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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

  • #59,161
  • Mar 25, 2010 5:15pm Mar 25, 2010 5:15pm
Quoting sergpato
HI Guys,

I like many others have been following the work of James and it has been great for me and I have got nice results. However, I have a question. How I would manage the news with this method or I wouldnt have it present when I take a trade.

Thanks for your comments

Sergio
Hey Sergio

Most of us completely ignore news

Yep you heard it forget about it. I don't pay attention to it except the really big ones like NFP and SOME interest rates(if the markets are really shakey).

But James says "I avoid the news like the plague". And most people think they have to include the news and it just over complicates something that is actually more simple

Best
Mike
  • #59,162
  • Mar 25, 2010 5:38pm Mar 25, 2010 5:38pm
You know Mike, I'm totally getting what you mean about the open forum having become a circus...
  • #59,163
  • Mar 25, 2010 5:43pm Mar 25, 2010 5:43pm
Quoting Darkstar
You know Mike, I'm totally getting what you mean about the open forum having become a circus...
hehe yep, I peek out once and awhile, but I prefer civil people who want to learn and give out respect
  • #59,164
  • Mar 25, 2010 6:40pm Mar 25, 2010 6:40pm
I sure ghous would say this qualifies as a Inverted Pin Bar on the Daily Usd/Chf. I'm demoing it now. let's see how it works out.

gotto go
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Indicators show the past. Price Action "Indicates" the future.
  • #59,165
  • Mar 25, 2010 6:55pm Mar 25, 2010 6:55pm
Thanks for your advice I appreciate it so much.

Most of us completely ignore news

Yep you heard it forget about it. I don't pay attention to it except the really big ones like NFP and SOME interest rates(if the markets are really shakey).

But James says "I avoid the news like the plague". And most people think they have to include the news and it just over complicates something that is actually more simple

Best
Mike[/quote]
  • #59,166
  • Mar 25, 2010 7:06pm Mar 25, 2010 7:06pm
Quoting roundrock
now its started taking off !!! anyone who cought that retracement ?
It went up to the next round number...I took profit a few pips shy of this as I was expecting a reversal...can you tell why the reversal was coming (hint: look at a chart of crude oil).

As you can see the daily closed below the PPZ...so essentilly a false breakout. You can see that without PA to confirm to us the direction, playing a pure breakout can be risky.
  • #59,167
  • Mar 25, 2010 7:27pm Mar 25, 2010 7:27pm
took about 30 pips. followed by small loss trying to reverse short.
4:1 gain:risk
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  • #59,168
  • Mar 25, 2010 8:27pm Mar 25, 2010 8:27pm
Quoting triger88990
Some thoughts about fiber.

Althought there are many people who expect eur to recovery despite Greek financial crisis, many investors where cought in this fade breakout(see chart) trying to push their luck by overcome a positive outcome for euro zone.


The overall sentiment is bearish if you have a an open mind and reasonably clear sight to loock at chart. I'm in opinion that Greece will bailout but is just not the time yet,it's a metter of how and when, till then I can't see a base where this sell of can end.


This drop that we are dealing...
Jaroo's right, great post Trigger man.
Bundy's status today: "Waiting..."
  • #59,169
  • Mar 25, 2010 8:38pm Mar 25, 2010 8:38pm
Quoting mbqb11
hehe yep, I peek out once and awhile, but I prefer civil people who want to learn and give out respect
Haha... If I could somehow bookmark the 'unread' pages in this thread I wouldn't even know the rest of the forum existed.
Bundy's status today: "Waiting..."
  • #59,170
  • Mar 25, 2010 10:14pm Mar 25, 2010 10:14pm
Ok, here's another annoying question on stop loss: Has anyone done a comparison for a set stop loss (30, 50, pips or so) versus setting the stop beyond the nose of the pin bar? I've read that James does 30.

Here's my delima: 1) A set stop of say 30 allows for larger lot size but you tend to look for smaller gains and usually don't give the menthod enough tme to do its thing. I find myself closing out my trade early in fear of a loss.
2) A larger stop means smaller lot size which means smaller gains, but I tend to give it more time.

Has anyone found one way to be better than the other or easier to manage?

By the way, I started demoing this method at the beginning of the month. I really love how the stress of trading has virtually be eliminated.
  • #59,171
  • Mar 25, 2010 10:20pm Mar 25, 2010 10:20pm
Quoting triger88990
Some thoughts about fiber.
...
Great posts triger.

if 1.3200 - 1.3300 wont hold, here's a possible scenario (almost similar area to your blue/aqua ellipse target area, on your second chart)
if 1.32 - 1.33 holds, then possibly we go back to range mode or go to 1.40 - 1.42 area

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  • #59,172
  • Mar 25, 2010 10:25pm Mar 25, 2010 10:25pm
Quoting spookie94
Ok, here's another annoying question on stop loss: Has anyone done a comparison for a set stop loss (30, 50, pips or so) versus setting the stop beyond the nose of the pin bar? I've read that James does 30.....
ideally, your stop loss should be set based on S/R, PPZ, or the PA setup u are trading (pinbar, etc), not on some arbitrary number.
this is what i learned from S/R, PPZ trading.

