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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

  • #115,701
  • Aug 17, 2012 2:18am Aug 17, 2012 2:18am
Quoting Rust
Trade closed :
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Lately my trade management sucks big time
Look guys ... miserable !
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  • #115,702
  • Aug 17, 2012 2:29am Aug 17, 2012 2:29am
Quoting Rust
Lately my trade management sucks big time
Look guys ... miserable !
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You protected yourself smartly Rust, that was your trade plan. That's OK. Don't let a few trades sway your overall approach or mindset. THe goods /bads and everything in between will still happen in this business



Mike
  • #115,703
  • Aug 17, 2012 2:48am Aug 17, 2012 2:48am
Quoting mbqb11
You protected yourself smartly Rust, that was your trade plan. That's OK. Don't let a few trades sway your overall approach or mindset. THe goods /bads and everything in between will still happen in this business



Mike
Sounds very smart Mike! Thanks for kicking in !
I am just in a series of misses JUST by a notch ... and whining

How come you're not in bed at this time of the day friend ?
  • #115,704
  • Aug 17, 2012 2:52am Aug 17, 2012 2:52am
Im going to Nesebr for my vocation today, Rust How is the weather?
If not up, then down, otherwise sideways :-)
  • #115,705
  • Aug 17, 2012 2:59am Aug 17, 2012 2:59am
Quoting Rust
Sounds very smart Mike! Thanks for kicking in !
I am just in a series of misses JUST by a notch ... and whining

How come you're not in bed at this time of the day friend ?
day / night, who knows sometimes
  • #115,706
  • Aug 17, 2012 3:27am Aug 17, 2012 3:27am
Gents I know on here you mainly look at FX but was hoping I could get some feedback on the attached corn chart. I’m quite new to the James16 so my thoughts on this might be total rubbish but I’m going to give it a go.

The things I can see going for the BEOB are that it’s formed at a swing high, BRN at 800, is a decent size candle, has above average volume and bearish divergence on the RSI. Things going against are the lack of PPZ (partly due to being at all time highs) and a close FTA at 787. Would this be a trade to take or leave well alone because of the close proximity of the FTA?

Thanks for the feedback.
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  • #115,707
  • Aug 17, 2012 3:34am Aug 17, 2012 3:34am
Quoting Magestic
Im going to Nesebr for my vocation today, Rust How is the weather?
Mostly sunny (30 degress through the day). Could be a bit cool at night 15-16 degrees C.

Have a nice vacation man
Some should stay and work at the same time
  • #115,708
  • Aug 17, 2012 3:45am Aug 17, 2012 3:45am
Quoting Rust
Mostly sunny (30 degress through the day). Could be a bit cool at night 15-16 degrees C.

Have a nice vacation man
Some should stay and work at the same time
Thanks, buddy
If not up, then down, otherwise sideways :-)
  • #115,709
  • Aug 17, 2012 4:14am Aug 17, 2012 4:14am
Quoting Eio
Gents I know on here you mainly look at FX but was hoping I could get some feedback on the attached corn chart. I’m quite new to the James16 so my thoughts on this might be total rubbish but I’m going to give it a go.

The things I can see going for the BEOB are that it’s formed at a swing high, BRN at 800, is a decent size candle, has above average volume and bearish divergence on the RSI. Things going against are the lack of PPZ (partly due to being at all time highs) and a close FTA at 787. Would this be a trade to take or leave well alone because...
Hey Eio,
Welcome
It's a good setup and your analysis is good, too. If you are fine with the profit around 790, or at least ready to tighten your stop to breakeven when price reaches this trouble area, you should take it
If you want to drop like a rock or reach at least a certain R:R, before taking action, you could be in trouble

Wish you a good time with this wonderful material !
  • #115,710
  • Aug 17, 2012 4:25am Aug 17, 2012 4:25am
Hi all,

I have a couple of questions for the Jarroo guys on this fantastic thread.

I've been reading (and reading, and reading) the thread to try and hammer home some of the important points. Here's my progress - Chanya's document made a lot of sense - backed up with the genius (no sarcasm intended) of Jarroo's direction and Pinbar's informative posts.

And of course - thanks to Mike for the tireless help on the basis of it all - the J16 method.

Sooooo - I took it to the basics. Reading Ghous' blog, and the guys posts on here - it's transformed my view of the markets. It's all about how price acts at the big numbers/PPZ..break throughs' and retests and rejections.

