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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

  • #80,821
  • Nov 25, 2010 10:54am Nov 25, 2010 10:54am
Quoting Adilius07
2-bar exit strategy.
Would this be correct? I moved my SL above next after entry high.
hi Adi, im sure Mike will confirm or correct me but i believe his 2 bar trail simply means that you put your stop 2 bars behind the current (unfinished)bar on the same TF as you entered,ajusting it everytime the current bar closes.
in my experience using a mental trail is not the best way to go, its far better for me to have my stops pre planned.i.e. if im gonna move my stop to a specific price if /when price reaches a certain level. e.g. if price mives above a PPZ and stays there i might move my stop to jus below the PPZ. or i might have a fixed trail already decided which i will activate once price has moved my way a certain number of pips. For me having a systematic method cuts out a lot of stress for one and emotional trading for two. once i am in a trade i like to have almost all of my decisions already made.
just my view
jon
PATIENCE... DISCIPLINE
  • #80,822
  • Nov 25, 2010 10:58am Nov 25, 2010 10:58am
Quoting Pinbar
I think there really are no rules but, I tend to go to the higher TF like the weekly and draw them from the main swings, ignoring the retracement.

I will then draw in the minor swings on the daily and look for confluence points between the two fibos.

There is always a lot of discussion about fibos and how people use them, there is a whole Bobushika thread about the fibo tool he made.

I think it is going overboard about a single factor personally, and we only use them as confluence.


I wasn't trying to bust your nuts over it, I just...
...good post pinbar,
Quote
I will then draw in the minor swings on the daily and look for confluence points between the two fibos.
this is the way to go.
PATIENCE... DISCIPLINE
  • #80,823
  • Nov 25, 2010 11:05am Nov 25, 2010 11:05am
Quoting g_j_hook@yah
hi Adi, im sure Mike will confirm or correct me but i believe his 2 bar trail simply means that you put your stop 2 bars behind the current (unfinished)bar on the same TF as you entered,ajusting it everytime the current bar closes....
Thanks Jon, I need to think about all this. I also want to remove most of emotions out of my trading. I like the way you do it - think before the trade then just execute.
  • #80,824
  • Nov 25, 2010 11:11am Nov 25, 2010 11:11am
Quoting Adilius07
Thanks Jon, I need to think about all this. I also want to remove most of emotions out of my trading. I like the way you do it - think before the trade then just execute.
Yeah, for me its very important. i cant stress enough how important having a trading plan clearly set out in advance is. at least for me.i will happily watch price move lots of predictable pips without me if i wasnt ready for it. jus makes me feel better lol the markets always there!!
jon
PATIENCE... DISCIPLINE
  • #80,825
  • Nov 25, 2010 12:49pm Nov 25, 2010 12:49pm
HI ALL !

hAPPY BIRTHDAY BIG BOY!

hAPPY THANKSGIVING TO ALL CONCERNED !

CHEERS

v
  • #80,826
  • Nov 25, 2010 4:40pm Nov 25, 2010 4:40pm
I´ve been watching this 30 area in terms of confluence and I hoped for the situation like marked with white color..

Have a great Thanksgiving North Americans
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  • #80,827
  • Nov 25, 2010 7:21pm Nov 25, 2010 7:21pm
Quoting g_j_hook@yah
...good post pinbar, this is the way to go.


Thanks GJ.

Larger TF seems better for everything.
  • #80,828
  • Nov 25, 2010 10:59pm Nov 25, 2010 10:59pm
does anyone know a broker which H4-candle closes now?
thanks
meine augen sind die sterne
  • #80,829
  • Nov 25, 2010 11:00pm Nov 25, 2010 11:00pm
Quoting aserbfx
does anyone know a broker which H4-candle closes now?
thanks
Yes, Alpari Uk will close in 10 seconds
  • #80,830
  • Nov 25, 2010 11:14pm Nov 25, 2010 11:14pm
Quoting Adilius07
Yes, Alpari Uk will close in 10 seconds
are you sure, adil? i am using alpari uk but their candle closes in two hours. at least on my platform...
meine augen sind die sterne
  • #80,831
  • Nov 25, 2010 11:18pm Nov 25, 2010 11:18pm
Quoting aserbfx
are you sure, adil? i am using alpari uk but their candle closes in two hours. at least on my platform...
Yes sure, I'm looking at it right now, there you go
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  • #80,832
  • Nov 25, 2010 11:18pm Nov 25, 2010 11:18pm
Quoting aserbfx
are you sure, adil? i am using alpari uk but their candle closes in two hours. at least on my platform...
Hey Al

MB trading just closed

my alpari UK is like yours , that might just be regular alpari

Hope you are feeling better
Mike
  • #80,833
  • Nov 25, 2010 11:19pm Nov 25, 2010 11:19pm
Ohh sorry Aser! That's just oil chart, forex times are different!!! Never knew that myself! hmmm
  • #80,834
  • Nov 25, 2010 11:25pm Nov 25, 2010 11:25pm
wow, forex, commodities all have different 4h closing times even withing one platform. Even oil and gas have different closing times!!! Everyday something new for me... thanks Aser
  • #80,835
  • Nov 25, 2010 11:37pm Nov 25, 2010 11:37pm
Quoting Adilius07
wow, forex, commodities all have different 4h closing times even withing one platform. Even oil and gas have different closing times!!! Everyday something new for me... thanks Aser
you're welcome
thanks, mike. yes, getting better everyday, but it's a slow progress.
meine augen sind die sterne
  • #80,836
  • Nov 26, 2010 12:22am Nov 26, 2010 12:22am
third approach to the resistance area at about 1.3150.

let's see if it breaks this time. i will go long above.
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meine augen sind die sterne
  • #80,837
  • Nov 26, 2010 12:54am Nov 26, 2010 12:54am
Quoting aserbfx
third approach to the resistance area at about 1.3150.

let's see if it breaks this time. i will go long above.
Did you enter? So was it just a buy order above res?
  • #80,838
  • Nov 26, 2010 1:09am Nov 26, 2010 1:09am
Quoting Adilius07
Did you enter? So was it just a buy order above res?
yes, currently sl at BE. it was a simple breakout trade, no classical "james16-trade".
meine augen sind die sterne
  • #80,839
  • Nov 26, 2010 1:11am Nov 26, 2010 1:11am
Quoting aserbfx
yes, currently sl at BE. it was a simple breakout trade, no classical "james16-trade".
Great job! I think it is still valid for J16 Two-Bar High breakout. There is only a few pips difference. Mike showed something like this before.
  • #80,840
  • Nov 26, 2010 3:58am Nov 26, 2010 3:58am
Quoting jarroo
You got it Pb . .

Now if Price closes below the previous Support level (1.3700), we now look for it (1.3700) to act as Resistance . .bearish PA will confirm it.

So now we wait and see it Price can make its way back up to the 1.3700.
similar story on the NZDUSD...
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