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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

  • #102,361
  • Sep 28, 2011 11:35am Sep 28, 2011 11:35am
Quoting picon1
positive returns each month is what it's all about Kalbar. Don't worry about daily or weekly returns too much, as long as the month end is positive. Bigger picture and all that
Hey Picon

You are spot on there. With 4 positive months in a row, albeit 2 just above BE, my next target is to try and get positive returns for Oct, Nov and Dec. Tht would make it 7 positive months and my confidence in trading and, more importantly, myself, would take a positive step forward. The main target is to work on the issues mentioned before and see if I can improve on them. If I can do that the results should take care of themselves.

Best wishes

Kal
  • #102,362
  • Sep 28, 2011 11:44am Sep 28, 2011 11:44am
Hello Guys,
i just wanted to share my first live trading month profit:

i had 6 trades: 2 winners, 2 losers , 2 BE
Total Profit: +250pip

i still have a very small account. But it's a nice profit, for a first month live trading.
Plan your Trade, Trade your Plan
  • #102,363
  • Sep 28, 2011 12:33pm Sep 28, 2011 12:33pm
Quoting BigJay
Hello Guys,
i just wanted to share my first live trading month profit:

i had 6 trades: 2 winners, 2 losers , 2 BE
Total Profit: +250pip

i still have a very small account. But it's a nice profit, for a first month live trading.
Congrats Bro,
Repeat till rich!
  • #102,364
  • Sep 28, 2011 12:36pm Sep 28, 2011 12:36pm
Quoting BigJay
Hello Guys,
i just wanted to share my first live trading month profit:

i had 6 trades: 2 winners, 2 losers , 2 BE
Total Profit: +250pip

i still have a very small account. But it's a nice profit, for a first month live trading.
congrats Jay

Keep it up
Mike
  • #102,365
  • Sep 28, 2011 1:14pm Sep 28, 2011 1:14pm
Quoting supremeChaos
hello Kabayan,
depends on your perception of 'aggressive' & 'conservative'.
i guess u say it's an 'aggressive trade' because u dont trade a setup like this, or at least u are unfamiliar of such a trade setup.

candle size-wise, the PB was better than average or 1 of the biggest in your chart. i also like it being at a swing low with tons of space.
in such a trade setup, IMHO the issue would be trade management (having a logical exit & plan... versus expecting a big, 'to-the-moon' move & no/mediocre plan)
Your right kabayan, it's the first time I demo trade this kind of setup. It was a good learning experience for me. Thank you!!!
  • #102,366
  • Sep 28, 2011 1:20pm Sep 28, 2011 1:20pm
Hi all,

I am a newb trader and have been doing plenty of reading about trading the markets using price action. I started off at Trader_Dante's thread at T2W and that lead me here to the J16 thread.

I am currently in the process of constructing a trading plan and I am also trading a £10k demo account. My plan is to trade that for 3 months on just pin bars as thats what I understand at this stage. My intention is to then incorporate other price action setups once I have read this and other threads to better understand how to use them. I am only trading daily and weekly timeframes due to time constraints having a full time job.

Anyway, on to my question about my latest trade. I saw the pin form on 26th Sept 2011 and it bounced right off a pre-drawn trend line and was in the proximity of a S/R pivot. In addition the "nose" of the pin went through the 365 ema and the 61.8% Fib from the previous low-high swing. I also drew in another fib ret from the previous major swing low-high and found the 50% ret was in this area too.

From what I read all of this supported an entry just above the pin so I put an order in for £2per point at 0.78075 being the break of the pin and a stop 1 pip below the low of the pin, being a 5% of my account at the time.

My main target was the S/R pivot zone at 0.81000 which had fib confluence from the 3 previous highs. I also wanted to keep an eye on the 0.8000 area as this had a round number and acted as support in June and August.

My plan for the trade was to move my stop to B/E if the price stalled at the 0.8000 area, if it broke through then I was looking to move my stop below that area expecting it to act as support and locking in some profit.

