james16 Chart Thread | Page 4075 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #81,481
  • Dec 2, 2010 4:39pm Dec 2, 2010 4:39pm
Quoting spookie94
So basically you look for a setup on the daily, but drop down to the 1H to trade from. Daily states what direction you want to go, but trade off the 1hr.
Bingo, you don't want to be trading against the higher-TF PA. As I told before my style is that I never trade a clear break of the higher TF PA. My objective is to find the most optimal entry point, optimal in the sense of minimizing intial drawdown and thereby my initial risk which can be only achieved by swithing to a lower TF for a entry trigger. Every setup has its optimal entrypoint, my objective is finding that optimal entrypoint. Due to my profession I've to deal a lot with mathematical optimization problems, for example designing a power supply with a minimum of semiconductor components or delivering maximum output power. These problems can be solved mathematically. My trading optimization problem unfortunatelly can not be solved mathematically. I don't like drawdown, it makes me nervous and may cause me to take irrational decisions that may influence my trading negatively, that's why finding that optimal entry point is so important to me. It's a wonderfull feeling when you see a trade has no or a very small initial drawdown, it immediately takes the pressure off that trade. Another advantage is the following, should the real break not sustain afterwards then in most cases you're still able to sneak away with some profit. For a daily setup I usually switch down to a 1H-TF to look for some PA. For a 4H setup I usually switch down to a 30m/15m-TF to look for some PA. Hope this clears up.

May the force be with you.
Pipcrawler
  • #81,482
  • Dec 2, 2010 4:43pm Dec 2, 2010 4:43pm
Quoting aserbfx
adidas on daily.
ads shows weakness now. broke through the 50 eur, but closed (little) below and didn't move further. divergence on macd. volume decreasing, means that buyers are not interested in the upmove. may see 47 - 48 eur before further upmove..
nice one As, will keep an eye on that one

May the force be with you
Pipcrawler
  • #81,483
  • Dec 2, 2010 5:36pm Dec 2, 2010 5:36pm
Quoting nuclear62
Hey Adilius and thanks for your reply. I can now maybe help you a little bit back I have AlpariUK Micro account. As a broker AlpariUK has not given me any reason to be unsatisfied with their services. I trust it as a high quality broker in London. I´m having now 28 FXpairs and Gold spot. Maybe classic or pro accounts are different in terms of CFDs.. Anyhow, I´d recommend
Nuc
Cool, thank you Nuc. Yes classic should have CFD's. I am reading about them right now, looking good so far. Thanks!
  • #81,484
  • Dec 2, 2010 6:20pm Dec 2, 2010 6:20pm
Just a couple of thoughts/rambles---- I meant to mention this earlier when responding to Spookie I think it was....we all have heard that this can be a real head game at times questioning should I enter this setup, where is my stop to be placed, where is the FTA's, position size, time of day, when to move my stop,etc., etc.....I don't know if this may help anyone, but I say to myself....and I know when you first begin it is often difficult since many of us come here with blown accounts and a paranoia of entering in fear of blowing another account.

As a litmus test, when I dwell on execution, or I keep on questioning it... is this a good trade/setup....it often is not and sometimes it is...just let it go...it creates angst....or doubt....like James and the seniors say....they should stand out...you should be questioning the good ones very little. Secondly, James voice rings in my cranium, "this is dirt simple." I think I finally got what this means. Ya, if the trade jumps out, it most likely is a great setup(A+). I often thought, how the hell can he say this when I am fighting to decide if this is good or not. It shouldn't be a fight. Yes, you have to take the time to go through your checklist when you first begin, but in time like anything else in life it becomes second nature.

You have heard the experts say even if it didn't go my way, I would still take this trade again because you know probabilites are in your favor over time...it is not one trade it is a series of trades that make one profitable. So, true.

Psychology comfort is key for me...no stress...I'm in. I still have alot of work to do, building my position size, but I know this will come in time with comfort---I will not rush this because I know the feeling of drawdown or loss creates unwanted or an undesireable emotion. Particularly, I don't like pain. Further, due to my limited time watching charts, I must pick and choose what I consider the very best setups. And maybe this limited time has helped me in the long run.

