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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

  • #48,921
  • Nov 30, 2009 10:37am Nov 30, 2009 10:37am
Quoting MattW
Benji,

Talking about your USD/CAD, what stops would you use for your touches off them trendlines?
Did you get stopped out on the previous test of the lower one that spiked through?
I did not take the previous one.
I have started looking at these things again after the posts of rac a few days ago. It is boring to trade the same all the time - variation is good once in a while lol.

Stops of touch trades. For me the purpose of touch trades is high R:R. In this case there was no obvious support very close, so I just hidden my stop a few pips behind the MAJOR round number which was 37 pips away

Huwa!! Just looked at my chart and it seems to be moving thanks rac.


Ben
  • #48,922
  • Nov 30, 2009 10:46am Nov 30, 2009 10:46am
Quoting benji533
I did not take the previous one.
I have started looking at these things again after the posts of rac a few days ago. It is boring to trade the same all the time - variation is good once in a while lol.

Stops of touch trades. For me the purpose of touch trades is high R:R. In this case there was no obvious support very close, so I just hidden my stop a few pips behind the MAJOR round number which was 37 pips away

Huwa!! Just looked at my chart and it seems to be moving thanks rac.


Ben
Thanks Ben. I've suddenly come into a lot of time what with being made redundant and all so I'm going to look to try and take a few of these because, as you say, the RR makes sense!

I guess the other question to ask is - what's your target on this? The upper trendline?
  • #48,923
  • Nov 30, 2009 10:47am Nov 30, 2009 10:47am
Quoting benji533
I did not take the previous one.
I have started looking at these things again after the posts of rac a few days ago. It is boring to trade the same all the time - variation is good once in a while lol.

Stops of touch trades. For me the purpose of touch trades is high R:R. In this case there was no obvious support very close, so I just hidden my stop a few pips behind the MAJOR round number which was 37 pips away

Huwa!! Just looked at my chart and it seems to be moving thanks rac.


Ben

i'm having a hard time seeing how the touch buy order you placed on USDCAD is even remotely significant.... I mean it's working obviously... lol, but the support line you drew seems like it should be lower, unless you consider the break of that line a few days ago a false break....??


I'm just a little lost here....
Many choose unhappiness over uncertainty.
  • #48,924
  • Nov 30, 2009 10:49am Nov 30, 2009 10:49am
http://www.forexfactory.com/showpost...ostcount=48903

Definitely one of the best answers to the question of "how many pairs should one watch?"
Well done Aaron.
  • #48,925
  • Nov 30, 2009 10:53am Nov 30, 2009 10:53am
Quoting MattW
Thanks Ben. I've suddenly come into a lot of time what with being made redundant and all so I'm going to look to try and take a few of these because, as you say, the RR makes sense!

I guess the other question to ask is - what's your target on this? The upper trendline?
Something in that zone. Probably will lock in some profit before.
  • #48,926
  • Nov 30, 2009 10:54am Nov 30, 2009 10:54am
Quoting Dan Gilbert
i'm having a hard time seeing how the touch buy order you placed on USDCAD is even remotely significant.... I mean it's working obviously... lol, but the support line you drew seems like it should be lower, unless you consider the break of that line a few days ago a false break....??


I'm just a little lost here....
Well..I see the zone combined with other factor making it stronger.

Lower PPZ doesn't match with what I am looking for.
  • #48,927
  • Nov 30, 2009 11:04am Nov 30, 2009 11:04am
Quoting benji533
Well..I see the zone combined with other factor making it stronger.

Lower PPZ doesn't match with what I am looking for.
I see the zone, but not the trendline you drew lol..... nice trade though....
Many choose unhappiness over uncertainty.
  • #48,928
  • Nov 30, 2009 11:06am Nov 30, 2009 11:06am
I first started reading this thread in October. After a good bit of reading I decided to put the J16 method to the test and began my three-month trial starting November 1. Today marks the end of the first month, and the results are staggering for me.

