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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

  • #62,761
  • May 5, 2010 10:34am May 5, 2010 10:34am
Hi relyt,

you've had great advice there from S-Pro and Bundy,
If I can just offer my experience - I joined the private forum a year ago.
I have demoed demoed and demoed with live trades too, and during that whole year my time has been spent watching bars form and tick away, where they go, where they stall.
Its true, to borrow SPro's phrase, the market's moves will become your friend. You'll spot the best when they come along and there are more than enough of them.
Practice good money management to protect against the market's irrational moments, and most importantly (and I had to find this out the hard way myself) learn to treat break even's as a win. As James 16 says, that is the sure sign of a mature trader who can become a success.



Quoting relyt
Thanks, bundy. I have watched all of the videos in the Guest Area, but was very overwhelmed, which is why I want to stick to just pins until I can get my head around that. I will take your advice and combine what I know about "A+ pins" with what they say about S+R. I think I might need to go back and watch those videos a few times.
If you can wait and not be tired by waiting...
  • #62,762
  • May 5, 2010 10:58am May 5, 2010 10:58am
Probably way too early, but I've just done my first live trades. Short on USD/CHF and long on EUR/USD following pinbars in H4 on both. I'll be keeping a particularly close eye on EUR/USD as I'm going CT. Fingers crossed!
  • #62,763
  • Edited 11:23am May 5, 2010 11:08am | Edited 11:23am
Quoting HanSolo
After watching Mike's fabulous video seminars in the J16 guest section I tried to find some of those breakout trades he shows. Yesterday there was one on EURGBP when price broke the downside of a nice symmetrical triangle (maybe you want to comment on my analysis, Mike?). Though I did not trade it.

Price showed some weakness/indecision at that lower triangle line in the past view days. On the 1h chart you can see a retrace to the triangle line after the breakout (DBHLC on 4h) and a nice PB signal (long...
Hey Han

I don't have a problem with your breakout pattern but if I play a breakout pattern from the weekly the lowest I will go is the daily about 99% of the time. You certainly can go lower if it is comfortable for you.

Best
Mike

edit I went back over this trade more and the interesting this was price consolidated again to form a new breakout pattern at the edge of the old one on the 1hr. Then it broke out and pulledback to give a nice 1hr pin. Missed this one silly old me.
  • #62,764
  • May 5, 2010 11:09am May 5, 2010 11:09am
Quoting tehuringa
G'day all....haven't dropped by for a while but nice to see plenty of new faces in this thread....and of course nice to see all those crusty old faces that I've grown to love too
  • #62,765
  • May 5, 2010 11:16am May 5, 2010 11:16am
Quoting relyt
Thanks, bundy. I have watched all of the videos in the Guest Area, but was very overwhelmed, which is why I want to stick to just pins until I can get my head around that. I will take your advice and combine what I know about "A+ pins" with what they say about S+R. I think I might need to go back and watch those videos a few times.
Hey RelyT

I think it is a good idea and it was me who said it, or at least I have said it. I think way to many people start off on the wrong foot, are trading every 10 mins and simply don't get a chance to actually do anything right. They just click click click. We are all guilty of that at some point. If we really focus down and try to do a few things really well the light seems to get brighter and you can add components as you go. Of course everyone's journey will vary but this IMO is a good jumping off point especially if you are overwhelemed.

Best of luck
Mike
  • #62,766
  • May 5, 2010 11:22am May 5, 2010 11:22am
i guess the bears have delivered a very strong message to the short term bulls in the USD/CAD market

it's our market get out
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  • #62,767
  • May 5, 2010 11:26am May 5, 2010 11:26am
Hello guys
I'm thinking of using the rules of Jim along with divergence
you tell me what is the best indicator to identify the divergence?
  • #62,768
  • May 5, 2010 11:28am May 5, 2010 11:28am
Quoting extraneo
Hello guys
I'm thinking of using the rules of Jim along with divergence
you tell me what is the best indicator to identify the divergence?
Hey E

Jim uses MACD standard settings, many others use RSI. I would pick whichever you are comfortable with the RSI from what I understand is a bit more sensitive.

Best
Mike
  • #62,769
  • May 5, 2010 11:41am May 5, 2010 11:41am
Quoting mbqb11
Hey E

Jim uses MACD standard settings, many others use RSI. I would pick whichever you are comfortable with the RSI from what I understand is a bit more sensitive.

Best
Mike
Thank you.
is a good idea to look at the divergence on the weekly
and then enter the daily according to the rules of jim?
  • #62,770
  • May 5, 2010 11:48am May 5, 2010 11:48am
Quoting extraneo
Thank you.
is a good idea to look at the divergence on the weekly
and then enter the daily according to the rules of jim?
It is in my opinion that we should keep timeframes separate in that regard. But of course there are always people who will do things different and that is fine. I just think if divergence is showing up on the weekly that is divergence in refrence to that timeframe. That is how I like to keep things simple.