It has not been a full year since I have been here, but trading with my real money, however small and increasing size a little at a time, I just ran some numbers. Not, that I haven't before, after all this is a business and I have to do the accounting. Above all, I am happy to say that my percentage of trades that are positive equate to a 86% win rate counting the break evens as positive. I have taken a few full bar loses and have just reviewed the trades and in hindsight have seem my dummy mistakes. I look forward to improve the reduction in drawdowns from the information that all the seniors provide and to those who ask questions which is so so so important. Things I thought I knew become questioned or never thought about and this in itself is extremely valuable. I think I read it here or somewhere that a child asks so many questions and learns at incredible rate, but as an adult we ask less because we think we know or we have established our perceptions and this truly limits us, or we fear that we may appear as dumb and affects our self-esteem(who gives at rats ass ---you are posting on the internet) "our development/learning."


I emphasize, read the earlier posts from the James and seniors, demo, practice, become profitable with just one or two setups, make it second nature---get comfortable....then open a micro accnt....don't do anything different....do it exactly like the earlier posts say...it is worth it !

This is probably my longest post and will be going on vacation tommorrow for a week. This is not to gloat about my progress, but just attempting to give something back as so many others have done here.

In sincere appreciaton ----to James---- the seniors(Mike Jarroo(Jim),Ghous,Joel,Supreme,Benji, I hope I'm not forgetting anyone and I apologize if I am).


Bill
P.S. Sorry I didn't proofread this(I can't stand doing it...I hate to write)
  • #81,485
  • Dec 2, 2010 6:27pm Dec 2, 2010 6:27pm
Quoting Atc
Just a couple of thoughts/rambles---- I meant to mention this earlier when responding to Spookie I think it was....we all have heard that this can be a real head game at times questioning should I enter this setup, where is my stop to be placed, where is the FTA's, position size, time of day, when to move my stop,etc., etc.....I don't know if this may help anyone, but I say to myself....and I know when you first begin it is often difficult since many of us come here with blown accounts and a paranoia of entering in fear of blowing another account....
fantastic post Bill

Enjoy your vacation and we will be here doing what we do when you get back!

Thanks for sharing
Mike
  • #81,486
  • Dec 2, 2010 6:31pm Dec 2, 2010 6:31pm
nzdusd reached FTA.moved sl at free trade.tomorow NFP,safety banked.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.gif Size: 33 KB
Nothing personal,just business
  • #81,487
  • Edited 9:32pm Dec 2, 2010 9:18pm | Edited 9:32pm
Quoting unlv_tj
..The next up and coming guy is xmz. I don't know where he came from, but he has learned this system with Benji and Ghous like speed!
those 2 are great!
as for xmzhang, i think it's no surprise as he is an awesome engineer.

Quoting Atc
Just a couple of thoughts/rambles...
worth reading Sir Bill!
& im taking note of your post here..

it's great to hear about your story & progress.
many thanks for sharing & enjoy your vacation!
  • #81,488
  • Dec 2, 2010 9:26pm Dec 2, 2010 9:26pm
Quoting xmzhang
Bingo, you don't want to be trading against the higher-TF PA. As I told before my style is that I never trade a clear break of the higher TF PA. My objective is to find the most optimal entry point, optimal in the sense of minimizing intial drawdown and thereby my initial risk which can be only achieved by swithing to a lower TF for a entry trigger. Every setup has its optimal entrypoint, my objective is finding that optimal entrypoint. Due to my profession I've to deal a lot with mathematical optimization problems, for example designing a power...
Yes makes more sense. I've been following your trades and have been quite impressed with your method. I've been looking for a way to reduce draw down for I feel the same way as you do. When I place my SL at the end of a bar and see a big drop after my entry has been triggered it makes me nervous. I then start to wonder if I over looked something on the chart. Was this not as good of a setup as I thought? Many times I would kill the trade early only to find it reverse and would have made a decent profit.
  • #81,489
  • Dec 2, 2010 9:42pm Dec 2, 2010 9:42pm
Quoting spookie94
Yes makes more sense. I've been following your trades and have been quite impressed with your method...
if u get nervous while in a trade, i think it's either u are not confident of the setup &/or your position size is not in sync with your risk profile/trading personality.

