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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

  • #97,661
  • Jun 30, 2011 3:11pm Jun 30, 2011 3:11pm
Quoting Knight Rider
I played a pin bar off the 8am GMT 1 hour (resistance around 1.4170. Entered short at 1.4128. I nearly didn't. I was stopped out shortly afterwards.

Can somebody tell me why this was an unacceptable trade (not interested to hear that it was a 1 hour)?

Thank you.

KR
your entry was only ~ 15 pips above the several-day-low
which was reached some hours before during asian session;
@beginning of london session a breakout north occured and PB was just a retracement of this into the london "nightly" range.
  • #97,662
  • Jun 30, 2011 3:51pm Jun 30, 2011 3:51pm
Quoting Adilius07
Done! Next please
Wow nicely done. Just curious where did you place your s/l on this one?
  • #97,663
  • Jun 30, 2011 4:10pm Jun 30, 2011 4:10pm
Quoting gungriffin
Finish of the post above:
http://www.forexfactory.com/attachme...9&d=1308867554
Ha ha was looking at this chart for the notes that I made about the wedge that this one is forming and saw the objects that I drew for the pin bar that formed about 5 days ago. I have been doing this for a while now, but it NEVER ceases to amaze me when I realize how amazing the material that is being posted here actually is. I put up the chart that I marked up a few days ago and here is the results:

Daily:
Attached Image (click to enlarge)
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4HR (Note that this is zoomed in to show a more detailed view, I do not trade this zoomed in):
Attached Image (click to enlarge)
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  • #97,664
  • Jun 30, 2011 4:24pm Jun 30, 2011 4:24pm
Quoting gungriffin
Ha ha was looking at this chart for the notes that I made about the wedge that this one is forming and saw the objects that I drew for the pin bar that formed about 5 days ago. I have been doing this for a while now, but it NEVER ceases to amaze me when I realize how amazing the material that is being posted here actually is. I put up the chart that I marked up a few days ago and here is the results:

Daily:
Attachment

4HR (Note that this is zoomed in to show a more detailed view, I do not trade this zoomed in):
Attachment ...
Nice call gungriffin, this thread and the PF are pretty amazing places both the teachers and material are first class. Super glad I finally decide to anchor down here.
  • #97,665
  • Jun 30, 2011 4:50pm Jun 30, 2011 4:50pm
Quoting bizkam
Hey Mike

I think that one of my biggest problems in trading is that in most of cases I'm following only one of your rules:
If I think a trade warrants a quick take profit - I do that
When I started to learn trading I did that on M5, so it is difficult for me now to keep the trades open for long time (even on bigger timeframes).

For Example, with my "average" Stop Loss ~40 pips (for the moment I'm trading on H1) I could do yesterday
[150 pips] + [40 pips]
<- in two trades. But I felt that I need to close those trades earlier, when...
Hey there Bizkam,

Just wanted to reply to this even if it was a bit late I have not gotten through the next 7 new pages yet so this is my unbiased reply.

The reason why your post speaks to me is that I feel as though I was having this exact issue when I first started. Looking back in retrospect there was really only one solution to the issue, and that was TONS of practice. The real issue for me was that I did not have the experience to trust my trades. It was as simple as that. While it is nice to trade the lower tf it is more difficult to do, and it also oftentimes preys on our doubts/lack of experience.

Just an onbservation:
If you are trading using only one of the rules, then that makes sense. I did the same thing to start. Your personality may just be drawn to one type of trading/profit taking strategy so it is the first one that comes into your mind as an option. Often times it is a lack of seening different trade strategies or a fear of losing the acorns that we just got that will set us off course. In the beginning once fear sets in it often will take over and objectivity goes out the window. Once we lose objectivity over reading the charts we are doomed to lose. It is just that simple.

What was the solution? Demoing for a period that oftentimes is longer than we (well than I) ever thought that we would. We have to gain the experience neccessary to identify, in an objective manor, a trade strategy before we ever enter. This just requires an very large amount of forward testing to hone our abilities to become subconcious. This is something that I am still working on and probably will not ever stop honing.

