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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

  • #48,361
  • Nov 19, 2009 9:31am Nov 19, 2009 9:31am
Quoting Dan Gilbert
I don't understand what you mean about how you didn't let it run because of limit orders?...
Good points. You probably don't understand what i mean because i don't really understand that much about what i mean myself. i'm just starting out with this j16 stuff although this week i have had 6 break even trades and two profitable ones so i consider that a good start.

As you can see from my post with charts included - i did take off half at the first trouble area but i exited the whole position at the lows incase it rtraced significantly there while i slept. in truth i did not expect it to come down so fast and thought i would be able to monitor this area in the morning. Obviously i need to work on my exit strategy.

So is your plan to trail your stop some how or possibly add to the position on a retrace. i would like to ;earn more about how to manage a position once it has established itself as a winner. Thanks.

oh, by limit orders, i mean take profit orders (Don't know if limit orders is the right terminology here)
  • #48,362
  • Nov 19, 2009 9:37am Nov 19, 2009 9:37am
Quoting Zeke
I've been browsing this thread off and on for some time now, and while I like what I see, I've got a lingering concern that I can't shake.

Some of the best trades overall are off of the daily bars and this is the recommended approach for beginners....

Don't worry about it. The senior guys on here have always said just go off your chart patterns, don't worry about the time difference. That said, I think there are alot of people using the NY close.
  • #48,363
  • Nov 19, 2009 9:43am Nov 19, 2009 9:43am
Quoting Majestic12
Good points. You probably don't understand what i mean because i don't really understand that much about what i mean myself. i'm just starting out with this j16 stuff although this week i have had 6 break even trades and two profitable ones so i consider that a good start.

As you can see from my post with charts included - i did take off half at the first trouble area but i exited the whole position at the lows incase it rtraced significantly there while i slept. in truth i did not expect it to come down so fast and thought i would be able to...

I too am learning a lot about J16. I'm new to it, but it looks like with all your break even trades, you already knew what I told you about moving the stops ASAP. Good work.
Many choose unhappiness over uncertainty.
  • #48,364
  • Nov 19, 2009 9:53am Nov 19, 2009 9:53am
Quoting triger88990
this stuff it's really simple folk's, just practice

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heard ya.
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  • #48,365
  • Nov 19, 2009 10:18am Nov 19, 2009 10:18am
hello everyone. for those of you that caught some of that stellar g/j breakout, where are you looking to take profit at? there seems to be quite a bit of resistance near the current price level around 147.7 ish area. but if it can get past this i thnk we are good atleast to 147.0. any thoughts?
  • #48,366
  • Nov 19, 2009 10:57am Nov 19, 2009 10:57am
Quoting Dan Gilbert
This has been the best trade I think I have ever taken.

4hr pin. At the time this formed, it was pretty clear that GBPJPY was breaking to the downside of the consolidation. so it only made sense that this pin on CHFJPY was going to tell me a similar story.
you also had confluence from 150- and 356 ema's.

i didn't take it beacause it did not close within the prior bar.
also did not break on next bar so i would have cancelled the order.

nice trade for you though.
  • #48,367
  • Nov 19, 2009 11:11am Nov 19, 2009 11:11am
Hey Majestic

Turned out to be a great trade for you. The important point is your focus was more on location. Although my one concern going forward is IBs can be very very tricky especially on the lower timeframes like H1. You can get them popping up a lot before an actual reversal. The good thing was the size of this IB sort of gave way more of a bearish hint. You had a nice trade plan and it looks good to me. Just watch your timeframes would be my only concern

Best
Mike

Quoting Majestic12
Hi, I would really appreciate some comment on whether this was a good setup or not. Posted it before but it wasnt noticed. I traded the break of the previous bar of the inside bar on the hourly chart. I could have traded the break of the bar itself but i decided to wait for more conformation. I exited with 91 pips profit.

Main reason for trade was the PA at what i thought to be a very significant zone . Confluence included -

long and medium term trend lines right at a 50%, 38% and 60% fib levela when drawn from the previous swing highs.

weekly...
  • #48,368
  • Nov 19, 2009 11:15am Nov 19, 2009 11:15am
Quoting Zeke
I've been browsing this thread off and on for some time now, and while I like what I see, I've got a lingering concern that I can't shake.

Some of the best trades overall are off of the daily bars and this is the recommended approach for beginners....
Hey Zeke

There are some different viewpoints but generally in here what we say is use a close you are comfortable with. The main thing is that everything is about location, the bars themselves are simply our trigger points to get in. So if your locations are good the only thing is the bars might change a bit giving one feed a signal and another feed not a signal. Then the next time the first feed might not have one and the other does, which tends to IMO even things out over the long run. I personally use a feed close to NY close time. I use a 5pm est feed. Others use a later feed. You will find though that if your location is good, and once you understand the aspects of s/r that you could use any feed and be successful as the aggregation plays a much smaller role then one might believe.

