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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

  • #52,641
  • Jan 23, 2010 6:25am Jan 23, 2010 6:25am
Quoting ghous
Here are my likes for next week...

g.
G, would you mind telling me how do you use the IPB again?

Thanks.
  • #52,642
  • Jan 23, 2010 6:32am Jan 23, 2010 6:32am
Quoting ghous
Jarroo's chart showed me this, My broker does not offer this pair so will watch it unfold on Alpari demo.

cheers,

g.
I know they don't, my trade was fxpro demo
  • #52,643
  • Jan 23, 2010 6:40am Jan 23, 2010 6:40am
Quoting goldtrader
Hi everyone, I just have a question about how all you here manage the trade after it get some profit, example like this trade i took on eurgbp last Friday:

1. At first, I risk 0.5% to trade it, now when it has some profit, I want to take half and move my sl under 0.8684 10pip, so i will have a free trade but with only half of position in, then my profit just decrease a half compare to the risk i take at first play

2. For moving sl to BE, and let full position in, i see it may hit me out soon, i will get the risk of missing out.

3.For let the...
Well I left my stop at 8670, entry is at 8711, risking about 3/4 of the full position. I did it because it's with the large weekly uptrend IMO and if you look at the weekly chart, you'll find that there's a pin like bar there, not technically a pin, but might worth something.

Hey, aren't you supposed to be short gold big time right now?
  • #52,644
  • Edited 7:00am Jan 23, 2010 6:47am | Edited 7:00am
Quoting goldtrader
Hi everyone, I just have a question about how all you here manage the trade after it get some profit, example like this trade i took on eurgbp last Friday:

1. At first, I risk 0.5% to trade it, now when it has some profit, I want to take half and move my sl under 0.8684 10pip, so i will have a free trade but with only half of position in, then my profit just decrease a half compare to the risk i take at first play

2. For moving sl to BE, and let full position in, i see it may hit me out soon, i will get the risk of missing out.

3.For let...
Very difficult to answer Goldtrader,

The reason is every individual is different, and everybody has a different appetite for the risk they take,

You will have to understand the dilemma/paradox here.

The more leeway you give to your trade the larger has to be the risk involved.

A tighter stop means little to no losses but fewer profits, while giving the trade lot's of space ensures maximum profits but at the same time means that the losses, when they happen, are also big.

You'll have to introspect and see what goes well with you, i.e. your risk appetite. It's not as easy as just that and trial and error and lot's of demo practice is imperative, but you'll find a solution.

An important element in understanding the time you want to be in a trade is the proper scrutiny of the "space" factor and the knowledge of potential "trouble areas" for your trade.

-------------

Here's my take on it...

The moment I pulled up the IBFX daily demo chart, and visualized your trade, the first major trouble area I found for the trade is the ppz I've drawn in purple.

The next thing that should hit me if I were you was..."I gotta manage my trade in a way that if price is willing to hit it's first major trouble area, I should allow it to do so in a profitable way, i.e. I have to give my trade the best chance to hit that area."

With that in mind (and obviously the good BUB which put your trade in the green) I for one would have liked to give this trade more leeway and leave the stop below 8685, while possibly taking some off where price is currently at. But clearly that's just me and how I interpret the whole situation...

Another person thinking he's got enough out of a less than A+ setup in his opinion might have taken everything off where price is currently at,

Another person might think, "price is all set to hit the purple ppz but no way am i allowing this to give me a loss, so I am making this a free trade",

-------------

So you see it's how you grade the setup and how you look at the entire situation that ultimately decides your MM and trade plan...there's no one right way except the one which works for you.

cheers,

g,.
Attached Image
I believe . . .
  • #52,645
  • Jan 23, 2010 6:53am Jan 23, 2010 6:53am
Quoting marcelnyo
Hey, no fair, the trade is from a daily chart, and you're trading 1H, that's sarcasm




Man... if Jim can transform anyone at all to think like him, it might be best thing he'd want, which is the sole purpose of this thread.

