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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

  • #13,861
  • Sep 23, 2008 3:24pm Sep 23, 2008 3:24pm
Quoting Marcuse
) I was really enthusiastic about the info provided by the James 16 chart, but Iīm changing my mind and honestly Iīm feeling disappointed by the uncertainty that you generate. Plus the disappointment as I wanted to join your site and I realized that you charge $129 monthly for a year. I donīt know doesnīt seem to be really fair, I donīt want to offend but itīs my view
That is ok, this material won't be for everyone. There is a lot of information out there, hopefully you find something else that meets your needs. No one is going to be offended, but certainly this thread really is for Price action and learning more then it is offering an opinion on what is fair to you. There is a ton of amazing information in this thread helped and supported by many. The paid site is for those that find value in additional information/support/community. No one has to do anything they feel is unfair/

Take care

Mike
  • #13,862
  • Sep 23, 2008 3:31pm Sep 23, 2008 3:31pm
Quoting FOURX
Ryan ,

Could you please inform me of your bb settings (period/ shift/ dev and applied to)

thanks


Ryan said the BB are set to 18/2

cheers
FXP
  • #13,863
  • Sep 23, 2008 3:40pm Sep 23, 2008 3:40pm
just some pairs I have on watch

eur/cad I would like to see a bit more consolidation into the wedge, but it is actually my favorite if it consolidates more. Reason being the angle of the lower tl of that wedge.

Mike
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  • #13,864
  • Sep 23, 2008 4:17pm Sep 23, 2008 4:17pm
thanks for your words Elmer, I feel between humans again, sometimes its difficult to deal with all the stuff and as Iīm not so new but far from being an expert, sometimes I donīt feel so well when trading and learning. Thanks indeed Elmer
  • #13,865
  • Sep 23, 2008 4:27pm Sep 23, 2008 4:27pm
Quoting Marcuse
) I was really enthusiastic about the info provided by the James 16 chart, but Iīm changing my mind and honestly Iīm feeling disappointed by the uncertainty that you generate. Plus the disappointment as I wanted to join your site and I realized that you charge $129 monthly for a year. I donīt know doesnīt seem to be really fair, I donīt want to offend but itīs my view
Marcuse, you missed the point: James16 thread is about setups which are more certain than anything else. I noticed you haven't been around for long, so you could be jumping into conclusions.

About "Fair": if you trade "as is" (i.e. without any additional knowledge James16 could give you) and lose $5,000 (or more) - would that be fair? You only get what you paid for. For some reason people are happy to lose thousands, yet feel "cheated" when asked to pay (well deserved) $100-150 per months for valuable info.

As Mike said, nobody's forcing you to do anything, anyway. So, why complain?..
One Chart is Worth Ten Thousand Words.
  • #13,866
  • Sep 23, 2008 7:27pm Sep 23, 2008 7:27pm
Quoting mbqb11
just some pairs I have on watch

eur/cad I would like to see a bit more consolidation into the wedge, but it is actually my favorite if it consolidates more. Reason being the angle of the lower tl of that wedge.

Mike
Mike, would you consider this EU a goog break and retrace setup?
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  • #13,867
  • Sep 23, 2008 7:34pm Sep 23, 2008 7:34pm
Quoting judith
Mike, would you consider this EU a goog break and retrace setup?
Hey Judith,

Someone had asked the same question in the private side with a similar looking chart.

I will post my response I gave them with the chart I had posted.


Quoting mbqb11
Hey

Yes this is one I wouldn't have taken personally. One thing with the breakouts, are getting to creative with the lines and patterns one draws. For example. Notice how your trendline is pointed up. If the line is going up, then this is never a line I would look to go long on. For me the line that you take the breakout on is always going to be opposite the direction of the trade you are going to be placing.

So for a short trade, the line should go anywhere from horizontal to point up. And for a long trade horizontal to pointing down. I am not too much into these more creative connection of trendlines. Not that they don't hold up or have validity from time to time. But if I started doing that I would be in the market 24/7 so I try to keep things even more straight forward.

