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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

  • #58,081
  • Mar 12, 2010 10:40am Mar 12, 2010 10:40am
Quoting jarroo
Yes that is a PB at a great location. The current weekly bar looks like it may close as an Inside Bar. Well have to wait until tomorrow's close on the Weekly to be sure.

We have a confluence of a few things that make it such a great location. Priority # 1 in a great PA setup: Location.

A PPZ level at a Big Round Number 1.5000, a Fib Ret. 61.8 and its at a swing low. What more can you ask for when it comes to location. Not much. lol

So now we need a solid trigger to show us the way. The PB could be better. Meaning the size could be bigger...
I've entered long @ 1.50432 took half profit @ 1.51320 still hgave my position open with SL @ 1.51532. even it hits my SL i'm still in a +++ ))
  • #58,082
  • Mar 12, 2010 10:47am Mar 12, 2010 10:47am
Quoting lovejoy80
I just checked and my pending orders have been activated...I'm happy to let it ride, the reason why I put a pending order there initially is still the same.
and data from the US (though we don't play funnymentals here) is looking good for other currencies... with rising risk and all..
  • #58,083
  • Mar 12, 2010 10:50am Mar 12, 2010 10:50am
Has anyone investigated the preponderance of successful outside bars in comparison to successful pins?

For the last couple of months, I have been concentrating on pins (trying to master one style) with limited success (on the daily), principally as most tend to be counter trend (let's not get back into that discussion!).

However, are OB's more successful if "in the trend as", if nothing else, counter ternd pins must trend back into traffic at some point?

Thanks in anticipation.
  • #58,084
  • Mar 12, 2010 10:50am Mar 12, 2010 10:50am
Is this good DBLHC? anyone entered it long here?
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  • #58,085
  • Mar 12, 2010 10:50am Mar 12, 2010 10:50am
Quoting NosferatuMan
Nice charts, benji.

My question is: Do you set you SL beyond the PA bar or do you adjust it based on the distance to the first trouble area or something else like beyond left eye or round number. I'm sure it depends on the situation but just like to have some thoughts from you.
Yes I do use reduced stops sometimes, only when there is a really good reason. It depends on the situation. But it would be based on hiding my stop behind some confluence, BRN etc. Most of the time on really big bars where I can "protect" my stop with bar highs|lows, round numbers etc. But it has nothing to do with the distance of the first trouble area. Hope that helps.

Ohh and just to make it clear. This is NOT a part of James16's principals. It's where you fits this stuff to your comfort zone and personal preferences.

Ben
  • #58,086
  • Mar 12, 2010 10:54am Mar 12, 2010 10:54am
Here's a trade I had earlier this week that came back after I moved my stop to BE. I think I'm going to start taking 1/2 off at my BE level. That way I get a little bang for my buck.

What would you guys have said the quality of this trade to be? It looked to me like it had a few confluent factors with it.
BRN, 50% Fib. Pin Bar with the trend. The only thing I saw was it had a lot of traffic to move through. So maybe on this trade I should have just taken profit instead of looking for a runner.

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  • #58,087
  • Mar 12, 2010 10:56am Mar 12, 2010 10:56am
I have been trading in my mini account for a little while now with my new found J16 knowledge paired with my own way of trading. I am finding great results, which is a breath of fresh air for me. I have experienced very few losses and long strings of consecutive wins. I haven't had this level of consistency in the last year or so I've been trading Forex, and even in the last five years of stock trading, it takes some getting used to on an emotional level. I am not saying this to brag at all, I am bringing this up because it creates it's own emotional barrier in a way, at least for me. Like it's too good to be true. I am working through this in my own way so that I can manage it when I have a larger account.

All this being said. It seems to me that if I am picky with my trades, set stops, and break even when appropriate, that I could go months without a loss, or at least a couple of minimal losses.

It would be great to here some success stories and personal achievements. I don't what to pry, it would just be inspirational to someone like me who is starting off small, but is ready for the journey ahead.

