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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

  • #99,221
  • Jul 25, 2011 7:42am Jul 25, 2011 7:42am
Quoting J.W. Holmes
Took this trade on the Sunday open. It turned out pretty well. This is my 3rd trade for July, it's been a very good month for me. Old me would have been on trade 100+ by now, likely with a negative equity curve for the month, and a pissed off wife (not for the money lost, but for the time spent trading) . I feel I have finally conquered my overtrading bug, it is a wonderful feeling. Big thanks to this thread, the PF, and its senior members.

Story for the trade is on the chart.

Jacob
so did u trade when that breakout candle closed or as soon as it went through that level, im just trying to get into breakout trades, im currently on a long on audusd on breakout and small retrace to breakout zone
  • #99,222
  • Jul 25, 2011 7:46am Jul 25, 2011 7:46am
Quoting deankenny21
so did u trade when that breakout candle closed...
based on his chart, he traded the break of the daily PB.
  • #99,223
  • Jul 25, 2011 7:52am Jul 25, 2011 7:52am
Quoting deankenny21
i entered LONG at 1.08150 and took half my lots off the table at FTA at 1.08500 SL at BE now just going to enjoy a free ride if it breaks up with no Loss worries
Actually you have entered this trade before the setup was activated. I think that most traders here will want to see the breakout to the upside (1.0833) before going long.
  • #99,224
  • Jul 25, 2011 7:56am Jul 25, 2011 7:56am
Quoting deankenny21
so did u trade when that breakout candle closed or as soon as it went through that level, im just trying to get into breakout trades, im currently on a long on audusd on breakout and small retrace to breakout zone
I took the trade off the break of the bar. I would have taken it off the level, but I didn't have it on my charts until I saw the pinbar form on Friday. If that level wasn't there I wouldn't have taken the trade at all, cause the bar isn't spectacular and didn't meet all of my qualifications. IMO the stuff Jarroo has on the private side regarding touch trading is gold. I know us newbs aren't supposed to be touch trading, but for me personally it fits my original trading ideas and style well. I have a pending order on AUD/USD at 1.0778. Looking at it now I am not sure it will trigger. I like that level though.
  • #99,225
  • Jul 25, 2011 7:59am Jul 25, 2011 7:59am
Quoting fx_rookie
Actually you have entered this trade before the setup was activated. I think that most traders here will want to see the breakout to the upside (1.0833) before going long.

I think this is the break dean was playing
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  • #99,226
  • Jul 25, 2011 8:07am Jul 25, 2011 8:07am
Quoting J.W. Holmes
Took this trade on the Sunday open. It turned out pretty well. This is my 3rd trade for July, it's been a very good month for me. Old me would have been on trade 100+ by now, likely with a negative equity curve for the month, and a pissed off wife (not for the money lost, but for the time spent trading) . I feel I have finally conquered my overtrading bug, it is a wonderful feeling. Big thanks to this thread, the PF, and its senior members.

Story for the trade is on the chart.

Jacob
Well done Jacob,

I was interested in this trade and had the same levels drawn up only for the pin to close as a bullish.
Currently I only trade setups if they close in the direction of my trade.
Trading is a test match not a Twenty20.
  • #99,227
  • Jul 25, 2011 8:18am Jul 25, 2011 8:18am
Quoting decentchap
Well done Jacob,

I was interested in this trade and had the same levels drawn up only for the pin to close as a bullish.
Currently I only trade setups if they close in the direction of my trade.
Thanks dc, I have that same rule, but I was able to justify ignoring it this time around. I know a couple others were talking about this setup on Friday and decided to skip it. For me (short of one other setup, that I missed), this was the most beautiful thing I have seen this month so I couldn't pass it. It just fit my eye, sort of like my favorite hole at my local golf course, it was screaming at me to take a swing at it

Jacob
  • #99,228
  • Jul 25, 2011 8:38am Jul 25, 2011 8:38am
Quoting J.W. Holmes
I took the trade off the break of the bar. I would have taken it off the level, but I didn't have it on my charts until I saw the pinbar form on Friday. If that level wasn't there I wouldn't have taken the trade at all, cause the bar isn't spectacular and didn't meet all of my qualifications. IMO the stuff Jarroo has on the private side regarding touch trading is gold. I know us newbs aren't supposed to be touch trading, but for me personally it fits my original trading ideas and style well. I have a pending order on AUD/USD at 1.0778. Looking...
I think we already had the first retest of former resistance in AUDUSD this morning.
  • #99,229
  • Jul 25, 2011 8:42am Jul 25, 2011 8:42am
Quoting J.W. Holmes
I think this is the break dean was playing
yes,problem is that we still do have a lot of supply above the breakout level.

but as long as 0780-0790 holds longs are the safer play.
Hero calls followed by margin calls...
  • #99,230
  • Jul 25, 2011 8:47am Jul 25, 2011 8:47am
Quoting trader3000
I think we already had the first retest of former resistance in AUDUSD this morning.
Yep I agree, that is what I was referring to when I said I didn't think it would trigger. I will see how the day goes and pull my order if the recent highs are taken out. If it closes like it looks now I will keep it there.
  • #99,231
  • Jul 25, 2011 9:00am Jul 25, 2011 9:00am
Quoting J.W. Holmes
Yep I agree, that is what I was referring to when I said I didn't think it would trigger. I will see how the day goes and pull my order if the recent highs are taken out. If it closes like it looks now I will keep it there.
after the retest of 1.08(had one at 0805), I'd be wary of a 2nd retest if it happens soon. Could mean something changed. True, all started at ~1.077-8, but everyone seemed to look only at 1.08.
1st time they usually bounce, at least enough to allow a set of sl to be and get you out in one piece; 2nd time, more iffy.
  • #99,232
  • Jul 25, 2011 9:04am Jul 25, 2011 9:04am
Quoting snowly
after the retest of 1.08(had one at 0805), I'd be wary of a 2nd retest if it happens soon. Could mean something changed. True, all started at ~1.077-8, but everyone seemed to look only at 1.08.
1st time they usually bounce, at least enough to allow a set of sl to be and get you out in one piece; 2nd time, more iffy.
are you still in it?
  • #99,233
  • Jul 25, 2011 9:10am Jul 25, 2011 9:10am
Quoting PhAnTi'
yes,problem is that we still do have a lot of supply above the breakout level.

