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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

  • #113,441
  • Jun 20, 2012 8:14am Jun 20, 2012 8:14am
Quoting C-12
Anyone long EURNZD?
Quoting Rust
I think you should be careful taking weak pinbars against a strong move. Or at least get out VERY quickly.
I am in for a lot of reason behind the pin.
But if you wonna play pinbar by itself IMNHO*that pin is a NO TRADE, y know the music, big trend small pin etc etc.

target is the zone around wkly close [will define precisely after the fta]; watch out the first trouble area, if price don't go above...i'll take partial profit them i am out.

*In My Nwbie Humble Opinion
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Sometime the horizon disappear. Twitter: @_whiteout
  • #113,442
  • Jun 20, 2012 8:20am Jun 20, 2012 8:20am
Quoting patapouer
well, looking at it, but lacking PA trigger (edit: at least on my feed...)
and I'm a bit in a mess with 2 other trades so I'll just follow it by curiosity...
Strange as I've noticed the same on FXPRO compared to OANDA Europe? I understand there is probably a difference in time zones but which is the best zone to use for forex?
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  • #113,443
  • Jun 20, 2012 8:21am Jun 20, 2012 8:21am
If Weekly can close above the level, will look for a long entry on a pullback.
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  • #113,444
  • Jun 20, 2012 8:31am Jun 20, 2012 8:31am
Quoting C-12
Strange as I've noticed the same on FXPRO compared to OANDA Europe? I understand there is probably a difference in time zones but which is the best zone to use for forex?
I've been asking this very same question to Mike. His words:

"Since FX is not a centralized market many brokers offer different closing times. I prefer a 5pm as this is sort of the unofficial official close time of the NY session and thus it is in my belief the close should be within this time. But many people us brokers that close up to even 7 hours later than mine"

Jaroo would tell you he monitors different feeds (2 or 3, as far as I remember), but all in all it all ends at the same results in the long term. Can't remember his exact sentence though, sorry Jim
Slow & steady
  • #113,445
  • Jun 20, 2012 9:05am Jun 20, 2012 9:05am
Quoting patapouer
I've been asking this very same question to Mike. His words:

"Since FX is not a centralized market many brokers offer different closing times. I prefer a 5pm as this is sort of the unofficial official close time of the NY session and thus it is in my belief the close should be within this time. But many people us brokers that close up to even 7 hours later than mine"

Jaroo would tell you he monitors different feeds (2 or 3, as far as I remember), but all in all it all ends at the same results in the long term. Can't remember his exact sentence...
FxPro offers tighter spreads and different price quotes compared to their MT4 platform if you use their c-trader ECN platform. When I asked them about this, they were vague and told me they negotiate different terms with providers/market makers for the ECN feed. I agree, it's more important to develop your price action trading edge and methodology then worry about broker feeds. It doesn't seem to worry j16, jarroo or mike, so i'll take their word for it. Do you really want to know how much $$$ brokers make? Consider FxPro sponsors a major European football team. That's not chump change! Is it a fair playing field? Probably not, but who cares if we can be successful using j16? C'est la vie, mon ami.
  • #113,446
  • Jun 20, 2012 9:31am Jun 20, 2012 9:31am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Hi,

I have been following the free thread for almost a year now, I have learnt a lot in that time and hope to continue learning. Also I would like to thank everyone who post their charts up as its helped me learn a lot. This is my first post on this thread! but hopefully I will start to contribute more in the future!

The reason for this post is that I read an email on the PF by james which said if you have a $10,000 account, risk 3% of your account at 30 pips, trading a standard lot and only take the best set ups in the month, you can grow your account without having to overtrade.

My question is, when james said to have a 30 pip stop, does he mean on every trade you make regardless of the PA bar size or does the PA bar have to be within the 30 pip range? because I currently put my stop at the bottom of a PA bar which can be sometimes say 100 pips from my entry and I adjust my position size accordingly.

Sorry for the long message, hope it makes some sense! just wondering if someone can help clear this up because i've been wondering for a while now and would like to demo this method before trying it live.

Thanks in advance
Sanil
  • #113,447
  • Jun 20, 2012 10:14am Jun 20, 2012 10:14am
Quoting sg_1988
Hi,

I have been following the free thread for almost a year now, I have learnt a lot in that time and hope to continue learning. Also I would like to thank everyone who post their charts up as its helped me learn a lot. This is my first post on this thread! but hopefully I will start to contribute more in the future!

The reason for this post is that I read an email on the PF by james which said if you have a $10,000 account, risk 3% of your account at 30 pips, trading a standard lot and only take the best set ups in the month, you can grow your...
Hello Sanil ,
I think 30pips and 1 lot is just an example. Adjusting position size to the position is important
  • #113,448
  • Jun 20, 2012 10:27am Jun 20, 2012 10:27am
Quoting jarroo
I do use the New York Close ..so our levels may be a bit different.

I like the Weekly levels on "crazy crosses" like the NzdChf. . .and then see how they line up with the Daily levels . .Does this chart help?

