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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

  • #134,721
  • Apr 30, 2015 4:18pm Apr 30, 2015 4:18pm
Quoting Guitarbloke
{quote} Thanks Steve. Yep. I like that idea. Any chance of a link to that spreadsheet calculator? G
@Steve, Wouldnt mind a copy of the SS too. Many thanks.
  • #134,722
  • Apr 30, 2015 4:32pm Apr 30, 2015 4:32pm
Quoting Kershey
Beeing stopped out in such trades posted below is the reality in trading. I recommend many not to waste your life with trading. . {image} {image}
Hello Kershey. If I can offer my beginner analysis on your trades. Something stands out to me here in your entries. You look to be going bullish when PA is bearish on Gold. I think you were stopped out in these trades mainly because you weren't trading short from a swing high, or long from a swing low. I have learnt this with my own trading. My odds are increased hugely when I trade short from swing high, and long from a swing low, instead of in the middle in 'no mans land'. Just my simple observations friend. Stick with it. I am reading page 1 again and again and again. G
'Fail to plan, plan to fail'
  • #134,723
  • Apr 30, 2015 4:43pm Apr 30, 2015 4:43pm
GBPUSD - Daily DBHLC
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  • #134,724
  • Apr 30, 2015 5:35pm Apr 30, 2015 5:35pm
Quoting Guitarbloke
{quote} Thanks Steve. Yep. I like that idea. Any chance of a link to that spreadsheet calculator? G
I can't give you that spreadsheet. It was made by a J16 forum member for the members there

But ... here's an easy calculator which will help you out

http://www.earnforex.com/position-size-calculator

The concept was something I learned from some early James16 videos and has stuck with me for .. proper money management is a huge key to your success or failure and ties in with the rest of your trading plan

HTH
This is you against your ego - James16
  • #134,725
  • Apr 30, 2015 6:02pm Apr 30, 2015 6:02pm
Quoting spideysteve
{quote} I can't give you that spreadsheet. It was made by a J16 forum member for the members there But ... here's an easy calculator which will help you out http://www.earnforex.com/position-size-calculator The concept was something I learned from some early James16 videos and has stuck with me for .. proper money management is a huge key to your success or failure and ties in with the rest of your trading plan HTH
Cheers Steve.
'Fail to plan, plan to fail'
  • #134,726
  • Apr 30, 2015 9:15pm Apr 30, 2015 9:15pm
Quoting fxin
EURGBP - H4 Another nice looking PB at SH. {image}
This is a good pinbar in my opinion, but it did not form in a previously marked key area/ support resistance so I passed this trade.

SH stands for?

Comments anyone? Thanks!
  • #134,727
  • Apr 30, 2015 9:20pm Apr 30, 2015 9:20pm
Quoting Guitarbloke
{quote} Hello Kershey. If I can offer my beginner analysis on your trades. Something stands out to me here in your entries. You look to be going bullish when PA is bearish on Gold. I think you were stopped out in these trades mainly because you weren't trading short from a swing high, or long from a swing low. I have learnt this with my own trading. My odds are increased hugely when I trade short from swing high, and long from a swing low, instead of in the middle in 'no mans land'. Just my simple observations friend. Stick with it. I am reading...
Nice advice G! We will not give up! Its not over until we win.

Anything in life can be mastered with practice. So we pick something that we really like, and stick with it. If someone thinks trading is not for him, then I guess its good idea to find something else, and it takes courage to do so too. Goodluck, and more power Kershey.
  • #134,728
  • Apr 30, 2015 9:23pm Apr 30, 2015 9:23pm
Quoting Wes21
{quote} This is a good pinbar in my opinion, but it did not form in a previously marked key area/ support resistance so I passed this trade. SH stands for? Comments anyone? Thanks!
Hey Wes,

Swing high. Good point. Still on my watchlist.. haven't pulled the trigger. See how it plays out.

John.
  • #134,729
  • Apr 30, 2015 9:26pm Apr 30, 2015 9:26pm
Quoting Guitarbloke
{quote} Cheers Steve.
Guitarbloke, Steve, perhaps you'll find this script useful.

It is a MT4 script (goes into script folder) that reads your account balance, and you just have to input your desired risk and stop size.


Attached Image


Then it gives you the following result

Attached Image


If you use several positions (I use three) you just have to split that size into X and there you go.

Hope this helps.
Attached File(s)
File Type: ex4 Lot_Calculator_-_TFTC.ex4   2 KB | 410 downloads
Had to be me. Someone else might have gotten it wrong.
  • #134,730
  • Apr 30, 2015 9:31pm Apr 30, 2015 9:31pm
Thanks Mordin. I could use this myself also.

Cheers
John.
  • #134,731
  • May 1, 2015 12:59am May 1, 2015 12:59am
Quoting patapouer
{quote} Hi, Not GB but I'll give it a try Try and consider BE trades as winners. You secure your gain by a first TP. You reduce your risk, at your convenience (I do it little by little, along with the trade's progression), to eventually get to BE on your second position. Then the only thing you have to do is wait and grab more pips. Only one of the following 3 things may happen: 1- stopped out at BE, and the trade move against yuo - you're happy you've secured your 1st profit. 2- stopped out at BE, then the trade blasts off in your direction...
Hey Patapouer. Do you move your stop closer even before your 1st TP is hit to reduce risk? Thanks, G.

