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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

  • #70,161
  • Jul 29, 2010 5:17pm Jul 29, 2010 5:17pm
Quoting six gun
I follow exactly what you are saying.
What is "taught" in many places is a mechanical RR system.
Stop loss = 40 pips, target = 120 pips.
Proper analysis of the setup, using "where is price expected to go" might tell you it will make this target. BUT you have properly analysed the setup.

Jim most certainly talks about moving the stop loss to break even quickly.
A trade with no loss goes into the winners column.
He most certainly talks about locking in profits.

A straight RR method is mechanical.
In essence RR works on an odds principle.
In...
Six Gun, yes I agree with everything you say. That is what Jim taught in some of his videos I saw in guest section. This is a fantastic approach I will follow this way on every trade!!

But look, what would you do in a trade like in this chart. I have locked some good profit, I have a little left, it is a free trade now but the GREED kicks in, theoretically I can make a lot of money on the remaining little part. What if it
goes all the way down I have marked 3 PPZ ( I think they are significant PPZ) and there is a BRN.

Now, what would you do? Would you exit on the first PZZ (around 0.7157)?
The faster we are out the more "sure money" we will make! But if we hold for example until next BRN we will make twice as much, lol. Of course if it will reverse tomorrow and take my breakeven there is no problem, but what if it will slide down for days....

This thing is killing me now, oh I am a greedy person I guess...

Just wanted to hear ideas about holding the remaining part...
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  • #70,162
  • Jul 29, 2010 5:30pm Jul 29, 2010 5:30pm
You know i started to type something about 5 times and i deleted them all.. The only thing i want to say is i love you my brother.


You have taught me much.


Quoting ghous
Just got to know, my very good friend from uni, his name was Owais Bin Laiq, was on that flight.
  • #70,163
  • Jul 29, 2010 5:35pm Jul 29, 2010 5:35pm
yes and totally different than what im talking about. your using it the way very very few do. your using it the smart way but you, unlike most, know where that "smart level" is.

jim

Quoting Dan Gilbert
I can say that I use R/R in a way that prevents me from taking a bad trade.

If I see a trouble area 20 pips away from a 100 pip S/L, i will not take the trade, because it doesn't have enough room to begin with (at least not for my methodology)

I now use the R multiple to record all my trades, but that is essentially just a percentage amount because for me, 1R=1%

I do not ignore trouble areas in pursuit of a great R/R though, that is stupid.
  • #70,164
  • Jul 29, 2010 5:57pm Jul 29, 2010 5:57pm
Quoting slade1986
Ok, on June 8th I starting strictly trading james16 on a micro acct....
That is awesome man.

Here is another perspective for you guys.

Last year I tracked all my trades to the FTA along with my regular trades. That is I did my usual thing but I also marked FTA and took full profit there or moved to b/e(on my spreadsheet).

I ended up with a win rate over 90%. Now my ROI went down naturally.

So which is right? Answer? Whichever one works and feels comfortable!

Mike
  • #70,165
  • Jul 29, 2010 6:07pm Jul 29, 2010 6:07pm
Quoting Adilius07
Six Gun, yes I agree with everything you say. That is what Jim taught in some of his videos I saw in guest section. This is a fantastic approach I will follow this way on every trade!!

But look, what would you do in a trade like in this chart. I have locked some good profit, I have a little left, it is a free trade now but the GREED kicks in, theoretically I can make a lot of money on the remaining little part. What if it
goes all the way down ...
Well this is my thinking.
The trend is UP.
I assume you are short following the swing high pin bar.
The last time price go up to this level it retreated to 0.6600.
Now that would be some profit!
My trend line is not sitting perfectly on the up trend but in the previous retracements it does get down to the trend line.

In the previous uptrend price broke the trend line and went down quite hard.
There then appears to have been a gap up.
The gap was closed as would be expected and then price hammered on down.

The key to suspecting the down move was breaking the trend line.

I have put in a whole series of horizontal lines on the chart.
For me these are targets where price recently stalled.
There is also the BRN of 7200 included.

You have your "runner" money on the table.
Price has touched the trend line.

if price closes below the trend line you could have a runner on your hands.
Otherwise price my simply go up on another up leg of the up trend.

I think I would close the trade and watch.
I would drop down onto the lower time frames to get an earlier indicator.

If price goes up then you will not get stopped out as you are out of the trade.
If it closes below the trend line price maybe in for a big dip.
The trend line acts as added confirmation.

See what anyone else thinks - you are on a daily chart so there is no rush.
Remember it is Friday tomorrow and trading can be strange.
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  • #70,166
  • Jul 29, 2010 6:13pm Jul 29, 2010 6:13pm
i wasnt planning on it being an outback night but after reading this it might have to be.

nice job. the biggest obstacle now is keeping your brain from convincing you its any harder than what you have been doing.

like most you will probably have to learn that the hard way or you could take my word for it now that its not.

lol


Quoting slade1986
Ok, on June 8th I starting strictly trading james16 on a micro acct. I started with $252 and I am currently sitting @ $553.75. The recent discussion about R:R is something I have been debating since I started this process.

I've been taking daily & 4hr charts and setting my SL at the appropriate J16 level. I have been setting my full tp on most orders at the FTA. This gives me a pretty horrible R:R on most trades.

