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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

  • #76,661
  • Oct 6, 2010 6:04pm Oct 6, 2010 6:04pm
Quoting jarroo
Nice one slade . .You got to like those Big PA bars . .

Thanks Jarroo, look at it now though.... May have to work on my management.
  • #76,662
  • Oct 6, 2010 6:04pm Oct 6, 2010 6:04pm
Quoting ertorque
auus is approaching it's all time high achieved in July 2008.
What sort of reaction will we get?

anyone confident enough for a short touch trade at the peak?
Or would it be better to wait for PA?

PA all the way.
Indicators show the past. Price Action "Indicates" the future.
  • #76,663
  • Oct 6, 2010 6:15pm Oct 6, 2010 6:15pm
Quoting slade1986
Thanks Jarroo, look at it now though.... May have to work on my management.
Yeah . .its dropping like a rock.

You managed that one very well. I wouldn't change your management at all.

Maybe give more leeway on your 2nd half, leaving it at break even or trailing highs on a lower time frame like the 4 hour (got that from Ace, where ever he is), but that's it.


Good job.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,664
  • Edited 6:53pm Oct 6, 2010 6:41pm | Edited 6:53pm
Quoting Majestic12
Hi everyone

Entered this today. Stop at BE. I'm wondering whether to take profit or hang on to it and see what happens when the aussie news hits tonight - whats the j16 take on this. Interested to hear anyones thoughts and what experienced traders normally do in this situation when big news is coming.

Thanks.

As long as you're making adjustments when your targets are hit (or even before their hit), meaning protecting yourself from a loss; moving to breakeven, taking some off the table, trailing your stops with targets, etc . . .who cares about the news.

Nice trade ..
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Indicators show the past. Price Action "Indicates" the future.
  • #76,665
  • Oct 6, 2010 6:56pm Oct 6, 2010 6:56pm
Quoting ertorque
auus is approaching it's all time high achieved in July 2008.
What sort of reaction will we get?

anyone confident enough for a short touch trade at the peak?
Or would it be better to wait for PA?

I'm pretty sure, that those highs will break in the next few weeks, if not by weeks end, and stay above, for a VERY long time.
I've closed my long near the top and now waiting for a break up, also obviously if there is hot pa to short up there, I'll jump in to.
  • #76,666
  • Oct 6, 2010 6:57pm Oct 6, 2010 6:57pm
Can anyone direct me to a post or thread that list all of the acronyms mentioned in all of these post in the James16 Forum?

Thanks.
  • #76,667
  • Oct 6, 2010 6:58pm Oct 6, 2010 6:58pm
Quoting jdl
Thanks for the kind words. I don't try anything fancy, I just follow the basic J16 precepts. The times I have strayed from the proven methods are usually the times I had losses.

I am a chicken trader. I open 1 trade and move to breakeven quickly, usually at ~ +30 pips. I take half profit at FTA and I exit quickly if things start to turn against me. So I tend to miss the good runners but my win rate is high. I'm really trying to let my winners run because I know that is the right MM strategy, but it's fighting against my nature!

I put the SL...
I agree with Jaroo, 14% in 3 months, I call it a very good trader :-)
Appreciate you sharing how trade, very useful to hear from individuals who are doing it well.

Sorry I am going in details here :-) but curious about the entries. I generally put my order in and do not use any discretion ( e.g. for bullish pin bar, I put buy order in few pips above the pin bar - with SL few pips below PB). Looks like in both points you have highlighted are around entry. What do you mean you wait for retracement before entering the trade and how do you define best time to enter based on PA on lower timeframe?

thanks again !!
  • #76,668
  • Oct 6, 2010 7:10pm Oct 6, 2010 7:10pm




Quoting jdl
Here are results for my first three months of demo trading J16 price action, results that are pleasantly different than my "one step forward, two steps back" trading history.
July +4%
Aug +7%
Sept +3%

