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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

  • #102,561
  • Oct 3, 2011 3:50pm Oct 3, 2011 3:50pm
Quoting leerees
I was wondering if anybody here can point me to a simple guide for identifying supply and demand zones? I've tried doing it but just end up drawing support and resistence

Easy! Next time you label your chart with 'support' and 'resistance', change those labels to 'supply' and 'demand' (doesnt matter which, they can be used interchangeably in a long/short market - but if you were trading futures or equities, you would want to use 'supply' for resistance and 'demand' for 'support').

Congrats! You now sound 12% more pro.
When you have to shoot, shoot. Dont talk.
  • #102,562
  • Oct 3, 2011 3:59pm Oct 3, 2011 3:59pm
Quoting leerees
Hi Guys,

I was wondering if anybody here can point me to a simple guide for identifying supply and demand zones? I've tried doing it but just end up drawing support and resistence, which is how I've traded for the last 2 years.

So basically I'm seeking a complete beginners step by step guide so that I can clear my mind and understand this concept. I already know about candlestick formations and will be using them along with S+R, I'll also use dean kellys fibs for my exits.

Many thanks.
These links have been very helpful to me.
http://www.forexfactory.com/showthre...99#post2585699
  • #102,563
  • Oct 3, 2011 4:49pm Oct 3, 2011 4:49pm
Hi all,

I thought I would report my progress so far using the J16 methodology as it might (hopefully) help other newbies just starting out on the J16 path to trading.


I have just finished my first 3 Months demo trading only on the daily charts and only PB set ups that meet my trade criteria which is based on the methods described on this forum.


I am extremely pleased, in fact amazed to report that I have had 3 profitable months trading this way and have actually only lost 1 trade!! (Please don’t take this as I am saying I have got this sussed or anything like that because I am fully aware that that is not the case).


Over the 3 months I have taken 18 trades with 17 winners and 1 loser, however the 1 losing trade was a full bar loss which is not nice, I also count a BE trade as a winner.


This does give me major concerns for live trading as 1 loss can wipe out many small winners / BE trades and I currently cannot manage the trade during normal market hours, therefore sometimes at the mercy of the market and no matter which way you cut it if you were a robot and could pick 100% perfect A++ set ups every time, from time to time a trade will still go against you.


So for me I think it is key to try and realize as much profit out of the winning trades as possible to be able to absorb a loss or two.


I have attached my current trade selection method and entry criteria to help other newbies get a rough idea of creating a few of your own rules and would welcome any comments / advice or improvements.


Please feel free to use it for ideas however, please understand that I am only a newbie to the James 16 method of trading and am in no way advising anybody that this is a straight out successful formula that will definitely work etc, etc.


I should also point out that I have used one of Pinbars attachments showing different price action setups,(Thanks Pinbar) however I have strictly only traded PB Price action set ups so far and don’t intend to trade other price action setups until I have also successfully demo traded them for 3 months.


The next step for me is to go live trading only the PB setups for 3 months while also demo trading other price action setups as detailed above.

This will be the real test now as demo trading is great for learning a method and training your eye etc, however throw your emotions into the mix and suddenly your chart starts to look very different!!


I will be sticking to strict money management though, with 1-2% risk per trade and ½ my intended investment for the first 3-6 months dependent on results (and if I have any money left after that term LOL)


Finally I would like to say a big thank you to James 16 who started all this off and who’s experience and advice is invaluable, and to all the senior guys carrying the flame sharing their experience and advising people when ever required, especially Mike who seems to always be answering somebodies question.


I hope to report back in three months that I have been successful live trading however; I am fully aware that this is down to me being disciplined and sticking to the rules.


In the meantime I will try to post when I can.

GPFX
Attached File(s)
File Type: doc GP- Daily Time Frame Selection Method.doc   174 KB | 517 downloads
  • #102,564
  • Oct 3, 2011 4:58pm Oct 3, 2011 4:58pm
Quoting Gpfx
Hi all,

I thought I would report my progress so far using the J16 methodology as it might (hopefully) help other newbies just starting out on the J16 path to trading.


I have just finished my first 3 Months demo trading only on the daily charts and only PB set ups that meet my trade criteria which is based on the methods described on this forum.


[font=Calibri][size=3]I am extremely pleased, in fact amazed to report that I have had 3...
congrats on your great success so far GP! thanks for sharing with others, and keep it up!

Best of luck
Mike
  • #102,565
  • Oct 3, 2011 5:22pm Oct 3, 2011 5:22pm
Quoting Gpfx
Hi all,

I thought I would report my progress so far using the J16 methodology as it might (hopefully) help other newbies just starting out on the J16 path to trading.


[font=Calibri][size=3]I have just finished my first 3 Months demo trading
Just wanted to say that from a newb perspective it is great to read that people are having success. I have just started a 3 month demo period and hope I can have as much success as you have.

Congrats and thanks for sharing your selection criteria.
  • #102,566
  • Oct 3, 2011 5:38pm Oct 3, 2011 5:38pm
Hi all,

Seen a pinbar form on the EUR/NZD daily and thinking of going long if the pin breaks. There is a S/R pivot, the 23 FIB and the 150 EMA that I am seeing as confluence.

I am worried about the fact the pin is not at a major swing low and is in some traffic. I can see that a potential FTA is at the high of the previous bar (1.7739) which has acted as strong resistance previously.

