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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

  • #114,221
  • Jul 12, 2012 11:09am Jul 12, 2012 11:09am
Quoting mbqb11
Hey K

Firstly welcome to the thread

Firstly what worries me is you said non demo account after just learning. It's very important to not be trading live switching to demo as it takes awhile to learn this stuff. This is how we treat it as a business. Please be sure to read closely post 1 from James you will not regret it

As for the two charts you post

Aud/jpy I can't see why you sold. Could you give an explanation. It looks like you sold a new low nothing based on what James is showing.

Usd/cad - VERY tiny pinbar at a very minor swing...

Hi Mike,

My mistake. I sold EUR/AUD not AUD/JPY, based on a daily DBHLC. I also bought USD/JPY based on a bullish outside bar on the daily. Ok, I know lots of traffic/ sideways market.

I've moved my USD/CAD to BE and just closed my GBP/USD trade for some pips.

I have read the first 40 pages of the thread and am trying to go through the next 7000+ pages as quickly as possible. Could you please explain confluence? Is it a 50%, 61% fib retracement and how do I trade this?

At the moment I am trading off daily candles. My account is small and I'm risking less than 1% per trade.

Thanks.

Ken
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  • #114,222
  • Jul 12, 2012 12:47pm Jul 12, 2012 12:47pm
Quoting kl1968
Hi Mike,

My mistake. I sold EUR/AUD not AUD/JPY, based on a daily DBHLC. I also bought USD/JPY based on a bullish outside bar on the daily. Ok, I know lots of traffic/ sideways market.

I've moved my USD/CAD to BE and just closed my GBP/USD trade for some pips.

I have read the first 40 pages of the thread and am trying to go through the next 7000+ pages as quickly as possible. Could you please explain confluence? Is it a 50%, 61% fib retracement and how do I trade this?

At the moment I am trading off daily candles. My account is...
Hey Ken

You should still hop back onto demo. There is no reason to risk real money until you can prove it on demo. That's step one in treating this as a business like James stresses

As for your bars. Eur/aud is a DBHLC but at a swing low. Remember we want to locate these bars up at swing high points.

Same goes for usd/jpy this we want at a swing low where your BUOB is in a very sideways market. Not at a swing point.

When starting out remember to look for nice big bars at nice clean swing points. This is a good stepping stone. If you are interested I did a video on introduction to pinbars on the guest side that will give you a better idea as well as a video on space vs traffic(for why we want to be careful in consolidated markets). It's just basic starting stuff but should help.

Confluence = any amount of factors that give favor to a trade. Or overlapping reasons why we should do something. The list is endless and variable depending on the trade at hand.

We can have fib confluence- example multiple fibs lining up on each other(say a 50% fib from two swing points, and maybe a 61.8 fib from a larger swing point.

We could have a round number lining up with a clear PPZ(price pivot zone).

We could have a breakout pattern

and the list goes on and is interchangeable. Right now what you are doing is simply identifying the bars we use. First learn to spot them and read them in the right location(ie buobs swing lows, beobs swing highs etc). Then when you get good at that you want to progress to WHY you should take the bar . This is when we apply confluence to our bars which strengthen the reason the market should move in our favor

Keep working through the thread slowly after the first few hundred pages you will be more caught up then you think

Best
Mike
  • #114,223
  • Jul 12, 2012 12:58pm Jul 12, 2012 12:58pm
Thank You guys. Hopefully one day I'll be able to contribute to this group by sharing my knowledge and success with other new traders and helping teach the James16 methodology. Right now all I can offer is my thanks to those who are already playing those roles, my willingness to accept their help, and my dedication to the business.

I'm glad you all took something from my post.
Quoting mbqb11
bravo dude, that put the biggest smile on my face today hands down
Quoting ghous
Inspiring stuff.

Here's a quote straight from the wall behind my monitor screen:

The measure of success is not whether you have a tough problem to deal with, but whether it is the same problem you had last year.

- John Foster Dulles


I wish you the best of luck my friend. You sure have started bang on target.



g.

Quoting Vnfx
Dear Greenpath,

I can feel your words are sincere and valuable. I've burned several live accounts worth over USD 10,000 in 3 years and restarting now with Demo Account because I did not follow James on his statement of the first post in this thread. It's a really painful lesson to forget and a big barrier to overcome in future. I share this with a hope that poor newbies can save this kind of expensive learning fees.

