the SL to protect myself. Price often retests the break point and often lower after the break and so i like to leave my stop where i originally set it untill price has given me reason to move it,i.e price has broken a PPZ or made a new reaction h/l. The only problem with this approach is that price then needs to run a while to make it all worth while, and in todays ranging markets that is prooving difficult! Although i find it a safe way to manage my trades i am wondering how much i would benefit by letting it all run to a hard target?? i havent done any back checking on my trades yet and was wondering how you have found this method and if you have any thoughts on it??
Your us/yen trade is a perfect example,i was stopped out cos i moved my stop,albeit at a small profit.
cheers
jon
PATIENCE... DISCIPLINE
  • #44,942
  • Sep 30, 2009 3:45am Sep 30, 2009 3:45am
yeah it certainly beats being blind like most people looking at a chart.

i remember being blind. it sucked.



jim



Quoting pizdun
sorry..

i dont post here often, mostly because i have nothing usefully to say compared to the prosss here.

ive been bussy over the week so i havent had time to look at charts

but man i cant tell you how good it feels to pick up a chart ive never seen before, eveball a PPZ u believe is important on the weekly, pop down to daily and c that a beautiful pinbar popped there not a few days ago

and not be at all surprised..lol
  • #44,943
  • Sep 30, 2009 3:49am Sep 30, 2009 3:49am
Quoting joelcf
I wouldnt worry too much... fib levels are alot less mystical when you look at what (100 - 61.8) or (100 - 38.2) equal...
Hi Joelcf


hehe very true. To be honest I got tired of the extension part being in my way all the time. All fibs being equal I reversed the process in order to keep the chart a little cleaner.


cheers mate

Letitride
  • #44,944
  • Sep 30, 2009 5:47am Sep 30, 2009 5:47am
Rac, would this constitute one of your blind touch entries? =)

Didn't actually trade this, but in 20/20, daily had a BEOB (pinbar), putting the daily momentum on a downward bias.

Tagged 61.8% ret from swing low, to close under monthly pivot which was also 1.0900.

Thanks

USDCAD 1hour btw
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One Mind, Any Market
  • #44,945
  • Sep 30, 2009 7:37am Sep 30, 2009 7:37am
This was NB trade. Take some profit. Rest BE


Quoting ikki
watching this zone, waiting a pullback around 0.908x....
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #44,946
  • Sep 30, 2009 7:37am Sep 30, 2009 7:37am
...

Hello from Ireland.

First post on this thread.

A big thank you to James16 et al. for this great trading education.

I've been following the J16 thread for many weeks and have started to trade it more seriously on a demo account for the last week or so with good results. I'm sticking to Daily setups only for the moment.

Okay if I chime in now and then with my efforts?

I started learning about trading at the beginning of this year and spent a few months demoing the DIBs method mostly. There are so many systems on FF, but J16's stood out from the rest.

I suspected S/R, Trendlines, FIBs, etc. might be good tools to add to a traders arsenal, and when I came across a thread devoted to those, I had to learn more.

Here's a trade I took recently.

I thought this was a great looking Pinbar at a swing low, but counter trend and into big round number/PPZ at 90.00, so was cautious and closed it early for around 15 pips profit when price stalled at that area. Could have taken a few more pips, that's something I'll have to learn.



...
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  • #44,947
  • Sep 30, 2009 8:05am Sep 30, 2009 8:05am
another rac's fav.
.
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  • #44,948
  • Sep 30, 2009 8:30am Sep 30, 2009 8:30am
Quoting raczekfx
another rac's fav.
.
Nice catch Mark.... They are everywhere ... eh? (That was Canadianese)


I was on some other scent lines this morning and missed this one.
I'm pretty much done with all this ...
  • #44,949
  • Sep 30, 2009 9:03am Sep 30, 2009 9:03am
Quoting ikki
This was NB trade. Take some profit. Rest BE
nice trade buddy! i guess it was your order that got me stopped out then!~!??


[QUOTE Jarroo..
Nice jon.

The level is probably more the 0.9100 level then the 0.9080ish. The 0.9080 level seemed to have more touches in the past. But we all know about those wonderful round numbers. ][/quote]
looks like you had it nailed Jarroo!! it didnt want to stay below that round number!! i thought it might go a bit lower than it did??
PATIENCE... DISCIPLINE
  • #44,950
  • Sep 30, 2009 9:19am Sep 30, 2009 9:19am
Quoting Cyrus
Rac, would this constitute one of your blind touch entries? =)
...
I answered your ? in the pf. Can't say more for now...
  • #44,951
  • Sep 30, 2009 9:28am Sep 30, 2009 9:28am
Quoting raczekfx
I answered your ? in the pf. Can't say more for now...
Ahh. Noted noted.

Thanks for the reply Rac.
One Mind, Any Market
  • #44,952
  • Sep 30, 2009 11:09am Sep 30, 2009 11:09am
Welcome taking the pip

Great first trade, you picked the first trouble area out. Often our urge is to get as much possible out and we forget and ignore those first trouble areas. That 90 mark is a very important area on my chart big round number + PPZ = could reverse a trade.

