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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

  • #55,161
  • Feb 16, 2010 9:38am Feb 16, 2010 9:38am
Quoting Mp1983
Hi All,
I am looking to join up with a fellow forum member and become Trading Buddies!
Thanks!
MP
Hi Mp1983,

I actually tried to do this once, and wanted to share my experience with you. I had a friend, who was at a similar level to me regarding a different strategy I used to use, and we would meet on skype to discuss potential trades.

The main problem with this is, everyone is different in regards to what style of trading suits them. Even if you're both trading daily charts, one person might watch the charts every hour, and have anxiety if they aren't moving the stop every couple hours, while the other might want to watch it once or twice a day and just trail the stop. I think if you'll read the thread you'll find that there aren't really any traders among all the pros here (James, Jim, Mike, Rac, etc.) who trade exactly the same way.

I understand that you are thinking of this as a way to fight the psychological weakness that we all face, by making it so both people have to check off on a trade before it is taken, but in practice, I think you will find it hurts more than helps. It is just as likely that you'll talk each other into bad trades than talk each other out of them.

Of course, I'm not trying to being a downer Mp, I just wanted to share my experience with you so you don't have to waste your time. I think to really do well with this material you need to make it your own. Tiaforex (and others, Jduester as well) has recommended that you keep track of your demo trades in a spreadsheet, and then you can try out different stop loss placements, exit strategies, etc. on trades you actually chose to take. (I cannot stress enough how much better this is than backtesting where you can curve fit and say "yeah I would have skipped that one")

I have about 2 months of demo trades in a spreadsheet, and have been adding and trying different strategies with all of my trades, and I will tell you I've had some great discoveries, which will help me eliminate poor trades and fine tune my good ones.

You don't want to rely on someone else; even if you get a great thing going with a buddy what if something happens to them or they quit trading, etc.? Wouldn't rather have mastered yourself and your trading so you don't ever have to rely on anyone financially again?

I hope this is taken as friendly advice. I really don't mean this in a rude way, and just wanted to save you time that I know I wasted in my development as a trader. Whether you decide to do it or not, good luck!

Cory
  • #55,162
  • Feb 16, 2010 9:41am Feb 16, 2010 9:41am
+60 pips and growing on geppy, +25 pips on UJ.

WATCH usd/chf.. might want to visit 1.08 again - or break down.
lowest draw down possible please.
  • #55,163
  • Feb 16, 2010 9:46am Feb 16, 2010 9:46am
Quoting bundyraider
Sleeping pattern info...

Anyone here heard of Polyphasic sleeping?? ....
It's normal for us to be Monophasic or Biphasic sleepers and be completely healthy. Even better is the suggestion that you should 'free-run' your sleep (Let your body tell you when to sleep and wake-up , always)
......
Another article I come across explained how your liver , etc, need their 'time allotments' during certain phases of your primary sleeping session. ...all related to certain important parts of your body having their own...
Only now have i completely read your lengthy post. Much more insightful

i think we have arrived at the same conclusion thru different sources, when u talked about the liver/body parts (among others u've mentioned).
there are many things the body does when we rest/sleep at night.
from what i recall, during this time, the body heals/repairs itself, cells grow, muscle is built, etc; the body, our organs work non-stop. our body has a rhythm... just like the sun coming out during the day/moon coming out at night.

I agree, let your body 'do the talking.'
when u accidentally eat a food with bacteria/poison, your body has its own mechanism, it will make u vomit (to release the poison/spoiled food)
when your body lacks/needs water, your body will tell u so in the form of thirst.
in much the same way, when u need to rest, your body will tell u so. it's detrimental when u 'go against the body's trend'.

i am a living proof of a person who has been sleep deprived for quite some time (i was younger & adventurous: i audaciously took on a self-challenge involving sleep deprivation & self-starvation). i believe the side effects are extremely detrimental; there are possibly long-term effects i havent seen/realized.

I suggest everyone get adequate, even slightly excessive sleep. your body will thank you.
it's rarely discussed, but i believe sleep &/or our body's health is important & an integral part of a successful trading business.


Quote
....
Right now, I think the Middle eastern countries get the best time frame for intra-day trading.
im not familiar with Middle East timezone (probably 2-3hours late compared to our time)... but how about here in SouthEast Asia?
Europe session starts around 2pm [u can wake up & start your day after lunch, imagine that, LOL]... early US session is around7-10pm.
compared to Europe/early US sessions, from what i recall late US session's liquidity is much less (except for stock-related moves, US data/stock-related news until the NY close), so (depending on your "trading lifestyle") around 8-11pm u can already be sleeping if u are here. no sleep deprivation/reduction
  • #55,164
  • Feb 16, 2010 10:05am Feb 16, 2010 10:05am
Bonjour Ehrek,

CONGRATULATION but your last post does mean NOTHING....................

By that I mean 60 pips from WHERE and WHAT's your time frame, stop loss and Target Profit.............and so on ?

