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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

  • #64,901
  • Edited 10:17pm May 26, 2010 10:05pm | Edited 10:17pm
Quoting bun888
Okay, I understand now.
Thanks so much, Jaroo.

bun888
No problem bun.

One of the cons of the free trade is that it would have been nice to have a full position for 173 pips instead of just a half position. Meaning just place your S/L above the PB and set your target.

But what I like about it is that you can set the free trade and go to work and not wonder if I'm lossing money or not. You will get many zero net results which really depends on the quality of the setup.
Indicators show the past. Price Action "Indicates" the future.
  • #64,902
  • May 26, 2010 10:08pm May 26, 2010 10:08pm
Quoting novice198
Hi Dan,

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

Chers
Novice198
I16B= Inside16Bar

an inside bar that has a high and low range smaller than the previous 16 bars.
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Many choose unhappiness over uncertainty.
  • #64,903
  • May 26, 2010 10:09pm May 26, 2010 10:09pm
Quoting Atc
I appreciate the clinic

lol Thanks Atc.

Check out the this 8 hour Eur/Chf. I wish I had taken it.

Even though this gets alot on intervention its nice to know Price tends to behave properly . . . . most of the time.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,904
  • May 26, 2010 10:24pm May 26, 2010 10:24pm
Quoting Dan Gilbert
Alpari feed daily chart
GBPJPY
I16B straddling the 130.00 VBRN.
on fxdd demo & fxpro live,
it's an I22B


Quoting Dan Gilbert
I16B= Inside16Bar
an inside bar that has a high and low range smaller than the previous 16 bars.
make that previous 15 bars (15 bars + the IB/current bar)
  • #64,905
  • May 26, 2010 10:30pm May 26, 2010 10:30pm
Quoting Atc
I appreciate the clinic
clinic is open daily.
...has been open since 2005
  • #64,906
  • May 26, 2010 10:42pm May 26, 2010 10:42pm
Quoting supremeChaos

make that previous 15 bars (15 bars + the IB/current bar)
I'm bad counter
Many choose unhappiness over uncertainty.
  • #64,907
  • May 26, 2010 10:43pm May 26, 2010 10:43pm
Quoting supremeChaos
clinic is open daily.
...has been open since 2005

I don't think in 2005 the clinic was open lol . . .I couldn't trade my way out of a paper bag 2005.
Indicators show the past. Price Action "Indicates" the future.
  • #64,908
  • May 26, 2010 10:46pm May 26, 2010 10:46pm
Quoting supremeChaos
on fxdd demo & fxpro live,
it's an I22B



make that previous 15 bars (15 bars + the IB/current bar)
actually it's an i17b..... lol I'm so used to referring to them as I4B, that I don't even know after it gets past that....
Many choose unhappiness over uncertainty.
  • #64,909
  • May 26, 2010 10:54pm May 26, 2010 10:54pm
Quick non trading question.

What does the "16" stand for in James 16?

Did Jim initially discover 16 candle patterns or something, or is my mind working overtime again?
  • #64,910
  • May 26, 2010 10:54pm May 26, 2010 10:54pm
Quoting jarroo
I don't think in 2005 the clinic was open lol . . .I couldn't trade my way out of a paper bag 2005.
ok...
clinic was open circa 2005/2006
(during that time, i had charts with 5 - 15 indicators, while watching&trading for +/- 10 - 24 hours )
  • #64,911
  • May 26, 2010 10:56pm May 26, 2010 10:56pm
Quoting Pinbar
Quick non trading question.

What does the "16" stand for in James 16?

Did Jim initially discover 16 candle patterns or something, or is my mind working overtime again?
He named it after the I16B, which he later realized he mis-counted, but it was too late, and he already made his account here.
Many choose unhappiness over uncertainty.
  • #64,912
  • May 26, 2010 10:57pm May 26, 2010 10:57pm
Quoting Pinbar
Quick non trading question.

What does the "16" stand for in James 16?

Did Jim initially discover 16 candle patterns or something, or is my mind working overtime again?

