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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

  • #136,061
  • Jul 23, 2015 8:35pm Jul 23, 2015 8:35pm
Quoting Guitarbloke
Mmmm, just locked in 100 pips, still running on EUR/AUD, 60 pips up and still running on Gbp/usd, (charts in a previous post) 30 pips up on another trade, 8 pips down on another. I could retire for the week JS style with a tidy sum. It ain't unusual for me to be able to make 50 pips. It's when I go for more that I can get into trouble........Think like a big account holder GB. Good trading all.
Nice trading this week, GB
Treating the trading account like a big account is quite hard it seems (something that J16 emphasizes a lot) perhaps thinking % capital gain can help avoid over-trading?
  • #136,062
  • Jul 23, 2015 8:47pm Jul 23, 2015 8:47pm
Quoting oble
{quote} Nice trading this week, GB Treating the trading account like a big account is quite hard it seems (something that J16 emphasizes a lot) perhaps thinking % capital gain can help avoid over-trading?
Thanks Oble. I do trade a lot at present, but I consciously do this because for me, doing is learning. The more screen time I have, the better I get. This is true for me, especially the last 9 months or so, and I trade within my risk boundaries. I am slowly building my account balance so as to be able to live off taking regular smaller percentage/pips off the table. Things are going well. It is a slow process, but if we are learning and improving along the way, I'm okay with that.

Appreciate your post friend. GB
'Fail to plan, plan to fail'
  • #136,063
  • Jul 23, 2015 10:00pm Jul 23, 2015 10:00pm
Fx bat, thank you for the question and I will try my best to answer it. If I don't completely answer it I apologize. First I never risk more then 2%. Second I trade daily charts but take my entries off the hourly. Able to refine entry SL and TP. My SL varies. I've had them as low as 10 pips but never more then 40 pips. Depends on the trade. If I cant justify in my head the risk vs reward Ill read a book or whatever. I Use a position size calculator every trade to ensure my lot size is correct AND to make sure I'm getting the most out of my investment. I believe Mike said something recently about the new site having a position size calculator? Anyway learn some basic money management ideas and back test them against your system and you will find what best suites you. You and I can take the exact same entries but eventually one of us is going to have more money based solely on money management.

Guitarbloke sounds like a great week. Accounts take time to grow. Patience and being consistent. Set a Yearly goal. Break that down to month week day and strive to reach that goal daily. A pip today may only be worth a few dollars but will you view that pip different if it was worth $1000? $2000? $3000?
  • #136,064
  • Jul 23, 2015 11:28pm Jul 23, 2015 11:28pm
Quoting antisystem
{quote} Thanks, Mike. Great to see you here, answering, while reading your posts on first hundred pages!))
Man it's crazy. Where does time go ? It's nice to see new faces around here and old ones too. I've made many great friendships over the years through this and the j16 site


Mike
  • #136,065
  • Jul 24, 2015 1:05am Jul 24, 2015 1:05am
Quoting jscathey11
A pip today may only be worth a few dollars but will you view that pip different if it was worth $1000? $2000? $3000?
Absomolutely my friend. That's how I look at it. 50 pips at $10 a pip/standard lot is around 500 smacka's. Good enough little earner for my needs.
'Fail to plan, plan to fail'
  • #136,066
  • Jul 24, 2015 3:15am Jul 24, 2015 3:15am
Long after BUOB in GBP/NZD in trend.
Initial SL was under swing low at 2.3260.
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  • #136,067
  • Edited 8:10am Jul 24, 2015 6:10am | Edited 8:10am
Nzd/chf h1 beovb

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GBP/CAD H1 BUOVB. Nice breakout. Tight stop, small risk. Looking to exit at next supply area. 3:1 R

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CAD/JPY H4 IB/BEOVB.

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'Fail to plan, plan to fail'
  • #136,068
  • Jul 24, 2015 8:20am Jul 24, 2015 8:20am
Quoting jscathey11
Fx bat, thank you for the question and I will try my best to answer it. If I don't completely answer it I apologize. First I never risk more then 2%. Second I trade daily charts but take my entries off the hourly. Able to refine entry SL and TP. My SL varies. I've had them as low as 10 pips but never more then 40 pips. Depends on the trade. If I cant justify in my head the risk vs reward Ill read a book or whatever. I Use a position size calculator every trade to ensure my lot size is correct AND to make sure I'm getting the most out of my investment....
Hi JS, you answered my question exactly, so thanks a lot! Now what you said before makes even more sense. I know these things have been discussed over and over again on this thread, but sometimes somebody new coming and putting them in a fresh perspective helps me see things more clearly. Thanks again for your great input. I will think of a way to enter daily trades from the hourly chart, Alphac gave me the same idea a few posts before you

Best wishes and hope you stay around more
Market can stay irrational longer than you can stay solvent.
  • #136,069
  • Jul 25, 2015 3:02am Jul 25, 2015 3:02am
Hey Mordin, this is what I'm talking about. It's a 1 hour chart so the entry isn't going to make sense. I just used it to manage my trade. But as you can see, I DID move my SL below the nearest support. But I still lost over 90 pips of profit. And came out with a lousy 10 pip profit.
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  • #136,070
  • Jul 25, 2015 3:27am Jul 25, 2015 3:27am
Quoting incognito517
Hey Mordin, this is what I'm talking about. It's a 1 hour chart so the entry isn't going to make sense. I just used it to manage my trade. But as you can see, I DID move my SL below the nearest support. But I still lost over 90 pips of profit. And came out with a lousy 10 pip profit. {image}
But you were pro-active and protected your capital. Sounds like you did a great job managing the trade.
'Fail to plan, plan to fail'
  • #136,071
  • Jul 25, 2015 3:37am Jul 25, 2015 3:37am
Quoting Guitarbloke
{quote} But you were pro-active and protected your capital. Sounds like you did a great job managing the trade.
Thanks GB. Yeah I guess it's better than losing money. But it's so frustrating to just watch all my profits dwindle away.