Thanks,

Jacob
  • #58,088
  • Mar 12, 2010 11:01am Mar 12, 2010 11:01am
In response to Jonners: I dont know why I didnt hit "quote this time. I need sleep. That is strange especially considering a monthly chart. The 4 hr charts and th daily closes being different is just a way of life for us forex traders but monthy charts should be really close. Your take on cable is fine. You may get a runner it just depends. Considering how fierce it has dropped over the past few weeks, I'm not real comfortable buying right now. It's just a persoanl feel for the situation. That is a great example of a pin though. Just be super duper picky trading against the trend. On counter trend stuff like this example, I like to see the break and then let it draw down (retrace) a little before I buy. I can't tell you how many times Ive done this and read posts of those who got in at the break who are drwn down while I wait for a better entry. I will be watching next week and will post a chart if this happens. It could go to the 1.55 area and if it gets up to 1.57 area I will short with a little more risk than normal.

K.I.S.S.
  • #58,089
  • Mar 12, 2010 11:06am Mar 12, 2010 11:06am
Quoting lovejoy80
Looks good as a continuaton bar to me...just not keen on trading these on friday afternoons, but thats just me.
Yep. If it doesn't break by next candle, 7pm GMT, I'll quit for the weekend.

- TTP -
  • #58,090
  • Mar 12, 2010 11:26am Mar 12, 2010 11:26am
Quoting FXMaecenas
Hi guys,

10 min left and we will have nice setups if you ask me.

Good luck.
Hey FXM

Just be careful though these are pretty small bars vs the prevailing strong moves. Might get the friday retrace but these are tricky without much other confluence.

Have a great weekend
Mike
  • #58,091
  • Edited 11:38am Mar 12, 2010 11:27am | Edited 11:38am
Quoting yntap
I've entered long @ 1.50432 took half profit @ 1.51320 still hgave my position open with SL @ 1.51532. even it hits my SL i'm still in a +++ ))
I assume you took the small PB which could have been managed tightly with the 1.5000 as a strong protector. (Much like the IB from last week.) Don't know where your initial SL was located. 30 to 40 pips (or smaller) under the 1.5000 to wait until the hard break proved itself is not a bad way to go.

Your 1.5153 target was a good one but as you can see on the chart the previous bar High was the 1st target, 1.5065.

Nice trade yntap you protected yourself nicely.

Another way to manage PA setups which I like is the "free trade" approach. Once Price hit that 1st TP 1.5065, which was about 50 pips, take half off and move your 2nd half SL -50 pips under your entry would have given you a free trade.

edit: Oh you enter at 1.5043 I thought it was 1.50043 , sorry.
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Indicators show the past. Price Action "Indicates" the future.
  • #58,092
  • Mar 12, 2010 11:28am Mar 12, 2010 11:28am
Quoting dmc
Have most people who have a pending trade for the G/U weekly canceled there order. This is an interesting situation becasue it looks to be forming another smaller pin at the 1.50 BRN.

Also it is getting late on Friday and I am worried my order will trigger as more of a TP of the market then as a gneuone strong move.

Any thougths on this?
Ah the questions of a trade. Personally things look better then ever for the weekly pin, if I had a pending order i'd be leaving it(again if I was trading this bar), simply b/c even if you order triggers before friday at least your stop loss is real far off market, so not much to worry about. These are the situations only you know what to do though

Best
Mike
  • #58,093
  • Mar 12, 2010 11:29am Mar 12, 2010 11:29am
Well, I'm taking the plunge over the next few days and have started the process for opening a live account. I've been doing well with the James16 free material but have trouble focusing while I'm only on demo. Have managed breakeven/slightly profitable for 5 months now so the next step is to trade microlots live to see if I can maintain that performance with real money. Of course, I'll be aiming to constantly improve.

A huge thanks to James, Jaroo, Mike and all of the other contributors on this great thread, there are far too many good people here to mention.

So, from next week sometime I'll be trading those A++ setups live but still practising new stuff on demo.



- TTP -
  • #58,094
  • Mar 12, 2010 11:32am Mar 12, 2010 11:32am
Quoting Jonners67
Has anyone investigated the preponderance of successful outside bars in comparison to successful pins?

For the last couple of months, I have been concentrating on pins (trying to master one style) with limited success (on the daily), principally as most tend to be counter trend (let's not get back into that discussion!).

However, are OB's more successful if "in the trend as", if nothing else, counter ternd pins must trend back into traffic at some point?

