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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

  • #12,941
  • Aug 21, 2008 6:19pm Aug 21, 2008 6:19pm
Quoting NuckingFuts
I took this trade on the 61.8 retrace at 4695. Have taken 2/3's off at 4830, hoping the rest will hit the 4950 resistance area. A few days to get there doesn't bother me, will enjoy the extra swap.
That 61.8 retrace entry took balls imo; props to you.
Hindsight is 20/20
  • #12,942
  • Aug 21, 2008 6:30pm Aug 21, 2008 6:30pm
Quoting bundyraider
"exploits" ...
nicely put ...
"Believe nothing you hear and half of what you see." Proverb
  • #12,943
  • Aug 21, 2008 6:32pm Aug 21, 2008 6:32pm
Quoting konobe
Hi!

I have been lurking around these pages for a while now and have finally decided to join the j16 group. I was wondering what books can i pre-read to be prepared for the group as i am relatively new to forex but would very much like to be involved with a group of ppl who are serious with it and learn as much as possible from them.

Would love it if one of the instructors/group members could recommend a book particularly for the j16 trading style.

Thanks
How much of this thread have you read konobe? What other trading have you done already etc?

Read up whatever you can about Martin Pring's methods, and as much as you can about Technical analysis. Concentrate on methods that involve pure price charts/patterns, rather than indicators such as stochastic, MACD etc. You can get a lot of free information on the net about all this. When you've exhausted all the good information there, then is a great time to join Jim's group. You have good foundations that can be built on.
Bundy's status today: "Waiting..."
  • #12,944
  • Aug 21, 2008 6:36pm Aug 21, 2008 6:36pm
Quoting cosgrove
That 61.8 retrace entry took balls imo; props to you.
NF will tell you the same thing...

Not balls. Just knowing what strategies work where. Quite a few of us got in at the 61.8%. Mine was a split 38.2% and 61.8% set.
Bundy's status today: "Waiting..."
  • #12,945
  • Aug 21, 2008 6:45pm Aug 21, 2008 6:45pm
Quoting bundyraider
NF will tell you the same thing...

Not balls. Just knowing what strategies work where. Quite a few of us got in at the 61.8%. Mine was a split 38.2% and 61.8% set.
I got really tired of missing fills by 10 pips, so I have shyed away from retrace entries on everything except trades where I see nothing going against me. Entry at the 365 EMA (also 61.8% retrace) looks tempting on this pin though

Is there anything specific you look for when deciding to enter on a retrace vs. a break? For me it's usually % chance that I think the trade will turn into a winner vs. %chance I think it will retrace to that point.
Hindsight is 20/20
  • #12,946
  • Aug 21, 2008 6:46pm Aug 21, 2008 6:46pm
Quoting 2mas
Edit: Just to add that James mentioned in one of his posts, 2-3 weeks ago, that EJ chart is one chart that he couldn't find anything like A+ trade, i just don't remember exactly was it the daily or weekly. one.
I remember that one. He was talking about a specific moment that someone had posted about. Not the pairs entire history. They called one formation a pin-bar (without posting a chart from memory) and there was nothing anywhere near being a pin in that area.
Bundy's status today: "Waiting..."
  • #12,947
  • Aug 21, 2008 7:09pm Aug 21, 2008 7:09pm
Quoting cosgrove
I got really tired of missing fills by 10 pips, so I have shyed away from retrace entries on everything except trades where I see nothing going against me. Entry at the 365 EMA (also 61.8% retrace) looks tempting on this pin though

Is there anything specific you look for when deciding to enter on a retrace vs. a break? For me it's usually % chance that I think the trade will turn into a winner vs. %chance I think it will retrace to that point.
You're kind of on the right track, but you need solid reasons for a particular retrace idea.

A pin isn't valid till it is confirmed by a break. So that's the preferred way to trade pins, of course. Trading this E/J pin by retrace is just not on, in my opinion, as explained in my post earlier.

