james16 Chart Thread

Hi all,

I haven’t posted a lot but I have been following the thread trying to take in as much as possible and learn. Hopefully the more I learn of the J16 method and develop a better understanding I will be able to contribute more often.

However, I have some questions regarding the daily PB on cable.

Firstly would this be considered a proper PB, for me it is a PB without a long wick
From my understanding it has bounced of the fib level 38.2, and is at a PPZ zone (see attached chart)

Secondly I am struggling to identify the FTA zone for this trade.

I probably won’t take the trade either way because I am sure it is not A+ and I am still in the early stages with this method however I would like to understand how it could, would or should be played?

Hey GP

Welcome, we are glad to have ya and it's good to ask questions

This really wouldn't be considered a pinbar. We want a nice long nose protruding away from price. Notice it just barely does, and sort of looks like not much happened today.

Check out this recent post I put up with the links. See if James16 charts can show you the difference. Stick to looking for those eye poppers for now and it will greatly help you
http://www.forexfactory.com/showthre...79#post4830979

Hope to see you posting more
Mike

hanks for the advice Mike,

So far I have been sticking to the eye popping trades and have had great results - 8 trades taken with only 1 loser (demo only)

I haven’t managed to catch a runner yet though due to not being able to manage trades as I have no access to the markets during normal working hours and therefore have been strictly moving stop to BE when price reaches FTA.

However, I now find myself starting to itch for a trade and looking for set ups that are not the best, so thanks again for the reminder it helps a lot.

Cheers

GP

that is fantastic GP, keep that mentality of being picky. It's the most important thing

Being picky is my next thing to accomplish i think, ive had an excellent streak now i dont want to think im invincible, i dont trade the outside bars, but i took this BEOB on the EURUSD and it went against me somewhat and is now floating a bit just under 1.42

Dunno if this one's been put up yet (sorry if it has): NZDJPY is coming off a famous PPZ at speed and the weekly is looking like its forming a BEOB.

Check out the differences in the candles between these two brokers; MB Trading and Interbank FX. For example the pinbars are really different.

Does this matter?

CHART

They are different because these two brokers have different closing times. You can either pick one broker and trade that closing time or pick several brokers with different closing times. I know quite a few traders on this forum monitor feeds from 4 separate brokers each with a close time one hour apart. this gives them a new 4 hour candle every hour of the day.

Hey VB

This is just a difference in broker close times.

I personally watch a 5pm est close time. I am a believer in this close as the NY close and unofficial close of the FX markets. The FX markets are 24/7. With that said many people use various closes, the difference is not price it is the aggregation of price. For example I watch 4 brokers for 4 different 4 hour closes. I do this simply to get a different perspective and aggregation of the bars. Just cause your broker candle closes at a certain time does NOT mean you have to only trade that close. Price is still price.

Let me know if this makes sense
Mike

Hi all

This is my first post but have been following this thread for a while. Thanks to all who have contributed, my (demo) trading has come on leaps and bounds since discovering this thread.

I have a question regarding a recent pin bar on the AUS USD 4H chart.

I decided to pass on trading the pin shown in the attached pic. My reason being that although it closed inside the body of the previous candle, it did not close above the 23.6 fib. Also it is too close to the round number 1.0800 (also a PZZ).

Are these good enough reasons for passing on this trade?

Thanks in advance.

So do I my friend. It simply works.
I watch 6 pairs and usually there is 1 "Wow" setup per week in average. (Edit: on H4)
I broke this rule yesterday and got beaten. Not much, just a small slap to show me who is the master
Good luck

Hi guys,

Just another lurker here whose conscience wouldn't let him just lurk any more.

This is more of a motivational post so please skip it if you are after J16 gold nuggets!

Sorry for the long post but I wanted to make my first post comprehensive and to introduce myself. After this I may go back to lurking as I'd rather have the professionals doling out advice rather than me cluttering up this thread

Oddly enough, my first real exposure to foreign exchange trading was through an online ad for eToro. I'd seen the ad many times on a site I frequented but finally decided to check it out in April of this year during a lull in the Easter break. I downloaded their client and made lots of 'money' trading a large demo account through pure chance. Being realistic (some say cynical but they are just optimists ) I thought that it couldn't really be that easy. That's when my journey really began and I did the same thing I always do when a subject interests me. I read. I read and read and read and thank God I came across this thread. If I hadn't I would certainly have given it up or, worse, destroyed my life working hard and blowing up accounts as quickly as I could build them.

