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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

  • #73,461
  • Aug 31, 2010 3:31pm Aug 31, 2010 3:31pm
Still trading demo and after the first week of this month only been able to trade daily+ time-frames due to work. It certainly helps focus on the better setups.

Have seen plenty of IB setups but just watching at the moment to see how they work out. Looking forward to see how September pans out and hopefully be back in J16 PF soon

Chart 1
USDJPY H4 DBLHC
Took 50% off at FTA then trailed stop below low of prev. bars close.
Result: 0.38R

Chart 2
GBPJPY H4 PB
Set trade up before going to bed, when I checked trade in the morning it had triggered but gone sideways for 8hrs+ so moved stop to BE and was shortly stopped out.
Result: 0

Chart 3
USDCAD Daily PB
50% off at FTA the trailed stop behind low of prev. daily bar.
Result: 1.68R

Chart 4
CADCHF Daily PB
PB triggered but looked bearish after closing below high of PB. Also noticed after I was in the trade price recently moving out of a consolidation area. Kept initial stop at low of PB but added TP at BE to get me out flat as I no longer liked the setup.
Result: 0

Edit: If I can just focus on trading the pullbacks in favour of the trend rather than against it I might get some multiple R trades.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPY H4 DBLHC 05-08-2010.png Size: 23 KB
Click to Enlarge Name: GBPJPY H4 PB 06-08-2010.png Size: 24 KB
Click to Enlarge Name: USDCAD PB Daily 06-08-2010.png Size: 24 KB
Click to Enlarge Name: CADCHF Daily PB 27-08-2010.png Size: 21 KB
  • #73,462
  • Edited 4:22pm Aug 31, 2010 3:33pm | Edited 4:22pm
Few days ago I shared with you how my trading is going after 6 months of trading j16 method.
Today I'm gonna share how stupid I am. At the time I shared my trading result my account was -1.62% in August. I saw some BUOB on CADCHF and I had some doubts.

But because I was in loss this month and it was just 2 days to the end of month, greed/fear/ego stopped my brain and I took the trade hoping I will get just little bit of profit so I do not end this month with loss. Of course as this trade was far from A and hundreds miles from A+ I ended up taking full loss.
(Loss is more than 3% because CHF is getting stronger.)

So I ended this month with loss of 4.98%.

What I learned from this f$@k up:

1, Don't take trades just because you have not reached(or want to reach) some artificial (weekly, monthly etc.)target
2, Never ever take trades worse than A
3, Seriously, NEVER EVER take trades worse than A
4, Before hitting Place Order button ask yourself at least 3 times if you take this trade because it's really really great setup or because you need to make some money. You only take trades because you see perfect setup no other way around!
5, KILL losing trades soon, find way how not to take full losses

6, I'm DEAD SERIOUS, NEVER EVER TAKE TRADES WORSE THAN A!!!!

I'm posting this as a public note to myself to remind me that even if I'm doing OK I can still f@$k up very badly.

You can see updated trade log in attachment.

Cheers,
Mikey
Attached File(s)
File Type: pdf TradeLog.pdf   30 KB | 701 downloads
  • #73,463
  • Aug 31, 2010 3:34pm Aug 31, 2010 3:34pm
Quoting Dan-FX
Still trading demo and after the first week of this month only been able to trade daily+ time-frames due to work....
Wow!

If only I had gotten the hang of this stuff as soon as some of you here.

Amazing progress!

g.
I believe . . .
  • #73,464
  • Aug 31, 2010 3:39pm Aug 31, 2010 3:39pm
Quoting michal7
Few days ago I shared with you how my trading is going after 6 months of trading j16 method.
Today I'm gonna share how stupid I am. At the time I shared my trading result my account was -1.62% in August. I saw some BEOB on CADCHF and I had some doubts.

But because I was in loss this month and it was just 2 days to the end of month, greed/fear/ego stopped my brain and I took the...
This is how we learn Mikey through doing. And once you trade yourself back out of your DD you will have even more confidence, and you just continue to build on these steps.

Looking forward to the next progress update

And BTW all great points
  • #73,465
  • Aug 31, 2010 3:44pm Aug 31, 2010 3:44pm
Quoting ghous
Here's a trade I took on Gu this morning recorded this too for all the good souls here

(don't forget to hit the 730p HD button)

http://www.youtube.com/watch?v=VoEXmuTvK5U
Nice video Ghous I found it really helpful
  • #73,466
  • Aug 31, 2010 3:45pm Aug 31, 2010 3:45pm
Quoting Dan-FX
Still trading demo and after the first week of this month only been able to trade daily+ time-frames due to work....
Hi Dan,
nice charts. I remember those USDCAD and CADCHF pin bars. I didn't take them because they were just below my PPZ(see my charts). But anyway, nice trades for you. You managed them very well.

