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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

  • #53,881
  • Feb 4, 2010 1:52am Feb 4, 2010 1:52am
Quoting goldtrader

I just focus on the R, so I have to lose the hit rate, I see if i can get into the bar before it breaks, the R is huge...1 winner can cover lots of losers, it just my thought... I think I'm new so i have to try everything...
So only reason you have for entering between the IB's is that you need extraa pips or R????
  • #53,882
  • Feb 4, 2010 1:57am Feb 4, 2010 1:57am
Quoting jarroo


My trading stlye is very comfortable to me.

Believe me, when I turn off my computer and go about my business (or sleep) I never have to "worry" that my trade is say -148pips and growing.

Just some thoughts.


Jim
Thanks jaroo for your thoughts,

thats for sure a different approach but we have different style of managing a trade.

the above statement it's all what matter,find what fits to you and master it!!

wish you the best!!
  • #53,883
  • Feb 4, 2010 1:58am Feb 4, 2010 1:58am
Quoting jarroo
I got many questions on how I managed the BEOB Daily Cad. I thought I would share them here.

I closed my 1st half for 27 pips and my 2nd half was closed at break even.
I do think that this is a high quality setup, is it an A+ setup? Probable not due to the traffic and I would have liked to see the swing High higher , like at the 1.1000.

I could have done the free trade approach, meaning the 2nd half stop loss placement would be -27 pips for a net zero result, but I did not. I wanted Price to prove that this setup had the momentum to get through...


VERY NICE J.

i saw your post after i sent this out. after seeing your post i thought i would go ahead and post it here.

there is a reason why jim thinks like i do. he has been riding with me for a while and we are both conservative minded.

jim
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  • #53,884
  • Feb 4, 2010 2:07am Feb 4, 2010 2:07am
CHART
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  • #53,885
  • Edited 2:41am Feb 4, 2010 2:12am | Edited 2:41am
Quoting nasir.khan
Those currency correlation are making me crazy i need serious help.

I know what they all say about correlations like Take the best setup etc, but i can't do it

i just end up messed in my trades when i see conflicting signals.
To be honest, the main correlation i see there is that there is nothing I would trade on either

(I assume it was some kind of entry/bounce from resistance type trade? you crazy kids with your touch trades and blind entries and nintendos!)


Quoting nasir.khan
You recommended 6 pairs in this post.

So can you add 3-5 more ( having no effect on each other) in these pairs and what about Cable and GJ (i like them so much).
Well, I wasn't recommending those pairs per se, just saying that if I *had* to only watch six, it would be those. I watch pretty much everything that moves. Just keep in mind that they pretty much *all* affect each other in some way, to some degree.

The main criteria for me is volume. Volume means lots of buyers and sellers, so lots of transactions, so no sudden shocks. Volume breeds predictability, and predictablity makes trading alot easier.

But, if I had to expand my draft picks to double the charts...

The starting six
AUDJPY - yay risk aversion
EURUSD - low spreads, high volume, boring
USDJPY - get some movement in your charts
EURCHF - big bad swissie
USDCAD - me like oil. me like gold.
EURGBP - for all your cross-channel needs.

First round draft picks
GBPUSD - volume with nice smooth transitions
AUDUSD - Another big risk aversion pair that can give some great runs (think carry trade)
USDCHF - the little brother of EURCHF

Second stringers
EURJPY and GBPJPY is a bit of a wash. Either one is fine.
GBPCHF - kinda like EURCHF's little sister. I watch it, but rarely trade it because the signals are usually stronger on USD and EUR

Then you could add some ranging pairs:
CHFJPY - both francs and yen are driven by the same kind of flows, so trading them against each other can be interesting.

AUDCAD - kinda like the less refined younger ex-convict brother of CHFJPY that acts a bit wild and is missing a few teeth (like most canadians )

AUDNZD - choppier than OJ Simpson in gloves.
When you have to shoot, shoot. Dont talk.
  • #53,886
  • Feb 4, 2010 2:13am Feb 4, 2010 2:13am
Quoting james16
VERY NICE J.

i saw your post after i sent this out. after seeing your post i thought i would go ahead and post it here.

there is a reason why jim thinks like i do. he has been riding with me for a while and we are both conservative minded.

jim
It's amazing what just a few words can do for you...or rather...to you.

