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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

  • #100,301
  • Aug 12, 2011 5:37am Aug 12, 2011 5:37am
Quoting Greenhaze
200 pips stop? Is it still ridiculously high if one close position on 400+ pips?

It is relative. Dont concern yourself with lower tf moves too much becouse it almost never goes straight up or down. Be patient...
my eurjpy trade not long ago i had a 180 pip stop, and i closed out in the end for 260 pips profit
  • #100,302
  • Aug 12, 2011 5:45am Aug 12, 2011 5:45am
Quoting deankenny21
my eurjpy trade not long ago i had a 180 pip stop, and i closed out in the end for 260 pips profit
Nice one

Try to beat the GBPCHF weely pb - 1300 pips. Large SL? .... the potential to the upside might be 2000 or more
Daytraders in EU thread might think thats impossible.
  • #100,303
  • Aug 12, 2011 5:53am Aug 12, 2011 5:53am
Quoting Greenhaze
Nice one

Try to beat the GBPCHF weely pb - 1300 pips. Large SL? .... the potential to the upside might be 2000 or more
Daytraders in EU thread might think thats impossible.
take care..im a spy
Hero calls followed by margin calls...
  • #100,304
  • Edited 6:32am Aug 12, 2011 6:16am | Edited 6:32am
Quoting Greenhaze
Nice one

Try to beat the GBPCHF weely pb - 1300 pips. Large SL? .... the potential to the upside might be 2000 or more
Daytraders in EU thread might think thats impossible.
was anything solved in EZ or US economies? ok, chf is overvalued, but eur is still on the brink of having 0 value and... ugh, anything divided by 0 is...

otherwise, who bought yesterday hit the jackpot; but I still only the peg/non stop print as being the only credible threat. Rest... short ban as a solution "against destructive speculation"...? Please... Ok, short ban on CDS makes sense, but that's about it. Rest smells like panic; and can kicking.

if they'd ban naked shorts, ok... for once an authority would do something logic. But banning shorts alltogether is panic mode.

It'll be quiet for abit till it starts again?
  • #100,305
  • Aug 12, 2011 6:29am Aug 12, 2011 6:29am
Thanks for the replies. I was talking about the pinbar showing on this chart:


http://www.forexfactory.com/attachme...1&d=1313147465

And the other one on this:
http://www.forexfactory.com/attachme...1&d=1313148433

Jim talks about using about 30 pip stops and that seems very hard to do on the daily timeframe, unless you're trading the touch of a level.
This pinbar is pretty extreme though, so not the best to trade if you look for smaller stops

It all comes down to account size and position size then, i.e. it's pretty hard to trade daily with a small account.
Attached Image(s) (click to enlarge)
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  • #100,306
  • Aug 12, 2011 6:45am Aug 12, 2011 6:45am
Quoting snowly
was anything solved in EZ or US economies? ok, chf is overvalued, but eur is still on the brink of having 0 value and... ugh, anything divided by 0 is...

otherwise, who bought yesterday hit the jackpot; but I still only the peg/non stop print as being the only credible threat. Rest... short ban as a solution "against destructive speculation"...? Please... Ok, short ban on CDS makes sense, but that's about it. Rest smells like panic; and can kicking.

if they'd ban naked shorts, ok... for once an authority would do something logic. But...
Huge open interest in an overbought chf and bullish PA across the risky assets make this a very good opportunity imo. Ofcourse it might all change in the blink of an eye but personally i wouldn't like to skip that weekly PB.
  • #100,307
  • Aug 12, 2011 6:50am Aug 12, 2011 6:50am
Attached Image (click to enlarge)
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Hero calls followed by margin calls...
  • #100,308
  • Aug 12, 2011 7:01am Aug 12, 2011 7:01am
Quoting devcast

Jim talks about using about 30 pip stops and that seems very hard to do on the daily timeframe, unless you're trading the touch of a level.
This pinbar is pretty extreme though, so not the best to trade if you look for smaller stops

It all comes down to account size and position size then, i.e. it's pretty hard to trade daily with a small account.
Someones not been listening in class

Jim does not use 30 pip stops at all, he places stop according to all the rules. What he means is he never really let a trade go against him by 30 pips, and if it is he will re-evaluate it and probably close it at that. But his stops are not set at 30 pips.
  • #100,309
  • Aug 12, 2011 7:08am Aug 12, 2011 7:08am
Happy Friday Friends,
May I ask for feedback from J16 Seniors on my Copper chart please? I am aligning confluence areas and observing candle formations. Following what I have so far learnt from the J16 concepts I would particularly like to know if I plotted my PPZ's correctly .....still studying charts from Mike, Jarroo, and James and will get it some day...before I go blind

Yesterday's BUOB close above the 4.0 BRN was a big move imho. If you agree, would you agree with a trade entry on an Hourly chart? btw, this would be a simulator trade - I wouldn't hold a Copper position over the weekend; especially in current conditions.

