james16 Chart Thread | Page 2348 | 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

  • #46,941
  • Oct 27, 2009 5:33am Oct 27, 2009 5:33am
Quoting g_j_hook@yah
yeah i like this one also.
price seems propped by the 50% retrace of the last swing up atm(the last leg) and if this breaks i have 136.00 as the next problem area??
jon
EDIT: i missed that 1h BEOB on the retrace!! did anyone catch that?? nice entry.

p.s. hi Ghous,nice to see you around
Yeah, I saw the E/J 1hr retrace. But it didn't find a good location to retrace in my opinion. Didn't even reach the 38FIB, which I don't play anyway. Figured it'd get stuck at the recent lows, which it (at least temporarily has). Guess it could have yielded near 1R, but not worth it for my management style.

Location, Location, Location.

Josh
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy102609_1hr3.gif Size: 16 KB
  • #46,942
  • Oct 27, 2009 5:48am Oct 27, 2009 5:48am
Quoting Jduester
Yeah, I saw the E/J 1hr retrace. But it didn't find a good location to retrace in my opinion. Didn't even reach the 38FIB, which I don't play anyway. Figured it'd get stuck at the recent lows, which it (at least temporarily has). Guess it could have yielded near 1R, but not worth it for my management style.

Location, Location, Location.

Josh
hi Josh i fully agree, but on this occasion i was taking my TL into consideration.I had confluence with the ema also (50)which is not used too much an this thread either. i try to clean the lines of my charts when i post here though.
thanx for your input bro glad you pointed that out as it wasnt a deep retrace and might end up going back up.??
cheers
jon
EDIT: these are my working charts so excuse the mess!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4hour.gif Size: 24 KB
Click to Enlarge Name: 1hour.gif Size: 26 KB
PATIENCE... DISCIPLINE
  • #46,943
  • Oct 27, 2009 6:10am Oct 27, 2009 6:10am
hi..

i went in on this one, after the bullish outside bar formed. However, it has now retraced more than 61.8 of the bullish bar and so i have closed the trade (i think the formation doesnt look good anymore)

do you guys think that after the bars have retraced that much the formation has lost it's reliability? or should i have let the trade stop out at the low of the bullish bar?

were there any early indications that this bar may not work?
i thought the location was pretty good:
-hit support at 0.9
-RSI divergence
-swing low
Attached Image (click to enlarge)
Click to Enlarge Name: failed bullish.gif Size: 14 KB
  • #46,944
  • Oct 27, 2009 6:53am Oct 27, 2009 6:53am
Quoting arthurwtm
hi..

i went in on this one, after the bullish outside bar formed. However, it has now retraced more than 61.8 of the bullish bar and so i have closed the trade (i think the formation doesnt look good anymore)

do you guys think that after the bars have retraced that much the formation has lost it's reliability? or should i have let the trade stop out at the low of the bullish bar?

were there any early indications that this bar may not work?
i thought the location was pretty good:
-hit support at 0.9
-RSI divergence
-swing low

Personally i didnt take the bar because the Bullish bar because it traded right into the 0.92 resistance zone.

what i was looking for is a clear break of 0.92, retrace back to the 0.92 zone and look for bullish pa during that retrace for an entry.

its like waiting for a confirmation from the market to show if the 0.92 zone is a resistance or support
  • #46,945
  • Oct 27, 2009 6:55am Oct 27, 2009 6:55am
Quoting arthurwtm
hi..

i went in on this one, after the bullish outside bar formed. However, it has now retraced more than 61.8 of the bullish bar and so i have closed the trade (i think the formation doesnt look good anymore)

do you guys think that after the bars have retraced that much the formation has lost it's reliability? or should i have let the trade stop out at the low of the bullish bar?

were there any early indications that this bar may not work?
i thought the location was pretty good:
-hit support at 0.9
-RSI divergence
-swing low
Technically, the BUOB is still valid until the low of the bar is broken.