As it happened the price reached closed to the 0.8000 area and then had a strong retrace late in the day on 27th and so I moved my stop to B/E as I was worried about the loss of momentum going into that area. In the end I got stopped out for a profit of £1 (basically B/E)

I wondered if any one here could spare some time looking at my chart and critique the locations of any of my S/R zones or my thinking process throughout this trade as I am not sure whether I have approached things in a reasonable way or if there are any areas I could have improved on. I guess I am most concerned about whether moving my stop to B/E so soon was a good thing or not.

Appreciate any comments, good or bad.
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  • #102,367
  • Sep 28, 2011 1:39pm Sep 28, 2011 1:39pm
Hey Marty

Welcome to the thread, great first chart

Your lines area great. Just remember a lot of these "lines" end up being "zones". Price isn't always exact, so we have these areas to watch more then a distinct line. But I DO very much like how you will key in on the lines/zones into what else is near by(highs/lows round numbers etc).

Here was my chart on the nzd/usd just go show the things I was watching(which were very similar to yours)

I would have preferred a quick profit at the FTA(first trouble area) or towards those lows at the BRN(big round number) of 8000. To me the BRN was a HUGE trouble area as I place a lot of weight on these numbers.

Again welcome to the thread
Mike

Quoting Martynp
Hi all,

I am a newb trader and have been doing plenty of reading about trading the markets using price action. I started off at Trader_Dante's thread at T2W and that lead me here to the J16 thread.

I am currently in the process of constructing a trading plan and I am also trading a £10k demo account. My plan is to trade that for 3 months on just pin bars as thats what I understand at this stage. My intention is to then incorporate other price action setups once I have read this and other threads to better understand how to use them. I am only...
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  • #102,368
  • Sep 28, 2011 1:44pm Sep 28, 2011 1:44pm
Quoting mbqb11
Hey Marty

Welcome to the thread, great first chart

Your lines area great. Just remember a lot of these "lines" end up being "zones". Price isn't always exact, so we have these areas to watch more then a distinct line. But I DO very much like how you will key in on the lines/zones into what else is near by(highs/lows round numbers etc).

Here was my chart on the nzd/usd just go show the things I was watching(which were very similar to yours)

I would have preferred a quick profit at the FTA(first trouble area) or towards those lows at the...
I see your using FXCM's Strategy Trader as well Mike. How you liking it? You had any issues with the data yet?
  • #102,369
  • Sep 28, 2011 1:45pm Sep 28, 2011 1:45pm
Quoting BigJay
Hello Guys,
i just wanted to share my first live trading month profit:

i had 6 trades: 2 winners, 2 losers , 2 BE
Total Profit: +250pip

i still have a very small account. But it's a nice profit, for a first month live trading.
Well done BigJay. Keep it going, and stick to your plan
  • #102,370
  • Sep 28, 2011 1:46pm Sep 28, 2011 1:46pm
Quoting picon1
I see your using FXCM's Strategy Trader as well Mike. How you liking it? You had any issues with the data yet?
Hey Picon

I am sorry I am not familiar with that, what is it?

Best
Mike
  • #102,371
  • Sep 28, 2011 1:48pm Sep 28, 2011 1:48pm
Quoting mbqb11
Hey Picon

I am sorry I am not familiar with that, what is it?

Best
Mike
Was just looking at the chart you posted a couple of comments back on the NZDUSD, looks like the software your using is Strategy Trader from FXCM. Or is it Multicharts? You've got me second guessing myself now lol
  • #102,372
  • Sep 28, 2011 1:56pm Sep 28, 2011 1:56pm
Quoting picon1
Was just looking at the chart you posted a couple of comments back on the NZDUSD, looks like the software your using is Strategy Trader from FXCM. Or is it Multicharts? You've got me second guessing myself now lol

Hey P

That is just an FXpro demo feed. I use them as my primary for charting daily/weekly

Best
Mike
  • #102,373
  • Sep 28, 2011 2:30pm Sep 28, 2011 2:30pm
Quoting mbqb11
Hey P

That is just an FXpro demo feed. I use them as my primary for charting daily/weekly

Best
Mike
WOW looks exactly like the platform from FXCM that I'm using. Had me convinced for a moment then.
  • #102,374
  • Edited 2:53pm Sep 28, 2011 2:36pm | Edited 2:53pm
http://www.pictureshoster.com/thumbn...e10y_thumb.gif

Stop moved to BE+1 (I always like to have even a tiny profit
Currently + 81pips
I hope it can close below 1.3548 as a pinbar.
  • #102,375
  • Sep 28, 2011 2:38pm Sep 28, 2011 2:38pm
Quoting picon1
WOW looks exactly like the platform from FXCM that I'm using. Had me convinced for a moment then.
hey P

I am not sure but it could be, since mt4(metatrader) is a platform that a lot of brokers then use to provide their pricing on. So multiple brokers use similar platforms in this case MT4.

