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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

  • #88,161
  • Feb 5, 2011 2:18pm Feb 5, 2011 2:18pm
Quoting Patrick.
thats what i am thinking, G usually says to add to the story, I stepped out and looked at the weekly I notice we did create a new low, but we close higher than previous week low...

btw, I guess those new Air Jordan 2011 “Year Of The Rabbit” really pushing Nike stocks up LOL
Okay- further investigation
H1 - got rejected at swing lows
found support atop last minor consolidation
Heading north again

Possible safest long entry above double high?

Running shoes- it's amazing the things people get excited over!
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  • #88,162
  • Feb 5, 2011 2:20pm Feb 5, 2011 2:20pm
I would not trade this one. However, if I did, 1.3450 would be the first support area -- all the bar highs.

I have 1.4 noted on my chart. See all the confluence at 1.4? Those are the areas to watch for PA setups.

If you take more than a few weekly trades a year with a typical forex broker with approx. 30 markets, you are most likely over-trading.

Scott

Quoting Jey
Nice Pin off the 61.8, Down Trendline, Dark Green PPZ level - tremendous confluence. Initially have put the TP at the 50% level but I think it might see the 38.2 level which is also where the 365 is lying at, which is also another price flip. Will move the TP once it moves in that direction. Am I doing this right?
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  • #88,163
  • Feb 5, 2011 2:26pm Feb 5, 2011 2:26pm
Quoting Ifmyante
Okay- further investigation
H1 - got rejected at swing lows
found support atop last minor consolidation
Heading north again
Possible safest long entry above double high?
and if we take the daily PB +15, would give us entry 1.5928 which is above the H1 double highs?
  • #88,164
  • Feb 5, 2011 2:32pm Feb 5, 2011 2:32pm
Quoting Patrick.
and if we take the daily PB +15 above high would give us entry 1.5928 which is above the H1 double highs?
So, it's looking good then

  • #88,165
  • Feb 5, 2011 2:35pm Feb 5, 2011 2:35pm
Quoting Ifmyante
So, it's looking good then

LOL one way to find out, if been in the bushes still waiting to push the trigger (see my pic)
  • #88,166
  • Feb 5, 2011 2:37pm Feb 5, 2011 2:37pm
for my 1000th post
this is my special setup


just kidding.

thanks to forexfactory and the james16-gang. you know who you are!

i am looking forward to the next 1000 posts!
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meine augen sind die sterne
  • #88,167
  • Feb 5, 2011 2:39pm Feb 5, 2011 2:39pm
Quoting aserbfx
for my 1000th post
this is my special setup


just kidding.

thanks to forexfactory and the james16-gang. you know who you are!

i am looking forward to the next 1000 posts!
dude xmas is long gone take the tree down
yow my draw dropped when I saw that
  • #88,168
  • Feb 5, 2011 3:00pm Feb 5, 2011 3:00pm
Quoting Patrick.
Greetings, I would appreciate some feedback on this.

Daily

  1. On daily chart is that PB a potential setup?
  2. Pretty much been trading in a box many days now
  3. BRN 5800 is behind us..6000 is a trouble number but 5100 seems more likely to be PPZ looking at the many times it has acted as resistance
  4. Fridays PB went through the 50 fib but said 50 acted as major support along with BRN 5800

4H

  1. PB which would have given an entry signal?
  2. 365 MA acting as support
  3. close above 38 FIB

if tradeable?[list][*]wait...

Hey Pat

here is my view. My bar did not close as a pinbar(close not within the prior bar). My feed closes at 5pm est which is really the better close IMO as this is when the markets unofficial shut down. To me this bring an interesting point as notice price could NOT close above 5900. See all the bar lows there? If price could have closed above those lows that would be a much stronger signal that 1.6 BRN is going to be seen. Does this make it untradeable? For me yes, but not necessarily. One could easily play a break of the high and THEN if 1.59 can not hold cut out. Because if price breaks above those LOWS should now hold as support within this "box"

So I think you are real close here. I wouldn't dilute it to much by trying to analyze the 4hr as it is in my opinion(and if you notice how James posts all his charts) just do it on the same timeframe. Less confusion, at least for now(I still do that).

The point is even bars that others may not trade, we can use the same material same tools that James has given us to make a reasonable trade plan. If that plan then fits in line with ones method, you execute and go from there. This is how I would approach this bar/situation even though I will not be trading it

Hope everyone is enjoying the weekend
Mike
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  • #88,169
  • Feb 5, 2011 3:07pm Feb 5, 2011 3:07pm
Quoting aserbfx
for my 1000th post
this is my special setup


just kidding.

thanks to forexfactory and the james16-gang. you know who you are!

i am looking forward to the next 1000 posts!
Once Sothebys see that, you may never need to trade again

Congrats on the M posts
  • #88,170
  • Feb 5, 2011 3:15pm Feb 5, 2011 3:15pm
Quoting mbqb11
Hey Pat...
Humbled, thanks for sharing your thoughts you too Ifmyante.

Pat
  • #88,171
  • Feb 5, 2011 3:28pm Feb 5, 2011 3:28pm
Quoting Patrick.
Humbled, thanks for sharing your thoughts you too Ifmyante.

Pat
Yes, thanks Mike and Pat

I'll happily avoid the trades the seniors here won't take.

