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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

  • #67,961
  • Jul 4, 2010 4:30pm Jul 4, 2010 4:30pm
theres a really nice double top at a 61.8% ret on eur aud atm. my broker opens an hour late so thot id see what u guys think as for its direction since its not lower close on the second bar but feels like its running out of steam already.
  • #67,962
  • Jul 4, 2010 6:40pm Jul 4, 2010 6:40pm
Quoting avasfx
Moving averages are just historical numbers. BRN on the other hand are places where smart money place their orders, that's why they have much more weight
Good point
  • #67,963
  • Jul 4, 2010 6:55pm Jul 4, 2010 6:55pm
Quoting avasfx
Moving averages are just historical numbers. BRN on the other hand are places where smart money place their orders, that's why they have much more weight
There are quite a few ema's used on J16 but the biggest hitters for me are the 365 and 150. Less than the 150 and I would be increasingly unsure.
These are mobile support levels.
I see price respecting these very often.

If price has respected one of these in the past and it is approaching it, there is a reasonable chance it will respect it again. Traders can see price has respected it and anticipate this.
  • #67,964
  • Jul 4, 2010 7:10pm Jul 4, 2010 7:10pm
Quoting avasfx
If you took it - it was nothing wrong with that - nice bar at good location, plus round number. But look at the screenshot - price reached problem area and reversed. I think in this situation the worst thing that could happen to you - is stopping out at BE. You have to lock in your profits and manage risks according to the PPZ's and problem areas. On the other hand if you sure about your analysis, or have for example strong fundamental background under that trade - price may very well still go up
Attachment
Great post Alex, it has done what we would expect at this point. Entering now would be entering way late if it is a j16 style trade

Best
Mike
  • #67,965
  • Jul 4, 2010 7:30pm Jul 4, 2010 7:30pm
Quoting bug

It amazes me every time I open my collection of the best charts (yes, I do collect them) and of the videos how some of the best setups worked out. It has probably been said before but repetition is the real key to learning this stuff. Repetition and practice (demo account). You can't learn this stuff over a weekend hoping to make a trillion dollars on Monday's open, unless we're talking about Zimbabwean dollars here, hehe. Trading forex profitably is something that takes time and lots of effort. As James and many others have said before,...

Hey mate, it takes tiiiiiiiiiiiimmmmmmmmmmmmeeeeeeeeeeeeeeeeeee.

There have been alota things James said that are beginning to sink in more now after a year++ of working this material.

While each of our definitions of what "A grade" is will differ, it is a blotter that is filled with these trades over time that will push one's account north at a what seems like a "slow and steady" pace, but in fact is pretty damn sweet. (it seems slow but is in fact fast)

I'm sure we've all run spreadsheets of x% per month for y years... the thing is to have the psychology to make it not only do-able, but sustainable.
One Mind, Any Market
  • #67,966
  • Jul 4, 2010 8:27pm Jul 4, 2010 8:27pm
Quoting Autumm
Hi pinbar,

I would appreciate it if u could share the simulator with me.

Sorry, I missed your post.

Sure, here you go.

Just extract the files to the appropriate folders.


The setup.exe file is not in this zip because it never worked for some reason, so you need to manually copy these files to the MT4 folders.
Attached File(s)
File Type: zip Trade_Simulator_Files.zip   371 KB | 500 downloads
  • #67,967
  • Jul 4, 2010 10:26pm Jul 4, 2010 10:26pm
Quoting wargumby
theres a really nice double top at a 61.8% ret on eur aud atm. my broker opens an hour late so thot id see what u guys think as for its direction since its not lower close on the second bar but feels like its running out of steam already.
Hello wargumby!
weclome!

i dont see any PA setup (FXPro).
possible to move down to 1.4700 - 1.4800 area (bar low/highs) for a retracement/consolidation (for now, sort of running out of steam like u said).

Keep posting
  • #67,968
  • Edited Jul 5, 2010 12:06am Jul 4, 2010 10:43pm | Edited Jul 5, 2010 12:06am
Quoting Pinbar
..here you go.
..
are u using Quantem's T.simulator?
here mentined by Ronald Raygun (Ace284 shares a few insights)
here, VHands.

haven't tried any of them, but i'll probably try the first two soon.

here's a "low tech" version.


Forextester (paid)
  • #67,969
  • Jul 4, 2010 11:16pm Jul 4, 2010 11:16pm
Quoting supremeChaos
are u using Quantem's T.simulator?
here is Ronald Raygun's (Ace284 shares a few insights)
here, VHands.

haven't tried any of them, but i'll probably try the first two soon.

here's a "low tech" version.


Forextester...
The first 2 are probably the same. Both pdf help files are showing the same thing. Only problem i am facing is the speed that the simulation is moving at. I believe it might have to do with fxpro having 5 decimal places.
  • #67,970
  • Edited 11:57pm Jul 4, 2010 11:23pm | Edited 11:57pm
Hello Autumm,
u can set the speed according to your taste/comfort.
Look for "Speed change" (in the pdf)
speed adjustment in the simulator is found right beside "Visual mode"
  • #67,971
  • Jul 5, 2010 2:12am Jul 5, 2010 2:12am
Quoting Cyrus
Hey mate, it takes tiiiiiiiiiiiimmmmmmmmmmmmeeeeeeeeeeeeeeeeeee.

