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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

  • #120,921
  • Nov 16, 2012 10:29am Nov 16, 2012 10:29am
Quoting mbqb11
closed this one out just now
Killer
  • #120,922
  • Nov 16, 2012 11:41am Nov 16, 2012 11:41am
Reacting to what you expect. A new skill i'm trying to master. After gazillion times loosing my profit to break-evens after hitting zones that i was expecting to bounce, just hoping for a break i am changing my strategy. No point in knowing what it will happen and do nothing about it.
So when i have a higher target, i take full profit at where i expect a bounce, then reenter at a better price:
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What's the deal this way:
1 - if i am wrong at all -> i take a loss, which is highly reduces due to the first win (if i cut it partially i'll be still with a win overall)
2 - if i am right and price hits my final target -> i take 2 wins, bigger on total if i was just holding
3 - if i don't get a fill on my second entry and price just shoots up without me .... still i've collected the first win -> profit is a profit
4 - if i was at breakeven after the FTA was hit, now i should be out and with 0 profit.

Don't know about you guys, but it makes sense to me
  • #120,923
  • Nov 16, 2012 12:27pm Nov 16, 2012 12:27pm
Quoting Rust
Reacting to what you expect. A new skill i'm trying to master. After gazillion times loosing my profit to break-evens after hitting zones that i was expecting to bounce, just hoping for a break i am changing my strategy. No point in knowing what it will happen and do nothing about it.
So when i have a higher target, i take full profit at where i expect a bounce, then reenter at a better price:
Attachment
Attachment

What's the deal this way:
1 - if i am wrong at all -> i take a loss, which is highly reduces due to the...
Rust, in the long run you will be more profitable if you let the whole position run to original target.
  • #120,924
  • Nov 16, 2012 12:52pm Nov 16, 2012 12:52pm
This system is strong on every instruments ,every TF and on every Broker
if u r askin' how this beauty would have performed on SGDJPY in the last 2 months...
Pinbars

http://mytradesontheblog.files.wordp...y_snapshot.png
Account deleted
  • #120,925
  • Nov 16, 2012 1:15pm Nov 16, 2012 1:15pm
Quoting TheLastCoke
Rust, in the long run you will be more profitable if you let the whole position run to original target.
Hey man,
i am intrigued by the confidence you say it. With all regards though i need to admit that i tend to listen only to myself (my record in this case), thus questioning even the guys i believe they know the game. People are strange species, the only way they believe something is if they find it themselves!
  • #120,926
  • Nov 16, 2012 1:42pm Nov 16, 2012 1:42pm
I think this is a good point LC in fact its a problem I have often ,cause I make sim decisions as Rust

Quoting TheLastCoke
Rust, in the long run you will be more profitable if you let the whole position run to original target.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #120,927
  • Nov 16, 2012 1:47pm Nov 16, 2012 1:47pm
great stuff LC I like you more and more

real traders that share I love



Quoting TheLastCoke
EUR/GBP Worked really good

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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #120,928
  • Nov 16, 2012 1:55pm Nov 16, 2012 1:55pm



Quoting mbqb11
closed this one out just now
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #120,929
  • Nov 16, 2012 2:25pm Nov 16, 2012 2:25pm
Quoting bullzeye
GBP/CHF

yesterdays pin was definitely a good chance to add another position

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GBP/CHF

took a short on retrace, its 50% Fib also

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  • #120,930
  • Nov 16, 2012 2:30pm Nov 16, 2012 2:30pm
AUD/USD

a sexy one is forming...

