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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

  • #53,381
  • Jan 29, 2010 12:33pm Jan 29, 2010 12:33pm
Quoting lovejoy80
No economic data...it is pretty well known that the SNB intervene in their currency when it appreciates too much...look at a chart of the EUR / CHF on the daily and you can see how ugly that chart is and where the spikes have occurred in the past.
Thanks for the correction. I really need to prevent myself from talking fundamentals...not my strong side
  • #53,382
  • Jan 29, 2010 12:44pm Jan 29, 2010 12:44pm
Quoting mike w
That's it man. Here's how I play pins anymore; I trade the break down to the first trouble area, in this case 1.6900 for me. After that, I just place an entry at the 50% fib of the original pin with a stop above the 61.8. That second trade is what will give off most of the runners IMO- at the same time it sometimes doesn't show up which is fine.

I'll be trading this one to 1.6750-75 area now that we've seen the 50% retracement and hold down of price. If it runs up again, I get stopped out and have a better inkling on price movement in the direct...
Yeah as a re-entry position after the 1st traget taken and closed. That too. I was taking about stop loss placement on the 2nd half.

I like the way you think Mike.
Indicators show the past. Price Action "Indicates" the future.
  • #53,383
  • Jan 29, 2010 1:15pm Jan 29, 2010 1:15pm
Quoting jarroo
Yeah as a re-entry position after the 1st traget taken and closed. That too. I was taking about stop loss placement on the 2nd half.

I like the way you think Mike.
I like it also but it's very possible to get a runner directly on the first break, so It's also possible to move S/L to BE (and maybe close half) when the first trouble zone is reached, and if it retrace inside the 50fib of the previous bar, take it again at the retrace (50fib). Seems to be a good compromise.
If it closes like a Daily Bullish Pinbar (as actually), would you consider this as a signal to close the trade ?
  • #53,384
  • Jan 29, 2010 1:24pm Jan 29, 2010 1:24pm
Quoting djmanu
I like it also but it's very possible to get a runner directly on the first break, so It's also possible to move S/L to BE (and maybe close half) when the first trouble zone is reached, and if it retrace inside the 50fib of the previous bar, take it again at the retrace (50fib). Seems to be a good compromise.
If it closes like a Daily Bullish Pinbar (as actually), would you consider this as a signal to close the trade ?

Not necessarily.

Let me ask you this . .if the current Daily bar closed just like it is now, as a Bullish PB, would you consider this an A+ trade? No. It's not at swing Low, no confluences that are obvious, etc. It looks more like an IPB, which would work in our favor.

Now holding over the weekend is a different story. I would want more pips under my belt to do that.
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Indicators show the past. Price Action "Indicates" the future.
  • #53,385
  • Jan 29, 2010 1:40pm Jan 29, 2010 1:40pm
Quoting jarroo
Not necessarily.

...Now holding over the weekend is a different story. I would want more pips under my belt to do that.

Can you elaborate on that statement?

Nathan
  • #53,386
  • Edited Jan 30, 2010 10:42am Jan 29, 2010 1:46pm | Edited Jan 30, 2010 10:42am
Quoting dobe_r_man
Can you elaborate on that statement?

Nathan

If I'm in trade at week's end with say 40 pips in profit, I will close the order. Because who knows what could shake loose over the weekend. If I felt strong about my position and things remain that same early Monday morning, I would simply re-enter my position.

If I was in profit say 140 pips I would hold over the weekend. Stops in place , of course.
Indicators show the past. Price Action "Indicates" the future.
  • #53,387
  • Jan 29, 2010 1:54pm Jan 29, 2010 1:54pm
Quoting jarroo
If I'm in trade at week's end with say 40 pips in profit, I will close the order. Because who knows what could shake loose over the weekend. If I felt strong about my position and things remain that same early Monday morning, I would simple re-enter my position.

If I was in profit say 140 pips I would hold over the weekend. Stops in place , of course.
Thanks for the clarification, that makes more sense now.
  • #53,388
  • Jan 29, 2010 1:57pm Jan 29, 2010 1:57pm
Quoting dobe_r_man
Thanks for the clarification, that makes more sense now.

I'm still in this one, not closing it just yet.
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Indicators show the past. Price Action "Indicates" the future.
  • #53,389
  • Jan 29, 2010 2:16pm Jan 29, 2010 2:16pm
Quoting mike w
That's it man....
I took partial profits for both my EURGBP and GBPCHF trades, and got stopped out at BE... wow mike, why didn't I think of that? great idea, thank you for sharing this
  • #53,390
  • Jan 29, 2010 2:37pm Jan 29, 2010 2:37pm
Quoting lovejoy80
Just to add my 0.02p if I may...the size of your account IMO should not affect the style of your trading i.e. if you move to BE at first PPZ area on a trade then this should apply regardless of the size. The type of setups you take ie. your trade plan again should not change...you have to dissaccosiate yourself away from the money at stake and focus on trading your plan regardless of the quantums involved. If you are using proper risk management then you should not feel different whether you are trading a small or large account...being emotionless...