He was a big fan of the series James at 16.

No just kidding lol . . .I think it was just a random selection.
Indicators show the past. Price Action "Indicates" the future.
  • #64,913
  • May 26, 2010 10:58pm May 26, 2010 10:58pm
Quoting supremeChaos
ok...
clinic was open circa 2005/2006
(during that time, i had charts with 5 - 15 indicators, while watching&trading for +/- 10 - 24 hours )

Something like that sChaos . . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #64,914
  • May 26, 2010 11:02pm May 26, 2010 11:02pm
I see. Even though I have no idea what that series was.


Quick PA question.


Often at a high or low, I see opposing PB or hammers, is this indicative of indecision and a power struggle going on?
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  • #64,915
  • May 26, 2010 11:02pm May 26, 2010 11:02pm
Quoting nuclear62
Hey everyone
I have noticed my losses are about 70% made on Daily. I´m feeling stupid. ....
how small is your account?
can it get any smaller than mine?lol

im stupid-er.
i only recently opened an Oanda (my second) account.(im very late to the Oanda party, should've done so 2-3 years earlier)
it's a breath of fresh air:
i can now trade any higher timeframe (i have been restricted to do so before, due to the size of my account); lesser stress; good/correct position sizing (just like what Mike & other people mention here)

u should try Oanda/Oanda-like brokers (for optimal position sizing).
btw, imho a 100-pip stop is too rigid, considering every trade setup is unique.
  • #64,916
  • May 26, 2010 11:03pm May 26, 2010 11:03pm
Quoting supremeChaos
how small is your account?
can it get any smaller than mine?lol

im stupid-er.
i only recently opened an Oanda (my second) account.(im very late to the Oanda party, should've done 2-3 years earlier)
it's a breath of fresh air:
i can now trade any higher timeframe (i have been restricted to do so before, due to the size of my account); lesser stress; good/correct position sizing (just like what Mike & other people mention here)

u should try Oanda/Oanda-like brokers (for optimal position sizing).
btw, imho a 100-pip stop is too rigid,...


OANDA allows 0.01 lots?
  • #64,917
  • May 26, 2010 11:09pm May 26, 2010 11:09pm
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...
Nice one Jaroo!
One question, did you execute your plan the moment you place your stop sell in an EA? Or did you execute it only after your order is filled in which you then follow it like a hawk waiting for the moment to move SL?
What I am really asking is, in terms of trading with MT4, if there a robot you use to put your plan in place WHILE putting a stop sell order?
I would be interested to know if there is one because many times I don't want to stay up to follow the price movement (to manage it afterwards) after I have placed my pending orders.

Thanks.

CY
  • #64,918
  • May 26, 2010 11:10pm May 26, 2010 11:10pm
Pinbar,
in Oanda, u can trade as low as 1 unit. very flexible.
see here & here.

Oanda FAQs
  • #64,919
  • May 26, 2010 11:14pm May 26, 2010 11:14pm
Quoting Dan Gilbert
actually it's an i17b..... lol I'm so used to referring to them as I4B, that I don't even know after it gets past that....
I am short on this one. Waiting to enter at the break of IB4 (or IB17 whatever ). TP = 128. Hopefully you are long on this because given the fact you are 80% wrong all the time as you unabashedly admitted, I've got a pretty good chance making some pips...............
  • #64,920
  • May 26, 2010 11:14pm May 26, 2010 11:14pm
Quoting ertorque
Nice one Jaroo!
One question, did you execute your plan the moment you place your stop sell in an EA? Or did you execute it only after your order is filled in which you then follow it like a hawk waiting for the moment to move SL?
What I am really asking is, in terms of trading with MT4, if there a robot you use to put your plan in place WHILE putting a stop sell order?
I would be interested to know if there is one because many times I don't want to stay up to follow the price movement (to manage it afterwards) after I have placed my pending orders....
I didn't use a EA. I manually executed the position(s). I don't know if a program exists to do that.
Indicators show the past. Price Action "Indicates" the future.
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