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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

  • #134,001
  • Mar 23, 2015 8:21pm Mar 23, 2015 8:21pm
Hi all. Hope your weekend was a bewdy. Question: SILVER D1 chart below. Weekly and Monthly Trend is down, although we are near W1, M1 support levels. How does my fibs placement look, and am i close in thinking the 50% level is the swing high, so i can be looking for short price action? All comments welcome. Thanks, G.

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'Fail to plan, plan to fail'
  • #134,002
  • Mar 23, 2015 11:09pm Mar 23, 2015 11:09pm
Quoting james16
this thread is now the most viewed on Forex Factory. I plan to keep it that way even after the pf launch. i am humbled and honored that so many people on so many occassions have thought my stuff worthy enough to take a look. not one time have i ever given a live trading call. what i have done is teach some good stuff and encouraged the reader to investigate and practice some of the information found in this thread. i have literally hundreds of emails saved from people all over the world who have used the concepts in this thread to help thier trading....
Jim. 10 years on and we are still grateful!

I am just up to page 30 of this thread right now. Pure gold. Thank you and all the J16 team past and present.

Good trading,

Greg.
'Fail to plan, plan to fail'
  • #134,003
  • Mar 23, 2015 11:19pm Mar 23, 2015 11:19pm
Quoting albus999
{quote} Zamfir at what point in the trade do you take your profit or do you just let it run until you no longer have an appetite to keep it running.
There are many answers to that. No one solution will fit everyone regarding TP. It all depends on the trader's psychology. some people like to let it run and some take fixed profits like 1:1/1:2..etc.

What i do is i have my PPZs marked and i see how PA reacts to that and depending on that i adjust my trailing stop.

Whatever you do , make sure you have a plan on how to take profits and stick to that.
  • #134,004
  • Mar 24, 2015 5:15pm Mar 24, 2015 5:15pm
Quoting zamfir
{quote} There are many answers to that. No one solution will fit everyone regarding TP. It all depends on the trader's psychology. some people like to let it run and some take fixed profits like 1:1/1:2..etc. What i do is i have my PPZs marked and i see how PA reacts to that and depending on that i adjust my trailing stop. Whatever you do , make sure you have a plan on how to take profits and stick to that.
Thanks Z,guess I understand better now and sure I will stick to my plan.
  • #134,005
  • Mar 25, 2015 4:04am Mar 25, 2015 4:04am
Hi y'all. EUR/NZD D1. PB. Do i have the idea? Thx G.

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'Fail to plan, plan to fail'
  • #134,006
  • Mar 25, 2015 4:24am Mar 25, 2015 4:24am
Quoting Guitarbloke
Hi y'all. EUR/NZD D1. PB. Do i have the idea? Thx G. {image}
Hi G,

I was (am) watching this one developping, but from the sidelines.
On the plus side is the sort of double bottom (YET very short term) supported by a RN (1.4250) and price clearly rejecting this RN. Plus a bullish divergence.

What kept me out of this trade was the massive downtrend this pinbar faces + the presence of the 1.4350 PPZ ahead (brown line), which is currently retested for the third consecutive day + the shorter term descending trendline.

Would I have taken this trade, I would have bought a retrace to the 1.4260 area, first TP at 1.4330, with a SL initially at the end of the PB and moved to BE as soon as TP1 is hit (2nd TP would have been by 1.4450 - but I would have been stopped out).

You are currently buying right into a PPZ. This is something I tend to avoid (hurts when price moves back too fast to reduce your risk... or at least it doesn't suit me).

Hope this makes sense

Take care
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Slow & steady
  • #134,007
  • Mar 25, 2015 4:55am Mar 25, 2015 4:55am
Thanks Patapouer. Yes, that all makes good sense. Appreciate your reply.

Thanks again, G.
'Fail to plan, plan to fail'
  • #134,008
  • Mar 25, 2015 9:18am Mar 25, 2015 9:18am
Quoting zamfir
Nice profit locked on GBPCHF {image}
Nice charts/trades Z!
  • #134,009
  • Mar 25, 2015 2:03pm Mar 25, 2015 2:03pm
Quoting Guitarbloke
Hi y'all. EUR/NZD D1. PB. Do i have the idea? Thx G. {image}
Well spotted Guitar

I took this one on the retrace to the left eye which is the best entry on this one instead of buying a break.

I'm going to post an excerpt from yesterdays webinar in a bit. I've been so busy but i'm not ignoring you guys here I promise.