There have been alota things James said that are beginning to sink in more now after a year++ of working this material.

While each of our definitions of what "A grade" is will differ, it is a blotter that is filled with these trades over time that will push one's account north at a what seems like a "slow and steady" pace, but in fact is pretty damn sweet. (it seems slow but is in fact fast)

I'm sure we've all run spreadsheets of x% per month for y years......
I totally agree. I've experienced this first-hand. It reminds of studying organic chemistry in high-school. It all looks pretty darn complicated at first, but if you have a good teacher (here we've got lots of them) and motivation, you will slowly, over time, start seeing the connections and before you know it, you are able to make a chain of chemical reactions you first thought were not feasible (on paper, at least). I've had lots of 'aha' moments following studying organic and the J16 method and it's beginning to seep in.

PS. I'm not really a chemistry student, it's just that I was really into chemistry in high-school.
If you don't risk, you don't ever have to lose.
  • #67,972
  • Jul 5, 2010 3:05am Jul 5, 2010 3:05am
Quoting supremeChaos
are u using Quantem's T.simulator?
here mentined by Ronald Raygun (Ace284 shares a few insights)
here, VHands.

haven't tried any of them, but i'll probably try the first two soon.

here's a [url="http://www.forexfactory.com/showpost.php?p=62216&postcount=2"]"low tech"...

SC

The Qauntum sim, seems to be the same one posted as well as the V2 Ronald Raygun posted. The vhands one is realy slow on my Core 2 Duo 2GHz cpu 4GB RAM. laptop.

The only thing I don't like about these simulators is the fact that when using them you can not switch TFs.
  • #67,973
  • Jul 5, 2010 3:07am Jul 5, 2010 3:07am
Apologies if this has been asked somewhere in the thread before, but I have a question on where you should consider taking your first profits on say the 4hr chart. Assuming there isn't significant Support or Resistance just ahead, Is there a certain distance from entry (say 25 pips on the 4 hour chart or 100 pips on the Daily?) that you should/could take initial profits? , or is it determined trade by trade depending on initial SL point? I guess as I dont have enough Demo experience yet I thought some of the Senior members wouldn't mind sharing there thoughts. Hope the question isn't to confusing, Thanks SR
  • #67,974
  • Jul 5, 2010 3:23am Jul 5, 2010 3:23am
Sjr,
the james16 way is to consider taking profits at the trouble areas--- these are S/Rs, PPZs (u will, from time to time, see "FTAs or First Trouble/Target/Traffic Area" mentioned in posts).

to learn further, Kindly check the links i shared here
  • #67,975
  • Jul 5, 2010 3:31am Jul 5, 2010 3:31am
Thx Supreme will do.
  • #67,976
  • Jul 5, 2010 5:10am Jul 5, 2010 5:10am
I would consider BRN's as well (Big Round Numbers) in absence of the ones mentioned by SupremeChaos.
  • #67,977
  • Jul 5, 2010 8:29am Jul 5, 2010 8:29am
I'm hoping that someone can give me some feedback of this chart...

Can I see this as a consolidation BUOB ?
-The price has just past a round number 1.5000
-50 Fib at the bodem of the BUOB

Going long at the break of the OB...
Suggestions for the SL...

Thx.
Chris
Attached Image (click to enlarge)
Click to Enlarge Name: BOUB.png Size: 50 KB
  • #67,978
  • Jul 5, 2010 8:54am Jul 5, 2010 8:54am
Quoting Pinbar
SC

The Qauntum sim, seems to be the same one posted as well as the V2 Ronald Raygun posted. The vhands one is realy slow on my Core 2 Duo 2GHz cpu 4GB RAM. laptop.

The only thing I don't like about these simulators is the fact that when using them you can not switch TFs.
I've been using ForexTester for the past 6 months and has the ability to switch timeframes, place trades and everything else. If your serious about backtesting then this is well worth the extra investment. I am in no way affiliated with them but just like the product.
  • #67,979
  • Jul 5, 2010 9:24am Jul 5, 2010 9:24am
Quoting Chrisszz
I'm hoping that someone can give me some feedback of this chart...

Can I see this as a consolidation BUOB ?
-The price has just past a round number 1.5000
-50 Fib at the bodem of the BUOB

Going long at the break of the OB...
Suggestions for the SL...

Thx.
Chris
Hi Chrisszz,

This would be a continuation BUOB.

Con's
- BUOB's work better at a swing/high, swing lows.
- The bar is going against the existing downtrend
- the bar is not a huge 'stand out' BUOB
- a lot of choppy sideways action with the bars to the let
- Should have broken harder on the intial break (not a lot of momentum)

Pro's
- It does have good confluence with the BRN (1.50), fibs and trendline.
  • #67,980
  • Jul 5, 2010 10:14am Jul 5, 2010 10:14am
Quoting fxdrive
I've been using ForexTester for the past 6 months and has the ability to switch timeframes, place trades and everything else. If your serious about backtesting then this is well worth the extra investment. I am in no way affiliated with them but just like the product.

I'll second this.

The cost is much less than the losses that some will take due to not fully understanding the J16 style. I also use it to practice on the weekends or when the market is closed.
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