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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

  • #49,181
  • Dec 3, 2009 8:01pm Dec 3, 2009 8:01pm
Hey mbqb11,

Thanks for all of your great trading insights. In the Guest Material section of the James16 Group site, you did a great video. In this video you mention the possibility of making another video that goes into greater detail about your method of catching the beginning of a trend and successfully managing the trade through to the completion of the trend days or even weeks later. Did you ever do this video? If so, then where can I find it? If you did not do this video would you mind sharing your trade management method here? I'm very interested to know specifically how you trail your stops through all of the sometimes wild ups and downs of long trends and megatrends.

Thanks.
"Dare to live the life you have dreamed for yourself. Go forward and make y
  • #49,182
  • Dec 3, 2009 8:53pm Dec 3, 2009 8:53pm
James in this thread ,some where told how he spent his day.
He use smaller tf and trade UJ, using price action.
I wonder, how he do this,
when I ask about this, always told this is not a beginner.
yeah, I know (been years, since I asked that)

but.. after all this year, J16 group exist.
I see no one here (maybe in pf too)
trade on 1 pair in the smaller tf live.
Some one address me to a other thread please,
if there is any.

Every one here use higher tf, and jump around pairs.
if EU moved 100 +pips back and forth yesterday,
couldn't you catch some pips of it ?
Is that price action all about, you know how's price react ?
Why not focus on one pair ?
You can make hundreds pips in a week.

Folks, this is very silly question and language from me,
but this is how I face trading fx everyday, not just waiting for hours.
Thank's for reading

Musanto
  • #49,183
  • Dec 3, 2009 9:45pm Dec 3, 2009 9:45pm
Quoting shephrd
Hey mbqb11,
Thanks for all of your great trading insights. In the Guest Material section of the James16 Group site, you did a great video. In this video you mention the possibility of making another video that goes into greater detail about your method of catching the beginning of a trend and successfully managing the trade...
which video are u referring to? he has several videos in the guest section..

from what i know, he has discussed trade mgmt. &/or trailing stops in several videos. he uses 2-bar trailing stop (manually done) or the BAT indicator (volatility-based stop indicator).

For sure, Sir Mike will respond anytime from now. so just be patient
  • #49,184
  • Dec 3, 2009 9:58pm Dec 3, 2009 9:58pm
Quoting Musanto
James in this thread ,some where told how he spent his day.
He use smaller tf and trade UJ, using price action.
I wonder, how he do this,
when I ask about this, always told this is not a beginner.
yeah, I know (been years, since I asked that)
but.. after all this year, J16 group exist.
I see no one here (maybe in pf too)
trade on 1 pair in the smaller tf live.
Some one address me to a other thread please,
if there is any....
Hello Sir, fellow Asian!

if i may, i will try to rephrase/translate what u've said: (please let me know if i understood u correctly)
most people here trade & post higher TF charts & trade many pairs.

u are curious if there are people (u have not seen one) who trade using james16 method, trade live, & trade only 1 pair; & u are looking for a thread, if there is any, that fits these 3 criteria.. at the same time, u seem to be aware that trading james16 method on lower TF (H1 & below) are not for beginners.


i think there maybe few traders out there who trade only 1 currency pair. Sir PeterFM may be one.
Since we try to be very picky in our trades using the james16 method, we can decide to look at/monitor several pairs to pick the best setups. there's is nothing wrong at looking at & trading only 1 pair: FOCUS is 1 ultimate benefit from doing this.
  • #49,185
  • Dec 3, 2009 10:06pm Dec 3, 2009 10:06pm
Quoting shephrd
Hey mbqb11,

Thanks for all of your great trading insights. In the Guest Material section of the James16 Group site, you did a great video. In this video you mention the possibility of making another video that goes into greater detail about your method of catching the beginning of a trend and successfully managing the trade through to the completion of the trend days or even weeks later. Did you ever do this video? If so, then where can I find it? If you did not do this video would you mind sharing your trade management method here? I'm very interested...
Hey Shephrd

My exit methods are based on each individual trade situation. They vary greatly. For some more insights this post might help you

http://www.forexfactory.com/showpost...ostcount=36491

The times I will really hold on are on major major reversals. These are huge bars or the perfect bar in the perfect location.

Hope that post helps give you more of an idea

Mike
  • #49,186
  • Dec 3, 2009 10:21pm Dec 3, 2009 10:21pm
How I see AUDUSD.

Daily Chart-Short Bias because of double top indicated. Daily Pin Bar also. This pin would not be a reason alone to take this trade because it does not have a long enough nose.

One Hr Chart- The one hr trend line intersects at the 50 and 61.8 fib in the .9250 area. For entry I will set a sell limit at .9248. The daily pin has broken but I believe that it will retrace back close to the intersection of the trendline and the major fib levels. I would like to short this pair but on my terms and believe that this will reduce my overall risk. Stop set just above the pin nose.


K.I.S.S.
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  • #49,187
  • Dec 3, 2009 10:34pm Dec 3, 2009 10:34pm
Quoting KissFan
How I see AUDUSD.

