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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

  • #58,101
  • Mar 12, 2010 10:25am Mar 12, 2010 10:25am
Thanks for the evaluating my trade, Jarroo. It's nice to hear some constructive comments. I'll keep at it.
  • #58,102
  • Mar 12, 2010 10:26am Mar 12, 2010 10:26am
Quoting takingthepip
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...
Good for you TTP. Let us know how your doing from time to time, a chart or two.

Indicators show the past. Price Action "Indicates" the future.
  • #58,103
  • Mar 12, 2010 10:30am Mar 12, 2010 10:30am
Quoting snooptym
Thanks for the evaluating my trade, Jarroo. It's nice to hear some constructive comments. I'll keep at it.
Nothing wrong with a break even trade my friend.

TiaForex's signature from James16 comes to mind. Many things can be taken from it.

"The ultimate edge in trading is when a traders "use" of breakeven overpowers and conquers the "use" of hope." James16
Indicators show the past. Price Action "Indicates" the future.
  • #58,104
  • Mar 12, 2010 10:47am Mar 12, 2010 10:47am
That is a great signature. Ha!

So how do you handle a setup like the one on the GBPAUD where the pair has been trending down for a long time. It's at a swing low but there is no previous price action in which to gather a ton of confluence from. Other than Pin bar and a BRN. What other things would you look for in a case like this?

I realize it's not quite a pin bar but it's close. Would you wait for a retracement to the 50% level and then start looking for trades?

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  • #58,105
  • Mar 12, 2010 11:04am Mar 12, 2010 11:04am
Quoting jarroo
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.



edit: Oh you enter at 1.5043 I thought it was 1.50043 , sorry.
I've entered just below weekly PP and my initial SL was @ 1.50130.

I'm pretty happy how this trade turned out since it's my first pb trade )

I'm thinking of holding on to the remaining position and see where it takes me. My current SL @ 1.51432 so even if it hits it i will be +100 pips on this position. yay! )
  • #58,106
  • Mar 12, 2010 11:04am Mar 12, 2010 11:04am
Quoting NosferatuMan
Totally understand.

Thanks
By the way just in case it wasn't clear. I didn't take all of these trades. I stick to the "A category" of my own book. But watching how even the so so setups rarely fail is always cool cause you know what's gonna happen when you stick to the best ones.
When you have a huge account you really don't need more than that
  • #58,107
  • Mar 12, 2010 11:05am Mar 12, 2010 11:05am
Quoting snooptym
That is a great signature. Ha!

So how do you handle a setup like the one on the GBPAUD where the pair has been trending down for a long time. It's at a swing low but there is no previous price action in which to gather a ton of confluence from. Other than Pin bar and a BRN. What other things would you look for in a case like this?

I realize it's not quite a pin bar but it's close. Would you wait for a retracement to the 50% level and then start looking for trades?
SIZE. The bigger size of the PA with the BRN would be what I would be looking for to counter that big move down. Also, a consolidation area at that level to see if Price is turning over and changing trend.

The current PB , although not strucurally sound, is too small but worked out nice. Not a bad break too. But since we are picky, we just let it pass and say to ourselves that PA rules and wait for a setup that meets our criteria because we know it works.
Indicators show the past. Price Action "Indicates" the future.
  • #58,108
  • Mar 12, 2010 11:12am Mar 12, 2010 11:12am
Great advice Jarroo. I really appreciate you taking the time to answer my newbie questions. I think I have a ways to go to start identifying the really good trades. But I'm really excited for what the future holds. I've learned more in the past 3 weeks at this site than I have in the past three years trying to learn this business. Thanks again for all your help.
  • #58,109
  • Mar 12, 2010 11:21am Mar 12, 2010 11:21am
Quoting snooptym
Great advice Jarroo. I really appreciate you taking the time to answer my newbie questions. I think I have a ways to go to start identifying the really good trades. But I'm really excited for what the future holds. I've learned more in the past 3 weeks at this site than I have in the past three years trying to learn this business. Thanks again for all your help.

No problem snoop.

Check out every chart that James16 has posted here and his videos. Mike's (mbqb11) too. Veiw them daily. This will help you identify the good ones.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #58,110
  • Mar 12, 2010 11:43am Mar 12, 2010 11:43am
Quoting g_j_hook@yah
yep i stand well warned on this one!!!,how did you do on this Jarroo?? did you go short??
im short on the break of the pin on my demo, gonna let it run. trying to get used to holding much MUCH longer than i am doin with my real account.
bty its amazing how you DO ge used to it, a week is nothing for me now!! lol

Thanx for this one Mike, nobody puts thing down like you do!
well off to my real job
cheers

jon

No . . I missed it. She is a beauty. Notice the confluence of the 61. fib and support level (which then acted as resistance). A nice Rac-man entry, indeed.
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Indicators show the past. Price Action "Indicates" the future.
  • #58,111
  • Mar 12, 2010 12:35pm Mar 12, 2010 12:35pm
Quoting jarroo
Good for you TTP. Let us know how your doing from time to time, a chart or two.

Thanks Jarroo. I'll try to post all my trades from this point on.

Have a good weekend, everyone.