I am thinking if going long, stop below the pin initially with a view if price reaches the 1.7739 then get my stop to B/E or even take a 150+ pip profit.

thoughts?
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  • #102,567
  • Oct 3, 2011 5:45pm Oct 3, 2011 5:45pm
Quoting Martynp
Hi all,

Seen a pinbar form on the EUR/NZD daily and thinking of going long if the pin breaks. There is a S/R pivot, the 23 FIB and the 150 EMA that I am seeing as confluence.

I am worried about the fact the pin is not at a major swing low and is in some traffic. I can see that a potential FTA is at the high of the previous bar (1.7739) which has acted as strong resistance previously.

I am thinking if going long, stop below the pin initially with a view if price reaches the 1.7739 then get my stop to B/E or even take a 150+ pip profit.

thoughts?...
Hey Marty

Be careful here with these. Remember james tells us we want to find these bullish pins at swing lows. Yours is at a swing high point. Continuation bars as this are valid, but I personally want more info then just a small bar. My FTA would be the previous bars open and the bar before that close. These aren't necessarily wrong to play but IMO continuation bars should be learned after the traditional basic locations James shows.

Best
Mike
  • #102,568
  • Oct 3, 2011 6:15pm Oct 3, 2011 6:15pm
Quoting jarroo
Hey Pinbar,

Yes, that past consolidation box's levels are surely in play with current Price , but I would be looking at the more recent levels. I do like looking at the higher time frame levels on the lower time frame(s). So on these weekly levels I would look for Daily and/or even the 4 Hour for the appropriate (bearish/bullish) PA. (charts)

But let's look at that past consolidation area (in yellow) . . . .
no surprise on this bounce . .
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Indicators show the past. Price Action "Indicates" the future.
  • #102,569
  • Oct 3, 2011 6:42pm Oct 3, 2011 6:42pm
Would you guys give me your opinion on this chart? I have only been studying PA for a week and don't know if this is a good setup or not. 8Hr GPB/CAD

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  • #102,570
  • Oct 3, 2011 7:15pm Oct 3, 2011 7:15pm
Quoting jarroo
no surprise on this bounce . .

Jarroo

Good morning

Before I went out last night, I setup that EUR/NZD chart and have explained why I used the areas I did. A quick fuzzy look, this morning seems to suggest that, I am in the same ball park, maybe in the car park?

Please let me know of any critical areas of mistake or criticism greatly welcome.
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  • #102,571
  • Oct 3, 2011 7:36pm Oct 3, 2011 7:36pm
I also setup EJ and just took it down through the time frames to see what occurred at this area on each TF.

Very interesting
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  • #102,572
  • Edited 8:09pm Oct 3, 2011 7:54pm | Edited 8:09pm
This is not suggesting trading the M5 TF, I am just looking at this area on this TF as it seems to be suggesting a long break.

I just watched this M5 candle close above this area, the first close above since Sep 30th.

EDIT: The consolidation areas on M5 are interesting.
Are we now going to get a retest of this upper consolidation box?
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  • #102,573
  • Oct 3, 2011 8:07pm Oct 3, 2011 8:07pm
Quoting Donkey
BUOB has broken with very little retrace and the break entry has already gone to my FTA at 9120. Stop moved to 8910 reducing about 60-70% of initial risk. My retrace entry order is removed.
8910 held through a few days by about 7pips. Stop now to 8975, reducing about 90% risk. Strong daily close above FTA. Going to see if price can push through 9200 and the 365ema over next day or so.
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  • #102,574
  • Edited 8:36pm Oct 3, 2011 8:14pm | Edited 8:36pm
I think this is going to be very interesting.

Are they battling it out here at the 1.75500 consolidation area?

EDIT: The bears seem to have won the first round & managed to push price back into the upper consolidation area. Let's see if they can push it below the 365 or if the bulls will push it up.
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  • #102,575
  • Oct 3, 2011 8:47pm Oct 3, 2011 8:47pm
Looks like the bears won the round.

EDIT: Now I am looking for logical reasons by taking it back up through the TF.

On M15, this PB looks very assertive.
This also goes to show how even one higher TF up from M5, shows the PA and turning point that I failed to see on M5. Great experience even though, my thoughts on how this would play out on M5 were incorrect.
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  • #102,576
  • Oct 3, 2011 8:58pm Oct 3, 2011 8:58pm
A further look at M15 shows exactly why this worked against the M5 tf.
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  • #102,577
  • Oct 3, 2011 9:04pm Oct 3, 2011 9:04pm
I see Ghous is in the house.

Long time no see.

Ghous, do you have any thoughts about this H4 IPB type bar and if that also contributed to the breakdown or not?
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  • #102,578
  • Oct 3, 2011 9:34pm Oct 3, 2011 9:34pm
Hmm, It also looks like I ignored the Daily HCR at this SH.

Even on M5, nothing could come even close to closing above it.
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  • #102,579
  • Oct 3, 2011 10:55pm Oct 3, 2011 10:55pm
Hi Pin. Here's one scenario I'm watching on Cable for Jarroo's methodology.
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  • #102,580
  • Oct 3, 2011 11:19pm Oct 3, 2011 11:19pm
Quoting Donkey
Hi Pin. Here's one scenario I'm watching on Cable for Jarroo's methodology.

Hey, thanks D, this confirms that we are looking at the same areas with Jarroos methodology. Fantastic.

I am also looking at the monthly High just below that area at 1.52940.

Many thanks.
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