Daily Chart-Short Bias because of double top indicated. Daily Pin Bar also....
I actually posted this chart a few pages back as something to watch for. I took this trade based on the PB, Box Range it is in, and the fact that I had some resistance right above it.

I am only about 10 pips in the profit with a tiiiiiight stop. Looking back now after I started the trade... I should of probably passed on it.

The PB Does not even pierce my resistance area, it merely touches it. I also a have a problem area literally right below where I entered.... I was up about 20 pips but it bounced right off of it, as anticipated. I did not have enough room to set my stop to a respectable BE and let it run.

All in all, this trade is a learning experience...sometimes you gotta take the dumb trades before you realize they are dumb trades! Glad its on a demo account.

Well, back to the charts!
  • #49,188
  • Dec 3, 2009 10:52pm Dec 3, 2009 10:52pm
Quoting supremeChaos
Hello Sir, fellow Asian!

if i may, i will try to rephrase/translate what u've said: (please let me know if i understood u correctly)
most people here trade & post higher TF charts & trade many pairs.

u are curious if there are people (u have not seen one) who trade using james16 method, trade live, & trade only 1 pair; & u are looking for a thread, if there is any, that fits these 3 criteria.. at the same time, u seem to be aware that trading james16 method on lower TF (H1 & below) are not for beginners....
I wonder why in this thread people still jumping between pairs, tf and not focussing trade on one pair and one smaller tf like m5 like James.
Why still no progress ,after all this year I see no one here trade in m5 ?

Thank's for the respond
  • #49,189
  • Dec 3, 2009 11:00pm Dec 3, 2009 11:00pm
Quoting Musanto
I wonder why in this thread people still jumping between pairs, tf and not focussing trade on one pair and one smaller tf like m5 like James.
Why still no progress ,after all this year I see no one here trade in m5 ?

Thank's for the respond
j16 is a low-stress alternative to intraday m5 mayhem.
Many choose unhappiness over uncertainty.
  • #49,190
  • Dec 3, 2009 11:01pm Dec 3, 2009 11:01pm
Quoting Musanto
I wonder why in this thread people still jumping between pairs, tf and not focussing trade on one pair and one smaller tf like m5 like James.
Why still no progress ,after all this year I see no one here trade in m5 ?
...
Like i said, it's ok for anyone to trade just 1 pair. it is a trader's personal choice to trade 1 or more pairs.
several people trade M5 & other smaller TF's.

just to clarify, NOT Trading H1 & below TF's does not mean there is NO Progress. again, the timeframe/s to trade is a trader's personal choice.

u can check out Jankone's M5 thread. again, it (trading smaller TF's, in general) is not advisable for beginners/newer traders.
  • #49,191
  • Dec 4, 2009 12:22am Dec 4, 2009 12:22am
Quoting Musanto
I wonder why in this thread people still jumping between pairs, tf and not focussing trade on one pair and one smaller tf like m5 like James.
Why still no progress ,after all this year I see no one here trade in m5 ?

Thank's for the respond

Yeah... M5 is nuts.... I'm glad I learned I don't need to do that anymore!!

Progress is inside you.... and being a consistent and profitable trader. If you can do it on M5, great, if you can do it on Daily, also great. Profit is Profit, no matter the chart it comes from!

All the best



Also... thoughts on the Indexes showing BEOBs? (Chart is S&P500 Future)

BEOB with Divergence. Recent High. Counter Trend. Maybe see trouble at pink (really close) but could get to orange before seeing trouble.
Not taking it (counter trend breaks my rules) but interested in another point of view.
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  • #49,192
  • Dec 4, 2009 12:25am Dec 4, 2009 12:25am
Quoting mbqb11
Hey Shephrd

My exit methods are based on each individual trade situation. They vary greatly. For some more insights this post might help you

http://www.forexfactory.com/showpost...ostcount=36491

The times I will really hold on are on major major reversals. These are huge bars or the perfect bar in the perfect location.

Hope that post helps give you more of an idea

Mike


Awesome, awesome post. Everyone should read this... this realy clarified alot for me in regards to managing different setups (Don't be a hero... DON'T BE A HERO!)

Thanks Mike
  • #49,193
  • Dec 4, 2009 12:30am Dec 4, 2009 12:30am
Hi guys,

I haven't been here for a while despite reading the whole J16 thread, which I really enjoyed.

I'm familiar with the price setups and everything but I wonder if in the meantime (like 8 months or so) anything new was added to the original method?

I hope not. But I'm just curious.

Thanks and have a great day!
  • #49,194
  • Dec 4, 2009 12:39am Dec 4, 2009 12:39am
Quoting Musanto
I wonder why in this thread people still jumping between pairs, tf and not focussing trade on one pair and one smaller tf like m5 like James.
Why still no progress ,after all this year I see no one here trade in m5 ?
Many reasons, but here are a few.