Is your entry based on James16's method, at PPZ at least ?

I don't want to be rude with you but please, could you more elaborate if you don't mind to share ?

...............with a chart as example ?

Happy trading

Cheers

Angel
  • #55,165
  • Edited 11:02am Feb 16, 2010 10:46am | Edited 11:02am
Quoting Angel65
Bonjour Ehrek,

CONGRATULATION but your last post does mean NOTHING....................

By that I mean 60 pips from WHERE and WHAT's your time frame, stop loss and Target Profit.............and so on ?

Is your entry based on James16's method, at PPZ at least ?

I don't want to be rude with you but please, could you more elaborate if you don't mind to share ?

...............with a chart as example ?

Happy trading

Cheers

Angel
Bonjour my French friend

Sorry I didn't post a chart, I usually typically do -

Pull up a 1/4HR Chart - You'll notice the nice uptrending movement. Higher lows, Higher highs- consolidating sideway range. - I use 5/15 min for entry. Ever heard " Go with the flow? Trend is your friend?" My entry was 140.88 , with a tight SL last swing low 140.71 (seen on smaller time frame). Great Risk/reward. My TP is/was 141.90 - (last swing high) with a potential of a breakout.

I trade my own variation of price action using simply trend lines, and horizontal support and resistance and chart patterns. I wake up every morning an hour before US open, and analyze my pairs, and take whatever I can get from the markets, piece by piece I just lounge here because I enjoy the company ;P

focusing on usd/chf now. have shorts loaded. 1 hr candle open underneath the TL @ 11am est
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lowest draw down possible please.
  • #55,166
  • Feb 16, 2010 10:50am Feb 16, 2010 10:50am
Quoting dobe_r_man
I hope this is beneficial to some of the newer traders. I think the chart speaks for itsself. Now don't anyone get upset, I know there isn't price action yet (so I am not recommending a trade) but it highlights confluence and areas of interest.

Let price and setups come to you............

Nathan
Hallo Dober let me ask you if you cosider a valid option to go down in the time frame as 1h to look for PA in order to enter a trade at those area spotted on a daily TF??

Thanks you.
Patience is essential
  • #55,167
  • Feb 16, 2010 11:25am Feb 16, 2010 11:25am
Ehrek,

It sounds good, very very good now.

You get a plan and you trade it : I mean that you trade what you're planning to do.

Trade your plan or trade the market, that's a good question ..............and you gave us a clear elaboration of this !!

MERCI et BRAVO

Wish you the best and go Canada, the best of the two world !!

Happy trading all

Cheers

Angel
  • #55,168
  • Feb 16, 2010 11:27am Feb 16, 2010 11:27am
Hey guys i have a question. How do you treat a runner? I entered on the 15 min Pin bar (first retrace then break) and at a point it shoot up. Do you perhaps go up a TF or two and hide the SL behind because to try and make the most of the trade? I really dont want to close early. This is a demo account of course.

Thank you for the advice.
Lan
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  • #55,169
  • Feb 16, 2010 11:44am Feb 16, 2010 11:44am
Quoting fxlan
Hey guys i have a question. How do you treat a runner? I entered on the 15 min Pin bar (first retrace then break) and at a point it shoot up. Do you perhaps go up a TF or two and hide the SL behind because to try and make the most of the trade? I really dont want to close early. This is a demo account of course.

Thank you for the advice.
Lan
well are you planning to stay in this direction of market over a longer period of time ? meaning go thrue a retracement and see if you get continuation?. Or are you trying to get the most out of the current explosion ?. By knowing this you know the risks involved behind the decesion. You either take the chance to go back down and then not get a continuation or you set a stop to close and take the chance of getting tagged. Their is no perfect answer every decesion involves a risk to your profits. Make your best decesion..one will always be better then the other one in hindsight. But the one you make now is the best decesion at the moment.
  • #55,170
  • Feb 16, 2010 11:52am Feb 16, 2010 11:52am
Quoting Angel65
Ehrek,

It sounds good, very very good now.

You get a plan and you trade it : I mean that you trade what you're planning to do.

Trade your plan or trade the market, that's a good question ..............and you gave us a clear elaboration of this !!

MERCI et BRAVO

Wish you the best and go Canada, the best of the two world !!