Full stats can be viewed here:
http://www.myfxbook.com/members/jdl_acct1/acct1/43276
(Note: a trade with two exits counts as two trades and a breakeven trade counts as a win)

Every trade was off of daily charts. I traded pin bars, outside bars, one inside bar, and some breakouts from BRNs. I did not trade any IPBs or DBLHC/DBHLC bars....
  • #76,669
  • Oct 6, 2010 7:14pm Oct 6, 2010 7:14pm
Quoting forex0908
Hi PinBar,

I am new to this thread. Have been following this for the past 1 week. Can you please tell me what is FTA in the screenshot attached? To me, FTA seems like a level which turns from support to resistance or vice-versa. Also, what do you guys mean by PPZ?

Thanks

Hi, & welcome


Yeah, that is correct.

I marked the areas of support and resistance on the chart which made me consider that the First Trouble Area.

First chart is the hourly, second chart is the monthly chart.
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  • #76,670
  • Oct 6, 2010 7:16pm Oct 6, 2010 7:16pm
Quoting jdl
Here are results for my first three months of demo trading J16 price action, results that are pleasantly different than my "one step forward, two steps back" trading history.
July +4%
Aug +7%
Sept +3%

Full stats can be viewed here:
http://www.myfxbook.com/members/jdl_acct1/acct1/43276
(Note: a trade with two exits counts as two trades and a breakeven trade counts as a win)

Every trade was off of daily charts. I traded pin bars, outside bars, one inside bar, and some breakouts from BRNs. I did not trade any IPBs or DBLHC/DBHLC bars....
Great job. I started live in July also. The main difference is I'm only up 2%. I trade only daily and weekly, using 1% to work on money management. I study charts every night and visit this tread for answers to questions. I have only taken 7 trades so far 5wins, 1 loss, 1 be. My average profit percentage is .8%.

I'm trying to figure out if I'm missing trades (watch 24 pairs), if I'm to picky or if I'm taking profit too early.

Don't get me wrong I'm still glad to be ahead of the game this time. Just need to fine tune it.
  • #76,671
  • Oct 6, 2010 7:17pm Oct 6, 2010 7:17pm



Quoting jdl
No H4 charts, only daily charts. As eager as I am to move to H4, I'm trying not to get ahead of myself.
  • #76,672
  • Oct 6, 2010 7:29pm Oct 6, 2010 7:29pm
Quoting cprao
And EURGBP BEOB is invalidated since the price moved ahead.

EURCHF is still on play.. struggling between 1.33 and 1.34 for a direction.

Yes, the Eur/Gbp BEOB is invalidated now. I rated that setup high quality, even for a countertrend trade. Waiting for the break and a good 10 pip buffer keep you out of that trade. It sure tell me that the uptrend is strong.

The Eur/Chf BEOB could not breakthrough the strong Resistance level of the 1.3300 PPZ, purple. It is currently caught between the 1.3300 and 134.00 PPZ level.

Here is what I would like to see on the Eur/Chf. (Chart)
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Indicators show the past. Price Action "Indicates" the future.
  • #76,673
  • Oct 6, 2010 7:29pm Oct 6, 2010 7:29pm
if it reverses you will almost certainly get an initial bearish bar or a secondary one.

that being said these are the times when a very very small risk trade (.5 to 1 percent) can often be a decent risk. futures traders are notorious for taking these set ups.

i could be totally and completely wrong.

not a trade rec.

jim



Quoting ertorque
auus is approaching it's all time high achieved in July 2008.
What sort of reaction will we get?

anyone confident enough for a short touch trade at the peak?
Or would it be better to wait for PA?
  • #76,674
  • Oct 6, 2010 7:31pm Oct 6, 2010 7:31pm
Quoting spookie94
I like it too. I think I'll try to enter this one just below this bar's low and move my SL from 1.3015 to BE at 1.2900

Good thing I had a buffer on this one. Set my sell at 1.2944. It stop at 1.29448 and retraced. I couldn't monitor it so I closed it out before it triggered. SMART MOVE ON MY PART. Now thats what I can MM.
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  • #76,675
  • Oct 6, 2010 7:32pm Oct 6, 2010 7:32pm
your doing great.

