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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

  • #95,261
  • May 13, 2011 1:41am May 13, 2011 1:41am
major support level eurjpy.

will add longs if daily closes above.

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Hero calls followed by margin calls...
  • #95,262
  • May 13, 2011 3:19am May 13, 2011 3:19am
Ready for next move up?

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  • #95,263
  • May 13, 2011 5:07am May 13, 2011 5:07am
Quoting plund
Ready for next move up?

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Nice!

Check out FCS daily (can't post chart right now)

Sitting on top of previous high, resistance now acting as support with nice bullish bar.
  • #95,264
  • May 13, 2011 5:55am May 13, 2011 5:55am
Quoting PhAnTi'
major support level eurjpy.

will add longs if daily closes above.

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What does "will add longs" mean?

Are you suggesting you are already long on this pair and interested in adding to the position?

If so, where is the initial long setup?

I ask this as, I do not see any current trade in progress on the chart.
  • #95,265
  • May 13, 2011 8:31am May 13, 2011 8:31am
Quoting leelar
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  • #95,266
  • May 13, 2011 8:36am May 13, 2011 8:36am
Quoting leelar
critics are welcome.

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  • #95,267
  • May 13, 2011 8:43am May 13, 2011 8:43am
my first week of trading using j16 (2nd - 6th may)

profit +387pips loss -8pips

2nd week (9th - 13th)

profit +203pips loss -18pips

EurUsd still running at +65pips profit (based on BEOB on daily)

i m i getting better or just lucky? a part of me says both, time will tell. But i m optimistic that my eyes for good setup is getting better. Happy Weekend
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  • #95,268
  • May 13, 2011 9:24am May 13, 2011 9:24am
Quoting yomex_y2
my first week of trading using j16 (2nd - 6th may)

profit +387pips loss -8pips
These stats are brilliant Yomex! Just out of interest, what trades did you enter this week other than the eurusd?

Tomek
  • #95,269
  • May 13, 2011 9:48am May 13, 2011 9:48am
Update on Usd/Chf ... damn it just touched first FTA at 0.8800 and shoot up taking me out at BE ...

then i looked closer on Daily chart and realized it would be beter to wayt on that nice PPZ and BRN 0.9000 it looks way beter place to watch for a bearish PA .
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  • #95,270
  • May 13, 2011 10:19am May 13, 2011 10:19am
Quoting 5.25
These stats are brilliant Yomex! Just out of interest, what trades did you enter this week other than the eurusd?

Tomek
On monday 9th -
EURGBP(+40pips),USDCAD(+7pips),AUDUSD(+3pips),EURUSD(+13pips),CADJPY(-6pips),Audjpy(+50pips),chfjpy(+28pips), eurjpy(-12pips)

10th -
EurUsd(+36pips)

11th
GbpUsd(+2pips),Gold(+14pips)

The reason i had a lot of trades on monday was because i did lot of analysis over the weekend and once the market opened, i waited for my preset PA and pulled the trigger.

i just closed my EURUSD trade with +82pips profit making +285pips in all. Time to go relax,reflex and dream big
  • #95,271
  • Edited 12:35pm May 13, 2011 10:19am | Edited 12:35pm
Quoting leelar
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hey leelar, hows that eu/us trade going.. i was short also from 1.4287 and closed full possition at 1.4117 figuring the swing low (my target) was near enough the RN to trade into that

Leaving the reasons why you took these trades aside here is my take..
MM is a personal thing and takes time to find your way. e.g. mbqb11, i believe, takes full profit on his trades. i dont think he closes the possition in parts.This takes a lot of disipline and its not easy (for me at least)watching price continue your way once you've closed shop. i like to close full possitions when i dont think there is a chance of a runner or if i think there is too much in the way of a smooth ride, but like to leave a third open if i think price might run far enough to make it worth it. but i like to leave my stop, generally, untill i find a new technical place to hide it behind, a new swing high, behind a ppz that price has passed, etc
MM is where the PPZs come in. they are not only good places to trade from they are good for your targets and for stop placement. mike can explain that aspect better than i could. but try not to trade emotionally, let the chart tell you. Using logical places from your chart makes MM much easier and simpler.try and set reasonable targets slightly above/below your PPZs or use the PPZs to time when to move your stops and/or take some profits. Stop placement is a tricky issue and you will find what you are comfortable with and is good for you and your trading with time. As wizard says keep a journal and paper trade your trades in different ways to find out what works best for you

hope this helps

jon

P.S. do me a favour and post that indicator you used to show your trades..

EDIT: i tell a lie, i entered the eu/us short at 1.4247 on my live account 1.4387 was my demo.
PATIENCE... DISCIPLINE
  • #95,272
  • May 13, 2011 11:04am May 13, 2011 11:04am
Hi mates,
after yesterday's trying to trade a bounce from 1.42 and lossing I finally forced myslef to follow the trend and made my money back plus something more as an additon.
Today + 170pips on EU. At least one piece of good news.
The bad news are that Swedes has defeated us
Chart:
Nice brakeout and retest of 1.43
SL above high, TP 1.41
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Nice weekend!
Jarda
Follow my trading on Twitter and FB: @pumlitch
  • #95,273
  • May 13, 2011 11:50am May 13, 2011 11:50am
Quoting rd122481
I'm thinking buy @ 1.0252 & close a portion @ 1.0300, bring SL to BE & see what happens. What do you think?

http://i236.photobucket.com/albums/f...481/audcad.jpg

Quoting g_j_hook@yah
hey rd, i have the same levels marked on my chart and i think the 1.02 level is a great level. Im not seeing any PA though. whats the reason you want to enter here??
cheers

jon
I wanted to enter because I thought that is a PB. I ended up doing the trade (in a practice acct, of course) and making 45 pips...but based on your question I think that was luck rather than skill.