Also, there are exceptions, but it really is in your best interests to work off of the daily and weekly to start. These demons of doubt you mention are something that need to be dealt with before you have $ on the line. It is going to take time and just by trying to rush trading (working the 1hr)that is a sign of needing to slow down a bit. That often (at least for me and most people that I have seen) starts with learning to not trade. When in doubt, pass. There will always be more and the higher tf give more time for analysis and are more likely to completely follow the j16 methods.

Hope this helps even if it may not be the answer that was expected,
Ryan
  • #97,666
  • Jun 30, 2011 4:51pm Jun 30, 2011 4:51pm
Quoting J.W. Holmes
Nice call gungriffin, this thread and the PF are pretty amazing places both the teachers and material are first class. Super glad I finally decide to anchor down here.

You and me both friend!
  • #97,667
  • Jun 30, 2011 5:16pm Jun 30, 2011 5:16pm
Quoting gungriffin
You and me both friend!
Yes. But, as you both are aware, it's not a Call Shop. It's a mentality.
Even that, requires Training & Practice.

B
  • #97,668
  • Jun 30, 2011 5:23pm Jun 30, 2011 5:23pm
Quoting gungriffin
Hey there Bizkam,

Just wanted to reply to this ...
Ryan
Welcome. Impressive.
Welcome to the ... trenches ...
Don't lose what you already have.

B
  • #97,669
  • Jun 30, 2011 5:31pm Jun 30, 2011 5:31pm
Hi Everyone,

Just found this thread - sounds interesting. Hope to work my way forward from post one - before I collect my pension

What does PF mean?



Thanks,


Mike
  • #97,670
  • Jun 30, 2011 5:45pm Jun 30, 2011 5:45pm
hello blott,
PF = Private (paid) Forum.... referring to the James16 PF.
u'll get to read about it as u move along this thread's pages.

welcome to the thread!
  • #97,671
  • Jun 30, 2011 6:08pm Jun 30, 2011 6:08pm
Quoting gungriffin
Hey there Bizkam,

Just wanted to reply to this even if it was a bit late I have not gotten through the next 7 new pages yet so this is my unbiased reply.

The reason why your post speaks to me is that I feel as though I was having this exact issue when I first started. Looking back in retrospect there was really only one solution to the issue, and that was TONS of practice. The real issue for me was that I did not have the experience to trust my trades. It was as simple as that. While it is nice to trade the lower tf it is more difficult...

Hey Ryan,

I see there is no magic solution for this issue
I understand what you said. I started with low TF and despite of some temporary success I felt that I need to use higher TFs.
I passed M5 - M15 - M30 . Now it is H1, and it is relatively new to me - I had only few trades on H1 since I left M15-M30. I put attention that H1 already gave me more time, so I can better concentrate on charts analysis, exactly as you said!
(And if it will not be enough I will move from H1 to H4)

I have one more question.
I use H4 too - not for entries, but in order too look on the market "from above". I didn't get final conclusion yet whether it is really useful or not. In some cases this helps, in others create confusion.
- What about experienced traders? - Do they use only one TF or multiple?


Thank you!
  • #97,672
  • Jun 30, 2011 6:33pm Jun 30, 2011 6:33pm
Quoting blott
Hi Everyone,

Just found this thread - sounds interesting. Hope to work my way forward from post one - before I collect my pension

What does PF mean?



Thanks,


Mike
PF Means Proof before Funds. No it doesn't. It means Pure Focus. ach well. a Tried.

Pf is the subscription side of J16. {Private Forum} You'll see lots of familiar names posting there. Only 'cause we like to raise awareness.

PF... So Why?
Timing & Content depth.
Videos & Webinars
The Honest Core of the Group.

I wax uncontrolled. Don't tell them they do this to me.

