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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

  • #56,221
  • Feb 25, 2010 12:20pm Feb 25, 2010 12:20pm
Quoting SeekingLight
Big props Mike, that's a sweet trade you have going now

I'm not sure whether the one I wanted to post has been posted yet.
I just can't keep up with the thread.
I am still sitting on February 18th and now there are something like 800+ new posts 7 days later.


For benssol, and the honor of the much-shunned IB, a TL retest/continuation bar.

Edit: P.S., If anyone actually wants to ask me something in particular, this is also why it's a good idea to just shoot me a PM as there is a real good chance I just won't be able to see it in the...

For me your charts and posts are enough, they're priceless!!

I have just begun this week to go through your posts,after last week reading bundy's stuffs.

I can do this all the day long without any efforts, I like digging through seniors posts and to find the answers by myself.

at least for me it has a tremendous help doing this.

all the best and waiting to contribute even more
  • #56,222
  • Feb 25, 2010 12:30pm Feb 25, 2010 12:30pm
Hi guys, I'm new to this forum and i must say, there's a lot of great advice. I've been reading this thread for a month now and have picked up a lot, yet it seems i've only scratched the surface!

like most, i have lost money in fx/trading (chasing that big win) and have decided to learn a system instead of guessing (my guessing used to be based on 'news' of cnbc).

I'm currently demo'ing while saving up for an account. My first 'demo' trade is shorting the BEOB on the cable weekly chart. I'm still reading about support/resistence and ppz,but got in at 1.5400 so my s/l is @1.58 and my t/p is @1.5. Currently +175pips I realise that my RR is currently 1:1 but i'm currently learning PA. Once I'm confident in picking the right bars and read up on ppz, I will start managing my demo trades 'properly' with good trade management.

I look forward to learning more from everyone!
Vik
  • #56,223
  • Feb 25, 2010 12:46pm Feb 25, 2010 12:46pm
Quoting triger88990
You haven't missed anything here,just that the market haven't felt that, at the price you where willing to sell, it should be a fair price which she can play.

You can say you have missed a trade,when your order isn't filled(which I doubt),or when you see a setup after the facts,or when you are off of markets

hope it helps!

ps: although I do miss from time to time some nice setups, I wondering often what the f*** I was doing at that moment

all the best!!
Yes you're right my friend, but I always prefer do discuss myself rather then markets, thats much more profitable and effective. I only can force myself in the future to be more caution and attentive not to miss the right moments.

Thanks for you comment, it helps
  • #56,224
  • Feb 25, 2010 1:23pm Feb 25, 2010 1:23pm
No crap on my chart. Just a 4h cherry pin bar at open space, swing low.
This is a pure James16 price action trade.

Risk became zero at first trouble area, 13 pips away from entry point. Exited on first major 4h PPZ as this is a counter trend trade and I not gonna play the hero.
James16's principals were applied with no other kinda possible CRAP.
+2.4% safely to my account balance.
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  • #56,225
  • Feb 25, 2010 1:31pm Feb 25, 2010 1:31pm
Hi

I have a tech question, does anyone know how to fix a data spike in MT4?

Thankyou for any help.

Dale
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  • #56,226
  • Feb 25, 2010 1:31pm Feb 25, 2010 1:31pm
Hey Benji,

I was looking at the same setup but didn't take it due to the lack of space before the first trouble spot marked on the orange line. Just wondering where your stop would have been if you were able to bank 2.4% on this one?
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  • #56,227
  • Feb 25, 2010 1:32pm Feb 25, 2010 1:32pm
Quoting ertorque
Hey Mike,
Another question from me regarding your recent CADJPY 4hr trade. Am I right to understand that when you say false breakout, you mean that price begin to rally right after the big big bearish bar and thereafter consolidating for a few more bars (the blue box in the chart)? You term it 'false' because you expect the downward trend to continue later on? Just trying to figure out the terminology here.

If the answers to the above are yes (meaning you expect it to be a false temporary upward rally), then would it be possible to...
Hey Cy

The false breakout is the high of the BEOB I used for my entry. A false breakout of the blue box consolidation. Some people asked me if I would go long based on a few 1hr setups that gave pips but they were not good to me. The 4hr would also be pushing it for me. Again I am more picky then most so it doesn't mean their aren't pips to be made else where. I jsut really like to talk about how I see it based on my methods.