Deciding on a retrace entry verses a 'on the break' entry is certainly something you learn to 'see' as you gain experience reading charts. It's certainly a lot to do with being good at reading support/resistance very well. Experience man. So don't be dis-heartened. People diving straight into live accounts are often missing little skills like this. They need time to experience them first.

Keep trading the safe entries for now, but at the same time start absorbing observations of what price did at ,say, yesterdays low/high , resistance areas defined by the preceding few bars and so on. You'll pick it up over time. A good example is how a lot of pins have a mirror effect on each side. i.e. the preceding eye (to the pin) can effect where the following eye (to the pin) will retrace to.

Don't be in a rush. The more advanced entry techniques will improve your results, but that means jack if your still not profitable using the foundation techniques. Give yourself time.
.
The James16 Group covers these techniques a lot better than I can. Video examples are way better at conveying the techniques involved
.
Bundy's status today: "Waiting..."
  • #12,948
  • Aug 21, 2008 7:32pm Aug 21, 2008 7:32pm
Quoting fxgrinder
nicely put ...
I got curious. Maybe not what I thought after all...

"In Like Flynn"

.
Bundy's status today: "Waiting..."
  • #12,949
  • Aug 21, 2008 7:50pm Aug 21, 2008 7:50pm
Quoting cosgrove
Is there anything specific you look for when deciding to enter on a retrace vs. a break? For me it's usually % chance that I think the trade will turn into a winner vs. %chance I think it will retrace to that point.
Example of expected retrace on AUD/USD Outside Bar

You can see how the 38.2% line is the most likely retrace point. (It also coincides with the daily floor pivot. ) ...but it's entirely possible still to get a 61.8% retrace. Stop would still go below OB . At least you have minimized your risk a little bit.
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Bundy's status today: "Waiting..."
  • #12,950
  • Aug 21, 2008 8:00pm Aug 21, 2008 8:00pm
EUR/CAD update. Wasn't a perfect bearish overbar but location was very good. I took profit on 1/2 in case we bounce here (I don't have time to watch chart!), rest set to BE and profit target at 1.54.
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  • #12,951
  • Aug 21, 2008 8:05pm Aug 21, 2008 8:05pm
Quoting bundyraider
Example of expected retrace on AUD/USD Outside Bar

You can see how the 38.2% line is the most likely retrace point. (It also coincides with the daily floor pivot. ) ...but it's entirely possible still to get a 61.8% retrace. Stop would still go below OB . At least you have minimized your risk a little bit.
Possibility 2

1 Hour chart. At yellow 'X'. If there was PA confirmation here you'd have a strong case for an entry.

Some would have there stop too 'tight' here and place it directly under a 1 hour PA setup. Unless you know what you are doing, you're asking to be stopped out by market noise and stop running. This is a Daily bar trade. You're only improving your entry price. You'd keep the stop below the daily bar still. And DON"T watch the chart at this time frame. You'll freak yourself out of the trade. Immediately flick back to the daily.

Demo these ideas only. You'll learn. No need to get greedy.
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Bundy's status today: "Waiting..."
  • #12,952
  • Aug 21, 2008 8:13pm Aug 21, 2008 8:13pm
Quoting bundyraider
I knew you'd be on to it Jim.

And 'Flynn'. I think the saying is related to the Actor's exploits. LOL

.
I believe this is "In Like Flint"...referring to the James Colburn "Flint" spy movie's of the late 60's.
  • #12,953
  • Aug 21, 2008 8:46pm Aug 21, 2008 8:46pm
Quoting bundyraider
... AUD/USD Outside Bar
thanks for posting this chart. i completely missed this BUOB ... and i have been waiting for a potential spot to get in this long ...

i have a question about your advanced entry ... do you wait until it breaks and then play the possible retrace you highlighted or simply enter at those points?
"Believe nothing you hear and half of what you see." Proverb
  • #12,954
  • Edited 9:53pm Aug 21, 2008 9:42pm | Edited 9:53pm
Quoting cosgrove
That 61.8 retrace entry took balls imo; props to you.
LOL, na not balls mate.

Bear with me here, I hit the bundy pretty hard last night and am a bit hung over today.

