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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

  • #54,301
  • Feb 7, 2010 1:21am Feb 7, 2010 1:21am
Quoting Asmodeus8
Hi

I'm fairly new to trading, I've been lurking the whole thread for some time right now. I would like to post a chart and ask about you comments.

I see daily hammer, with divergence, minor support,365 MA and 23 Fibb retracement.

Does this setup is not screaming trade what you see not what you expect?
Hey Asmo

Here was a terrific post from Benji that I could have felt I wrote myself

http://www.forexfactory.com/showpost...ostcount=54259

I like the way you are looking and the bars. This could turn out terrific, but the area Benji pointed out is an important piece to the puzzle no matter if you trade it or don't.

Let us know if this makes sense

Mike
  • #54,302
  • Feb 7, 2010 4:20am Feb 7, 2010 4:20am
Hello everybody,

What do you think of this setup ?
AU daily / pinbar (short nose...) / confluence with EMA 200 and trendline / low RSI
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  • #54,303
  • Feb 7, 2010 5:18am Feb 7, 2010 5:18am
Quoting ts63
Hello everybody,

What do you think of this setup ?
AU daily / pinbar (short nose...) / confluence with EMA 200 and trendline / low RSI
Pass!
  • #54,304
  • Feb 7, 2010 6:30am Feb 7, 2010 6:30am
Quoting KissFan
Maybe I'm odd, but when someone says that I can't do something it motivates me like nothing else....

Do you still have the same accountant?
  • #54,305
  • Feb 7, 2010 6:38am Feb 7, 2010 6:38am
The following video shows from the begin until 4:40 how a former Israel Special Forces commando overcomes physical barriers by adjusting his mindset.

Inserted Video


But how do special forces soldiers relate to traders?

I believe we both have been trained to consistantly perform better than the average soldier/trader does. And to do that we both use unusual tactics. How often do you hear the bankers and fund managers on CNCB and Bloomberg talk about pinbars, price pivot zones and divergence?

To the industry standards it's impossible to gain 4% a month no matter what the market does. I do believe it is possible. The method is very simple, but our mindset is not in line with that method. That means we will need to adjust our mindset in order to work with the method.

For me this thread alone contains the valuable ingredients which have allowed me to change my mindset. Thank you all!
  • #54,306
  • Feb 7, 2010 6:53am Feb 7, 2010 6:53am
Quoting ts63
Hello everybody,

What do you think of this setup ?
AU daily / pinbar (short nose...) / confluence with EMA 200 and trendline / low RSI
What would MR.A do if he was kept in captivity in an underground dungeon for ages and he finally finds a way to escape it for good?

Rationally speaking MR.A would sure as hell want to escape and never look back.

The charts you eye ball are nothing but an artistic representation of mass psychology.

Notice what AU has been going through the past 18 weeks and what it accomplished this previous week.

Not that a long is out of question all 2010 but you seriously need a better bar at a much better location with a better set of confluences than just a moving average and an oversold oscillator.

g.
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I believe . . .
  • #54,307
  • Feb 7, 2010 8:47am Feb 7, 2010 8:47am
very nice discussion here during weekend
but as a weekend is going to finish in about few hours, i have a question about EJ setup. We have a nice looking PB on daily, going through price zone (maybe it's not so nice as it's body isnt inside previous bar body). This zone was working during 2008 and at the beginning of 2009 and i'm not sure if it could be treaten as still working, after such long time.
I'm not sure if i'm not trying to find a PPZ in place where it doesnt exist.
Second chart is just a zoom out of the first chart.