- TTP -
  • #58,112
  • Mar 12, 2010 12:44pm Mar 12, 2010 12:44pm
Quoting jarroo
No . . I missed it. She is a beauty. Notice the confluence of the 61. fib and support level (which then acted as resistance). A nice Rac-man entry, indeed.
shiiiish!!! since monday ...lol
have a lovely weekend guys
btw: anybody take the gold 4hr rac attack....it was a pretty fast approx 4R for me (good for the demo acc)
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Simplicity is the key to success
  • #58,113
  • Mar 12, 2010 1:20pm Mar 12, 2010 1:20pm
Been thinking this over, and just wondered what many of you have experience regarding slippage.

We often see price goes to where it is supposed to, often even to the pip, and that is impressive.

But in reality, at times there is slippage. News events can push spreads to 10, 20, even 30 pips, preventing a profit from being taken.

Slippage on the Stop Loss can be handled by placing the stop loss on the opposite side of the PA bar. If price gets that far away, even with slippage, it seems fine to accept the stop loss. That is what it was there for.

How do you guys handle this?

If your TP is 1.2550, do you set your TP to 1.2540 or 1.2545, in case of slippage.

Do you ignore it, and feel if it prevents you from taking profit, it is just part of the business?

Just wondering how many of you handle this.

Thank you,

T.J.
  • #58,114
  • Mar 12, 2010 1:36pm Mar 12, 2010 1:36pm
Quoting unlv_tj
Been thinking this over,

If your TP is 1.2550, do you set your TP to 1.2540 or 1.2545, in case of slippage.

Do you ignore it, and feel if it prevents you from taking profit, it is just part of the business?

Just wondering how many of you handle this.

Thank you,

T.J.
Hey T.J.,

Personally I always undershoot my targets, which means if the chart says it should bounce at .2550, I'm probably going to be out around .2540. It just isn't worth the risk of it not making it to my target if I'm not near my computer. If your broker really slips your orders very much, you should get new broker (of course spreads should widen around nfp, etc.) I use OANDA and have never had anything to complain about, I pretty much always get the prices I asked for on my limit orders.

Lowballing the targets is more about the price not always hitting them to the pip, and for me doesn't have to do with slippage.

Hope this helps!

Regards,

Cory
  • #58,115
  • Mar 12, 2010 1:45pm Mar 12, 2010 1:45pm
Holy crap I just figured out how to forward my gmail emails to my phone via text message.... I thought you needed 3g to get email to your phone....

mind=blown

http://www.gifbin.com/bin/1238157980..._explosion.gif
Many choose unhappiness over uncertainty.
  • #58,116
  • Mar 12, 2010 1:49pm Mar 12, 2010 1:49pm
Quoting jarroo
No . . I missed it. She is a beauty. Notice the confluence of the 61. fib and support level (which then acted as resistance). A nice Rac-man entry, indeed.
I demo'd this rac trade.
Attached Image
Many choose unhappiness over uncertainty.
  • #58,117
  • Mar 12, 2010 1:53pm Mar 12, 2010 1:53pm
Quoting unlv_tj
Been thinking this over, and just wondered what many of you have experience regarding slippage.

We often see price goes to where it is supposed to, often even to the pip, and that is impressive.

But in reality, at times there is slippage....
Slippage ends up becoming cost of business. It is bound to happen to everyone at some point. For my buy stop entries I set bounds on my entries(whatever you want to set), so if spread widens huge it will cancel my order(In fact this happened on my aud/nzd, and then I simply re put my order in when it settled down). For take profits usually its one of those things if it hit the price but didn't pick up my order I close out immediately and next price I can. Stops, I am fine with the slippage so as to not incur additional losses(so my stops are always of the market).

Best
Mike
  • #58,118
  • Mar 12, 2010 2:34pm Mar 12, 2010 2:34pm
Quoting jarroo
No . . I missed it. She is a beauty. Notice the confluence of the 61. fib and support level (which then acted as resistance). A nice Rac-man entry, indeed.
hi Jarroo, thanx and im glad you brought this up. when the swing high/low is fairly small and the PA bar goes right through 2 or 3 fib ,levels do you still take that as serious as any other??i.e a bar which forms at the end of a longer swing h/l and is easily contained within one fib level. to me sometimes it seems too unevitable that the bar will pass through/to a level or stop near by that level andsometimes i lose confidence in the signal.what i tend to do is go down a frame or 2 and see price did at those levels to try and see if they are still being respected. i was wondering if you , or anybody,has any ideas about this??
i hope i have explained myself peoperly??

cheers

jon
PATIENCE... DISCIPLINE
  • #58,119
  • Mar 12, 2010 2:40pm Mar 12, 2010 2:40pm
I know this thread is not a signal service, so I'm just going to say two things right now.

1. EURUSD

2. buy-limit



that is all
Many choose unhappiness over uncertainty.
  • #58,120
  • Mar 12, 2010 5:29pm Mar 12, 2010 5:29pm
Quoting Dan Gilbert
Holy crap I just figured out how to forward my gmail emails to my phone via text message.... I thought you needed 3g to get email to your phone....

mind=blown

http://www.gifbin.com/bin/1238157980..._explosion.gif
I want Dan
please do share
cheers
Simplicity is the key to success
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