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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

  • #53,841
  • Feb 3, 2010 2:54pm Feb 3, 2010 2:54pm
Quoting johnnykanoo
whats up bro? I'm glad to see you're kicking it in the ass!!! Your plans sound great just think after the army you can relax and truly enjoy life, and travel or watever you want to.
Here's the man who introduced me to this thread, about a week after I finished reading baybypips school! lol

Good to see you bro! Where had you been?
  • #53,842
  • Feb 3, 2010 3:20pm Feb 3, 2010 3:20pm
Quoting Dan Gilbert
I'm getting tired of twiddling my thumbs on NZD and CAD trades... zzzzzzzzzzzzzz
NZD news shortly which might wake you up
Learning to be rigid in my rules & flexible in my expectations
  • #53,843
  • Feb 3, 2010 3:32pm Feb 3, 2010 3:32pm
watching this possible triangle forming on NZDUSD, going to zoom in on H4 and wait for a nice trend to develop and buy pullbacks in that
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd tr.JPG Size: 150 KB
  • #53,844
  • Feb 3, 2010 3:51pm Feb 3, 2010 3:51pm
Daily trades:
NZDUSD: closed at BE
USDCAD: closed half at +50pips and remaining closed at be
I don't know yet if I want to re-enter those trades.
Otherwise, I don't see interresting Daily setups today.
  • #53,845
  • Feb 3, 2010 3:54pm Feb 3, 2010 3:54pm
Quote
Here's the man who introduced me to this thread, about a week after I finished reading baybypips school! lol

Good to see you bro! Where had you been?

I spent the last few months trying to rescue my business from disaster. Im back to my roots now and more focused than ever.
  • #53,846
  • Feb 3, 2010 3:55pm Feb 3, 2010 3:55pm
Quoting Treefingers
NZD news shortly which might wake you up
.....yea......
Many choose unhappiness over uncertainty.
  • #53,847
  • Feb 3, 2010 3:56pm Feb 3, 2010 3:56pm
Quoting djmanu
Daily trades:

Otherwise, I don't see interresting Daily setups today.
Couple of interesting looking beobs on the EU & GU forming on the dailys
Learning to be rigid in my rules & flexible in my expectations
  • #53,848
  • Feb 3, 2010 4:02pm Feb 3, 2010 4:02pm
Quoting Dan Gilbert
.....yea......
Amazing the unemployment rate going up being there is only about 17 people currently living in NZ. Maybe they include the sheep.

i'm still got half my original trade going & looks like its climbing back up.
Learning to be rigid in my rules & flexible in my expectations
  • #53,849
  • Feb 3, 2010 4:06pm Feb 3, 2010 4:06pm
Quoting Treefingers
Amazing the unemployment rate going up being there is only about 17 people currently living in NZ. Maybe they include the sheep.

i'm still got half my original trade going & looks like its climbing back up.
well i put my stops to BE before and was stopped out a few hours ago. i really thought that this pair has the potential to go to at least 0.7200 guess i was wrong
  • #53,850
  • Feb 3, 2010 4:12pm Feb 3, 2010 4:12pm
Quoting Treefingers
Amazing the unemployment rate going up being there is only about 17 people currently living in NZ. Maybe they include the sheep.

i'm still got half my original trade going & looks like its climbing back up.
Well, Luckily for me... and It's almost definitely luck... I traded 1% risk on the USDCAD and 1% risk on the NZDUSD engulfing bars, instead of 2% on just one. so I have the whole position open on both of those trades..... I guess that extra bit of diversification saved me
Many choose unhappiness over uncertainty.
  • #53,851
  • Feb 3, 2010 4:14pm Feb 3, 2010 4:14pm
Quoting ppfx
well i put my stops to BE before and was stopped out a few hours ago. i really thought that this pair has the potential to go to at least 0.7200 guess i was wrong
yeah It was so much a perfect setup..... frustrating....
Many choose unhappiness over uncertainty.
  • #53,852
  • Feb 3, 2010 4:20pm Feb 3, 2010 4:20pm
Guys

well done to all who got the above trade..........I missed it!! Live in the UK too so no excuses!! Keep all the good stuff coming guys, we are all learning and growing together.
Special thanks to mike(mbq11), every word he says makes sense!!!

see y'all 2morrow,

berti
PA is where its at!!
  • #53,853
  • Feb 3, 2010 4:21pm Feb 3, 2010 4:21pm
Quoting Dan Gilbert
Well, Luckily for me... and It's almost definitely luck... I traded 1% risk on the USDCAD and 1% risk on the NZDUSD engulfing bars, instead of 2% on just one. so I have the whole position open on both of those trades..... I guess that extra bit of diversification saved me
I may try the same approach on the GU & EU BEOB's.
Learning to be rigid in my rules & flexible in my expectations
  • #53,854
  • Feb 3, 2010 4:28pm Feb 3, 2010 4:28pm
Quoting Treefingers
Couple of interesting looking beobs on the EU & GU forming on the dailys
yes but it's not at swing high but trend continuation, more risky ...
  • #53,855
  • Feb 3, 2010 4:39pm Feb 3, 2010 4:39pm
Quoting djmanu
yes but it's not at swing high but trend continuation, more risky ...