Guess what I've been trying to figure out is if I should just stick with my current method (If I can continue the outcome for a few...
  • #70,167
  • Jul 29, 2010 6:15pm Jul 29, 2010 6:15pm
Quoting mbqb11
So which is right? Answer?
FTA. LOLOLOLOL
  • #70,168
  • Jul 29, 2010 6:16pm Jul 29, 2010 6:16pm
Quoting james16
FTA. LOLOLOLOL
perhaps lol, but even at 3% risk It really reduced my ROI, and my Drawdowns are very small for my account size now to stomach..

When I hit your size, I might rethink the whole thing(and this is why i did this exercise) . To know it is there for the taking both ways just proves the strength of this material 10000x over for me.

Really suggest everyone do it, I learn a lot from that stuff. Prove it to yourself
  • #70,169
  • Jul 29, 2010 6:28pm Jul 29, 2010 6:28pm
Quoting james16
WELL YOU WERE TAUGHT WRONG!!!!!

STOP IT!!!!!

Nice to see you back and posting again Jim . . .
Indicators show the past. Price Action "Indicates" the future.
  • #70,170
  • Jul 29, 2010 6:29pm Jul 29, 2010 6:29pm
Quoting jarroo
Nice to see you back and posting again Jim . . .
he had a lot of trouble figuring out the chat room.

I on the other hand did not
  • #70,171
  • Jul 29, 2010 6:35pm Jul 29, 2010 6:35pm
Quoting mbqb11
he had a lot of trouble figuring out the chat room.

I on the other hand did not

Must be a generational thing. lol
Indicators show the past. Price Action "Indicates" the future.
  • #70,172
  • Jul 29, 2010 6:36pm Jul 29, 2010 6:36pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting slade1986
Ok, on June 8th I starting strictly trading james16 on a micro acct. I started with $252 and I am currently sitting @ $553.75. The recent discussion about R:R is something I have been debating since I started this process.

I've been taking daily & 4hr charts and setting my SL at the appropriate J16 level. I have been setting my full tp on most orders at the FTA. This gives me a pretty horrible R:R on most trades.
Congratulations, doubling your account in 2 months, well done! Very inspiring. May I ask what % of your account you risk per trade, your W/L ratio in those 2 months, and how many trades you've had in that time? Whatever you're doing, keep it up!
  • #70,173
  • Jul 29, 2010 6:41pm Jul 29, 2010 6:41pm
I had to confirm what "slade1986" had to say,I took my 1st trade on May 25th and to date have completed 15 trades for an account growth of 12.46%.I've only traded daily and weekly charts and only pinbars and outside bars.I'm a member of the group and spend a couple of hours a day studying the material.THIS STUFF REALLY WORKS!
  • #70,174
  • Jul 29, 2010 7:06pm Jul 29, 2010 7:06pm
Quoting edge540
I had to confirm what "slade1986" had to say,I took my 1st trade on May 25th and to date have completed 15 trades for an account growth of 12.46%.I've only traded daily and weekly charts and only pinbars and outside bars.I'm a member of the group and spend a couple of hours a day studying the material.THIS STUFF REALLY WORKS!

Absolutely awesome! Are you taking your profits at FTAs?
  • #70,175
  • Jul 29, 2010 7:33pm Jul 29, 2010 7:33pm
yeah that old mike he is one sharp guy when it comes to chat rooms.



Quoting mbqb11
he had a lot of trouble figuring out the chat room.

I on the other hand did not
  • #70,176
  • Jul 29, 2010 7:35pm Jul 29, 2010 7:35pm
damn i love it when this happens.

very nice,

jim

Quoting edge540
I had to confirm what "slade1986" had to say,I took my 1st trade on May 25th and to date have completed 15 trades for an account growth of 12.46%.I've only traded daily and weekly charts and only pinbars and outside bars.I'm a member of the group and spend a couple of hours a day studying the material.THIS STUFF REALLY WORKS!
  • #70,177
  • Jul 29, 2010 7:37pm Jul 29, 2010 7:37pm
chat room ios currently open and we are having fun.

http://www.james16group.us/Guests/guestchat.html
  • #70,178
  • Jul 29, 2010 8:03pm Jul 29, 2010 8:03pm
Likewise I have had similar experiences trading pb's, and other bars at the best locations...briefly I have found FTA has worked best for me. The losses I have taken, although few I believe have been due to my inablity to monitor my trades due to a my job and inability to break even with my other lot(s).

That being said I'm testing multiple lots and moving to break even with other lot(s) and try to use the J16Manager(just started to demo with this).

Could someone pm me so I could ask a few questions about the J16Manager?

I don't want to tie up the thread.

Thanks to all, especially the seniors and above all James for creating this outstanding place to learn, share ideas and experiences.
  • #70,179
  • Jul 29, 2010 8:48pm Jul 29, 2010 8:48pm
Quoting james16
yeah that old mike he is one sharp guy when it comes to chat rooms.
that must explain why he types SO fast...
he must be a chat room guy before, heheh
  • #70,180
  • Jul 29, 2010 9:22pm Jul 29, 2010 9:22pm
Quoting Atc
....
Could someone pm me so I could ask a few questions about the J16Manager?
...
for questions, go & directly PM atclarkson (J16 EA owner)
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