Ross
  • #46,946
  • Oct 27, 2009 6:56am Oct 27, 2009 6:56am
Seems like many of us are on EY.

One of the thing that fascinates me abt James' principles is that each individual trades it differently, but it all still works =)

Got in on break of PB tt formed after rejecting wkly pivot.
Bouncing off 50% + PPZ as expected now.
Should react to wS1 + long tail as well.
Lastly, 136 + consolidation on left should also slow any decline down.
Attached Image (click to enlarge)
Click to Enlarge Name: EY 4hr.gif Size: 18 KB
One Mind, Any Market
  • #46,947
  • Oct 27, 2009 8:26am Oct 27, 2009 8:26am
lets be honest here people....how many are trading REAL money for a living here ??? I have tried and tried again with real money and found I can't make it work. I am beginning to think that its really not possible at all using simply charts, you need to look at fundamentals
  • #46,948
  • Oct 27, 2009 8:50am Oct 27, 2009 8:50am
Quoting advfntrader
lets be honest here people....how many are trading REAL money for a living here ??? I have tried and tried again with real money and found I can't make it work. I am beginning to think that its really not possible at all using simply charts, you need to look at fundamentals
hi advfntrader, dont get frustrated mate, its not easy thats for sure! do you mean you make money on your demo accounts but then loose money with real cash?? i found it very hard, and still do, when i changed to a real account, the psychological aspects of trading are hugly underestimated imo. by me for sure! in fact i took out most of my cash from my account to help me ajust and to help me stop trying to make money but build a buisseness, for me the difference in the 2 attitudes or outlooks is huge.
i think it is a longer road than we expect and it takes time to get comfortable again but i assure you it does come slowly but surely.
if im off the mark here i appologise
jon
PATIENCE... DISCIPLINE
  • #46,949
  • Oct 27, 2009 8:51am Oct 27, 2009 8:51am
Quoting advfntrader
lets be honest here people....how many are trading REAL money for a living here ??? I have tried and tried again with real money and found I can't make it work. I am beginning to think that its really not possible at all using simply charts, you need to look at fundamentals
It is not about the money is real or fake. It is about the method. If the method works, it works whether it is a demo account, mini account or a very big account.

If the method works on demo account but not real account, the issue is in your mind.
  • #46,950
  • Edited 9:13am Oct 27, 2009 9:00am | Edited 9:13am
Quoting g_j_hook@yah
yep,nice one. closed full position @.9117, went short at .9188 with a 30 pip stop. i had previously entered at .9202 but bottled out and closed at BE exactly. lol
jon

Nicely done jon.

Let me show you why this was not only a great setup on the 4 hour but also a great setup to hold for the longer term. I know you closed full position and there is nothing at all wrong with that. But your low risk entry on the 4 hour could produce a huge gain.

We have on the Weekly a BEOB and a bullish PB. The BEOB is at swing High as with the Bullish PB. So the PB is not at the ideal location, so I would favor the BEOB which is where we want it, at a swing High. Don't get me wrong, the bullish PB could turn out to be very good if the uptrend continues, but again tight trade management needs to be applied.

Daily shows a the .9200 as nice PPZ level. The 4 hour BEOB lines up nicely with this level as you saw it, with the 50% ret.

Price now has broke the Weekly BEOB again, we could be off to the races.

Note: If that current 4 hour PB develops and then breaks, so what. It has to get through the .9100 PPZ.

