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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

  • #119,401
  • Oct 4, 2012 5:22am Oct 4, 2012 5:22am
Loving the thread guys,

I have a question. Are some pairs more responsive to technical trading and J16 method then others? It makes sense to me that eur/usd would have a higher success rate then some of the more exotic crosses?
  • #119,402
  • Oct 4, 2012 7:46am Oct 4, 2012 7:46am
Quoting Krumpip
Loving the thread guys,

I have a question. Are some pairs more responsive to technical trading and J16 method then others? It makes sense to me that eur/usd would have a higher success rate then some of the more exotic crosses?
Hey Krumpip(nice name lol)

I don't think so. One might think because the euro is more heavily traded that it should follow technicals better. But to me if the pair is not insane and looks tradeable it follows technicals well also. Some of the crazier exotics might over shoot things a bit more and you gotta give a bit more space, but my approach is the same for the most part. Same could be said for most pairs. They are similar but little things you might do different. The large benefit of what we do here(in my eyes) is that this is applicable to many markets giving us the ability to watch many pairs and other markets in order to be picky and not have to shotgun trades but rather rifle shot as James says. I am in a trade on the usd/mxn as we speak. So not a trade most new to FX would be looking to trade, but I say why not

Welcome and hope that helps. Of course just my opinion
Mike
  • #119,403
  • Oct 4, 2012 7:59am Oct 4, 2012 7:59am
Quoting Pinbar
I thought you always managed the trade on the TF you were trading?
Meaning, weekly FTA, trouble areas & targets.

Hey Mike

Which way do you reckon this is going, North or South?
I am leaning towards North.
If we get significantly above no mans land.
Hey Steve

For the most part I do yes. But even if we manage it on the same timeframe it doesn't mean we check it just when the bar closes. If I have a trouble area marked off it could be a weekly, monthly, hourly timeframe but price hits that area and I may want to move my stop, go to b/e, close the trade etc so even on a weekly trade I will have to check that trade if it hits areas I am watching. Just tends to take longer to hit those areas. So I could understand why someone trading a weekly bar still needs to check their trades. Of course unless your mgmt style says to only check when the bar closes.

As for gbp/jpy

It's still headed up for me until it can break this TL. That's why I took profit at the TL from that big beob

Best
Mike
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  • #119,404
  • Oct 4, 2012 8:26am Oct 4, 2012 8:26am
Hey! Its time to hang with the Cable. You will feel a Tarzan jump.
Price Is The Best Indicator Itself.
  • #119,405
  • Oct 4, 2012 9:37am Oct 4, 2012 9:37am
There the loonie blows!
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  • #119,406
  • Oct 4, 2012 9:58am Oct 4, 2012 9:58am
Hi all, what about this trade? Would it be a correct and good trade? Or wrong and/or risky?
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  • #119,407
  • Oct 4, 2012 10:55am Oct 4, 2012 10:55am
Quoting ydaudw
Hi Pinbar, currently AU is moving sideways. Would you keep the trade or close it?
Attachment
I was stopped out on the original position but, I reentered at the monthly LCS just before the H4 PB retrace closed above the Monthly LCS.
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  • #119,408
  • Oct 4, 2012 10:58am Oct 4, 2012 10:58am
Quoting mbqb11
Hey Steve

For the most part I do yes. But even if we manage it on the same timeframe it doesn't mean we check it just when the bar closes. If I have a trouble area marked off it could be a weekly, monthly, hourly timeframe but price hits that area and I may want to move my stop, go to b/e, close the trade etc so even on a weekly trade I will have to check that trade if it hits areas I am watching. Just tends to take longer to hit those areas. So I could understand why someone trading a weekly bar still needs to check their trades. Of course...
Thanks for the info Mike.

Yeah, I can see why you would have closed that trade out, nice trade though.
  • #119,409
  • Oct 4, 2012 11:07am Oct 4, 2012 11:07am
Quoting mbqb11
Hey Steve

For the most part I do yes. But even if we manage it on the same timeframe it doesn't mean we check it just when the bar closes. If I have a trouble area marked off it could be a weekly, monthly, hourly timeframe but price hits that area and I may want to move my stop, go to b/e, close the trade etc so even on a weekly trade I will have to check that trade if it hits areas I am watching. Just tends to take longer to hit those areas. So I could understand why someone trading a weekly bar still needs to check their trades. Of course...
Mike this BEOB trade you took kind of opens a can of worms for me.
In the sense that, with 10-15 pip buffer on the daily tf, it was obviously trading right into the PPZ and the FTB to the 365 EMA, the FTA must have been very close if you had a 10-15 pip buffer on it.
You didn't mind trading into the 365 on the FTB and having such a close FTA?
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  • #119,410
  • Oct 4, 2012 11:16am Oct 4, 2012 11:16am
Quoting Krumpip
Loving the thread guys,

I have a question. Are some pairs more responsive to technical trading and J16 method then others? It makes sense to me that eur/usd would have a higher success rate then some of the more exotic crosses?
Here is a trade i did today on an exotic pair:
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  • #119,411
  • Oct 4, 2012 11:17am Oct 4, 2012 11:17am
Quoting packhorse
Hi Barefoot,

I am glad the trades are going well for you. I work full time, therefore, I need to be trading daily or weekly charts. I have a feeling weekly might suit me better, and stop me keep looking at trades all the time.

