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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

  • #72,581
  • Aug 23, 2010 5:51pm Aug 23, 2010 5:51pm
Quoting xmzhang
My shorttrade on the kiwi has just been triggered @ 7070.
Price has hit my FTA at 7050. I've decided to close my position for a small profit, not spectacular but a nice demonstration of the fact that predeterming your FTA before you excecute a trade makes a whole lot of difference in becoming a profitable trader or not. I believe that the FTA is one of the most important items, most of the time (if determined correctly) price will hit FTA and if it does, this will enable you to manage your trade to at least BE. This is a very valuable lesson I've learned form this wonderfull thread.http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you.
Pipcrawler
  • #72,582
  • Aug 23, 2010 5:56pm Aug 23, 2010 5:56pm
Quoting Adilius07
It's 4:30 am here so should go to sleep. Just wanted to say thanks to Mike and Ghous on there replies! Will be more careful next time LOCATION MATTERS I WAS DUMB...

And as I promised to Jdl, this NZDJPY I got stopped out ...

you can get there Ad, this is the only way to learn. That is how every single one of us has learned. Mistakes and more mistakes. But we learn on demo right
  • #72,583
  • Edited 7:24pm Aug 23, 2010 5:58pm | Edited 7:24pm
Quoting kk21
...........trumps and dictates all about these bars....
sure this is just part of trading. Times when price will just miss your stop too and move on. But those are easier to forget about

Usually if price comes real close especially in this case then I will just close out or at worst go to b/e.

It is an imperfect world in which we work with in the markets

Mike
  • #72,584
  • Aug 23, 2010 7:26pm Aug 23, 2010 7:26pm
Quoting Kincharles
Thanks Mike,
How do i go about all ur explanation, cos am already demo trading with alpari still is not so clear to me.
Hey Charles

Just saw this(the delay from new posters).

Just continue to demo and developing a method through the material. This means lots of studying from post 1. Reading ALL of James16 posts. Post #1 of this thread is the best starting point following James' advice as well as the links he has placed up there from some important posts. Yes this a huge thread and it will take awhile, but it is worth it and more.

Ask questions along the way and we will do our best to help you where we can

Mike
  • #72,585
  • Aug 23, 2010 7:57pm Aug 23, 2010 7:57pm
Quoting ghous
Mike is one of those few blessed people who can put anything in the most simplistic way possible, but since you are still wondering about entries and exits and how to choose your trades, here's a quick video I did for you.

Let me know if this was worth anything,

Doing charts obviously takes less time but I understand your willingness to let visuals help you as you not at home with English.

Language sure shouldn't come in between you and your learning of the J16 stuff.

EDIT: and there comes Mike again with a simple chart with 2 lines that...


Wooooow, Thanks for that video Ghous.

Watching how you explained it so simply, really brings it home, especially the Space factor which I was still a little confused about.
The video also oozes confidence, what a great learning tool for new people.
Great job Ghous.




I'd like to put a link to it in my journal, so that I can remind myself of just how simple it should be done, if that is ok with you?
  • #72,586
  • Aug 23, 2010 8:10pm Aug 23, 2010 8:10pm
Last week, I had posted my trade with GBP/CAD and I lost in a similar scenario. As Ghous pointed out, the trade was near the PPZ.

Now, the similar thing happened in AUD/USD and I just passed it through (which I would have taken if that previous week thing didn't happen). A beautiful setup that is always A+ for me, but I will now want that to be far away from ppz.

I have passed the setup of AUD/USD two times in one day (a buy and a sell), lol.

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  • #72,587
  • Aug 23, 2010 8:27pm Aug 23, 2010 8:27pm
Quoting Pinbar
Wooooow, Thanks for that video Ghous.

Watching how you explained it so simply, really brings it home, especially the Space factor which I was still a little confused about.
The video also oozes confidence, what a great learning tool for new people.
Great job Ghous.




I'd like to put a link to it in my journal, so that I can remind myself of just how simple it should be done, if that is ok with you?
Sure pb.

g.
I believe . . .
  • #72,588
  • Aug 23, 2010 8:36pm Aug 23, 2010 8:36pm
Quoting ghous
Mike is one of those few blessed people who can put anything in the most simplistic way possible, but since you are still wondering about entries and exits and how to choose your trades, here's a quick video I did for you.

Let me know if this was worth anything,

Doing charts obviously takes less time but I understand your willingness to let visuals help you as you not at home with English.

Language sure shouldn't come in between you and your learning of the J16 stuff.

EDIT: and there comes Mike again with a simple chart with 2 lines that...
Very well done Ghous!

K.I.S.S.
  • #72,589
  • Aug 23, 2010 8:59pm Aug 23, 2010 8:59pm
Quoting ghous
Sure pb.

g.

