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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

  • #79,761
  • Nov 11, 2010 4:12am Nov 11, 2010 4:12am
Quoting Carnegie
Thanks jarroo and all of you guys who contributed, really nice to see allot of people trying to help!

I learned something new here, didn't know we took profit at previous bar high/low.
Maybe that explains why my current AUD/USD trade is negative.. Should've listened to Mike.. hate my life

Thanks guys!

That's why we demo . .you're demoing right?

What's your current Aud/Usd trade?
Indicators show the past. Price Action "Indicates" the future.
  • #79,762
  • Nov 11, 2010 4:16am Nov 11, 2010 4:16am
Quoting Carnegie
Yes I agree very much with you there Pinbar and also Adilius. You both make a good point.
But here's the thing. Right now I know that I am incapable of lining up my trades with confluence, I really don't know why I just jump on the trade if I see divergence + anything NEAR the PA-bars we're looking for.
That's the reason why I was just looking for bars + break. Was just trying to learn the 'easiest' part first.
I guess it's just a matter of time and learning, or hopefully it is.

Pinbar: This is the Daily chart as Mike told me to start with...

I can sympathize Carnegie, I do it all the time but, asking questions like this is really good, not only for you but for all of us.

I think at first, it is hard to assimilate all the information in a chart for us.
It seems to overpower us, and we see only what we want to see, it did me for sure. I would see a PA bar and just jump on it, without considering the major trend, or fibo or even a PPZ etc.

I found that if I see a PA bar and first, try to think of reasons NOT to take it, really helps.

You can see on this chart, there is a price flip there, and also the 50 fibo with TL confluence.

This is good though, at least you are not blowing up accounts like I did, and you are taking it all in bit by bit.

This is how we learn these things.

I think you are doing much better than I was when I first found this thread.

Keep up the good work....You Can Do It!
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  • #79,763
  • Nov 11, 2010 4:20am Nov 11, 2010 4:20am
Quoting jarroo
That's why we demo . .you're demoing right?

What's your current Aud/Usd trade?
Yes ofcourse jarroo, not going to touch a real market unless I have 3 months+ in profit as James said on the first page.

My current AUDUSD trade is short from 0.9976(yeah, it's RIGHT ON THE PIP AND THEN REVERSED).
From the daily, it was a BEOB + divergence so I entered on a 20 pip break and here I am now.

I don't find it funny at all, seems like I should do everything I think of IN REVERSE.
Trade long.. go short etc..


Hansolo: Good tips on your edit, I'll think about that. Thank you!!

Adilius: It would be hard for me to put my trade to BE when the market touches my entry by 1-2 pips and then reverses on me. My problem is that I always end up in a negative position IMMEDIATELY on the trade.

Pinbar: Thank you for pushing me. It helps allot to know that someone has been here already and made his/her way out.
That's allot of advice.. heck I don't even know what PPZ is (resistance + support at same area but that wont exlpain all).

The way I see it pinbar, is that in the beginning, there are so much things to look for so I get overwhelmed. And my mind tells me look, keep it simple and clean. So I just look for bars + divergence.
I cannot see how I could incorporate as many factors as you do while trading. Using PPZ + trendlines + divergence and all of that.
My mind can't cope.. I just get confused and enter a trade by daring myself (pull the trigger, pull the trigger).. so here I am with the same mistake as I always do. Trade reversed.


Thank you!
  • #79,764
  • Edited 4:36am Nov 11, 2010 4:26am | Edited 4:36am
Quoting Carnegie
Yes ofcourse jarroo, not going to touch a real market unless I have 3 months+ in profit as James said on the first page.

My current AUDUSD trade is short from 0.9976(yeah, it's RIGHT ON THE PIP AND THEN REVERSED).
From the daily, it was a BEOB + divergence so I entered on a 20 pip break and here I am now.

I don't find it funny at all, seems like I should do everything I think of IN REVERSE.
Trade long.. go short etc..


Hansolo: Good tips on your edit, I'll think about that. Thank you!!

Adilius: It would be hard for me to put...

Oh . I see. Mike's answers were great as usual.

Quoting mbqb11
Hey Carnegie

Yep that is a beob and divergence.

My issues with why it would be a pass for me personally.

Inability to close below the BRN of 1.000 parity. Would make me nervous always trading a break into such a large round number. It's a rule I never break.