Quoting spookie94
Great job. I started live in July also. The main difference is I'm only up 2%. I trade only daily and weekly, using 1% to work on money management. I study charts every night and visit this tread for answers to questions. I have only taken 7 trades so far 5wins, 1 loss, 1 be. My average profit percentage is .8%.

I'm trying to figure out if I'm missing trades (watch 24 pairs), if I'm to picky or if I'm taking profit too early.

Don't get me wrong I'm still glad to be ahead of the game this time. Just need to fine tune it.
  • #76,676
  • Oct 6, 2010 7:34pm Oct 6, 2010 7:34pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting Imphilomath

I generally put my order in and do not use any discretion ( e.g. for bullish pin bar, I put buy order in few pips above the pin bar - with SL few pips below PB). Looks like in both points you have highlighted are around entry. What do you mean you wait for retracement before entering the trade and how do you define best time to enter based on PA on lower timeframe?
I used to enter on the break of the bar, period. But jarroo opened my eyes to the idea that often price retraces back to some key level, THEN heads back in the direction you want. Then all of the great postings by xmzhang showed me how effective it is to drill down to a lower timeframe to look for price action that signals a good entry point.

Yesterday's GBP/AUD bearish pin bar shows the power of both of these ideas together. I saw price retracing UP on the daily chart. Where would it likely retrace to? Well there were some previous bar highs near 1.6400 (round number), so that seemed like a likely place to monitor. I went to the hour chart and watched price go right to 1.6400 and then head back down. It was almost a DBHLC on the hour chart. I felt confident the retrace was done and I got in then, 35 pips BEFORE the pin bar was broken. Yes, there is risk because the bar has not broken a second time, but it potentially gives you a huge head start if it does go your way. And it seems to do this break-retrace-break pattern often!
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  • #76,677
  • Oct 6, 2010 7:44pm Oct 6, 2010 7:44pm
Quoting jdl
I used to enter on the break of the bar, period. But jarroo opened my eyes to the idea that often price retraces back to some key level, THEN heads back in the direction you want. Then all of the great postings by xmzhang showed me how effective it is to drill down to a lower timeframe to look for price action that signals a good entry point.
Thank you!! makes sense !! Thanks for sharing jdl :-)

cheers
  • #76,678
  • Oct 6, 2010 7:48pm Oct 6, 2010 7:48pm
Quoting spookie94
Good thing I had a buffer on this one. Set my sell at 1.2944. It stop at 1.29448 and retraced. I couldn't monitor it so I closed it out before it triggered. SMART MOVE ON MY PART. Now thats what I can MM.
sorry but I didn't get what is it that triggered a sell for you?
Mind to elaborate?
Thanks.
  • #76,679
  • Oct 6, 2010 7:49pm Oct 6, 2010 7:49pm
this was in houston the night after i saw the same show in dallas.

1977. i was 16.

you cant go to concerts like this any longer. takes a sec for it to start.

joe walsh and don felder. doesnt get any better for an old classic rock fan.

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  • #76,680
  • Edited 8:10pm Oct 6, 2010 7:53pm | Edited 8:10pm
Quoting jdl
I used to enter on the break of the bar, period. But jarroo opened my eyes to the idea that often price retraces back to some key level, THEN heads back in the direction you want. Then all of the great postings by xmzhang showed me how effective it is to drill down to a lower timeframe to look for price action that signals a good entry point.

Yesterday's GBP/AUD bearish pin bar shows the power of both of these ideas together. I saw price retracing UP on the daily chart. Where would it likely retrace to? Well there were some previous bar highs...

Very nice jdl.

Just something else to look at on the Hourly, jdl. . . not to take away anything from your great post.
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Indicators show the past. Price Action "Indicates" the future.
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