oromek
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  • #54,308
  • Feb 7, 2010 9:17am Feb 7, 2010 9:17am
Quoting o990l6mh
Do you still have the same accountant?
Haha! Of course I do. He gets to see the results of that fateful day. He is my "Ace in the hole" as we say down here in Texas. I have a few more seemingly impossible statements to make to him over the next few years. Here are some that I'll be laying on him in due course. In no particular order but equally as challenging for me as "I want to trade the spot currency market as a profitable business":
1. I want to have the intellect of Bemac.
2. I want to posses the patience of Bundyraider.
3. I want to be as picky as Fudd.
4. I want to be wise beyond my years like Mike W.
5. I want to be able to present charts as well as Dan Gilbert.
6. I want an my trading account to be at least one tenth the size of Dirt Simple's in the next five years.
7. I want to be as introspective as Seeking Light.
8. I want to see the future of price like Rac.
9. I want to be as articulate and insightful as Aaron.
10. I want to be as discerning as Jaroo.
Paying taxes for me is now bittersweet. It used to be something that I would 100% dread. I know that this is wrong and Lord forgive me but I'm just human. Mr. Accountant understands that I have this tiger by the tail now. There is a part of me that feels satisfaction in knowing that he witnessed this. Now with all this said, do I think for a second that I've "made it"? Honesty requires that I say "no" to that question. I have done exceedingly well since I started my business Nov 10th 2009. I have the right equipment (battery back-ups, broker ph #'s two separate internet connections through different providers, laptop on standby etc etc...) I will do my family a horrible disservice to rest on the success I have had since Nov 10th 2009. My forex trading business experience is weak. I harken back to my years at home as a boy. I can still hear what my dad would tell me when I would get early confidence on a matter. He
would say "boy! you are still shittin' yellow". The translation for those who don't understand in other countries is "It's just too early for you to really know." Every day is a new one. Every day is one that I could do something stupid. I posted two losing trades this past week in my journal. Grateful for the losses am I. They show me that I am still learning. They show me to trade what I understand and demo what I do not. I promise myself that I will rise daily and tell myself that I am doing well but I have a long, long way to go. What I believe gets me to the next lesson. What I know is just this side of nothing.

K.I.S.S.
  • #54,309
  • Feb 7, 2010 9:18am Feb 7, 2010 9:18am
Looks interesting, as do the two prior beob's. Similar setup on CADJPY.
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  • #54,310
  • Feb 7, 2010 9:32am Feb 7, 2010 9:32am


Quoting KissFan
Haha!...
  • #54,311
  • Feb 7, 2010 10:14am Feb 7, 2010 10:14am
Hi All

I am at the stage where I am much more confident in determining good entries but am really struggling with the management once in the trade.
I don't like to move to BE too quickly but I seem to be in a constant cycle of taking full bar losses when I leave my stop at the other end of the PA and then when I do move to BE more quickly my stop is hit only too see the trade carry on in the anticipated direction.

This has been discussed many times but I think the only way is to work it out myself but after seeing Dan Gilberts post earlier where he had taken losses on UsdCad and NsdUsd and then was 'scared' to take the next obvious trade I realised that this is what is also affecting me.

I too took a full bar loss on UsdCad Daily from 01 Feb and then that evening there was a beautiful EurUsd IB on 1H at the 1.3750 PPZ. With the UsdCad loss still in my mind I thought I'm not taking another loss and moved my stop too quickly. Had I left my stop on the other side of the PA like I had planned this trade would more than paid for a couple of previous losses.

It seems that I am relying too much on discretion and am not experienced enough yet to trade with so much discretion. I need more of a rigid plan as I cannot monitor my trades closely during the day. The led me to put in some extra chart time today so wanted to share what I found. This may be obvious to some/most here but i needed to go though this again for myself. I took GbpUsd Daily from the beginning of 2009 and just looked for the most obvious Pin bars and BEOB/BUOBs. I looked for those bars that were the most obvious (You know the ones that James/Jarroo/Mike etc rant about).

There were not too many very obvious ones over this time. About 12 or 13. I was looking for the bars that would make at least 1:1 and there were only 2 that would have just broken and then turned for a full bar loss. The rest would have all been winners and some had quite good runs. Some shot off with little drawdown but some went for a good amount of pips before retracing back past the BE point. One could have stayed in these trades by reducing risk by either moving the stop to the left eye or above/below the bar that triggered the trade (bar break).

This has been an interesting exercise which I had not done for some time. If anything it should give me the confidence to take trades that fit my criteria and also to stick to my plan instead of my plan being affected by a previuos trades outcome. It also reinforces that the big obvious bars do work with a high percentage. I am going to go through this exercise with a couple of other pairs.

Sorry about the long post but I think I needed to write this down and hopefully there are some others in this situation that may benefit or indeed provide feedback.

