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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

  • #52,421
  • Jan 21, 2010 5:17pm Jan 21, 2010 5:17pm
Trade 6+7 of 20

I've placed a pending SELL order on USDJPY BEOB.
And another pending SELL order on the USDCHF Pin Bar.

I still have 2 LONG open positions on USDCAD so it doesn't make a 100% sense, but I'm trading PA as I see it.
  • #52,422
  • Jan 21, 2010 5:21pm Jan 21, 2010 5:21pm
GBPJPY is on maximum afterburn acceleration right now... wah wah weh wah.... I hope I'm not the only one who caught that break?
Many choose unhappiness over uncertainty.
  • #52,423
  • Jan 21, 2010 5:26pm Jan 21, 2010 5:26pm
Quoting Dan Gilbert
GBPJPY is on maximum afterburn acceleration right now... wah wah weh wah.... I hope I'm not the only one who caught that break?
i'm with you, looking a bit erratic though like it could jump 50pips either way atm.
Learning to be rigid in my rules & flexible in my expectations
  • #52,424
  • Jan 21, 2010 5:27pm Jan 21, 2010 5:27pm
Quoting Pip Pride
Hi Strateg119

You don't need to be looking at 27 pairs. As a fellow beginner, here is what I'm doing. (Its based on an exercise in Trading in the zone by Mark Douglas - cannot recommend it enough, get it and read it). The purpose of this exercise is not to see how big you can make the account or how many pips you can make, but to develop consistency, discipline and an appreciation of probabilities (i.e. your edge).

20 Trades (demo)
10 pairs; pinbars; Outside Bars and Double Bars HC/LC only. Daily or Weekly Only. J16 manager EA is...
Hi Pip_pride,

Congratulations!! I am a newbie too and this gives me confidence that if I am patient enough, pips will come. I have lost some money but thankfully came to this forum very early on :-) I have few questions if you do not mind. This will help me learn.

- Which 10 pairs do you watch?
- Do you always use fixed 30 pip SL? and move to BE when trade is in +30 pips.
- Do you enter after the pin bar is broken? Some tend to enter at the 50% retracement of the pin bar. How do you manage trades? Looks like you are opening 3 trades. When do you close them? First to close at 30 pips and others to ride the trend with SL at BE)?
- Not sure I understand j16 manager EA ( Expert Adviser). Is there any EA that you have installed and run as well?

Appreciate your advise and congratulations again !!

Good luck

cheers
  • #52,425
  • Jan 21, 2010 5:27pm Jan 21, 2010 5:27pm
Quoting Treefingers
i'm with you, looking a bit erratic though like it could jump 50pips either way atm.
my trade I took is so far in profit it doesn't even matter lol..... (no brag, just sayin)
Many choose unhappiness over uncertainty.
  • #52,426
  • Jan 21, 2010 5:36pm Jan 21, 2010 5:36pm
Quoting Dan Gilbert
my trade I took is so far in profit it doesn't even matter lol..... (no brag, just sayin)
Nice one I missed the Start of the run due to this inconvenience called sleeping.

However i'm still in cable short & usdchf so i'm happy
Learning to be rigid in my rules & flexible in my expectations
  • #52,427
  • Jan 21, 2010 5:37pm Jan 21, 2010 5:37pm
Quoting Dan Gilbert
I updated my status on that one - - came out @ b/e for me... I'm happy about it though. tight management made it a non-losing trade ... not to mention all the other opportunities to get in on other pairs, I'm not worried at all. this has been an opportunity filled week to say the least...

Great work Dan. Yes, put B/E in the win column.
Indicators show the past. Price Action "Indicates" the future.
  • #52,428
  • Jan 21, 2010 5:39pm Jan 21, 2010 5:39pm
Quoting Treefingers
Nice one I missed the Start of the run due to this inconvenience called sleeping.

However i'm still in cable short & usdchf so i'm happy
I set that line alerter EA to wake me up these days. very effective.
Many choose unhappiness over uncertainty.
  • #52,429
  • Jan 21, 2010 5:49pm Jan 21, 2010 5:49pm
Quoting mbqb11
we've been in wait mode and just had to be patient for it and we were rewarded nice

Classsic Mike breakout. Nice.

Wedge breakout by a Outside Bar at a swing low (consolidation wise), above a Mike RN, 1.5500 (then pull back to RN).

You can't write a better script for this one.
Indicators show the past. Price Action "Indicates" the future.
  • #52,430
  • Jan 21, 2010 5:57pm Jan 21, 2010 5:57pm
I'm in GBP/CHF 2 Day PB. Good location. Off PPZ & RN 1.700. Decent size. Trouble areas/TPs as shown. Will move stop from high of PB to breakeven at 30+ pips and close half position.

- TTP -
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  • #52,431
  • Jan 21, 2010 6:13pm Jan 21, 2010 6:13pm
Quoting takingthepip
I'm in GBP/CHF 2 Day PB. Good location. Off PPZ & RN 1.700. Decent size. Trouble areas/TPs as shown. Will move stop from high of PB to breakeven at 30+ pips and close half position.

