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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

  • #103,061
  • Oct 14, 2011 9:11am Oct 14, 2011 9:11am
For those who took the PB trade on AUDUSD last week and stood in the trade till today, you deserve the profits.

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I didn't.
  • #103,062
  • Oct 14, 2011 9:15am Oct 14, 2011 9:15am
Similar for USDCAD.

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  • #103,063
  • Oct 14, 2011 9:40am Oct 14, 2011 9:40am
Quoting fascist
Similar for USDCAD.
Well, some took the second train.
Already (still) in green...
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Trading: the skill of avoiding trades
  • #103,064
  • Oct 14, 2011 9:43am Oct 14, 2011 9:43am
Quoting NineKaye
Guys and girls this is well overdue.

I've been lurking for over a year sucking in the material like a sponge but every time I wanted to post I felt I moved on to another level and what I was going to say was no longer valid.

I've come so far and due to my lack of input on the thread and the level I believe I'm at now I think its time I gave something back to you all....
Great, and generous, first post. I wish you all the best with that.
When the going gets weird, the weird turn pro.
  • #103,065
  • Oct 14, 2011 9:59am Oct 14, 2011 9:59am
Quoting halfstep
hey mike, the weekly usdchf pinbar you pointed out was a sure thing, and I saw it when it formed, but i didn't take the trade.

I have a rule where I can only risk 1% per trade, if i used the weekly pinbar and put a stoploss on the bottom of the pinbar with a 1% risk, it would mean i would have to gain 500 pips before even making 1%, i just didn't think it was worth it.
How did you size your position with this trade? or for all trades based on weekly price bars? when dealing with stops thats 300+ pips large, are you still position sizing so...
Hey Half

I always position size based on my stop. If I decide to start with my stop on the other side of the bar(which I do about 90% of the time and did with the usd/chf) then I position size based on that. It's all relative. If I covered up that it was a weekly chart and one thought it was a daily or hourly I would approach it the same way too.

Best
Mike
  • #103,066
  • Oct 14, 2011 10:04am Oct 14, 2011 10:04am
Quoting NineKaye
Guys and girls this is well overdue.

I've been lurking for over a year sucking in the material like a sponge but every time I wanted to post I felt I moved on to another level and what I was going to say was no longer valid.

I've come so far and due to my lack of input on the thread and the level I believe I'm at now I think its time I gave something back to you all.

What I wanted was something on my chart to help me with the placement of my Pending Orders and Money management.

I'm not the best at mathematics and when it came to working out...

Very cool NK,

Thanks for coming out of lurk to share

You are right if there were more James out there


Mike
  • #103,067
  • Edited 10:32am Oct 14, 2011 10:18am | Edited 10:32am
Quoting fascist
For those who took the PB trade on AUDUSD last week and stood in the trade till today, you deserve the profits.

Attachment

I didn't.
Hello fascist, u posted a chart on Euraud recently, u still in the trade? What is your Tp target?
  • #103,068
  • Oct 14, 2011 10:30am Oct 14, 2011 10:30am
Hey guys anyone took a short trade on Gbpchf, its been mind draining so far, it hasnt move as much as i was expecting.. anyone else with opinions to share on gbpchf?
  • #103,069
  • Oct 14, 2011 10:44am Oct 14, 2011 10:44am
You still in the short EURAUD fascist? Got my short entry on last night at 3525. Out all day today so took half off at +20 and the moved stop to entry. Last part is currently +65. Good catch on the setup
  • #103,070
  • Oct 14, 2011 10:56am Oct 14, 2011 10:56am
Quoting cprao
Your FTA's are my targets. I do see your targets are very realistic and very much possible considering the current bullish trend. But happy to get out today at the levels I set.

Great trades c. My FTA's are actually my first target levels. I often take profits there. At minimum I reduce at least some of my risk at those areas.
  • #103,071
  • Oct 14, 2011 11:19am Oct 14, 2011 11:19am
Hey guys, as a few will already know I started trading a little over ten months ago now, during that time I have committed an average of ten hours a day to either trading or furthering my trading education, up until I found this thread my trading account was up and down like a whores drawers, and usually a LOT more down than up!

It's now officially four weeks today since I first started demo trading J16 so I thought I'd share some of my results for that period, as well as thanking Jim, Mike and all of the others seniors for all of their efforts and patience. I can honestly say that without having read their posts on this thread I felt that I was on the trading road to oblivion, anyway my results..........................

I began with a spread betting demo account of £9,520 (it had been £10k but I'd lost a chunk of it prior to finding this thread!) using J16 methodology on the 19/09/11, exactly four weeks later my account stands at £10,177, my win rate currently stands at 73.10% and I have been trading at £0.50 per pip so my pip gain over the four weeks is 1,314 or +6.90% of my account, even more satisfying is the fact that I haven't had one losing week during that period, prior to finding this thread I hadn't had one profitable week in OVER NINE MONTHS!

I realise that it's still early days and I don't intend to commence live trading until January, by which time I will have a full three months results, but I am over the Moon with my results and would highly recommend J16 to anyone who's serious about wanting to learn to trade properly. If you have the commitment and doggedness to survive the obvious and inevitable losses along the way J16 will get you there.

A professional trader once said to me that it always amazed her that so many people quit trading just when they were on the cusp of getting it right, that one statement, fortunately, carried me through and kept me going until the point when I found this thread, without J16 I guarantee to you that I would have still been accumulating losses.