Best
Mike
  • #102,376
  • Sep 28, 2011 2:39pm Sep 28, 2011 2:39pm
eur cad close above 1.4000 looks good for longs. nice engulfing bar.
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meine augen sind die sterne
  • #102,377
  • Sep 28, 2011 7:01pm Sep 28, 2011 7:01pm
Quoting BigJay
Hello Guys,
i just wanted to share my first live trading month profit:

i had 6 trades: 2 winners, 2 losers , 2 BE
Total Profit: +250pip

i still have a very small account. But it's a nice profit, for a first month live trading.
Welcome to the circle BJ.
Now the plan shifts
TO:
Hold what You Own & Add Cargo!
As opposed to:
Squander what You Own & reduce Cargo.

Get Selfish my friend. Be that guy/gal @ highschool that seemed to get it all. But do it from "The Chess Club".
Smart Pays.
Get Smart.
(Hmmm...Idea for TV Show? Nah. it would never catch on... lol)
Study Free & Trade Demo or Micro Small Real but you will require Field Smart (MM) to marry with your Book Smart.

B
  • #102,378
  • Sep 28, 2011 8:45pm Sep 28, 2011 8:45pm
Quoting Kalbar
Hi Guys

Hope trading is going well for all today. Have just spent the morning going over the last few months and analysing my trades takenresults which are as follows:

June 6 trades taken 5 winners 1 loser + 318 pips

July 2 trades taken 1 winner 1 BE +77 pips

August 5 trades taken 3 winners 2 losers +15 pips

September 8 trades taken 4 winners 1BE 3 losers +218 pips.

So a total of 12 wins, 2 BE and 6 losers.


This is trading with real money though at very small micro size lots. Although I have got to be resonably content with this performance...
Kal, how many markets do you usually watch?
  • #102,379
  • Sep 28, 2011 11:40pm Sep 28, 2011 11:40pm
Even on a Demo, It's tough to watch a 100 pip profit stopped out at BE. I have only been studying James16 for a week and love it.
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I guess I need to spend some time on exit strategies.
  • #102,380
  • Sep 29, 2011 12:30am Sep 29, 2011 12:30am
Quoting TheFutureAce
Hi Jim,
Thank you for your detailed reply. I have tried to explain it through chart what my thinking was.

For me (I know it might sound stupid) the hardest part is managing the trade while I am in it. I can wait for PA to come a good SR, Fib or MA and enter the trade but then the real HELL start.

Also I know trade management is every individual's personal thinking but I would love to learn that from you. I need a guidance from a Senior member like you.

I am going through the thread but mostly all chart talk about entry. What I am more concerned...
Hey Ace, I see now what you were saying about the 50% level of the previous Week's bar. But I would say that the .8000 BRN that is also a Weekly PPZ levels stands out more then a 50% or mid point of a previous bar.

Support and Resistance levels, and where they meet (PPZ levels), are the key market dynamic that we look for to find our PA setups. Bullish PA at Support and Bearish PA at Resistance.

And they can be used as targets as well. Meaning, Price tends to move from one PPZ level to the next PPZ level or bounce between them . .like Price has done recently (pretty close) on the Nzd/Usd.

These can be great targets to go for and I do tend to allow Price room for them to move to the next PPZ or strong confluenced level.

But my main trade management approach is centered around the targets of a setup or level. .I understand the difficulty we have in finding the right approach, but once you forget about the pip amounts and just trade what the chart is telling you, it becomes alot easier.

Let's take the Daily Nzd/Usd PB setup . .
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Indicators show the past. Price Action "Indicates" the future.
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