james16 Chart Thread | Page 3245 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #64,881
  • May 26, 2010 8:34pm May 26, 2010 8:34pm
Hello,

I am a newbie in this thread. I have a question about the free trade strategy.

When we moved our stop loss to BE, should we use a trailing stop or a fixed stop at our entry price?
  • #64,882
  • May 26, 2010 8:41pm May 26, 2010 8:41pm
Quoting bun888
Hello,

I am a newbie in this thread. I have a question about the free trade strategy.

When we moved our stop loss to BE, should we use a trailing stop or a fixed stop at our entry price?

The free trade strategy is not necessarily " a move to BE". Its a partial postional placement of trade that covers your risk where the worst outcome of your trade is a net zero loss.

I can show a chart if you like?
Indicators show the past. Price Action "Indicates" the future.
  • #64,883
  • May 26, 2010 8:43pm May 26, 2010 8:43pm
Quoting joshk

I've been playing online poker professionally for seven years now and I'm growing tired of it and would like to start transitioning into a different way of making a living.
You have come to the right place. Transitioning to this will be extremely easy for you, compared to almost all newbies.
Many choose unhappiness over uncertainty.
  • #64,884
  • May 26, 2010 8:45pm May 26, 2010 8:45pm
Quoting jarroo
The free trade strategy is not necessarily " a move to BE". Its a partial postional placement of trade that covers your risk where the worst outcome of your trade is a net zero loss.

I can show a chart if you like?
Hi jaroo,

Yes please, I would like to see an example.
Thanks for the reply.
  • #64,885
  • May 26, 2010 8:48pm May 26, 2010 8:48pm
Quoting bun888
Hi jaroo,

Yes please, I would like to see an example.
Thanks for the reply.
ok give me a minute.
Indicators show the past. Price Action "Indicates" the future.
  • #64,886
  • May 26, 2010 8:51pm May 26, 2010 8:51pm
Quoting mbqb11
Hey N

I think this is a bit risky as you are not even clearing the entire range or that top of the PPZ. I agree price is consolidating so it may pop, but IMO just buying at the top of that range is tricky. Now if the top of the range had multiple bar highs in a row(that lined up to the pip very close) then it would warrant more of a solid breakout play. I don't think have a TBL is enough in this type of scenario. There are easier ways to get into a play IMO.

Best
Mike
Mike,

Thanks for the input. Will be mindful of such setups.

Cheers,
Novice198
  • #64,887
  • May 26, 2010 8:58pm May 26, 2010 8:58pm
I've been viewing nothing lower than daily TFs lately and found no A+, which makes me think about this: J16 method is about PA with confluence, but does it lean more on reversal or continuation trades? Minus the historical top and the historical bottom, the only 2 extremes and true reversals, everything in between is in a trend one way or another, which is where 'the trend is your friend' comes from. The best of the best trades are of course to be able to pick a reversal in historical high and low but I'd have to wait far too long for only 1 of the 2 chances. Thus I have to pick the A+ in between these 2 extremes if I want to trade more often than just 1 trade in a year or maybe a few years. This makes me come to this conclusion: The less risky trades are often trend continuation trades as I'm trading with the trend, but since only reversals can provide me the best entries, I will need to find reversals from retracements that lets me follow the major trend (if no retracements, don't chase it, find another pair). This, combined with PA and confluences, will be the way I should be looking for trades. Veterans of this thread, do correct me if I'm wrong.
  • #64,888
  • May 26, 2010 9:02pm May 26, 2010 9:02pm
Quoting jarroo
ok give me a minute.
Okie, thanks
  • #64,889
  • May 26, 2010 9:02pm May 26, 2010 9:02pm
Quoting fxeturn
I've been viewing nothing lower than daily TFs lately and found no A+, which makes me think about this: J16 method is about PA with confluence, but does it lean more on reversal or continuation trades? Minus the historical top and the historical bottom, the only 2 extremes and true reversals, everything in between is in a trend one way or another, which is where 'the trend is your friend' comes from. The best of the best trades are of course to be able to pick a reversal in historical high and low but I'd have to wait far too long for only 1 of...
Hey FX

There is no best kind of trade. People often mistake pinbars as you said for we only go for a historical top or bottom. This is far from the case. The idea is simply to look for good bars at good locations. The locations are numerous. We want new traders to start with understanding the basics. That is a nice bar at a swing high or low in open space, thats b/c they are the easiest to decipher. But the locations of bars are very vast. You have pullbacks to former ranges/ppzs, double tops/bottoms, Simple pullback of a trend, breakout of ranges, and the list goes on and on. So j16 leads to all of the above and more then you probably realize. At the end of the day I personally look for GREAT bars, at even better locations. This is what makes me profitable.

All the best
Mike
  • #64,890
  • May 26, 2010 9:03pm May 26, 2010 9:03pm
Quoting bun888
Okie, thanks
it's been over 14 minutes, come on Jarroo!

Just playing! you are the best
  • #64,891
  • May 26, 2010 9:03pm May 26, 2010 9:03pm
Quoting bun888
Hi jaroo,

Yes please, I would like to see an example.
Thanks for the reply.
Here's a trade that I actually took. The 4 hour PB on the Gbp/Usd on Monday.

First off, looking at the Daily . . Price appears to be in a consolidation period prior to the setup. Consoldation areas can be somewhat predictable once they are established. This one looked good.

