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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

  • #94,161
  • Apr 21, 2011 3:09am Apr 21, 2011 3:09am
Quoting Dan Gilbert
This meets my standards.

I would also be willing to bet money Mr. Mike would agree with me....
so far, so good. I would say it's a hard break. Moved my stop to 8950, I think the 89 should prove good resistance against a strong retracement.
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Many choose unhappiness over uncertainty.
  • #94,162
  • Apr 21, 2011 3:21am Apr 21, 2011 3:21am
Quoting Be Cool
I guess i cannot use fibs that way
no, you can't .
but if you click on the icon for fib in the metatrader. you see that it stats "fib retracements". so these fibs are for retracements of a move. if you like to know more about fib retracements, fib extensions fib fans and so on, i recommend carolyn boroden's book: fibonacci trading-how to master the time and price advantage.
meine augen sind die sterne
  • #94,163
  • Apr 21, 2011 3:22am Apr 21, 2011 3:22am
Quoting Dan Gilbert
so far, so good. I would say it's a hard break. Moved my stop to 8950, I think the 89 should prove good resistance against a strong retracement.
hey Dan, theres your hard break buddy, I would have taken this also if was trading.i was pretty sure we wuld see 1.45 on the eu/us and it got blown away, i think 1.50 is the next stop for this pair??which doesnt say much for the us/chf!
maybe we get a retrace of the us/chf bar, to the break as its is a new low from that point is in order. Some PA there would be nice lol
jus a question, as this is hitting new ground why did you put in a TP? this potentially could go on for months?? and could you explain how you got your target

cheers

jon
PATIENCE... DISCIPLINE
  • #94,164
  • Apr 21, 2011 3:24am Apr 21, 2011 3:24am
Quoting Dan Gilbert
so far, so good. I would say it's a hard break. Moved my stop to 8950, I think the 89 should prove good resistance against a strong retracement.
Nice Dan

How you defined your TP because it is on all time low on my Data Feed i canīt find any places where i can put my TP.
  • #94,165
  • Apr 21, 2011 3:32am Apr 21, 2011 3:32am
Quoting g_j_hook@yah
hey Dan, theres your hard break buddy, I would have taken this also if was trading.i was pretty sure we wuld see 1.45 on the eu/us and it got blown away, i think 1.50 is the next stop for this pair??which doesnt say much for the us/chf!
maybe we get a retrace of the us/chf bar, to the break as its is a new low from that point is in order. Some PA there would be nice lol...
Quoting john225
Nice Dan

How you defined your TP because it is on all time low on my Data Feed i canīt find any places where i can put my TP.
I don't intend to hold any positions for "months"

I use the 8700 round number, and added 23 pips for buffer.

I may end up shutting it down before then with a S/L moved into profit.

Mike has posted some breakouts like this in the past, where he just targeted round numbers when you start to head into "no-mans land"...

I think based on momentum, I could get my target of 8700 reached within this week, if not, I may shut it down manually. I'll keep you posted.
Many choose unhappiness over uncertainty.
  • #94,166
  • Apr 21, 2011 4:17am Apr 21, 2011 4:17am
Quoting stewrigh
Some clarification on that trade may be useful.

Price pulls back to the trendline so I am looking for a confirmation signal and I get a hammer right on previous support - 200 MA- no brainer IMHO.
Price pulls back to support and 150 ma and a hammer.

I know why you call it a "no brainer". I didn't take this trade as I have no brains.
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  • #94,167
  • Apr 21, 2011 4:22am Apr 21, 2011 4:22am
Quoting 4FXsake
Price pulls back to support and 150 ma and a hammer.

I know why you call it a "no brainer". I didn't take this trade as I have no brains.
Yep K.I.S.S. - works every time(almost).
  • #94,168
  • Apr 21, 2011 4:56am Apr 21, 2011 4:56am
Quoting Dan Gilbert
so far, so good. I would say it's a hard break. Moved my stop to 8950, I think the 89 should prove good resistance against a strong retracement.
Excellent, I'm out with 2/3 and the rest is at BE.
  • #94,169
  • Apr 21, 2011 5:20am Apr 21, 2011 5:20am
Hi guys, good day to you all.

Have been reading James16 Chart thread for quite sometime now. I am a newbie trader with only a few trade experiences on demo account. Luckily for me, those trades turned out really well. I am pretty sure it wasn't due to any skill of mine though, I probably was having some beginner's luck.

I started demo trading after I had read up a few books, and I have no intention to give my money to the market. Although it's inevitable (as many people and books have pointed out), I want to protect my capital as much as possible and I feel James16 trading style suited my personality.

I have been reading up on books about trading. I got to the point where I read plenty of books, but I feel that I still don't know tons of things, especially developing any system and backtesting them. So far the trades that I took I have been using Ed Ponsi's FedEx method and although it's a great setup to ride a trend, it's really just that, one method. I want to know more things and learn more about trading properly and I feel that I would need to get to know people who actually knows anything about currency trading to filter out the noise and hype that the internet is so good at generating.