BMc


B
Welcome Blott. Pull up a chair & make sure it's a comfy one. You're gonna be here a while
  • #97,673
  • Jun 30, 2011 6:43pm Jun 30, 2011 6:43pm
Quoting bizkam
I never traded monthly, but if look at the chart above (which is monthly) I don't see any advantages in it. I'm curious what professional traders think.
Not a professional trader by any stretch....mostly demo for last year +. I'll give my 2 cents on why most people may not trade monthly - especially starting out - and probably should. Trading monthly gives you time to make good decisions. I think it's lack of patience and discipline that lead newbies (me for sure) away from higher TFs. If I want to use Mike's three bar trailing stop method on a monthly trade, I have to wait 3 months to do so. It's difficult for me not to want to "tinker" with a trade once I'm in - and it's hard to imagine waiting for month(s) before managing a trade. I imagine it is a lot less exciting for monthly (position) traders that are disciplined. But I bet they're out there - and fully capitalized - and probably some of the most successful.

This AUDUSD chart is why I will always look at the higher time frames - monthlies and weeklies. Disclaimer is that I would not have taken this trade, but I bet some out there make a yearly salary on this and similar trades.

Small bearish pin, good close, below BRN.... 40 pip buffer on break and s/l = 532 pip stop - way too much for many . Simply trailing stop after monthly close with 40 pip buffer would have given a 4.3R return (2304 pip profit) in the 5th month. If you had exited at 6100 for whatever reason - a 6.1R return.

I risk 2% on my tiny live account. I have a goal of having a $50K USD trading account in 5 years. 2%R would be around $8600 (trailing) to $12,000 (6100 exit) on one monthly trade. I couldn't feed my family off of that - but it would certainly go a long way to building my trading capital. I imagine those that trade very large accounts could turn 6 figures on a monthly set up quite easily.

Didn't mean to rant...wanted to put this down for my benefit as much as anyone's.
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  • #97,674
  • Jun 30, 2011 6:50pm Jun 30, 2011 6:50pm
Hello All. NooB to this style of trading here, not new to trading. Apparently the audusd posted a VERY nice pinbar setup here a few days ago on the daily. Am I missing something or is it really this nice of a trade???

thanks
Kevin
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  • #97,675
  • Jun 30, 2011 6:56pm Jun 30, 2011 6:56pm
Quoting kevins
Hello All. NooB to this style of trading here, not new to trading. Apparently the audusd posted a VERY nice pinbar setup here a few days ago on the daily. Am I missing something or is it really this nice of a trade???

thanks
Kevin
Hey Kev

On your feed it sure is a pinbar. I would like to see that pinbar close above the BRN(big round number as I call them) of 1.0500. That would in my view make the trade MUCH stronger.

The good points are the trend is with you. The bad is there was a lot of stuff to get through above us. With these I would HAVE to see a nice strong break(like we got). Any sort of hold up at that round number can mean trouble.

Good to ssee you on the thread

Mike
  • #97,676
  • Jun 30, 2011 7:05pm Jun 30, 2011 7:05pm
eur/usd pb. Although, I'm sure everyone sees this one. lol
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Yay! Pips for everyone!
  • #97,677
  • Jun 30, 2011 7:08pm Jun 30, 2011 7:08pm
Quoting Pipsforall
eur/usd pb. Although, I'm sure everyone sees this one. lol
I didn't. Thanks.
What a Team What a team.

B
  • #97,678
  • Jun 30, 2011 7:12pm Jun 30, 2011 7:12pm
Quoting Bemac
I didn't. Thanks.
What a Team What a team.

B
You're welcome, and I don't know if its a good one to take, I don't like that it didn't close below support. But, I'm keeping an eye on it.
Yay! Pips for everyone!
  • #97,679
  • Jun 30, 2011 7:48pm Jun 30, 2011 7:48pm
Quoting danielga
waiting for close..
Quoting huskyboy
nice PB at swing high and there is one forming on daily too.
Some people are masochists.

Quoting Bemac
{Homework assignment.
What is 8% of 30%}
I love Bemac posts because he is the only person in the world who uses more punctuation than I do.
When you have to shoot, shoot. Dont talk.
  • #97,680
  • Jun 30, 2011 7:55pm Jun 30, 2011 7:55pm
Yeah ya bugger. Just Shoot.
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