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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

  • #48,441
  • Nov 20, 2009 8:54am Nov 20, 2009 8:54am
Quoting Dan Gilbert
I regret taking all my profit on this one so soon....... I regret it so badly....

I mean I could have at least left 1/3 of the position open
Trading hindsight is easy to do..........you followed your plan so be proud of that!! What if the trade had reversed right after your TP target? You will find as many that would not have worked out as well, so don't sweat it Dan.

Keep up the good work
  • #48,442
  • Nov 20, 2009 8:57am Nov 20, 2009 8:57am
Quoting pipmyride
Worth countering this substantial move on a Friday ??
Myself I would prefer a retacement then price action pointing back south vs. fighting a big drop like this. Now that I just said that you can probably count on a 100 pip move north off of this pin.
  • #48,443
  • Nov 20, 2009 9:00am Nov 20, 2009 9:00am
Quoting turnip15
Benji
Where do you get that flag? telling you how many minutes are left in the bar (top left of your screen)?
Thanks
Here you go: http://www.forexfactory.com/showpost...ostcount=48364
  • #48,444
  • Nov 20, 2009 9:00am Nov 20, 2009 9:00am
Quoting dobe_r_man
Myself I would prefer a retacement then price action pointing back south vs. fighting a big drop like this. Now that I just said that you can probably count on a 100 pip move north off of this pin.
Any other day i'm taking it - but not on a Friday after the last 2 days of bear ..
  • #48,445
  • Nov 20, 2009 9:03am Nov 20, 2009 9:03am
Quoting Dan Gilbert
I regret taking all my profit on this one so soon....... I regret it so badly....

I mean I could have at least left 1/3 of the position open
I feel your pain - was in similar position but in GJ and took the profit at first sign of trouble - had i had multiple lots on i woulda been happy to leave 1 off and take the cash on the other
  • #48,446
  • Nov 20, 2009 9:14am Nov 20, 2009 9:14am
Quoting pipmyride
Any other day i'm taking it - but not on a Friday after the last 2 days of bear ..
I first read that as "the last 2 days of beer..." I can tell it is Friday in my mind.
  • #48,447
  • Nov 20, 2009 9:25am Nov 20, 2009 9:25am
Quoting dobe_r_man
2 day pin broke yesterday and into profit today. I have half locked in profit the rest at break-even. Will see how today closes and possibly hold half into next week....
Nathan,

I am in the exact same boat, half closed for profit, SL to B/E and letting the other half ride.

I continue to be amazed at how simple, but extremely effective the J16 method can be when one just follows the rules. For the first time in my trading life of about 15 years I really feel comfortable and confident in my trading decisions. A critical step up for me was FINALLY implementing and adhering to rules for proper position sizing coupled with the J16 entry/trading guidelines.

I still have a good bit of demoing to do, but so far the results have far exceeded my expectations. All thanks to James and others posting in this thread.
  • #48,448
  • Nov 20, 2009 9:37am Nov 20, 2009 9:37am
Quoting Wamo
Nathan,

I am in the exact same boat, half closed for profit, SL to B/E and letting the other half ride.

I continue to be amazed at how simple, but extremely effective the J16 method can be when one just follows the rules. For the first time in my trading life of about 15 years I really feel comfortable and confident in my trading decisions. A critical step up for me was FINALLY implementing and adhering to rules for proper position sizing coupled with the J16 entry/trading guidelines.

I still have a good bit of demoing to do, but so far the...
That is great Wamo.....I actually just moved my stop to just above 1.6850, as 1.6800 seems to be holding strong. Not a recommendation, as you have profit and nothing to lose at this point.

Discipline is vastly underrated, if you continue to master that you are well on your way.

Nathan
  • #48,449
  • Nov 20, 2009 10:04am Nov 20, 2009 10:04am
Quoting ave2
Hi Scot,
i was looking at your post and wondered where do you get the pivot points from. can you help?

Here is the indicator created by the great Habeeb

http://www.forexfactory.com/showpost...2&postcount=81

Put it in your indicator folder and restart Metatrader. It is awesome.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,450
  • Nov 20, 2009 10:11am Nov 20, 2009 10:11am
Nice simple trades. In on the break out right where we expect price to go.
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  • #48,451
  • Nov 20, 2009 10:31am Nov 20, 2009 10:31am
wow just saw the vouchers from you guys. I saw it by mistake looking at my profile.

thanks, it mean a lot to me, your vote give me the strainght to continue what I have learnt from you guys. I wouldn't belive myself going so far in my trading,all I did was to give all I can to achieve my purpose, to know how to trade.

ps: I was trying back some months ago to give some vochers to some guys from here, but I wasn't able I don't remember why.

thank you guys supreme,benji and nasir

I'll try to help the new trades as much as i could,to give back from what I have learned.

have a great weekend

wish you the best!!
  • #48,452
  • Nov 20, 2009 12:54pm Nov 20, 2009 12:54pm
Quoting triger88990
wow just saw the vouchers from you guys. I saw it by mistake looking at my profile.

thanks, it mean a lot to me, your vote give me the strainght to continue what I have learnt from you guys. I wouldn't belive myself going so far in my trading,all I did was to give all I can to achieve my purpose, to know how to trade.

ps: I was trying back some months ago to give some vochers to some guys from here, but I wasn't able I don't remember why.

thank you guys supreme,benji and nasir

I'll try to help the new trades as...
No problem Triger keep up the good work. You cant vouch until you have 4 vouchers.
  • #48,453
  • Nov 20, 2009 2:21pm Nov 20, 2009 2:21pm
Quoting Wamo
Nathan,

I am in the exact same boat, half closed for profit, SL to B/E and letting the other half ride.