I'm not saying that the J16 method is the only method out there, and I know James has said so himself (always learning), but for me it was the light at the end of the tunnel. Why? It was the clearest material I'd come across. Nowhere else had I read a proper plan. Plenty of "Give me $$ and I'll make you $$$$" and "GAURANTED 7438% PROFIT SYSTM!!!11!!!!1111" (sic) but nothing that stated the steps one should take to actually become a successful trader. Namely, demo trading first then going live with a small account etc.

Best of all, the people were friendly! Imagine that, a thread on an Internet forum dedicated to making money and it's populated with friendly people willing to help instead of just saying RTFM or posting LMGTFY links. I've been on forums where people are incredibly rude and there's not even any money at stake! Who'da thunkit? What I'm trying to say is: this is a great thread with great people

Before I go on I have to mention the babypips.com School (hope it's OK to 'promote' another site - no, I'm not affiliated in any way). It has excellent material for those of us who haven't had any exposure to forex or trading in general. In fact, if anyone else completely new to trading is reading this I'd strongly recommend they read and try to understand as much as possible of their Forex School since it covers many of the terms and ideas that are discussed right here. After reading all of that, then come back here and start on page 1 and it will all be that much clearer. At least it was for me.

I went off on a bit of a tangent there. I believe it was another forum that pointed me to this thread but, unfortunately, I can't remember which. Either way, I began reading this thread from the beginning - saving the charts and definitions and so on as I went. I also began writing THE PLAN. Yes, it was capitalised. It outlined what exactly I wanted to accomplish with all of this. What were my goals, exact figures for accounts, which broker I would use, which method I would demo, what my criteria were for "trade profitably for 3 months straight" and so on and so forth. I've been sticking to that plan over the past threeish months. It doesn't sound like a long time but I feel that I have learned an incredible amount in that time.

If I start naming people I just know I'm going to miss someone. Alright, my excuse is that I'm still reading this thread from both ends. Keeping up with the new stuff but reading through the prodigious amount of material before that as well. Either way, I have to thank James for starting this thread so many years ago. He's still here (all the best for your recovery!) and the thread is going strong. Without you this great community of like-minded traders could never have existed - you are the nucleus! Mike, your posts and charts and even the guest material on the J16 site are a veritable gold mine. I especially love your videos and hope to join the PF soon to learn more from yourself and James and FijiTrader and Diallist et al.

Sorry again for going on but I had to say that despite this thread growing so much there are still people out there (pretty sure I'm not the only one) benefitting from all of the help provided here. For that I say a hearty THANK YOU!!!

/psd

I also dont see many set ups today. Havn't traded this week. I think pin bars might develop on dailies on AUD & AUD pairs today.

Vinay

YES BUDDY THE TRADE WAS rewarding but really good one if u took it on retracement , i entered at 725 and hit my tp1 at 75 as the area from 775 - 800 is a very strong resistance right now i am 1:1 hope we get better reward close above the choppy 800 area will be good and might give us a really good reward

also there was one more confluence y i took the trade maybe u didnt notice the 4hr trendline see the image attached

FANTASTIC TO SEE THIS AFTER JUST 6 POSTS.

You will get your runner.

be patient and great things await you.

jim

i like the attitude and approach here also.

i can spot success coming a mile away.

be patient.

jim

is it Friday yet?
currencies are moving like there's no tomorrow

hello psd,
lurkers cant stay lurking.
who woulda thunk it?

welcome, in behalf of all....looking forward to your posts & see u around mate!

Have anyone figured out the best way to follow H8 TF with multi charts on, and price in real time?

james16, thank you for continuing to post these charts - they are very helpful and much appreciated!

I have a question, if you don't mind: I can't help but wonder about the wisdom of taking counter-trend trades (such as the ones you posted below) when the risk-reward ratio seems much less than 1:1. How do you justify this?

Thanks in advance,
JR