Best
Mike
  • #62,771
  • May 5, 2010 11:49am May 5, 2010 11:49am
Patiently waiting for Daily close on USDCAD & USDJPY...........cheers

Quoting ezz
i guess the bears have delivered a very strong message to the short term bulls in the USD/CAD market

it's our market get out
  • #62,772
  • May 5, 2010 11:55am May 5, 2010 11:55am
Quoting mbqb11
It is in my opinion that we should keep timeframes separate in that regard. But of course there are always people who will do things different and that is fine. I just think if divergence is showing up on the weekly that is divergence in refrence to that timeframe. That is how I like to keep things simple.

Best
Mike
was just an idea
I want a system that will enable me to combine the rules of Jim with some things to be safer, since the jim's rules involve wide stop loss
  • #62,773
  • May 5, 2010 11:56am May 5, 2010 11:56am
Quoting Danku
Patiently waiting for Daily close on USDCAD & USDJPY...........cheers
Me too!

Nice RSI divergence on both of these. Both on BRNs. I am liking BRNs more than anything else at the moment. Price seems to bounce off them like a hitting a ball up against a wall.

Glynn
"Fail to prepare, prepare to fail."
  • #62,774
  • May 5, 2010 11:58am May 5, 2010 11:58am
Quoting extraneo
was just an idea
I want a system that will enable me to combine the rules of Jim with some things to be safer, since the jim's rules involve wide stop loss
Don't be afraid to apply what you already know and add J16 stuff into it in your own way. That is a very good way to start! James would say that is a good way to go with it.

Best
Mike
  • #62,775
  • May 5, 2010 12:00pm May 5, 2010 12:00pm
hey packhorse, what are your two FTAs?...just curious

Quoting packhorse
Me too!

Nice RSI divergence on both of these. Both on BRNs. I am liking BRNs more than anything else at the moment. Price seems to bounce off them like a hitting a ball up against a wall.

Glynn
  • #62,776
  • May 5, 2010 12:00pm May 5, 2010 12:00pm
Quoting Daneel
Probably way too early, but I've just done my first live trades. Short on USD/CHF and long on EUR/USD following pinbars in H4 on both. I'll be keeping a particularly close eye on EUR/USD as I'm going CT. Fingers crossed!
Hi Daneel,

Just noticed your post. Best of luck with your trade. Let me know how you get on.

Glynn
"Fail to prepare, prepare to fail."
  • #62,777
  • May 5, 2010 12:05pm May 5, 2010 12:05pm
Quoting mbqb11
Don't be afraid to apply what you already know and add J16 stuff into it in your own way. That is a very good way to start! James would say that is a good way to go with it.

Best
Mike
Thanks, you're very kind.
I have two questions, if you want to answer
what is the setting of RSI?
it is better to enter the break of a minimum of pinbar or dbhlc or wait fibo ret at 50?
  • #62,778
  • May 5, 2010 12:16pm May 5, 2010 12:16pm
Quoting extraneo
Thanks, you're very kind.
I have two questions, if you want to answer
what is the setting of RSI?
it is better to enter the break of a minimum of pinbar or dbhlc or wait fibo ret at 50?
Most people I know use the standard RSI setting but others use a custom one with a lower number.

As for entering our bar setups, it comes down to what is comfortable for you. I always wait for a break. A setup is not confirmed until it breaks. So for me I like this conservative approach. Many others are willing to trade this confirmation and get in on a retracement to have a bigger position size. So as you can see advantages and drawbacks to both. I would test and demo to see what you find most comfortable and work from there.

Mike
  • #62,779
  • May 5, 2010 12:39pm May 5, 2010 12:39pm
Quoting mbqb11
Most people I know use the standard RSI setting but others use a custom one with a lower number.

As for entering our bar setups, it comes down to what is comfortable for you. I always wait for a break. A setup is not confirmed until it breaks. So for me I like this conservative approach. Many others are willing to trade this confirmation and get in on a retracement to have a bigger position size. So as you can see advantages and drawbacks to both. I would test and demo to see what you find most comfortable and work from there.

Mike
Thank you Mike!
  • #62,780
  • May 5, 2010 12:40pm May 5, 2010 12:40pm
Good evening everybody...

did anyone notice the possible PB in Gold?

- former resistance
- 50 Fib
- TL

The next resistance is near, but the PB looks valid to me.

I appreciate and would be thankfull for your comments.
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