Leon
  • #54,312
  • Feb 7, 2010 10:34am Feb 7, 2010 10:34am
Quoting mbqb11
Hey Asmo

Here was a terrific post from Benji that I could have felt I wrote myself

http://www.forexfactory.com/showpost...ostcount=54259

I like the way you are looking and the bars. This could turn out terrific, but the area Benji pointed out is an important piece to the puzzle no matter if you trade it or don't.

Let us know if this makes sense

Mike
Thanks

I understand that I should wait for pull-back a retest.
  • #54,313
  • Feb 7, 2010 10:45am Feb 7, 2010 10:45am
Quoting ljr
Hi All

I am at the stage where I am much more confident in determining good entries but am really struggling with the management once in the trade.
I don't like to move to BE too quickly but I seem to be in a constant cycle of taking full bar losses when I leave my stop at the other end of the PA and then when I do move to BE more quickly my stop is hit only too see the trade carry on in the anticipated direction.

This has been discussed many times but I think the only way is to work it out myself but after seeing Dan Gilberts post earlier where...
Same problem for me lately exactly. Move to B/E, B/E gets hit, trade then runs and runs and runs. To some, this isn't a big deal, they could really careless. To me, it sucks. I can't stand to wait days for a great trade only to have this happen to me. In the past, I would use the DIBS method. Take a partial profit at the first trouble area, use it against my stop, it worked wonderfully. Then I started to get greedy, never wanting to take any off the table until the trade was in huge profit. This has left me with some very inconsistant results, which again, some could careless about, but it really bothered me. I've decided lately that I will again go back to this method, as it really worked well, and was a lot more enjoyable for me to trade. I will take some partial profits at the first minor trouble area, use those pips to hide my trade behind a minor PPZ, and achieve more consistant profits. It may hurt my bottom line a bit, but I'm finding I'd rather take a hit to my bottom line, then to be driven mad by constant B/E trades, and inconsistant results. Just a suggestion, I guess its all about what suits the trader, both ways have their pros and cons. Hope that helps.
  • #54,314
  • Feb 7, 2010 11:18am Feb 7, 2010 11:18am
I have recently come across this thread and I personally think it looks very interesting. I'm thinking of joining james16 group and learn/trade with other james 16 group members but not sure whether I should first spend 3-4 months reading all the posts in this thread or join the group and learn from the members area.

Anyone got any suggestions or ideas? Please let me know.

thanks
  • #54,315
  • Feb 7, 2010 11:18am Feb 7, 2010 11:18am
Quoting Jlr
Same problem for me lately exactly. Move to B/E, B/E gets hit, trade then runs and runs and runs. To some, this isn't a big deal, they could really careless. To me, it sucks. I can't stand to wait days for a great trade only to have this happen to me. In the past, I would use the DIBS method. Take a partial profit at the first trouble area, use it against my stop, it worked wonderfully. Then I started to get greedy, never wanting to take any off the table until the trade was in huge profit. This has left me with some very inconsistant results, which...


This does make a lot of sense and Jarroo has discussed this a number of times. What I battle with is determining under what circumstances to do this so maybe this sort of thing should be a hard rule for all trades which should bring consistancy.

I still don't like moving my stop to a predefined place though. I prefer to move it behind a S/R area, a logical place in the market. If the 1st area was say 50 pips aways and then you move your stop 50 pips to the other side. What if there was a S/R area 60 pips away. There is a good chance your stop could be hit and then the price still heads off in the correct direction.

Moving behind a S/R area will still result in some losses but these should mostly be substantially smaller than a full bar. Its just getting the brain to accept these smaller losses. I know many say a BE trade ( where BE = entry ) is a win and I do agree to some extent but it does seriously limit some trades that end up moving in the anticipated direction.

Thanks for the reply it does help and gives me more to think about.

Leon
  • #54,316
  • Feb 7, 2010 11:45am Feb 7, 2010 11:45am
Quoting ljr
This does make a lot of sense and Jarroo has discussed this a number of times. What I battle with is determining under what circumstances to do this so maybe this sort of thing should be a hard rule for all trades which should bring consistancy.