Hope that helps
Mike
  • #56,228
  • Feb 25, 2010 1:46pm Feb 25, 2010 1:46pm
Quoting mbqb11
Hey Cy

The false breakout is the high of the BEOB I used for my entry. A false breakout of the blue box consolidation. Some people asked me if I would go long based on a few 1hr setups that gave pips but they were not good to me. The 4hr would also be pushing it for me. Again I am more picky then most so it doesn't mean their aren't pips to be made else where. I jsut really like to talk about how I see it based on my methods.

Hope that helps
Mike
Hi Mike

so you knew with this false breakout that the short was on, yep?

were you wating for the false breakout Mike?
  • #56,229
  • Edited 3:29pm Feb 25, 2010 1:50pm | Edited 3:29pm
Quoting sir6
Hey Benji,

I was looking at the same setup but didn't take it due to the lack of space before the first trouble spot marked on the orange line. Just wondering where your stop would have been if you were able to bank 2.4% on this one?
Hey sir6,

My stop was below the low of the pin bar, according to James16's principals.
My risk on this trade was 3%. So I got out a bit before I reached 1R.

I risk 3% because I am extremely conservative with the way I manage my trades, and still working on being more picky, therefore I get a high win rate including BEs. I am using a money management method which fits to my trading style, entry and management. This is only the technical part though.
I can risk 3% because it fits my risk tolerance. I have a small account, and I found that with the way I trade, I can tolerate the following psychological effects. I hope that as my account grows, my emotional tolerance would raise accordingly.

Not deviating from James16's principals though.

Ben


PLEASE READ THIS CONTINUATION POST: http://www.forexfactory.com/showpost...ostcount=56235

AND THIS ONE: http://www.forexfactory.com/showpost...ostcount=56241

AND THIS: http://www.forexfactory.com/showpost...ostcount=56251
  • #56,230
  • Feb 25, 2010 1:50pm Feb 25, 2010 1:50pm
Quoting antgal23
Hi Mike

so you knew with this false breakout that the short was on, yep?

were you wating for the false breakout Mike?
Hey Ant

I knew it was a false breakout when the BEOB formed. That is part of what we can glean from a bar like a BEOB. I was simply watching the 85 area. Price consolidated, gave a large beob.

Best
Mike
  • #56,231
  • Feb 25, 2010 1:56pm Feb 25, 2010 1:56pm
Quoting mbqb11
Hey Ant

I knew it was a false breakout when the BEOB formed. That is part of what we can glean from a bar like a BEOB. I was simply watching the 85 area. Price consolidated, gave a large beob.

Best
Mike
simply done then, you put the beob in the context of what precedes it, look for a ppz or a fib and bobs your uncle

you guys make it look so simple, maybe it is!

cheers Mike
  • #56,232
  • Feb 25, 2010 2:00pm Feb 25, 2010 2:00pm
Quoting antgal23
simply done then, you put the beob in the context of what precedes it, look for a ppz or a fib and bobs your uncle

you guys make it look so simple, maybe it is!

cheers Mike
yes exactly

It really is once you get it all through your head and stop fighting oneself

Like jim says (insert texas accent) "It's dirt simple folks!"

Mike
  • #56,233
  • Feb 25, 2010 2:04pm Feb 25, 2010 2:04pm
Quoting benji533
No crap on my chart. Just a 4h cherry pin bar at open space, swing low.
This is a pure James16 price action trade.

Risk became zero at first trouble area, 13 pips away from entry point. Exited on first major 4h PPZ as this is a counter trend trade and I not gonna play the hero.
James16's principals were applied with no other kinda possible CRAP.
+2.4% safely to my account balance.
Nice one. I shorted the Aussie daily BEOB from two days ago. That pullback up from the H4 pinbar just stopped me out for B/E + 1, having missed my TP1 of .8800 by a measly 4 pips. O well, better luck next time.

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It's not about how much you make, it's about how much you don't lose.
  • #56,234
  • Feb 25, 2010 2:05pm Feb 25, 2010 2:05pm
Quoting benji533
Hey sir6,

My stop was below the low of the pin bar, according to James16's principals.
My risk on this trade was 3%. So I got out a bit before I reached 1R.

