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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

  • #8,301
  • Dec 17, 2007 4:11pm Dec 17, 2007 4:11pm
Quoting the_wizard
Hi everyone,

I Just wanted to give you all the good news and say that a really big dream of mine has come true and I am going to work as a professional trader. I took my trading records to a prestigious prop firm here in the UK and they've agreed to back me as a full time futures trader.

Every single penny of the profit I made on those accounts was due to what J16 taught me. I suppose the point of this post is really to say thank you (once again) to J16 and let everyone know that you can achieve success in this game no matter how bad it gets and that this is the best place to get your training.

I still get PMs from people that are reading through this thread and reading my posts back when things looked desperate and asking me how I came through it all.

In all honesty the key to the success I have had so far is simple: Jim personally gave me the perseverance to come back after my early failures. I read and reread his work both here and in the PF. It made sense to me.

Most groundbreaking for me was his teaching on S/R. Everyone knows what support and resistance is. It's one of the first things you learn in technical analysis. And yet until I found J16 I didn't UNDERSTAND it. Then it all clicked into place and I honestly cannot believe the power of being able to put a line on a chart and see the market turn at it. It happens to me so much it actually humbles me.

So now I prepare my charts beforehand (s/r pivots and fib confluence) and I sit back and wait for the market to come to me on TF I trade (hourly and more frequently the daily). When everything lines up right, I take a trade.

PATIENCE is the single most important factor that has enabled me to run my account up 2,811% in 6 months. Patience not to trade unless the setup is literally crying out to be taken. In other words the patience to treat this like a business and not a way to get rich quick.

Part of this is about thinking in terms of what the potential loss will be before I take the trade. Too many traders think of how much they might win before they think about what they might lose. You have to get it the other way round. It's taken me a long, long time to get that.

Finally I would thank Mike and Seeking. Mikes exceptional video on his Eur/Usd trade management is still the reason I was able to hold my latest Wheat trade to the biggest win I have yet had and Seeking delivers gems of wisdom (the retrace bus is one of my favourite) and keeps my ego in check

So thank you again to ALL of you! Happy Christmas and a prosperous New Year!

Tom (Wiz)
  • #8,302
  • Dec 17, 2007 4:30pm Dec 17, 2007 4:30pm
Hello the_wizard, great post! I am very happy for you that you have found your style and confort zone as a trader. This is the most important thing.

Congratulation that you are moving to a full time future trader. You can be very proud of your success.

I truly agree with you that James16, mbqb11, SeekingLight, Tiki Trader and others are doing an extremely great job at explaining price action in a very easy to understand and practical way.

Having myself being looking at this thread many times and being a past PF (thinking to join again the new James16 group web site when possible).

According to me, the teaching of James16 and his friends are really what anybody can wish for to learn.

Just by patiently waiting for a high probability setup with patience, discipline and focus, one can certainely become truly successful

Again, my big congrat to you and wishing a great success in your new career

Sincerely

Shreem
  • #8,303
  • Dec 17, 2007 4:52pm Dec 17, 2007 4:52pm
Quoting moneybags
Hey nico,
Those are a lot of questions.
Let me start off by saying, you have to practise for a while trading all these setups to see which way you like the most and what works best for you.
I dont recommend entering trades based on what other people tell you. And most people here in the J16 forum will not make trade recommendations.

To answer some of your questions, the safest way to play pin bars, is on the break. Entering on a retracement is a little riskier and should only be used if you're more experienced.
Everyone has different opinions on trading before the news. Some believe that if you see a good PA setup take it and dont worry about the news. Others keep a closer eye on the news (bigger news).