Also I would want to see the high, go above the highest point, really test what is up there and get a better view.

If both of those conditions were met it would be a trade for me.

Again just some of the little things I do personally

Best
Mike
Quoting mbqb11
Hey BC

I drew what I would want the high to look like and the close.

The reason is without it it is technically a beob in terms of how we define a beob, but things like where the high is or close are just as important if not more for me. If price was able to create a new high, it would have retested the orderflow above that last high, and showed the sellers are strongly coming in. Without that retest above the high it just doesn't give me as much confidence.

It's all about putting things in my favor as much as possible. Many trades will do...
Indicators show the past. Price Action "Indicates" the future.
  • #79,765
  • Nov 11, 2010 4:28am Nov 11, 2010 4:28am
Quoting jarroo
Oh . I see. Mike's answer was a good one.
Yep it was good, really should have listened.
But then I thought to myself (and asked) with a buffer of 20 pips, wouldn't the trade be WITH the trend rather than a 2 pips break..

So what I did was put my entry 20 pips down and guess what

Thank you.
  • #79,766
  • Edited 4:55am Nov 11, 2010 4:43am | Edited 4:55am
Yes, that is exactly my experience, being overwhelmed by information in the charts. Just pulling the trigger out of frustration.
I used to see a good trade, I would hesitate and pull the trigger late, it would go 2 pips then reverse on my, what did I do, I would once again hesitate then take the trade in the opposite direction and the trade would go against me again.

I think you just need to learn one thing at a time, for example PPZ, how to find good ones as Jarroo has shown us all.

Then apply it to a demo trade, next add something else, like a RN, a fibo or TL, and tell yourself you will not even demo trade anything that does not have at least 2 or 3 of these factors.


There are a lot of clever people trading forex and they take money off of people who do not know what they are doing, that is how the market works.

Arm yourself with knowledge and keep it simple, I know none of it seems simple right now, but, that will change at some stage. If you practice good entries and exits with Good Money Management.

PS: Think of it like this, you are 34 years younger than me, whats the rush?

I wish I had found a group like this when I was 19.
  • #79,767
  • Nov 11, 2010 4:53am Nov 11, 2010 4:53am
Quoting Pinbar
Yes, that is exactly my experience, being overwhelmed by information in the charts. Just pulling the trigger out of frustration.
I used to see a good trade, I would hesitate and pull the trigger late, it would go 2 pips then reverse on my, what did I do, I would once again hesitate then take the trade in the opposite direction and the trade would go against me again.

I think you just need to learn one thing at a time, for example PPZ, how to find good ones as Jarroo has shown us all.

Then apply it to a demo trade, next add something else, like...

Yep, that's my case right now pinbar. Pulling the trigger because of pure frustration.
I was thinking, are there any links to the jarroo posts about PPZs?

Yeah that's true pinbar, and that's why I demotrade. They can take all my demomoney they want but when I'm ready to go live. I'm going to drain the market J16 style. If I ever get there...

Going to try that one out Pinbar, I'll try with a checklist, atleast 3 confluences or the trade cannot be taken.
That sounds like a smart idea. I'll definitely try that out. I'll keep in touch here in the thread.

Thank you guys, all of you truly are good people!!


EDIT!
My list of confluences would be anyone of these, atleast THREE has to be checked before enter a trade.

Bars (DBHLC/DBLHC:BEOB/BUOBINBAR)
Fibonacci + 50%
Trendline (by that I mean support and resistance)
Divergence

hmm.. what should I add more?
  • #79,768
  • Nov 11, 2010 4:58am Nov 11, 2010 4:58am
Quoting Carnegie
Yep, that's my case right now pinbar. Pulling the trigger because of pure frustration.
I was thinking, are there any links to the jarroo posts about PPZs?

Yeah that's true pinbar, and that's why I demotrade. They can take all my demomoney they want but when I'm ready to go live. I'm going to drain the market J16 style. If I ever get there...

Going to try that one out Pinbar, I'll try with a checklist, atleast 3 confluences or the trade cannot be taken.
That sounds like a smart idea. I'll definitely try that out. I'll keep in touch here...

