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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

  • #61,321
  • Apr 20, 2010 2:45am Apr 20, 2010 2:45am
Quoting Chris_B
This is my daily scalp for tonight.... let's see how it goes..
Goood morning!!

My USDCAD scalp trade has missed the TP just for 2 pips...so I've closed manually with +16 pips (TP was +24)....i don't want to risk a drawdown.

I know that for many people these little trades with a few pips are not worth... but let me tell you that with a decent account these are "gold trades", the first trouble area is hit more than 90% of the time, and if you manage to move the stop to BE (or BE+1) when price is near to your TP, you can have a very good hit rate and a very good R:R.

But it's just me...applying the basics teached by James16...
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Market is like a puzzle, YOU have to fit the pieces!!
  • #61,322
  • Apr 20, 2010 2:48am Apr 20, 2010 2:48am
Quoting skinfx
I skip this because the PB open and close is not within the previous bar low (left eye).
need to read about these pbs by proxy. everything looked great except the open of the pb but isnt it just because of broker hours, so why is it that relevant?
  • #61,323
  • Apr 20, 2010 2:54am Apr 20, 2010 2:54am
I always hear Jim's words echoing in the back of my head... Never let a winner turn into a loser. I'm always very happy to get 20-30ps rather than have it miss my target and settle in towards a BE. The market doesn't know who I am or what my self-imposed Take-Profit level is.

Regards,
Eric.
" Be always employed in something useful." - Benjamin Franklin
  • #61,324
  • Apr 20, 2010 2:54am Apr 20, 2010 2:54am
Quoting skinfx
I skip this because the PB open and close is not within the previous bar low (left eye).

Quoting Scotty2Cues
need to read about these pbs by proxy. everything looked great except the open of the pb but isnt it just because of broker hours, so why is it that relevant?

You are right. It was not structurally correct on many feeds. But if you look at other feeds Price went as low as .9200 over the weekend so this incomplete data on other feeds would show that the PB was within the previous bar.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,325
  • Apr 20, 2010 2:56am Apr 20, 2010 2:56am
usdcad looking good? sell order hit at 1.01290 heading for FTA on a 38 fib.

didnt hink demoing would be so much fun
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  • #61,326
  • Apr 20, 2010 2:58am Apr 20, 2010 2:58am
Quoting Scotty2Cues
usdcad looking good? sell order hit at 1.01290 heading for FTA on a 38 fib.

didnt hink demoing would be so much fun
Mine is already at B/E (live account).

I normally don't like getting to b/e so fast, but this trade fits the bill for me to do so.


so I did
Many choose unhappiness over uncertainty.
  • #61,327
  • Apr 20, 2010 2:59am Apr 20, 2010 2:59am
Quoting jarroo
You are right. It was not structurally correct on many feeds. But if you look at other feeds Price went as low as .9200 over the weekend so this incomplete data on other feeds would show that the PB was within the previous bar.
thanks jarroo.

Is it very risky to assume that without looking at other feeds, i sort of justified it (hoped it, willed it) to be, i mean what would be the worst case
  • #61,328
  • Apr 20, 2010 3:02am Apr 20, 2010 3:02am
Quoting Dan Gilbert
Mine is already at B/E (live account).

I normally don't like getting to b/e so fast, but this trade fits the bill for me to do so.


so I did
whats your plan at the FTA?
  • #61,329
  • Apr 20, 2010 3:06am Apr 20, 2010 3:06am
Quoting Scotty2Cues
whats your plan at the FTA?
well technically it already hit the FTA (stop at B/E). I'm closing up full @ see pic:
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Many choose unhappiness over uncertainty.
  • #61,330
  • Apr 20, 2010 3:06am Apr 20, 2010 3:06am
Quoting Scotty2Cues
thanks jarroo.

Is it very risky to assume that without looking at other feeds, i sort of justified it (hoped it, willed it) to be, i mean what would be the worst case
Structure is very important to a picky J16 trader, as well it should be. Search out "PBs by proxy" on this thread, its just a way to justify this type of situation with the Open or Close of a PB. But it is not a end-all
be-all type of thing. Other more important factors must be in play like size, location, confluences, etc.
Indicators show the past. Price Action "Indicates" the future.
  • #61,331
  • Apr 20, 2010 3:13am Apr 20, 2010 3:13am
Quoting Chris_B
Goood morning!!