Shame my PPZ fits better at 1.5888 than 1.59, and the close of the bar, although below its open, is still within the previous bar
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  • #88,172
  • Feb 5, 2011 3:28pm Feb 5, 2011 3:28pm
Quoting aserbfx
for my 1000th post
this is my special setup


just kidding.

thanks to forexfactory and the james16-gang. you know who you are!

i am looking forward to the next 1000 posts!
Glückwunsch aserbfx

Keep going
  • #88,173
  • Feb 5, 2011 3:34pm Feb 5, 2011 3:34pm
Quoting Ifmyante
Yes, thanks Mike and Pat

I'll happily avoid the trades the seniors here won't take.
.....demo
  • #88,174
  • Edited 4:14pm Feb 5, 2011 3:59pm | Edited 4:14pm
Quoting Patrick.
.....demo
You know, you're probably right!

I may have been demoing wrongly. I've only been prepared to demo the trades I've felt best about.
I still haven't demoed marginal trades where I'd get more practice at damage limitation.
I suppose that it's because before I got to this thread, I had an awful lot of practice with that on my real trading

So no. Only the trades I feel really good about will do for the moment. A consistent run of good trades for a while would do me the world of good

I've got fear conquered, I need the opportunity to work on greed
  • #88,175
  • Feb 5, 2011 4:53pm Feb 5, 2011 4:53pm
Quoting ghous
Most of us don't have a million dollars to trade and I am in that league too.

The idea here is to still 'feel' like you are trading a large account and make your way to it slowly but surely.

There's nothing more horrible than being in a hurry to get your account to the 5 figure mark or bigger. Almost every problem that you can think of branches out in some way from this particular mindset. Over trading, fear, taking iffy setups, you name it!

The idea is to still find small but sure moves in the market to be extremely valuable regardless of...
Thanks for your help G. I've done similar compounding senariors in my head, but I'm more conservative I only use a 3% gain.

After sleeping on this question I realizes that my real issue isn't trying to increase my R:R but increasing my winning percentage and figuring out smarter places to bail on a loss. After my demo session I have stuggled to have any gains at all. In fact, in the 7 months that I've traded live I'm down 6%. I trade off daily and weekly mainly and only average about 5 trades a month. My win percentage is about 65-70% but my losses are greater than my wins. Trade management is killing me right now.

Its just frustrating to me. I see how well most of you are doing and I get pissed that I'm going the other way. Just some personal demons I have to deal with. Thanks for letting me blow off some steam.
  • #88,176
  • Feb 5, 2011 5:07pm Feb 5, 2011 5:07pm
Quoting Ifmyante
Thank you so much SR2

http://www.forexfactory.com/showpost...ostcount=85667
No problem my friend.
  • #88,177
  • Feb 5, 2011 5:07pm Feb 5, 2011 5:07pm
Congrats. to Aserbfx
Quoting aserbfx
for my 1000th post
this is my special setup


just kidding.

thanks to forexfactory and the james16-gang. you know who you are!

i am looking forward to the next 1000 posts!
  • #88,178
  • Edited Feb 6, 2011 4:20pm Feb 5, 2011 5:10pm | Edited Feb 6, 2011 4:20pm
Quoting Adilius07
Oh this was fast! Thanks!!! I must have missed that post.
So in 2010 there was 347 trades with 86% being winners!
And as I understand this correctly 2040 pips net profit.

And that is for 30 pips target. Well sounds like a very tight FTA to me.

So the only thing to hope is that my discretion (which he did not use) would not make these results worse than they should be

So maybe I shall just to exit at FTA then... fast and secure...

What a huge work done by SR2... thanks!!!
[size=1]
P.S. Maybe some demo results anyone...
You are welcome Adi.

The main point I wanted to make by doing this was that even if you took every PB and OB blindly you can still make a profit.

When I get a chance I will be doing a similar exercise but on OB only as PB are very much down to the traders discretion.

  • #88,179
  • Feb 5, 2011 5:12pm Feb 5, 2011 5:12pm
Quoting Ifmyante
I wouldn't advise anyone to exit at FTA if price moved say 60 pips to it in 5 minutes.

Each trade will be different, so play it as you see it.

If you could learn from someone's demo results, well done. I could be inspired or duly warned, but no more.

V-hands is good for backtesting, except that you can only test in 1 TF. If you do use it, I'd advise you to put all PPZs on the template on the weekly chart from the left of where you intend to start.

Best thing though would be just to scroll east on your charts and see what you see
...
I used strategy tester to get the results I did. It works well.
  • #88,180
  • Feb 5, 2011 5:22pm Feb 5, 2011 5:22pm
Quoting spookie94
Thanks for your help G. Trade management is killing me right now.

Its just frustrating to me. I see how well most of you are doing and I get pissed that I'm going the other way. Just some personal demons I have to deal with. Thanks for letting me blow off some steam.
Everybody must go through this phase. Every part of trading must be learned, and this is just one of them.
I've had epiphany after epiphany on this road, with many more to come.
Each time just realising what my problem was was enough to precipitate a quick solution. You know what I mean?

Do you know what your problems are?
I'd be glad if people would post them. Then the rest of us could notice it in ourselves.




There are still some thousands of pages of this thread I haven't read yet, so forgive me if it's listed here somewhere.
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