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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

  • #114,701
  • Jul 26, 2012 5:11pm Jul 26, 2012 5:11pm
Quoting mbqb11
Hey Wafik

I personally would in this case. Unless the confluence is VERY strong I would caution new traders against trading back into such strong a move. I would say if you do you MUST be aggressive with your stops and getting to b/e cause they can blow up quick

Best
Mike
Hi Mike,

Thanks for your kind reply & the information.

Wafik
  • #114,702
  • Jul 26, 2012 5:14pm Jul 26, 2012 5:14pm
NZDUSD daily

How to trade this chart?

price closed at 0.8018
- above big round price 0.8000
- above weekly HCR
but below daily HCR

buy at retest 0.8000?
SL at 0.7975?
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  • #114,703
  • Jul 26, 2012 5:14pm Jul 26, 2012 5:14pm
Quoting rafstraszek

Ideal spots are rare - you can wait for them or bend your rules a little. It's your call.
Actually , I agree with every thing you said except this . I don't think that you need to ever bend the rulez . One candle burst through does not mean level is invalidated . These are great signals at times . To be invalid , price must disrespect a level for atleast a few times ... Before that , market will just give us BE's before we can realize that level is invalidated ...
Human
  • #114,704
  • Jul 26, 2012 5:37pm Jul 26, 2012 5:37pm
Quoting Chanya
Actually , I agree with every thing you said except this . I don't think that you need to ever bend the rulez .
Yes you're right. I think i didn't use right words. I was reffering to your (chanya's) rules And rules - this word is wrong here also - but i don't have better one... becouse for example - sl below nearest ppz - and ten people will draw you different ppz and put sl below it. They didn't do it like you, but did they respect your rules? Sure.

And to this bending, he can also add some his rules creating brand new system, similiar - maybe, but definitely more suitable to his character (like ghous) - and this is more important than many people think. In the end - you gonna do this for a long time, don't you like to use sth which you like and ...feel?

Becouse this isn't automated system, where indicator tell you when open position and when close it. You have only your mind.

I hope you get me cheers
  • #114,705
  • Jul 26, 2012 6:02pm Jul 26, 2012 6:02pm
Wow this is the craziest thread I have ever seen on any forum.

I'm new here and working my way through all the summaries to get caught up on everything, but just wanted to throw in my understanding of a few things.

It sounds to me like the most important message throughout this whole thread has to do with the trader battling himself. The one thing that keeps ringing with me over and over is that one must get their stop to BE ASAP whenever the trade has enough room to breathe. So a good setup would be anything that will make it to BE plus a little breathing room.

A great setup would be one that does that and then some, but as long as we get to BE on the majority of trades, then our capital will be preserved and we earned ourselves a free gamble on the trade going further.

One quick piece of logic kept running through my head as I read everything in here, and it goes like this:

1. What is better, winning or losing? (winning of course)
2. What is better, winning or not losing? (winning of course)
3. How badly do you want to win? (a lot of course)
4. Do you want to win so badly that you will risk losing to win? (hmm..)

I think that is so hard for people because the natural instinct is to go for the kill and be a hero, when in reality your goals in trading should be(in this order):

1. Don't lose
2. Win

Our natural instinct is to put winning over not losing, but we need to secure a second place before going for the first place trophy.

I would bet you end up with a whole lot of BE or small, small wins and then a few large trades that take off in the right direction??????

^^^^This is just a hunch, but I would like to hear some responses from whoever is currently winning with this approach.


Thanks, and I will be catching up and doing a lot of reading here so you may not hear from me in a while.
  • #114,706
  • Jul 26, 2012 6:48pm Jul 26, 2012 6:48pm
Quoting deltaskelta
Wow this is the craziest thread I have ever seen on any forum.

I'm new here and working my way through all the summaries to get caught up on everything, but just wanted to throw in my understanding of a few things.

It sounds to me like the most important message throughout this whole thread has to do with the trader battling himself. The one thing that keeps ringing with me over and over is that one must get their stop to BE ASAP whenever the trade has enough room to breathe. So a good setup would be anything that will make it to BE plus a...
Hey Delta

Welcome to the thread

Protecting ones capital is SUPER important. Now there are multiple ways to doing this and different traders do different things. But using "hope" needs to be one of the first things to go. Using logic is what it's about. A lot of that stems from our own egos and expectations and a plethora of other topics all in our heads that prevent ourselves from making progress.

Work through slow it's a big thread but you can get caught up pretty quickly

Best
Mike
  • #114,707
  • Jul 26, 2012 6:56pm Jul 26, 2012 6:56pm
Chanya, i have opened the long postision on nzd/jpy like i posted in the chart, must i close the position at weekend?
  • #114,708
  • Jul 26, 2012 7:06pm Jul 26, 2012 7:06pm
Quoting nc_trader
Chanya, i have opened the long postision on nzd/jpy like i posted in the chart, must i close the position at weekend?
Totally up to you . I hope you are not trading live right away . Plus , I don't think this setup has much potential so don't get hopes up too high with this one ... Just my point of view .
Human
  • #114,709
  • Jul 26, 2012 8:35pm Jul 26, 2012 8:35pm
Chanya what about this setup?
Price crosse the suport and close bellow it.
http://img706.imageshack.us/img706/6470/catsuge.jpg
Uploaded with ImageShack.us
  • #114,710
  • Jul 26, 2012 9:59pm Jul 26, 2012 9:59pm
Hi,

I like your PDF and it will definitely be of use to new traders. I think what you might want to point out is that you have essentially shown a breakout retest and continuation pattern.