1) I stripped my charts clean & went through exercise advised by Pinbar of marking monthly/weekly/daily PPZ in different coloured horizontal lines (red/yellow/blue - if anyone is interested ;-) )

2) Been reading a lot of the advise and spending a lot of chart time watching how price 'reacts' at these levels. It's pretty interesting how the same things happen over and over and over again.

Question time:

Please view the chart of a demo trade I am in at the moment. It's quite funny, in the sense that i kind of 'knew' this would happen - but I don't know if my approach is slightly off balance.

This is a (demo) trade I entered last night:

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it's the actual trade mechanics of this method that are somehow throwing me a bit. Let's go through my approach though:

1) The 97.458 red line is a monthly/weekly PPZ. I've seen price bounce of it a few times (I'm not going to claim any expertise in drawing these lines).
2) It made a few HCRs but last night, made the actual break through. So I entered at the high of the candle, with my stops below it. (is this correct?)
3) Jarroo & Chanya make a lot of sense with the 'rush' to break even, as I understand it - in this situation when would you go to BE?
4) Stop loss - does that seem OK.

Now the main doubt is the disconnect in my mind between Chanya's PDF & some other stuff I've read here. Is my entry even correct OR should we be waiting a retest of 97.458 as support?

Final question - I've read of an approach of taking 2 positions here. Allow one to only hit 1:1 - and use the other to 'roam free'.

For the second position - the approach would be to put the stops to BE asap on this & simply let it run?

Again - lots of probably stupid questions there, just trying to clear this in my mind.

Thanks guys - Sandro
  • #115,711
  • Aug 17, 2012 4:26am Aug 17, 2012 4:26am
Quoting Rust
Hey Eio,
Welcome
It's a good setup and your analysis is good, too. If you are fine with the profit around 790, or at least ready to tighten your stop to breakeven when price reaches this trouble area, you should take it
If you want to drop like a rock or reach at least a certain R:R, before taking action, you could be in trouble

Wish you a good time with this wonderful material !
Thanks for the feedback and the welcome Rust. I haven’t taken the trade and don’t think I will, just going to keep an eye on it and see what happens. I’m more interested in making sure I’m thinking along the right lines and that I haven’t missed anything.

Thanks again.
  • #115,712
  • Aug 17, 2012 4:33am Aug 17, 2012 4:33am
Quoting S_Ferrer
Hi all,

I have a couple of questions for the Jarroo guys on this fantastic thread.

I've been reading (and reading, and reading) the thread to try and hammer home some of the important points. Here's my progress - Chanya's document made a lot of sense - backed up with the genius (no sarcasm intended) of Jarroo's direction and Pinbar's informative posts.

And of course - thanks to Mike for the tireless help on the basis of it all - the J16 method.

Sooooo - I took it to the basics. Reading Ghous' blog, and the guys posts on here - it's...
imho entering at the retest of the initial breakout will be better in the long run. You can check PA at the retest whether the level holds or not and we do get a lower stoploss and finally a higher r:r.


Quote
Final question - I've read of an approach of taking 2 positions here. Allow one to only hit 1:1 - and use the other to 'roam free'.

For the second position - the approach would be to put the stops to BE asap on this & simply let it run?

Just mathematical play-around... i never change my target once placed, and i also use only 1 target. I might move my stop though while the trade is going.
Hero calls followed by margin calls...
  • #115,713
  • Aug 17, 2012 4:43am Aug 17, 2012 4:43am
Quoting Magestic
Mike, what do u think about this kind of scenario?

Rust, thanks for your explanation
Updated chart
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If not up, then down, otherwise sideways :-)
  • #115,714
  • Aug 17, 2012 5:11am Aug 17, 2012 5:11am
Hey Sandro .... Really glad to see you working hard ... Always ask away anything ... There are no stupid question as mike always says ...
We do not enter at the close of the candle itself that breaks through but we wait for the retest of the level which the candle broke through ... Thats the whole point ... Never enter without the retest ... When you enter at the retest , your risk will also reduce , right ? Lower you stops by 5-8 pips too to give trade a little more space ... Where you currently have it , the concept is right to place it under the break through candle itself but not exactly below ... Few pips below ... Otherwise you would be taken out by the spread maybe or price itself ... Make sense ???

Quoting S_Ferrer
Hi all,

I have a couple of questions for the Jarroo guys on this fantastic thread.

I've been reading (and reading, and reading) the thread to try and hammer home some of the important points. Here's my progress - Chanya's document made a lot of sense - backed up with the genius (no sarcasm intended) of Jarroo's direction and Pinbar's informative posts.