In my case a couple of sentences lying on crystal clear charts from Jim have transformed my trading...and...life!
I believe . . .
  • #53,887
  • Feb 4, 2010 2:15am Feb 4, 2010 2:15am
Quoting joelcf

AUDNZD - choppier than OJ Simpson in gloves.
That definitely brought abt the laugh of the day for me...

You crack me up Joel!

g.
I believe . . .
  • #53,888
  • Feb 4, 2010 2:17am Feb 4, 2010 2:17am
Quoting james16
VERY NICE J.

i saw your post after i sent this out. after seeing your post i thought i would go ahead and post it here.

there is a reason why jim thinks like i do. he has been riding with me for a while and we are both conservative minded.

jim

I think we're both conservative after the break. I'm sure Mike would differ with us on some of our setups before the break. . . . lol


and I plan on riding for a whole lot longer, brother.
Indicators show the past. Price Action "Indicates" the future.
  • #53,889
  • Feb 4, 2010 2:22am Feb 4, 2010 2:22am
Quoting james16
VERY NICE J.

i saw your post after i sent this out. after seeing your post i thought i would go ahead and post it here.

there is a reason why jim thinks like i do. he has been riding with me for a while and we are both conservative minded.

jim
have I say it that I always like to view and re-view your charts, thats bc you have the most cleaner charts that I saw in this business.

1.055 was on my radar to so I'm not scared if I'm looking at charts, because I know way it did so.

when I try to think about the large account,if this trade was worth 20K-50k is for sure another perspective....

As you say we never know for sure if price will go from this point downwords or upwords, but with the knowledge grabe from your lessons and what have been teached here, we can protect ourself!

wish you the best!
  • #53,890
  • Edited 2:39am Feb 4, 2010 2:28am | Edited 2:39am
Quoting ghous
It's amazing what just a few words can do for you...or rather...to you.

In my case a couple of sentences lying on crystal clear charts from Jim have transformed my trading...and...life!
I agree g.

The best advise I give to people that ask me is to read and veiw all of James16's post (especially the rants), charts and videos every day.

This stuff works.
Indicators show the past. Price Action "Indicates" the future.
  • #53,891
  • Feb 4, 2010 2:42am Feb 4, 2010 2:42am
Quoting goldtrader
Dan, thanks for your vouch , it's my first, like my first live trade, very exciting... and nerve



I just focus on the R, so I have to lose the hit rate, I see if i can get into the bar before it breaks, the R is huge...1 winner can cover lots of losers, it just my thought... I think I'm new so i have to try everything...
That approach is sooner or later going to push you to a dead end.

Work on your psyche so that minimal pips appeal more to you as a result of conservative, safe trading contrary to aggressive irrational trading aimed at getting the maximum out of the market.

g.
I believe . . .
  • #53,892
  • Feb 4, 2010 2:45am Feb 4, 2010 2:45am
Quoting jarroo
I got many questions on how I managed the BEOB Daily Cad. I thought I would share them here.

I closed my 1st half for 27 pips and my 2nd half was closed at break even.
I do think that this is a high quality setup, is it an A+ setup? Probable not due to the traffic and I would have liked to see the swing High higher , like at the 1.1000.

I could have done the free trade approach, meaning the 2nd half stop loss placement would be -27 pips for a net zero result, but I did not. I wanted Price to prove that this setup had the momentum to get through...
Hi Jarroo,
I managed that trade exactly the same way than you, took half of profit after first trouble zone (around +40-50pips) reached and remaining at BE.
It's better for my taste to take little profit most of the time and get 1-3 runners a month.
If you know that most of the time it will retrace inside previous bar, another conservative strategy would be to enter on the break, take half + be, you'll be stopped when it retraces to a fib with PA, enter again on the re-break and take half + BE a second time. In that way you could catch 2 trouble zones (and 2 small TP) and maybe get a runner the first or second time ... just my thought.
Manu
  • #53,893
  • Feb 4, 2010 2:56am Feb 4, 2010 2:56am
Quoting djmanu
Hi Jarroo,
I managed that trade exactly the same way than you, too half of profit after first trouble zone (around +40-50pips) reached and remaining at BE.
It's better for my taste to take little profit most of the time and get 1-3 runners a month.
Manu

Thats how we roll Manu.