Cheers,

Mikey
Attached Image(s) (click to enlarge)
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  • #73,467
  • Aug 31, 2010 3:48pm Aug 31, 2010 3:48pm
Quoting mbqb11
This is how we learn Mikey through doing. And once you trade yourself back out of your DD you will have even more confidence, and you just continue to build on these steps.

Looking forward to the next progress update

And BTW all great points
Hi Mike,
thanks for encouragement, I'm not giving up, still think I can make it... What's DD? Dooming days?

Cheers,
Mikey
  • #73,468
  • Edited 4:06pm Aug 31, 2010 3:52pm | Edited 4:06pm
Hi,

I just want to start by saying how good it is to actually see a thread like this where everyone is actually genuinely trying to help each other. I have read many many posts in my research and there is always someone or a few who spoil things. Thanks to everyone who has made this thread what it is, i have learnt so much from nothing at all. Big thanks to James16 who actually started this. I hope he realises by now how important this thread has been to people like me. FANTASTIC!

A little bit about my trading history. NONE. Until one week ago i did not even know what forex was? Honestly i did not have a clue. I read a few threads/posts on different forums until i found this one. I have not been anywhere else apart from here since finding this. I have been reading/analysing as much as i can. In total i can see 4898 pages for this thread and counting. I have read the first 23 pages which took me 6 hours because i dont have a clue about this. Also going over and over everything again and again, those first 10 pages are very very important in my opinion to someone like me who does not have a clue. I plan to go over the first ten pages again a few time just so the very basics sink into my head.

Now i want to post a chart, please please tell me if im doing something right or wrong. I THINK i have found a pinbar on the four hour chart. Can someone confirm this. There is only so much you can grasp in a week. The way i am i need to know if im reading this right or wrong, i need to know if im getting the basics right so please shoot me down or help me out. I intend to keep reading and learning.....

I also want to add, in the first few posts of this thread James16 mentioned something along the lines of that you can actually do trading without any indicators by just using price and giving an example. Indicators are just to confirm something and make your case stronger to actually begin a trade. I think this for me is the way to go, if i can learn the most basic thing with no indicator help i will have a much much better chance later on. What do you think?


Thanks

Ahmed
Attached Image (click to enlarge)
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  • #73,469
  • Aug 31, 2010 3:54pm Aug 31, 2010 3:54pm
Quoting ghous
Wow!

If only I had gotten the hang of this stuff as soon as some of you here.

Amazing progress!

g.
You're 20 years old

I don't think you can complain with the all the knowledge and experience you have

Dan-FX what do you mean by Trailing daily stop (on your USD/CAD chart? Nice charting I have to say.

Adilius07 I use FX Pro platform as well but there isn't S&P500 minis on my platform. Maybe it's because it's demo account.
  • #73,470
  • Aug 31, 2010 4:15pm Aug 31, 2010 4:15pm
Quoting Ahmed_UK
Hi,

I just want to start by saying how good it is to actually see a thread like this where everyone is actually genuinely trying to help each other. I have read many many posts in my research and there is always someone or a few who spoil things. Thanks to everyone who has made this thread what it is, i have learnt so much from nothing at all. Big thanks to James16 who actually started this. I hope he realises by now how important this thread has been to people like me. FANTASTIC!

A little bit about my trading history. NONE. Until one week...
Hi Ahmed and welcome.

To your picture, the bar you marked is not a true pin bar. To be a true pin bar, close would have to be inside of previous bar. Mike is explaining Pin bar in this video.

Cheers,
Mikey
  • #73,471
  • Aug 31, 2010 4:22pm Aug 31, 2010 4:22pm
So we have daily bars closed and Silver and Gold have nice BUOBs. I'm not yet comfortable with trading continuation/breakout bars so can anyone elaborate more on this? I'd say if it breaks PPZ right above it would be good A setup, no?

