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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

  • #113,161
  • Jun 14, 2012 3:09am Jun 14, 2012 3:09am
Quoting Chanya
NZD CHF DAILY

Can you show the Weekly levels on the pair . .many "crazy crosses" like this one, I will look to the Weekly levels only and even the Monthly levels .
Indicators show the past. Price Action "Indicates" the future.
  • #113,162
  • Jun 14, 2012 3:21am Jun 14, 2012 3:21am
Ok I've just finished reading Jim's posts from day 1. Phew!

Seems to make sense to me. Here's a H1 attempt on the GBPUSD.
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  • #113,163
  • Jun 14, 2012 3:49am Jun 14, 2012 3:49am
Quoting tinkerbelle
Ola, can u Mike, Pinbar, Jaroo please post some chart with trade where your SL was hitted (not partial profit or BE )? thank you
My safety stops are rarely hit but I'll have a few Hourly Close S/L indication take me out for a small loss . .

GbpChf . . Price broke through and Close Above this Daily Highest Close of Resistance (HCR) level with a 365 ema confluence took me out for a small loss when the hourly closed below my entry level.

I then realised this was a "crazy cross" and the Weekly levels were stonger and adjusted my long position ..
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #113,164
  • Jun 14, 2012 5:34am Jun 14, 2012 5:34am
Stopped out on this false trend line break.
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  • #113,165
  • Jun 14, 2012 6:13am Jun 14, 2012 6:13am
Quoting C-12
Stopped out on this false trend line break.

Too much noise on the H1 TF.

Did you read the 1st post?
J16 wrote this for a reason.

MINIMUM REQUIREMENTS / THIS IS A BUSINESS
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM):

  1. ON DAILY AND WEEKLY TIME-FRAMES, YOU ONLY DEMO-TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED.
  2. OPEN AN ACCOUNT WITH HALF OF THE INVESTMENT YOU INTENDED TO GO FULL WITH AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE PROFITABLE THREE MONTHS IN A ROW MINIMUM. YOU NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE. YOU DO NOT PROCEED TO STEP THREE UNTIL STEP TWO IS COMPLETED.
  3. FUND A FULL ACCOUNT AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE CONSISTENTLY BUILDING YOUR ACCOUNT FOR AT LEAST SIX MONTHS. YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.
  4. IF AND WHEN YOU DECIDE TO DAYTRADE ON A SMALL TIME-FRAME AND YOU DON'T FOLLOW THIS TEMPLATE, AT A MINIMUM, YOU ARE ALMOST CERTAINLY GOING TO FIND YOURSELFE IN TROUBLE. IF YOU ARE GOING TO FOLLOW A SYSTEM OR ANY TRADING STYLE AND YOU DON'T FOLLOW THIS TEMPLATE AS FAR AS THE DEMO PROCESS, YOU ARE NOT TREATING IT AS A BUSINESS AND YOU HAVE NO ONE TO BLAME OTHER THAN YOURSELF IF YOU LOSE YOUR MONEY.
  5. IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF YOUR ACCOUNT, YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS, YOU REFUND YOUR ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING AGAIN UNTIL YOUR DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES ONE MONTH OR SIX MONTHS, IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DON'T WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT.

  • #113,166
  • Jun 14, 2012 6:17am Jun 14, 2012 6:17am
Quoting Pinbar
Too much noise on the H1 TF.

Did you read the 1st post?
J16 wrote this for a reason.
Oh yeah definitely! I've got no plans for a live account until next year after 3 profitable months.

I'm looking at daily and weekly trades but just passing some time and checking out the PA on the lower frames.

A good reminder for all newbies like myself to print J16's 1st post and stick it on the wall next to the computer.
  • #113,167
  • Jun 14, 2012 6:22am Jun 14, 2012 6:22am
Quoting Chanya
Can you please tell me that if you had entered off a daily level like I did , where would you have put your stops ??? Mine 30 pips was based on the zone in yellow that I drew on the chart .. Where would you have put your stops and based on what ??? Asking for the info sake ...
I like your yellow zone there. My stop would have been behind the same level only with some more room most likely. I've found that 60-80 pip stops allow me to manage my jarroo (mostly entries off weekly HCR/LCS) on the 4H time frame and give me plenty of time to avoid full bar losses. I work during the most volatile time of the day and can't check charts any more than every 4H, and tighter stops don't allow me to manage as closely as I would like to. That's just how I've started to trade/adapt this method to my trading style and comfort level.
  • #113,168
  • Jun 14, 2012 6:32am Jun 14, 2012 6:32am
Hi Mike,
Is this a wedge pattern on the EURCAD weekly and if so, how do you approach it? I also notice divergence on the MACD which has my attention. The 1.2767 level has held since June 2010 and is pretty much the historical low (no monthly close below).