On the 4 hour, a PB is presented at the top of this consolidation area and its also with the big moves down that we have been having. Price is rejected by the 1.4500 (BRN) which is a strong Monthly, Weekly and Daily PPZ level. The size of the PB is not huge but not bad in my book.

Next post I'll get to the free trade, targets, etc.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp24daily.gif Size: 23 KB
Click to Enlarge Name: gbp244.gif Size: 25 KB
Indicators show the past. Price Action "Indicates" the future.
  • #64,892
  • May 26, 2010 9:03pm May 26, 2010 9:03pm
Quoting mbqb11
it's been over 14 minutes, come on Jarroo!

Just playing! you are the best
lol
Indicators show the past. Price Action "Indicates" the future.
  • #64,893
  • May 26, 2010 9:37pm May 26, 2010 9:37pm
Quoting mbqb11
Poker burned me out so bad man lol

I highly recommend sticking and going through this thread for a few months. THere is a ton to learn before you make a decision to come to the PF. It's all there too, but stick around here start going through this thread. It is a great way to get started(plus a ton more) and nice to see how everything came together too.

Best
Mike

PS I have seen an influx of poker burnouts recently! The games got so hard a few years ago, back when I played it was a joke compared to the grind now

Quote
transitioning into a different way of making a living. You have come to the right place. Transitioning to this will be extremely easy for you, compared to almost all newbies.

Thanks for the advice guys. I'll spend some time going through this thread and the rookie forum and go from there.

Cheers
  • #64,894
  • May 26, 2010 9:37pm May 26, 2010 9:37pm
Quoting jarroo
Next post I'll get to the free trade, targets, etc.

My targets are in green. The 1st target, which was the previous bar low also a 4 hour PPZ level, would be where my free trade would take place.


I took the entry 1.4449 and my intitial stop loss was above the 1.4500 at 1.4520.

Once Price hit that 1st target area which for me was +33 pips, I took half the position off and place the 2nd half
-33 pips away from my entry. My target for the 2nd half was a the bottom of the consolidation area on the Daily.

My 2nd target was hit at the bottom on consolidation, this usuall happens because I underestimate my targets by 10-20 pips.

So with the free trade you can have predetermined targets or I could have let this one go until it was stopped out. And/or place my S/L behide my targets or green area. You can leave your stop loss at the free trade position or move it to where you would like to take profits. But the bottom line is that you . . .will . . . . not . . . have . . . .a . . . LOSS.


Jim
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp244a.gif Size: 22 KB
Click to Enlarge Name: gbp244abc.gif Size: 31 KB
Indicators show the past. Price Action "Indicates" the future.
  • #64,895
  • May 26, 2010 9:48pm May 26, 2010 9:48pm
Alpari feed daily chart

GBPJPY

I16B straddling the 130.00 VBRN.
Many choose unhappiness over uncertainty.
  • #64,896
  • May 26, 2010 9:50pm May 26, 2010 9:50pm
Quoting mbqb11
Hey Fx

The whole grading system is tough b/c one persons C trade might be someone elses A+ trade.

This was a pinbar at a swing low. Size could be bigger in terms of fighting such a huge down trend, but it had a decent size. I would have preferred a stronger close over 70 personally. With that said we could see the first trouble area easily being at 71, so if managed correctly should prevent anything beyond a small loss(unless someone is trying to pick a bottom and hold and understands if it hits 71 and reverses they know why).

Best
Mike

Mike,

Nice explanation. From the little bit I have learnt in the past 10 days on this thread, I will "pass" this trade and wait for a "cleaner" setup.

Cheers,
Novice198
  • #64,897
  • May 26, 2010 9:54pm May 26, 2010 9:54pm
Quoting jarroo
My targets are in green. The 1st target, which was the previous bar low also a 4 hour PPZ level, would be where my free trade would take place.


I took the entry 1.4449 and my intitial stop loss was above the 1.4500 at 1.4520.

Once Price hit that 1st target area which for me was +33 pips, I took half the position off and place the 2nd half
-33 pips away from my entry. My target for the 2nd half was a the bottom of the consolidation area on the Daily.

My 2nd target was hit at the bottom on consolidation, this usuall happens because...
I appreciate the clinic
  • #64,898
  • May 26, 2010 9:56pm May 26, 2010 9:56pm
Quoting jarroo
My targets are in green. The 1st target, which was the previous bar low also a 4 hour PPZ level, would be where my free trade would take place.


I took the entry 1.4449 and my intitial stop loss was above the 1.4500 at 1.4520.

Once Price hit that 1st target area which for me was +33 pips, I took half the position off and place the 2nd half
-33 pips away from my entry. My target for the 2nd half was a the bottom of the consolidation area on the Daily.

My 2nd target was hit at the bottom on consolidation, this usuall happens...
Okay, I understand now.
Thanks so much, Jaroo.

bun888
  • #64,899
  • May 26, 2010 9:57pm May 26, 2010 9:57pm
Quoting Dan Gilbert
Alpari feed daily chart

GBPJPY

I16B straddling the 130.00 VBRN.
Hi Dan,

Can you pls clarify, what you are saying as I cannot understand.

Chers
Novice198
  • #64,900
  • May 26, 2010 10:04pm May 26, 2010 10:04pm
Hi guys, I'm having kinda weird moment trading PA. Since I've got some free times watching screen for last two weeks, I start demoing lower TF. Today looking back at the result, I am having much more successful trades trading lower TF H1 and H4, while my dailies fail miserably. I suspect this is due to current market condition? Any of you guys having same experience?
59 traders viewing now