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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

  • #72,141
  • Aug 18, 2010 9:52pm Aug 18, 2010 9:52pm
Got a couple of IB on the Daily. Bet Dans drooling.

Here's my favorite, any comments?
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  • #72,142
  • Aug 18, 2010 9:54pm Aug 18, 2010 9:54pm
Quoting pipmyride
This is a good lesson in ALWAYS assessing your Risk:Reward ratio before u take a trade. If your rewards is not at the very least 2 times your risk you are going to hurt yourself in the long run.

There's been some debate on that here in the past. A good setup trumps everything in my book.
  • #72,143
  • Aug 18, 2010 10:07pm Aug 18, 2010 10:07pm
Quoting spookie94
Got a couple of IB on the Daily. Bet Dans drooling.

Here's my favorite, any comments?

A closer look at this one: It already had a break on an IB a couple of bars ago on the same BRN. Is it still a good play? More room on the down side and with the trend. DAN where are you??????
  • #72,144
  • Aug 18, 2010 10:30pm Aug 18, 2010 10:30pm
Quoting Pinbar
Well, I think that is your problem....the FTA needs to be drawn on higher TF.

Jarroo, is using the weekly candles for FTA even on H4, and notice how price bounced off the daily FTA I drew on the daily chart.
This is the benefit of having a wonderful discussion thread. I am finding a lot of mistakes that I couldn't find few hours ago. Thanks guys.
  • #72,145
  • Aug 18, 2010 11:33pm Aug 18, 2010 11:33pm
Cons: Little bit consolidation
Bar size is just ok


Pros: Swing Low
Closed above 75
Tested BRN 74
PB at deep retracement (Between 61 & 76)

Thoughts ?
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  • #72,146
  • Aug 19, 2010 12:50am Aug 19, 2010 12:50am
Quoting pipmyride
This is a good lesson in ALWAYS assessing your Risk:Reward ratio before u take a trade. If your rewards is not at the very least 2 times your risk you are going to hurt yourself in the long run.
This is NOT how James teaches.
  • #72,147
  • Aug 19, 2010 1:10am Aug 19, 2010 1:10am
Quoting pipmyride
This is a good lesson in ALWAYS assessing your Risk:Reward ratio before u take a trade. If your rewards is not at the very least 2 times your risk you are going to hurt yourself in the long run.
You will only hurt yourself if you have a low win rate.

If the setup is good enough it will 90% of the time get to FTA...it's up to you how you manage a trade after that, but always shooting for at least 2R is in itself a recipe for failure over the long term...trade the setup not random number targets.
  • #72,148
  • Aug 19, 2010 1:13am Aug 19, 2010 1:13am
Quoting pipmyride
This is a good lesson in ALWAYS assessing your Risk:Reward ratio before u take a trade. If your rewards is not at the very least 2 times your risk you are going to hurt yourself in the long run.

Quoting fxprocessor
This is NOT how James teaches.

Hey pmr, you might have missed these posts from Mike and James16:


http://www.forexfactory.com/showpost...ostcount=70154


http://www.forexfactory.com/showpost...ostcount=70155
Indicators show the past. Price Action "Indicates" the future.
  • #72,149
  • Aug 19, 2010 1:17am Aug 19, 2010 1:17am
Quoting The Lord
A game of probability for sure. Losses may happen. Anyway, only one loss so far this month. Still happy.
Lord, and how many winners this month?
  • #72,150
  • Aug 19, 2010 1:22am Aug 19, 2010 1:22am
Quoting jarroo
Hey pmr, you might have missed these posts from Mike and James16:


http://www.forexfactory.com/showpost...ostcount=70154


http://www.forexfactory.com/showpost...ostcount=70155
Thx J .. however i will kindly disagree (but we wont open up that can of worms again then)
  • #72,151
  • Aug 19, 2010 1:24am Aug 19, 2010 1:24am
Quoting pipmyride
Thx J .. however i will kindly disagree (but we wont open up that can of worms again then)

lol I understand . . .I just thought I would point out their can of worms. I didn't know if you saw it or not. Cool.
Indicators show the past. Price Action "Indicates" the future.
  • #72,152
  • Aug 19, 2010 1:25am Aug 19, 2010 1:25am
Quoting Adilius07
Lord, and how many winners this month?
Altogether 7 winners so far. I have started my journal from August 12 to keep track of my results. Here's my journal.
  • #72,153
  • Aug 19, 2010 1:25am Aug 19, 2010 1:25am
Quoting cprao
Cons: Little bit consolidation
Bar size is just ok


Pros: Swing Low
Closed above 75
Tested BRN 74
PB at deep retracement (Between 61 & 76)

Thoughts ?
cprao, this setup has been discussed in short here:
http://www.forexfactory.com/showpost...ostcount=72101
and the next post
meine augen sind die sterne
  • #72,154
  • Aug 19, 2010 1:37am Aug 19, 2010 1:37am
Done my back in here with sleeping in the air conditioning in these 40C temps we have had recently. So, I am popping in and out and don't really have the concentration to trade. Just watching the videos and reading the J16 stuff again.

