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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

  • #62,001
  • Apr 27, 2010 10:47am Apr 27, 2010 10:47am
Quoting Dan Gilbert
It's the I4B straddling the 1.0000 we were discussing on USDCAD recently....

I was very hesitant on this one, BUT, I4B's that straddle very big round numbers fail very very very very rarely. Easily the best PA setup in J16.

counter trend risk 1%. And with just one trade, I almost have my weekly average goal of a 1% gain.


first target, move to B/E, second target T/P.
Took the same on my demo
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Market is like a puzzle, YOU have to fit the pieces!!
  • #62,002
  • Apr 27, 2010 10:49am Apr 27, 2010 10:49am
Quoting Dan Gilbert
counter trend risk 1%. And with just one trade, I almost have my weekly average goal of a 1% gain.
This really made my day. What a great trade. Congratulations!
Thanks J16, Sam Seiden, Udine and Jacko
  • #62,003
  • Apr 27, 2010 10:51am Apr 27, 2010 10:51am
And a daily scalp...near to TP
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Market is like a puzzle, YOU have to fit the pieces!!
  • #62,004
  • Apr 27, 2010 10:51am Apr 27, 2010 10:51am
Quoting Dan Gilbert
It's the I4B straddling the 1.0000 we were discussing on USDCAD recently....

I was very hesitant on this one, BUT, I4B's that straddle very big round numbers fail very very very very rarely. Easily the best PA setup in J16.

counter trend risk 1%. And with just one trade, I almost have my weekly average goal of a 1% gain.


first target, move to B/E, second target T/P.
very nice Dan, I see you've been digging these tiny bars deep.

I've never really gone into the IXB but I am lining this up for sure.

Great trade buddy.

g.
I believe . . .
  • #62,005
  • Apr 27, 2010 10:53am Apr 27, 2010 10:53am
Quoting ghous
very nice Dan, I see you've been digging these tiny bars deep.

I've never really gone into the IXB but I am lining this up for sure.

Great trade buddy.

g.
I was really thinking HARD on taking this one counter trend. It was a very difficult decision for me I'm not even going to lie lol. the thing is, that 1.000 is a huge RN, and I4Bs straddling these numbers are sooooo strong. I decided a 1% risk/tight management was key allowing me to not miss this opportunity.
Many choose unhappiness over uncertainty.
  • #62,006
  • Apr 27, 2010 10:55am Apr 27, 2010 10:55am
Quoting Chris_B
Small pin...great gain!!
Is it just me or are PBs with nearly equal open/close more reliable than other PBs?
Thanks J16, Sam Seiden, Udine and Jacko
  • #62,007
  • Apr 27, 2010 10:57am Apr 27, 2010 10:57am
Quoting HanSolo
Is it just me or are PBs with nearly equal open/close more reliable than other PBs?
I think you may ask this question to the "real" experts here...
Market is like a puzzle, YOU have to fit the pieces!!
  • #62,008
  • Apr 27, 2010 10:59am Apr 27, 2010 10:59am
Quoting Chris_B
Took the same on my demo
Nice work!
Many choose unhappiness over uncertainty.
  • #62,009
  • Apr 27, 2010 11:00am Apr 27, 2010 11:00am
Quoting Dan Gilbert
Nice work!
Thank you!! If all setups could work out like this...
Market is like a puzzle, YOU have to fit the pieces!!
  • #62,010
  • Apr 27, 2010 11:07am Apr 27, 2010 11:07am
Quoting Chris_B
Thank you!! If all setups could work out like this...
open a daily chart on audjpy, and look at the 80.00 round number, spot the i4bs that are straddling that round number, then look at the success rate.

AUDJPY i4b dates:

June 12, 2009
December 22, 2009
February 3, 2010
February 15, 2010
Many choose unhappiness over uncertainty.
  • #62,011
  • Edited 11:25am Apr 27, 2010 11:11am | Edited 11:25am
Quoting Dan Gilbert
It's the I4B straddling the 1.0000 we were discussing on USDCAD recently....

I was very hesitant on this one, BUT, I4B's that straddle very big round numbers fail very very very very rarely. Easily the best PA setup in J16.

counter trend risk 1%. And with just one trade, I almost have my weekly average goal of a 1% gain.


first target, move to B/E, second target T/P.
Well done. My straddle failed by one pip! I set the order to buy at 1.0038, which was exactly the high point before it fell back, hitting my trailing stop loss (just, the low was 1.0006, damn the spread!) set 30 pips behind. Then it shot off to make money!

Was my stop loss too close, or the order trigger level too low do you think?