Let me know if that makes sense, but yes the concept of the breakout + pullback is still valid in your picture. Now just to show you something. If you look at the trendline I drew in my picture. It actually has the breakout + pullback exactly the same as the one you drew but just with the appropriate angle of a trendline to go long on from my perspective

Mike

Here is the chart I posted with it,

Hope that helps

Mike
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  • #13,868
  • Sep 23, 2008 7:38pm Sep 23, 2008 7:38pm
Quoting Forex007
Jaroo, I admire your concise style and simple wisdom. One could write (or read) 1000-page books on MM, but your post summarized key principles in a nice and easy-to-understand/remember/use way. Take care of your losses and the winners will take care of themselves (not really, as you do have to give the winner a chance too ). Well done! Thanks a lot!

There is an old trading saying: "I am right or I am out". That's how PA should be applied. PA gives a precise entry point; if the price doesn't move where it should, there is nothing to wait for.

Pring says in his books that after a PA set up price moves in the right direction within 5-6 bars max, if not - it's a failed setup.
I'll tell you a little secret about Money Management, Trade Management and Trading in general: Keeping it simple is the only thing that works.
Indicators show the past. Price Action "Indicates" the future.
  • #13,869
  • Sep 23, 2008 9:29pm Sep 23, 2008 9:29pm
Both EUR and GBP show a daily I4B setup next to the round number resistance. It will be interesting to see how they play out.
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  • #13,870
  • Sep 23, 2008 9:42pm Sep 23, 2008 9:42pm
Quoting goodtiding5
Both EUR and GBP show a daily I4B setup next to the round number resistance. It will be interesting to see how they play out.
The E/J and G/J are showing I6B off of the daily as well.
  • #13,871
  • Sep 23, 2008 9:58pm Sep 23, 2008 9:58pm
Quoting Northpro
The E/J and G/J are showing I6B off of the daily as well.
I smell a trading opportunity.

Daily Inside Bars: E/U, G/U, U/J, E/J, G/J, U/CHF . . . am I missing some others?

Inside Bars on higher time frames, aligning with confluences is Price Action at its finest in my book.

Should be fun to watch and trade.
Indicators show the past. Price Action "Indicates" the future.
  • #13,872
  • Edited 10:08pm Sep 23, 2008 10:06pm | Edited 10:08pm
Long term EJ chart for your reference. Huge divergence!!!

I think the unwinding of the JPY crosses will bring down just about everything.

"I smell the trading opportunities" -- Jarroo
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  • #13,873
  • Sep 23, 2008 10:22pm Sep 23, 2008 10:22pm
Quoting jarroo
I smell a trading opportunity.

Daily Inside Bars: E/U, G/U, U/J, E/J, G/J, U/CHF . . . am I missing some others?

Inside Bars on higher time frames, aligning with confluences is Price Action at its finest in my book.

Should be fun to watch and trade.
I have G/J, U/J, G/U straddled. Still struggling with not letting lower time frame setups spook me out of a position. The only position I have managed to hold is E/U from 1.3998. Spooks cost me 8% over the last two weeks. This more than if I had just stuck to the positions and taken the original stop loss.

@ Mike, thanks for the diagram of your breakout trend lines. I had never thought of just taking trades with slope opposite of the planed trade. Very cool!

Jason
May the fish in your stream of life always bite.
  • #13,874
  • Sep 23, 2008 10:39pm Sep 23, 2008 10:39pm
Hi libertao,

The pattern you have circled is a pattern I call grasshopper. I found it in late 2001 looking at an AMD chart. First bar is down with close near the low. Second bar gaps up into the black body of the first bar. Then takes out the high of the first bar and closes above the black Body. Works good on daily and weekly bars too. Like all bull bar patterns go long in a up trend and fade them in downtrend. I coded it and ran it over 500 nadaq stocks with a 3 bar trail. 40% win rate, and like all bar patterns, it will be net profitable if you use in fast rising markets. Its finding the good times to trade that are more important IMHO than the setups we use. Like read Mike's post about all the gaps we had the last few weeks. Gaps incease the odds of a directional market imo. Hope this helps,

