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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

  • #113,981
  • Jul 6, 2012 6:59am Jul 6, 2012 6:59am
Watching reaction at 1.28. Poked through once yesterday and today. Where will it close?
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  • #113,982
  • Jul 6, 2012 8:00am Jul 6, 2012 8:00am
Quoting Nake
Attachment
Gold Daily ( BEOB) at trendline, Fib 38.2, MA 350
mbqb11 what do u think? How find your video? thanks
Hey Nake

Just be careful with these, essentially this is a BEOB in a very sideways "boxing" market. James wants us to look for beobs at nice swing high points where this one is just sideways. This tends to lead to price chopping around and causes most people trouble(if they are not quick to do something with their stops)

Attached you can see the ranged market we are in

You can find guest videos located on the James16 website

Hope that helps
Mike
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  • #113,983
  • Jul 6, 2012 8:36am Jul 6, 2012 8:36am
Think a good spot to watch now. Nice box with nice lvl at 1.51. Maybe well have a rejection maybe a break. Think of it both ways. Waiting for PA
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If not up, then down, otherwise sideways :-)
  • #113,984
  • Jul 6, 2012 8:49am Jul 6, 2012 8:49am
Quoting mbqb11
I am looking to get a push above the descending TL here. Now normally if this was a smaller bar or what have you that descending TL becomes a great place to take profit/move to b/e take some off, whatever it is. In a case where this is such a huge pinbar I am more lenient and let things play out a bit more. I reduced my risk just like I did with the previous 2 trades.

Understand that there is no 100% right or wrong way.
took me awhile to dig up this post, been almost a year and 1800+ pips later

I've finally set my official take profit just a hundred pips shy of Parity(1.0)

I will even look to tighten my stop up more as we move past the swing high

That's a runner

Mike
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  • #113,985
  • Jul 6, 2012 9:04am Jul 6, 2012 9:04am
Quoting mbqb11
took me awhile to dig up this post, been almost a year and 1800+ pips later

I've finally set my official take profit just a hundred pips shy of Parity(1.0)

I will even look to tighten my stop up more as we move past the swing high

That's a runner

Mike
WOW It's incredible! Very nice!
Mike tell me please, what the software do you use that we see on your attached picture? It's not mt4...
Thanks
  • #113,986
  • Jul 6, 2012 9:19am Jul 6, 2012 9:19am
Quoting fafarafa
WOW It's incredible! Very nice!
Mike tell me please, what the software do you use that we see on your attached picture? It's not mt4...
Thanks
Hey Fa

I chart with mt4 and a lot of my brokers offer it but I tend to just use their basic platforms. That's Oanda Java platform. I had been tracking the trade in mt4 demo like I do for some trades and the demo reset(i guess that was bound to happen after nearly a year lol)

Best
Mike
  • #113,987
  • Jul 6, 2012 9:20am Jul 6, 2012 9:20am
Quoting fafarafa
WOW It's incredible! Very nice!
Mike tell me please, what the software do you use that we see on your attached picture? It's not mt4...
Thanks
That's OANDA proprietary Java platform.
  • #113,988
  • Jul 6, 2012 9:35am Jul 6, 2012 9:35am
Quoting mbqb11
took me awhile to dig up this post, been almost a year and 1800+ pips later

I've finally set my official take profit just a hundred pips shy of Parity(1.0)

I will even look to tighten my stop up more as we move past the swing high

That's a runner

Mike

*Slow clap* , bravo Mike - great trade, beautifully executed.

Your a Yankees fan right? Looking forward to the series coming up in two weeks between them and my Blue Jays
Price is beautiful. A repetitive method is a competitive method.
  • #113,989
  • Jul 6, 2012 9:58am Jul 6, 2012 9:58am
Quoting mbqb11
took me awhile to dig up this post, been almost a year and 1800+ pips later

I've finally set my official take profit just a hundred pips shy of Parity(1.0)

I will even look to tighten my stop up more as we move past the swing high

That's a runner

Mike
Well done Mike.

Your broker must hate you... Highest profit to spread ratio

How high was your %risk if you don't mind sharing?
  • #113,990
  • Jul 6, 2012 10:05am Jul 6, 2012 10:05am
Price was pressing hard against the resistance on USD/*** pairs lately. S&P started to fall, AU&NU broke their D1 support and USDCAD with D1 BUOB on Oanda feed was trading on top of the D1 resistance. Now lets see how far we'll go here.
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  • #113,991
  • Jul 6, 2012 10:10am Jul 6, 2012 10:10am
Hi guys,

I'm quite new to forex and my biggest problem is to figure out when to close a position. For example today h4 EURUSD I saw that nice dbhlc. I opened half of my position at the retracement and the other half at the close price of the first red bar.
When I got 16 pips, I closed the position I started at the retracement and moved the SL of the other one to break even.