Quote
Many times I would kill the trade early only to find it reverse and would have made a decent profit.
either improve your trade management or let it go (to reduce/avoid "stress"/overthinking) as it is normal occurrence.

try out the way xmzhang trades... but u must realize that the way he trades may not be in tune with your trading style/personality.
try it out & see how it goes.
  • #81,490
  • Dec 2, 2010 9:42pm Dec 2, 2010 9:42pm
3 bar matching lows. Usually like to play the break, but at a very risk area. Into vbrn and at an all time low.
Attached Image
  • #81,491
  • Dec 2, 2010 9:46pm Dec 2, 2010 9:46pm
Quoting supremeChaos
if u get nervous while in a trade, i think it's either u are not confident of the setup &/or your position size is not in sync with your risk profile/trading personality.


either improve your trade management or let it go (to reduce/avoid "stress"/overthinking) as it is normal occurrence.

try out the way xmzhang trades... but u must realize that the way he trades may not be in tune with your trading style/personality.
try it out & see how it goes.
Agree. Need to find what is comfortable to me. Funny when I was demoing like James tells to it didn't seem as complicated. How in the H**l did I get away from the basics Ive only been doing this for several months
  • #81,492
  • Edited 10:18pm Dec 2, 2010 10:04pm | Edited 10:18pm
Quoting supremeChaos
if u get nervous while in a trade, i think it's either u are not confident of the setup &/or your position size is not in sync with your risk profile/trading personality.


either improve your trade management or let it go (to reduce/avoid "stress"/overthinking) as it is normal occurrence.

try out the way xmzhang trades... but u must realize that the way he trades may not be in tune with your trading style/personality.
try it out & see how it goes.

Agreed, XMZ took to the J16 method like a duck to water and is a Great example for us newbies to follow.

Yes, SC. I think he has great clarity in how he analyzes setups, and he is consistent with it, and this is probably due to his analytical skills as an engineer.

I hope XMZ will post a little about the routine, he goes through in every trade, I mean the order he does things.

Personally, I feel I am failing a little in this area, and my mind can often be all over the place in analyzing a setup.
Got to make it more mechanical and less emotional, this is the hard part for me, right now.


Way to go XMZ

EDIT: I feel like I have quite a few bits of the puzzle but, am perhaps not putting them together in the correct order.
I know, there is really no correct order, I think I mean, (See, I think I mean, that says it all. LoL) applying them in an order that works for me.
Perhaps it is this, that I am having problems with.

You know, wash, rinse & repeat, as we often hear people say.
I am often, rinsing before I am washing.
  • #81,493
  • Dec 2, 2010 10:23pm Dec 2, 2010 10:23pm
Quoting xmzhang
Bingo, you don't want to be trading against the higher-TF PA. As I told before my style is that I never trade a clear break of the higher TF PA. My objective is to find the most optimal entry point, optimal in the sense of minimizing intial drawdown and thereby my initial risk which can be only achieved by swithing to a lower TF for a entry trigger. Every setup has its optimal entrypoint, my objective is finding that optimal entrypoint. Due to my profession I've to deal a lot with mathematical optimization problems, for example designing a power...
If you found a good setup on the weekly or monthly what TFs would you drop down to? Weekly to 4hr, Monthly to daily?
  • #81,494
  • Dec 2, 2010 10:24pm Dec 2, 2010 10:24pm
Quoting decentchap
Hi Jaroo,

I am long based on that poodle pin bar at the moment, holding tight with SL at 9945

The one on the Daily? The size of that one is not that bad, but the location is a poodle . .better to have that at swing low.

