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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

  • #54,421
  • Feb 9, 2010 3:20am Feb 9, 2010 3:20am
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,...
Great posts - just amazing having all this help from yourself, Mike, James and everybody - really starting (I think!!) to make sense to me. Liked the weekly USD/CHF move you mentioned back in early Jan - are you still in it btw? Looks like it may be starting to bounce off 0700 PPZ? is that right? Presumably powerful weekly action is likely to drive price on the daily which is something to bear in mind I guess when considering potential runners and trouble spots?

Thanks again

Jeremy
  • #54,422
  • Feb 9, 2010 3:23am Feb 9, 2010 3:23am
Quoting jarroo
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.
continiously: How do You watch it on a Daily setup? Want to see 1H bars with higher lows (if long)?
And on a 4H setup 30M or 15M bars?
  • #54,423
  • Feb 9, 2010 3:27am Feb 9, 2010 3:27am
Quoting triger88990
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...

I'm not really good at predicting where Price is heading in the long term like Rac. or in the fundametal long term like joel.

I just like throwing curves at the Rac-man every once in awhile. just to keep him on his toes. lol


PA all the way Rules.
Indicators show the past. Price Action "Indicates" the future.
  • #54,424
  • Feb 9, 2010 3:36am Feb 9, 2010 3:36am
Quoting jspeakman
Great posts - just amazing having all this help from yourself, Mike, James and everybody - really starting (I think!!) to make sense to me. Liked the weekly USD/CHF move you mentioned back in early Jan - are you still in it btw? Looks like it may be starting to bounce off 0700 PPZ? is that right? Presumably powerful weekly action is likely to drive price on the daily which is something to bear in mind I guess when considering potential runners and trouble spots?

Thanks again

Jeremy
Yes I'm still in this trade, albeit with just half of a position. Again it was not the best A type trade so my trade management was logical. But when it broke it never looked back.

This one has been alot of fun and easy to manage. I would like to see it start to consolidate as it did in purple. I'm still looking for the 1.0900 to be reached and then see what happens.

Looking at the Weekly and Monthly charts are a must to get a good overall look to see if the martket is turnover or trending nicely.
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Indicators show the past. Price Action "Indicates" the future.
  • #54,425
  • Feb 9, 2010 3:48am Feb 9, 2010 3:48am
Quoting Prof Hunter
continiously: How do You watch it on a Daily setup? Want to see 1H bars with higher lows (if long)?
And on a 4H setup 30M or 15M bars?
On Daily and Weekly charts I may look down at the 4 hour charts. The hourly charts can be misleading but if Price is trending on the hourly after the break in a continuious manner then this is a good sign.

I rarely look at the 30m or 15m from a Daily setup.
Indicators show the past. Price Action "Indicates" the future.
  • #54,426
  • Feb 9, 2010 4:05am Feb 9, 2010 4:05am
Quoting jarroo
On Daily and Weekly charts I may look down at the 4 hour charts. The hourly charts can be misleading but if Price is trending on the hourly after the break in a continuious manner then this is a good sign.

I rarely look at the 30m or 15m from a Daily setup.
Thank You, Jim!
  • #54,427
  • Feb 9, 2010 4:06am Feb 9, 2010 4:06am
Quoting Prof Hunter
Thank You, Jim!
Your welcome PH. Keep those charts coming.
Indicators show the past. Price Action "Indicates" the future.
  • #54,428
  • Feb 9, 2010 4:11am Feb 9, 2010 4:11am
don't know what I was doing but I didn't take the PB off 1.71-70, but could manage to re-enter from 4h chart after a nice pullback

all the story is on the chart

those of you how catch the move from the top you will be happy next stop 1.63

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  • #54,429
  • Feb 9, 2010 4:20am Feb 9, 2010 4:20am
Quoting triger88990
don't know what I was doing but I didn't take the PB off 1.71-70, but could manage to re-enter from 4h chart after a nice pullback

all the story is on the chart

those of you how catch the move from the top you will be happy next stop 1.63
Yeah I saw it. Didn't trade it. Technically a BEOB but I'm not going to split hairs with you. lol. It had a nice break yesterday and then sat around the break all day retesting.

You got love those big bold bars as Mike would say.
Indicators show the past. Price Action "Indicates" the future.
  • #54,430
  • Feb 9, 2010 4:34am Feb 9, 2010 4:34am
The Weekly Usd/Jpy BEOB. Retracing to the 90.00 BRN.

Didn't we see a chart from James16 recently that is similar to this one?

Easy small risk trade in my book ( and the big guy's too.)

Mike W will like that the 90.00 is right at the 50% ret. of the BEOB
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Indicators show the past. Price Action "Indicates" the future.
  • #54,431
  • Feb 9, 2010 5:39am Feb 9, 2010 5:39am
Quoting jarroo
The Weekly Usd/Jpy BEOB. Retracing to the 90.00 BRN.

Didn't we see a chart from James16 recently that is similar to this one?

Easy small risk trade in my book ( and the big guy's too.)

