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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

  • #84,761
  • Jan 6, 2011 10:38am Jan 6, 2011 10:38am
Quoting aserbfx
yes, i didn't take that because i was afraid to trade against the overall up-move.
hope you caught that.
Nah.. i was on the EUR/NZD trade so I didnt took it.

Dont like to have 2 active trades at the same time.

I think the target on #HD is 33.00

Lets see ...

Os.
Trade Smart
  • #84,762
  • Jan 6, 2011 11:02am Jan 6, 2011 11:02am
Quoting ghous
Great question.

here you go.

http://www.youtube.com/watch?v=KHANmCrLIqM

g.
another great video, i like to put in my interpretation/understanding here so that you can correct me further.

My current strategy is, it is 2 part process, first one will be analyzing, find the entry, S/R, etc. Then, I set the SL level based on the S/R or my analysis. At this point, I won't worry about how big/small of the SL. And I will calculate the 1-2% of my account, then calculate the lot size based on that amount.

Now the calculated lot size w/Amount of my account is set for this trade, it is the risk amount that I can take for this trade. I don't care about the R/R, not that I don't care, I will forgot about the SL at this point. Instead I will concentrate on the TP and/or runner if it goes my way.

Maybe it is not a matter of right or wrong, but I do think it is logical so far of my learning. It makes sense to me, Anyone has opposite view?

All comments welcome!!
  • #84,763
  • Jan 6, 2011 11:10am Jan 6, 2011 11:10am
I am one day away and can't find the post I want to keep track of. The information flowing in this thread is just ridiculous, in a good way, of course.

can't keep up with this.

Mike/J16,

I remember James16 mentioned he will again turn this thread as his journal again. I like to see him more if possible. He also said he had a big plan for 2011 on this thread. I am waiting.....

Cheers,
  • #84,764
  • Jan 6, 2011 11:15am Jan 6, 2011 11:15am
Quoting jarroo
Welcome Ken. Your english is great . .looks better then ( or is it "than") mine.

Let's see some charts ..
Quoting mbqb11
Your English is great Ken , welcome http://cdn.forexfactory.com/images/s.../yim/happy.gif
Thank you sir. If i had not come to jame16 thread 2 years ago, probably I`d have given up trading then. Two of you are my real heroes

so,cheers

Quoting mbqb11
I do too http://freeemoticonsandsmileys.com/a...eer%20chug.gif
  • #84,765
  • Jan 6, 2011 11:19am Jan 6, 2011 11:19am
Quoting torontobboy2
How..
Is there any script/indicator I can use to get this done in metatrader?
check out the J16 Manager EA
or this EA.
(note: i havent used both)
  • #84,766
  • Jan 6, 2011 11:25am Jan 6, 2011 11:25am
I know lot of seniors, long time FF members are here in this thread, take a look and comment if you will:

http://www.forexfactory.com/showthre...47#post4293247
  • #84,767
  • Jan 6, 2011 11:41am Jan 6, 2011 11:41am
I failed on this attempt. I think my SL too close, I set it right below the PPZ level. Should have set it the low of the BUOB, let see how it goes the next couple of days.

Mike, some posts back, you answered another question about BUOB/BEOB should work better on swing low/high, so they won't work on trend continuation like in this case?

Thanks all in advanced.

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  • #84,768
  • Jan 6, 2011 11:59am Jan 6, 2011 11:59am
Quoting leelar
I failed on this attempt. I think my SL too close, I set it right below the PPZ level. Should have set it the low of the BUOB, let see how it goes the next couple of days.

Mike, some posts back, you answered another question about BUOB/BEOB should work better on swing low/high, so they won't work on trend continuation like in this case?

Thanks all in advanced.

Attachment
Here's what happened, the continuation BUOB that you traded had a very bad close. That bar had a long wick on the top, which indicates a lack of momentum on the upside. If the close of the BUOB was higher than the bars to the immediate left, you would have a good trade.

Yesterday I was looking at NZD/JPY's daily price action bar, and I needed a close higher than 63.50 in order to trade the bar. What happened was price retraced HARD, creating a "spinning top" pattern, making the trade absolutely a no-go.

Keep an eye on how the bar pushes. If the close is bad, or the bar looks like an "indecision bar", there's no reason to take it. really you can wait for the next day, or the next week, or the next month to make a trade.

I'm also very weary on some of the very obscure pairs such as NZD/CHF... I believe that the price movement you see on those types of pairs have less to do with that specific pair, and have more to do with how those two currencies are behaving against the more heavily traded currencies....

just my input.
Many choose unhappiness over uncertainty.
  • #84,769
  • Jan 6, 2011 12:06pm Jan 6, 2011 12:06pm
Quoting Dan Gilbert
Here's what happened, the continuation BUOB that you traded had a very bad close....
I always like your posts Dan... What an explanation. Can't get better than this.

0908
  • #84,770
  • Jan 6, 2011 12:08pm Jan 6, 2011 12:08pm
Quoting forex0908
I always like your posts Dan... What an explanation. Can't get better than this.