Click on the PPZ Basics in my signature below this text, you will find some basic PPZ stuff I did and there is a link to Jarroo's GREAT PPZ stuff in that post.
In that post is also a link the the J16 PF guest area and that GREAT PPZ video by James16.

That will take you a long way.


EDIT: Yeah, you can add BRN and also you not only want to take note not only of the PPZ or resistance below a short PA setup but also check, has this PA come off a strong resistance area or support area.
  • #79,769
  • Nov 11, 2010 5:26am Nov 11, 2010 5:26am
Quoting Pinbar
Click on the PPZ Basics in my signature below this text, you will find some basic PPZ stuff I did and there is a link to Jarroo's GREAT PPZ stuff in that post.
In that post is also a link the the J16 PF guest area and that GREAT PPZ video by James16.

That will take you a long way.


EDIT: Yeah, you can add BRN and also you not only want to take note not only of the PPZ or resistance below a short PA setup but also check, has this PA come off a strong resistance area or support area.
Allright I'll add BRN and RN also. BRN is like EURUSD 1.4/1.3 etc right?
And RN is incremental of it like 1.4150 etc.. Or have I got it wrong?

I'll definitely check out your PPZ link.
Thanks!
  • #79,770
  • Edited 5:56am Nov 11, 2010 5:39am | Edited 5:56am
Quoting Carnegie
Allright I'll add BRN and RN also. BRN is like EURUSD 1.4/1.3 etc right?
And RN is incremental of it like 1.4150 etc.. Or have I got it wrong?

I'll definitely check out your PPZ link.
Thanks!
Anything that ends in 0 or 50 is good to start, then you can add 75 80 etc.


Maybe this is also a good exercise for you, I do it when I get confused.
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  • #79,771
  • Nov 11, 2010 6:03am Nov 11, 2010 6:03am
Trade management is probably the most difficult thing about trading (at least that is what I'm founding after several months of demo trading - still demoing )

I guess the best is james16 and Jaroo's aproach. Quickly TP or protect yourself moving SL to BE. I normally do that but sometimes I use something more like mike's approach.
(this is why I think management is hard cause I haven't yet decided what is best - or maybe the best for me is a blend between the 2 strategies).

This was (still is) my strategy for EURGBP recent trades:

Nice BEOB on the weekly.
As it retraced a bit, I started to look for opportunities on teh daily and H4.
Then there was that nice H4 BEOB with some divergence around 50% retrace.
I decided to take 2 trades. 1% risk on H4 trade and 1,5% risk on weekly trade (as I call it because the SL went just above the weekly BEOB).

As the H4 BEOB broke, I had 2 thoughts in mind. Relative tight management of H4 trade and give some room for the weekly trade and expect it to break the weekly BEOB.

H4 trade:
- I end up giving it a bit of room due to the location (50% retrace of weekly BEOB) and it looks like it was worthwhile.
- SL was adjusted to orange line after FTA.

Weekly trade:
- worked out nice. Currently holding of the position waiting to break the 0.8500 level and SL at BE.

I think this post is a bit confusing but eventually might help anyone.
Anyway, what I want to say is that this management was specific for this setup (the story behind it like mike says). I will have different approaches for other setups and some of them don´t work and I hurt myself. I think that's part of the game.

Nos
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  • #79,772
  • Nov 11, 2010 6:28am Nov 11, 2010 6:28am
Quoting NosferatuMan
Trade management is probably the most difficult thing about trading (at least that is what I'm founding after several months of demo trading - still demoing )

I guess the best is james16 and Jaroo's aproach. Quickly TP or protect yourself moving SL to BE. I normally do that but sometimes I use something more like mike's approach.
(this is why I think management is hard cause I haven't yet decided what is best - or maybe the best for me is a blend between the 2 strategies).

This was (still is) my strategy for EURGBP recent trades:

Nice BEOB...


Good post Nos.

I was just working out why I bailed out of this trade and your post fell in perfect synchronicity with my thoughts.

Many thanks.
  • #79,773
  • Nov 11, 2010 6:54am Nov 11, 2010 6:54am
Quoting Carnegie
Thanks jarroo and all of you guys who contributed, really nice to see allot of people trying to help!