Thanks Ghous, it is just to ground me when, I lose it. LoL

It truly is a great grounding tool.
  • #72,590
  • Aug 23, 2010 8:59pm Aug 23, 2010 8:59pm
Quoting KissFan
Very well done Ghous!

K.I.S.S.
Hey Roger,

We got 2 opposing pins on Nu daily,

Is your fib strike at work there?

g.
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I believe . . .
  • #72,591
  • Aug 23, 2010 9:06pm Aug 23, 2010 9:06pm
Quoting kk21
i was targeting the 7150 area, but look at what it has printed; a pin(though not yet closed) to the downside. i've taken partial profit already but still feel i should have taken full prof at the 7100.

i know i shouldn't be having this kind of regrets in my trading but this is a repetition-or a variation-of what happened in my last six trades in a row; when i aim high, i get taken out early with little or nothing, when i have modest take profit targets, it blasts through it to multiples of my projected target

having sudden...
I'm sorry, but your post made a cringe a little.
"should have taken full profit here..." how many times has that been said....

There's absolutely no point in thinking about what could have, should have, would have happened. It has nothing to do with you being "greedy" or "modest". The market is going to move the exact same way regardless of what you thinking or the emotions going through your head. All you can do is trade your setup, place your target, place your stoploss...and move on.

As far as I can see you saw a pinbar at the low of the range bouncing off the BRN 0.7000. The trade was not A+ but it was a good solid trade...clear thought process, various reasons to expect price to hit 0.7050.(Chart Below). Pinbar off the low of the range..your target was the high.

Quoting kk21
when i aim high, i get taken out early with little or nothing, when i have modest take profit targets, it blasts through it to multiples of my projected target
That's exactly what the market does...our long and short orders are a TINY fraction of the market which is why that's going to happen. You're never going to be able to pick out exact highs and lows.

Its not going to do you any good by placing "modest orders" because your scared that the market won't hit your target. Or aiming high simply because your last trade "blasted through your take profit" If you trading live then you should already have a sense of what your method is and how you plan on using it... the rest is up to the market

I know your just venting a little because your targets haven't produced max results...but I just thought that had to be said.
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  • #72,592
  • Aug 23, 2010 9:08pm Aug 23, 2010 9:08pm
The power of confluence.

This is not a bearish outside bar, the bar you see before the trigger bar is a Sunday bar on IBFX which is best ignored. It is rather a BEB off the 150, 83.00, 61.8 and the 3rd touch of the TL.

g.
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I believe . . .
  • #72,593
  • Aug 23, 2010 9:20pm Aug 23, 2010 9:20pm
Quoting ghous
The power of confluence.

This is not a bearish outside bar, the bar you see before the trigger bar is a Sunday bar on IBFX which is best ignored. It is rather a BEB off the 150, 83.00, 61.8 and the 3rd touch of the TL.

g.
Hey Ghous,

Had my eye on this for a while. (Chart Below) I might enter short at the retest of the rising TL it just broke.
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  • #72,594
  • Aug 23, 2010 10:36pm Aug 23, 2010 10:36pm
Quoting jarroo
cprao, do you remember this post.

I don't know about your feed on that chart . . .looks a bit off.

Jarroo, Sorry. didn't get what you are trying to say here. Are you saying that the chart is little bit off since the close of the BEOB was not strong. There was a big wic at the bottom.
  • #72,595
  • Aug 23, 2010 10:40pm Aug 23, 2010 10:40pm
Quoting mbqb11
sure this is just part of trading. Times when price will just miss your stop too and move on. But those are easier to forget about

Usually if price comes real close especially in this case then I will just close out or at worst go to b/e.

It is an imperfect world in which we work with in the markets

Mike
Something I learned over the last year is you can't just place a trade and walk away. Even with the higher time frames where you think you have more room to run. I believe this is an issue with a lot of traders who have jobs and trade when they can. At the very least set an alarm to let you know when your trade has been triggered (for pending orders) and set another for a couple of pips before you would want to move your SL to break even.

If you like you could even set an alarm if your trade moves so many pips in the wrong direction. But then you might want to question if you should have taken the trad to begin with

All that said, now can someone explain to me how to send an alarm to my cell phone with MT4 platform
  • #72,596
  • Aug 23, 2010 11:30pm Aug 23, 2010 11:30pm
Quoting mbqb11
Hey D

Let me know if this chart helps.
It does, but it's something I figured out by reading the other docs.
What I needed was to know when (not where) to put the stop loss and the buy stop.
IE do I wait for the pin to be fully formed before I put the stop loss? IE do I wait till it retraces up to its top and then put the stop loss? Do I put the buy stop while I still just see the pin or after the right ear starts forming?
I know this is dumb off mine, but so far I always used another trading system where once I spot certain parameters all I have to do is to create a bracket order during the current bar forming.

