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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

  • #54,401
  • Feb 8, 2010 10:38pm Feb 8, 2010 10:38pm
Sorry Cory,
Hopefully this works.

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File Type: ex4 Bemac Adjusted ICCE .ex4   39 KB | 775 downloads

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File Type: mq4 Bemac Adjusted ICCE .mq4   32 KB | 854 downloads



BMc
  • #54,402
  • Feb 8, 2010 10:49pm Feb 8, 2010 10:49pm
Quoting Bemac
Sorry Cory,
Hopefully this works.

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Attachment


BMc
Works great Bemac! What an awesome tool, thanks for sharing your hard work.

Cory
  • #54,403
  • Feb 8, 2010 11:07pm Feb 8, 2010 11:07pm
Thank you very much for

Mike, Mike W, desperate, and oromek for pointing me to the books and videos.

Well since I posted this on a trading related forum I should've expected that some assumptions were made that I was stressed out because I was trading badly, well I won't lie, some of my latest trades made me a little down too, but that's not it

I was stressed in real life and about everything unrelated to trading, my personal financial situation, that's why I think I needed some realization and some courage to handle the truth.

I actually told Jim about this and he told me to go talk to Fij, I actually has just got his email today, and I'm going to read them again and again and try to experience his suggestions one by one.

Thank a lot again guys, wish me luck.
  • #54,404
  • Feb 8, 2010 11:18pm Feb 8, 2010 11:18pm
Quoting dobe_r_man
I know there are forums for this, but I'd rather hear from anyone in this group on the subject.

I am going to convert my 401(k) into a self-directed IRA to allow a much greater asset class to invest in vs. just mutual funds. I shouldn't complain too much as they did have a gold and energy fund that I got into back in late 2008 that has returned 55% YTD, but regardless I don't like the limited choices.

IB allows one to trade futures, stocks and forex from a universal account - which is a big plus. I don't know that I will trade forex from it,...
Hi Nathan, I believe you would find that, although IB will serve as a custodian for your IRA, there are a lot of limits on what you can trade and how much leverage you can use within an IRA account of that kind. You can find this information on the IB website. If you want more freedom, you can set up your IRA with a trust company custodian, then through them set up an account at any broker you like and trade however you wish. Best wishes! Nina
  • #54,405
  • Feb 8, 2010 11:38pm Feb 8, 2010 11:38pm
Quoting Bemac
Sorry Cory,
Hopefully this works.

Attachment
Attachment


BMc
Thanks buddy.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #54,406
  • Feb 8, 2010 11:56pm Feb 8, 2010 11:56pm
Quoting joelcf
although being an Australian, to me an IRA is a pissed off irishman with a balaclava

You do get some good ones in there Joel.
Indicators show the past. Price Action "Indicates" the future.
  • #54,407
  • Feb 9, 2010 12:14am Feb 9, 2010 12:14am
Quoting PipGator
Hi, marxdhr.

I can't speak for Mike, but I'll try to answer your question. Mike may have already responded by the time I finish typing this.

Mike and James have different styles of trading. The principles taught on this thread can be applied to different styles of trading. One of the most difficult parts of becoming successful using the knowledge provided here is finding how to make it fit your own personality.

For example, some traders will protect their position by moving their trade to BE quickly (and possibly taking some profits quickly)....
Quoting benji533
I'm not Mike, but here is my opinion.
Both Mike and james are pick in there own different ways.
I agree about saying James also takes less than A+++ bars if you compare it to Mike's standards. But You also must take into consideration that Jim's way of managing his trades is different than mike's.
Jim actually is "day trading off the daily chart". And again, it comes back to account size. For Jim, when 30-50 pips worth around 20K (or whatever)
Ben
These great posts are excellent examples on the different styles one can use on varing degrees of quailty of PA setups.

One only has to go through Mike's posts and videos to get a fanastic understanding of the structure and reasoning behind a high quality A+ Price Action setup. You know I did.

I would like to give some examples that I used that have helped me grow as a trader, but still allowed me to grow my account.
Indicators show the past. Price Action "Indicates" the future.
  • #54,408
  • Edited 1:45am Feb 9, 2010 12:56am | Edited 1:45am
Quoting jarroo
These great posts are excellent examples on the different styles one can use on varing degrees of quailty of PA setups.

One only has to go through Mike's posts and videos to get a fanastic understanding of the structure and reasoning behind a high quality A+ Price Action setup. You know I did.