Thanks,
Allan
Attached Image(s) (click to enlarge)
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  • #113,169
  • Jun 14, 2012 6:45am Jun 14, 2012 6:45am
Mbqb11 just hit the brn of 8,700 posts! Congrats mike and thank you for your dedication and support!

CHEERS!
Allan
  • #113,170
  • Jun 14, 2012 7:48am Jun 14, 2012 7:48am
Quoting Mebius
Hi Mike,
Is this a wedge pattern on the EURCAD weekly and if so, how do you approach it? I also notice divergence on the MACD which has my attention. The 1.2767 level has held since June 2010 and is pretty much the historical low (no monthly close below).

Thanks,
Allan
Hi Allan,

I'm not Mike, but he did send a chart on this.
See post http://www.forexfactory.com/showthre...31#post5734031

all the best
Slow & steady
  • #113,171
  • Jun 14, 2012 8:09am Jun 14, 2012 8:09am
Quoting C-12
Ok I've just finished reading Jim's posts from day 1. Phew!

Seems to make sense to me. Here's a H1 attempt on the GBPUSD.
wonder if divergence did even play out on this, i guess so.
Hero calls followed by margin calls...
  • #113,172
  • Jun 14, 2012 8:14am Jun 14, 2012 8:14am
Quoting C-12
Ok I've just finished reading Jim's posts from day 1. Phew!

Seems to make sense to me. Here's a H1 attempt on the GBPUSD.
Hey C

Welcome to the thread glad to have you

I like what you are doing here by creating a story but a few things jump out at me that worry me

Firstly timeframe. Remember to follow post one it's very important to build a good foundation on the daily weekly

Inside bars- while the idea here is right we will see a lot of inside bars here and they can get us into trouble. It would be a much better sell in this scenario to sell a new low break. I personally would want to see a much strong confirmation bar like a big pinbar or beob. In your case though if you do sell all the way back up on that pullback, we can get a very tight stop. This is very important to some people so it's something to track and test.

For a first post, except for the timeframe it's great to see you creating a "story"

Again welcome to the thread
Mike
  • #113,173
  • Jun 14, 2012 8:15am Jun 14, 2012 8:15am
Quoting PhAnTi'
wonder if divergence did even play out on this, i guess so.
Yep looks like it took it down to 1.55. Although flicking over to the H4 chart it didn't actually show any clear divergence on the double top. Strange.
  • #113,174
  • Jun 14, 2012 8:16am Jun 14, 2012 8:16am
Quoting Mebius
Mbqb11 just hit the brn of 8,700 posts! Congrats mike and thank you for your dedication and support!

CHEERS!
Allan
hahah Hey Allan thanks, but the BRN was at 8500! next one is 9000, 8700 is just a LRN so no congrats needed


THanks though I love this thread and you guys
Mike
  • #113,175
  • Jun 14, 2012 8:16am Jun 14, 2012 8:16am
Quoting patapouer
Hi Allan,

I'm not Mike, but he did send a chart on this.
See post http://www.forexfactory.com/showthre...31#post5734031

all the best
Thanks P

Yep this one is still on my radar, just waiting and watching. If it wants to chop around it will be doing so without me

Mike
  • #113,176
  • Jun 14, 2012 8:32am Jun 14, 2012 8:32am
chart I am watching.
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  • #113,177
  • Jun 14, 2012 8:34am Jun 14, 2012 8:34am
Quoting mbqb11
chart I am watching.
so simple

hope u r doing great mike,

regards,
Jonas
Hero calls followed by margin calls...
  • #113,178
  • Jun 14, 2012 8:40am Jun 14, 2012 8:40am
Quoting PhAnTi'
so simple

hope u r doing great mike,

regards,
Jonas
thanks buddy I am! Hope you are too


And simple is the best right

Mike
  • #113,179
  • Jun 14, 2012 9:01am Jun 14, 2012 9:01am
Quoting mbqb11
Hey C
Inside bars- while the idea here is right we will see a lot of inside bars here and they can get us into trouble. It would be a much better sell in this scenario to sell a new low break. I personally would want to see a much strong confirmation bar like a big pinbar or beob. In your case though if you do sell all the way back up on that pullback, we can get a very tight stop. This is very important to some people so it's something to track and test.
Mike
Thanks Mike. Appreciate the feedback. Playing for the break of the previous bar would have kept me out of trouble.

I wont be attempting any real money on this time frame for a long long time!
  • #113,180
  • Jun 14, 2012 9:09am Jun 14, 2012 9:09am
Quoting C-12
Thanks Mike. Appreciate the feedback. Playing for the break of the previous bar would have kept me out of trouble.

I wont be attempting any real money on this time frame for a long long time!
good to hear!

Mike
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