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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

  • #79,361
  • Nov 5, 2010 8:04am Nov 5, 2010 8:04am
I like this setup on the CAD/JPY. Maybe we'll have something like a retracement to those bar highs before proceeding on up
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  • #79,362
  • Nov 5, 2010 8:06am Nov 5, 2010 8:06am
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  • #79,363
  • Nov 5, 2010 8:36am Nov 5, 2010 8:36am
Quoting gez40
me too, this was an IB false break out trade.

Also took this pin on EURCAD daily, clear resistance at the marked price
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Seek not to change the world; seek only to change your mind about the world
  • #79,364
  • Nov 5, 2010 9:39am Nov 5, 2010 9:39am
Quoting Pinbar

Hope this helps at least one person.
Yes it helped me a lot thanks for the great help
  • #79,365
  • Nov 5, 2010 9:41am Nov 5, 2010 9:41am
Are any of the James16 crew on Currensee?
I've been using their new Trade Leaders functionality for a couple weeks and have been impressed. However I'd be REALLY impressed if I could choose one of the James16 pros as a Trade Leader.

(For those that don't know, the Trade Leader function let's you allocate a chunk of your portfolio to automatically follow whatever trades the trade leader makes. If they make money, you make money. And if you make money, they get a chunk of that as commission).
  • #79,366
  • Nov 5, 2010 9:49am Nov 5, 2010 9:49am
Quoting nuclear62
It's ok nuc this is how we learn . You do it over and over and make the mistakes and just try your best to learn from each one. Progress little bit at a time.

Have a great weekend
Mike
  • #79,367
  • Nov 5, 2010 10:36am Nov 5, 2010 10:36am
Quoting gez40
Also took this pin on EURCAD daily, clear resistance at the marked price
Nice trade! I saw it but hesitated and skipped

So did you take it on bar break or after it broke and retraced? - I see your sell loks kinda "in the bar"???

http://cdn.forexfactory.com/attachme...1&d=1288964161
  • #79,368
  • Nov 5, 2010 11:24am Nov 5, 2010 11:24am
Quoting Adilius07
Nice trade! I saw it but hesitated and skipped

So did you take it on bar break or after it broke and retraced? - I see your sell loks kinda "in the bar"???

http://cdn.forexfactory.com/attachme...1&d=1288964161
Break of the pin, taken profit already but still falling, need to work on exits.
Seek not to change the world; seek only to change your mind about the world
  • #79,369
  • Nov 5, 2010 2:01pm Nov 5, 2010 2:01pm
Quoting StirlingFX
Are any of the James16 crew on Currensee?
I've been using their new Trade Leaders functionality for a couple weeks and have been impressed. However I'd be REALLY impressed if I could choose one of the James16 pros as a Trade Leader.

(For those that don't know, the Trade Leader function let's you allocate a chunk of your portfolio to automatically follow whatever trades the trade leader makes. If they make money, you make money. And if you make money, they get a chunk of that as commission).
I don't think you'll find any takers here. I'm sure you can find a service like that anywhere on the web, but here they'll teach you to fish and its up to you how well you eat. Wouldn't want it any other way.
  • #79,370
  • Nov 5, 2010 2:13pm Nov 5, 2010 2:13pm
Citigroup finally breaks out
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  • #79,371
  • Nov 5, 2010 2:31pm Nov 5, 2010 2:31pm
this is my own personal trading performance for last month.

19 trades taken,

not a huge amount of actual money,

but i systematically increased my account by over 75% in a sideways market

wash rinse repeat.
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  • #79,372
  • Nov 5, 2010 3:03pm Nov 5, 2010 3:03pm
Quoting 4X=0
this is my own personal trading performance for last month.

19 trades taken,

not a huge amount of actual money,

but i systematically increased my account by over 75% in a sideways market

wash rinse repeat.
Wow outstanding!!!! Keep it up!
And this performance tracking soft is cool! What is it?
  • #79,373
  • Nov 5, 2010 3:07pm Nov 5, 2010 3:07pm
Quoting 4X=0
this is my own personal trading performance for last month.

