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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

  • #78,401
  • Oct 25, 2010 9:56am Oct 25, 2010 9:56am
Quoting Pinbar
Thanks for the kind wishes,,,,I love the muppets..The cookie monster is my role hero. My wife was just cracking up at that.


Many thanks
Happy bday Pin, a very happy and healthy year
  • #78,402
  • Oct 25, 2010 9:57am Oct 25, 2010 9:57am
Quoting Samb0o
Hello fx traders.


Havent been here for long time. Read lots of this thread few moths ago and have been demo trading for 6 months now. Mostly 1 day chart. For few moths i have been looking lots of charts but not studying much. (have to start that again). I have been trading james16 method this 6 months now and account shows profit +50%. I think i trade few more months and then start this thing with real account.

Most of this profit has come from XAUUSD pair. Havent tried XAGUSD and wanted to ask you about this pair. Does anyone trade XAGUSD...
Hey Samb

Great to hear about your success so far over the 6 month period that is fantastic.

PA works on all instruments, or at the least allows us to be able to see what conditions fit our personal methods using a chart.

Keep us posted on your progress
Mike
  • #78,403
  • Oct 25, 2010 9:59am Oct 25, 2010 9:59am
Quoting nuclear62
Hello everyone, has the market been kind of difficult for PA trading lately or is it just me I mean like EURUSD and other liquid markets hasnīt given clear pitbull daily PA for a long time.. Simple S/R setups appear very frequently and thereīs where to choose from.
Anyways got to remember that when 3-5 trades per month is enough, itīs not that bad thing
Just stay patient and watch more markets if you can. This will keep you from getting antsy on any one pair/timeframe. I consider myself very picky and I have months where it seems I am trading every day, and months where I take 3 trades for the month. I still get antsy and make mistakes but we can limit those, our long term success is much better.

Mike
  • #78,404
  • Oct 25, 2010 10:03am Oct 25, 2010 10:03am
Quoting nuclear62
My attention is now on this one, what do you think? Please every kind of comment is welcome
The question to ask yourself as Jarroo was recently posting about is go beyond the PA and figure out why sellers should be coming here. What is behind your trade, and then determine if that is still enough. We do a lot of this without knowing it from how James teaches us. For example BEOBs we want to see at swing highs away from the previous down move. Your beob is at a very minor swing high which then tells us we are trading right into traffic. We can see price boxing over and over again, and it may well do that here again around the 40. But don't be surprised to see it chop around either way as , as a whole this security has been very choppy

Best
Mike
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  • #78,405
  • Oct 25, 2010 10:04am Oct 25, 2010 10:04am
Quoting Adilius07
Interesting. My FxPro 4H bar ends the same as Thinkorswim. Both look identical. However MACD histogram is very diffetent.. thinkorswim has clear divergence Fxpro not.... wow whom can you trust in this business ((

Anyone know what could be a problem? (parameters are identical of course)
The ToS chart looks like the MACD is much more sensitive to price, the settings may be different
  • #78,406
  • Oct 25, 2010 10:15am Oct 25, 2010 10:15am
Quoting mbqb11
The ToS chart looks like the MACD is much more sensitive to price, the settings may be different
Hello Mike, I just checked TOS looks identical to that Netdaniacharts macd... so I think something is with my FxPro macd..
  • #78,407
  • Oct 25, 2010 11:48am Oct 25, 2010 11:48am
Hi Pinbar just read your PPZ lesson , Really enjoyed it Thanks, I would like to put my PPZ rendering forward for fun too.
Best
D
  • #78,408
  • Oct 25, 2010 11:54am Oct 25, 2010 11:54am
Hi
I found this site on the web http://www.earnforex.com/position-size-calculator
anyone knows if this calculator is good?
  • #78,409
  • Oct 25, 2010 12:28pm Oct 25, 2010 12:28pm
Sorry a bit late reply
Thanks for chart
D
  • #78,410
  • Oct 25, 2010 1:13pm Oct 25, 2010 1:13pm
[quote=HanSolo;4120811]Hi Edonya, what pair is it?