Sorry to disturb the thread.
  • #114,224
  • Jul 12, 2012 1:05pm Jul 12, 2012 1:05pm
Quoting Mebius
Hi Jim,

I did like the setup and although it closed above my entry last night, I decided not to close it out as I normally would have because it didn't break the upper LCS. If it does close above that level, I will definitely get out of the trade with a small loss. Price has retraced a little bit today so let's see where it ends up.

Still developing my own comfort levels with your methodology as I slowly find what works best for me.

Cheers!
UPDATE: Price has finally retreated from the upper Weekly LCS and is moving down. Sweated it out since entering on Monday. Four days seem like an eternity and I get that is part of being a newbie trader. It just amazes me how much you can learn about yourself in this business from one trade. Thanks JARROO/MBQB11/J16 etc.
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  • #114,225
  • Jul 12, 2012 1:36pm Jul 12, 2012 1:36pm
I'm watching the pinbar forming on the daily USDCAD and seeing the nose poking through the 38.2 fib level and Trendline. I would love some feedback on this setup.

Edit: Nose is through a BRN as well.
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  • #114,226
  • Jul 12, 2012 1:40pm Jul 12, 2012 1:40pm
Quoting balloontree
1) first I noticed a LCS at 1.22853; close of candle + wick on the 1st of June for confluence

2) candle 1 close below the LCS; so I placed a limit sell order (1.22583 - 10 pips); SL is like 1.23444

3) price hit my limit and move downwards, I was thinking my target profit should be at 1.22353; the lower end wick of the previous candle

4) time passes and price struggled......

5) I decided to move my stop loss to BE; and went to bed

6) next day, I am pleased to learn that price have move downlwards

7) but I couldn't find my trade anywhere; my...
Hey BT,

Always remember that there are pros and cons to everything. Trading decisions are no exceptions.

If you're too itchy about letting trades do their thing, and like to quickly pull risk off the table then you're bound to get a lot of such "missed moves". On the other hand if you take the option of letting the trades run with very little intervention you will get your big moves but they will be accompanied with more losses too.

The more important part is that none of the mentioned strategies are wrong.

It boils down to one's own liking and risk appetite. Don't be surprised if it takes a bit of trial and error to eventually figure out what trade management style works best for you.

Over time you will also learn to distinguish between the good setups, the great setups and spectacular setups. At the that point you will know how to alter your trade management style to suit the situation. For instance you could be more picky and concerned about cutting risk on average trades and letting the sweet ones ride on with little interruption. (differentiating between trades based on their strength is something that takes time to master)

The setup you outlined is surely off of a very valid (AND STRONG) LCS. Not sure if you noticed but you also had the confluence of the 1.23 RN just above the LCS. I won't speak for Jarroo but that's definitely an above average setup in my eyes and one that I wouldn't be too antsy about specially when it didn't even bother to break the 1.23 RN.

Like I said, try not to get bogged down by missed moves or for making mistakes. It takes a lot of time in trial and error to figure out how your stars should be aligned.



g.
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I believe . . .
  • #114,227
  • Jul 12, 2012 1:57pm Jul 12, 2012 1:57pm
Quoting greenpath
I'm watching the pinbar forming on the daily USDCAD and seeing the nose poking through the 38.2 fib level and Trendline. I would love some feedback on this setup.

Edit: Nose is through a BRN as well.
Looks like Nial Fuller's so called Fakeys, with an inside bar before and a pinbar fakeout. But i'm absolutely newbie. But i would place my tp at the Resistance between 1.0000 and 1.0050
  • #114,228
  • Jul 12, 2012 2:35pm Jul 12, 2012 2:35pm
Had a buy order set ( on Demo ) at the monthly lowest close support level of 1516.10 and had a great bounce of it today. There was an hourly bar close below the level that could have closed me out but am not sure whether to use the hourly signature on monthly levels??
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  • #114,229
  • Jul 12, 2012 2:47pm Jul 12, 2012 2:47pm
Hey what do you think of this one. I guess it should close about 5 to 10 pips under the previous bar low. But i see constrainment of the weekly trendline and the 50 and 61.8 fibo level.
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  • #114,230
  • Jul 12, 2012 3:01pm Jul 12, 2012 3:01pm
Quoting greenpath
I'm watching the pinbar forming on the daily USDCAD and seeing the nose poking through the 38.2 fib level and Trendline. I would love some feedback on this setup.

Edit: Nose is through a BRN as well.
Hey GP

Remember we want to find bearish pins at nice swing highs. If we look this one is just sort of stuck in the middle. This makes it very tricky because price is essentially sideways. New traders have a lot of issues managing these.