Now I see that the price lowered for more than 50 pips. On the other hand it went for almost 10 pips the other way.
Was my way of approching this correct?
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  • #113,992
  • Jul 6, 2012 10:56am Jul 6, 2012 10:56am
Quoting savingpig
Hi guys,

I'm quite new to forex and my biggest problem is to figure out when to close a position. For example today h4 EURUSD I saw that nice dbhlc.
jamess teaches us:
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM):

1.ON DAILY AND WEEKLY TIME-FRAMES, YOU ONLY DEMO-TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED...

and...

http://i49.tinypic.com/5zgqv8.png

i'm looking only this Price Action on daily/weekly charts, and play them like show on this pictures.


http://www.forexfactory.com/showthre...hlight=james16
  • #113,993
  • Jul 6, 2012 12:15pm Jul 6, 2012 12:15pm
Quoting Greenhaze
Well done Mike.

Your broker must hate you... Highest profit to spread ratio

How high was your %risk if you don't mind sharing?
I upped it on my main account(took this on a few accounts) to 3% on the main. I normally risk 2% but this was pretty much a slam dunk

Mike
  • #113,994
  • Jul 6, 2012 12:17pm Jul 6, 2012 12:17pm
Quoting savingpig
Hi guys,

I'm quite new to forex and my biggest problem is to figure out when to close a position. For example today h4 EURUSD I saw that nice dbhlc. I opened half of my position at the retracement and the other half at the close price of the first red bar.
When I got 16 pips, I closed the position I started at the retracement and moved the SL of the other one to break even.

Now I see that the price lowered for more than 50 pips. On the other hand it went for almost 10 pips the other way.
Was my way of approching this correct?
Hey Savingpig

Welcome to the forum, it takes time but these questions you have get easier.

Above me 04 posted a great snapshot of the locations we want to look for these bars when starting out. In this case we want to look for DBHLC at a swing high point where yours is at a swing low point. THe management side of it is much like the entry side where we want to use the information we have to make well educated decisions. Each situation is unique and for that reason my exits are discretionary as our my entries.

If you have questions about swing points or the location of these bars just let us know!

Best
Mike
  • #113,995
  • Jul 6, 2012 1:03pm Jul 6, 2012 1:03pm
http://i45.tinypic.com/2w6h1dt.jpg

i know this bar it's no closed now, but my question is about a zone, and a Price Action in this place.

thx.
  • #113,996
  • Jul 6, 2012 3:00pm Jul 6, 2012 3:00pm
Quoting 0421
http://i45.tinypic.com/2w6h1dt.jpg

i know this bar it's no closed now, but my question is about a zone, and a Price Action in this place.

thx.
Hey 04

Put some notes on a chart for you

Enjoy the weekend
Mike
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  • #113,997
  • Jul 6, 2012 4:38pm Jul 6, 2012 4:38pm
Ah thanks to 0421 and Mike, I see my mistake.

Maybe I overread this point at the beginning of this thread.
  • #113,998
  • Jul 7, 2012 4:31am Jul 7, 2012 4:31am
Hi Jarroo,

Just wondering, may I seek your opinion on which HCR lines I drew are considered "more" valid than the other when gaps like this appears?

Caesar
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"Nature's law" is called "Reason". When perfectly understood by human it is
  • #113,999
  • Jul 7, 2012 6:33am Jul 7, 2012 6:33am
Quoting Chanya
This huge daily bullish bar up was totally predictable as I told few days back that price also broke through and closed below a weekly LCS , its retest was due ... Entered short again here at the retest of that weekly level with very tight stops ... Lets see ...

I entered at the retest of the weekly level as shown below like I said I would at the start of the week according to the Jarroo methodology !!! My order got taken to the pip !!! 302 Pips green ...
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Human
  • #114,000
  • Jul 7, 2012 6:56am Jul 7, 2012 6:56am
Quoting Chanya
I entered at the retest of the weekly level as shown below like I said I would at the start of the week according to the Jarroo methodology !!! My order got taken to the pip !!! 302 Pips green ...
Nice one Chanya

I took the same trade but in other direction on EJ. Its good to share a loss from time to time and this one is really embarassing lol. It was tiny scout position and i've lost 1% on it but i have to say i managed to pick the exact top LOL....


Have a great weekend guys!
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