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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

  • #54,881
  • Feb 12, 2010 7:49am Feb 12, 2010 7:49am
Quoting nasir.khan
Seems a nice short entry at 675 and 715.

But i won't take it. Cause now we are inside a range.

So next trade will be at 580 or 850.
580 guys.

Hope the chart makes sense.
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  • #54,882
  • Feb 12, 2010 7:50am Feb 12, 2010 7:50am
looks like another pinbar on yen pairs forming.. false break of support.. + positive us retails = long here now.
  • #54,883
  • Feb 12, 2010 7:52am Feb 12, 2010 7:52am
Quoting uraceulose
He has a thread in the trading discussion section titled "trading with deadly accuracy method". The boxed breakouts are in there. He calls them "steps" I believe i.e. staircase.

pretty cool read and it's only like 30 pages. Also has the hook, breakout pattern.

Take care
Ohhh i know this guy very well.

I was to busy with office work today.

Actually learned the term "untested support" from him.

I really admire simplicity of his method.
  • #54,884
  • Feb 12, 2010 7:52am Feb 12, 2010 7:52am
Quoting jarroo
...Once a quality setup hits its 1st major target all bets are off on where Price is going to go after that. . . . It served its purpose . . . Its lived its life . . . It all about protecting yourself after that and see if she contiunes to run in your direction.
This is a great quote and really hits home for me. I've been doing some studying on bars reaching their first zone recently. This quote is so true. For me, I want to focus on simply becoming profitable consistently. That means taking only the highest quality setups and managing them the 'safest' way - which simply means to know where the first trouble (target) area is and have a plan for yourself when price reaches it.

I also realize this type of strategy might not yield me huge gains (depending on the action I take at that first target), but that isn't the focus right now. Conversely, look at Storage Pro - correct me if I'm wrong, but it seems he is having some pretty decent success by moving his stop to b/e quickly and then holding for some runners. Many get stopped at b/e, but those few that run for multiple r gains make a big difference. More importantly, he's removing all risk from the trade early on, and then simply letting the market work. Jarroo and James16 trade a similar strategy.

There are always other markets we can apply this trade management strategy to. Doing so will increase opportunities, thus allowing us to be very selective in what setups we take, paying special attention to multiple confluences, round numbers, bar size, location in general, space, etc.

It's interesting how when you take a step back to look at trading strategies with an open mind (without any preconceived notions), little bulbs start lighting the path to clarity. Of course, I must give some credit to Fiji and TiaForex, who have been helping me through this reflective period as well. And of course Mike for submitting his advice on several occasions. The psychology section of the pf has been truly enlightening for me in the last month.

Enjoy your weekend everyone. Take some time away from the charts.

Josh
  • #54,885
  • Feb 12, 2010 8:01am Feb 12, 2010 8:01am
Quoting jarroo
You must note that the "offline" charts are just that . .off line. So they are not recieving a data feed, they're just a snapshot of Price in that time frame.

The periodcon of the time frame you converted will refresh itself but you have to close the plateform and then reopen it. This is the only way I know how its done. And some times it doesn't work. I will have to close/reopen many times to get a refreshed conversion.

Anyone know an easier way?


I am using a demo of MT5 which allows many more time frames. 2D 2H 3H 8H 12H etc....
It is customizable
HTH
  • #54,886
  • Feb 12, 2010 8:09am Feb 12, 2010 8:09am
cable has great potential to break 100+ pips to the upside.

LONG from 1.5600
lowest draw down possible please.
  • #54,887
  • Feb 12, 2010 8:19am Feb 12, 2010 8:19am
Quoting ehrek
cable has great potential to break 100+ pips to the upside.

LONG from 1.5600
What about the pivot at 1.5630-1.5650? It's stopped a lot of upward moves during this long period of consolidation.

olpip
  • #54,888
  • Feb 12, 2010 8:25am Feb 12, 2010 8:25am
Thanks DHB. Will try out later and tell you how it goes.

Regards.

