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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

  • #45,161
  • Oct 2, 2009 7:33pm Oct 2, 2009 7:33pm
smart trade there takingthepip. just goes to show you why its so important to see the problem areas.

having a look at this a/j pin. ok it didnt close inside previous bar but purely from a location point of view it seems reasonable. I doubt this pin will work but just thought i would outline my steps in deciding what are some possible problem areas and key levels for practise.

there could be a retrace on sun arvo or monday morning to 77 again where ever you are from, highly unlikely the pin bar high will break i think
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  • #45,162
  • Oct 2, 2009 7:37pm Oct 2, 2009 7:37pm
Quoting takingthepip
...

2nd post. Thanks for comments on my first post, Jarroo and Mike.

I liked the look of this PB with trend, but had to watch it trading into big round number 1.65, and then Mike pointed out, I believe, that it wasn't at a strong swing high. Thanks Mike. Will remember that.

Anyway, took 20 pips or so off it when price broke below. Half off, and moved stop on remainder to BE. Was going to let that ride, but then upcoming news made me close the remainder for another 30 pips or so.

News did not seem to have any effect on this pair. Dang! Could...

Nice trade . . . as long as you understood what Mike said that this was not a ideal setup. You will come to find that waiting for the best, ideal setups are well worth the wait. But there is nothing wrong with practising (demoing) on the lesser quality setups. This will show you why the best setups will out perform the soso ones.imo.

I only follow the News on one day, the 1st Friday of the month. Other then that, I ignore the News.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #45,163
  • Oct 2, 2009 10:58pm Oct 2, 2009 10:58pm
thanks mbq and dmc!
  • #45,164
  • Oct 3, 2009 6:33am Oct 3, 2009 6:33am
Hi everyone,

Any opinions on the EUR/JPY Daily pin?

Looks like an easy prey for a hungry lion. Am I wrong?

Thanks
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  • #45,165
  • Oct 3, 2009 7:49am Oct 3, 2009 7:49am
Quoting Tingus
Hi everyone,

Any opinions on the EUR/JPY Daily pin?

Looks like an easy prey for a hungry lion. Am I wrong?

Thanks
Hi Tingus Look at the green lines and answer yourself is that a good trade For me it is not. It might make you some pips but I wouldnt risk my money
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  • #45,166
  • Oct 3, 2009 8:08am Oct 3, 2009 8:08am
Quoting Tingus
Hi everyone,

Any opinions on the EUR/JPY Daily pin?

Looks like an easy prey for a hungry lion. Am I wrong?

Thanks
I like it. Also, there is MACD/RSI convergence on the 4h timeframe for extra support.
The nail that sticks out gets hammered back in
  • #45,167
  • Oct 3, 2009 9:10am Oct 3, 2009 9:10am
Quoting Tingus
Hi everyone,

Any opinions on the EUR/JPY Daily pin?

Looks like an easy prey for a hungry lion. Am I wrong?

Thanks
Hi Tingus,

You're bar has good range, and as Nology stated, there is divergence on the 4 hour chart. This is a daily chart though, and you need to look at what the daily chart is telling you...

...The biggest issue for that trade is the area highlighted on my chart below. Immediately before our pin developed, we spent a few days going sideways and creating a resistance zone at those bar highs. By the time you have gotten a break of the pin bar's high you are already arriving at an area likely to cause trouble and stress. (Atton's chart explains why the bar highs are where they are. ) .

(By the way, switching to the weekly chart shows the exact same 'traffic' type problem as the daily chart.)

You'll see a LOT of signals such as yours that are not good enough for someone who strives to be picky.
You need to be very picky and look for trades where you have a clear run in that first leg of a trade. ...Even if the signal bar is very strong.

Often when you get a pin such as yours, you will find many other pairs in similar situations where things just aren't good enough , with the exception of one or two pairs that DO have that clear run ahead of them (_space_). On that day, you choose those ones with the clear runs. ...Or if there are none , you just go in to waiting mode again.

This antelope wandered dangerously close to your lion this time , but the antelope isn't injured. You want to chase the injured antelope. There are easier prey out there.
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Bundy's status today: "Waiting..."
  • #45,168
  • Oct 3, 2009 11:16am Oct 3, 2009 11:16am
Love to hear some feed back on this one. I see pin bar on weekly and daily. I see trend as up with price at 50% retrace now. I see three other indicaters showing possible move up. On the weekly I see RR 1/3.
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  • #45,169
  • Oct 3, 2009 12:38pm Oct 3, 2009 12:38pm
Thanks jarroo once again for the clear explanation. But looking at the rate this thread is growing (4 pages in the space of 1 day while I was out??) I think I should take TiaForex's advice and just focus on the first 1000 pages or so for now.

Back to homework.
(On a totally unrelated note, is it just me or are the smileys on this forum the same as those on Yahoo! Messenger?)
  • #45,170
  • Edited 1:21pm Oct 3, 2009 1:19pm | Edited 1:21pm
Hello everyone!

I am watching James16's training video ever and over again.

I kindly suggest that all people having trouble with their winners turn into losers have a look at it (again and again ) from 1:16:30 to 1:24:15.

This bit of information OPENED my eyes. And I will only quote James16 to summarize :'' Get you stinkin' STOP to BRAKE EVEN!'' that gets me every time

As my contribution I made a quick analysis of jump-right-at-you setups for 4 pairs for 2009. I always moved stop to BE after first trouble/target area and you can have a look at the results. So based on this you can see what happend if you took out part of your profit at first trouble/target area and let the rest of it ride (with SL at BE). This is something James is often 'suggesting' as a way to manage your trade.

