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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

  • #134,581
  • Apr 23, 2015 12:39pm Apr 23, 2015 12:39pm
Quoting Guitarbloke
{quote} Nice stuff Doerpn. Yep, this thread is legendary. I ran away scared off by bars and bollinger bands/indicator filled charts on the opening pages when i first came here in 2011 as a total beginner. But now that i've been around the block a few times, i see a strong simple method beneath the spaghetti. lol. G
Hi Guitar,
I like your approach/concept to opening two trades with 2 different targets and setting second trade to BE when first target has been reached.
Did you ever try another tactic like opening second trade not before first trade is on its way in right direction?

Happy trading to you.
Have a nice day
  • #134,582
  • Apr 23, 2015 2:09pm Apr 23, 2015 2:09pm
USDJPY - a little late in the entry , close to trouble area. BE for now..

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  • #134,583
  • Edited 5:31pm Apr 23, 2015 5:08pm | Edited 5:31pm
USD/CHF H1. 95 pips up on this nice move down from PB. Some profit locked in. Looking for price to move a bit lower and hit my target.

EDIT: Price reversing. closed trade for 90 pips.

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'Fail to plan, plan to fail'
  • #134,584
  • Apr 23, 2015 5:17pm Apr 23, 2015 5:17pm
Quoting doerpn
{quote} Hi Guitar, I like your approach/concept to opening two trades with 2 different targets and setting second trade to BE when first target has been reached. Did you ever try another tactic like opening second trade not before first trade is on its way in right direction? Happy trading to you.
Hey Doerpn. Opening 2 trades at once i got from Jim who said here years ago that he liked to at least lock in some profit rather than see a trade reverse on you and stop you out, which happens a bit on my 2nd orders. I used to just open 1 trade and go for at least 2:1 RR and at least 100 pips +. This 2 trade method is new to me, so still experimenting. I like it, but my losses are substantial (2 orders) when a trade goes wrong. Still weighing up the pros and cons.

No, i haven't tried your suggestion that often. I may well go back to my original method of opening 1 order and letting it run as my entries these days are getting better. Food for thought friend. Thanks for getting me thinking.. G
'Fail to plan, plan to fail'
  • #134,585
  • Edited 6:22pm Apr 23, 2015 5:48pm | Edited 6:22pm
NZD/USD H1. Short on this small pin bar with bearish close (larger PB better). My reasons are: price broken through previous support with purpose and retraced. Price closed below new resistance and BRN of 0.76000. 365 ema at price. Orders set for break lower of 365 ema. See how we go.

You might have your eyes on this one too Yorkshire lad?

EDIT: Trade triggered.

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'Fail to plan, plan to fail'
  • #134,586
  • Apr 23, 2015 5:57pm Apr 23, 2015 5:57pm
I do yes been waiting for it to retrace set for the next leg down.
  • #134,587
  • Apr 23, 2015 5:58pm Apr 23, 2015 5:58pm
EUR/USD H4. I am short at market price from swing high. bearish PB's on H1 adding confluence.

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'Fail to plan, plan to fail'
  • #134,588
  • Apr 23, 2015 6:00pm Apr 23, 2015 6:00pm
Quoting zamfir
USDJPY - a little late in the entry , close to trouble area. BE for now..
How come you have marked that spot as a trouble area? To my n00bie eyes it all looks like traffic to me.
  • #134,589
  • Apr 23, 2015 6:02pm Apr 23, 2015 6:02pm
Quoting yorkshirelad
I do yes been waiting for it to retrace set for the next leg down.
It may well retrace further yet before heading down. I would've preferred a touch of new resistance level (red line on my chart), but my thinking is the BRN of 0.76000 might be resistance enough (?). All the best.
'Fail to plan, plan to fail'
  • #134,590
  • Apr 23, 2015 6:08pm Apr 23, 2015 6:08pm
We will see, im also in the EU trade and in GU sell as well. Bed time for me wish you all the best buddy.
  • #134,591
  • Edited 7:43pm Apr 23, 2015 6:45pm | Edited 7:43pm
AUD/JPY H1. DBHLC a few bars back. Let's see if this signal is still a powerful one on this smaller H1 TF. 2 sell orders set below BRN 93.000. I also note a PB inside bar bullish combo on the daily. If price decides to go north and break above 93.000 level, we may have a bullish move up to next resistance around 94.000. But while PA is below 93.000 i remain bearish. Let's see.

