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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

  • #46,621
  • Oct 22, 2009 11:20am Oct 22, 2009 11:20am
Quoting atton
Hi dmc on my platform Gbp/Cad 4h formed a PB that was unplayable for me but it actually did what is logical to do

Yep sometimes the aggregation will throw things off a bit here and there. It's ok because it works in the long run. I don't trade combined 4hr bars anymore, but I know Jarroo does. I would say either you are out at b/e from that first push down, or at some point when it went sideways you could cut about half your risk off that trade. Or you could be holding like you said D, b/c it hasn't invalidated the high of the bar

Mike
  • #46,622
  • Oct 22, 2009 11:31am Oct 22, 2009 11:31am
Thanks James16,
I've been reading your forum for about 1 year, have watched all your videos, read all your instructions.
I decided to register on FF to express my thanks, and after on and off trading for 16 + years ( got my Series 3 in 1994) have found your trading method is far above all the many methods and systems I've used in the past with mixed, but mainly negative results. Could have bought a nice house with all the money I lost over these years, but never gave up.

Your forum has changed the way I trade, and would like to say I'm finally having consistant positive returns.

Also thanks to the fine contributors on your forum, many using smaller time frames (1 and 4 hour) with consistant winning trades.
All of you are serious traders and may I say a fine bunch of people.


Thank you James16
  • #46,623
  • Oct 22, 2009 11:48am Oct 22, 2009 11:48am
Here is a great example of how to protect yourself doing the little things.

Here is one of my more favorite plays. When you get an outside bar that engulfs a large range of bars. You enter on the break like always, but if you notice the break would run you into a round number at 1.045. So using the simple knowledge to place your sell below this would have kept you out of getting nicked in and taking a wild ride. It still may go down, but who wants to sweat that out?

This goes for all timeframes for me.

The little things go a long way

Mike
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  • #46,624
  • Oct 22, 2009 11:49am Oct 22, 2009 11:49am
Hi, Everybody, here!


Sorry, if My earlier posts are a little 'dizzy' today. I hesitated a bit, but I want You to give a piece of information: It can be done.
Yesterday, I reached "the Big Aim". It taste great, but to be honest, I knew a time ago, I would reach it. Read again: know. Sounds conceited, but You must know, here in FX, I think.

I basicly trade W, D and 3-4H (fine tune the entry on 1H sometimes) charts with some common sense. It left Me a lot of time, and lately I tried to learn to trade smaller TFs. I found some edge there, too, but it much more time and energy eater than the higher TFs (I don t believe in TFs, to be honest, just in sessions.), and it don t entertain Me (what was the main reason to learn those technic). So, I basicly advise to trade there, and You can find success, all You need.

I am not the 'like to give advice' and show I know it better type, (Market decide it, anyway) and not post much, and than I like to ask, ask and watch, and understand others approach.
I don t read a lot of threads, frequently just this and 2 more. Please, don t say congrats. I like here some posters, and like to watch their proceeding. And this is the main reason of this post, to tell them: It can be done.

I use SR levels and PA, too, but I started with very small and made it grow. I mainly ride the trend (but like ranges, too), and follow My Trades with sometimes wide Stops. So it s not the style of the starter of this Thread, respect it, and remember it, when You ask Me to post trades (don t ask here).

1 trade or 2, not count. May be the style! not count. What I found counts is My own developed MM and Psychology. SR and PA (and Mkt. structure) can be learned, I think. But Your own MM and Psych. must be developed. Question everything on these 2 areas, read and think of them, because there is the key. (At least for Me.)

Be well, try to find out what to do now,
NL
  • #46,625
  • Oct 22, 2009 12:25pm Oct 22, 2009 12:25pm
Quoting mbqb11
Here is a great example of how to protect yourself doing the little things.

Here is one of my more favorite plays....
Hi Mike

If you zoom in the h4 bar You'll see that bar close was at the bottom without any kind of retrace. I always find it helpfull to wait for a bottom/top to form if a signal bar is a continous move like in this case becouse it gives a clear area to place orders for swing traders. IMO its usefull to avoid longer periods of drawdown.
  • #46,626
  • Oct 22, 2009 1:29pm Oct 22, 2009 1:29pm
Hi everybody. I'm new here,but not new to trading.Have been using tactics from the classic thxt book of Edwards and Magee "Thecinal analysis of stock trends".It's good and inclusive.However my current problem is relearning what I am looking at when observing a chart.Stock charts are like looking at them from arms leingth,and James' method is like looking at chatrs under a magnifying glass.However I'm getting there.I have been studying ,reading,and listening to all this great info,and have to push aside Edwards & Magee,and replace it withh Sir James great techniques.I must say the Pb,PA,PPZ,S/R etc have sharpened my stock trading especially the WAITING part! I want to thank all the senior members here,and others for the help,aid,and assitance they offer to everyone trying to learn.I've hit a few winners,and some losers,but the primary objective now is to get zero losses by going to BE as soon as possible.Again thanks all of you for the great help,and assistance you unfailingly offer.
Tom
Conquer the beast with disciplined determination and intellegent control.
  • #46,627
  • Oct 22, 2009 1:52pm Oct 22, 2009 1:52pm
Quoting james16
they are based on a lot of experience watching price and knowing when price is at a place that i can know with a very high probability where its going.