but as long as 0780-0790 holds longs are the safer play.
I always take profits at FTA even if its only 20-30 pips away and stop to BE im in the trade with profits in the bank and now basically a free trade running on my remaining position.
  • #99,234
  • Jul 25, 2011 9:33am Jul 25, 2011 9:33am
Quoting snowly
after the retest of 1.08(had one at 0805), I'd be wary of a 2nd retest if it happens soon. Could mean something changed. True, all started at ~1.077-8, but everyone seemed to look only at 1.08.
1st time they usually bounce, at least enough to allow a set of sl to be and get you out in one piece; 2nd time, more iffy.
I agree 100%. However I think this level is huge on this pair. I wouldn't be surprised if it turned into solid support for awhile.
  • #99,235
  • Jul 25, 2011 9:45am Jul 25, 2011 9:45am
Quoting trader3000
are you still in it?
85% of it out; 1.08584 was target. Rest left for 1.1, but frankly I doubt it. At least they pay interest...

don't understand much of this week market so took much bigger positions then I usually fancy and tried to get my weekly quota done yesterday in the 1st 3h till Tokyo open and today till the mess starts unfolding.

I'm extremely happy I more or less succeeded and I can stay a happy camper for the rest of the week. I think it's a solid chance US will do a technical default for a short period, yet I don't know how that'll reflect in PA, what's already priced in and what's not and I don't plan to find out with my own money. Anyway, messy days ahead.
  • #99,236
  • Jul 25, 2011 11:18am Jul 25, 2011 11:18am
Hi sergiel,

Saw your post on EURCAD and thought i add my comments on my observations see chart:-
1) Trend is down for like 2 months prior to these there was some indecision
2) Major Support @ 1.36500 was tested a number of times and broken and was tested again today as Resistance
3) Short entry at bar lows around 1.36500 and FTA around 1.3543 plus 10, i usually add or subtract 10pips from FTA
4) 38.2 FIBS level around that area .. and obviously you mentioned the PB which did not look to good but where was the its location .. perfect location n made some 56pips .. cant complain ...

Now, waiting for CADCHF close ..

Quoting sergiel
Nice bearish pin bar on the EurCad daily (July 22nd bar) at the resistance area near 1.3650. This pin bar has also formed near the 23.6 Fib retrace level.

I am considering taking the short tomorrow with my stop just above the tail of the pin and above the BRN at 1.3706.

However I am considering waiting for a retrace, and set a sell limit at about 1.3640 to tighten up my stop somewhat.

Any thoughts?
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  • #99,237
  • Jul 25, 2011 1:06pm Jul 25, 2011 1:06pm
google approaching the resistance-zone at 630 usd. a close above 630 will be very bullish and a trigger for longs.
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meine augen sind die sterne
  • #99,238
  • Jul 25, 2011 1:07pm Jul 25, 2011 1:07pm
Xag/USD 4hr pinbar at support? wondering what you guys think
  • #99,239
  • Jul 25, 2011 3:20pm Jul 25, 2011 3:20pm
Quoting Panthera
Hi Ryan, Thanks a lot I got your point on the chart!
It was not A+, probably the 4th touch on the (badly drawed) trendline and RNB combination made me dizzy...

But am dissapointed in this 12 trade per a year stuff....

Bc if I calculate it would mean about 12% a year for me, which is does not worth to do it when my save bank account give me 10% a year and it is guaranteed and I do not have to do anything for it...

The max I risk is 2% per a trade and with my R/R I can win 1% if it works well....I have not find any better R/R durring...
Ahhh.... took the weekend off from trading and looking at the forums. Did the R&R thing . I believe that SupremeChaos and MBQB have said most of what I was going to say to this post. The big things that I was just hoping to hit on were:
1) that 10% in a savings account is awesome... I am jealous
2) If you are only getting .5%R on trades at the moment, be patient and practice finding only the best trades. I believe that with time you could achieve better results by LEARNING to be more picky with your trading.
3) The reason that I am not with other trading systems is BECAUSE the james16 method DOES NOT promise easy 100% a year returns. Learning to become a competent trader is not a fast and easy process. This is not just about tossing an idicator up on a chart and trading it. That being said it is possible to be the captain of your own trading ship if you are willing to put in the time.
4) You sounds a bit unsure of yourself. This is exactly how it goes for most when you start, but then something interesting begins to happen. As you trade more you believe more and more in yourself and your system. It will happen if you commit to it, but refer to #3.
5) Mike pointed it out best on his table of how it will grow at 20%. 30% is even more unbelievable with respect to the equity growth curve. You must be paitent and give it time. The things worth keeping take time to make and do. I compare it to a castle and a regular house (especially as they build them now...) The great castles in Europe still stand in all of their majestic beauty. The houses that we build in America today are cheap and quick to build. Which is most likely to stand the test of time? Great things stand the test of time. They still stand after meeting the strongest winds and fiercest warriors. By the same token great things take time to build. It starts from the foundation and moves up from there.
  • #99,240
  • Jul 25, 2011 3:39pm Jul 25, 2011 3:39pm
LOL 10% per year? Everyone in the world would invest with them!

Madoff promised 10% per year if I am not mistaken.
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