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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

  • #87,881
  • Feb 3, 2011 1:27pm Feb 3, 2011 1:27pm
Quoting AvanishDemo
hey Mike,
Big Hi..

1 doubt..
i took this sell trade..but im not able to put my stop loss..it says INVALID..how come?..
also u see the current bar price is underneath my take entry level..still its showin -9 $

wats gng on with this?
Hey Avanish

You should be able to put a stop in, I don't use MT4 but double check your numbers. If you are trying to put a stop loss to close to current price it might not let you. But if you want to place it above the high of that bar it should be no problem. The reason you are down money is b/c you are paying for the spread. So if the spread is 5pts, price must move 5pts from your entry into your favor just to cover that spread alone.

Yabba dabba doo

Mike
  • #87,882
  • Feb 3, 2011 1:33pm Feb 3, 2011 1:33pm
Quoting Patrick.
I find it weird sometimes there are so many people viewing but so few posting charts and asking questions... I will post by F setups and get them torn to shreads so i can LEARN from more experienced J16 traders
It does feel a bit eerie sometimes. I like to think they're reading through the whole thread and will be with us soon enough!

Quoting sammy31
Totally agree, hope we will be able to help others and those who have helped us get to the top ( when I'm a billionaire).

I got about 70 pips from EURAUD but then I chickened out when it pulled back before the big slope. I am still happy with what l got, at least it wasn't a loss.
70 pips! Not a loss? It's brilliant!
  • #87,883
  • Feb 3, 2011 1:35pm Feb 3, 2011 1:35pm
NFP tomorrow is it best to stay out or what do we do in here?
  • #87,884
  • Feb 3, 2011 1:35pm Feb 3, 2011 1:35pm
Quoting mbqb11
Hey Avanish

You should be able to put a stop in, I don't use MT4 but double check your numbers. If you are trying to put a stop loss to close to current price it might not let you. But if you want to place it above the high of that bar it should be no problem. The reason you are down money is b/c you are paying for the spread. So if the spread is 5pts, price must move 5pts from your entry into your favor just to cover that spread alone.

Yabba dabba doo

Mike
k got it y im at -ve..yea i tried put my stop loss above the IPb..but no..im not able to put that stop loss..WIERDO,the button jus doesnt hit red while modifying!
  • #87,885
  • Feb 3, 2011 1:36pm Feb 3, 2011 1:36pm
Quoting sammy31
NFP tomorrow is it best to stay out or what do we do in here?
Business as usual for me Sammy. I won't be executing any market orders around that time that is for sure. But if I find daily PA worth playing I play it as I would any other day. I ignore news. All of it

Best
Mike
  • #87,886
  • Feb 3, 2011 1:42pm Feb 3, 2011 1:42pm
Quoting mbqb11
Business as usual for me Sammy. I won't be executing any market orders around that time that is for sure. But if I find daily PA worth playing I play it as I would any other day. I ignore news. All of it

Best
Mike
Mike, I started out trading news... NFP used to scare the pants off me, you are a braver man than I
  • #87,887
  • Feb 3, 2011 1:50pm Feb 3, 2011 1:50pm
Quoting mbqb11
Business as usual for me Sammy. I won't be executing any market orders around that time that is for sure. But if I find daily PA worth playing I play it as I would any other day. I ignore news. All of it

Best
Mike
I once read advice fro someone who said to open a long and a short before big news, each with a 30 pip SL.

The same guy also advised to open random trade, short/long, it didn't matter, for 1% of account. If it worked, great, do the same again. If it failed, double the stakes next time. If that failed, double it again, and again. The law of averages would put you at break even in no time, and the potential profits would be great!

So, let's see, how many losers can you afford?

1%, 2%, 4%, 8%, 16%, 32%, 64%, . And that 64% is 64% of what you've got left!

Thank FSM for James16
  • #87,888
  • Feb 3, 2011 2:07pm Feb 3, 2011 2:07pm
Quoting Ifmyante
I once read advice fro someone who said to open a long and a short before big news, each with a 30 pip SL.

The same guy also advised to open random trade, short/long, it didn't matter, for 1% of account. If it worked, great, do the same again. If it failed, double the stakes next time. If that failed, double it again, and again. The law of averages would put you at break even in no time, and the potential profits would be great!

So, let's see, how many losers can you afford?

1%, 2%, 4%, 8%, 16%, 32%, 64%, . And that 64% is 64% of what you've...
Yes i know that method too. I tried it on a online roulette game with play money. Its like the same 1$ on black if you win then 1$ on red if you lose double it if you lose again double it again... If you get for example a lose streak of reds you will risking in my example 150$ for 2$ that is crazy xD

I think with this method a margin call is guaranteed
  • #87,889
  • Feb 3, 2011 2:19pm Feb 3, 2011 2:19pm
Ill step in and say Ive been one of the newbies to the thread, and had been catching up on the posts. Im in the States, and in the Central Time Zone (Chicago). Here Ill be from now on, as this has been a life changer. Ive pm'd some guys and asked for advise. What Ive learned so far is that I want to be one of the traders who is here as my time allows, and has the torched handed my way. What Ive learned so far is are some of the terms used which are great. Im now looking...and am wrong I know for the order and even at what I say as it is probably out of order in the thought process of good A+ setups, but higher timeframes, pinbars, bullish engulfing candles, bar closes, pivot zones, big round numbers, fib levels, and my favorite price action. now i need to learn other than 2-3% risk how much I should really be trading on this new method and how to manage the trade....all needing to be done ahead of time.
Thanks to all you guys who are on this thread, who post videos and charts, as Im very grateful for the quick responses youve done for any of the questions, as Ill have some in due time.
DM if you have any questions
  • #87,890
  • Feb 3, 2011 2:20pm Feb 3, 2011 2:20pm
Quoting jarroo
I liittle quiet in here today.