Can I ask please?

1. How do you get on with big stop losses? Do you still set then beyond the high or low of the pinbar? Could be quite a hefty figure.
2. How long once you are in a trade do you normally stay in it, on average?
3. What do you do with targets - do you have fixed targets, aim for previous highs/lows etc?...
Hi Glynn-
Getting comfortable with large stop losses is relative because the risk parameters are the same as they would be with a smaller SL. If the risk is the same, the number of pips doesn't make a difference. I really like the idea of giving a trade breathing room; it gives me time to work through managing the trade.

The length of my trades can vary drastically. It could be anywhere from a few hours to a month or more. It just depends on the PA and how quickly things move. I have been in an AUDCHF short for over 3 weeks, but there are other times that I'll get out of a trade pretty quickly. If I broke it down to an average I would say I'm in a trade for 7-10 days.

I set my targets just as I would on another time frame; by looking for important levels. Once I'm in a trade I'll look at the Daily and Monthly charts to see if there are really obvious S/R levels that I want to target or use to manage my trade, but I only give them attention if they match up with areas I see on the weekly.

Overall, trading the weekly is no different than any other TF. Remember, charts are fractal in nature; sometimes its helpful to change scale, but sometimes it's a hindrance. I always lend the most weight to what I'm seeing on the weekly chart, but I do consider other things as well.
  • #119,412
  • Oct 4, 2012 11:21am Oct 4, 2012 11:21am
Quoting mbqb11
... I am in a trade on the usd/mxn as we speak...
Mike
What what What am i smelling here?

  • #119,413
  • Oct 4, 2012 11:27am Oct 4, 2012 11:27am
I stumbled onto this thread about a month ago and it's such a wonderful feeling knowing I have access to all this knowledge and wisdom every day (I like libraries, too).

I've read a very small percentage of what's here so far, but I have a question for anyone willing to help me:

What role does news play here--do you stay out before big news that will effect your market? Do you ignore it if you're not a daytrader?

Thanks very much (in advance).
  • #119,414
  • Oct 4, 2012 11:36am Oct 4, 2012 11:36am
would like to have your comments on the gbp/aud chart attached....is this on anyone's radar.....a retrace into the blue square should be of interest?

It is on my watch list now ....but not real sure of myself....thanks
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  • #119,415
  • Oct 4, 2012 11:37am Oct 4, 2012 11:37am
Quoting dougeyboy

What role does news play here
Hi there,

short answer: none

enjoy this massive thread
Slow & steady
  • #119,416
  • Oct 4, 2012 12:03pm Oct 4, 2012 12:03pm
Quoting patapouer
Hi there,

short answer: none

enjoy this massive thread

Thanks patapouer!
  • #119,417
  • Oct 4, 2012 1:13pm Oct 4, 2012 1:13pm
Nice! It becomes so easy when you only focus on obvious areas like that and forget the rest.


Quoting Rust
Here is a trade i did today on an exotic pair:
Attachment
  • #119,418
  • Oct 4, 2012 1:21pm Oct 4, 2012 1:21pm
long time lurker and PA practitioner....

Just wanted to say thanks to Jim and seniors here...



http://i.imgur.com/pvZT5.gif
  • #119,419
  • Oct 4, 2012 2:16pm Oct 4, 2012 2:16pm
Quoting Barefoot
Hi Glynn-
Getting comfortable with large stop losses is relative because the risk parameters are the same as they would be with a smaller SL. If the risk is the same, the number of pips doesn't make a difference. I really like the idea of giving a trade breathing room; it gives me time to work through managing the trade.

The length of my trades can vary drastically. It could be anywhere from a few hours to a month or more. It just depends on the PA and how quickly things move. I have been in an AUDCHF short for over 3 weeks, but there are other...
Great reply, thanks very much,

Glynn
"Fail to prepare, prepare to fail."
  • #119,420
  • Oct 4, 2012 2:29pm Oct 4, 2012 2:29pm
Quoting dougeyboy
I stumbled onto this thread about a month ago and it's such a wonderful feeling knowing I have access to all this knowledge and wisdom every day (I like libraries, too).

I've read a very small percentage of what's here so far, but I have a question for anyone willing to help me:

What role does news play here--do you stay out before big news that will effect your market? Do you ignore it if you're not a daytrader?

Thanks very much (in advance).
welcome DB

One of the beauties of simplicity as that stuff really doesn't need to play a role. You will see how simple james charts are and how if we are picky all else doesn't matter. News is something that if you want to use is fine(as is anything you feel helps). But for most people(myself included) trying to make sense of news just adds another unnecessary element and more chances to mess up(more to analyze). You will see this stuff work time and time again and news is just a part of the overall thing.

Again welcome enjoy
Mike
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