not unlike using pa.

jim
Hey Jim,

I just hope with time and hard work together with the help of the community members here I can arrive at a level where: "knowing when price is at a place that I can know with a very high probability where its going". Until then, I will read and re-read the information contained within this thread and demo until I am consistently profitable.
I'm not exactly certain how long this will take but, I'm prepared to give it my all since I sincerely believe success is achievable with the James16 approach.

Thanks,
Mikali
  • #46,628
  • Oct 22, 2009 2:13pm Oct 22, 2009 2:13pm
although mikes reply might seem vague its actually right on.

here is an example chart.

this touch entry was based on just 1 bar high and a round number.

one of the long term keys is small losses.

the biggest key is proving you can do it on a practice account first.



Quoting mbqb11
Hey Chad

The short simple answer is that both are important. But each situation is different

Price has a "memory" if that makes sense.

Best

Mike
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  • #46,629
  • Edited 2:45pm Oct 22, 2009 2:33pm | Edited 2:45pm
mikali has given me a chance to get on my soapbox so here i go. consider that a compliment. i can tell your serious so im going to speak to everyone thru your post.

hope really doesnt need to be part of your thought process.

its not that hard it just takes time and repetition.

are you willing to give your new business 3 to 5 years to show a profit if thats what it takes?

90 percent of new businesses fail. this one is no different. why would it be?

this business offers a way to learn and become profecient without risking a dime.

the vast majority of people that start down this road have no chance.

its not because they cant its because they dont treat anything in there lives with dedication and excellence.

that doesnt make anyone a bad person but it does make a damn good recipe for disaster for starting a new business. any new business.

this is why people that risk everything for a better life and succeed tend to be or become conservative.

anyone that ever made it knows the heartache, devotion and hard work it took.

being punished every year for your success with a 40 percent tax by an idiot sociolist politician is tough.


jim




Quoting Mikali
Hey Jim,

I just hope with time and hard work together with the help of the community members here I can arrive at a level where: "knowing when price is at a place that I can know with a very high probability where its going". Until then, I will read and re-read the information contained within this thread and demo until I am consistently profitable.
[font=Verdana]I'm not exactly certain how long this will take but, I'm prepared to give it my all since I sincerely believe success is achievable...
  • #46,630
  • Oct 22, 2009 2:34pm Oct 22, 2009 2:34pm
Quoting james16
although mikes reply might seem vague its actually right on.

here is an example chart.

this touch entry was based on just 1 bar high and a round number.

one of the long term keys is small losses.

the biggest key is proving you can do it on a practice account first.
Hi James

You say this trade was a little risky for you. Can I ask what you prefer to see when entering your touch trades i.e. a PPZ at a deeper retrace (50 fib area), or maybe a 2 bar high, etc?

Thanks,


Paul
  • #46,631
  • Oct 22, 2009 2:40pm Oct 22, 2009 2:40pm
Quoting Pipzilla
Hi everybody. I'm new here,but not new to trading.Have been using tactics from the classic thxt book of Edwards and Magee "Thecinal analysis of stock trends".It's good and inclusive.However my current problem is relearning what I am looking at when observing a chart.Stock charts are like looking at them from arms leingth,and James' method is like looking at chatrs under a magnifying glass.However I'm getting there.I have been studying ,reading,and listening to all this great info,and have to push aside Edwards & Magee,and replace it withh Sir...
Hey Tom

Get comfortable and read everything James puts out x 1000

Mike
  • #46,632
  • Oct 22, 2009 2:41pm Oct 22, 2009 2:41pm
Hi Folks,
My EURCAD PB trade from yesterday is looking increasingly like a failed PB (I understand the session has yet to close or the high of the left bar broken).

I have been examining this chart for the past couple of hours and I cannot find a reason why this PB would fail. That being the case, I am looking to the expert members here to offer some thoughts? Did I overlook something in my analysis? Which can be found here:
http://www.forexfactory.com/showpost.php?p=3166775&postcount=46588
Is there something on the chart I failed to identify or is this simply a case of a failed PB?