I hope that helps a litte bit.
Tom

PS: Just to give my personal opinion (not to be taken as a recommendation), I don't like the look of this pin so I stayed out. It might be a good trade, but it doesn't fit MY trade criteria so I didnt take it.
Hi Tom,
Thankyou for your comments. more questions ... when play the break of pin bar, am i right to say buy/sell at the high of pin bar ? or 10 pip above high/low of pin bar ?

if i may ask, what is your trade criteria to trade pin bar ? Do you mind to share, thankyou
  • #8,304
  • Dec 17, 2007 5:59pm Dec 17, 2007 5:59pm
Quoting the_wizard
Hi everyone,

I Just wanted to give you all the good news and say that a really big dream of mine has come true and I am going to work as a professional trader. I took my trading records to a prestigious prop firm here in the UK and they've agreed to back me as a full time futures trader.

Every single penny of the profit I made on those accounts was due to what J16 taught me. I suppose the point of this post is really to say thank you (once again) to J16 and let everyone know that you can achieve success in this game no matter how bad it gets and that this is the best place to get your training.

I still get PMs from people that are reading through this thread and reading my posts back when things looked desperate and asking me how I came through it all.

In all honesty the key to the success I have had so far is simple: Jim personally gave me the perseverance to come back after my early failures. I read and reread his work both here and in the PF. It made sense to me.

Most groundbreaking for me was his teaching on S/R. Everyone knows what support and resistance is. It's one of the first things you learn in technical analysis. And yet until I found J16 I didn't UNDERSTAND it. Then it all clicked into place and I honestly cannot believe the power of being able to put a line on a chart and see the market turn at it. It happens to me so much it actually humbles me.

So now I prepare my charts beforehand (s/r pivots and fib confluence) and I sit back and wait for the market to come to me on TF I trade (hourly and more frequently the daily). When everything lines up right, I take a trade.

PATIENCE is the single most important factor that has enabled me to run my account up 2,811% in 6 months. Patience not to trade unless the setup is literally crying out to be taken. In other words the patience to treat this like a business and not a way to get rich quick.

Part of this is about thinking in terms of what the potential loss will be before I take the trade. Too many traders think of how much they might win before they think about what they might lose. You have to get it the other way round. It's taken me a long, long time to get that.

Finally I would thank Mike and Seeking. Mikes exceptional video on his Eur/Usd trade management is still the reason I was able to hold my latest Wheat trade to the biggest win I have yet had and Seeking delivers gems of wisdom (the retrace bus is one of my favourite) and keeps my ego in check

So thank you again to ALL of you! Happy Christmas and a prosperous New Year!

Tom (Wiz)
Hi Tom,

Wow 2,811% in 6 months, you must be rich by now .

I have several questions to you:
1. Do you use some kind of trend following method?
Right now I still searching for exit method.
2. Do you use Mike exit method?

Thanks before.
  • #8,305
  • Edited Dec 18, 2007 5:06am Dec 17, 2007 7:09pm | Edited Dec 18, 2007 5:06am
Quoting nico28
Hi Tom,
Thankyou for your comments. more questions ... when play the break of pin bar, am i right to say buy/sell at the high of pin bar ? or 10 pip above high/low of pin bar ?

if i may ask, what is your trade criteria to trade pin bar ? Do you mind to share, thankyou
Hey nico,

When playing the break of a pin bar, it's best to do it a few pips above/below the high/low. Anywhere from 5-10 pips. It depends on the pair too. For a fast moving pair like GBPJPY you would want something like 7-10 pips.

I don't mind sharing my pin bar criteria at all. It's pretty simple but I don't have any very specific rules. I like pin bars with long noses that stick out a lot from the bar to their left. I prefer pin bars that are going with the trend, but I will also take some counter-trend pins too sometimes if they look good enough.
Have a look at this post by Mike, it's very helpfull: http://www.forexfactory.com/showpost...postcount=3914

I like the pin to have created space from the bars to its left and price not to be moving sideways. I also pay attention to the size of the bar compared to the previous ones. For example, if you have a buy pin that's 40 pips but the bar before it was a 100 pip bearish bar, it might just be price taking a break before continuing to go down.
Now that I think of it, my criteria are a little more complex than I thought.
There are probably more things that I cant think of. It really comes with practice. Nothing can make you better than personal experience.