- TTP -
Nice one ttp. Looks real good.

Looks like the 1st area of concern is about 30 pips away. Here are my Trouble areas in blue. (which look the same. )
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Indicators show the past. Price Action "Indicates" the future.
  • #52,432
  • Jan 21, 2010 6:20pm Jan 21, 2010 6:20pm
In on GBP/CHF from H4 IB's. Here is my longer term view 50% retrace for TP#1 @ 1.6675. I'll also watch closely around the 38%, lots of places for the trade to get hung up.

.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #52,433
  • Jan 21, 2010 6:21pm Jan 21, 2010 6:21pm
Quoting bertie123
Hi guys

Anyone think this pin on the swissy is worthwhile. Off of resistance although would prefer a longer nose. What about the 'traffic'? All comments welcome!

berti
I'm gonna play it, it's at Res, what so ever, prepare the worst...
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Back to the beginning ... demo
  • #52,434
  • Jan 21, 2010 6:24pm Jan 21, 2010 6:24pm
Quoting Imphilomath
Hi Pip_pride,

Congratulations!! I am a newbie too and this gives me confidence that if I am patient enough, pips will come. I have lost some money but thankfully came to this forum very early on :-) I have few questions if you do not mind. This will help me learn.

- Which 10 pairs do you watch?
- Do you always use fixed 30 pip SL? and move to BE when trade is in +30 pips.
- Do you enter after the pin bar is broken? Some tend to enter at the 50% retracement of the pin bar. How do you manage trades? Looks like you are opening 3 trades. When do...
Thanks for the kind comments Imphilomath. Don't read too much into a noobies luck, this is just an psychology excercise. I'm trying to trade J16 minimum requirements, but Jaroo has already pointed out that my SL strategy is wrong, but I will continue till 20 trades are up and start again with some adjustments. The 10 pairs were completely random but are:

Cable: Fiber; Chunnel; Loonie; Swissy; Aussie; Kiwi; Eur/Jpy; GBP/JPY; USD/JPY.

I traded 10p on the break. I don't manage the trades at all, the EA moves SL to break even once the trade is at +30p. atClarkson devised it http://www.forexfactory.com/showpost...ostcount=47845
I put on 3 positions with different TPs, they either hit TP or SL, no adjustment (except EA).

I'm looking to see how it pans out over 20 trades, at the moment I'm 42p multiplied by 3 down in USD/JPY. I've detailed the reasons for and against the trade for my Journal, maybe a good trade or bad, but I'll review it properly at the end. I've made mistakes on this already which I'm learning from.

Good luck
  • #52,435
  • Jan 21, 2010 6:25pm Jan 21, 2010 6:25pm
Quoting LasVahGoose
In on GBP/CHF from H4 IB's. Here is my longer term view 50% retrace for TP#1 @ 1.6675.

.
Very nice LVG. 4 hour IB right on the 1.7000. Well done.
Indicators show the past. Price Action "Indicates" the future.
  • #52,436
  • Jan 21, 2010 6:31pm Jan 21, 2010 6:31pm
http://www.forexfactory.com/showthre...45#post3367345

i may not be a regular "contributor" also im not yet a member of the PF but i spend approximately 72 hours of my hard precious time every week going through james16 chart thread.I've have been studying the charts posted on this treasure thread for like a year and 6 months.something i find extraordinary amazing is how i have learned how to study Price and most important of all is i now know myself .Thanks Sir Jim a.k.a James16, Sir Mike (mbq11):...i've have been really extra picky this year....to the whole family of james chart thread i'm saying K.I.S.S(Ooh.. hello Mr.Kiss) Patient pay$....alot! Gracias

from Michael Uche
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Respect a man, and he will do all the more.
  • #52,437
  • Jan 21, 2010 6:41pm Jan 21, 2010 6:41pm
hmm I don't trust those 4h pins on the jpy crosses look suspicious to me.
Learning to be rigid in my rules & flexible in my expectations
  • #52,438
  • Jan 21, 2010 6:43pm Jan 21, 2010 6:43pm
Quoting goldtrader
I'm gonna play it, it's at Res, what so ever, prepare the worst...
If it can get through the 1.0400 it could look for the 1.0300.

"prepare for the worst" I say the same thing "tightly managed". lol
Indicators show the past. Price Action "Indicates" the future.
  • #52,439
  • Jan 21, 2010 6:44pm Jan 21, 2010 6:44pm
Quoting Pip Pride
Thanks for the kind comments Imphilomath. Don't read too much into a noobies luck, this is just an psychology excercise. I'm trying to trade J16 minimum requirements, but Jaroo has already pointed out ...
Thanks for sharing, I appreciate it. I wish you good luck. Please keep us posted as I am in the same boat as you are ( and guessing going thru similar psychological exercise :-)) and can learn a lot from you and everyone here.

cheers
  • #52,440
  • Jan 21, 2010 7:03pm Jan 21, 2010 7:03pm
Quoting jarroo
Very nice LVG. 4 hour IB right on the 1.7000. Well done.
Attached Image
Many choose unhappiness over uncertainty.
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