Jim always said : "the size of your account will make you trade differently" and that's truer than ever, I've seen this phenomena from the people I know and grow from this thread, on the trade management part, having a much bigger account makes you financially aware of the fact that a loss, albeit only 1%,...
I will always be trading the dailies and weeklies, it's when I have time at hand that I drop down to the lower tfs for some additional exposure...Let the uni start and you'll never hear intra day from me...for quite some time.

And I agree with the latter part of the post.

g.
I believe . . .
  • #52,646
  • Jan 23, 2010 6:59am Jan 23, 2010 6:59am
Quoting marcelnyo
G, would you mind telling me how do you use the IPB again?

Thanks.
IPB introuction's your place...

IPB introduction

IPB examples

g.
I believe . . .
  • #52,647
  • Jan 23, 2010 7:11am Jan 23, 2010 7:11am
jarroo > Please check and comment the attached NZD SGD chart
Attached Image (click to enlarge)
Click to Enlarge Name: NzdSGD.gif Size: 31 KB
  • #52,648
  • Jan 23, 2010 7:42am Jan 23, 2010 7:42am
Quoting ghous
IPB introuction's your place...

IPB introduction

IPB examples

g.
Thanks G. that's really valuable
  • #52,649
  • Jan 23, 2010 7:42am Jan 23, 2010 7:42am
Quoting ghous
Very difficult to answer Goldtrader,

The reason is every individual is different, and everybody has a different appetite for the risk they take,

You will have to understand the dilemma/paradox here.

The more leeway you give to your trade the larger has to be the risk involved.

A tighter stop means little to no losses but fewer profits, while giving the trade lot's of space ensures maximum profits but at the same time means that the losses, when they happen, are also big.

You'll have to introspect and see what goes well with you, i.e....
Thanks ghous, you keep me back track, even still confusing now but i think i should stick with what i planed when i get this trade... pheeeew it's just a little of inpatient and anxiety ... bad sign!!!
Back to the beginning ... demo
  • #52,650
  • Jan 23, 2010 7:45am Jan 23, 2010 7:45am
Quoting marcelnyo
Well I left my stop at 8670, entry is at 8711, risking about 3/4 of the full position. I did it because it's with the large weekly uptrend IMO and if you look at the weekly chart, you'll find that there's a pin like bar there, not technically a pin, but might worth something.

Hey, aren't you supposed to be short gold big time right now?
Your plan has things same with me, for a beginner like me, safe is the best

For Gold I don't think I will short it now, reason: near support 1070 right now
Back to the beginning ... demo
  • #52,651
  • Jan 23, 2010 7:52am Jan 23, 2010 7:52am
Quoting ts63
jarroo > Please check and comment the attached NZD SGD chart


I think drawing the market before it going is a dangerous thing for trader, that thing is for analyst, just MHO
Back to the beginning ... demo
  • #52,652
  • Jan 23, 2010 8:00am Jan 23, 2010 8:00am
Quoting ts63
jarroo > Please check and comment the attached NZD SGD chart


This interests me, may I offer my opinion? the chart is USDSGD, and I don't mean to answer for jarroo, just wanted to show you what I see about this chart of yours.

The I5B is some kind of a bullish pin, too.
this is not anticipating or predicting, this is J16 price action

hope that helps.
Attached Image (click to enlarge)
Click to Enlarge Name: USDSGD%20Monthly%202010-01-23_2046.png Size: 47 KB
  • #52,653
  • Jan 23, 2010 8:05am Jan 23, 2010 8:05am
Quoting goldtrader
Your plan has things same with me, for a beginner like me, safe is the best