And of course - thanks to Mike for the tireless help on the basis of it all - the J16 method.

Sooooo - I took it to the basics. Reading Ghous' blog, and the guys posts on here - it's transformed...
Human
  • #115,715
  • Aug 17, 2012 5:14am Aug 17, 2012 5:14am
Quoting PhAnTi'
imho entering at the retest of the initial breakout will be better in the long run. You can check PA at the retest whether the level holds or not and we do get a lower stoploss and finally a higher r:r.

Just mathematical play-around... i never change my target once placed, and i also use only 1 target. I might move my stop though while the trade is going.
PhAnTi' - thanks for the response. I wanted to put my own chart here & go through the reasoning behind the trade, it makes more sense that way.

I thought I was too soon to the party - we're awaiting a retest here of the 97.458 level, and if price shoots away without us, then we move onto the next pair.

All being well - a nice establishment of support of that level, a Bullish Engulfing or pinbar into that level? And from a "trade expectations" perspective a move up to 101.245?

cheers...
  • #115,716
  • Aug 17, 2012 5:19am Aug 17, 2012 5:19am
Quoting Chanya
Hey Sandro .... Really glad to see you working hard ... Always ask away anything ... Make sense ???
Hey Chanya - yeah, it makes sense mate. It's funny, I can look at others charts a lot - but only really learn this stuff 'by doing'. The point in demo I guess.


OK mate, understood. Rule1 - always await the retest.
  • #115,717
  • Aug 17, 2012 7:15am Aug 17, 2012 7:15am
Quoting S_Ferrer
Hi all,

I have a couple of questions for the Jarroo guys on this fantastic thread.

I've been reading (and reading, and reading) the thread to try and hammer home some of the important points. Here's my progress - Chanya's document made a lot of sense - backed up with the genius (no sarcasm intended) of Jarroo's direction and Pinbar's informative posts.

And of course - thanks to Mike for the tireless help on the basis of it all - the J16 method.

Sooooo - I took it to the basics. Reading Ghous' blog, and the guys posts on here - it's transformed...

I do not see a reason to buy at that level, there is no bullish PA.
Also, note these two bar lows just hanging in space on the daily, we have to watch out for those areas also as, they were created for a reason.
There must be support there and it could well turn into resistance as, there is a large box of consolidation there and another one to the left of the screen. These boxes one on top of another, generally have a PPZ running right through the middle, as in this case.
Take a look at the H4 TF, there is a good chance this current bar could be a Bearish Engulfing Outside Bar. Friday is also a bad day to take long trades as many short term intraday traders, exit their long trades and take profit before the weekend.

Hope this helps and you are doing great on the PPZ levels.
I know how hard it is, I used to end up with a birdcage and nowhere left to trade.
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  • #115,718
  • Aug 17, 2012 7:34am Aug 17, 2012 7:34am
Hi to the group,

Here is another question to the Jarroo method followers. The close of the daily candle depends on the time zone for your broker, so I was wondering whether there was a preferred daily candle close time?
I've attached 2 charts of the current EURJPY setup from different MT4 brokers: Oanda showing the New York daily candle close, and FXCM showing the London daily candle close. As you can see we get different prices for the HCR level marked by the horizontal line. Any thoughts on this?

Dave

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  • #115,719
  • Edited 7:50am Aug 17, 2012 7:37am | Edited 7:50am
It has been absolutely splendid week for me ... Besides from the three losses that I shared yesterday , These are the few ( Not all ) trades that I took and am in right now ... I hope and wish everybody have a great coming next week ... Going for a long due holiday with a family ... See you all next week on monday ...

Jarroo , will be waiting for your reply to the PM's I sent you eager ... Take Care brother ...
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Human
  • #115,720
  • Aug 17, 2012 8:19am Aug 17, 2012 8:19am
Quoting djcash
Hi to the group,

Here is another question to the Jarroo method followers. The close of the daily candle depends on the time zone for your broker, so I was wondering whether there was a preferred daily candle close time?
I've attached 2 charts of the current EURJPY setup from different MT4 brokers: Oanda showing the New York daily candle close, and FXCM showing the London daily candle close. As you can see we get different prices for the HCR level marked by the horizontal line. Any thoughts on this?

Dave

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Attachment ...
Hey DJ IMHO it doesn't really matter. But I believe most here are trading using NY close charts. So it would be easier to follow the Jarooer's charts if you had NY close charts. I don't know what close mine is but I just trade the charts as they are. I think it all come out in the wash.
Good luck dude.
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