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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

  • #87,161
  • Jan 27, 2011 9:43am Jan 27, 2011 9:43am
Quoting spookie94
I tried to find ways to deal with the same issue....
Thanks Spookie for reply. I am desperately searching for the answers, within myself, within FF etc...

Yeah 90% is simple. Just count BE as a winner so when you have 9 BE 1 Loss that is actually 90% win rate..

I search for the ways to make forex work. See... Not for fun or social activity... I think the answer is in R:R (in some form)

Hitting 90% wins - I just can't believe in this (just me maybe everyone else believe but its too hard for me) until I see with my own eyes some statements: DEMO would be fine... (5 trades in a row don't count)...

Sorry to be rude, just wanted to say like it is...
  • #87,162
  • Jan 27, 2011 9:44am Jan 27, 2011 9:44am
Quoting madboy
I'm new around here so I salute you all.My beginner view on euraud.
Nice clean chart I like it mad! Should post more

Best
Mike
  • #87,163
  • Jan 27, 2011 9:54am Jan 27, 2011 9:54am
Quoting Adilius07
Thanks Spookie for reply. I am desperately searching for the answers, within myself, within FF etc...

Yeah 90% is simple. Just count BE as a winner so when you have 9 BE 1 Loss that is actually 90% win rate..

I search for the ways to make forex work. See... Not for fun or social activity... I think the answer is in R:R (in some form)

Hitting 90% wins - I just can't believe in this (just me maybe everyone else believe but its too hard for me) until I see with my own eyes some statements: DEMO would be fine... (5 trades in a row don't count)......
yes, i second that. some years ago, i was trading with some really good prop-traders. they made a sh*t load of money with the dax-future. some times they had 10 or more losses in a row, but then once a day they made this one trade which gave them the money.
that said r:r is the key to success, imho.
meine augen sind die sterne
  • #87,164
  • Jan 27, 2011 9:54am Jan 27, 2011 9:54am
thank you Supreme, i will keep posting but I am a madam.

Quoting supremeChaos
Hello Sam,
keep posting Sir!
  • #87,165
  • Jan 27, 2011 9:59am Jan 27, 2011 9:59am
Quoting mbqb11
Nice clean chart I like it mad! Should post more

Best
Mike
Thanks Mike,I will try to do my best.
  • #87,166
  • Jan 27, 2011 10:02am Jan 27, 2011 10:02am
Quoting aserbfx
yes, i second that. some years ago, i was trading with some really good prop-traders. they made a sh*t load of money with the dax-future. some times they had 10 or more losses in a row, but then once a day they made this one trade which gave them the money.
that said r:r is the key to success, imho.
You probably picked the good skills which you can implement today.
I never saw a profitable trader in my life...

I had a mentor before he used fixed R:R, no matter what market does or where are the S/R, it was based on Average True Range... I just don't agree with it anymore after I found J16... but exiting at FTA also don't feel right... (one loss wipes out 3-4-5 wins)... quickly jumping at BE... waiting for 1:1 well may be but again this would ignore FTA, S/R before 1:1 Target.

So maybe I should reduce loss somehow... I am just lost.
  • #87,167
  • Jan 27, 2011 10:03am Jan 27, 2011 10:03am
Quoting mbqb11
Here is a beautiful PPZ to watch at 1.4
Hi Mike

it does look good.

One thing though, I have a PPZ at 1.3924.
It has the same amount of hits as 1.40, but just doesn't have the BRN status.

First of all, would you class it as a PPZ in the first place, and second, if you did, would you only attend to seriously overwhelming bearish PA if it occured there, so close to the BRN?

Thanks in advance

Michael
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  • #87,168
  • Jan 27, 2011 10:06am Jan 27, 2011 10:06am
Quoting Ifmyante
Hi Mike

it does look good.

One thing though, I have a PPZ at 1.3924.
It has the same amount of hits as 1.40, but just doesn't have the BRN status.

First of all, would you class it as a PPZ in the first place, and second, if you did, would you only attend to seriously overwhelming bearish PA if it occured there, so close to the BRN?

Thanks in advance

Michael
Hey M

Don't forget the Z in PPZ. They are zones. So your line and 1.4 is all the same zone to me. Just cause we get a pinbar/beob/whatever there doesn't automatically mean I will short this pair. What it gives me is an area to watch and see how price begins to react there. This can come in many forms, from one big juicy bar(which are what is the easiest for new PA traders to grasp), to a breakout pattern. I simply define areas like this as important points historically in the market place and look for that to continue and use price action analysis once we are there to see if I can find something that fits my criteria. It might not even be for a short it could even be to get in long.