I still don't like moving my stop to a predefined place though. I prefer to move it behind a S/R area, a logical place in the market. If the 1st area was say 50 pips aways and then you move your stop 50 pips to the other side. What if there was a S/R area 60 pips away. There is a good chance your stop...
You could, for instance, determine the first trouble area to be 60 pips away, while the first area of protection may be, say, 80 pips beyond your entry for protection. You could then figure out how much you'd have to take off the table, to be able to protect yourself, and still be at breakeven. I used to personally just take a 1/3rd off the table, and usually would end up cutting my risk in half, or even less. I did this on "fade" type plays though, so I really never needed to take much off the table to protect myself. My entry was always the area I wanted to be protected behind, so its a little different. I agree 100 percent thats it best to be actually protected behind something, rather then just a random S/L. I think no matter what you decide, just make sure its within your comfort zone. I've found its tough, no matter how great of an idea you may have, to follow through on something, if your not comfortable doing it. Trying to adapt to something can be tough to do and has never worked well for me.
  • #54,317
  • Feb 7, 2010 1:06pm Feb 7, 2010 1:06pm
Quoting FormulaOneFa
I'm thinking of joining james16 group

I should first spend 3-4 months reading all the posts in this thread
..then..
Quote
join the group and learn from the members area.



The exception I would make to this is: if your wealth affords you to become a lifetime member without really having much of an impact, then check the material here out briefly, survey the J16 site, and, after serious weighing and consideration, if you feel this is actually how and where you want to go, commit.
You can always cancel out without a hassle if you don't like it, but you should be aware that whichever month you want to start on, be prepared to bring a LOT of time just to orient yourself.
By now the site is just exploding with stuff to read and explore


Otherwise you cannot go wrong with just trying yourself out on demo with what is shown here first and then if you feel you have the basics understood, move on over to the J16 site.

You most likely won't need all 50k++++ posts of this thread read to understand "what we are getting at", but the really core important ones will easily go into the hundreds..

The advantage here obviously is that you can get to grasp with all the basics on your own time "out here" and just see how everything feels. Then when you "step in" you already know what most of the folks are on about.
Trust price. Know yourself.
  • #54,318
  • Feb 7, 2010 1:20pm Feb 7, 2010 1:20pm
Hi !
Which Daily setups do you find interesting for tomorrow ?
AUDJPY: PB on a strong PPZ
CADCHF: PB on a strong PPZ + Round Nr (1.0), the negative is that it closed above 1.0.
GBPJPY: PB on a strong PPZ + Round Nr (140.0), the negative is that it closed below 140.0.
What do u think of those setups ? Do you see others ?
Manu
  • #54,319
  • Feb 7, 2010 4:06pm Feb 7, 2010 4:06pm
Hello guys,
just want to share some possible A setup. It's on AUDCAD daily.

+It's nice pin bar.
+FIB 50 and FIB 61.8
+at previous support
+has some space

my enter would be at 0.9355 and not on pin bar break because of resistance between 0.9335-45 marked in blue.

Target would be at 0.9450 (marked in orange)- first solid resistance I can see.
I'd go break even at 0.9415 (marked in gray) - some S and R there.

-bar could be bit bigger
-bar could be bit lower (would be round number 0.9200)

I have only 3 bullets and want to take only A+ setups, somehow I'd say this is only A. I have no trade yet this month. Am I too picky?

Thanks for any comments.

Cheers,
Mikey
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  • #54,320
  • Edited 4:51pm Feb 7, 2010 4:42pm | Edited 4:51pm
Quoting michal7
Hello guys,
just want to share some possible A setup. It's on AUDCAD daily.
I dont even see this as an A grade trade, to be honest. The main problem I have is that nose of the bar is barely protruding the noise around it. You really want price to stretch out and bash into something and be rejected (Mike uses the example of a cherry hanging from a tree) - for me, I want it to be sticking out and to be so obvious that it smacks you in the face. This one is almost hiding in the bushes.

On top of that, it is a small bar in relation to the recent move down, it backs right into a PPZ, a world of traffic and a fib (not that I really care about fibs, but I wouldnt be using it to justify this one).

Plus a few other non-chart reasons.

Not a good enough setup for me, but I can see why others might like it.

If you do trade it, I think your plan of waiting for a break of the PPZ (rather than the bar) is a wise one - much safer that way, even if you give up a tiny amount of profit.
When you have to shoot, shoot. Dont talk.
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