Cheers,
Mikey
Attached Image(s) (click to enlarge)
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  • #73,472
  • Aug 31, 2010 4:38pm Aug 31, 2010 4:38pm
Quoting ludo willems
Hi all,
Another (more basic) system to get alarms to your mobile: set MT4 to trigger the alarm (and choose "email" as type), configure MT4 to send emails (Tools->Options->Email) to a Windows Live mail account, then configure that mailaccount to send alerts to your mobile. But check the possible delays depending on the operator used. Hope this helps,
Ludo
Hey Ludo,
Im trying to set this up but for some reason the email is not making it to my email account. In the Option > Email area do you just enter the email address in the "To" field?
  • #73,473
  • Aug 31, 2010 5:02pm Aug 31, 2010 5:02pm
Quoting michal7
Hi Mike,
thanks for encouragement, I'm not giving up, still think I can make it... What's DD? Dooming days?

Cheers,
Mikey
haha DD = Drawdown sorry, but they can feel like dooming days
  • #73,474
  • Aug 31, 2010 5:06pm Aug 31, 2010 5:06pm
Quoting Dan-FX
Still trading demo and after the first week of this month only been able to trade daily+ time-frames due to work....
awesome job Dan just got around to reading this!

Thanks for sharing with us
Mike
  • #73,475
  • Aug 31, 2010 5:10pm Aug 31, 2010 5:10pm
Quoting michal7
So we have daily bars closed and Silver and Gold have nice BUOBs. I'm not yet comfortable with trading continuation/breakout bars so can anyone elaborate more on this? I'd say if it breaks PPZ right above it would be good A setup, no?

Cheers,
Mikey
The first buob i know some people played as sort of a preemptive breakout trade(like I did with my cad/chf posted back a few days ago). I like it much better then todays. More information with the first. It is a case where you get a hard break and it is great, if not you really don't want to hang around to long.
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  • #73,476
  • Aug 31, 2010 5:22pm Aug 31, 2010 5:22pm
Quoting michal7
So we have daily bars closed and Silver and Gold have nice BUOBs. I'm not yet comfortable with trading continuation/breakout bars so can anyone elaborate more on this? I'd say if it breaks PPZ right above it would be good A setup, no?

Cheers,
Mikey
Sorry had to do something

here is gold. Notice price couldn't close above 1250. This is a big deal to me. That means to me that we are still trading into a PPZ instead of away. Some don't care and will simply see if you can get a hard break and use 1250 for stop mgmt. A bit too aggressive and loose IMO for this setup at least.
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  • #73,477
  • Aug 31, 2010 5:49pm Aug 31, 2010 5:49pm
Hey Mike,
I've a question about outside bars at swing highs/lows. Say you see a nice BEOB at a swing high with a large engulfing bar. Imagine that the size of this engulfing bar would be such that entering onto the break of the low of the BEOB would mean that you would be entering quite a distance away from the original swing high. Would you still trade this BEOB ?

May the force be with you.
Pipcrawler
  • #73,478
  • Aug 31, 2010 5:56pm Aug 31, 2010 5:56pm
Quoting xmzhang
Hey Mike,
I've a question about outside bars at swing highs/lows. Say you see a nice BEOB at a swing high with a large engulfing bar. Imagine that the size of this engulfing bar would be such that entering onto the break of the low of the BEOB would mean that you would be entering quite a distance away from the original swing high. Would you still trade this BEOB ?

May the force be with you.
hey Zhang

Yes by the nature of the outside bar as a reversal bar you will always be away from the swing high. The idea is that the BEOB is confirming the location and showing the price may be continuing to the downside in this case.

Hope I understood your question correct
Mike
  • #73,479
  • Aug 31, 2010 5:58pm Aug 31, 2010 5:58pm
Quoting mbqb11
Sorry had to do something

here is gold. Notice price couldn't close above 1250. This is a big deal to me. That means to me that we are still trading into a PPZ instead of away. Some don't care and will simply see if you can get a hard break and use 1250 for stop mgmt. A bit too aggressive and loose IMO for this setup at least.
Thanks for elaborating on this Mike!
  • #73,480
  • Aug 31, 2010 6:27pm Aug 31, 2010 6:27pm
Quoting jarroo
You were writing for the SNB ?? . .. .(just kidding . .lol)


No, I didn't look to the Eur/Chf, nor to the Usd/Chf . . . just looking for an area of layered confluence . . I wonder where . . or should I say who . . I learned that from . . . thanks Rac.

Could be heading down at the current levels but it Price pushes upward the current levels could provide a decent level to build support for a long .

. .wouldn't you say Rac?

Jim
They could not find Support . .too much confluence . . Price could not resist but to head down (pun intended) . .

Thanks Rac-man,


Jim
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Indicators show the past. Price Action "Indicates" the future.
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