My USDCAD scalp trade has missed the TP just for 2 pips...so I've closed manually with +16 pips (TP was +24)....i don't want to risk a drawdown.

I know that for many people these little trades with a few pips are not worth... but let me tell you that with a decent account these are "gold trades", the first trouble area is hit more than 90% of the time, and if you manage to move the stop to BE (or BE+1) when price is near to your TP, you can have a very good hit rate and a very good R:R.

But it's just me...applying the basics...

Well done and well said Chris B.
Indicators show the past. Price Action "Indicates" the future.
  • #61,332
  • Apr 20, 2010 3:13am Apr 20, 2010 3:13am
ok guys I'm going to bed lol.

I had an amazing day of studying today.

Keep up the good work, this is the best thread of all time on the internet.
Many choose unhappiness over uncertainty.
  • #61,333
  • Apr 20, 2010 3:14am Apr 20, 2010 3:14am
Quoting cougar73
I always hear Jim's words echoing in the back of my head... Never let a winner turn into a loser. I'm always very happy to get 20-30ps rather than have it miss my target and settle in towards a BE. The market doesn't know who I am or what my self-imposed Take-Profit level is.

Regards,
Eric.

Very nice . . . . Eric.

(who was that masked man . . .)
Indicators show the past. Price Action "Indicates" the future.
  • #61,334
  • Apr 20, 2010 3:22am Apr 20, 2010 3:22am
Quoting jarroo
You are right. It was not structurally correct on many feeds. But if you look at other feeds Price went as low as .9200 over the weekend so this incomplete data on other feeds would show that the PB was within the previous bar.
thanks jim.

But i got another question on usdcad, i see quite a number of ppl choose 1.0100 as FTA. so is it because of RN or is it because the bar high of April 8 (fx pro chart). And btw, is the chart for FXCM time zone same as fx pro?

Thanks,
skin
  • #61,335
  • Apr 20, 2010 3:34am Apr 20, 2010 3:34am
Quoting skinfx
thanks jim.

But i got another question on usdcad, i see quite a number of ppl choose 1.0100 as FTA. so is it because of RN or is it because the bar high of April 8 (fx pro chart). And btw, is the chart for FXCM time zone same as fx pro?

Thanks,
skin
Not only because its a RN but its also a PPZ level on the Daily. Is it exactly 1.0100, no because it an area or zone that's why like to put the "ish" at end of these areas; 1.0100ish.

Bundy will like this PPZ level on the line chart at the Close, as I did.

No, the time zone is different than Fxpro, I think they are a bit later.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,336
  • Apr 20, 2010 3:51am Apr 20, 2010 3:51am
Hi All,

I am a newbie in trading, and wanting to learn more on James16 method.

Just saw a Pin Bar formed on the daily chart, and thinking of buying in on 1.3490 and TP on 1.3540.

Do you think this is a legit move on james16 method. Please give your advice. I am willing to learn..
  • #61,337
  • Apr 20, 2010 4:08am Apr 20, 2010 4:08am
Quoting Egoman
. Please give your advice. I am willing to learn..
Don't do the trade on the James16 strategy until you have read at least some of the thread. From your post it's clear you haven't done much studying of it, yet. But if you are willing to learn the sky's the limnit.
Gone to a better place
  • #61,338
  • Apr 20, 2010 4:12am Apr 20, 2010 4:12am
Egoman,
why 1.3490? got a chart?
like Sir smikester's said, do a lot of reading if u are really serious at succeeding in this business.
Good luck!
  • #61,339
  • Apr 20, 2010 4:21am Apr 20, 2010 4:21am
Quite a number of Pairs have already hit their first trouble area if you look all over the place.....so quick bucks and onto the next for those who take full profit at first trouble are............or for the risk averse....move to B/E..........good one Chris & Dan...........cheers...........

Waiting for 4-hr close on EURCAD & EURAUD.......interesting PBs......
  • #61,340
  • Apr 20, 2010 4:24am Apr 20, 2010 4:24am
Quoting supremeChaos
Egoman,
why 1.3490? got a chart?
I hope the chart can explain in more detail.

Please advice. Thank you.
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