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Trade triggered at higher price.

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'Fail to plan, plan to fail'
  • #134,592
  • Apr 23, 2015 6:47pm Apr 23, 2015 6:47pm
Quoting yorkshirelad
We will see, im also in the EU trade and in GU sell as well. Bed time for me wish you all the best buddy.
Don't be dreaming of S/R levels.
'Fail to plan, plan to fail'
  • #134,593
  • Apr 23, 2015 7:47pm Apr 23, 2015 7:47pm
USDJPY looks to be squeezing...watching this one closely, especially BRN 120

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  • #134,594
  • Apr 23, 2015 8:16pm Apr 23, 2015 8:16pm
AUD/JPY H4. Feedback requested. I don't usually use trendlines, but i'm having a go here after noting they can give some extra confluence. Please excuse the rough line, but is this the idea? So if PA closes below this line, which coincides with BRN 93.000 it could have strong bearish implications? All comments welcome. Thanks in advance, G.


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'Fail to plan, plan to fail'
  • #134,595
  • Apr 23, 2015 8:19pm Apr 23, 2015 8:19pm
Quoting Donkey
USDJPY looks to be squeezing...watching this one closely, especially BRN 120 {image}
Watching with interest Don.
'Fail to plan, plan to fail'
  • #134,596
  • Apr 23, 2015 8:26pm Apr 23, 2015 8:26pm
GB ..

curious us why you only use a fixed position size (always 0.05 on your charts)

if you use a % (say of free margin) then your position size changes according to your the increase in your account, thereby compounding your future returns .. I can only guess you have a reason why you use fixed size, but curious about it
This is you against your ego - James16
  • #134,597
  • Apr 23, 2015 9:48pm Apr 23, 2015 9:48pm
Quoting spideysteve
GB .. curious us why you only use a fixed position size (always 0.05 on your charts) if you use a % (say of free margin) then your position size changes according to your the increase in your account, thereby compounding your future returns .. I can only guess you have a reason why you use fixed size, but curious about it
Hey Steve. After blowing up 3 live accounts i am currently taking these trades on demo only until i become consistently profitable. My focus for now is one thing at a time, which means entries and spotting profitable set-ups. You are correct in that my position sizing is curiously constant. this is not intentional and will be the next thing i address and get my head around. I should probably tackle this sooner rather than later. I'm not touching my live acct for awhile yet. Best wishes. G
'Fail to plan, plan to fail'
  • #134,598
  • Apr 23, 2015 9:58pm Apr 23, 2015 9:58pm
Quoting Guitarbloke
{quote} Hey Steve. After blowing up 3 live accounts i am currently taking these trades on demo only until i become consistently profitable. My focus for now is one thing at a time, which means entries and spotting profitable set-ups. You are correct in that my position sizing is curiously constant. this is not intentional and will be the next thing i address and get my head around. I should probably tackle this sooner rather than later. I'm not touching my live acct for awhile yet. Best wishes. G

There is a great spreadsheet/tool available on the J16 forum done by Buckbite .. Tracks your trades, graphs your account, automatically calculates position size based on your entry and SL (connects to MT4) ..

Your money management strategy is all part of the big picture too ..

Good luck mate .. Been watching with interest
This is you against your ego - James16
  • #134,599
  • Apr 23, 2015 10:23pm Apr 23, 2015 10:23pm
NZD/USD H1. 1st Target hit. Moved to BE. 30 pips banked. Lets go for more. free trade from here.

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'Fail to plan, plan to fail'
  • #134,600
  • Apr 23, 2015 11:20pm Apr 23, 2015 11:20pm
Quoting spideysteve
{quote} There is a great spreadsheet/tool available on the J16 forum done by Buckbite .. Tracks your trades, graphs your account, automatically calculates position size based on your entry and SL (connects to MT4) .. Your money management strategy is all part of the big picture too .. Good luck mate .. Been watching with interest
Thanks Steve. Will look it up. All the best to ya. G
'Fail to plan, plan to fail'
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