By pure luck, I chanced upon this forum and I got to read this thread. It's a long one but I believe that I will increase in knowledge and hopefully be able to start demo trading and eventually, live trading. I am considering joining James16 members group and embark on a journey to learn trading under its guidance. Looking forward to interacting with you all. Sorry it's a long post.

P.S : If anything I said reflects my flaw in my trading psychology or my attitude, please don't hesitate to tell me. Thanks guys. Happy trading.
  • #94,170
  • Apr 21, 2011 5:22am Apr 21, 2011 5:22am
hi traders..
did anybody trade this Pinbar?
if you have where is the best entry point?

apperciate your help in advance.
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  • #94,171
  • Apr 21, 2011 5:26am Apr 21, 2011 5:26am
Quoting FXArtist
hi traders..
did anybody trade this Pinbar?
if you have where is the best entry point?

apperciate your help in advance.
Hi FX, yep I did and got stopped out for BE
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  • #94,172
  • Apr 21, 2011 5:28am Apr 21, 2011 5:28am
Quoting soavesoave
Hi Chlam

I'm not a big expert myself, but with the little exp I have, I've learned not to trade against the tendency, wich made my success rate rise quite a bit.

The week/daily chart shows clearly that it is on a up move, so I would never go short on that based on the daily chart, unless it was something very very obvious, wich it was not the case.

I hope that helps.
Thanks for your comment. soavesoave. Got it.


Quoting mbqb11
Hey Chlam

Your chart is pretty great for your first one!

A few points to go off what you got above me here. We are in a very large box of consolidation(red rectangle). The 1.00 is a very very major area and important round number and it is play the mid point PPZ. The FTA I marked on my chart. Your real real close with this one, so way to go

Welcome to the thread
Mike
Mike thanks for your great comment. Seems I need to study more your charts and James charts to understand PPZ, FTA and other basic analysis knowedge.
  • #94,173
  • Apr 21, 2011 5:53am Apr 21, 2011 5:53am
Quoting Adilius07
Hi FX, yep I did and got stopped out for BE
Shouldn't you have placed the stop below the pin - you'd still be in if you had.
  • #94,174
  • Edited 6:12am Apr 21, 2011 5:56am | Edited 6:12am
Quoting stewrigh
Shouldn't you have placed the stop below the pin - you'd still be in if you had.
Yes. That is what I am thinking about now. Really.

But again how to hold it? Avoid setting targets and move SL along the way (behing swings)... Something like this I should do, I think.
  • #94,175
  • Apr 21, 2011 6:07am Apr 21, 2011 6:07am
i don't use the finviz screener very much, but here is a nice chart with a possible breakout today. nsh on daily
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meine augen sind die sterne
  • #94,176
  • Apr 21, 2011 6:29am Apr 21, 2011 6:29am
Quoting Adilius07
Yes. That is what I am thinking about now. Really.

But again how to hold it? Avoid setting targets and move SL along the way (behing swings)... Something like this I should do, I think.
I know how you feel - It's the ones I miss that upset me most - I can live with the losers.
  • #94,177
  • Apr 21, 2011 6:51am Apr 21, 2011 6:51am
Quoting Adilius07
Yes. That is what I am thinking about now. Really.

But again how to hold it? Avoid setting targets and move SL along the way (behing swings)... Something like this I should do, I think.
As soon as I saw you chart and that you were stopped out at BE I thought of Trader_Dante's Making Money thread on T2W. Have you read it? If not I would recommend it
  • #94,178
  • Apr 21, 2011 6:53am Apr 21, 2011 6:53am
Quoting stewrigh
I know how you feel - It's the ones I miss that upset me most - I can live with the losers.
Oh, I don't know

Opportunities are free and frequent
Money is a little harder to come by
  • #94,179
  • Apr 21, 2011 6:55am Apr 21, 2011 6:55am
Quoting Dan-FX
As soon as I saw you chart and that you were stopped out at BE I thought of Trader_Dante's Making Money thread on T2W. Have you read it? If not I would recommend it
Hi Dan, yes. I got through about 45 pages of that thread.

In my opinion it is exactly J16 but without Breakeven and less PPZ

I like the way he trails though. That is something I need to think about.
  • #94,180
  • Apr 21, 2011 7:16am Apr 21, 2011 7:16am
Quoting Adilius07
Hi Dan, yes. I got through about 45 pages of that thread.

In my opinion it is exactly J16 but without Breakeven and less PPZ

I like the way he trails though. That is something I need to think about.
Yes TD does mention he learnt a lot from J16. Worth reading the whole thread if you can, maybe just his posts and comments, there are some real gems in there. It is very similar to the early posts in this thread where Jim posted chart after chart, kind of drums the message home of what you're looking for
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