Isn't it just CT that we should be concerned about, trend is our friend and all that?
Learning to be rigid in my rules & flexible in my expectations
  • #53,856
  • Feb 3, 2010 4:42pm Feb 3, 2010 4:42pm
http://picnac.com/images/6921box0.gif


Going to check this one on demo.

+
BUOB
bounce RN on daily and weekly

-
150 MA
BUOB (second bar) didn;t close over 91.00

enter - 91.11
s/l - 90.79
tp1 - 91.60
tp2 - 92.00
  • #53,857
  • Feb 3, 2010 4:50pm Feb 3, 2010 4:50pm
Quoting Treefingers
Isn't it just CT that we should be concerned about, trend is our friend and all that?
Hi Treefingers. I think what he meant is there is a difference between trading price action at a swing high or low, and trading with or against the trend. The BEOB on the daily EUR chart is at a swing low, not a swing high (really a couple positive bars do not constitute a swing high, look for places that would be an obvious swing high if the price switched directions there.) Typically the patterns we trade (pinbar, outside bars, inside bars, dblhc, etc.) are reversal patterns. So, they work best at a swing high (for beob) or swing low (for buob).

Trading "with the trend" for J16 traders typically means trading a reversal at a pullback (maybe to a 50 or 61.8 fib for example). This means we are usually trading against immediate, short-term trends, but we often end up trading with longer term trends. When we do trade against the (major) trend it is important, as Mike says, to not "try and be a hero" and pick the exact top of a huge downtrend. Yes, maybe we'll get lucky and that will happen, but when we are against a large trend like that, we need to be more conservative with our targets and be happy to make money even if we just catch a small retrace.

This does not mean you could not trade bars like this successfully. Oftentimes more experienced traders will play these bars as continuations, or on a breakout of consolidation with a pullback.

This was a great question, Treefingers. This is a common area of confusion for new traders, so I hope this helps a little.


Cory
  • #53,858
  • Feb 3, 2010 4:53pm Feb 3, 2010 4:53pm
If I can make a suggestion about trading right before NFP, please don't risk more than 1% per trade...... I wouldn't do more than 0.5% on the EU and GU bars at this point.....
Many choose unhappiness over uncertainty.
  • #53,859
  • Feb 3, 2010 4:54pm Feb 3, 2010 4:54pm
NZDUSD

Daily BEOB at round number.

I have been waiting for a trigger setup since the monthly pin. Lets see if this can break the support. Go USD :-)
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: nzdusd monthly pin.gif Size: 10 KB
  • #53,860
  • Feb 3, 2010 6:23pm Feb 3, 2010 6:23pm
Quoting benji533
especially for the large account holders.
They can actually wait for the A++ setups, take profit on the very first trouble area, or move stop to BE and get a runner once in a time.

Waiting to have a large account to do what you lay out may be the kiss of death. Small accounts MUST take an A+ approach, or it will never grow.


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I would say, 95%+ of the time, when an A++ bar breaks, it would reach, at least, it's first trouble area.


You know it! The best setups tend to 'pop'.

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Going months with no loses, no stress, no low TFs trades, and still making a living.

That is the goal, but the hardest thing is to remember all the work, sweat toil and thorns you must go through getting to the place where you can finally start to grow an account. Then once the account starts to grow, can you keep it growing. Sounds simple, right?

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Correct me if I'm wrong, but that's what James the man does.

I am pretty sure that after 4 years of association with him, I can say with a lot of confidence I do not know how he trades day in and day out. I know what he teaches and why, and I share it with others as well. I also know a little on how he maanges a trade once in, but certainly not all of the story. But I have also developed a style of my own that suits me well, based on what I learned here. And no one really knows what I do in full. It is not a secret, but I do know my telling every detail would likely slow you down. Everyone develops his own relationship with the market. Time and experience get you there (maybe).

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After I finish with the army, I would work hard to be a large account holder. I will treat this thing as my business.
Now I am practicing. Every time I think I 'm onto something, I change my mind and go for another thing. But I guess this is my time to make mistakes and grow slowly as a trader, treating this curve as a marathon while knowing that at the end I will be able to live ,my life the I wish.

What you are doing is a perfectly legitimate thing to do. We have to turn over a lot of rocks to find the nuggets of gold.

Cheers to you!
I'm pretty much done with all this ...
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