Here's one to watch . . .Usd/Jpy

How pretty was this . .
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Indicators show the past. Price Action "Indicates" the future.
  • #87,891
  • Feb 3, 2011 2:24pm Feb 3, 2011 2:24pm
Quoting jarroo
How pretty was this . .
Textbook, thank you
  • #87,892
  • Feb 3, 2011 2:24pm Feb 3, 2011 2:24pm
Quoting jarroo
How pretty was this . .
dead on Jim , nice .. Are you holding or out full?


Mike
  • #87,893
  • Feb 3, 2011 2:33pm Feb 3, 2011 2:33pm
Quoting mbqb11
dead on Jim , nice .. Are you holding or out full?


Mike
I free traded it at the 81.55 wanted to see if Price could hold as Resistance there. 2nd half of the free trade is above the 82.00 almost above the PB.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #87,894
  • Feb 3, 2011 2:35pm Feb 3, 2011 2:35pm
Heres goes nothing, first question and pertaining to Jim's USD/JPY

1. Bearish Engulfing Candle
2. Wait for PB
3. Pinbar
4. Short at close of PB?
5. Stop above previous candle?

then how do you manage this trade?
DM if you have any questions
  • #87,895
  • Feb 3, 2011 2:50pm Feb 3, 2011 2:50pm
Quoting Pinbar
Here is a quick video on that EUR/CHF area and why I like it.

Hope that any new people may get a little bit of inspiration by Jarroo's teachings as it shows us how we could have noticed this area and setup our chart, days & even weeks in advance.
EDIT: This is not a trade recommendation, it is simply my HO.
Also, the area is good but there is traffic below and we still have to wait for PA.


http://www.youtube.com/watch?v=OEd0kPsOZD4
http://www.youtube.com/watch?v=OEd0kPsOZD4
Quoting Pinbar
Glad you liked it.
If it helps just one person, that is enough reward for making it.

Also, the credit goes to that wonderful chap, Jarrrrrrrrrrrrooooooooo!


Wow . . really good video Pb. . .

Believe me . .I would like to take credit for this as my "teachings" . .but its really what I've learned from James16 and Mike.

I may have put a more quailfying confirmation on the "Close above or below" to confirm potential Support or Resistance levels of the PPZ levels.. . .but hey . . that's what James and Mike talk about all the time . not with just PPZ levels.

I guess I just talk about it more . .10,000 posts..
Indicators show the past. Price Action "Indicates" the future.
  • #87,896
  • Feb 3, 2011 2:56pm Feb 3, 2011 2:56pm
Quoting AvanishDemo
K Cool..
Got it,
Heres the IPb on H4 chart,Nice Swing High,Bearish Close..1.3124-1.3126 looks a PPZ level..if u scroll back on the chart..no other confluence..well i jus wana sharpen IPb so keep on askin u..hope dats ok with u lol..

How u rate this?
Hey A,

Notice how we're not off a major PPZ...in fact we are but in a different sense of the phrase. Let me explain...

we want our IPBs with . . as Steve (pin bar) mentions . . with their backs against the walls. The walls here are the BRNs and the big PPZs.

The IPB looks to be nicely located at a swing high with bearish potential, but that theme invalidates as soon as you throw in the major PPZ in that area. And that PPZ is not at the IPB high/open/close. its right at the IPB low, which changes the entire essence of its existence.

From a reversal bar this becomes more of a signal of the all too common . . breakout . . pullback . . resumption thingie. The famous old res turns into supp stuff.

See the importance of 'fitting in the pieces of information available at the time'?

PS you are not really being allowed to set your stop on this is because of the fact that price is very close to your stop loss price + the huge spread this pair has. I think price has to be 10 pips away from your stop/tp level for the order to execute and that's excluding the spread.

PPS I am not bothered one bit by your questions. I in fact appreciate them.

g.
Attached Image (click to enlarge)
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I believe . . .
  • #87,897
  • Edited 3:08pm Feb 3, 2011 2:56pm | Edited 3:08pm
Quoting jkrick33
Heres goes nothing, first question and pertaining to Jim's USD/JPY

1. Bearish Engulfing Candle
2. Wait for PB
3. Pinbar
4. Short at close of PB?
5. Stop above previous candle?

then how do you manage this trade?
Hi J

Just one thing

The setup wasn't from any BEOB
It was validated by the 82 level turning from support into ressistance.

If you go back through Jarroos attachments, you'll see some simple events in the past having a powerful effect over the future
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  • #87,898
  • Feb 3, 2011 2:57pm Feb 3, 2011 2:57pm
Quoting sammy31
Thank you Mike, Ghous, Jarroo, Ifmyante and all the other people on this thread who have helped me. My trading has really improved and I have not lost a pip but been in profit since I joined this thread.
That's really good to hear Sammy!

Keep it up buddy!

g.
I believe . . .
  • #87,899
  • Edited 5:10pm Feb 3, 2011 3:01pm | Edited 5:10pm
Well a newbie needs advice..Please. I know that NFP comes out tomorrow, so I will be patient...possibly until Monday. But I think that I see a good Pinbar on the EURUSD Weekly with the next S/R around 1.3300 and then 1.2900?

Just wondering if this makes sense and if I am reading things correctly.

Thanks
Attached Image
  • #87,900
  • Feb 3, 2011 3:15pm Feb 3, 2011 3:15pm
I'm looking for this.
Attached Image (click to enlarge)
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Nothing personal,just business
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