your fear will diminish if u increase your confidence.
u increase confidence through experience.
increase experience by getting more screen & reading time.
This thread is a very awesome read.
Good luck!
  • #59,173
  • Mar 26, 2010 12:04am Mar 26, 2010 12:04am
any programmers successfully manage to program james16 strategy into ninjatrader or anything like that?? PB, and S&R conditons met..
  • #59,174
  • Mar 26, 2010 12:25am Mar 26, 2010 12:25am
Quoting smallkuku
any programmers successfully manage to program james16 strategy into ninjatrader or anything like that?? PB, and S&R conditons met..
I think it would be hard and sort of pointless, especially when talking daily bars. Only takes about an hour or so a day, if that, to scan all charts, and determine trades.
  • #59,175
  • Mar 26, 2010 12:45am Mar 26, 2010 12:45am
Quoting spookie94
Ok, here's another annoying question on stop loss: Has anyone done a comparison for a set stop loss (30, 50, pips or so) versus setting the stop beyond the nose of the pin bar? I've read that James does 30.

Here's my delima: 1) A set stop of say 30 allows for larger lot size but you tend to look for smaller gains and usually don't give the menthod enough tme to do its thing. I find myself closing out my trade early in fear of a loss. 2) A larger stop means smaller lot size which means smaller gains, but I tend to give it more time.

Has anyone......

Has anyone found one way to be better than the other or easier to manage?

The answer is really simple: The higher the quality of the PA setup the easier they are to manage.

I'm not sure of the setups you have taken but I can guess that they fell short of an A+ setup. Maybe you can show a chart or two?

For example let's look at a recently posted James16 chart. The Gbp/Nzd Daily PB.

Quoting james16
CHART
This is at a swing low. The size is good meaning its as big or bigger the previous bars. The structure is solid meaning that the Open and Close is within the previous bar and the Close is higher then the Open. Also when we zoom out a bit, the PB went through and closed above a Support level.


As sChaos has correctly noted, a tight stoploss would make sense just below this Support level rather then a random or arbitrary fixed number. Let the charts tell you where the tight stop loss (if taken) should be placed.

Now why James16 only has a 30 pip stop loss. Again very simple, he is very picky on the high quality of his setups. He knows that when he find these setups they will break robustly most of the time. He knows the inherent momentum built into these setups when they break. And due to his large account, he doesn't need it to run to the moon, just to the obvious 1st target(s) (in blue) to show a sizable gain.
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Indicators show the past. Price Action "Indicates" the future.
  • #59,176
  • Mar 26, 2010 1:49am Mar 26, 2010 1:49am
Quoting bundyraider
Jaroo's right, great post Trigger man.
thank you bundy

and wish you all the best!!


Quoting supremeChaos
Great posts triger.

if 1.3200 - 1.3300 wont hold, here's a possible scenario (almost similar area to your blue/aqua ellipse target area, on your second chart)
if 1.32 - 1.33 holds, then possibly we go back to range mode or go to 1.40 - 1.42 area

Attachment
thank you supreme

you are right we don't know for sure how she would play in the next few weeks-months, but we can let the market to lead us to the right direction.

I'm more flexible with the markets and not let my bias to block to see the real "truth" ,therefore I am never surprised by the market, only reacting to it.

all the best!!
  • #59,177
  • Mar 26, 2010 2:04am Mar 26, 2010 2:04am
update on AUSSIE

- she did break by 3 pips and reverse,but for those who use a buffer this will not be a problem and they would never be in this tread.

Remember that we trade right in to a PPZ (this is critical from james), and we need here a real hard break, but one could place his order below that PPZ. And there is also a BRN 0.9 few pips below which you must be aware of it.

From where we stand at this point I'm expecting it to revers or if not the next level 0.9135 , If I see that is taken out I will be clearly out of this trade.

all the best!

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  • #59,178
  • Mar 26, 2010 2:15am Mar 26, 2010 2:15am
where is everyone else,it is strange that only few people are online

usually this thread is more active that you barely can keep it up with it


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  • #59,179
  • Mar 26, 2010 2:36am Mar 26, 2010 2:36am
Hi Triger,

One question for you in bold please.........
Thanks.

CY

Quoting triger88990
update on AUSSIE

- she did break by 3 pips and reverse,but for those who use a buffer this will not be a problem and they would never be in this tread.

Remember that we trade right in to a PPZ (this is critical from james), and we need here a real hard break, but one could place his order below that PPZ.
When there is a hard break through the PPZ, do you personally wait for a retracement and then look for PA to short? Or do you just place an order below that PPZ and have it triggered with the hard break (as you said in your post)?

And...
  • #59,180
  • Mar 26, 2010 2:55am Mar 26, 2010 2:55am
Quoting ertorque
Hi Triger,

One question for you in bold please.........
Thanks.

CY
Is very difficult to have a right answer here. It depend on each trade and on overall environment where it develope,there are others variable you must take in consideration.

But in this circumstance on this trade, I would play the pure break of the setup(rememeber + buffer) and expecting for a hard break that will push price hard through that PPZ,if I would not see any conviction on price to go through the PPZ you must be prepare to KILL it.

It was an alternative that I give, to place your order below that PPZ.There are many ways you could play any given setup. You must find your one way,what is accordingly with your personality.

hope it helps!!
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