Best
Mike
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  • #134,010
  • Mar 25, 2015 2:37pm Mar 25, 2015 2:37pm
A pin bar on the EUR/GBP monthly chart. I would have liked the tail to be much bigger but would put this in the watch list.
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  • #134,011
  • Mar 25, 2015 4:50pm Mar 25, 2015 4:50pm
Thanks Mike. EUR/NZD Trade triggered.

AUD/USD. 4H. Blended candles forming a BEOVB short off 365 ema. closed below support with main downtrend. Hope this one fits our criteria. Good trading, G.

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'Fail to plan, plan to fail'
  • #134,012
  • Mar 25, 2015 5:28pm Mar 25, 2015 5:28pm
Quoting Guitarbloke
Thanks Mike. EUR/NZD Trade triggered. AUD/USD. 4H. Blended candles forming a BEOVB short off 365 ema. closed below support with main downtrend. Hope this one fits our criteria. Good trading, G. {image}

Hi guitarbloke, the trade looks good, with some bearish divergence supporting the cause. If i have noticed correctly, I dont think you are using charts with a New York close... I'm not a regular in james16 so I cant remember if that is considered an issue here but I have always been told its a good idea to use NY close charts for price action trading. Forgive me if I am wrong, it just looks slightly different to mine.

Cheers
  • #134,013
  • Mar 25, 2015 5:34pm Mar 25, 2015 5:34pm
Thanks Dan. I am right on to the New york close chart thing usually. My live account is NYC. This is a demo acct. from a different less than satisfactory broker who tells me their charts are NYC, but i take your point friend and i agree NYC charts are best to use. If these def aren't NYC charts, please confirm this with me and i'll fix it.

Appreciate your comments. G
'Fail to plan, plan to fail'
  • #134,014
  • Edited 6:39pm Mar 25, 2015 6:19pm | Edited 6:39pm
AUD/USD 4H. Damn it. Looks like i've missed the tram waiting for a retrace higher to trigger trade. But no probs. My trusty greed or maybe creative instinct has set a sell stop a few pips below big bearish bar. SL just above resistance. See how she goes. EDIT: Triggered at .07826

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'Fail to plan, plan to fail'
  • #134,015
  • Mar 25, 2015 6:58pm Mar 25, 2015 6:58pm
Quoting mbqb11
{quote} Well spotted Guitar I took this one on the retrace to the left eye which is the best entry on this one instead of buying a break. I'm going to post an excerpt from yesterdays webinar in a bit. I've been so busy but i'm not ignoring you guys here I promise. Best Mike {image}
take profit hit for just over 2.9% gain
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  • #134,016
  • Mar 25, 2015 7:07pm Mar 25, 2015 7:07pm
EUR/NZD D1. Taken half profit off the table 76 pips. Moved stop to BE for other half of trade to run. Target next resistance at 1.4780 although a TA up ahead. Free trade either way.

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'Fail to plan, plan to fail'
  • #134,017
  • Mar 25, 2015 7:25pm Mar 25, 2015 7:25pm
Quoting mbqb11
{quote} take profit hit for just over 2.9% gain
Cool stuff Mike. Look forward to the webinar excerpt too. Thanks Jim for telling me it's ok to take a little profit off the table at first TA instead of going for a certain RR ratio, holding on, then watching price reverse on you for a loss. Previously i would've held above trade Pin bar till next major level, ignoring minor levels/trouble area's that are on the way. Makes damn good sense to take some profit at first TA then put stop at BE and let 2nd order run.

I'm up to page 75 on the thread so far (only oh around 20,000 pages to catch up lol) and sure i'll find more nuggets of gold. Will fast forward and catch up on recent thread action soon. Thanks. G
'Fail to plan, plan to fail'
  • #134,018
  • Mar 25, 2015 7:35pm Mar 25, 2015 7:35pm
Quoting mbqb11
{quote} take profit hit for just over 2.9% gain {image}
as promised here is the first 5 mins or so of my webinar


Inserted Video
  • #134,019
  • Mar 26, 2015 2:28am Mar 26, 2015 2:28am
Appreciate the mini webinar Mike. Thanks.

EUR/NZD H1. Moved stop up tight ready to let market take me out for 90 pip profit or continue north. Price stalling at 365 ema is the reason i've moved stop up so close preparing for price to reverse. Will watch PA at this level which is also rejecting 1.4500 round number for PA to possibly go short in line with main down trend if a strong signal presents.

AUD/USD stopped out at BE after taking small profit. I'm happy with that. If PA retraces to resistance, i will consider getting in short again on original H4 signal.

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'Fail to plan, plan to fail'
  • #134,020
  • Mar 26, 2015 3:05am Mar 26, 2015 3:05am
AUD/USD H4. Sell order triggered on retrace to S/R level.

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'Fail to plan, plan to fail'
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