Once again, thanks to ALL of the seniors, I sincerely doff my my hat to you for the fantastic job you are all doing
  • #103,072
  • Oct 14, 2011 11:20am Oct 14, 2011 11:20am
Quoting captainSG
Hello fascist, u posted a chart on Euraud recently, u still in the trade? What is your Tp target?
Nope i exited at ard 1.3430 around 65 pips of profit, we have a lot of support at the 1.34 level. The pair seems very indecisive at times. Yesterday was stuck at 1.3500 level.

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  • #103,073
  • Oct 14, 2011 12:37pm Oct 14, 2011 12:37pm
Quoting stochman
Hey guys, as a few will already know I started trading a little over ten months ago now, during that time I have committed an average of ten hours a day to either trading or furthering my trading education, up until I found this thread my trading account was up and down like a whores drawers, and usually a LOT more down than up!

It's now officially four weeks today since I first started demo trading J16 so I thought I'd share some of my results for that period, as well as thanking Jim, Mike and all of the others seniors for all of their efforts...
awesome keep it up my friend

  • #103,074
  • Oct 14, 2011 3:29pm Oct 14, 2011 3:29pm
Quoting Donkey
Here's my demo retrace entry on GJ...not at BE yet....looking for bottom of top blue zone as likely TP area.
Manually closed for 0.6R (about same place cprao closed I think). Late Friday couldn't get a push up through 122. On to the next one.
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  • #103,075
  • Oct 14, 2011 9:00pm Oct 14, 2011 9:00pm
Quoting Donkey
Manually closed for 0.6R (about same place cprao closed I think). Late Friday couldn't get a push up through 122. On to the next one.
My GJ closed for profit at 120.20. EU is still going.. I missed my target by 10 pips.

I have to watch how it opens on Sunday. In any case the risk is zero.
  • #103,076
  • Oct 14, 2011 9:06pm Oct 14, 2011 9:06pm
EU still looking good for now.
That said, we have a tough area to break or get rejected off not too far above. Time to move the SL.

Hmm, this has me wondering about the Second Time Back to the 365 on the Daily TF.

Is the STB any weaker than the FTB? Logically speaking, it should be as price has rallied enough to challenge it again. It would be great if the senior members, could give me their input on this question?
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  • #103,077
  • Oct 15, 2011 12:08am Oct 15, 2011 12:08am
Quoting mbqb11
Hey Half

I always position size based on my stop. If I decide to start with my stop on the other side of the bar(which I do about 90% of the time and did with the usd/chf) then I position size based on that. It's all relative. If I covered up that it was a weekly chart and one thought it was a daily or hourly I would approach it the same way too.

Best
Mike
thanks for the reply, I understand your position sizing and limit entry/stoploss method. I do the same thing.

What I want to know is do you allocate the same risk to all your trades, even the trades based on weekly charts? My rule is 1% risk per trade, the weekly pinbar on usdchf was about 800 pips, if size my position so that 800 pips means 1% of my account, I would have to wait A LONG TIME, before making a gain.

do you allocate the same risk to your weekly chart trades as well as your daily or h4 trades? this would create a huge imbalance in one's portoflio, as your monetary amount is more sensitive to your daily or h4 trades since the position size would naturally be bigger
  • #103,078
  • Oct 15, 2011 12:54am Oct 15, 2011 12:54am
Quoting halfstep
thanks for the reply, I understand your position sizing and limit entry/stoploss method. I do the same thing.

What I want to know is do you allocate the same risk to all your trades, even the trades based on weekly charts? My rule is 1% risk per trade, the weekly pinbar on usdchf was about 800 pips, if size my position so that 800 pips means 1% of my account, I would have to wait A LONG TIME, before making a gain.

do you allocate the same risk to your weekly chart trades as well as your daily or h4 trades? this would create a huge imbalance...

Hey half

Sorry I misunderstood.

I risk 2% per trade. The trades I change that for are touch trades, or "other" scenarios.

Hope that helps
Mike
  • #103,079
  • Oct 15, 2011 2:41am Oct 15, 2011 2:41am
Quoting stochman
Hey guys, as a few will already know I started trading a little over ten months ago now...
even more satisfying is the fact that I haven't had one losing week during that period, prior to finding this thread I hadn't had one profitable week in OVER NINE MONTHS!
....
A professional trader once said to me that it always amazed her that so many people quit trading just when they were on the cusp of getting it right, that one statement, fortunately, carried me through and kept me going ...
wow, congratulations!
i wish i had the same dedication to do demo trading when i started (i did very little demo).

she's right... whatever we do, we'll never know what good will happen to us if we quit.
if one has the passion for trading, there is no reason to quit.

being a trader from the Philippines, a 3rd World country, i have accumulated relatively huge losses since 2006 (scam local bucketshop, overtrading , etc).
i am now on the verge of recovering from all these losses & achieveing consistent profitability.
i wont talk about any details about my trading, but suffice it to say, it's extremely difficult to trade when one is stressed, multi-problem-laden, unemployed, undercapitalized & (nearly) un-demoed, but i pressed on.
i haven't seen/heard of anyone who has/had the same (or a much worse) 'perfect storm' situation as i had... so if u feel like quitting, just think of my situation & count your blessings.

S&R/James16 is 1 piece of the puzzle that made my trading 'complete', & everyone here is instrumental to my improvement.
if newer traders here persevere, no matter what happens, u all will not be far behind me.
  • #103,080
  • Oct 15, 2011 4:07am Oct 15, 2011 4:07am
rolls-royce on daily and weekly with a nice breakout. approaching the 700.
i like to see a retest of the 650 and maybe a gap-close to 635. good places to go long.
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meine augen sind die sterne
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