Tom
  • #8,306
  • Dec 17, 2007 8:02pm Dec 17, 2007 8:02pm
Way to go Wiz. I hope for the best for you in your dream come true.

Heres to you:

May your pips come swiftly
May your losses be small
And when your feeling all mighty
And strutin along, tall
Just remember ol chap
Pips come and they go
And with a zip and a zap
Our friend lighting could blow

Cheers
  • #8,307
  • Dec 17, 2007 9:02pm Dec 17, 2007 9:02pm
I haven't post for quite some time and here is something that I am watching.

If you really zoom out on the USD/JPY daily, or weekly, you will notice that we are entering a pivot zone here. Now, let's check on the fibo confluences. Draw two fibo's as shown in the chart, and you will find two areas of confluences. Now you now the rest of the story. Wait and see if we can catch that PA signal that James has been teaching.

Ken
Attached Image
  • #8,308
  • Dec 17, 2007 10:27pm Dec 17, 2007 10:27pm
Quoting moneybags
Hey nico,

When playing the break of a pin bar, it's best to do it a few pips above/below the high/low. Anywhere from 5-10 pips. It depends on the pair too. For a fast moving pair like GBPJPY you would want something like 7-10 pips.

I don't mind sharing my pin bar criteria at all. It's pretty simple but I don't have any very specific rules. I like pin bars with long noses that stick out a lot from the bar to their left. I prefer pin bars that are going with the trend, but I will also take some counter-trend pins too sometimes if they look good enough.
Have a look at this post by Mike, it's very helpfull: http://www.forexfactory.com/showpost...postcount=3914

I like the pin to have created space from the bars to its left and price not to be moving sideways. I also pay attention to the size of the bar compared to the previous ones. For example, if you have a buy pin that's 40 pips but the bar before it was a 100 pip bearish bar, it might just be price taking break before continuing to go down.
Now that I think of it, my criteria are a little more complex than I thought.
There are probably more things that I cant think of. It really comes with practice. Nothing can make you better than personal experience.

Tom
Hi Tom,

Thankyou so much for your reply and also direction to Mike's posting. After looking at the posting, suddently everything on Pin bar look so clear now. Thankyou mike !
  • #8,309
  • Dec 17, 2007 11:37pm Dec 17, 2007 11:37pm
nice post tom,
I still remember the day I read mike´s pinbar post, really cleared things up for me too. And Ive been desperately seeking those number threes ever since! Yesterdays eur alllllllmost qualifies, Im just lacking strong confluence and the recent drop is pulling hard...we will see, PA will show us where its going in the end, takecare, Raz
ps good luck to wizard, very happy to hear your good news!
Never say never.
  • #8,310
  • Dec 18, 2007 12:11am Dec 18, 2007 12:11am
A DBTLC appear on NZDUSD daily, price retrace now, looking to short at 0.7648 which have both monthly pivot and Fib 79% ret confluence.
Any comments..
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD.gif Size: 14 KB
  • #8,311
  • Dec 18, 2007 12:28am Dec 18, 2007 12:28am
ANother DBHLC on EURCAD, 4 hour. Look to sell break of 1.4410. Target 1.4260, SL 1.4502.
Not sure if this is the right way to set Stop ?? 92 pip. Risk too much ?
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.gif Size: 14 KB
  • #8,312
  • Dec 18, 2007 1:08am Dec 18, 2007 1:08am
Quoting jatis
Hi Tom,

Wow 2,811% in 6 months, you must be rich by now .

I have several questions to you:
1. Do you use some kind of trend following method?
Right now I still searching for exit method.
2. Do you use Mike exit method?