Quoting jarroo
Anyone eyeing the Weekly Usd/Chf PB ?

A+? Probably not. Lets see how it breaks. (if she breaks)

Not to brag but this trade on the Weekly Usd/Chf PB has been so easy to take and manage its not even funny. Sure its not the biggest PB but the location fit the bill. After the break (10 pip buffer) it saw no drawdown and flew to the moon.
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Indicators show the past. Price Action "Indicates" the future.
  • #53,894
  • Feb 4, 2010 3:13am Feb 4, 2010 3:13am
Hi James16,

I must say i am one of those who took this trade, watched it get to the first Support Area, 1.0550, moved S/L to just below entry and left it to run hoping it would go south further........unfortunately came back and found S/L hit...i really cursed and cursed and cursed............WHY? Because of the following posted by you............

"You small account holders, you gotta make a choice, you have to make a choice, if you small account holders are going to watch price reach your first support and resistance area, and leave your stops at losses, because the move between here and here is not enough money to make a difference to you, Stop Right Now. Because it's never going to work for you, you are practicing something that you are never in a million years gonna do, when you have an account where that move does means something to you, you are practicing useless skills, they're not gonna help you a bit".

So many times i have wacthed price get to the first S/R and just left it hoping a bigger move because of me the SMALL ACCOUNT HOLDER............i can not say anything here apart from the fact that you are SOO ABSOLUTELY RIGHT it hurts us, SMALL ACCOUNT HOLDERS to believe it....but i am living prove that the destination should always be the first S/R whether one has a 5000 Dollar account or 500 Dollar Account or 50,000 Dollar Account.................guys listen to james16 or go broke trying to proof him wrong on these first S/R Targets........Thanks James16.............first S/R wll always be my first targets whether i am making 80dollars or 45Dollars or 300 Dollars

Quoting james16
VERY NICE J.

i saw your post after i sent this out. after seeing your post i thought i would go ahead and post it here.

there is a reason why jim thinks like i do. he has been riding with me for a while and we are both conservative minded.

jim
  • #53,895
  • Feb 4, 2010 3:18am Feb 4, 2010 3:18am
125.0?
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Wellcome to the good life!
  • #53,896
  • Feb 4, 2010 3:30am Feb 4, 2010 3:30am
Quoting yarin
125.0?
Damn. You gotta love that break. . . with the trend . .125.00 looks good.
Indicators show the past. Price Action "Indicates" the future.
  • #53,897
  • Feb 4, 2010 3:54am Feb 4, 2010 3:54am
here is one for you Dan.....
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Simplicity is the key to success
  • #53,898
  • Feb 4, 2010 3:55am Feb 4, 2010 3:55am
Quoting jarroo
Damn. You gotta love that break. . . with the trend . .125.00 looks good.
I was working since last night on this one.

EJ
.
  • #53,899
  • Feb 4, 2010 4:05am Feb 4, 2010 4:05am
Quoting nasir.khan
I was working since last night on this one.
.

yep this one are the best breakouts and retest

took it togheter with ej

on the ej I'm to crazzy if I expect 113,60,just look at the weekly chart,there is a lot of SPACE

wish you the best

PS. the eu,uchf,gbpusd,audusd are making me the week better and better

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  • #53,900
  • Feb 4, 2010 4:06am Feb 4, 2010 4:06am
Quoting nasir.khan
I was working since last night on this one.

EJ
.
Thoses are some tough setup there, nasir, on the Gbp/Jpy and Eur/Jpy.

But the locations look good and the breaks look even better. Manage them wisely, my friend.
Indicators show the past. Price Action "Indicates" the future.
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