Thanks in anticipation.
Neither one bar is more successful then the other. The bars represent market flow at the time(and just an aggregation of that price movement). This means the factors run too deep. I can tell you last year I took slightly more outside bars then pins but the difference is negligible. It ultimately is location that is more important. So if I were asking the question I would start with "what location is more successful?" I bet you didn't see that coming

Then throw in some killer bars and success is there

Best
Mike
  • #58,095
  • Mar 12, 2010 11:36am Mar 12, 2010 11:36am
Quoting Jcp
I have been trading in my mini account for a little while now with my new found J16 knowledge paired with my own way of trading. I am finding great results, which is a breath of fresh air for me. I have experienced very few losses and long strings of consecutive wins. I haven't had this level of consistency in the last year or so I've been trading Forex, and even in the last five years of stock trading, it takes some getting used to on an emotional level. I am not saying this to brag at all, I am bringing this up because it creates it's own emotional...
Hey Jacob

I am glad to hear about your new found success with J16. The way you take the j16 is ultimately yours. You can trade with a 90% win rate and go months without losses or small ones, or you can trade with a 60% win rate and still be very successful. We have all kinds of styles around these parts. I know you said you are on your mini account and doing well, but I would actually be very happy to see you hop back on to demo for the j16 minimum requirements and get your trading more structured before going live with it. I know the urge is to make money now and see with real $$ but I think it will do far greater to take it a bit slower(again ultimately it is your money). There are many success stories in here and just hang out and you will see them come alive through their charts

Have a great weekend
Mike
  • #58,096
  • Mar 12, 2010 11:37am Mar 12, 2010 11:37am
Kiss & Sir Mike - thanks.

Will chill with some Pinot for the weekend now!
  • #58,097
  • Mar 12, 2010 11:51am Mar 12, 2010 11:51am
Quoting benji533
Yes I do use reduced stops sometimes, only when there is a really good reason. It depends on the situation. But it would be based on hiding my stop behind some confluence, BRN etc. Most of the time on really big bars where I can "protect" my stop with bar highs|lows, round numbers etc. But it has nothing to do with the distance of the first trouble area. Hope that helps.

Ohh and just to make it clear. This is NOT a part of James16's principals. It's where you fits this stuff to your comfort zone and personal preferences.

Ben
Totally understand.

Thanks
  • #58,098
  • Mar 12, 2010 12:12pm Mar 12, 2010 12:12pm
Quoting snooptym
Here's a trade I had earlier this week that came back after I moved my stop to BE. I think I'm going to start taking 1/2 off at my BE level. That way I get a little bang for my buck.

What would you guys have said the quality of this trade to be? It looked to me like it had a few confluent factors with it.
BRN, 50% Fib. Pin Bar with the trend. The only thing I saw was it had a lot of traffic to move through. So maybe on this trade I should have just taken profit instead of looking for a runner.

I would say that the quailty of that setup is poor because it is not at a swing low. (bullish PB at swing lows). I understand your supporting confluences, which are good, so you were looking at this setup as a continuation setup. They can be a bit more risky and should be managed tightly (imo). As you did.

I think you traded it great. You moved your stop to break even after the 1st target hit. You got stopped out . .oh well . . next. Take half at the 1st target then move to break even is what James16 talks about all the time.

Great trade snoop, but be more picky on your setups and your outcomes will be better.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #58,099
  • Mar 12, 2010 12:15pm Mar 12, 2010 12:15pm
Quoting raczekfx
ha, ha... I have very good memory, but short perhaps..
Yep it's a huge RAM.

But get some ROM also.


.
  • #58,100
  • Mar 12, 2010 12:17pm Mar 12, 2010 12:17pm
Thanks for your thoughts LoveJoy and Mike

My order has not yet triggered because of my 20 pip buffer. It is so tempting to leave it on because of the double pin, but if it doesnt trigger I am still not sure how I will manage. Dont want to bend my rules of not taking a trade if it doesnt trigger within next bar.

Going to Jamaica next week and not sure I want to leave it on. Will not be checkin charts really. Thanks for your input. Will decide at 4pm lol(my broker close)




Quoting mbqb11
Ah the questions of a trade. Personally things look better then ever for the weekly pin, if I had a pending order i'd be leaving it(again if I was trading this bar), simply b/c even if you order triggers before friday at least your stop loss is real far off market, so not much to worry about. These are the situations only you know what to do though

Best
Mike
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