Also the idea of using the closes of candles as your S+R line confuses me a little as most major areas are defined by the candles actual wicks. Doesn't it make sense to use these as break through points as they will surely be another a giant hurdle to contend with as price moves towards them??

Just to illustrate what I mean I was wandering what your take would be on the chart below. In fact as this hasn't played out yet it'll be interesting to see what happens, a kind of a live example.
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  • #114,711
  • Jul 27, 2012 12:22am Jul 27, 2012 12:22am
Hi Chanya thenx i have read the pdf and i have stopped searching for jarroos first post on price breakthrough but i will come across them as i peruse the thread
i wanted to ask u do you take trades based on other price action signals like matchings tops and bottoms as james 16 has taught or are you strictly on jarroos methodology?
whats ur take on this chart i entered the buy trade based on two mathing lows with a high close on second bar yesterday ofcourse its demo for 3 months i dont want to forget that lol.
i entered late because in my country (kenya)a newday candle opens at midnight (we are sleeping)but i will plan on checking trades at that time.
i think the matching lows with a higher close on second bar is at a swing low though as a newbie i guess its good to concentrate on price action at retracements
what do u think?
anyones comments are welcome

trade currently at 149 pips moved at BE
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thankyou gregwilson
  • #114,712
  • Jul 27, 2012 2:47am Jul 27, 2012 2:47am
Quoting Chanya
Totally up to you . I hope you are not trading live right away . Plus , I don't think this setup has much potential so don't get hopes up too high with this one ... Just my point of view .
Chanya. I was just wonderig how many pairs you look at ? Im currently only looking at the majors? What about you ?
  • #114,713
  • Jul 27, 2012 3:13am Jul 27, 2012 3:13am
Quoting Siam
Hi,

I like your PDF and it will definitely be of use to new traders. I think what you might want to point out is that you have essentially shown a breakout retest and continuation pattern.

Also the idea of using the closes of candles as your S+R line confuses me a little as most major areas are defined by the candles actual wicks. Doesn't it make sense to use these as break through points as they will surely be another a giant hurdle to contend with as price moves towards them??

Just to illustrate what I mean I was wandering what your take...
Personally I only use the HCR/LCS as my S+R but I think you could use both if you're so inclined as long as the close and HHR/LLS are within 10-15 pips. Something like a dual point pivot zone.

This is actually off a weekly LCS swing. If the 4 hour closes in an hour with a pin or beob I would enter a 50% retrace of that bar!
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  • #114,714
  • Jul 27, 2012 4:28am Jul 27, 2012 4:28am
I like this
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  • #114,715
  • Jul 27, 2012 4:36am Jul 27, 2012 4:36am
Let's see what today is going to give to us
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  • #114,716
  • Jul 27, 2012 5:47am Jul 27, 2012 5:47am
Quoting nc_trader
Chanya what about this setup?
Price crosse the suport and close bellow it.
http://img706.imageshack.us/img706/6470/catsuge.jpg
Uploaded with ImageShack.us
Helloo NC , this setup looks good but keep it in mind that a big round number 1.25000 is just below it which would be almost in line with our first level ....
Human
  • #114,717
  • Jul 27, 2012 5:51am Jul 27, 2012 5:51am
Quoting dan89
Chanya. I was just wonderig how many pairs you look at ? Im currently only looking at the majors? What about you ?
I use hot forex so I only look at 32 pairs ... But I like to move to fxpro which offers around 70 pairs ...
Human
  • #114,718
  • Jul 27, 2012 5:55am Jul 27, 2012 5:55am
Quoting njokie
Hi Chanya thenx i have read the pdf and i have stopped searching for jarroos first post on price breakthrough but i will come across them as i peruse the thread
i wanted to ask u do you take trades based on other price action signals like matchings tops and bottoms as james 16 has taught or are you strictly on jarroos methodology?
whats ur take on this chart i entered the buy trade based on two mathing lows with a high close on second bar yesterday ofcourse its demo for 3 months i dont want to forget that lol.
i entered late because in my country...
Hey njokie , the thing is , when I first came to the J16 thread , I learned the Traditional J16 method which is Pinbars and outside bars not very long ago . But , as I found out the jarroo method , Soon I realised that the other one was not for me . I now sometimes use that stuff also , but rarely and mostly try to combine it as a confluence to HCR's and LCS's ... Mike's a genius with these kind of stuff .
Human
  • #114,719
  • Jul 27, 2012 6:47am Jul 27, 2012 6:47am
Quoting Rust
Let's see what today is going to give to us
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always great charts Rust

i was looking also on this stuff, but was stopped on BE on my first short here. Try to sell that biatch liltle lower

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  • #114,720
  • Jul 27, 2012 6:49am Jul 27, 2012 6:49am
Why did you not create a thread only for jarro's methood?
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