Hope that helps
Mike
  • #87,169
  • Jan 27, 2011 10:07am Jan 27, 2011 10:07am
Quoting mbqb11
Hey M

Don't forget the Z in PPZ....
the "zone"

if anyone can't see this PPZ, please give a shout I will mark the chart up more. Just trying to keep it basic with the drawings on this snowy day
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  • #87,170
  • Jan 27, 2011 10:16am Jan 27, 2011 10:16am
Quoting mbqb11
the "zone"

if anyone can't see this PPZ, please give a shout I will mark the chart up more. Just trying to keep it basic with the drawings on this snowy day
Thanks Mike

I'm only beginning to lose the mentality of 'Looking for a short' here or a long there. I'd rather keep a clear mind and just see what happens.

Seriously, you guys should write books on what you know.

I like the name of Ghous' potential book the best: The Story Book
  • #87,171
  • Jan 27, 2011 10:20am Jan 27, 2011 10:20am
Quoting g_j_hook@yah
hi madboy, welcome aboard

that chart looks fine. i have my FTA at 1.3900-1.3930 aswell. After that i have 1.40-1.4050
keep posting.

jon
Thanks g_j_hook@yah,you are right about the targets and if monthly closes as it is now there is a big chance for the trend to change.Anybody thinks the same?
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  • #87,172
  • Jan 27, 2011 10:24am Jan 27, 2011 10:24am
Quoting madboy
Thanks g_j_hook@yah,you are right about the targets and if monthly closes as it is now there is a big chance for the trend to change.Anybody thinks the same?
It sure could, at least temporarily. How juicy is that 1.55 That stuff makes me drool
  • #87,173
  • Jan 27, 2011 10:44am Jan 27, 2011 10:44am
Quoting sammy31
thank you Supreme, i will keep posting but I am a madam.
Welcome Sammy hope to see you posting more

FX needs more women, I think they are more level headed and can see the forest through the trees better.


Best
Mike
  • #87,174
  • Jan 27, 2011 10:52am Jan 27, 2011 10:52am
Damn, I completely over looked the EURJPY Daily IB yesterday.

Granted the location wasn't that good, and I really was thinking the EUR might be running out of steam and ready to retrace at least a little.

I didn't even notice is was close to a three bar matching high along with the trend and the break though this level sort of confirmed the near three bar matching high.

I think GJ got in this trade. Did anyone else?

I still have not taken a trade since early Dec. 2010.
  • #87,175
  • Jan 27, 2011 10:52am Jan 27, 2011 10:52am
Quoting supremeChaos
Hello Sam,
keep posting Sir!


Quoting sammy31
thank you Supreme, i will keep posting but I am a madam.


uuups................ Supreme what have you done

Sir Sir Sir ..... no thanks please call me Madam

you begging get into hot water
  • #87,176
  • Jan 27, 2011 11:44am Jan 27, 2011 11:44am
Anyone watching this?

I like we keep failing at 1.0 and we have the trend line.
However there is a consolidation box built over 13 days that needs to be taken out.
I would like to see a strong bearish close then some PA off the consolidation box (green line)
Any thoughts?
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  • #87,177
  • Jan 27, 2011 11:57am Jan 27, 2011 11:57am
One doubt, in the thread James recommends trading on weekly, daily and then on H4.

Now, if we open a trade on daily or weekly and let it run, it will burn a lot in interest, am I right? Many brokers charge interest every 24 hours, am I right? Or if we leave the trade open many days.

If we trade on daily graphs, we can let one trade open for many many days. Is there any solution to this?

Maybe only trade on demo on daily and weekly, and THEN trade live on H4 ?
The Black Swan: The Impact of the Highly Improbable
  • #87,178
  • Jan 27, 2011 12:23pm Jan 27, 2011 12:23pm
Quoting Pinbar
All good things come to an end.

I think I need a new broker for my live account after FXDD Malta seems to have started using high spreads.

Look at USD/JPY 4 pips, is that not a ridiculous spread for this pair?
That is ridiculous.

I use Alpari UK, 2 pip spread. Also heard good things about MB trading (ECN broker) and the last time I checked the spread was 1.1. Alpari have offered MT4 for a while but MB trading I think introduced it recently.

HTH

SR2
  • #87,179
  • Jan 27, 2011 12:33pm Jan 27, 2011 12:33pm
Quoting MapleLeaf
One doubt, in the thread James recommends trading on weekly, daily and then on H4.

Now, if we open a trade on daily or weekly and let it run, it will burn a lot in interest, am I right? Many brokers charge interest every 24 hours, am I right? Or if we leave the trade open many days.

If we trade on daily graphs, we can let one trade open for many many days. Is there any solution to this?

Maybe only trade on demo on daily and weekly, and THEN trade live on H4 ?
The interest is pretty much negligible and you also get paid interest(depending if you are long or short and what the interest rates are) so it is one of those nearly even out things in my eyes

Best
Mike
  • #87,180
  • Jan 27, 2011 1:30pm Jan 27, 2011 1:30pm
Thanks for advice Mike, same as with the graphics yesterday, very appreciated! I will take that in mind, when I let the trade run for many days.
The Black Swan: The Impact of the Highly Improbable
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