Thanks Kindly & Wish Everyone a Great Weekend,
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"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #100,310
  • Aug 12, 2011 7:11am Aug 12, 2011 7:11am
Quoting teemo
Happy Friday Friends,
May I ask for feedback from J16 Seniors on my Copper chart please? I am aligning confluence areas and observing candle formations. Following what I have so far learnt from the J16 concepts I would particularly like to know if I plotted my PPZ's correctly .....still studying charts from Mike, Jarroo, and James and will get it some day...before I go blind

Yesterday's BUOB close above the 4.0 BRN was a big move imho. If you agree, would you agree with a trade entry on an Hourly chart? btw, this would be a simulator trade...
the other ppz u mention, is more of a "another" than "instead" so yes 2 ppz looks to be there. As for the BUOB, its not a BUOB because the high of it is not higher than the previous bar.
  • #100,311
  • Aug 12, 2011 7:12am Aug 12, 2011 7:12am
2nd test of 1.0225 though, so...
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  • #100,312
  • Aug 12, 2011 7:17am Aug 12, 2011 7:17am
True Dean that it's not higher than the previous bar (lower by a hair). Would it pass as a BUOB in light of it's higher close & engulfing appearance?

Quoting deankenny21
the other ppz u mention, is more of a "another" than "instead" so yes 2 ppz looks to be there. As for the BUOB, its not a BUOB because the high of it is not higher than the previous bar.
"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #100,313
  • Aug 12, 2011 7:22am Aug 12, 2011 7:22am
Quoting teemo
True Dean that it's not higher than the previous bar (lower by a hair). Would it pass as a BUOB in light of it's higher close & engulfing appearance?
not according to jims rules, as he uses bars rather than candles, then you will see its no longer engulfing.
  • #100,314
  • Aug 12, 2011 7:26am Aug 12, 2011 7:26am
Good point. Would also make it a better quality BUOB looking at it this way.

Quoting deankenny21
not according to jims rules, as he uses bars rather than candles, then you will see its no longer engulfing.
"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #100,315
  • Aug 12, 2011 7:30am Aug 12, 2011 7:30am
Quoting devcast
It all comes down to account size and position size then, i.e. it's pretty hard to trade daily with a small account.
Do you know about Micro FX accounts? $0.10 a pip... you should be able to trade daily with full bar stops on the smallest of accounts
  • #100,316
  • Aug 12, 2011 7:33am Aug 12, 2011 7:33am
Quoting Dan-FX
Do you know about Micro FX accounts? $0.10 a pip... you should be able to trade daily with full bar stops on the smallest of accounts
im on a micro account with alpari, as low as 10 cents a pip, and some bars i cannot trade with my $800 account, using a 2% risk.

but i know oanda you can trade from like half cents its crazy. i would go back to oanda, but i deposit money weekly into my forex from my work earnings building it up, and its so easy and fast with alpari.
  • #100,317
  • Aug 12, 2011 7:49am Aug 12, 2011 7:49am
Quoting deankenny21
im on a micro account with alpari, as low as 10 cents a pip, and some bars i cannot trade with my $800 account, using a 2% risk.

but i know oanda you can trade from like half cents its crazy. i would go back to oanda, but i deposit money weekly into my forex from my work earnings building it up, and its so easy and fast with alpari.
Why do you deposit money into your broker? What you have is enough for some time. Keep them in a bank, but calculate your position size AS IF the money were with the broker already. You would save on bank transfers, your time, diversify risk (money kept in 2 institutions)...and Oanda would work just fine.

Just my 2 cents
  • #100,318
  • Aug 12, 2011 7:53am Aug 12, 2011 7:53am
Quoting Adilius07
Why do you deposit money into your broker? What you have is enough for some time. Keep them in a bank, but calculate your position size AS IF the money were with the broker already. You would save on bank transfers, your time, diversify risk (money kept in 2 institutions)...and Oanda would work just fine.

Just my 2 cents
i would do that if i had a bigger account but with less than $5000 i like to see all the money i have free for trading in front of my eyes. If you get me
  • #100,319
  • Aug 12, 2011 8:02am Aug 12, 2011 8:02am
Hi All,

On these charts of Jim's where would the stop placement be? Not the full bar that's for sure. Would it be a case of using the confidence that a break of the daily bar will take us to the FTA and trading it on a smaller TF with a fixed stop like a Touch Trade, say 30-40 pips?

I can see this method keeping the RR decent with a BE stop and partial profit already taken, then any follow through being the real account grower.

Sorry If I'm a bit late on this one and it's already been answered, just going through Jim's posts

Thanks

Quoting james16
charts
  • #100,320
  • Aug 12, 2011 8:38am Aug 12, 2011 8:38am
Quoting Greenhaze
Huge open interest in an overbought chf and bullish PA across the risky assets
lol.

Quoting deankenny21
not according to jims rules, as he uses bars rather than candles, then you will see its no longer engulfing.
Bars and candles show the exact same information.

Quoting deankenny21
i would do that if i had a bigger account but with less than $5000 i like to see all the money i have free for trading in front of my eyes. If you get me
You are only ever going to be using a fraction of it at a time, assuming you are using proper position sizing and appropriate risk management. There is no reason to forgo the interest income on the outstanding balance unless you have some kind of insanely high transfer fee.
When you have to shoot, shoot. Dont talk.
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