Bundy is right on the money. Fair setup, strong resistance turned support, little room to move up however. I could see at least 2:1 reward/risk and played the trade as per the book. You win some and you lose some, that's the way she goes.

Would have been water off a ducks back if it didn't play out.

It's good to break down what each pattern is telling you. As the old saying goes, a picture speaks a thousand words.

If you break a single daily bar down, you effectively have 6 x 4 hour bars, 24 x 1 hour bars and so on. Looking down to the 4 hour chart on the EU outside bar, you will have noticed a run of lower lows and then one single higher high. This is a good indication that the trend may be (that's may, not is) about to change. Buying on a 50-61.8% retrace means you are trying to get in on a dip.

A double low, higher close is even better, this means the price has made a double bottom and then possibly a higher high (double check your 4 hour chart to confirm). Vice-versa for a double high, on a lower time frame, this means we have a double top and a possible lower low.
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  • #12,955
  • Aug 21, 2008 10:40pm Aug 21, 2008 10:40pm
Quoting NuckingFuts
LOL, na not balls mate.

Bear with me here, I hit the bundy pretty hard last night

just last night?? ...

and am a bit hung over today.

Bundy is right on the money. Fair setup, strong resistance turned support, little room to move up however. I could see at least 2:1 reward/risk and played the trade as per the book. You win some and you lose some, that's the way she goes.

Would have been water off a ducks back if it didn't play out.

It's good to break down what each pattern is telling you. As the old saying goes, a picture speaks a thousand words.

If you break a single daily bar down, you effectively have 6 x 4 hour bars, 24 x 1 hour bars and so on. Looking down to the 4 hour chart on the EU outside bar, you will have noticed a run of lower lows and then one single higher high. This is a good indication that the trend may be (that's may, not is) about to change. Buying on a 50-61.8% retrace means you are trying to get in on a dip.

A double low, higher close is even better, this means the price has made a double bottom and then possibly a higher high (double check your 4 hour chart to confirm). Vice-versa for a double high, on a lower time frame, this means we have a double top and a possible lower low.
really saavy analysis. thank you for this.
"Believe nothing you hear and half of what you see." Proverb
  • #12,956
  • Aug 21, 2008 10:50pm Aug 21, 2008 10:50pm
Quoting jarroo
Through practise comes experience. Through experience comes some success. Through successes comes confidence. Through confidence comes a consistent winning attitude. That grows after every trade.
More so after a losing trade.
Oh so very true jaroo.

Patience fits in there somewhere too. Somewhere between experience and the winning attitude
  • #12,957
  • Aug 21, 2008 10:55pm Aug 21, 2008 10:55pm
Quoting fxgrinder
really saavy analysis. thank you for this.


How did you know I'm a bundaholic?

No problems, glad it made sense to you
  • #12,958
  • Aug 21, 2008 11:06pm Aug 21, 2008 11:06pm
Quoting bundyraider
I got curious. Maybe not what I thought after all...

"In Like Flynn"

.
No you were right. Its "In like Flynn".

Errol Flynn exploits.
Indicators show the past. Price Action "Indicates" the future.
  • #12,959
  • Aug 21, 2008 11:23pm Aug 21, 2008 11:23pm
Quoting NuckingFuts
Oh so very true jaroo.

Patience fits in there somewhere too. Somewhere between experience and the winning attitude
Absolutely.

Probably fits in there with everything.

Patience with learning the material and practising. (it doesn't happen over night)
Patience with knowing that success will come. (sometimes more later then sooner)
Patience with knowing that one day it will finally "Click". And the stresses of trading begins to fade.
Indicators show the past. Price Action "Indicates" the future.
  • #12,960
  • Aug 21, 2008 11:28pm Aug 21, 2008 11:28pm
Quoting jarroo
Absolutely.

Probably fits in there with everything.

Patience with learning the material and practising. (it doesn't happen over night)
Patience with knowing that success will come. (sometimes more later then sooner)
Patience with knowing that one day it will finally "Click". And the stress of trading begins to fade.
Oh you're good. Spot on the money again
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