Jim

(Sorry I have to post and then leave)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: egww.gif Size: 23 KB
Click to Enlarge Name: egdd.gif Size: 23 KB
Click to Enlarge Name: eg44.gif Size: 32 KB
Indicators show the past. Price Action "Indicates" the future.
  • #46,951
  • Oct 27, 2009 9:08am Oct 27, 2009 9:08am
Quoting arthurwtm
hi..

i went in on this one, after the bullish outside bar formed. However, it has now retraced more than 61.8 of the bullish bar and so i have closed the trade (i think the formation doesnt look good anymore)

do you guys think that after the bars have retraced that much the formation has lost it's reliability? or should i have let the trade stop out at the low of the bullish bar?

were there any early indications that this bar may not work?
i thought the location was pretty good:
-hit support at 0.9
-RSI divergence
-swing low
Trading is not a 100% rule based game. In order to be successful, one needs to find the high probability setup and trade with it.

It does not mean that this trade won't work out. However, one has to consider that the weekly bars are giving out conflicting signals, one BEOB followed by PIN. Two forces are fighting here and we are not sure which one is going to win. But we will know once it breaks out, or we may stuck with a range market.

The recent bearish signal from the triple top on EJ might worth watching instead.

Ken
  • #46,952
  • Oct 27, 2009 9:12am Oct 27, 2009 9:12am
Quoting advfntrader
lets be honest here people....how many are trading REAL money for a living here ??? I have tried and tried again with real money and found I can't make it work. I am beginning to think that its really not possible at all using simply charts, you need to look at fundamentals
Pretty blunt, but it's ok... i'll try not to beat around the bush too

well i trade real money, although probably a few/many months away from consistently profitability.

i'll say it again.... this material, generously shared by Sir james16 & propagated by equally generous seniors here, IS VERY EASY to Understand.
the hard part is Consistency when it comes to IMPLEMENTATION. the other 'external' &/or related/intertwined factor is PSYCHOLOGY.

without going into details, IMHO, i have the fcuking WORST situation (seeing me curse here tells u i'm serious) a trader can have & despite of which, i am not quitting, when i should have a long time ago..... that is, IF I AM a QUITTER.
I think i can be considered next in line to Sir james16 when it comes to the number of blown accounts. the only difference is mine were very small relative to his.
Currently i have a very tiny mini account, & am trading a (almost 1-month old) small micro account for a friend (FF member). that account is traded using Sir james16 material exclusively. i am sure he wont elect to use Sir james16 method exclusively in that account & i wont accept the offer if we both didnt find this method profitable.
At this moment, i have a eurcad short based on this method (eurcad H4 BEOB/PB). it's currently in the green (it may turn red depending on how fast i finish this post, lol). i'll probably ,& finally, be able to post 'proper' H4 & up charts here soon, courtesy of further provocation from Sir jarroo, lol. i rarely post charts here, because i am not able to apply this method 'properly' (in H4 & up) in my tiny mini account.

why am i telling u all these? probably because we are on the same boat... probably because i dont want u to quit.
if u arent successful using this method, doesnt mean u should consequently quit on it & it doesnt mean this method is unprofitable. U should look deep inside yourself, ask yourself relevant questions. There are probably several profitable methods around; it's the trader that is usually unprofitable.

instead of whining, it'll be better for u to ask questions so the seniors here can help & probably turn your trading around.
I have removed the word 'QUIT' in my head long time ago; it is no longer an option for me.
i have Quitted on the word 'QUIT'; better quit on it too. u wont regret it

just my optimistic view.
crappy internet.... over & out
  • #46,953
  • Oct 27, 2009 9:22am Oct 27, 2009 9:22am
Quoting gasgas
Jep, really looks good, but I will feel even better when it breaks hard...then let her run...

Regards,
i guess you this is the hard break you were waiting for buddy!!??
jon

Question: does anybody know if an order is still triggered and processed if price gaps over your entry order price?? i keep meaning to contact oanda to hear there policy but as yet havnt got around to it. price gaps quite often with mt4 platforms though and i was wondering if anyone has any experience of this??
cheers
Attached Image (click to enlarge)
Click to Enlarge Name: 1h.gif Size: 26 KB
PATIENCE... DISCIPLINE
  • #46,954
  • Oct 27, 2009 9:27am Oct 27, 2009 9:27am
Quoting advfntrader
lets be honest here people....how many are trading REAL money for a living here ???
Why does the discussion immediately jump to Making a Living? Clearly the concentration should first be building an account, then progress to supplementing your income...etc.
"Whether you think you can or can't, you're right." Henry Ford
  • #46,955
  • Oct 27, 2009 10:03am Oct 27, 2009 10:03am
Quoting gasgas
Any feedback on that guys?