I have been trading for the past fifteen years (mostly stocks and stock options) without ever having much success or consistency. I believe my biggest problems were psychology, risk management and lack of a trading plan - all BIG problems most traders have. I found that following the James16 method addresses two of those problems for me- psych and trading plan, and I finally learned to address risk management at the same time. I know I will have to continue to address the psych issues (strict entry/exit rules help immensely), and I just have to apply all three consistently.

My results for the month of November have shocked me. My account grew by nearly 11% based upon about a dozen trades, with only one trade losing money and the loss was cut very short. Looking back over those trades, I find it interesting that I can now (after one month of practice) identify about 3/4 of those trades as ones I should NOT have taken, maybe even more. At the time they looked like good setups, but with a month under my belt I can now see that they were not at all good setups, even though they invariably made profits. I would not take those same trades again, given the same situation and setup.

A key lesson for me from this is patience, something that many posters have driven home on this thread recently. Several of my November trades were from the H4 timeframe, which is something that goes against James' rules for newbies. I should be more patient and trade only daily and weekly timeframes. For December, I plan to only look for Daily and Weekly trades and be more patient in waiting for them. Sure, November was a profitable month, but with much more risk due to poor setups and the lower timeframe. It could have easily gone the other way, and I don't want to take that chance again.

I am sincerely grateful for this thread and all of the helpful advice from just about all of you. I believe the lessons I am learning from the J16 method and this thread have a very good chance at turning around my trading life. When I go live, in at least a few months, I will also be joining the PF, but for now this thread is my trading home.

Thanks everyone for your input to this incredibly valuable resource!

When I told my wife that I was embarking on another trading journey, this time with Forex and with what appears to be a proven method, she just rolled her eyes and laughed, having witnessed that scene many times in the past. After my first month, even she is starting to believe. That speaks volumes for me. Now the pressure is on to keep up the positive results - pressure I place on myself to do well in general, and pressure I place on myself to finally achieve success in trading. I have taken the first step on a long journey, and it feels great!
  • #48,929
  • Nov 30, 2009 11:14am Nov 30, 2009 11:14am
Quoting Dan Gilbert
I see the zone, but not the trendline you drew lol..... nice trade though....

ohh, sorry. I thought you are talking about the horizontal one.

umm...this will still hold for me. maybe a tiny bit of experience will tell why...but one break won't always cancel the line.
  • #48,930
  • Edited 11:45am Nov 30, 2009 11:24am | Edited 11:45am
Quoting joelcf
lol, that must be my exemplary communication skills at play, again

Watch all strong FX pairs, even if they are are strongly correlated, because you will get different signals on each one.

The only time you need to be concerned is where you are actually trading correlated pairs. You increase your risk by having greater exposure to a single currency, which can lead to trouble if there is some kind of event that goes against you.

Is it a fatal problem? As long as you are following proper risk management strategies, I would say no....
Great reply... saved and thank you.

It's not that it's too much work, I do like sitting down to my charts each night. I just like efficiency. Why look at three charts if one says the same thing?

I will be going over my pair and looking at the ones you suggest taking off, and then putting up some futures charts on FXPro.
Edit: Also... should I have Dec 09 Charts or Jan 10 Charts or ??? There are some of both on FXPro

Do you know of a good broker for futures that uses MT4 and lets you trades something similar to a micro lot (I don't know how futures work in that regard)

Quoting TiaForex
Just to clarify, Mike is in absolute agreement with you on this one (as am I).

Like Joel says, the yen pairs almost always move as one and taking all the yen pinbars you can eat is essentially on great big mammoth trade on the yen. If the signals are super A+ then I sometimes take 2. But then I only risk 1% per trade so I am never that exposed. If I went for 2% risk then there's no way I'd allow a 4% bet on the yen.

Do you use a dedicated futures broker Joel, or a one stop shop like IB? And do you find there is anything extra nuances you...
Another post saved... Thanks Tia, this is really helpful for the whole "I'm not trading enough" mindset that alot of us beginners have. (I know i get it, but I'm getting better!)