At least it was just my demo account

BTW, does anyone know how long I'm stuck as a junior member with my posts being moderated? Edit - no longer it seems!
  • #62,012
  • Apr 27, 2010 11:27am Apr 27, 2010 11:27am
Quoting Daneel
Well done. My straddle failed by one pip! I set the order to buy at 1.0038, which was exactly the high point before it fell back, hitting my trailing stop loss (just, the low was 1.0006, damn the spread!) set 30 pips behind. Then it shot off to make money!

Was my stop loss too close, or the order trigger level too low do you think?

At least it was just my demo account

BTW, does anyone know how long I'm stuck as a junior member with my posts being moderated? Edit - no longer it seems!
Trailing stops is your management technique? (ie, no profit targets, no moving stop to B/E targets, etc)

there's some trade management techniques within this thread you will notice as you continue to study J16.

Also, in case you're unaware: http://www.james16group.us/Guests/guestmaterial.html
Many choose unhappiness over uncertainty.
  • #62,013
  • Apr 27, 2010 11:32am Apr 27, 2010 11:32am
Quoting Dan Gilbert
Trailing stops is your management technique? (ie, no profit targets, no moving stop to B/E targets, etc)

there's some trade management techniques within this thread you will notice as you continue to study J16.

Also, in case you're unaware: http://www.james16group.us/Guests/guestmaterial.html
wow didnt know of such a link. thanks
  • #62,014
  • Apr 27, 2010 11:33am Apr 27, 2010 11:33am
Quoting Dan Gilbert
Trailing stops is your management technique? (ie, no profit targets, no moving stop to B/E targets, etc)

there's some trade management techniques within this thread you will notice as you continue to study J16.

Also, in case you're unaware: http://www.james16group.us/Guests/guestmaterial.html
It is when I'm not at my computer yes. I work full time and I'm in London. That means my free time to trade is restricted to a brief peiod in the morning before I go to work, and off-peak hours (7pm-11pm GMT). I can access my trades through the web but I can't count on that during the day as I might be in meetings etc.

Is this going to make trading akin to trying to juggle with one hand tied behind my back?

Should I only be trading in the evening? That would managing trades on longer time frames more difficult I'd think.

I was linked to that early today, thanks. I'll be taking a look this evening.
  • #62,015
  • Apr 27, 2010 11:37am Apr 27, 2010 11:37am
So much for tightening stops too early ... out at BE and then this
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  • #62,016
  • Apr 27, 2010 11:38am Apr 27, 2010 11:38am
Quoting Daneel
It is when I'm not at my computer yes. I work full time and I'm in London. That means my free time to trade is restricted to a brief peiod in the morning before I go to work, and off-peak hours (7pm-11pm GMT) which I've been warned against doing. I can access my trades through the web but I can't count on that as I might be in meetings etc.

Is this going to make trading akin to trying to juggle with one hand tied behind my back?

I was linked to that early today, thanks. I'll be taking a look this evening.
I use this EA for every live trade I take:
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Attached File(s)
File Type: ex4 J16Manager(2).ex4   6 KB | 1,109 downloads
Many choose unhappiness over uncertainty.
  • #62,017
  • Apr 27, 2010 11:42am Apr 27, 2010 11:42am
Thanks for that Dan. Unfortuately, I'm using a spreadbetting platform rather than something like MT4 for tax reasons. I'm not sure if I have any way to automate my trading as you do, but I'll look into it.
  • #62,018
  • Apr 27, 2010 11:45am Apr 27, 2010 11:45am
Quoting Daneel
Thanks for that Dan. Unfortuately, I'm using a spreadbetting platform rather than something like MT4 for tax reasons. I'm not sure if I have any way to automate my trading as you do, but I'll look into it.
ah..... I see.

I don't know what I would do without that j16 manager to be honest. That thing allows me to sleep at night, and happily leave my trades open while I'm out during the day.
Many choose unhappiness over uncertainty.
  • #62,019
  • Apr 27, 2010 12:41pm Apr 27, 2010 12:41pm
those who do the quick to b/e game still could have killed it on this one.

First trouble area is 86.50 and a smaller pin like that IMO you must do something at that point if at the least move your stop above the high of the current bar(this is what I talked about yest in my webinar). If you catch the runner you catch it, but like James says we don't just hope anymore with these types of bars.

Nice pips for those who took it congrats

Mike
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  • #62,020
  • Apr 27, 2010 12:52pm Apr 27, 2010 12:52pm
Quoting mbqb11
those who do the quick to b/e game still could have killed it on this one.

First trouble area is 86.50 and a smaller pin like that IMO you must do something at that point if at the least move your stop above the high of the current bar(this is what I talked about yest in my webinar). If you catch the runner you catch it, but like James says we don't just hope anymore with these types of bars.

Nice pips for those who took it congrats

Mike
I took it and then I talked myself out of it at -2 pips.
Ohhh well.
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