In an ideal world yes we would be emotionless. But when you go from 10cents a pip to 10$ a pip things change, let alone 10$ a pip to 2000$ a pip. Were talking serious bones and thus ones methods will most likely shift. I have seen it myself and were not even talking about any serious bank yet. No one wants to go through the fluctuations as much when you are putting more serious money on the line. Someone who makes 70% a year with a 40% possible max drawdown is fine with that on their 10k account, make that account 1million and lets talk Most people as they grow look for ways to smooth their equity curve and this usually means giving up %R for the tradeoff of being able to sleep at night lol(this is where some changes occur, and where no one is risking 4-5% of their account and taking full bar losses with a large account).

Again are you "technically" right. That nothing is changing(aside from things like slippage on bigger orders etc), yes. But is it the reality? Hasn't been from my experience and from those that I know doing this awhile.

Just my 2 cents

Mike
  • #53,391
  • Jan 29, 2010 2:44pm Jan 29, 2010 2:44pm
Can some of ye on here give the low down on the j16 methods of trading,
Do ye trade one pair or several pair,
Is it longer term trading or -h1 type trading
Are ye given signals including explanations
How many trades a week are ye averaging,and what size s/ls and t/ps are ye useing.
And lastly what type of yearly % is it returning with 2% per tràde.

I'm sorry for all the questions but i'm considering joining ye.

Regards

Arrow
  • #53,392
  • Jan 29, 2010 2:45pm Jan 29, 2010 2:45pm
Quoting Cbh123
Hi Raczek,

Thanks for sharing your knowledge so often. I was wondering what you think of the 1.3750 area as a possible turn-around point. I have a 50 fib, and a 61 fib, as well as a strong PPZ there, so it seems like it'd be a great spot to see some nice PA.

Thanks,

Cory

3750 looks good, 3675 looks perfect

Quoting marcelnyo
... I better change something and try harder, don't worry rac, I'll make it!

I'm feeling a little sensitive today because of some problems, please don't take this post in a bad way, because I really do felt like I had to change something in my trading or else I might not achieve anything.

and I'm blogging again... ok, back to the drawing board.
for sure you will, marcelnyo.
I was referring to some people, who flooded me with PMs asking to turn 100$ into 1mil overnight or those who take %30 risk per trade...
There is no shortcuts. Why do you think, it took Jim 15 years or so to make it?
You can win many small battles, but only won war matters.
  • #53,393
  • Jan 29, 2010 2:52pm Jan 29, 2010 2:52pm
Quoting arrowloopboy
Can some of ye on here give the low down on the j16 methods of trading,
Do ye trade one pair or several pair,
Is it longer term trading or -h1 type trading
Are ye given signals including explanations
How many trades a week are ye averaging,and what size s/ls and t/ps are ye useing.
And lastly what type of yearly % is it returning with 2% per tràde.

I'm sorry for all the questions but i'm considering joining ye.

Regards

Arrow
Hi arrowloopboy, welcome to our thread.

I could just answer your questions from my prespective of the method, but it would defeat the purpose of the thread, let alone to put weight on my words or anyone's that is, to make a decision of joining, or not to join J16 Group.

It's best to read the thread from the beginning, there's a summary thread by Jduester that is very useful if you want to know the gist of the J16 method, read the posts there, it won't take more than a few hours to finish the summary, then after that if you're interested in the method, I strongly suggest reading the thread from the beginning, like a book.

Remember there's a large disclaimer in the top of the summary thread, and it is true, nothing beats reading this whole thing from page 1 to end.

Hope that helps, and I hope you'll be participating soon.

M.
  • #53,394
  • Jan 29, 2010 3:03pm Jan 29, 2010 3:03pm
Quoting raczekfx
for sure you will, marcelnyo.
I was referring to some people, who flooded me with PMs asking to turn 100$ into 1mil overnight or those who take %30 risk per trade...
There is no shortcuts. Why do you think, it took Jim 15 years or so to make it?
You can win many small battles, but only won war matters.
Much obliged rac, that meant a lot, I've been here for a year or so, and I believe deep down I already knew that there aren't any shortcuts, but occasionally those little squiggly roads with thousands of promises are there to be found, that's why we have each other here I think, to remind ourselves time to time, that we could still take the right path.

Have a great weekend.

