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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

  • #90,441
  • Mar 1, 2011 1:42am Mar 1, 2011 1:42am
Jarroo

enjoyed your rants earlier on about demo trading.....demo trading........demo trading until trust and confidence develop. The way to go in early days. That said, some people need a 'stake' on their trades to feel the emotion and I think thats fine too as long as the amount does not threaten your ability to live/pay the bills, eg micro trading.

just my 2 cents

Kal
  • #90,442
  • Mar 1, 2011 2:45am Mar 1, 2011 2:45am
Quoting Pinbar
I think you mean the 61.8 fibo

Yes, this would be the better place to get PA off the 150 EMA.

However, we can not disregard all the bar lows and this flip area around the 38.2 with the 1.5200 RN.


EDIT. Maybe a look at the weekly will clarify why I like the 38.2
I'm in. Also check out this trendline that goes right through the 4hr 8hr pin at smack of 1.52

http://my.jetscreenshot.com/5886/m_2...p4s6-100kb.jpg
  • #90,443
  • Edited 3:31am Mar 1, 2011 3:19am | Edited 3:31am
Quoting jarroo
That's great to hear Harry . .I sounds to me like you're well on your way. Keep at it, brother. . .it does get easier.

I didn't me to rant at you directly . .my mind drifted away a bit.

Sorry about that.

Jim
.
Thanks for the advice Jim. We have a lot to learn from you. Any comments coming from you or any senior member will be taken as words of wisdom.

DB I'm having difficulty viewing your charts. They cannot be enlarged. Why don't you use the attachment rather than linking it from another site.

Here is the link on how to do it

http://www.forexfactory.com/showpost...stcount=183098

Edit: actually they can be enlarged if you clink onto the actual image once you are directed to the new link
  • #90,444
  • Mar 1, 2011 3:19am Mar 1, 2011 3:19am
Quoting jarroo
It good to see that you know what your looking for . .mutli confluences with PA. . .nice

Its all part of the process, my friend . . .

First we see them after they happen (its how we learn in the beginning)

Then we see them happening infront of us and we don't trust it or have confidence in them or haven't seen them enough times or etc., (just my experience here)

Then we see them before they happen . .meaning locations out in the future that line up nicely with confluences and levels that we've seen work in the past.

So when we miss them...
Great Post Coach ....this should be archived
  • #90,445
  • Mar 1, 2011 4:35am Mar 1, 2011 4:35am
Quoting Kalbar
Jarroo

enjoyed your rants earlier on about demo trading.....demo trading........demo trading until trust and confidence develop. The way to go in early days. That said, some people need a 'stake' on their trades to feel the emotion and I think thats fine too as long as the amount does not threaten your ability to live/pay the bills, eg micro trading.

just my 2 cents

Kal
Yes.. Very much in agreement with you. I think Ghous has used FXOpen in the past - there you can even get 1 cent / pip. So, one can deposit even 20-50 USD and improve your trading.

0908
  • #90,446
  • Mar 1, 2011 4:48am Mar 1, 2011 4:48am
Hi Ghous,

I took this IPB on the demo account.

I had my TP at 1.3605 as I thought it would touch the 1.3610, price went up till 1.3599 and came back, my sl is at BE so no worries.

Would like to know what you think about the setup.

Thx.
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Trade Smart
  • #90,447
  • Mar 1, 2011 5:10am Mar 1, 2011 5:10am
Quoting james16
YES!!!

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken....
for retail traders regardless of what style they use.. this is critical plus some common sense and confidence will take you far
Holygrail formula below for free

(practice + perseverance) * (patience + PPZ + plan) = profits
Trading is a test match not a Twenty20.
  • #90,448
  • Mar 1, 2011 5:45am Mar 1, 2011 5:45am
Watching this one.
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  • #90,449
  • Mar 1, 2011 5:51am Mar 1, 2011 5:51am
Sorry two H4 charts posted!
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  • #90,450
  • Mar 1, 2011 5:55am Mar 1, 2011 5:55am
Quoting 4FXsake
Sorry two H4 charts posted!
Hi 4Fx,

Me too. On Fxpro I still don't like the close. Considering such a strong sell off I would like to see this bar closing much stronger and better yet englulfing those previous bars - then there is nothing to stop this setup up to next RN, imho.

So I will close the Fxpro and come in 1 hour to look at Alpari ( which is Fxpro +1 hour) to see if this bar got some more strength.

Just my 2 cents
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  • #90,451
  • Mar 1, 2011 5:56am Mar 1, 2011 5:56am
Quoting Pinbar
USD/JPY looking interesting
I'm not an expert on fibs, but I always though they are best placed at more obvious swing highs and lows?
  • #90,452
  • Mar 1, 2011 5:58am Mar 1, 2011 5:58am
gbpchf has had some great PA lately.
  • #90,453
  • Mar 1, 2011 6:13am Mar 1, 2011 6:13am
Quoting Adilius07
Hi 4Fx,

Me too. On Fxpro I still don't like the close. Considering such a strong sell off I would like to see this bar closing much stronger and better yet englulfing those previous bars - then there is nothing to stop this setup up to next RN, imho.