For Gold I don't think I will short it now, reason: near support 1070 right now
yeah and approaching on a long term TL too, if the daily pinbar breaks up, I'll try buying, but I want to see it go down to 1070 or even as low as 1030 and give us a nice big PA.
  • #52,654
  • Jan 23, 2010 8:08am Jan 23, 2010 8:08am
Based on chart, the IPB has a huge Reward if it works, but I didn't take any before...

i will take when feel comfortable with it, may this time?
Attached Image (click to enlarge)
Click to Enlarge Name: 20100123_usdsgd.png Size: 42 KB
Back to the beginning ... demo
  • #52,655
  • Jan 23, 2010 8:13am Jan 23, 2010 8:13am
Quoting goldtrader
Based on chart, the IPB has a huge Reward if it works, but I didn't take any before...

i will take when feel comfortable with it, may this time?
I think it's always OK to try it on demo first until you get the feel out of it, at least that's what I'll do, I'm a newbie too if we're talking about IPBs

btw, have you looked at the monthly chart I posted above?
  • #52,656
  • Jan 23, 2010 8:20am Jan 23, 2010 8:20am
Quoting marcelnyo
I think it's always OK to try it on demo first until you get the feel out of it, at least that's what I'll do, I'm a newbie too if we're talking about IPBs

btw, have you looked at the monthly chart I posted above?
I think 0.1 or 0.2% is OK for me but I have to feel it, demo is good also if you really don't want to risk your real money but you have to treat it seriously

For the Monthly I have to wait for it break that Res lever (blue), i think... Might my IBFX feed doesn't have enough data, does it? and yet i didn't learn to trade the I5B you mentioned
Attached Image (click to enlarge)
Click to Enlarge Name: 20100123_2_usdsgd.png Size: 26 KB
Back to the beginning ... demo
  • #52,657
  • Jan 23, 2010 9:14am Jan 23, 2010 9:14am
Quoting goldtrader
Based on chart, the IPB has a huge Reward if it works, but I didn't take any before...

i will take when feel comfortable with it, may this time?
Sure buddy,

Practice with them for as long as you have to before going live...and that's true with everything new you attempt in the FX world.

g.
I believe . . .
  • #52,658
  • Jan 23, 2010 9:48am Jan 23, 2010 9:48am
Thank you bemac and lasvahgoose for breaking down your management techinques on the GBPCHF for me. I'm going to write down that x.xx20, x.xx80 method for future reference.

Goldtrader, I like that IB trade you took off that PPZ, You entered long in the exact same spot I exited my short position there on EURGBP...
Many choose unhappiness over uncertainty.
  • #52,659
  • Jan 23, 2010 12:52pm Jan 23, 2010 12:52pm
Hi,

Firstly I would like to thank everybody in this thread for their contribution. I am practising J16 Method since last 8 months on both live and demo accounts and last couple of months, I have been doing pretty well. Although, I don't post much due to my busy schedule.

Here are my trades for this week. Most of these trades are based on J16 Method.


Thanks once again.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 11-012010-gbpchf-daily.gif Size: 16 KB
Click to Enlarge Name: 12-012010-gbpusd-daily.gif Size: 17 KB
Click to Enlarge Name: 14-012010-gbpjpy-1hr.gif Size: 16 KB
Click to Enlarge Name: 15-012110-cadchf-daily.gif Size: 15 KB
Click to Enlarge Name: 16-012110-usdchf-4hr.gif Size: 13 KB
Click to Enlarge Name: 18-012210-gbpchf-daily.gif Size: 15 KB
Click to Enlarge Name: statement.gif Size: 39 KB
The purpose of knowledge is action, not knowledge
  • #52,660
  • Jan 23, 2010 1:46pm Jan 23, 2010 1:46pm
Quoting alifari
Hi,

Firstly I would like to thank everybody in this thread for their contribution. I am practising J16 Method since last 8 months on both live and demo accounts and last couple of months, I have been doing pretty well. Although, I don't post much due to my busy schedule.

Here are my trades for this week. Most of these trades are based on J16 Method.


Thanks once again.
nicely done
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