EDIT: Ah I see, it's EU. Maybe a little bit small and trading right into 1.4000. What do you think?[/quot

Trading to 1.4000 was a bit risk but i prayed that the US news could help it to go down has it done. I am a newbie coz it has taken me a cople of years to understand fx but to say the truth PA has opened my eyes on how i see price but one thing i am struggling with is the TP which in most cases my large profits turn to be small profits or losses. I am practising first to put fixed TP before i start learning on how to trail them.
Thanks
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  • #78,411
  • Oct 25, 2010 1:14pm Oct 25, 2010 1:14pm
I had the J16 trade manager on and took out my gold trade for $1 profit and then quickly closed out the remainder at BE. Must need to be set at 300 pips instead of thirty for gold?

Silver trade still hanging on floating just at my entry all day. May try to re enter gold again this evening when the new candles finish.
  • #78,412
  • Edited 2:41pm Oct 25, 2010 2:11pm | Edited 2:41pm
Quoting HanSolo
Hi xmzhang, wouldn't it be reasonable to look at the preceding divergence (see chart)? Or is divergence taken out by the price plunging down again? Thanks for your help.
Hans, applying divergence you'll need valid swing highs or lows of both price and the indicator you're using (RSI, Stochastics or MACD). These swingpoints are merely LOCAL maximum or minimum values. In the attachement I've marked off some swing lows of the U-J and the corresponding value of MACD. As you see only at two swing lows of U-J MACD also made a swing low (local minimum), even at the mentioned PB MACD didn't make a valid swing low, so strictly speaking applying divergence wouldn't be correct. I've posted a correct example of using divergence, you see that at both swing lows of E-C, MACD also made two valid swing lows (local minimum). Divergence here would have been another reason to buy the PB. Hope this clears up.
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Pipcrawler
  • #78,413
  • Edited 2:43pm Oct 25, 2010 2:15pm | Edited 2:43pm
Oeps sorry, something went wrong when posting my second attachement, here's the correct one
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Pipcrawler
  • #78,414
  • Oct 25, 2010 2:28pm Oct 25, 2010 2:28pm
Anyone likes this PB on daily - bouncing of down trend line?
Everybody's comments appreciated!
Thanks in Advance!
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Anything can happen - You never know
  • #78,415
  • Oct 25, 2010 2:29pm Oct 25, 2010 2:29pm
http://i7.photobucket.com/albums/y28...ng/jamesgj.jpg

Looking at this for a CT trade. two hammers one off weekly support the other off monthly. will the Japanese intervene again? I bet the price of milk is going down in tokyo.
  • #78,416
  • Oct 25, 2010 2:41pm Oct 25, 2010 2:41pm
Quoting kwikwis
Anyone likes this PB on daily - bouncing of down trend line?
Everybody's comments appreciated!
Thanks in Advance!
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I saw that bounce off the trend line but didnt see a pinbar on my chart. Wierd.
  • #78,417
  • Oct 25, 2010 2:54pm Oct 25, 2010 2:54pm
Quoting ^eagle^
I saw that bounce off the trend line but didnt see a pinbar on my chart. Wierd.
It is FXCM feed close at 5pm EST
Thats what i figured out from seniors here is important.
Anything can happen - You never know
  • #78,418
  • Oct 25, 2010 2:56pm Oct 25, 2010 2:56pm
Yeah broco crosses over at 6pm EST. Maybe thats why.
  • #78,419
  • Oct 25, 2010 3:13pm Oct 25, 2010 3:13pm
http://i7.photobucket.com/albums/y28...ng/eujames.jpg

Took this CT trade on daily eur/usd. LAte I know as someone took the same trade on the 4h this am. already speeding toward first TP as I dont expect much to come of it. set TP 1 at thirty 80% and letting the rest ride.
  • #78,420
  • Oct 25, 2010 4:08pm Oct 25, 2010 4:08pm
Quoting ^eagle^
http://i7.photobucket.com/albums/y28...ng/eujames.jpg

Took this CT trade on daily eur/usd. LAte I know as someone took the same trade on the 4h this am. already speeding toward first TP as I dont expect much to come of it. set TP 1 at thirty 80% and letting the rest ride.
TP 1 reached stop moved to BE and letting it ride.
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