So I will close the Fxpro and come in 1 hour to look at Alpari ( which is Fxpro +1 hour) to see if this bar got some more strength.

Just my 2 cents
Hi A07,

Weekly PPZ?

This could retrace. It will be interesting to see but not one in which I am going to rush!

PS Cable - PB on H4 in an interesting place!
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  • #90,454
  • Mar 1, 2011 6:22am Mar 1, 2011 6:22am
Cable.

Again just watching.
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  • #90,455
  • Mar 1, 2011 6:38am Mar 1, 2011 6:38am
Quoting jarroo
That's a win in my book and in many others. . .next one will go to the moon . .

We (or I should say "I") often forget that a quality PA setup will tend to work out just fine when we place our S/Ls in their proper place . .which is above or below the given PA setup.

I refer you to SR2's post where he does an analysis on PA setups. Notice where he placed his stops ( - SL set at low/high of PA bar -/+ 10pips) and his pickiness went out the window.

I not saying that we should manage all of our setups like this or pick setups...
Good post Jim.

When I first started using J16 I didn't have a clue about S/R, PPZ, etc. I just blindly traded PA setups (on a live account!). My target would be 100pips or a total bar loss. Even doing that I made pips. My trading has changed a lot since then.

As jarroo said we all have different ways of trading this stuff and just have to find what works for us. I am seriously considering eliminating all PA setups except for OBs. I love them. They work so often that its actually scary

Give it a try. Pick anything (Forex, stocks, futures) and look for OBs, but with the close lower/higher than the previous bar low/high. Make a note of win/loss ratio and also what the maximum profit would have been. My analysis, on FX, showed that out of the targets 50, 100, 200 and 300, 300 was the one that was most often hit.

SR2
  • #90,456
  • Mar 1, 2011 6:40am Mar 1, 2011 6:40am
Quoting sr2
Good post Jim.

When I first started using J16 I didn't have a clue about S/R, PPZ, etc. I just blindly traded PA setups (on a live account!). My target would be 100pips or a total bar loss. Even doing that I made pips. My trading has changed a lot since then.

As jarroo said we all have different ways of trading this stuff and just have to find what works for us. I am seriously considering eliminating all PA setups except for OBs. I love them. They work so often that its actually scary

Give it a try. Pick anything (Forex, stocks, futures)...
on what timeline?
  • #90,457
  • Mar 1, 2011 7:28am Mar 1, 2011 7:28am
Yes sir, i have read n i will re-read again, thank you very much for your advice, i am demo-trading,one confusion i have is the risk reward part, risking 200 dollars for exiting half my position at 30-50 pips n set SL to breakeven, so if i win a few times because pin bar is a high prob trade and lose once, won't that cost a lot?

sincerely,
Bethel

Quoting jarroo
Hey Bethel,

If you really want to learn and grow in this business, you need to start with the 1st post and follow it closely . .which in part means . .dump that Live account and start to Demo trade.

Follow the links in the 1st post and begin reading the thread. Start understanding the basics and then ask questions when they arise.

Many of the questions that you will have . .have been answered many times, in different ways, (this is a good thing). Use the "Search this Thread" tool at the top of each page to find your answers to your questions...
  • #90,458
  • Mar 1, 2011 7:30am Mar 1, 2011 7:30am
Quoting Bethel
Yes sir, i have read n i will re-read again, thank you very much for your advice, i am demo-trading,one confusion i have is the risk reward part, risking 200 dollars for exiting half my position at 30-50 pips n set SL to breakeven, so if i win a few times because pin bar is a high prob trade and lose once, won't that cost a lot?

sincerely,
Bethel
It is not about risk:reward with J16. If you pick them right, you will win 95% of the set ups. Once you reach your first FTA, take half position and move to BE. You make money from the runners. Our goal is to REDUCE risk and maximize profits.
  • #90,459
  • Mar 1, 2011 7:40am Mar 1, 2011 7:40am
Quoting jarroo
40 pip is too close? What if it breaks through the 1.2900 and finds Support there?

Just some thoughts.

No, 40 pips is not too close but this BUEOB has 35 pips to the FTA, if we add a 15 pip buffer, we have less than 20 pips to the FTA if we calculate the spread. Are you telling me this was a viable trade? It only engulfed a single bar. Am I being too picky here?
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  • #90,460
  • Mar 1, 2011 7:42am Mar 1, 2011 7:42am
Quoting Osman
Hi Ghous,

I took this IPB on the demo account.

I had my TP at 1.3605 as I thought it would touch the 1.3610, price went up till 1.3599 and came back, my sl is at BE so no worries.

Would like to know what you think about the setup.

Thx.
TP Hit.

Os.
Trade Smart
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