Jason
Quoting libertao
Thanks for your response, and perhaps you are right, but some of the entries he points out don't fall under OB, IB or PB. Like this one circled in red:
May the fish in your stream of life always bite.
  • #13,875
  • Sep 24, 2008 3:05am Sep 24, 2008 3:05am
Quoting jarroo
I'll tell you a little secret about Money Management, Trade Management and Trading in general: Keeping it simple is the only thing that works.
Agree 100%
One Chart is Worth Ten Thousand Words.
  • #13,876
  • Sep 24, 2008 6:32am Sep 24, 2008 6:32am
Gbp/Jpy. Daily Inside Bar (I 8++ B)

I took this long off the break of the Daily IB. I've taken some off the table because of the strong PPZ. I would like to see Price break through the PPZ and act as Support again. (Notice the BUOB on the weekly. I good sign.)
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Indicators show the past. Price Action "Indicates" the future.
  • #13,877
  • Sep 24, 2008 8:44am Sep 24, 2008 8:44am
Quoting jarroo
Gbp/Jpy. Daily Inside Bar (I 8++ B)

I took this long off the break of the Daily IB. I've taken some off the table because of the strong PPZ. I would like to see Price break through the PPZ and act as Support again. (Notice the BUOB on the weekly. I good sign.)
PZZ is strong, out with 0 net pips. The saga continues . . . .
Indicators show the past. Price Action "Indicates" the future.
  • #13,878
  • Sep 24, 2008 12:36pm Sep 24, 2008 12:36pm
Here's another example of a "Ryanmcd" trade. At the first red circle you have Pinbar protruding beyond Bollinger Bands. 2nd red circle - Outside Bullish Bar. You also have RSI divergence (twice - 1st not visible). That was a strong indication of a forthcoming bullish move. I entered after Outside bar (OB).

PA could be misleading too: at the yellow circle you have Pin bar also penetrating BB. The price then retreated. It would have been a valid set-up for short. I stayed in the long trade based on (a) anticipated retracement to at least 31.8% Fibo (in respect of the prior big move down) and (b) Laguerres. It was also a "let the trade develop/take care of itself" case as I had my SL in place (below OB).

As for the exit, once the price reached 61.8% Fibo it "stabilized" for quite a while. That's where I exited. BTW, would Ryanmcd exit based on an opposite PA or using discretion (as he does with entries)?

To me, the beauty of such setups is their high probability - which means I could increase risk to 5-6%.
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One Chart is Worth Ten Thousand Words.
  • #13,879
  • Sep 24, 2008 1:49pm Sep 24, 2008 1:49pm
Forex007...

I cannot speak for Ryan, but I have chatted with him over the last few months regarding trading.

A few points...

#1) I believe using the 5 minute charts, he mostly limits himself to the EURUSD. He knows this pair the best, and I don't know if he would recommend his settings on other pairs or not. Though it appears to be working for you.

#2) I believe he has a set TP of a certain amount of pips. So his exit is not normally based on PA as much as a TP. Now if the trade doesn't play out as he expects, I am sure he will look to protect his gains/limit his loses, though I have not heard him speak of it. I think he will target a TP of say 10 or more pips, and once his TP is hit, he is happy to be out (even if he missed more of the move).

#3) I do not believe Ryan would ever suggest risking more than 2%. He does lose time to time, maybe even up to 40% of the time. But as he has said, his brother is a pro gambler, he is a pro trader, they both know loses must occur, and that the loses are okay due to the low amount risked.
  • #13,880
  • Sep 24, 2008 2:15pm Sep 24, 2008 2:15pm
Quoting jarroo
PZZ is strong, out with 0 net pips. The saga continues . . . .

lol! i am out of Gj till we see off 197, PA does suggest it will do so, but untill then i am on the sidelines...
I believe . . .
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