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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

  • #76,781
  • Oct 7, 2010 11:10am Oct 7, 2010 11:10am
I did one month at J16, and it change my demo trading skills. I develop and new level of confidence and reading charts, using FIBS and PA, S/R. all the tools you need to trade. You will loose some but the reward is greater.
I have blown several demo account, but my last one after J16 doubled in less that 1 month( I started with $10000). I do it aggressively just to prove the Strategies. My wife dont get it yet, she thinks is play.

like someone said. The more you prove you are winning the more you believe in yourself and the better you are going into a trade.

I have been a silent reader here for a long time, I read, and read and read and demo and demo.

Everyone heard this stuff before, but I'm saying it again like or not.

I knew nothing about Forex 1 year ago, but I was trying to figure out how people make money in currency exchange and I searched and searched.

I am a new trader and J16( all your guys) brought me hear.

Peace and Love.( off to more reading and demo)
  • #76,782
  • Oct 7, 2010 11:11am Oct 7, 2010 11:11am
Quoting Adilius07
thanks Albatross and SC for replies.

SC, yeah that is really fast for me, I was barely able to mark them... how to trade them that fast, plus I need to have all this analysis (what Albatross is taking about) to be done in REAL TIME? Tough!

But one huge advantage is the number of occurences, many times I am just frustrated to wait wait wait....

I know this is too early anyway to think of intraday....
Hi Ad,

I know exactly what you're talking about LOL. There's plenty that take off without you, especially on short TFs or a fast tick chart. But I just try to look at it the other way - there's loads of good set ups just on this one market, so you don't need to worry about those you miss.

At least that's what I try to do - in reality, yeah it's pretty annoying LOL.
  • #76,783
  • Oct 7, 2010 11:24am Oct 7, 2010 11:24am
I saw the low this AM. I place my BUY above the pin( not ideal but the support location seems strong going back in time) on MT4, I went off to work and I checked. I know I am in I will go home and confirm.

we'll see what happens. on demo
  • #76,784
  • Oct 7, 2010 11:32am Oct 7, 2010 11:32am
Quoting chips
I did one month at J16, and it change my demo trading skills. I develop and new level of confidence and reading charts, using FIBS and PA, S/R. all the tools you need to trade. You will loose some but the reward is greater.
I have blown several demo account, but my last one after J16 doubled in less that 1 month( I started with $10000). I do it aggressively just to prove the Strategies. My wife dont get it yet, she thinks is play.

like someone said. The more you prove you are winning the more you believe in yourself and the better you...
Day made.

Thank you sir, and welcome aboard!

g.
I believe . . .
  • #76,785
  • Oct 7, 2010 11:45am Oct 7, 2010 11:45am
Quoting Albatross
Hi Ad,

I know exactly what you're talking about LOL. There's plenty that take off without you, especially on short TFs or a fast tick chart. But I just try to look at it the other way - there's loads of good set ups just on this one market, so you don't need to worry about those you miss.

At least that's what I try to do - in reality, yeah it's pretty annoying LOL.
see another one, and it will work I can feel YM M5
  • #76,786
  • Oct 7, 2010 11:46am Oct 7, 2010 11:46am
Sit on hands ,,,,,,a
E/U A/U G/U on Day charts forming something everybody likes here ,,,,
waiting for bars to close ,,,,
Anything can happen - You never know
  • #76,787
  • Edited 12:10pm Oct 7, 2010 11:51am | Edited 12:10pm
Quoting Adilius07
see another one, and it will work I can feel YM M5
M5? I think I'm in this. Not very happy though, little confluence. Plus I swore off M5. I've reduced risk and will probably just cut if it doesn't do something soon.

EDIT:

Closed it just better than BE. No confidence in it.

EDIT:

And now watch it go LOL!
  • #76,788
  • Oct 7, 2010 11:52am Oct 7, 2010 11:52am
Quoting mbqb11
I usually go one timeframe lower. If the pattern is a 4hr, I drop to 1hr

If the pattern is a daily, I drop to 4hr

But I still watch the same timeframe as well.

Best
Mike
IMO, there are pros and cons with dropping to lower TF to look for PA at 'critical' areas. Pros are possibility of getting in earler (thus securing more pips should trade go your way). Cons are signal could be false since it's noisier down lower TF.
And vice-versa for watching the same time frame ie you get more stable signal but when you get it more often than not it is too late sacrificing valuable pips or even worse making a trade unworthwile when an selected FTA is deemed too near entry.
And hence experience and chart time is important for someone learning this style....... Just my views
  • #76,789
  • Oct 7, 2010 11:59am Oct 7, 2010 11:59am
You Know what ? I Reckon Our wounded only dragon guy took my tip to go short on EURO and went to hospital got healed and now lining up at the Forex bank cashing in some 200 pips profit ?

What you reckon ? ))

Cheers
  • #76,790
  • Oct 7, 2010 12:01pm Oct 7, 2010 12:01pm
Quoting mbqb11
Hey Taz

Not me personally, as price is under the 115 so you are trading back heavy into that area which makes it tough....
Great Words Mike,
I sunk those deep inside.
Next time you see my chart, i'm sure it will be a grade A+++ setup. otherwise i won't trade.