I would like to give some examples that I used that have helped me grow as a trader, but still allowed me to grow my account.

This two trades on the Daily Gbp/Usd, Outside Bars in Oct 2009 probably sum up my approach pretty damn good.

This is a general, yet every effective, approach that allows you to trade a high quality setup or a not so high quality setup while you still adhereing to the number one rule in trading (imo) . . .don't lose money not even demo money.

Its pretty simple and is spoken about every often of this thread. But I believe it is a great way when your starting out with the James16 way trading . (really . . . is there any other way trading? lol)

Rule #1. When price reaches the 1st trouble area you move to break even . . .or . . take half off and move to break even . . or take half off and the 2nd half's stop loss is moved minus the amount gained from the 1st half i.e., DIBS free trade style. (Ex 1st half hits 36 pip 2nd half is - 36 pips giving a net zero result on the total trade.)



As you begin to study what a great setup looks and "feels" like . . . this is a great approach that will allow you to interact with a trade and makes some money at the same time ( of course, demo money).

edit:forgot to talk about the chart.
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Indicators show the past. Price Action "Indicates" the future.
  • #54,409
  • Edited 1:20am Feb 9, 2010 1:09am | Edited 1:20am
Agree with Joel above, but I also agree with Ezzy below. Let's focus on trading guys!
  • #54,410
  • Feb 9, 2010 1:17am Feb 9, 2010 1:17am
I have learned so much from following this thread. It's great to reading posts from traders using J16, some other things on this thread (which tend to be far and between) are not as useful and at times distracting to trading.

Just my two cents worth!
What you do is a reflection of you....what I do is a reflection of me.
  • #54,411
  • Edited 5:30am Feb 9, 2010 1:34am | Edited 5:30am
Quoting jarroo

edit:forgot to talk about the chart.
Let me say that I do not want to take away from the main purpose of this thread: Patiently wait for high quality A++ setups and trade only them. This has always been and continues to be our goal. The more we look at charts with this goal in mind the better we have at achieving great, long lasting results.

As each trader is different so is their style of trading, meaning one man's A+ trade can be another man's D trade. This is usually not the case with a James16 A+ setup. PPZ levels, Swing High/Lows, Size and Structure, Retracement levels, BRNs, Divergences, long term EMAs, etc., these confluences have to be apart of an A+ trade. Some parts may be stronger then the other thus reducing the quality of the setup. But these type of setups may still be tradable.

The BUOB on the Daily Gbp/Usd Oct 2009 (A) was a classic setup in my book. Was it an A+ setup? may not. But protecting yourself after the break at the 1.6000 level was a smart thing to do.

The BEOB (B) was a tough one to place at breakeven or free trade stlye. This BIG BOLD RED BAR . . .wow . . this thing is going to the drop like a ton of bricks! It is "OK" to think like that but what you do is protect yourself at the 1st troubled area (the previous Lows) PERIOD.

My point of all this . . is that once you do many trades like this and see what an A+ setup looks like compared to a B+ setup looks like your experience will grow as a trader.
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Indicators show the past. Price Action "Indicates" the future.
  • #54,412
  • Feb 9, 2010 1:47am Feb 9, 2010 1:47am
No we now have a watered down educational system where standards have fallen to accomodate the poorest performers. Employers in the UK now struggle to find literate and numerate graduates (as these have become a dime a dozen) whilst students from ex colonies (including West Indies) are in dismay when they come to the UK at just how low standards have dropped.

As for the Texan cowboy mentality ... I'm all for it! I abhor too much power in the hands of bureaucrats that represent interest groups and not the underlying population ..... Sheesh the way things are gowing we will soon have a global government that will tax us to the hilt (see Tobin tax)

Wake up Rasta and smell the coffee!

Quoting Rastaman
Skipped out, or were thrown out?

The Latter I believe.

Here we go again with Texan cowboy mentality combined with British redneks, I honestly don't know which is worse.


Must be great to live in a country where people go into schools and shoot kids for fun. At least we are fortunate enough to not have that in the UK, probably because we sent them all to America. Haaaa


Open your eyes and wake up people.
  • #54,413
  • Feb 9, 2010 2:00am Feb 9, 2010 2:00am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hey, jarroo, this is very inspiring, the backbone of any trading style of Jim16 methodology,serves quite a good baseline point upon which one could develop into his/her own rifles. I'd be more than happy to align my mentality to this and get the things done as you seniors have been doing.
thanks, man


Quoting jarroo
Let me say that I do not want to take away from the main purpose of this thread: Patiently wait for high quality A++ setups and trade only them. This has always been and continues to be our goal. The more we look at charts with this goal in mind the better we have at achieveing great, long lasting results.