I learned something new here, didn't know we took profit at previous bar high/low.
Maybe that explains why my current AUD/USD trade is negative.. Should've listened to Mike.. hate my life

Thanks guys!
Hey C, when I joined this thread in august, I was overwhelmed by all this information in the thread, I was really struggling to put all this information together. Sure I've read about PB's, engulfing bars, fibs, S/R, TL's before, but mostly used as a standalone trading tool, what I've learned from this thread is the full integration of all these trading tools into one universal tool that can be applied to whatever equity you want, stocks, commodities, forex etc... The integration of all these trading tools allows you to pick the trades with the highest probability of succes and filter out the bad one's.
Pipcrawler
  • #79,774
  • Nov 11, 2010 7:03am Nov 11, 2010 7:03am
Jarroo,

You were right, James16 mini dow video was really great and it answered a lot of questions I had about how he uses floor trader pivots in those markets.
They are just another confluence factor and nothing more, while everyone else is buying and selling blindly at them. Crazy thought is it not.


The passion of the Big Guy just oozes out of that video..."It's Garbage, It's all Garbage". I think he had some of those listeners to the webinar worried for a second there. "What's Garbage" one of them asks in a very surprised manner.

I can tell through James voice in that video as he remembers the bad times he had, that he has really been there and done it all. Systems that don't work, books that don't help, indicators that are useless.
That chap has been through hell and back, and he is now in the place he so rightly deserves to be. Just pure passion.


Great stuff.
  • #79,775
  • Nov 11, 2010 7:28am Nov 11, 2010 7:28am
Quoting Carnegie
Thanks jarroo and all of you guys who contributed, really nice to see allot of people trying to help!

I learned something new here, didn't know we took profit at previous bar high/low.
Maybe that explains why my current AUD/USD trade is negative.. Should've listened to Mike.. hate my life

Thanks guys!
About you're Ozzie trade, the daily BEOB. I traded this one on a demo, because I didn't like its high and close like Mike already mentioned. Most of the time my style of trading is to enter on a pullback and not on a first break of the PA bar. In this way I achieve two things:
1. reducing the stop size (initial risk) of my trade
2. when the break doesn't pull through I still can sneak away with a small profit.
Every trade has its optimal entry point ie. zero or small initial drawdown, I don't like drawdown, its makes me nervous and when I'am nervous I make irrational decisions that may affect my trading. So in the Ozzie trade I looked to enter on a pullback on the lower TF (1H-TF). But to which level could I expect a pullback to ? For me there were 3 possible levels: RNB @ 10100, previous day low and the high of daily bar @ 3 november. Now that I've marked off possible key area's, it's time to wait for PA at these levels. I got my PA via a 1H-PB @ the daily high of 3 nov. I entered on the break of this PB, price then broke the daily BEOB not very convincely, price then made a 1H-BUOB which was for me the signal to exit for a small profit. Also notice where price made a BUOB, right at high of the weekly bar of 2 weeks ago. For me weekly and daily highs/lows are king, because most support and resistance are found at these price levels.
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Pipcrawler
  • #79,776
  • Nov 11, 2010 7:29am Nov 11, 2010 7:29am
Quoting Carnegie
Allright I'll add BRN and RN also. BRN is like EURUSD 1.4/1.3 etc right?
And RN is incremental of it like 1.4150 etc.. Or have I got it wrong?

I'll definitely check out your PPZ link.
Thanks!
Hey carnegie. I suggesst focusing on the round numbers as Mike teaches them.

A BIG round Number is 500 pip increments, so in your example BRN would 1.4000, 1.4500, 1.3500. If you use those as a filter until you are comfortable with those areas on charts, you will filter a lot of poor trades. A general rule would be that price MUST close below the BRN for a short entry and above for a long (assuming you have other confluence as well).

The round numbers will be the 100 pip increments: 1.4100, 1.4200, etc.
  • #79,777
  • Nov 11, 2010 7:34am Nov 11, 2010 7:34am
Quoting Pinbar
Anything that ends in 0 or 50 is good to start, then you can add 75 80 etc.


Maybe this is also a good exercise for you, I do it when I get confused.
Yeah that's a smart idea, I'll add that to my checklist.
It's starting to look like something now I would say. Hopefully one day I can be just as good as you guys and MAN am I going to contribute back to this thread.

Anyway I looked into PPZ. It really isn't near as hard as I thought it was.
It's just support or resistance turning into it's counterpart and being near a round number and viola (or?). There's your PPZ. That's really really smart, never really thought about it.