I risk 3% because I am extremely conservative with the way I manage my trades, and still working on being more picky, therefore I get a high win rate including BEs. I am using a money management method which fits to my trading style, entry and management. This is only the technical part though.
I can risk 3% because it fits my risk tolerance. I have a small account, and I found that with the...
You know, you got me thinking.
This is a damn personal thing. I might cause big damage to others if not to myself.

I'm gonna cut it. Let's talk pure charts from now on.
  • #56,235
  • Feb 25, 2010 2:08pm Feb 25, 2010 2:08pm
Quoting Dhb
Nice one. I shorted the Aussie daily BEOB from two days ago. That pullback up from the H4 pinbar just stopped me out for B/E + 1, having missed my TP1 of .8800 by a measly 4 pips. O well, better luck next time.

Attachment
Well done for not taking a loss on a winner trade
Not many have this skill.
  • #56,236
  • Feb 25, 2010 2:12pm Feb 25, 2010 2:12pm
Quoting antgal23
simply done then, you put the beob in the context of what precedes it, look for a ppz or a fib and bobs your uncle

you guys make it look so simple, maybe it is!

cheers Mike

I have just stolen a chart and thinking to make it "public" althought is from this thread but just thinking how many did actually go through the "pain" of reading the whole thread

Could it be more simple than that!!

original post here: http://www.forexfactory.com/showpost...postcount=8873

all the best!

PS: nice one benji, quick profit bank
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  • #56,237
  • Feb 25, 2010 2:12pm Feb 25, 2010 2:12pm
Quoting benji533
Hey sir6,

My stop was below the low of the pin bar, according to James16's principals.
My risk on this trade was 3%. So I got out a bit before I reached 1R.

I risk 3% because I am extremely conservative with the way I manage my trades, and still working on being more picky, therefore I get a high win rate including BEs. I am using a money management method which fits to my trading style, entry and management. This is only the technical part though.
I can risk 3% because it fits my risk tolerance. I have a small account, and I found that with the...
Makes sense now, thanks buddy!
  • #56,238
  • Feb 25, 2010 2:14pm Feb 25, 2010 2:14pm
Quoting Treefingers
gbp/chf..8h pin....rejected of the 50 fib on the daily & if we can get through the 38 Fib we could be in for some nice pips.. Moved to BE already.

Woken up to find I got taken out by 1 pip before just before it dropped nearly 200pips. oh well
Learning to be rigid in my rules & flexible in my expectations
  • #56,239
  • Feb 25, 2010 2:15pm Feb 25, 2010 2:15pm
Given the way this thread is progressing ... this is likely to get swamped but here goes anyways ....

I managed to upload the simulator into my MT4 which lets me backtest periods as if in current time. However, I couldn't place a trade as of that time since the market watch window only quotes prices as they appear at present. This kind of defeats the purpose of the backtest ---- developiing my money management techniques.

Can you place trades historically? Is so how?


Many thanks & appologies for these newbie questions!!


Quoting chatzi
Here you go Cyrus
http://www.forexfactory.com/showpost...ostcount=55313

I actually went back to F12 as it doesn't allow you to switch timeframes, which for this method is essential, but useful just to sit and watch how price moves.

Mark
  • #56,240
  • Feb 25, 2010 2:23pm Feb 25, 2010 2:23pm
Quoting benji533
Hey sir6,

My stop was below the low of the pin bar, according to James16's principals.
My risk on this trade was 3%. So I got out a bit before I reached 1R.

I risk 3% because I am extremely conservative with the way I manage my trades, and still working on being more picky, therefore I get a high win rate including BEs. I am using a money management method which fits to my trading style, entry and management. This is only the technical part though.
I can risk 3% because it fits my risk tolerance. I have a small account, and I found that...
Ben uses this level of risk because he has developed a system that has extremely picky bar selection, then going to break even super quick even if it's only 11 pips away. Extremely high win rate, quick targets, and crucially a long research period. Very very similar to how J16 trades

Of course most new folk use high risk for entirely different reasons, then end up with a blown account.

I can guarantee that anyone who is new to this will blow up using that level of risk. Period paragraph (as Jim would say).

Risk modelling is a complex subject but I think even 1% is too high until you've been doing this a while. Start with 0.5%, get good, post profit after profit. Build your confidence. Never take full bar losses. Give yourself a chance to stay in this game for the long haul.

Because if you look at Benji's post and think "wow I'm gonna risk 3% too" then that's a dangerous road that ends in heartache.
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