I continue to be amazed at how simple, but extremely effective the J16 method can be when one just follows the rules. For the first time in my trading life of about 15 years I really feel comfortable and confident in my trading decisions. A critical step up for me was FINALLY implementing and adhering to rules for proper position sizing coupled with the J16 entry/trading guidelines.

I still have a good bit of demoing to do, but so far the...
Hi Guys I had an order in after the 2 day pin but when it didnt break yesterday I cancelled and watched to see what would happen. Is there a rule of thumb as to how long you keep your order before cancelling if the break does not occur
Thanks
Haircut
  • #48,454
  • Nov 20, 2009 2:23pm Nov 20, 2009 2:23pm
Quoting haircut
Hi Guys I had an order in after the 2 day pin but when it didnt break yesterday I cancelled and watched to see what would happen. Is there a rule of thumb as to how long you keep your order before cancelling if the break does not occur
Thanks
Haircut
Hey Haircut

This is generally up to the trader. Some people like me usually cancel the order 90% of the time if the next bar doesn't trigger. It is sort of my measure for momentum. Others will leave it till either their order triggers or the bar is invalidated. Some somewhere in b/w. So really up to you and what you are comfortable with

Enjoy the weekend
Mike
  • #48,455
  • Nov 20, 2009 2:23pm Nov 20, 2009 2:23pm
im currently sitting here trying to figure out why i didnt take 1 of these trades on eg or gchf. ??? I really dont know? looking back on it after the fact they were probably good trades to take.
I think of was scared of not enough space...

i think im starting to even get analysis paralysis from even nothing on the charts lol.

dammit
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  • #48,456
  • Nov 20, 2009 2:43pm Nov 20, 2009 2:43pm
Quoting supermatt
im currently sitting here trying to figure out why i didnt take 1 of these trades on eg or gchf. ??? I really dont know? looking back on it after the fact they were probably good trades to take.
I think of was scared of not enough space...

i think im starting to even get analysis paralysis from even nothing on the charts lol.

dammit
Supermatt,

Just some advice. After a trade opportunity has passed should not be the time when you decide whether it was a good or bad trade opportunity. This is determined since the inception by identifying the characteristics of the setup. I know it looks good after it has broken into positive territory but it does not necessarily make it a good trade. Its all about the characteristics before even taking the trade - location, possible traffic areas etc.

Umm also, i have not scrutinized both your charts but i think the EUR/GBP setup was not exactly a BUOB. The low was off by approximately 9 pips or so and J16 encourages one to be picky with these setups not more than 2 pips i think (if i remember correctly from start of the thread).

Not a negative criticism, just offering some help.

All the best,

- DW
  • #48,457
  • Nov 20, 2009 2:45pm Nov 20, 2009 2:45pm
Quoting mbqb11
Hey Haircut

This is generally up to the trader. Some people like me usually cancel the order 90% of the time if the next bar doesn't trigger. It is sort of my measure for momentum. Others will leave it till either their order triggers or the bar is invalidated. Some somewhere in b/w. So really up to you and what you are comfortable with

Enjoy the weekend
Mike
Thanks for your help mike
  • #48,458
  • Nov 20, 2009 2:53pm Nov 20, 2009 2:53pm
Hi Guys I am new to this forum and am very interested in what is being said in here and any advice you guys can give.

I have been looking at the weekly chart on the Aud/Usd.
There is now a bearish candle ( i know it hasnt closed yet but I am just after opinions as I am off to bed in a mo )
It has rejected off of the 9400 level. There is divergence with the rsi indicator. If the next candle were to break the low it will break a trend line that has held since march.
The first area of support/traffic is close at 9000 but if it were to go through this my next target of 8600 has little traffic in the way.

I have been looking at price action for a while but am new to divergence any thoughts would be much appreciated

cheers
Haircut
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  • #48,459
  • Nov 20, 2009 3:09pm Nov 20, 2009 3:09pm
Quoting haircut
Hi Guys I am new to this forum and am very interested in what is being said in here and any advice you guys can give.

I have been looking at the weekly chart on the Aud/Usd.
There is now a bearish candle ( i know it hasnt closed yet but I am just after opinions as I am off to bed in a mo )
It has rejected off of the 9400 level. There is divergence with the rsi indicator. If the next candle were to break the low it will break a trend line that has held since march.
The first area of support/traffic is close at 9000 but if it were to go through...

just looked back over the posts today and saw other had mentioned this well at least I know I am on the right track !!
  • #48,460
  • Nov 20, 2009 3:25pm Nov 20, 2009 3:25pm
Quoting Scot Pippin'
Hey Scott, I caught that one too ez pz Japaneze. I've also had some success with Dow and Oil at FxPro. Have you noticed any differences going from demo to live in respect to getting fills and stop losses etc? I guess just wondering if you are happy with them? I like the way you can trade the commodities without paying the full commission.
Sorry SP I missed your post from a while ago. I'm a little behind on the thread and catching up. I demo the futures, dow, cfd etc. with fxpro. I only trade forex live and I just used fxpro for charting and demoing. Eventually I will probably switch my live account to fxpro so I can trade everything live.

While we're at it, does anyone else use fxpro or any other broker for futures and everything else? I'd like to get a little feedback from people here before I switch.

Scott
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