So anyway, I've been thinking about what you guys have been talking about lately, i.e. getting a directional bias off the daily chart and fine tuning your entry using the smaller TFs. I did that yesterday on the NZDUSD. Entered on the 15 minute chart:
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What do you think?
  • #136,072
  • Jul 25, 2015 3:51am Jul 25, 2015 3:51am
Quoting incognito517
{quote} Thanks GB. Yeah I guess it's better than losing money. But it's so frustrating to just watch all my profits dwindle away. So anyway, I've been thinking about what you guys have been talking about lately, i.e. getting a directional bias off the daily chart and fine tuning your entry using the smaller TFs. I did that yesterday on the NZDUSD. Entered on the 15 minute chart: {image} {image} What do you think?
I couldn't advise, but I do see the advantage of entering on a smaller TF sometimes which may allow for a tighter stop and better risk reward. However, in this case, strong downtrend, bearish PB on pullback at s/r level sticking up away from price. Looks good to me.
'Fail to plan, plan to fail'
  • #136,073
  • Jul 25, 2015 4:05am Jul 25, 2015 4:05am
Quoting Guitarbloke
{quote} I couldn't advise, but I do see the advantage of entering on a smaller TF sometimes which may allow for a tighter stop and better risk reward. However, in this case, strong downtrend, bearish PB on pullback at s/r level sticking up away from price. Looks good to me.
Yeah well, I've got to try something new. I like the daily TF, I find them easier to trade but like a few have pointed out, getting a good RR can sometimes be difficult to do on them unless there's a strong trend. I'm going to try and use the 4 hour and 1 hour TF for entry and stop placement next week and see how it goes.
  • #136,074
  • Jul 25, 2015 4:14am Jul 25, 2015 4:14am
Quoting incognito517
{quote} Yeah well, I've got to try something new. I like the daily TF, I find them easier to trade but like a few have pointed out, getting a good RR can sometimes be difficult to do on them unless there's a strong trend. I'm going to try and use the 4 hour and 1 hour TF for entry and stop placement next week and see how it goes.
Sounds good. You can always try out new strategies on demo too.
'Fail to plan, plan to fail'
  • #136,075
  • Jul 25, 2015 4:29am Jul 25, 2015 4:29am
Quoting Guitarbloke
{quote} Sounds good. You can always try out new strategies on demo too.
Yeah about that, I could try hey, but usually it doesn't work for me. I lose the plot after the 3rd or 4th trade on demo and then I start trading 20 standard lots by the 5th trade. I'm better off trading 0.01 live just to keep my focus.

BTW GB, check your private messages dude. (I won't perv in there, promise.)
  • #136,076
  • Jul 25, 2015 4:33am Jul 25, 2015 4:33am
Quoting incognito517
{quote} Yeah about that, I could try hey, but usually it doesn't work for me. I lose the plot after the 3rd or 4th trade on demo and then I start trading 20 standard lots by the 5th trade. I'm better off trading 0.01 live just to keep my focus. BTW GB, check your private messages dude. (I won't perv in there, promise.)
Yep micro, I get it. Ok.
'Fail to plan, plan to fail'
  • #136,077
  • Jul 25, 2015 5:12am Jul 25, 2015 5:12am
Quoting incognito517
{quote} Thanks GB. Yeah I guess it's better than losing money. But it's so frustrating to just watch all my profits dwindle away. So anyway, I've been thinking about what you guys have been talking about lately, i.e. getting a directional bias off the daily chart and fine tuning your entry using the smaller TFs. I did that yesterday on the NZDUSD. Entered on the 15 minute chart: {image} {image} What do you think?
Hi Inco.
Why is your chart differ so much? I was waiting for break of a PB, but it didn't happen. Open is lower close of my NZDUSD PB & there is no break/down movement. I checked different live charts in internet, and everywhere there is no break & price stopped at 0.6571, and PB's close is higher than open.
My chart:
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  • #136,078
  • Jul 25, 2015 5:34am Jul 25, 2015 5:34am
Quoting antisystem
{quote} Hi Inco. Why is your chart differ so much? I was waiting for break of a PB, but it didn't happen. Open is lower close of my NZDUSD PB & there is no break/down movement. I checked different live charts in internet, and everywhere there is no break & price stopped at 0.6571, and PB's close is higher than open. My chart: {image} {image}
Hey Anti, no idea bud. But take a look at Pepperstone and IC Markets:
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  • #136,079
  • Jul 25, 2015 6:04am Jul 25, 2015 6:04am
Quoting mbqb11
{quote} Man it's crazy. Where does time go ? It's nice to see new faces around here and old ones too. I've made many great friendships over the years through this and the j16 site Mike
Hi Mbqb11,i read some post of J16 thread and i see you are in this thread from 2006 so you must be master in this strategy by now.can I ask you if you make living through trading or do you have your day job and trading daily candelsticks with S/R,PB,PA,RN,...

Regards
  • #136,080
  • Jul 25, 2015 7:04am Jul 25, 2015 7:04am
Quoting incognito517
{quote} Hey Anti, no idea bud. But take a look at Pepperstone and IC Markets:{image}{image}
After surfing internet for a while, I've found:The difference occured, cause we have different providers of quotes (fxcm & idc), don't know how it is better to explain & I don't exactly understand the reason, but, as it said, it's normal. So I hope me price will fall like yours on Monday)
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