Happy trading all

Cheers

Angel



Nice read for anyone that has some time to kill;

http://nymag.com/nymag/features/53617/

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lowest draw down possible please.
  • #55,171
  • Feb 16, 2010 11:58am Feb 16, 2010 11:58am
Yeah i know there isnt only one answer...but like mike says i want to maximize the pottential of this trade. I have no problem with retracements but should i be scared of each 15 min retrace. But of course i have no idea how much i am willing to give back. I am thinking of looking at it like a 1h trade with a SL around 1.5720 and trail this thing under each support and resistance.

thank you

Lan
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  • #55,172
  • Feb 16, 2010 12:01pm Feb 16, 2010 12:01pm
Quoting fxlan
Yeah i know there isnt only one answer...but like mike says i want to maximize the pottential of this trade. I have no problem with retracements but should i be scared of each 15 min retrace. But of course i have no idea how much i am willing to give back. I am thinking of looking at it like a 1h trade with a SL around 1.5720 and trail this thing under each support and resistance.

thank you

Lan
Hey Lan

When I am trading of a timeframe and price goes Straight up liek a rocket like that I tend to trail out under the low of each bar. Now if you decide you want to move the trade to a 1hr, 4hr, daily trade for whatever reason then you have to re-evaluate and make a decision based on that. There isn't really a right or a wrong as you would imagine, just be as objective as possible so that you don't let greed or fear come in.

Best
Mike
  • #55,173
  • Feb 16, 2010 12:11pm Feb 16, 2010 12:11pm
The gbp/jpy, aussie, and (newer from 1.0772) swissy trades are moving along nicely and now it looks like I may be adding another to that list.

The gbp/chf 4 hour closed as it looks in the chart off of a retracement point at 1.6780 and formed a pin bar. Intially, I'll be watching the hourlies to see if it get rejected at the 1.6850 area and if not, this will be held on to considering the weekly close on this pair. (That is, IF it breaks high at 1.6840)
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I dream, therefore I become.
  • #55,174
  • Feb 16, 2010 12:15pm Feb 16, 2010 12:15pm
The eur/gbp is also a looker right around now. Previous daily is bearish, the weekly is bearish, and now the 4 hour is bearish (Albeit, IMO, weakly.)
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I dream, therefore I become.
  • #55,175
  • Feb 16, 2010 12:22pm Feb 16, 2010 12:22pm
Here is a potential James16 basic daily trade.

A nice BUOB at a swing low/double bottom with divergence, bouncing off a big round number which is also a daily/weekly pivot zone. The bar itself looks good in terms off size and shape. I would like to see a close ABOVE the 1.65000 round level. The higher the better. There is some time left, so we shall see.

Just remember, we are not trying to catch here the bottom of the next few years new trend and ride it all the way. Management it up to you guys.

Ben
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  • #55,176
  • Feb 16, 2010 12:23pm Feb 16, 2010 12:23pm
There are a few setups on 4 hour, fxpro feed. I've made my decision I just would like some feedback on these.

AUDCHF 8 hour pin. Swing high, divergence, big bar. Although the run up was strong it looks like it might be able to make it back down and retest the .9500 ppz which it just recently broke long from.

GBPCAD 4 hour buob. Nice size bar, swing low, divergence. The only problem here is the strong move down and the face that it didn't close above BRN 1.65. I wouldn't buy under 1.65.

My feed also shows pins on E/G and GBP/CHF, but I feel the two setups I posted are better.

What do you guys think of these?

Scott
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  • #55,177
  • Feb 16, 2010 1:06pm Feb 16, 2010 1:06pm
Quoting fxlan
Yeah i know there isnt only one answer...but like mike says i want to maximize the pottential of this trade. I have no problem with retracements but should i be scared of each 15 min retrace. But of course i have no idea how much i am willing to give back. I am thinking of looking at it like a 1h trade with a SL around 1.5720 and trail this thing under each support and resistance.

thank you

Lan
Whooo Boy. There is no one way - and you are of course looking to maximize revenue and limit the potential to get out too early. So you'll have to work out what management structure will work well for your psyche.

You can do:

  1. Bar Trails
  2. Trail and hide behind areas of old price interest
  3. Fib trails
  4. Round number trails
  5. Wet finger in the wind
  6. % of move trail
  7. Or some combo of the above


Part of this for many means to set targets - set the target, set the TP and keep banking profits as the trade runs.

It is all about you, and where you are on your personal curve. Try out several methods, and see what method you can develop for yourself based on your own observations. It is an interesting and fun exercise.
I'm pretty much done with all this ...
  • #55,178
  • Feb 16, 2010 1:08pm Feb 16, 2010 1:08pm
Quoting benem
Hallo Dober let me ask you if you cosider a valid option to go down in the time frame as 1h to look for PA in order to enter a trade at those area spotted on a daily TF??

Thanks you.
Many people do, but I personally don't. 4hr TF is about the lowest I go and it would take a really nice beob or pin (long nose and screaming out at me to trade it) to take action. If I get nothing there I simply wait for the daily. For my own style of trading it just works better that way.

Nathan
  • #55,179
  • Feb 16, 2010 1:24pm Feb 16, 2010 1:24pm
4H BUOB at PPZ (swing low) and divergence
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  • #55,180
  • Feb 16, 2010 1:39pm Feb 16, 2010 1:39pm
These are the slam dunks we was to trade. I think ghous caught that one.
For me it was a break even. Well, not every trade is a party...but what were the odds of loosing my money on this type of trade with smart management?
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