I really don't know why this is so hard for me to pick up.

This is what I do (please tell me where I might be going wrong):

1. After the daily close (5pm EST), I check all the currencies that MB Trading offers looking for PB's, DHLC's, DLHC's, Bullish/Bearish OB's.

2. If I find a chart with any formation like that, I then draw my Fibo Ret & see if any of those line up. I'll start drawing on a daily chart, then a weekly chart & lastly the monthly chart. **Sometimes the formation is at the "end" of an up/down move & I'll consider it a "reversal".

3. After I use my Fibo Ret tool, I then look to see if the formation is bouncing off of a round number or if the Fibo ret is around a round number.

4. I then start drawing horizontal lines across my chart at places that were previous support/resistance zones...I think these are Price Pivot Zones.

5. Lastly, If I have a formation combined with a Fibo ret level that also happens to be a round number or it is bouncing off a previous area of support/resistance, then I will place a pending order to buy at 38% ret of the "formation" bar, set a SL at 10-15 pips below the low of the formation bar & look to close a portion of the position near the closest round number or area of resistance/support. If I can reach his point, I move the SL to BE and let it ride until previous highs or I see PA telling me different.
  • #95,274
  • May 13, 2011 1:31pm May 13, 2011 1:31pm
Hi Jon,

That trade is done as the chart shown.

My reason is simple, it was a nice BEOB off the long time high.

Thank you for your input.

Those things that shows trades are not indicator, you just drag your trades from the data panel into the chart. That will plot the trades for you.

hope it helps and trade well!

Leelar

Quoting g_j_hook@yah
hey leelar, hows that eu/us trade going.....
  • #95,275
  • May 13, 2011 9:43pm May 13, 2011 9:43pm
Quoting leelar
Hi Jon,

That trade is done as the chart shown.

My reason is simple, it was a nice BEOB off the long time high.

Thank you for your input.

Those things that shows trades are not indicator, you just drag your trades from the data panel into the chart. That will plot the trades for you.

hope it helps and trade well!

Leelar
hey leelar, thanx for that..id completly forgotten i could do that!!

was that the weekly BEOBs you traded ?? i wasnt sure from the charts.

jon
PATIENCE... DISCIPLINE
  • #95,276
  • May 13, 2011 10:01pm May 13, 2011 10:01pm
Quoting rd122481
I wanted to enter because I thought that is a PB. I ended up doing the trade (in a practice acct, of course) and making 45 pips...but based on your question I think that was luck rather than skill.

I really don't know why this is so hard for me to pick up.

This is what I do (please tell me where I might be going wrong):

1. After the daily close (5pm EST), I check all the currencies that MB Trading offers looking for PB's, DHLC's, DLHC's, Bullish/Bearish OB's.

2. If I find a chart with any formation like that, I then...
hi rd, i wasnt sure if you had something on a lower TF.thanx for clearing that up. yeah for me a great level but a weak pinbar. i personally would have liked to see a much stronger close and that the bar had formed lower, on top of the level with the nose sticking below. Glad you made pips on it.

The way you are defining your PPZs seems fine to me, looking for pivot zones and looking for confluence, but i think my only point to make is that most of us do the same but in reverse. i like to have my levels drawn in before i look for PA there. To me the level is more important than the PA.
personaly i would try what your doing in this order..
4
3
2
1
(i dont realy trade the retrace of the bar.) but if that is working for you then all i would say is that imho you need to pretty sure of the bars strength, which means being very picky and choosing good strong looking bars at good locations and trying to trade into the bigger "story"
just my view
happy hunting

jon
PATIENCE... DISCIPLINE
  • #95,277
  • May 13, 2011 10:11pm May 13, 2011 10:11pm
Quoting mbqb11
Bit slower this week here sick with a sinus infection kicking my ass so trying to keep up with the PF

Mike
hey Mike, thought id posted this once..

hope your getting strong again...

jon
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PATIENCE... DISCIPLINE
  • #95,278
  • May 13, 2011 10:21pm May 13, 2011 10:21pm
There you go a great idea for those struggling with their falling equity curve!!!
Simple yet very effective solution to finally feel success!!!

Have a great weekend everyone!

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  • #95,279
  • May 13, 2011 10:33pm May 13, 2011 10:33pm
Quoting Adilius07
There you go a great idea for those struggling with their falling equity curve!!!
Simple yet very effective solution to finally feel success!!!

Have a great weekend everyone!

http://www.youtube.com/watch?v=M1owcncKCHg


so thats what we do!!! just turn the chart around!!

jon
PATIENCE... DISCIPLINE
  • #95,280
  • May 13, 2011 10:57pm May 13, 2011 10:57pm
Quoting g_j_hook@yah


so thats what we do!!! just turn the chart around!!

jon
here's mine!!!

Going to celebrate tonight
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