Thanks Mordin. Will check it out. Much appreciated. G
'Fail to plan, plan to fail'
  • #134,732
  • Edited 2:21am May 1, 2015 1:25am | Edited 2:21am
Quoting Wes21
{quote} This is a good pinbar in my opinion, but it did not form in a previously marked key area/ support resistance so I passed this trade. SH stands for? Comments anyone? Thanks!
Hey Wes. I would've preferred this EUR/GBP H4 pin bar to have formed higher around 0.74000 area which is the recent daily swing high and daily/weekly S/R zone. But like Fxin, I am watching this pair too. PA is at a 0.73000 resistance level so could well stay contained and go south. But there is room for price to move higher even though it would be moving into some traffic if you look left. How's that for a non committal analysis! G

EDIT: Price soaring towards next resistance around 0.74000 area. I will watch for bearish PA at this level.
'Fail to plan, plan to fail'
  • #134,733
  • May 1, 2015 1:52am May 1, 2015 1:52am
GBP/CAD H4. BEOVB PB combo rejecting BRN 1.86000 and 365 ema. 1st TP hit. BE. Currently at first TA - support 1.8518 so may stall or even reverse, but looking for price to push through. If current H4 bar closes as bearish as it is now in 5 minutes, then I think this adds more confluence to a short position.

Attached Image (click to enlarge)
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'Fail to plan, plan to fail'
  • #134,734
  • May 1, 2015 2:02am May 1, 2015 2:02am
Nice Breakout on GBPCHF - BE for now.

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AUDNZD - Touch trade. BE for now.

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  • #134,735
  • May 1, 2015 2:16am May 1, 2015 2:16am
Quoting Guitarbloke
{quote} Hey Patapouer. Do you move your stop closer even before your 1st TP is hit to reduce risk? Thanks, G. Thanks Mordin. Will check it out. Much appreciated. G
Hi,

Yes I do. I guess a bit sort of what Mike calls "dynamic RR".
I first identify minor and major putative PPZ, not only along the way price will be moving, but also within the PA setup itself.

These "internal PPZ" are weekly / daily / H4 bars highs and lows that tend to line up. They alos often line up with the left eye of a PB, or with the 50% retracement of an OB.

I always use these smaller PPZ as areas where to hide my SL and reduce my risk.

Obviously, I keep a buffer to allow the price to retest these areas - buffer which may be too small example the EURNZD beautiful OB i have been shaken off by reducing too much my risk... but hey,that's life when trading isn't ?

Hope this helps
Slow & steady
  • #134,736
  • May 1, 2015 2:49am May 1, 2015 2:49am
Quoting patapouer
{quote} Hi, Yes I do. I guess a bit sort of what Mike calls "dynamic RR". I first identify minor and major putative PPZ, not only along the way price will be moving, but also within the PA setup itself. These "internal PPZ" are weekly / daily / H4 bars highs and lows that tend to line up. They alos often line up with the left eye of a PB, or with the 50% retracement of an OB. I always use these smaller PPZ as areas where to hide my SL and reduce my risk. Obviously, I keep a buffer to allow the price to retest these areas - buffer...
Damn android keyboard. ... can't edit my post. .. I also use these internal PPZ as entries when trading retraces.
Slow & steady
  • #134,737
  • May 1, 2015 3:29am May 1, 2015 3:29am
Quoting patapouer
{quote} Hi, Yes I do. I guess a bit sort of what Mike calls "dynamic RR". I first identify minor and major putative PPZ, not only along the way price will be moving, but also within the PA setup itself. These "internal PPZ" are weekly / daily / H4 bars highs and lows that tend to line up. They alos often line up with the left eye of a PB, or with the 50% retracement of an OB. I always use these smaller PPZ as areas where to hide my SL and reduce my risk. Obviously, I keep a buffer to allow the price to retest these areas - buffer which may be too...
I get you. Yes, I'm aware of such wizardry/techniques. Thanks Patapouer.
'Fail to plan, plan to fail'
  • #134,738
  • May 1, 2015 5:15am May 1, 2015 5:15am
Quoting fxin
GBPUSD - Daily DBHLC {image}
hey fxin,

Just letting you know I took that trade and i'm up about 100 pips!
Good eye man

Regards,
CK
  • #134,739
  • May 1, 2015 5:20am May 1, 2015 5:20am
Guys, how many hours before the end of Friday is it recommended to stop trading? And how many hours after Monday opening is advised to start trading?

Do you close all trades before Friday closes?

Lets say im just trading D1 timeframe.
  • #134,740
  • May 1, 2015 5:25am May 1, 2015 5:25am
EURGBP rocketed away from the H4 pinbar. The .7400 SR sucked it like a magnet.
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