19 trades taken,

not a huge amount of actual money,

but i systematically increased my account by over 75% in a sideways market

wash rinse repeat.
pretty awesome with only a 31% win ratio!!!
  • #79,374
  • Nov 5, 2010 3:20pm Nov 5, 2010 3:20pm
Quoting 4X=0
this is my own personal trading performance for last month.

19 trades taken,

not a huge amount of actual money,

but i systematically increased my account by over 75% in a sideways market

wash rinse repeat.

I am a big fan of your avg win to avg loss ratio, haha nice job! I am presuming you use some form of trailing exit strategy - would you mind elaborating?

I have been testing a simple 1 bar trail for my high momentum intraday trades and so far it is looking pretty good. Just wondering, always good to learn something new.

Thanks
Chris
  • #79,375
  • Nov 5, 2010 3:48pm Nov 5, 2010 3:48pm
Quoting stoli7188
I am a big fan of your avg win to avg loss ratio, haha nice job! I am presuming you use some form of trailing exit strategy - would you mind elaborating?

I have been testing a simple 1 bar trail for my high momentum intraday trades and so far it is looking pretty good. Just wondering, always good to learn something new.

Thanks
Chris
im afraid my exit strategy is not something i can put in to words... even if i wanted to. my exits seem to have about 60% to do with me, and 40% to do with the market. i tend to exit too soon. the longer i am in an open trade, the more valuable it becomes to me because of the investment of time, and so i become hyper sensitive after some hours, and take profit.
  • #79,376
  • Nov 5, 2010 4:11pm Nov 5, 2010 4:11pm
This one is on my radar for monday, but it is a BUOB on weekly too...
interesting to hear any advice, how you usually treat something like this... higher TF wins so I better skip it?
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  • #79,377
  • Nov 5, 2010 4:35pm Nov 5, 2010 4:35pm
I guess another newbie mistake, though marked PPZ correctly but didn't close the trade.
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  • #79,378
  • Edited Nov 6, 2010 11:39am Nov 5, 2010 8:39pm | Edited Nov 6, 2010 11:39am
New people Study this till you go blind folks.

Sometimes the way price moves may look random, but actually it is not, those consolidation areas are there for a reason, we just have to work out why and where and learn to utilize consolidation, rather than hate it, which most new traders do. Consolidation is telling us a story which we have to think about, if we can work out the story we can then, have a very good idea of where price is likely to go. Look at james16, Mike, Jarroo, Ghous, SC & other seniors of J16. These guys sometimes stay in a trade to the very pip it turns around! The above is why and how they can do this, it is not hope that price will make it to a certain area, nor magic, it is logic. I am working my butt off to attain this mentality.





JARROO's PPZ explanation.


PPZ levels are areas where Price flips, as James16 talks about frequently. It is a key level where we look for PA setups to develop.

"Price flips" means where areas of Support turn into areas of Resistance . .and vice versa. This turning point occurs (usually) once Price breaks the given level of Support or Resistance.

Good areas to look for these levels are at the top and bottoms of past consolidation.
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  • #79,379
  • Nov 5, 2010 10:12pm Nov 5, 2010 10:12pm
Quoting Pinbar
"Price flips" means where areas of Support turn into areas of Resistance . .and vice versa. This turning point occurs (usually) once Price breaks the given level of Support or Resistance.

Good areas to look for these levels are at the top and bottoms of past consolidation.
So let's find a couple of areas for next week...

EURAUD, 1.4000 has been strong support, with a nice consolidation area above. Price broke through pretty strongly with the Friday candle. I'll be watching for a pullback to test 1.4000 as resistance.
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  • #79,380
  • Nov 5, 2010 10:25pm Nov 5, 2010 10:25pm
EURCHF. Friday candle testing 1.3500 after consolidating below and breaking through resistance.

Will it hold as support? Or will it pass back through?
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