I just read the posts in the links Jarroo posted and while it seems the R&R has been shot down, I wonder how this relates to the FTA.

I mean, if the FTA is 5 pips away and we have a 50 pip SL we would obviously not consider taking the trade, right.

In this sense, this is also a RR ratio, is it not?

Sorry to confuse matters but the FTA seems to be linked to the RR ratio which I have just read means nothing.
  • #72,155
  • Aug 19, 2010 2:04am Aug 19, 2010 2:04am
Quoting jarroo
I missed this one on the Eur/Cad.

4 Hour BEOB at and through the 1.3350. Engulfing many bars, the close below the 1.3350.

What would have gave me confirmation or confidence to take this setup was that the Weekly Bar closed below the 1.3350. Support turning into Resistance.
Hi Jaroo

Ref this post on EU/CAD (seems a long time back - this thread is fast!). Been looking at this from weekly DBHLC(?) off 1.35 - reckon a reasonably clear run to 1.3?

Thanks

J
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  • #72,156
  • Aug 19, 2010 2:21am Aug 19, 2010 2:21am
Quoting jspeakman
Hi Jaroo

Ref this post on EU/CAD (seems a long time back - this thread is fast!). Been looking at this from weekly DBHLC(?) off 1.35 - reckon a reasonably clear run to 1.3?

Thanks

J

With all that talk I did on Outside Bars and DBLHC-HLC and I didn't even mention that the 4 Hour BEOB agreed with or confluenced with that Weekly DBHLC . . . . . I saw it there on the Weekly but didn't mention it. . .go figure.

I like it J . . . I wouldn't rule out the 1.2500 either.
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Indicators show the past. Price Action "Indicates" the future.
  • #72,157
  • Aug 19, 2010 2:39am Aug 19, 2010 2:39am
Quoting jarroo
With all that talk I did on Outside Bars and DBLHC-HLC and I didn't even mention that the 4 Hour BEOB agreed with or confluenced with that Weekly DBHLC . . . . . I saw it there on the Weekly but didn't mention it. . .go figure.

I like it J . . . I wouldn't rule out the 1.2500 either.
Thanks Jaroo - still at the pre - demo stage but think am slowly getting the hang of this (or should I say, making less mistakes). Weekly PA on BRNs seem a really powerful combo (for confluence on daily PA and 4hr entries).

Thanks again -

J
  • #72,158
  • Aug 19, 2010 2:46am Aug 19, 2010 2:46am
Quoting jspeakman
Thanks Jaroo - still at the pre - demo stage but think am slowly getting the hang of this (or should I say, making less mistakes). Weekly PA on BRNs seem a really powerful combo (for confluence on daily PA and 4hr entries).

Thanks again -

J

BRNs do Rule. We got to thank Mike for that education. His trading is centered around them. It sure has made a difference in my trading when I did the same.
Indicators show the past. Price Action "Indicates" the future.
  • #72,159
  • Edited 3:00am Aug 19, 2010 2:54am | Edited 3:00am
Quoting jarroo
With all that talk I did on Outside Bars and DBLHC-HLC and I didn't even mention that the 4 Hour BEOB agreed with or confluenced with that Weekly DBHLC . . . . . I saw it there on the Weekly but didn't mention it. . .go figure.

I like it J . . . I wouldn't rule out the 1.2500 either.
Hey Jaroo, looking at the weekly chart 5 bars prior to the current bar which is a BUOB ( a good one IMO), would you not agree that a person playing the enter-at-break would have been in heavy drawdown by now?
(heavy drawdown is the best case assuming his SL is at the other end of bar, otherwise would have been stopped out most likely)

Could we say that will be a decent setup that did not go well? I am keeping a lookout for decent setups that 'fail' just to satisfy myself that not all decent setups work (unless this BUOB is not a good setup)
Your thoughts please

CY
  • #72,160
  • Aug 19, 2010 3:11am Aug 19, 2010 3:11am
Quoting ertorque
Hey Jaroo, looking at the weekly chart 5 bars prior to the current bar which is a BUOB ( a good one IMO), would you not agree that a person playing the enter-at-break would have been in heavy drawdown by now?
(assuming his SL is at the other end of bar)

Could we say that will be a decent setup that did not go well? I am keeping a lookout for decent setups that 'fail' just to satisfy myself that not all decent setups work (unless this BUOB is not a good setup)
Your thoughts please

CY
With a High of 1.3675 and a buffer of 15 pips would have got you in it to the pip, because it did break by 15 pips. . . ouch. You can see why I like retracement levels.

On the setup itself . .You got to like its Size but its not at a swing Low. It that baby was at a swing low . .say off the 1.2500 . . it would be A++. Since it not at a swing low, its a continuation play which can be tricky especailly fighting such a strong move down. This takes it out of the "A" category.

Since your keeping track, (I am too) it hasn't failed yet . . should be fun to see how it turns out.
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Indicators show the past. Price Action "Indicates" the future.
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