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  • #120,931
  • Nov 16, 2012 2:38pm Nov 16, 2012 2:38pm
AUD/NZD

i know i am a little late to the party...but this natural beauty even don't need make up

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  • #120,932
  • Nov 16, 2012 2:56pm Nov 16, 2012 2:56pm
Quoting Bones
great stuff LC I like you more and more

real traders that share I love
oh Bones, you nasty one, you are already in before the move
  • #120,933
  • Nov 16, 2012 3:03pm Nov 16, 2012 3:03pm
USD/CAD

i am bearish on this one...You would say:"But we don't trade in to BRN...!"...and you would be right

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  • #120,934
  • Nov 16, 2012 3:10pm Nov 16, 2012 3:10pm
Quoting mbqb11
Hey C

THis one is trickier in my opinion . Price is very much stuck in traffic. Nice pivot but traffic and weak closing bar. Yours closed better then mine because you have a later close time but hopefully my chart shows you what I mean by traffic. We are boxing on boxes here.

Tricky here I would want to see a better pin at a more clear swing point

Best
Mike
.

thanks once again mike. the weak close you mean open lower than close for a bearish pin bar....just want to understand that,but do not get what you mean by traffic.....is suppose to mean consolidation or what. "Boxing on boxes" do not understand.
  • #120,935
  • Nov 16, 2012 3:30pm Nov 16, 2012 3:30pm
Quoting carbonado
.

thanks once again mike. the weak close you mean open lower than close for a bearish pin bar....just want to understand that,but do not get what you mean by traffic.....is suppose to mean consolidation or what. "Boxing on boxes" do not understand.
Hey C

IN this case on my chart you can see the close higher then then open. So it looks like price not being very convincing on the direction. The close of a bar is very important to me

As for traffic, check out my video in the guest section of the site called space vs traffic. That should get you started

Best
Mike
  • #120,936
  • Nov 16, 2012 4:18pm Nov 16, 2012 4:18pm
Quoting bullzeye
AUD/USD

a sexy one is forming...

Attachment
Check out H4. Interesting how discrete the ppz can get sometimes. Makes the pinbar near the 61.8 fibo "sexy" as bullzeye says.

Beer later!!!
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  • #120,937
  • Nov 16, 2012 4:41pm Nov 16, 2012 4:41pm
USD CHF this worked out OK.
Entered just above the highest DHCR 0.941 on a buy limit and exited at 0.94812
Thanks Jarroo
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  • #120,938
  • Nov 16, 2012 8:33pm Nov 16, 2012 8:33pm
Quoting zamfir
it has always been illegal to trade forex on margin. you can check the RBI for more details.

Also to be clear i am talking about Forex otc trading , not futures. Currency futures is perfectly legal.
I chatted with OANDA representatives the other day and they told me that they have accounts from people in India. I read some where that it is best to use credit card and PAYPAL to fund your OANDA account. RBI guidelines have been a concern for me too. I wonder if funding the account in this manner is OK. Ultimately, while paying tax you have to transfer dollars into your bank account. Dollars coming into India is good right? So I wonder whether RBI should still find it objectionable.

I have also been trading NSE stocks. Its so volatile. On one hand you have stock prices increasing more than 50 percent in a month. OOOOOOh its so tempting On the other hand it crashes like crazy in a second. I lost huge as a result of a recent screw up by Emkay Global Financial Services. All earnings made in one month vaporizing in a fraction of a second. The entire index fell more than 10 percent in a fraction of a second. I suspect it is because of low liquidity of the Indian stock market. This is why now I am so afraid of trading the Indian stock markets. I personally feel the small retail trader (= giggles) doesn't stand a chance of making money trading stocks in the Indian stock markets. There might be other small retail traders who might be doing great and I would like to know them.

The screw ups and other manipulations in the Indian stock market are the reasons why I am afraid of trading nifty and precisely the reason why I am turning towards forex and want to trade NYSE/NASDAQ stocks. But before that I want to apply J16 to Indian stocks and see whether it works.
  • #120,939
  • Nov 17, 2012 1:36am Nov 17, 2012 1:36am
lol ,im bearish on this chart as aud usd ,which I kept my highest sell

Quoting bullzeye
oh Bones, you nasty one, you are already in before the move
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #120,940
  • Nov 17, 2012 1:55am Nov 17, 2012 1:55am
EURCAD

Hey Mike, Ghous what's your take on this one.

Chris
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