BEOB below 365, + tripple top.
I took this short at 137.01 and kept a tight stop loss on it because the overall direction of this market is not clear to me. Just stopped out at 136.52. Nice little scalp. I would be careful with a retraction on this the lows are getting less low on each bounce.
  • #46,956
  • Oct 27, 2009 10:06am Oct 27, 2009 10:06am
Quoting nasir.khan
Let me try.

The first entry is his famous touch trade based on his screen hours experience. but it has Divergence also (put Rsi (6) and see.)

The 2nd and 3rd ones are simple breakout below the trouble areas, trades.

Also read these posts so it will get more clear hope it helps.

http://www.forexfactory.com/showpost...postcount=8420

http://www.forexfactory.com/showpost...postcount=8468

http://www.forexfactory.com/showpost...postcount=8429

http://www.forexfactory.com/showpost...postcount=8431...
similar setup on eurusd 4H. sorry can't post charts.
  • #46,957
  • Oct 27, 2009 10:21am Oct 27, 2009 10:21am
Quoting Scot Pippin'
Why does the discussion immediately jump to Making a Living? Clearly the concentration should first be building an account, then progress to supplementing your income...etc.
Great Post!

I think it relates again back to patience, which many people refuse to accept. Honestly, even if you see 50 bank statements from traders on here and proof they are making money how does that translate into you trading profitable? The bigger question is are you willing to take the time and go through necessary steps (especially psychology) to get there.

Additionally, if you are convinced you can't trade and make money then I guarantee you will get your wish.

Nathan
  • #46,958
  • Oct 27, 2009 10:34am Oct 27, 2009 10:34am
BEOB at swing high and triple top

round number 138.00

shame there was no divergence, but still a good set up.

entered on 10pip break of beob and took full profit at first trouble zone which was at 136.40.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 15 KB
  • #46,959
  • Oct 27, 2009 10:39am Oct 27, 2009 10:39am
Quoting Scot Pippin'
Why does the discussion immediately jump to Making a Living? Clearly the concentration should first be building an account, then progress to supplementing your income...etc.
i guess it depends how much money one has to invest also,for some if they have prooved to themselves that they are consistently profitable with their real account they could live of there returns, even modestly, with a large enough account without having to build it up.
this is the mistake i made when i started to trade live, my concentration was on the money (in one way or other) and not on what the charts where offering. Taking the best setups and learning to understand why they are the best should still be a priority even if you are profitable,imo,and figuring out the best way to manage the trades to minimise your risk and maximise profits so that over the longer term you stay profitable. The capital will take care of its self if we trade properly.
just my 2 cents
jon
PATIENCE... DISCIPLINE
  • #46,960
  • Oct 27, 2009 10:41am Oct 27, 2009 10:41am
As a complete newbie, would you say there is also a nice trend line from the pinnish bar on 2 August from which H4 is currently bouncing, confirming weekly pin? (sorry if i am talking rubbish)

Thanks

Jezza

Quoting jarroo
Nicely done jon.

Let me show you why this was not only a great setup on the 4 hour but also a great setup to hold for the longer term. I know you closed full position and there is nothing at all wrong with that. But your low risk entry on the 4 hour could produce a huge gain.

We have on the Weekly a BEOB and a bullish PB. The BEOB is at swing High as with the Bullish PB. So the PB is not at the ideal location, so I would favor the BEOB which is where we want it, at a swing High. Don't get me wrong, the bullish PB could turn out to be very...
62 traders viewing now