As a continuation bullish PB, it was running into a good looking PPZ level at the 1.0070ish not to mention the previous bar Highs. Price did make it to that level/ zone off that PB. A tough trade unless you played a retracement off the 1.0000 (chart 1)

Price broke through the 1.0000 that was acting as Support. Fib retracement levels are lining up with these previous Support level which I will look for them to turn into Resistance with confirming bearish PA, of course. (chart 2)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uchfaaa.jpg Size: 106 KB
Click to Enlarge Name: uchfa.jpg Size: 117 KB
Indicators show the past. Price Action "Indicates" the future.
  • #81,495
  • Dec 2, 2010 10:30pm Dec 2, 2010 10:30pm
Quoting xmzhang
Bingo, you don't want to be trading against the higher-TF PA. As I told before my style is that I never trade a clear break of the higher TF PA. My objective is to find the most optimal entry point, optimal in the sense of minimizing intial drawdown and thereby my initial risk which can be only achieved by swithing to a lower TF for a entry trigger. Every setup has its optimal entrypoint, my objective is finding that optimal entrypoint. Due to my profession I've to deal a lot with mathematical optimization problems, for example designing a power...
Are your stop always a set amount?
  • #81,496
  • Dec 2, 2010 10:32pm Dec 2, 2010 10:32pm
Quoting jarroo
The one on the Daily? The size of that one is not that bad, but the location is a poodle . .better to have that at swing low.

As a continuation bullish PB, it was running into a good looking PPZ level at the 1.0070ish not to mention the previous bar Highs. Price did make it to that level/ zone off that PB. A tough trade unless you played a retracement off the 1.0000 (chart 1)

Price broke through the 1.0000 that was acting as Support. Fib retracement levels are lining up with these previous Support level which I will look for them to turn into...

Yes, it is also a 2 day BEOB. Although its not at a swing high but in consolidation it has good potential.
Attached Image (click to enlarge)
Click to Enlarge Name: uchfa2d.jpg Size: 92 KB
Indicators show the past. Price Action "Indicates" the future.
  • #81,497
  • Dec 2, 2010 10:36pm Dec 2, 2010 10:36pm
Quoting Pinbar
Agreed, XMZ took to the J16 method like a duck to water and is a Great example for us newbies to follow.

Yes, SC. I think he has great clarity in how he analyzes setups, and he is consistent with it, and this is probably due to his analytical skills as an engineer.

I hope XMZ will post a little about the routine, he goes through in every trade, I mean the order he does things.

Personally, I feel I am failing a little in this area, and my mind can often be all over the place in analyzing a setup.
Got to make it more mechanical and less emotional,...
From the posts you've been putting up I think your far ahead of most. Maybe we fall in the same boat. Spotting a good trade is getting easier. Its when we pull the trigger the real touble starts
  • #81,498
  • Dec 2, 2010 10:36pm Dec 2, 2010 10:36pm
Quoting benji533
Good to see you still sticking around and kicking with 9,572 posts my dear friend http://cdn.forexfactory.com/images/s.../yim/happy.gif

Is it that much already . . .
Indicators show the past. Price Action "Indicates" the future.
  • #81,499
  • Dec 2, 2010 11:04pm Dec 2, 2010 11:04pm
Quoting xmzhang
Hey Jarroo, how about this 4H-BUOB @ 8400 of E-G ? Entry on a pullback, a nice BUOB on the 10m-TF at previous bar low was my buy trigger. Closed 1/2 position at the important PPZ @ 8450, lets see if she is able to crack the 8450 ......

Not bad xmz. You got to like those previous bar highs on BUOB ( or those previous bar lows on BEOB).

One thing I like about your trades zmx, is that once your target is reached, you don't mess around . .you take some sort of action to manage your trade. Be it 1/2 off, or B/E or full position, etc. This is key to the trade management of what James16 teaches. . . good for you . .

You got to like the confluence of the 61.8 and BRN .8500.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp4.jpg Size: 97 KB
Indicators show the past. Price Action "Indicates" the future.
  • #81,500
  • Dec 2, 2010 11:24pm Dec 2, 2010 11:24pm
Quoting stewrigh
Hi guys anyone watching this??
Attachment

It had some good confluences going for it . .Divergence, 150 ema, a bit of the 61.8 fib, 132.00 RN . . it had a some Space but some traffic to contend with. . .The size was its only problem.
Attached Image (click to enlarge)
Click to Enlarge Name: euro03.jpg Size: 121 KB
Indicators show the past. Price Action "Indicates" the future.
41 traders viewing now