I'm gonna get a pile of new charts up on FXPro and maybe even start demoing them... I will need a smaller lot size Futures broker to trade with when I go live tho. Ideas welcome
  • #48,931
  • Nov 30, 2009 11:37am Nov 30, 2009 11:37am
Quoting Dan Gilbert
sighting....
ahh i can watch Dan grow as a trader before my eyes

This is what traders do. They have trade plans and then they trade it. They have things that work and they repeat it. They don't just sit down see a bar and buy and sell with not a clue what to do next. This is the beauty with this stuff. Is that you never quite have it licked but you always seem to get just a bit better as time goes by

Mike
  • #48,932
  • Nov 30, 2009 11:39am Nov 30, 2009 11:39am
Awesome and this is what James should be so proud of what he started here. Passing the legacy on!

Awesome man, keep it up and keep us updated.

Mike

Quoting Wamo
I first started reading this thread in October. After a good bit of reading I decided to put the J16 method to the test and began my three-month trial starting November 1. Today marks the end of the first month, and the results are staggering for me.

I have been trading for the past fifteen years (mostly stocks and stock options) without ever having much success or consistency. I believe my biggest problems were psychology, risk management and lack of a trading plan - all BIG problems most traders have. I found that following the James16 method...
  • #48,933
  • Nov 30, 2009 11:44am Nov 30, 2009 11:44am
Quoting mbqb11
Awesome and this is what James should be so proud of what he started here. Passing the legacy on!

Awesome man, keep it up and keep us updated.

Mike
Great Job Wamo.........I know the feeling. Keep up the great work and here is to a great December of trading!

Nathan
  • #48,934
  • Nov 30, 2009 12:42pm Nov 30, 2009 12:42pm
Good day on the thread and great to see so many success stories.

  • #48,935
  • Nov 30, 2009 1:01pm Nov 30, 2009 1:01pm
Hi All,

I would like to start plotting price pivots.
Any advice on their use and the practicalties of setting them up?

Mant Thanks

P
  • #48,936
  • Nov 30, 2009 1:06pm Nov 30, 2009 1:06pm
Quoting PeterPan
Hi All,

I would like to start plotting price pivots.
Any advice on their use and the practicalties of setting them up?

Mant Thanks

P
If you mean something like daily/weekly pivot points, there is an indicator for MT4 that will plot them automatically. If you mean price pivot zones (PPZ) that are discussed in this thread, then those are more like zones rather than lines - so use the rectangle tool in MT4 to draw them. I like to look for bar highs and bar lows that form the pivot zone then draw a rectangle to highlight them. I draw them on multiple timeframes too - the higher timeframe PPZs are generally stronger than the lower ones.
  • #48,937
  • Nov 30, 2009 1:09pm Nov 30, 2009 1:09pm
The only xxx/JPY pin bar that was not triggered.
I'm going to cancel the buy stop order.
Attached Image (click to enlarge)
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  • #48,938
  • Nov 30, 2009 1:19pm Nov 30, 2009 1:19pm
Quoting PeterPan
Hi All,

I would like to start plotting price pivots.
Any advice on their use and the practicalties of setting them up?

Mant Thanks

P
Hey P

Try these for starters

http://www.forexfactory.com/showpost...ostcount=14084


Best
Mike
  • #48,939
  • Nov 30, 2009 1:30pm Nov 30, 2009 1:30pm
I know this isnt the best example but here is a gap from yesterday. I am trying to develop a method for playing gaps with scaling in my position. I recently some of those nzd gaps witha full position and couldnt hang on long enough for them to close.

In this example I used the red line as my stop in sizing up my position .1% of my accounnt and would scale in as price moved further against me. The yellow line is my TP, I dont want to risk the Gap not fully closing.

I guess my main quesiton is how do you guys position size with gaps. My SL was huge and scaling in .1%. The trade took profit but it was very very miniscule something like 10% of .1%. Do you set your stop loss as far away as I did using support and resitance. I know there isnt a science to this I just am curious how people positions size and set the SLs for Gaps knowing that they almost alwasy close. Any help is appreciated. THAnks!

Attached Image (click to enlarge)
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  • #48,940
  • Nov 30, 2009 1:37pm Nov 30, 2009 1:37pm
Hi Mike, Wamo,

I meant the actual pivot lines, to use as another factor in confluence.

Is this available on MT4?

P
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