0908
I agree. I am glad Dan is posting here again. I have some of his previous posted charts saved on my personal James16 folder and I enjoy looking over them.

Also Dan brings a calmness/level headed logic to the thread.
  • #84,771
  • Jan 6, 2011 12:12pm Jan 6, 2011 12:12pm
yummy yummy yum...
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meine augen sind die sterne
  • #84,772
  • Jan 6, 2011 12:59pm Jan 6, 2011 12:59pm
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mmm..........thoughts anyone?
  • #84,773
  • Jan 6, 2011 1:04pm Jan 6, 2011 1:04pm
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again any comments welcome.T
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  • #84,774
  • Jan 6, 2011 1:30pm Jan 6, 2011 1:30pm
Quoting Dan Gilbert
Here's what happened, the continuation BUOB that you traded had a very bad close....
Make sense, thank you sir!
  • #84,775
  • Jan 6, 2011 3:02pm Jan 6, 2011 3:02pm
Quoting aserbfx
sorry, no j16-price action, but an interesting chart.
break through the 30 usd on rising volume. close above the 30 usd, but came back from the days high about 0.8% what makes me suspicious.
comments appreciated.
closed at 31.37 usd today. strong move with close nearly at dayhigh on good volume. further upmove likely.
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meine augen sind die sterne
  • #84,776
  • Jan 6, 2011 3:50pm Jan 6, 2011 3:50pm
Quoting forex0908
I always like your posts Dan... What an explanation. Can't get better than this.

0908
Quoting unlv_tj
I agree. I am glad Dan is posting here again. I have some of his previous posted charts saved on my personal James16 folder and I enjoy looking over them.

Also Dan brings a calmness/level headed logic to the thread.
Thanks guys.

I would try to post more of my charts in the future, but my trading has been molded through various seniors in the thread, and probably wouldn't make much sense in regards to the "standard" method. I like to think I have come up with my own version of J16 PA trading
Many choose unhappiness over uncertainty.
  • #84,777
  • Jan 6, 2011 4:54pm Jan 6, 2011 4:54pm
Quoting kancha1115
Thank you sir. If i had not come to jame16 thread 2 years ago, probably I`d have given up trading then. Two of you are my real heroes

so,cheers
Yeah, Ken

Welcome to the thread.

It is Ichiban Shibori or a Sapporo Original with the red star, for me.
Suntory beer is terrible, always tastes like that OTAISAN stomach medicine.

Ahh, sat at the Hinoki Sushi counter a nice dish of sea urchin, (Uni) and a cold Ichiban Shibori. Now that is real culture!

Hey Ken, don't hesitate to post some charts, Jarroo was asking you to do that a few posts back. Maybe you missed it.

People can help more when they see our charts and understand out weak and strong points.

Good Luck.
  • #84,778
  • Jan 6, 2011 5:06pm Jan 6, 2011 5:06pm
Quoting spookie94
could use some advise managing this one. Got in early off a retrace back to previous bar high. Just not sure when to bail or hold on?
Hey Spookie u r not alone
I am in the same trade as you are, at entry 1.3183, SL below BUOB, position size less than 1.5%.
I planed that if the BUOB is taken out i am comfortable with the loss size.
Are you comfortable with your risk? Do you accept responsibility for the trade no matter what happens?
This questions asked before entering the trade help me with Psychological side of the trade.
Hope it helps.
Anything can happen - You never know
  • #84,779
  • Jan 6, 2011 6:56pm Jan 6, 2011 6:56pm
Quoting leelar
I failed on this attempt. I think my SL too close, I set it right below the PPZ level. Should have set it the low of the BUOB, let see how it goes the next couple of days.

Mike, some posts back, you answered another question about BUOB/BEOB should work better on swing low/high, so they won't work on trend continuation like in this case?

Thanks all in advanced.

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Hey Lee

It isn't that outside bars or any bars work better at swing highs/lows as opposed to continuations, they are just different. It is in my opinion that the traditional way taught here is easier to pick up then continuations. I trade them everywhere in equal amounts.

The issue I have with this one is it is just a BUOB at as swing high. What is the reason to get in long? That is the question we have always answer with good reason. I see a strong down move and the area now being a good retracement of that previous move down. Now this doesn't make it a horrible play price still broke some 50 odd pips. So still time to get to b/e knowing that there isn't a whole lot to be working with here, maybe just flat taking profit.

i prefer continuations off breakout type patterns, more defined story, past the bar itself

Best
Mike
  • #84,780
  • Jan 6, 2011 7:00pm Jan 6, 2011 7:00pm
Quoting Dan Gilbert
Thanks guys.

I would try to post more of my charts in the future, but my trading has been molded through various seniors in the thread, and probably wouldn't make much sense in regards to the "standard" method. I like to think I have come up with my own version of J16 PA trading
HI Dan
I have been taking note of your posts and found them interesting and informative, if you have come up with your own J16 style please elaborate and tell me/us what it is, it can only educate and I am sure captivate my/our attention , why not start a section of your own within thisforum.
Kind regards
rahame
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