1) You assume that trading a 5m chart is the same as trading a 1hr chart. It isnt. The market dynamics are very different. What works in one market doesnt necessarily work in others. More on this later. Of course, some things still do - but why limit the tools available? Continuing this point, if we can see that the timeframes lead to different dynamics, that means you need to change the way you trade. Which means that 'focussing' on one pair and smaller timeframes doesnt really add as much benefit as you think.

Can you learn to trade a new timeframe, based on the tools and skills you have? Sure. Of course you can. But you have to trade differently for each one. And if you dont, you will lose.

2) You assume that 'jumping between pairs' is a drawback, and that 'drilling down into one pair' is a positive. Following on from (1), you can see that this is actually backwards. Trading different charts on the same timeframe is easy, because you can use the same skills and tools that you have worked on. Trading different timeframes on the same chart, on the other hand, is counter productive. The best way to get more setups is to trade more charts, not smaller ones.

3) You assume that one could 'catch all movements', ie somehow net the day's volatility. You cant, because you only trade certain setups. So by dropping to the m5, you effectively limit yourself to catching small moves, as opposed to big ones, and they dont necessarily appear more often. Why? Because small market moves are part of big market moves. They arent an independent entity. Going from the h1 to m5 might get you 12 times more bars, but it doesnt get you 12 times more setups.

4) As discussed in (1), you assume that smaller timeframes are the same as larger ones. They arent. As your timeframe decreases, the signal:noise ratio gets higher. Why? Because it takes smaller orders to move the market x% of the bar you are looking at. Following that, we can conclude that the bar shapes you see on lower timeframes are less significant than those on a higher timeframe. So, combined with (3), we would be catching smaller moves with lower confidence. Awesome.

5) Most importantly, you assume that people here want to trade the 5m. The vast majority of us do not, because we have jobs, social lives, families, etc. Most of us would much rather do other things than stare at the screen all day.

In short, the reason you seeing more people 'progress' from higher timeframes to the m5 chart is because it was never the goal of learning or trading the method. Some people might have ended up there, whether by chance or otherwise, but it isnt like there is some kind of progression we are all trying to move along.

Have a nice weekend all
When you have to shoot, shoot. Dont talk.
  • #49,195
  • Dec 4, 2009 12:54am Dec 4, 2009 12:54am
Quoting hendrix
Hi guys,
...
I'm familiar with the price setups and everything but I wonder if in the meantime (like 8 months or so) anything new was added to the original method?
I hope not. But I'm just curious...
Greetings Sir

i believe the original method has stayed the same: it's universal & flexible.

"minor" (possibly non-relevant) changes could be the following:
-more traders reading the thread & learning from it
-several people have 'adopted' the use of RSI6 for divergence detection ("propagated" by Ryanmcd); Jankone took it further by focusing on it (along with MA's & Bollinger Band) as seen in his M5 thread (which i mentioned in my previous post).

  • #49,196
  • Dec 4, 2009 1:20am Dec 4, 2009 1:20am
Quoting atclarkson
...
Also... thoughts on the Indexes showing BEOBs? (Chart is S&P500 Future)
BEOB with Divergence. Recent High. Counter Trend. Maybe see trouble at pink (really close) but could get to orange before seeing trouble.
Not taking it (counter trend breaks my rules) but interested in another point of view.
just some 'quick' thoughts.. looking exclusively at your chart

pretty nice divergence. a bigger BEOB is preferable, though.

taking into account the holiday season &/or low(?) liquidity, we may start ranging towards the orange line, towards the pinbar (5bars ago), or towards the red(?) MA

alternative scenario could be price goes to new highs (higher than that posted chart's highs; possibly a newer high with further divergence on that MACD) or break below the red & white MA's, possibly due to low(?) liquidity at these times.
  • #49,197
  • Dec 4, 2009 1:25am Dec 4, 2009 1:25am
Greeting to you too, Sir.

Thanks for the info! Was just curious if anything changed in times of Great Financial Crisis.

Bye!

Quoting supremeChaos
Greetings Sir

i believe the original method has stayed the same: it's universal & flexible.

"minor" (possibly non-relevant) changes could be the following:
-more traders reading the thread & learning from it
-several people have 'adopted' the use of RSI6 for divergence detection ("propagated" by Ryanmcd); Jankone took it further by focusing on it (along with MA's & Bollinger Band) as seen in his M5 thread (which i mentioned in my previous post).

  • #49,198
  • Dec 4, 2009 1:27am Dec 4, 2009 1:27am
Is any body using an indicator for alerts for BEOB's and BUOB's. I am using this one but its not working well.

I am not concerned about the quality of the Bars here like if they are on swing high or engulfing the previous one.

The indicator should notify whenever there is bar thats high is higher and low is lower then previous bar.

thanks
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  • #49,199
  • Dec 4, 2009 3:15am Dec 4, 2009 3:15am
Breakout+retrace+PA
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  • #49,200
  • Dec 4, 2009 3:20am Dec 4, 2009 3:20am
Stupid question, if you guys don't mind answering. What happends if I am in a play and the spread widens drastically? Does this effect me in any way? Never had a position open during nfp, and a bit scared.
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