Thanks before.
Hi jatis,

1. No, I trade both with and against the trend.
2. I don't trail my stop behnd X amount of bars if that is what you mean by Mikes exit method but what I learnt from Mike (mbq11) is how you can use price action to place your stop (for example putting it beneath areas of previous consolidation in a bull run) and how you have to be willing to "give to receive".
  • #8,313
  • Dec 18, 2007 2:38am Dec 18, 2007 2:38am
Can someone explain to me how to put a 3 MA alert in Mt4

Presently i have a 2 ma cross for an alert and i want to make it a cross when 2 cross the third.

Thanks HH
  • #8,314
  • Dec 18, 2007 2:40am Dec 18, 2007 2:40am
Congrats to the wizard. Im sure you made it from hard work and by sticking to your plan. Happy Holidays

HH
  • #8,315
  • Edited 3:37am Dec 18, 2007 3:18am | Edited 3:37am
Quoting nico28
ANother DBHLC on EURCAD, 4 hour. Look to sell break of 1.4410. Target 1.4260, SL 1.4502.
Not sure if this is the right way to set Stop ?? 92 pip. Risk too much ?

Putting aside risk for a moment, I'd say you want to have DBHLC setups at the end of upswings(even better if the pair is in a downtrend) as a reversal OR as confirmation as the end of a retrace after a bigger bearish setup. Basically, anything except at the very low / bottom of a swing/chart...

Also support/resistance should be just ABOVE it, causing the DBHLC to form in the first place, not just below/at it which is imho what 1.4444 has(support, look to the left on 4h, highs).
Trust price. Know yourself.
  • #8,316
  • Dec 18, 2007 3:29am Dec 18, 2007 3:29am
Quoting nico28
A DBTLC appear on NZDUSD daily, price retrace now, looking to short at 0.7648 which have both monthly pivot and Fib 79% ret confluence.
Any comments..
The chart that you posted appears to me to be a daily chart with a Sunday bar. I'm still new at this, but I'm pretty sure that I remember reading somewhere in this thread that we generally ignore Sunday bars for PA. Can someone confirm this?
  • #8,317
  • Dec 18, 2007 3:34am Dec 18, 2007 3:34am
Quoting byorkFX
The chart that you posted appears to me to be a daily chart with a Sunday bar. I'm still new at this, but I'm pretty sure that I remember reading somewhere in this thread that we generally ignore Sunday bars for PA. Can someone confirm this?
yep this is correct
  • #8,318
  • Dec 18, 2007 5:11am Dec 18, 2007 5:11am
Quoting hharrington
Can someone explain to me how to put a 3 MA alert in Mt4

Presently i have a 2 ma cross for an alert and i want to make it a cross when 2 cross the third.
Thanks HH
You'll probably have better luck posting this question in the Metatrader forum.
  • #8,319
  • Dec 18, 2007 5:26am Dec 18, 2007 5:26am
Quoting nico28
ANother DBHLC on EURCAD, 4 hour. Look to sell break of 1.4410. Target 1.4260, SL 1.4502.
Not sure if this is the right way to set Stop ?? 92 pip. Risk too much ?
Hey nico,

I agree with what Seeking said earlier.
Most of the PA setups arent really valid if they appear in traffic (price moving sideways with no clear direction). Swing highs/lows are usually the best places to look for PA.

Another thing about this particular setup, you'll notice that the second bar in this DBHLC is a neutral bar. So even though the 2nd bar closed just lower than the low of the previous bar, the open and close are in the middle of the bar. This doesnt show as much selling strength as we would like to see, so just on that alone this wouldn't be a great DBHLC formation.

Also watch out for those Sunday bars like Mike and byork mentioned.
If you're using InterbankFX you will get a 1 hour "Daily" bar after the Sunday open. Most people will just think of this as part of the real Daily bar and combine the two.

Take Care,
Tom
  • #8,320
  • Dec 18, 2007 7:11am Dec 18, 2007 7:11am
I missed this trade, nice PB on daily chart
Attached Image (click to enlarge)
Click to Enlarge Name: AUD-NZD.jpg Size: 248 KB
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