--Uros
Attached File(s)
File Type: xls Quick Analysis.xls   22 KB | 770 downloads
  • #45,171
  • Oct 3, 2009 2:47pm Oct 3, 2009 2:47pm
Bee,
thanks for the stats!
It is hard to make the perfect MM decision not knowing the win/loss ratio and the % of winners in the past ( if I would like to find the optimum amount of risk - avoiding ruin or underbidding). With several set up levels and several diff set ups it is hard to make a solid past performance research even if I take one set up, one pair and one time frame ... In which case I digress to the standard risk of 2-5% of the balance per trade.
I am aware of James view on risk/reward ratio - and I agree that it would not work for how he trades. The whole "take what you can", "take the best set up" and "let some run to the moon or be stopped " style of trading makes it hard to turn it into a system with rigid TP and SL rules. But I guess this iswhat makes every trade exciting - it develops based on the current price action.
On the other side it is a brilliant method and I don't have to rely on past performance to trade what I see - the price action - knowing some simple but working rules. And yes, this method has trade management (TP and SL) rules which flex along with the breath of the market.

I don't claim to be right, just some reflections along the way.

Where I can watch James16 training video?
Plan The Trade - Trade The Plan
  • #45,172
  • Oct 3, 2009 3:44pm Oct 3, 2009 3:44pm
You can watch training video at http://www.james16group.us/Guests/vi...iningvideo.wmv .

I agree with fxdummie that you can learn as you go. In my post I just wanted to show that even by exiting at a first trouble/target area you can make some good trades. Just take things slow and find out what works for you.
  • #45,173
  • Oct 3, 2009 4:03pm Oct 3, 2009 4:03pm
what r the exit rule for thise system?

thanks
  • #45,174
  • Oct 3, 2009 4:06pm Oct 3, 2009 4:06pm
and what the diffrent beetwin thise sys to the candlestick chart sys?

its look thesame to me just on a bar chart white diffrent manes

same one here can clarifaing thise point please

thanks
  • #45,175
  • Oct 3, 2009 5:05pm Oct 3, 2009 5:05pm
Hi Superscalper

About the exit rules. There are not exactly clear rules about exits. Some of us just trail their stop until the price hits it. Others close their position when they feel comfortable with the profit they made or when they see that there will be a reverse. It depends on the trader ( you ). And as I can see you didnt get what the PA is all about. It is not about the Pin Bar, Outside Bar etc. It is about studying the price itself and its movements. Price action confirmations ( for example Pin Bar ) are used like a trigger - for better entry and timing. What we really try to do is to understand why and what make the price to do its movements by the s/r levels, fibo retracements, pivot levels, round numbers etc and how to implement them into our chart and our strategy. I hope that helps
  • #45,176
  • Oct 3, 2009 5:13pm Oct 3, 2009 5:13pm
Quoting atton
Hi Superscalper

About the exit rules. There are not exactly clear rules about exits. Some of us just trail their stop until the price hits it. Others close their position when they feel comfortable with the profit they made or when they see that there will be a reverse. It depends on the trader ( you ). And as I can see you didnt get what the PA is all about. It is not about the Pin Bar, Outside Bar etc. It is about studying the price itself and its movements. Price action confirmations ( for example Pin Bar ) are used like a trigger - for...
YES its help
thank u

if i trade it on the daily chart how much percents shold i get per avg month?
  • #45,177
  • Oct 3, 2009 5:47pm Oct 3, 2009 5:47pm
Quoting Superscalper
YES its help
thank u

if i trade it on the daily chart how much percents shold i get per avg month?
Lol I am quite sure that no one and when I say no one I really mean it can answer your question Why ? Because it really depends on how much do you risk. What the market will be in the particular month (consolidating or trending) . How much pairs do you trade etc . Oh... I ve almost forgot that you first need to learn how to be successful. Then start to worry about the percents per month . I know a guy from this thread that made 26% gain from one trade using the 15m chart or it could be 13% because I am not quite sure how much did he risk - 1% or 2% of his account.
  • #45,178
  • Oct 3, 2009 6:59pm Oct 3, 2009 6:59pm
Quoting raczekfx
No, no. no bows please. It's really simple Aaron. Tons of hints in the pf as well. I also mentioned it on FF twice before, prior to previous NF events..

We can discuss it sometimes via skype, over a beer in TO or elsewhere, but I'm not going to talk about it on the public forum. You never know who's reading this..
Hey,
i'm trying to become preffecient trader. I am realizing that this is what i really want to do in my life;I noticed how magnificent you enter the trades and was hoping maybe you can add me in your skype contacts. It would be an honor to get to know you. My skype is Oleg373. Would be really appreciate if you could spend some of your precious time on me.
  • #45,179
  • Oct 3, 2009 8:34pm Oct 3, 2009 8:34pm
Quoting Cyrus
Hey guys,

Posts from the seniors and the other frequent dudes here.

From pages 2500 to 3000

My little tribute to the J16 thread =)

I hope to get up to speed faster and contribute some proper content soon.

All credit to Michael once again. This wouldn't be remotely possible without him.

PS:
Have included the legendary Darkstar. Awesome man. Just awesome.
Gotta read it
thanks for sharing this Cyrus.
the 2nd file(darkstar) shows only 1 post, and i downloaded multiple times to make sure i get the complete file. anyone else have the same problem?
  • #45,180
  • Oct 3, 2009 9:42pm Oct 3, 2009 9:42pm
Quoting user37
Hey,
i'm trying to become preffecient trader. I am realizing that this is what i really want to do in my life;I noticed how magnificent you enter the trades and was hoping maybe you can add me in your skype contacts. It would be an honor to get to know you. My skype is Oleg373. Would be really appreciate if you could spend some of your precious time on me.

you may be sincere. or not. We do not know yet...but if you join in the thread, contribute, & ask questiions.... along the way you will find what you are looking for...

I WILL garentee it...
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