Jim
Sure it does ... So , whats the method of drawing these consolidation boxes bro ??? Is it a visual thing of do they have to be drawn with precision ???
Human
  • #113,449
  • Jun 20, 2012 10:31am Jun 20, 2012 10:31am
Quoting jarroo
Not sure what levels you were looking at but this one was a Classic . .
Yup , sure it was a classic one IF you look at those levels .... But how about when we look at these levels ???
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Human
  • #113,450
  • Edited 11:11am Jun 20, 2012 10:56am | Edited 11:11am
Quoting jarroo
The 1.5633 was a great level to enter because the previous Daily bar could not close below it . .Daily Close Confirmation of Support.
UUMMMM , that only answers only answers one part of my question sir ....Lets look at it this way ...
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Human
  • #113,451
  • Edited 7:34pm Jun 20, 2012 11:02am | Edited 7:34pm
Quoting jarroo

I still like to see the 1.5567 tested as Support..
How did you predicted that ??? If I was in this trade , I would have been out because when price broke through the blue line , which is LCS , I would have moved my stops under it but , apparently , you still would have been in ... How ? Sorry if the questions are exceeding the answering limits ...
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Human
  • #113,452
  • Jun 20, 2012 11:17am Jun 20, 2012 11:17am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting Rust
Hello Sanil ,
I think 30pips and 1 lot is just an example. Adjusting position size to the position is important
Thanks Rust adjusting position size is what I normally do.
  • #113,453
  • Jun 20, 2012 11:41am Jun 20, 2012 11:41am
Quoting jarroo
Great post guys . .I know the feeling all to well also . .

It wasn't until James16 tapped on the shoulder and smacked me in the face and said, "Stop that!" . .lol

Jim
Hey Jim,

After all my "talk", I'm embarrassed to admit that I let my GBPUSD trade come back and stop me out!!! Luckily, I moved my stop to B/E but I did let a tidy profit disappear. Just out of curiosity, how many times will i do this before I learn the lesson??? Please slap me now!

For those of you out there, that have learned the lesson to TAKE THE DAMN PROFIT, I would love your feedback/advice! What a rollercoaster!!!!
  • #113,454
  • Jun 20, 2012 12:02pm Jun 20, 2012 12:02pm
Quoting Mebius
Hey Jim,

After all my "talk", I'm embarrassed to admit that I let my GBPUSD trade come back and stop me out!!! Luckily, I moved my stop to B/E but I did let a tidy profit disappear. Just out of curiosity, how many times will i do this before I learn the lesson??? Please slap me now!

For those of you out there, that have learned the lesson to TAKE THE DAMN PROFIT, I would love your feedback/advice! What a rollercoaster!!!!
Taking smaller profits is a good way to start. Then learn how to maximize with time. Taking breakevens and losses feels a lot worse
  • #113,455
  • Jun 20, 2012 12:09pm Jun 20, 2012 12:09pm
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting Mebius
Hey Jim,

After all my "talk", I'm embarrassed to admit that I let my GBPUSD trade come back and stop me out!!! Luckily, I moved my stop to B/E but I did let a tidy profit disappear. Just out of curiosity, how many times will i do this before I learn the lesson??? Please slap me now!

For those of you out there, that have learned the lesson to TAKE THE DAMN PROFIT, I would love your feedback/advice! What a rollercoaster!!!!
Hi Mebius,

I don't know if you're on about the GBPUSD daily bullish outside bar that formed yesterday off the 38 fib which closed above 1.57000. But I have posted a chart to show why it stopped where it did if that is the trade you are referring to.

I believe it reversed where it did because it hit the 50 fib level and if you look along the blue box i have drawn showing the previous bar highs/lows, where previously the 150 and 365 emas caused flips in price it formed an area of resistance when price moved through it as previous support became resistance.

I am by no means an experienced trader so if anyone else wants to chip in and help out great! I don't even know if Mebius was referring to this trade but if you were I hope it helped!

At these FTA (first trouble areas) I move my stop to break even (which you seemed to do) and I may take 50% profit or full profit when the FTA is hit. I usually take full profit because I don't like to mess around with these areas and prefer to daytrade the daily charts, but that is just the way I trade. James always says move your stop to B/E at the very least at these areas so you don't let a winner turn into a loser.
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  • #113,456
  • Jun 20, 2012 1:29pm Jun 20, 2012 1:29pm
now ,


Quoting Bones
usd cad Wait ,h4 higher up
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #113,457
  • Edited 1:51pm Jun 20, 2012 1:34pm | Edited 1:51pm
Quoting Bones
now ,
......are you talking about this?
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  • #113,458
  • Jun 20, 2012 1:47pm Jun 20, 2012 1:47pm
Quoting Rust
Taking smaller profits is a good way to start. Then learn how to maximize with time. Taking breakevens and losses feels a lot worse
Yup, i'm going to try it. I've also noticed i often look to take profit at the 2nd or 3rd trouble area instead of the first, or i ignore the real 1st trouble area because I want more profit.
  • #113,459
  • Jun 20, 2012 1:49pm Jun 20, 2012 1:49pm
not sure what you mean wheres your profit margin ,but I am bullish $ overall ,but not this week

gbp nzd is changing

eur jpy look for long
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #113,460
  • Jun 20, 2012 1:50pm Jun 20, 2012 1:50pm
Quoting sg_1988
Hi Mebius,

I don't know if you're on about the GBPUSD daily bullish outside bar that formed yesterday off the 38 fib which closed above 1.57000. But I have posted a chart to show why it stopped where it did if that is the trade you are referring to.

I believe it reversed where it did because it hit the 50 fib level and if you look along the blue box i have drawn showing the previous bar highs/lows, where previously the 150 and 365 emas caused flips in price it formed an area of resistance when price moved through it as previous support became...
yes, there is a ton of confluence at that area. My target was right there, I just missed by a few pips. Oh well, it happens! Thanks for the chart.
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