Also notice how the pin sits low down on the previous bar. We really want that nose to protrude up higher testing what's above the previous action. If we shifted this entire bar to sit up higher it would look much better

Put a few notes on the chart for you. I also created a new chart with what I meant by sitting up higher

Best
Mike
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  • #114,231
  • Jul 12, 2012 3:11pm Jul 12, 2012 3:11pm
Quoting Dan Gilbert
That is how I saw it. The daily bars need to find me, I shouldn't need to find the bars. If it takes more than 5 seconds for me to spot an opportunity, it probably isn't much of an opportunity.
golden words Dan. it is greatest time filter I found

there are some possible setups I would like to hunt today. one of these is EURAUD.
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all is eternal - this is good news for people who loves bad news
  • #114,232
  • Jul 12, 2012 3:25pm Jul 12, 2012 3:25pm
this one is second of my favorites today
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all is eternal - this is good news for people who loves bad news
  • #114,233
  • Jul 12, 2012 3:34pm Jul 12, 2012 3:34pm
James just got back from Roswell, NM

Sent me some cool stuff !

I don't know how long the eur/usd is going to be around guys, we may be trading in moon/usd soon. Sneak peak for you guys get ahead of the curve.

I am off to cash my moon bucks lololol
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  • #114,234
  • Jul 12, 2012 4:06pm Jul 12, 2012 4:06pm
Quoting ghous
Not sure if you noticed but you also had the confluence of the 1.23 RN just above the LCS. I won't speak for Jarroo but that's definitely an above average setup in my eyes and one that I wouldn't be too antsy about specially when it didn't even bother to break the 1.23 RN.

oh my god! you are right! it's like 35 points away from 1.23!

Now I feel dumber for not noticing that


haha! thanks, I'll put my sweet spots indicator back on
  • #114,235
  • Edited 5:03pm Jul 12, 2012 4:22pm | Edited 5:03pm
I just noticed these BUOB and BEOB, do they seemed tradable?
they are are swings, and some are at EMAs



ETA: just had another hard look, only picture 1 and 3 are in swings, others are some what might have confluence but maybe not
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  • #114,236
  • Jul 12, 2012 4:47pm Jul 12, 2012 4:47pm
Quoting mbqb11
James just got back from Roswell, NM

Sent me some cool stuff !

I don't know how long the eur/usd is going to be around guys, we may be trading in moon/usd soon. Sneak peak for you guys get ahead of the curve.

I am off to cash my moon bucks lololol
Hey Mike,

Dont forget to put this alien skull on your head when you will be handing this bill in the bank...you'll look more credible lol

  • #114,237
  • Jul 12, 2012 4:50pm Jul 12, 2012 4:50pm
Quoting mbqb11
Hey GP

Remember we want to find bearish pins at nice swing highs. If we look this one is just sort of stuck in the middle. This makes it very tricky because price is essentially sideways. New traders have a lot of issues managing these.

Also notice how the pin sits low down on the previous bar. We really want that nose to protrude up higher testing what's above the previous action. If we shifted this entire bar to sit up higher it would look much better

Put a few notes on the chart for you. I also created a new chart with what I meant by...
Thanks Mike,
That makes a lot of sense. I get what you mean by sitting up higher. It sounds like we want that Pinbar really sticking it's nose into a new (Swing extreme) area and then pulling back like a frightened turtle.
  • #114,238
  • Jul 12, 2012 4:52pm Jul 12, 2012 4:52pm
Quoting Greenhaze
Hey Mike,

Dont forget to put this alien skull on your head when you will be handing this bill in the bank...you'll look more credible lol


all is eternal - this is good news for people who loves bad news
  • #114,239
  • Jul 12, 2012 5:48pm Jul 12, 2012 5:48pm
Quoting Greenhaze
Hey Mike,

Dont forget to put this alien skull on your head when you will be handing this bill in the bank...you'll look more credible lol

LMAO!
  • #114,240
  • Jul 12, 2012 6:12pm Jul 12, 2012 6:12pm
Quoting Greenhaze
Hej Tomaszu

Thank you for sharing this interesting D1 PA. I've spotted this entry opportunity on lower tf. Now its either BE or a runner with pretty R:R.
Czesc kolego

GOLDEUR D1 BEOB is proving a stubborn one to break but the 30min chart is providing some nice PA setups. Some of these I took, some of them are my own thoughts/thinkings.

Disclaimer: This is not intended to promote trading lower timeframes. My thoughts would be the same even if it were on a daily chart.
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