Mike W will like that the 90.00 is right at the 50% ret. of the BEOB
where is your stop in this trade?
Wellcome to the good life!
  • #54,432
  • Feb 9, 2010 5:46am Feb 9, 2010 5:46am
Quoting yarin
where is your stop in this trade?
Where would my stop be on this type of touch trade? Probably 20 - 30 pips above the 90.00 would be one way to trade it.

Another way (safer way) would be to wait for some bearish PA on say the 4 hour or hourly off the 90.00 and then place my stop loss just above that given setup.
Indicators show the past. Price Action "Indicates" the future.
  • #54,433
  • Feb 9, 2010 5:59am Feb 9, 2010 5:59am
Quoting jarroo
Another way (safer way) would be to wait for some bearish PA on say the 4 hour or hourly off the 90.00 and then place my stop loss just above that given setup.
Here is a chart example of the "safer way" on the same type setup on the Daily Chf/Jpy BEOB. Price break a little and then retraces to the round number 86.00. we then look for bearish PA on the 4 hour chart (in green).
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Indicators show the past. Price Action "Indicates" the future.
  • #54,434
  • Feb 9, 2010 6:26am Feb 9, 2010 6:26am
Quoting jarroo
Here is a chart example of the "safer way" on the same type setup on the Daily Chf/Jpy BEOB. Price break a little and then retraces to the round number 86.00. we then look for bearish PA on the 4 hour chart (in green).
How good is it to have Jarroo back guys?

Don't for a moment take for granted what he's been doing these last 24 hours. He's been taking historical setups and teaching and explaining patiently how this thing works. A really clear simple explanation of PA and of course, the signature Jarroo management style. It's been a real joy to read.

This particular setup is a great little teaching tool. Big daily continuation BEOB retraces the round number produces 4H PA and then moves on. But look carefully at that 4H chart and the importance of getting to break even at those previous bar lows becomes apparent. Trading the retrace of the daily bar could have made this anything from a 1R loser to a multiple R winner.

Here's what I've been picking up from Jarroo on these posts. No matter the quality of the PA setup, you simply must know where the first trouble area is, and in most cases you must take some kind of action (even if it's stop reduction). As always with trading there are no black and white rules. I know Mike takes full bar losses sometimes from bounces at first trouble area (like his recent daily BEOB GBPCHF trade) but they are rare. James16 gets his super high winrate from always taking action at the first trouble area.

So it goes like this:

1) Learn to identify the best PA setups (bars and location, location, location)

2) Learn to identify the potential trouble areas, especially the first

3) Build a system/trading plan around this based on your preference and personality, allowing you to have a positive expectancy overall

The and only then can you start messing around with sub optimal PA setups because you know you can manage them appropriately. But I know from my own ongoing journey as a trader that trying to trade everything that moves before you can patiently wait for the A+ setups and manage them accordingly, is a road to disaster. (As regards patience, I haven't put on a trade yet this month. There were two 4H trades that I would have taken that I wasn't around for, but that's it)

Love ya Jim

(and the other Jim as well. Texan guy, hangs around here a lot. Some of you may know him... )
  • #54,435
  • Feb 9, 2010 6:46am Feb 9, 2010 6:46am
Quoting mike w
He may not like em but I absofrigginlutely love em Nasir! You're brilliant and your charts can be learned from.
Hey thanks Mike.

i am back from vacation.

Now you will see charts attached from now on.
  • #54,436
  • Feb 9, 2010 6:54am Feb 9, 2010 6:54am
Quoting nasir.khan
just bought Eu at 1.3631 ( SEE LINE CHART IN 1H)
And Gu at 1.5558 ( DOUBL BOTTOM IN 1H)
This what i was talking about!!

Bought more while ago, when i was in Taxi. LOL
.
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  • #54,437
  • Feb 9, 2010 7:00am Feb 9, 2010 7:00am
Quoting TiaForex
... But I know from my own ongoing journey as a trader that trying to trade everything that moves before you can patiently wait for the A+ setups and manage them accordingly, is a road to disaster. (As regards patience, I haven't put on a trade yet this month.....
Thats right, I sign under this (thought I was alone still without trade this month, waiting for setup that I can accept).
  • #54,438
  • Feb 9, 2010 7:11am Feb 9, 2010 7:11am
Quoting nasir.khan
This what i was talking about!
.
Nice charts Nasir. Thanks for posting.
Gone to a better place
  • #54,439
  • Feb 9, 2010 7:15am Feb 9, 2010 7:15am
"Massive short of the euro. Traders and hedge funds have bet nearly $8B against the euro in the largest ever short position of the currency. Concerned about a eurozone debt crisis, traders have built up more than 40,000 contracts against the euro."

Now, what did Rac quoted re "buy when everybody sells"?.. Think about it: there was someone (willingly) on the other side of those contracts. Perhaps for a reason...
One Chart is Worth Ten Thousand Words.
  • #54,440
  • Feb 9, 2010 7:17am Feb 9, 2010 7:17am
Quoting nasir.khan
This what i was talking about!!

Bought more while ago, when i was in Taxi. LOL
.
nasir great to see you back

nice trades there

all the best!!
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