Again just thought I would share my beliefs here

Mike
  • #48,369
  • Nov 19, 2009 11:17am Nov 19, 2009 11:17am
Quoting HawkI
hello everyone. for those of you that caught some of that stellar g/j breakout, where are you looking to take profit at? there seems to be quite a bit of resistance near the current price level around 147.7 ish area. but if it can get past this i thnk we are good atleast to 147.0. any thoughts?
Hey Marc

I closed out half my position around 148 and the other at 147.50. Was a nice move as expected


Mike
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  • #48,370
  • Nov 19, 2009 11:21am Nov 19, 2009 11:21am
Quoting mbqb11
Hey Marc

I closed out half my position around 148 and the other at 147.50. Was a nice move as expected


Mike
Caaaaaaaaandy from a baby.
Bundy's status today: "Waiting..."
  • #48,371
  • Nov 19, 2009 11:44am Nov 19, 2009 11:44am
Quoting mbqb11
Hey Marc

I closed out half my position around 148 and the other at 147.50. Was a nice move as expected


Mike
Yeah Mike, well done. I got on the ship a little late (it was no 150.00), but still managed some good pips. Waited for the break of 149.00 to enter, moved entry to BE at 148.00 (woke up in the middle of the night and missed actual 1st touch otherwise I would have taken partial profit as well.) Woke up this morning and took partial profit at 147.75, rest hit stop that was moved just above 148.00 a while ago. Any thoughts?
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  • #48,372
  • Nov 19, 2009 11:53am Nov 19, 2009 11:53am
Quoting HawkI
Yeah Mike, well done. I got on the ship a little late (it was no 150.00), but still managed some good pips. Waited for the break of 149.00 to enter, moved entry to BE at 148.00 (woke up in the middle of the night and missed actual 1st touch otherwise I would have taken partial profit as well.) Woke up this morning and took partial profit at 147.75, rest hit stop that was moved just above 148.00 a while ago. Any thoughts?
Well done, I know we talked about this in the Chat, so as long as you followed your game plan, no complaints here

As bundy said this was a rare moment of candy
  • #48,373
  • Nov 19, 2009 12:35pm Nov 19, 2009 12:35pm
Quoting triger88990
this stuff it's really simple folk's, just practice
what?

oh, yeah. It's dirt simple.
...but that's not what statistics tell you...

btw.
(traded live in the pf)
.
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  • #48,374
  • Nov 19, 2009 12:53pm Nov 19, 2009 12:53pm
Missed GBPJPY....

But one supper great trade this week!

Mike - you might be interested in the last chart
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  • #48,375
  • Nov 19, 2009 1:02pm Nov 19, 2009 1:02pm
How did you guys trade the GBPJPY?

A short looked possible, but I could not figure how to set a sell order, where to set a stop, or see any price action to kick it off.

Woke up and the move I expected had taken off and was too late to jump in.

Where did you guys set your sell order and the stop loss for the order?

Thanks!
  • #48,376
  • Nov 19, 2009 1:37pm Nov 19, 2009 1:37pm
Quoting unlv_tj
How did you guys trade the GBPJPY?

A short looked possible, but I could not figure how to set a sell order, where to set a stop, or see any price action to kick it off.

Woke up and the move I expected had taken off and was too late to jump in.

Where did you guys set your sell order and the stop loss for the order?

Thanks!
I wasn't as aggressive as Rac and others may have been. I placed my sell stop just below the 149.00 round number, which was below the breakout of the bottom trendline, and just below the 365/150 MAs - excellent confluence.

Once the trade was triggered, I used Clarkson's J16Manager EA to move my stop to B/E after a bit of profit. I also closed part of the position to lock in some profit after that, then woke up this morning to see more than 100 pips gained. When I attempted to enter a trailing stop (I thought it was already activated but it wasn't) I accidentally entered 30 instead of 300 and the trade was exited almost immediately with a 3pip pullback. It turns out that the exit wasn't too far from the current bottom, so I made a handsome profit - my largest with the J16 method to date. <-- happy camper!
  • #48,377
  • Nov 19, 2009 1:39pm Nov 19, 2009 1:39pm
Quoting unlv_tj
How did you guys trade the GBPJPY?

A short looked possible, but I could not figure how to set a sell order, where to set a stop, or see any price action to kick it off.

Woke up and the move I expected had taken off and was too late to jump in.

Where did you guys set your sell order and the stop loss for the order?

Thanks!
did it as a breakout trade below the 149.39-40 lows on the h1. stop loss was behind the 150.
  • #48,378
  • Nov 19, 2009 2:42pm Nov 19, 2009 2:42pm
Quoting raczekfx
what?

oh, yeah. It's dirt simple.
...but that's not what statistics tell you...

btw.
(traded live in the pf)
.
nice to have you by my side,always trade at your side,I wouln't trade ever against you.

your is live, I'm on demo

I'm impressed by my one result's,but that's after over 6 months of hard studying,I have an winning rate of 86%, and I want to improve it .

wish you the best
  • #48,379
  • Nov 19, 2009 2:47pm Nov 19, 2009 2:47pm
Quoting benji533
Missed GBPJPY....

But one supper great trade this week!

Mike - you might be interested in the last chart
benji nice one, i like what I see,

would you please reconsider your position,do not stay in my way

wish you the best!!

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  • #48,380
  • Nov 19, 2009 3:08pm Nov 19, 2009 3:08pm
Quoting triger88990
benji nice one, i like what I see,

would you please reconsider your position,do not stay in my way

wish you the best!!
It wasn't the best pin at all (Mike wouldn't like it! lol), but location on higher TF is the key.

Closed that position around the time I took the pic.

You are becoming like rac....wouldn't want to stand in your way
Nice trade!

Ben
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