Marcel.
  • #53,395
  • Edited 3:07pm Jan 29, 2010 3:07pm | Edited 3:07pm
Quoting Cbh123
This is what I'm watching for dailies today DJmanu. I'm not sure if I'll take it yet, but here are the positives I see:

1. Bounce of TL
2. PPZ/Round number at 143.50
3. 61.8 fib (Rac's favorite! )
4. Minor RSI divergence (not on chart)

Negatives:
1. Trading into PPZ at 146.5/147.00, would definitely move to B/E and take some off here if not earlier.
2. Quite a bit of traffic
3. Bar doesn't stick out much from previous bar
4. the PB isn't too big


NOTE: THIS IS NOT A TRADE RECOMMENDATION, AND IS JUST FOR DISCUSSION. ...
Hi Cory:

Thanks for sharing your chart. I am very new here so I have a question more than a comment. I am having difficulty seeing the entry. The last bar on your chart does not look like an A++ pin bar so I am wondering whether you are taking a more questionable pin bar set up here or whether I am just failing to see it as A++ because I am new. I understand that there seems to be a lot of support so maybe the bar itself does not have to be A++.
If I'm missing anything anyone, please comment! I'm here to learn.
  • #53,396
  • Jan 29, 2010 3:08pm Jan 29, 2010 3:08pm
Knowing where to move your stops.

I am happy to say I'm still in this trade. I still have confidence in it. the maroon box is more or less "pointing" at why I had my stop moved to where it is now.
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Many choose unhappiness over uncertainty.
  • #53,397
  • Jan 29, 2010 3:12pm Jan 29, 2010 3:12pm
Quoting mbqb11
In an ideal world yes we would be emotionless. But when you go from 10cents a pip to 10$ a pip things change, let alone 10$ a pip to 2000$ a pip.

Again are you "technically" right. That nothing is changing(aside from things like slippage on bigger orders etc), yes. But is it the reality? Hasn't been from my experience and from those that I know doing this awhile.

Just my 2 cents

Mike
I'm not a very religious guy but while reading mike's post and jarroo's answer about being a believer after you've experienced the monster moves yourself, I remembered the passage of Jesus and Thomas the apostle from my catholic elementary school days.

Jesus said to Thomas, "Because you have seen me, you have believed. Blessed are those who have not seen, and have believed."

I won't let the market say that to me.
  • #53,398
  • Jan 29, 2010 3:16pm Jan 29, 2010 3:16pm
Hi:

After studying all videos, pdfs, and the main links for suggested viewing in this thread, I started my first week of trading with Price Action set ups in stocks and ETFs on 15 minute charts. I am not using a demo account but only risking $20 per trade and will not move the per-trade-risk up until I am building an account consistently. I have a 150 unit bankroll ($3000) and I risk 1 unit ($20 per trade). Here are my stats after the first week of trading.

Total Trades = 8
Winners = 5
Win % = 62.5%
Total units won = +1.925 units.
Total one-week return on 150 unit bankroll = +1.28%
Total % won per $1 risked = +24.06% per trade (i.e. for every dollar risked in the method on all winning and losing trades combined, I kept the dollar and made an additional 24.06 cents).

I have achieved similar results, though slightly better, over 100 back-tested paper trades.

Could anyone, who has traded the james16 method for a while please comment on whether these results, if sustained over thousands of trades, would be considered poor, mediocre or very solid.

Thank you for considering my request.
  • #53,399
  • Jan 29, 2010 3:23pm Jan 29, 2010 3:23pm
Quoting Dan Gilbert
Knowing where to move your stops.

I am happy to say I'm still in this trade. I still have confidence in it. the maroon box is more or less "pointing" at why I had my stop moved to where it is now.
nice one Dan, i moved my stops about 2 hours before the big bullish bar so my trade is now closed... but nevertheless i took some profit at 1.69 but i still cant figure out why i havent move my stops to BE instead of putting them 10 pips higher so that now i was stopped out and took a little loss instead of being still in the trade or closing the trade on BE i cant say anything else

have a nice weekend all
  • #53,400
  • Jan 29, 2010 3:31pm Jan 29, 2010 3:31pm
Quoting ppfx
nice one Dan, i moved my stops about 2 hours before the big bullish bar so my trade is now closed... but nevertheless i took some profit at 1.69 but i still cant figure out why i havent move my stops to BE instead of putting them 10 pips higher so that now i was stopped out and took a little loss instead of being still in the trade or closing the trade on BE i cant say anything else

have a nice weekend all
ha, the one I was playing on demo, got stopped out, I had a tighter trailing on that one. still, it was stopped in profit....
Many choose unhappiness over uncertainty.
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