Quoting ghous
Mike is one of those few blessed people who can put anything in the most simplistic way possible, but since you are still wondering about entries and exits and how to choose your trades, here's a quick video I did for you.
Let me know if this was worth anything,
Ghous your video deserves to stand in the official James16 web site!

I am speechless for the helpfulness I found here (I am quite hardened after 20 years spent browsing forums (BBS in the start)).

If I manage to get good with this method, I am going to be a good fellow to the others like you are when they ask about stuff.
You know what intrigues me of this whole price action (expecially James 16 methods)? That for the first time, instead of just thinking making money, I feel like I am to solve a challenging mind game.
Money's just going to be my ammunition.
  • #72,597
  • Edited 1:03am Aug 24, 2010 12:35am | Edited 1:03am
Quoting dfumagalli
It does, but it's something I figured out by reading the other docs.
What I needed was to know when (not where) to put the stop loss and the buy stop.
IE do I wait for the pin to be fully formed before I put the stop loss? IE do I wait till it retraces up to its top and then put the stop loss? Do I put the buy stop while I still just see the pin or after the right ear starts forming?
I know this is dumb off mine, but so far I always used another trading system where once I spot certain parameters all I have to do is to create a bracket order during...


Yes, you wait not only till the PB is fully formed and has closed, but you do not trade them till the break of the PB, with a buffer of 5-10 pips.

I am not sure what mean about "When" with the SL, but the SL traditionally goes a few pips above or belobviouslw the PA bar.
The left eye of the previous bar, can also be used as the SL but then again it is a personal decision.

Obviously if the SL is above the PA bar, if the trade goes wrong, it means a full bar loss, if it is above the left eye, it may get stopped out early.
I think the SL placement, is all about how good the PA bar shape is, the size of the PA and last but not least the location.



The right eye, really does not have anything to do with it.

Hope this helps.
  • #72,598
  • Aug 24, 2010 12:55am Aug 24, 2010 12:55am
Quoting dfumagalli
It does, but it's something I figured out by reading the other docs.
What I needed was to know when (not where) to put the stop loss and the buy stop.
IE do I wait for the pin to be fully formed before I put the stop loss? IE do I wait till it retraces up to its top and then put the stop loss? Do I put the buy stop while I still just see the pin or after the right ear starts forming?
I know this is dumb off mine, but so far I always used another trading system where once I spot certain parameters all I have to do is to create a bracket order during...

It's got to be in the air D,

The extra ordinary help I got in learning this stuff is why I am where I am and doing what I am doing.

I wish you all the best, and again do not hesitate to ask for anything you need.

g.
I believe . . .
  • #72,599
  • Aug 24, 2010 1:17am Aug 24, 2010 1:17am
USD/CAD looks like we are arriving at a good area for some PA.


M30 is showing bearish Div as we approach the TL.
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  • #72,600
  • Aug 24, 2010 2:22am Aug 24, 2010 2:22am
Quoting Pinbar
USD/CAD looks like we are arriving at a good area for some PA.


M30 is showing bearish Div as we approach the TL.

Still in learning mode: I was looking at this interesting graph. Dear Wise Gurus, let's debug my brain.

What I see "at skin feeling" is half of an head and shoulders formation, expecially since 1.0556 there's a fibo retracement and a long time resistance.

I suppose I still have to check whether the next bars are bullish or bearish, because in the end the market goes where it wants, no way my "head and shoulders" is a set in stone truth, that would be presumptuous of me and would also automatically lock me out of 50% of the possible outcomes.

If I spot a strong bullish reaction (I know, it's unlikely), I wait for a retracement over that 1.0556 line, put a SL 15 pips below it (10 pips would be too close to round number 1.0550, which could be tested) and therefore I must also see 15 * 2 (or *3, *4...) possible take profit target.
This take profit looks possible at big round number 1.0600. I'll put a limit or stop buy order at 1.0562 (is it enough room to weed off the noise?). If I set a take profit at a worst case scenario of 1.0595 (to be sure it'll be tagged) it's 15 pips risk vs 33 pips gain. That would mean that I am ok taking that trade.

If I spot a strong bearish reaction, it'll probably be a pin bar over the 1.0556 and whose shadow could be more or less equalling the similar event happened right before July 20th. In that case the first stop downwards could come at about the same price of the 15-20th July congestion and then it'd be a 1.1:1 reward vs risk scenario OR it could go down to 1.0500 and then it becomes a juicy 3:1 reward scenario. With appropriate trade management I can trade some of that 3:1 with a trailing stop that can either take me out at like 2.5:1 reward or let me stay in the trade in the very possible rundown to 1.0404.

Is this anywhere a viable analysis?
What is your opinion about the downward possibility of having to accept a 1.1:1 risk vs reward in order to open a possible path to the 2.5:1 or even 3:1 reward?
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