As each trader is different so is their style of trading, meaning one man's A+ trade can be another man's D trade. This is usually not the case with a James16 A+ setup. PPZ levels, Swing High/Lows, Size and Structure, Retracement levels, Divergences,...
  • #54,414
  • Feb 9, 2010 2:16am Feb 9, 2010 2:16am
Quoting krue
Hey, jarroo, this is very inspiring, the backbone of any trading style of Jim16 methodology,serves quite a good baseline point upon which one could develop into his/her own rifles. I'd be more than happy to align my mentality to this and get the things done as you seniors have been doing.
thanks, man

Thanks krue.

It is more inline with how James16 trades. But over time, with practise, the true A+ trades that Mike talks about and teaches becomes easier to identifiy. For me, it was trading in this matter that gave me confidence to allow more leeway when an A+ presented itself.
Indicators show the past. Price Action "Indicates" the future.
  • #54,415
  • Feb 9, 2010 2:36am Feb 9, 2010 2:36am
To Jim (Jarroo):
It s not that chart I wanted to post, so it is just an ea chart.
So, price moved 30p in Your way, still 30 more to reach 1st TP, very curious What is Your 'to do'?
1, nothing
2, move SL TEMPORARY to BE
3, take half
4, sthing else
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  • #54,416
  • Feb 9, 2010 2:51am Feb 9, 2010 2:51am
Quoting Prof Hunter
To Jim (Jarroo):
It s not that chart I wanted to post, so it is just an ea chart.
So, price moved 30p in Your way, still 30 more to reach 1st TP, very curious What is Your 'to do'?
1, nothing
2, move SL TEMPORARY to BE
3, take half
4, sthing else

First off the size is small and the 1.6000 is an obvious barrier. Swing low could be lower. So not an A+ setup.

Moving to break even after 30 pips is not a bad way to go due to the traffic highlighted in purple. Once the main target was hit (in blue) I would have taken half off and the 2nd half just below the 1.6000.

No way would I have taken a loss on this one , if i took it.
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Indicators show the past. Price Action "Indicates" the future.
  • #54,417
  • Feb 9, 2010 3:04am Feb 9, 2010 3:04am
Quoting jarroo
First off the size is small and the 1.6000 is an obvious barrier. Swing low could be lower. So not an A+ setup.
This is why I told, it is just an ea chart. So let assume it s lower and closed over the big barrier, and A or A+ setup.
Would You give than more leeway?I Mean: would You manage it differently, than?
  • #54,418
  • Feb 9, 2010 3:07am Feb 9, 2010 3:07am
Quoting joelcf
http://en.wikipedia.org/wiki/Dunblane_massacre

Better to remain silent and be thought a fool than to speak out and remove all doubt - a famous American. Take his advice.
Nice one! (speaking as a Brit)

Jeremy
  • #54,419
  • Feb 9, 2010 3:10am Feb 9, 2010 3:10am
Quoting jarroo
Hell no . . . . 1.3500 1st then maybe 1.4000. or then maybe 1.3000

we have the same feelings 1.35 and then 1.300

The 1.4 is too optimistic,as I'm concern, but if the market prove me wrong I know where I should exit and still be in profit.

I don't know for sure if she will continue to fall or is on corrective recovery mode,is all about probabilityes,but I have learned a valuable lesson which is alwyas reduce your risk and to accept when you are wrong and move on to the next trade,but till then I trade my plan.

I still think the the euro is busted not that the dollar have shows much strenght,is for sure that the dollar side have their problem too,and the euro recovery will be slowly but not now,is not yet the time.

or again I could be totally wrong

all the best
  • #54,420
  • Feb 9, 2010 3:16am Feb 9, 2010 3:16am
Quoting Prof Hunter
This is why I told, it is just an ea chart. So let assume it s lower and closed over the big barrier, and A or A+ setup.
Would You give than more leeway?I Mean: would You manage it differently, than?
Probably would give it more leeway. It would have to be a big bold setup. I am always thinking and plotting ways to reduce or eliminate my risk on a trade. While still allowing room for it to move and run.

The cool thing about A+ trades is they tend to run and/or move strongly (or continiously) in your direction after the break. So when they don't move in that way. . . .something else is happening. . . so I better protect myself.
Indicators show the past. Price Action "Indicates" the future.
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