Obviously I've just learned the easisest part because when you have allot of 'noise' (I think you call it 'traffic' in this thread) I tend to see PPZ's everywhere but I guess it's also a matter of time and experience.
Maybe soon, I will see the clear blue heaven.

Nosferatu: I agree with you very much as I did with the others that were telling me about trade management. But you guys are lightyears ahead of me. You guys 'enter in profit'.. Me, on the other hand, I tend to 'enter in loss'.. If you know what I mean.. The market always reverses me.

Zhang: Yeah that's exactly the same thing with me. Funny.
I have read Steve Nisons books. I have viewed his videos which are approximately over 24 hours of content. And still, cannot trade properly. Hopefully one day I will have the chance to put all this information together into what you call confluence and trade as you guys do. But as of right now, I'm simply overwhelmed by what you need to do in order to pull the trigger.

That said, my biggest problem is already acknowledged by me. I CAN'T WAIT TO TRADE.
I review the Daily charts each minute in order to find something new, but we all now, it's still a Daily chart and takes a couple of days if not weeks to produce a 'good chart' to trade on.
So now, my only enemy is ME. It's my eagerness to pull the trigger even if I shouldn't.

Thank you guys.
  • #79,778
  • Nov 11, 2010 7:36am Nov 11, 2010 7:36am
Quoting Pinbar
Jarroo,

You were right, James16 mini dow video was really great and it answered a lot of questions I had about how he uses floor trader pivots in those markets.
They are just another confluence factor and nothing more, while everyone else is buying and selling blindly at them. Crazy thought is it not.


The passion of the Big Guy just oozes out of that video..."It's Garbage, It's all Garbage". I think he had some of those listeners to the webinar worried for a second there. "What's Garbage" one of them asks in a very surprised manner....
Is that a new video in a guest section?
  • #79,779
  • Nov 11, 2010 7:44am Nov 11, 2010 7:44am
Quoting Carnegie
Yeah that's a smart idea, I'll add that to my checklist.
It's starting to look like something now I would say. Hopefully one day I can be just as good as you guys and MAN am I going to contribute back to this thread.

Anyway I looked into PPZ. It really isn't near as hard as I thought it was.
It's just support or resistance turning into it's counterpart and being near a round number and viola (or?). There's your PPZ. That's really really smart, never really thought about it.

Obviously I've just learned the easisest part...
Glad to hear you are now thinking, it isn't as hard as you thought. LOL


They say or rather Jarroo says, "Waiting is trading". Waiting for the right setup at the right time.


Funny, you mention watching videos and them not helping.
Over the last two months, I have watched over 100 videos, most of them time and time again, the first time I watched one, I was like, sure I can do that. I opened a chart and could not do it, it looked easy in the video.

IMHO, when we watch these videos, including the J16 videos, they are doing what comes natural to them, that is why it looks so easy.
But when we open a chart and try to do the same thing, we suddenly start to complicate matters, our eyes go all over the place and find PPZ where non really exists. I watched the James 16 and Mike's videos, Seeking Lights videos, till I was going through a bottle of eye drops a week.

Then after a while, I found I was starting to see things a little like they were doing in the video, not forcing it, these things are starting to show up on my charts. They were there all the time, I just couldn't see them, can't see them all now but, I can see a great deal more than I could two months ago.

Rome wasn't built in a day.

Of course you can be as good as those guys, you can be as good or as bad as you want to be, we all can.


Right, I am off to chill my eyes.
  • #79,780
  • Nov 11, 2010 7:53am Nov 11, 2010 7:53am
Quoting Pinbar
Glad to hear you are now thinking, it isn't as hard as you thought. LOL


They say or rather Jarroo says, "Waiting is trading". Waiting for the right setup at the right time.


Funny, you mention watching videos and them not helping.
Over the last two months, I have watched over 100 videos, most of them time and time again, the first time I watched one, I was like, sure I can do that. I opened a chart and could not do it, it looked easy in the video.

IMHO, when we watch these videos, including the J16 videos, they are doing what comes natural...
Yeah I guess you're correct in all that you have said today Pinbar. Some truly valuable lessons for me and everyone in this thread.

Funny thing it is this trading.. What brought me into this game is keeping me in the losing corner of this game.
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