I look forward to your opinions and thoughts,
Mikali
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  • #46,633
  • Oct 22, 2009 2:43pm Oct 22, 2009 2:43pm
Quoting bundyraider
When he said your charts were boring, I think he was hinting that you need to jazz them up with flowers, rainbows and a few baby unicorns and shit.

...channel your inner crayon meister big fella.

Come on, don't hold back.
Yea, common Mike!

This is for you!
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  • #46,634
  • Oct 22, 2009 2:45pm Oct 22, 2009 2:45pm
Quoting Mikali
Hi Folks,
My EURCAD PB trade from yesterday is looking increasingly like a failed PB (I understand the session has yet to close or the high of the left bar broken). ...
Hey Mikali

Remember a pinbar is NOT valid until that low breaks. So the low never came close to breaking, technically not a valid pin.

Best
Mike
  • #46,635
  • Oct 22, 2009 2:46pm Oct 22, 2009 2:46pm
Quoting benji533
Yea, common Mike!

This is for you!
  • #46,636
  • Oct 22, 2009 2:47pm Oct 22, 2009 2:47pm
Quoting james16
although mikes reply might seem vague its actually right on.

here is an example chart.

this touch entry was based on just 1 bar high and a round number.

one of the long term keys is small losses.

the biggest key is proving you can do it on a practice account first.
thanks for clarifying I knew it sounded vague LOL

Hot dog on this one, 1.6500 (BIG round number too).
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  • #46,637
  • Oct 22, 2009 2:48pm Oct 22, 2009 2:48pm
Quoting o990l6mh
Hey Benji

Oanda doesn't separate between stop and limit orders, everything that isn't a market order is called limits.

You've made a good choice by going with Oanda.

Btw, don't feel bad about having to go to school.
Two reasons: when you're my age you have to go to work instead... (although I have a feeling you might not need to do that ever) and second, school even if sometimes boring, is what will charge you with knowledge and skills that will be the foundation for the rest of your life.

Now do your homework
Quoting Cyrus
Benji, u continue to amaze me with the ease you take to trading. I've needed to clear years of crap outta my head. Better late then never.

I use Oanda for execution. "Limits" are the general term they use for buy/sell stop to enter as well as the usual limit orders.
This is on another tab from the market order.
Stop loss is on the order ticket itself.

There's a $/pip amount on the ticket when you enter the units. Each unit = $1 notional amount. So the standard 1 lot is $100,000 units on Oanda.

Btw, you can also create a sub-account...
Thanks guys.
I tried to put 1-100 units and thought to myself what is going on here lol.

Now I got it
  • #46,638
  • Oct 22, 2009 2:50pm Oct 22, 2009 2:50pm
hey my friend lesson learned.

DO NOT TRADE THESE BARS UNTIL THEY BREAK.

you will see some doing it but most of them have been doing it for a while.

a pin bar does not become a pin bar until it breaks.

Quoting Mikali
Hi Folks,
My EURCAD PB trade from yesterday is looking increasingly like a failed PB (I understand the session has yet to close or the high of the left bar broken).

I have been examining this chart for the past couple of hours and I cannot find a reason why this PB would fail. That being the case, I am looking to the expert members here to offer some thoughts? Did I overlook something in my analysis? Which can be found here:
http://www.forexfactory.com/showpost.php?p=3166775&postcount=46588
[font=Verdana][size=3]Is...
  • #46,639
  • Oct 22, 2009 2:52pm Oct 22, 2009 2:52pm
Quoting james16
mikali has given me a chance to get on my soapbox so here i go. consider that a compliment. i can tell your serious so im going to speak to everyone thru your post.

hope really doesnt need to be part of your thought process.

its not that hard it just takes time and repetition.

are you willing to give your new business 3 to 5 years to show a profit if thats what it takes?

90 percent of new businesses fail. this one is no different. why would it be?

this business offers a way to learn and become profecient without risking a dime....
It's posts like this (and I know there are many more from many members) that give me confidence and strength to know I can make this work----so thank you!!

Mikali
  • #46,640
  • Oct 22, 2009 2:54pm Oct 22, 2009 2:54pm
Quoting james16
hey my friend lesson learned.

DO NOT TRADE THESE BARS UNTIL THEY BREAK.

you will see some doing it but most of them have been doing it for a while.

a pin bar does not become a pin bar until it breaks.
Agreed!! I was lucky my sell stop order was never triggered In fact I better cancel the order before I forget
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