Thanks again,
Regards
Taz
  • #76,791
  • Oct 7, 2010 12:01pm Oct 7, 2010 12:01pm
Hi Mike Jarroo everyone took EUR GBP trade short this morning (UK)
daily chart Location .8800rn ,ppz 61.8 and 50.0% fibs, trendline short with 3 strong touches.
I entered on the M15 TF, PB rejected of the .88 my entry was 8pips below low of PB .at .8785 ,SL .8820 above RN, and take profit .8725.
Moved my stop to BE took half off, price seemed to stall so moved my stop to .8750 price hit my stop.
I was also aware of Fundimentals UK Int.Rates and Asset Purchase.

Any Critical Points please say.
Best
D
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  • #76,792
  • Oct 7, 2010 12:04pm Oct 7, 2010 12:04pm
Quoting ertorque
IMO, there are pros and cons with dropping to lower TF to look for PA at 'critical' areas. Pros are possibility of getting in earler (thus securing more pips should trade go your way). Cons are signal could be false since it's noisier down lower TF.
And vice-versa for watching the same time frame ie you get more stable signal but when you get it more often than not it is too late sacrificing valuable pips or even worse making a trade unworthwile when an selected FTA is deemed too near entry.
And hence experience and chart time is important for someone...
I agree with you Ert.. Thats why what mike posted earlier today looked like it broke out from ppz and was getting support on ppz at 4 hourly time frame . But if you look at it from daily point its not there yet .

I think thats why let the trade come to you rather then try to see what maybe little distorted . I find better to wait more ( Patience ) and be more confident for these A plus trades...IMHO
  • #76,793
  • Oct 7, 2010 12:06pm Oct 7, 2010 12:06pm
Hi Guys

i'm a noob. just learn to daily trade as James suggested and just started my first daily trading 2 days ago. got opened Buy position at:

EURUSD: 1.3845
GBPUSD: 1.5890

its painful to see my profit dissapeared (u know what i mean when u look at the chart ). need an advice when to exit/ close a trade. i'm totally a noob.

And, is that a PINBAR forming at daily chart of EURUSD & GBPUSD now when i write this message?
Thanks for the answers Guys
  • #76,794
  • Oct 7, 2010 12:12pm Oct 7, 2010 12:12pm
Quoting Albatross
M5? I think I'm in this. Not very happy though, little confluence. Plus I swore off M5. I've reduced risk and will probably just cut if it doesn't do something soon.

EDIT:

Closed it just better than BE. No confidence in it.

EDIT:

And now watch it go LOL!
still was a good profit, amazing!!!

EDIT: Oh I replied not noticing you edited it!!! LOL
  • #76,795
  • Oct 7, 2010 12:28pm Oct 7, 2010 12:28pm
Quoting kwikwis
Sit on hands ,,,,,,a
E/U A/U G/U on Day charts forming something everybody likes here ,,,,
waiting for bars to close ,,,,
yes, but be very picky with these trades. the upmove has been stroooooong. edit: or is still strong?
meine augen sind die sterne
  • #76,796
  • Oct 7, 2010 12:42pm Oct 7, 2010 12:42pm
Quoting mbqb11
Hey Majestic

There is no one and only answer but getting to b/e at this point sounds good. You could of course flat take profit or even trail under bar lows if you want to give it more room. I like that one for taking full profit at that first area, that is how I would be comfortable with that type of trade personally. All are viable options though

Best
Mike
Thanks Mike, i stayed with the trade to see what aussie news would bring and unfortunately the trade went against me. i was at BE with +30 pips but still ended up losing as oanda increased spreads by a huge margin and price moved to quick for my stop. i lost about 0.1R which was frustrating. Still lesson learned for next time as i think it may be more prudent to at least take some profit in those situations so you don't end up with a small loss.

Great little thread here by the way. Wish i could spend more time posting but unfortunately i find it to hard to balance posting, reading a forum and trading. Don't know how you guys do it!
  • #76,797
  • Oct 7, 2010 12:49pm Oct 7, 2010 12:49pm
Quoting jarroo
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 ..
Thanks jarroo, just read your reply to. i agree with you but somehow i still ended up with a small loss here. i'm thinking i should have taken some off the table to avoid that potential scenario. Was this just a case of oanda and their news spreads?
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  • #76,798
  • Oct 7, 2010 12:50pm Oct 7, 2010 12:50pm
Quoting aserbfx
yes, but be very picky with these trades. the upmove has been stroooooong. edit: or is still strong?
I usually set entry orders: 1/2 of my full size position(2%) at 50%retrace of the pin bar...and the other 1/2 at break of pinbar.....stop above pinbar...

I really want to jump the gun now....but my past gave me a lesson to wait for close....
Anything can happen - You never know
  • #76,799
  • Oct 7, 2010 1:11pm Oct 7, 2010 1:11pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting chips
I did one month at J16, and it change my demo trading skills. I develop and new level of confidence and reading charts, using FIBS and PA, S/R. all the tools you need to trade. You will loose some but the reward is greater.
I have blown several demo account, but my last one after J16 doubled in less that 1 month( I started with $10000).
Great job, chips! That ROI is amazing. I would love to hear the details, such as what trade setups you're taking (and how many), what risk you're risking, what timeframe you're using, your win rate, how you're entering and exiting, etc. Thanks.
  • #76,800
  • Oct 7, 2010 1:14pm Oct 7, 2010 1:14pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting Adilius07
If you could share anything that would be super.
Thanks, Adilius. I always enjoy reading your posts, they help me a lot. I posted some more details in these posts:

http://www.forexfactory.com/showthre...43#post4078543
http://www.forexfactory.com/showthre...85#post4078785

Cheers.
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