P
  • #54,889
  • Feb 12, 2010 8:28am Feb 12, 2010 8:28am
How about this setup ???!!!
It's at a swing high , at good fibo level with a bearish pin bar just inside the candle ??!!
I entered the trade , aiming for 0660
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  • #54,890
  • Feb 12, 2010 8:38am Feb 12, 2010 8:38am
Quoting olpip
What about the pivot at 1.5630-1.5650? It's stopped a lot of upward moves during this long period of consolidation.

olpip
Yeah,

Well - My original entry was on a lower timeframe, and a 3rd touch on an ascending TL -> 1.5600 - Previous high was 5643 - Breached, but didn't continue..

I was sure to get out at that moment after it consolidated for that much time, was potentially looking for a buy opportunity once again, from a potential dip. But, it seems the USD is rallyin right now. Hard.
lowest draw down possible please.
  • #54,891
  • Feb 12, 2010 8:41am Feb 12, 2010 8:41am
Quoting ehrek
Yeah,

Well - My original entry was on a lower timeframe, and a 3rd touch on an ascending TL -> 1.5600 - Previous high was 5643 - Breached, but didn't continue..

I was sure to get out at that moment, and look for a potential buy opportunity once again, or a possible break to the lower side since it was rejected.

Currently short now with sl @ be
Cool, thanks for the explanation.

Still learning and trying to make sure I understand the reasoning...

cheers
olpip
  • #54,892
  • Feb 12, 2010 9:02am Feb 12, 2010 9:02am
freaky friday

Playing bumper cars here!!!
lowest draw down possible please.
  • #54,893
  • Feb 12, 2010 9:18am Feb 12, 2010 9:18am
Quoting ehrek
freaky friday

Playing bumper cars here!!!
haha i like it.
  • #54,894
  • Feb 12, 2010 9:37am Feb 12, 2010 9:37am
Now we all trade using charts and lines here, but that doesn't mean it's not handy to know what makes the financial system tick. We're beginning to see recovery from the current crisis gathering pace more and more, but how did we get into this mess again?

To answer that question, have a look at these interviews. Hilariously funny as they are, the accuracy of the explanations given is quite scary.

Have a nice weekend everyone!

Inserted Video

Inserted Video

Inserted Video

Inserted Video
It's not about how much you make, it's about how much you don't lose.
  • #54,895
  • Feb 12, 2010 9:48am Feb 12, 2010 9:48am
Customizable but few pairs.

Will be testing it for the remainder of February 2010.

Quoting Caesar
I am using a demo of MT5 which allows many more time frames. 2D 2H 3H 8H 12H etc....
It is customizable
HTH
  • #54,896
  • Feb 12, 2010 10:12am Feb 12, 2010 10:12am
Quoting Danku
Customizable but few pairs.

Will be testing it for the remainder of February 2010.
Where, please, can I get a demo of MT5?
Thanks
"Fail to prepare, prepare to fail."
  • #54,897
  • Feb 12, 2010 10:22am Feb 12, 2010 10:22am
Quoting packhorse
Where, please, can I get a demo of MT5?
Thanks
Surely you first tried to google for it: http://www.metatrader5.com/
  • #54,898
  • Feb 12, 2010 10:33am Feb 12, 2010 10:33am
Quoting ljr
Surely you first tried to google for it: http://www.metatrader5.com/
Thanks, very helpful.
"Fail to prepare, prepare to fail."
  • #54,899
  • Feb 12, 2010 11:19am Feb 12, 2010 11:19am
hello i need somekind of expert advisor or a way to close part of my position at a certain level. i am trying to place trades on daily tf but am not able to constantly follow my trades. today i had planned to partially take profit on gbpcad on the bottom when it turned away. it reached exactly that point but i wasnt looking at the monitor so i missed the oportunity by 100 pips. i am sure that most of you have figured out for yourself how to do it so please i need help thanks
  • #54,900
  • Feb 12, 2010 11:27am Feb 12, 2010 11:27am
Few trades today, 40+ pips on USD/CAD.. sold it right off when I spotted its destination.


+30 pips on cable early morning, sold it off as soon as we consolidated for that brief period in the5636 range. Then i got stopped out shorting, was actually hoping it would break 5578 totally and drop large..and bank $$ big there..But I got stopped out, and re-thought my plan. I should of realistically took my profit there (20+pip), and entered long there after rejection.. wasn't thinking straight. Waited for it to get back into its short-term ascending trend, and just added a bunch of longs.


done for the day.

Cheers, have a good weekend everyone!!
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lowest draw down possible please.
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