Look forward to more posts from you

Mike

Quoting takingthepip
...

Hello from Ireland.

First post on this thread.

A big thank you to James16 et al. for this great trading education.

I've been following the J16 thread for many weeks and have started to trade it more seriously on a demo account for the last week or so with good results. I'm sticking to Daily setups only for the moment.

Okay if I chime in now and then with my efforts?

I started learning about trading at the beginning of this year and spent a few months demoing the DIBs method mostly. There are so many systems on FF, but J16's stood...
  • #44,953
  • Sep 30, 2009 11:30am Sep 30, 2009 11:30am
Three trades - one Crude oil chart, obviously not posted real time but will attempt to do so in the future.

1st Trade: 61.8 Fib retrace at RN 72 and minor PPZ

2nd Trade: Break and retest

3rd Trade: Trend line bounce and DBLHC

all on the hourly, marked with a tick.

Sincere thanks to James and Thread.
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  • #44,954
  • Sep 30, 2009 2:27pm Sep 30, 2009 2:27pm
Retrace is over, ready to resume downtrend?
Similar setup on GbpUsd and GbpChf.
I like both but especially GbpUsd because:
- Nice pin bar
- PPZ at 1.60
- 150EMA
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  • #44,955
  • Sep 30, 2009 2:32pm Sep 30, 2009 2:32pm
Quoting vlazaf
Three trades - one Crude oil chart, obviously not posted real time but will attempt to do so in the future.

1st Trade: 61.8 Fib retrace at RN 72 and minor PPZ

2nd Trade: Break and retest

3rd Trade: Trend line bounce and DBLHC

all on the hourly, marked with a tick.

Sincere thanks to James and Thread.
awesome man
  • #44,956
  • Sep 30, 2009 2:33pm Sep 30, 2009 2:33pm
Quoting bakko85
Retrace is over, ready to resume downtrend?
Similar setup on GbpUsd and GbpChf.
I like both but especially GbpUsd because:
- Nice pin bar
- PPZ at 1.60
- 150EMA
Yes certainly could be Bakko, after those strong move down, even if we work higher sellers will come in

Mike
  • #44,957
  • Sep 30, 2009 3:08pm Sep 30, 2009 3:08pm
Hi!

I'm reading the forum for over last 2 months, start taking trades since last 15 days, this is a snap of the last one...... +120 pips.

Thank to James16 and to all the seniors that still post so valuable information.

Best regards.

Fxmaleante.
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  • #44,958
  • Edited 3:51pm Sep 30, 2009 3:37pm | Edited 3:51pm
Quoting g_j_hook@yah
hi Jarroo, it seems you are using a trade management style similar to what i have been experimenting with, take enough of the table at a point when you can give yourself a free trade WITHOUT having to moving your SL.
I have been taking 2/3rds off some trades at the same pioint which gives me a small profit and a risk free trade without having to move the SL to protect myself. Price often retests the break point and often lower after the break and so i like to leave my stop where i originally set it untill price has given me reason to move it,i.e...
That's it jon!

What you are doing and what I do is control and manage Risk. We look for the best setups first and foremost. Or highly confluenced areas where we know Price levels are strong and predictable.

I netted 2 pips on my U/J trade that was my worst case senario. Yet the trade had potential to go to the moon. Think about that for a minute. Talk about stress free trading.

It was a tough possiblilty to go to the moon being it a counter trend trade that didnt have much size and the space could have been better but . . . . . So What, I HAD ZERO TO LOSS AND EVERYTHING TO GAIN. (sorry, I didn't mean to yell.lol)

I usually manage a trade as you did jon, but instead of moving the 2nd half to break even I would place it just below B/E to allow for retesting while still banking a few pips. Taking profits at the 1st strong level and moving to break even is not a bad way to go just ask James16.

Letting it all run to the 1st hard target without protecting yourself is risky. If you except that risk and more importantly its a A++ setup.

Isn't it amazing how all management styles work out great on the A+ setup.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #44,959
  • Sep 30, 2009 3:46pm Sep 30, 2009 3:46pm
Quoting g_j_hook@yah
nice trade buddy! i guess it was your order that got me stopped out then!~!??


[QUOTE Jarroo..
Nice jon.

The level is probably more the 0.9100 level then the 0.9080ish. The 0.9080 level seemed to have more touches in the past. But we all know about those wonderful round numbers. ]

lol That level wasn't hidden. It was right there for all to see. Clear and obvious Daily PPZ levels are a power thing. We knew Price was going to react to it. It would have been nice for it to break that level and then become resistence. It still may do that . . we shall see.
Indicators show the past. Price Action "Indicates" the future.
  • #44,960
  • Sep 30, 2009 3:59pm Sep 30, 2009 3:59pm
This might be something. Breakthrough 150, pullback and then a pinbar was formed. We also have confluence from 1.6000 level and 38.2 fib.
Also pretty nice definable support zones. I think ill take it. Comments?
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