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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

  • #118,301
  • Sep 13, 2012 3:19am Sep 13, 2012 3:19am
Quoting Llbk
I have been a lurker here for some time and wanted to say thank you to all for a fantastic thread. I have learned more in the last month than in the previous 3 years. I have had a fantastic few weeks trading with the methods taught here. I look forward to contributing. Thank you all!
Hey Llbk, welcome to the thread. Great you already have such success. Keep up the good work!

Quoting Magestic
For whose people who likes Mike's style, I'll just give my 2 cents. I follow his trade mngmnt style for about 9 months now.I can say that when it starts to make sence for you, It really awesome.
Great post, Magestic. You're mentioning two very important things here. The first is the point when the chart "makes sense". That's when it's not pure copy & paste of someone else's strategy anymore. Instead you develop your own discretionary style and that's when things start rolling.
The second thing is to never take a full bar loss. Mike and Jarroo present some very good strategies how to do that. If you're really good at that you can be even profitable with a pretty low success rate. And how great is that?
Thanks J16, Sam Seiden, Udine and Jacko
  • #118,302
  • Sep 13, 2012 3:25am Sep 13, 2012 3:25am
Quoting HanSolo
The first is the point when the chart "makes sense". That's when it's not pure copy & paste of someone else's strategy anymore. Instead you develop your own discretionary style and that's when things start rolling.
Hey Han , I am sorry but I dont agree with this !!!

What it wrong with it ??? I mean I use Jarroo's entry method ... I don't follow his trade management style at all but you get the point ... So , would I get involved in trying to make my own " discretionary style " when something is already working ??? That is why seniors are here , are'nt they ? They show us the way , and we follow it ... Along the path , is we find something that suits us better , we make modification to our liking ... I proudly say I use Jarroo's presented entry method and its working for me and I don't feel the need to alter it ...
Human
  • #118,303
  • Sep 13, 2012 3:43am Sep 13, 2012 3:43am
Quoting Chanya
Hey Han , I am sorry but I dont agree with this !!!

What it wrong with it ??? I mean I use Jarroo's entry method ... I don't follow his trade management style at all but you get the point ... So , would I get involved in trying to make my own " discretionary style " when something is already working ??? That is why seniors are here , are'nt they ? They show us the way , and we follow it ... Along the path , is we find something that suits us better , we make modification to our liking ... I proudly say I use Jarroo's presented entry...
Hey Chanya, I agree with you. Of course you need to copy a strategy to learn and there's absolutely nothing wrong with that. And if it works right away over a longer period of time without the least discretion it may be a sign that you have found something really, really, really good. But beginning to understand WHY things happen (based on things like PPZs, support/resistance, supply/demand etc.) was at least key in my trading process. And it kept me out of a lot of losing trade when trading J16 setups. And I'm pretty sure the same holds true for Mike's and Jarroo's approach.

I think even if you want to stick religiously to some method you can't but become more discretionary over time. That's because your experience by watching and trading charts is integrated in what you do. If a certain scenario brings you 8 losses out of 10 you probably won't trade it in the future no matter what your rules for trades are, aren't you? (Of course except when those other two trades are winners that totally make up for all the losses plus some more.)

I think we in fact totally agree. If a method works for us, we stick to it. And like you said, if along the path we find something that suits us better, we make modifications to our liking.
Thanks J16, Sam Seiden, Udine and Jacko
  • #118,304
  • Sep 13, 2012 3:54am Sep 13, 2012 3:54am
Quoting Chanya
Hey Han , I am sorry but I dont agree with this !!!

What it wrong with it ??? I mean I use Jarroo's entry method ... I don't follow his trade management style at all but you get the point ... So , would I get involved in trying to make my own " discretionary style " when something is already working ??? That is why seniors are here , are'nt they ? They show us the way , and we follow it ... Along the path , is we find something that suits us better , we make modification to our liking ... I proudly say I use Jarroo's presented entry...
It's one thing to follow with understanding and copy-past without thinking about it...after all this month, years we can see on chart something more than just colorful bars...we can spot panic, uncertainty etc...

Jarroo method isn't as simple as one can think...you have no problem with marking important hcr/lcs but give me strict definition Highest close in what period of time?? At swing?? What is swing?? Which swing is important?? And if hcr/lcs isn't at swing, but in consolidation?? and etc...I don't thing I could write an indicator to spot hcr/lcs - not a perfect one at least...If someone where staring at charts for some time - he can see it without a problem...but strict definitions is...problematic... And this is what copy-past needs to be effective...in my opinion of course I don't agree fully with you, that pbt method is fully objective... well and trade management - but this topic for another discussion
  • #118,305
  • Sep 13, 2012 3:56am Sep 13, 2012 3:56am
Brent Crude Oil (OCT)

Will watch this level thats approaching. With rising tensions in the middle east, this could soar.
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  • #118,306
  • Edited 7:03am Sep 13, 2012 3:59am | Edited 7:03am
As hard , as risky , as expensive and as fearful it is to trade the precious metals , as rewarding they are ...

Last week on Wednesday , my Platinum trade got activated ... It has developed into a nice one ... This week overall is slow , very slow but this trade has kept me from making mindless mistakes ... Like I usually do , enter more then once when ever opportunity is presented , I entered only once on this because like I said , Its TOO expensive to trade initially and other factors ofcourse ... Levels in red represents the levels that I used to move my stops along the way ...

PS : I did share it before taking on the metals thread but I can't find the post right now ... I will probably share it here as soon as I find it ...
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Human
  • #118,307
  • Edited 4:17am Sep 13, 2012 4:01am | Edited 4:17am
Damn that buy Limit. LOL
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  • #118,308
  • Sep 13, 2012 4:51am Sep 13, 2012 4:51am
Quoting Pinbar
Damn that buy Limit. LOL
Hi PB, may this be a broker thing?
Thanks J16, Sam Seiden, Udine and Jacko
  • #118,309
  • Edited 5:32am Sep 13, 2012 5:08am | Edited 5:32am
Quoting Pinbar
Damn that buy Limit. LOL
Feel you man...I deleted eurjpy, because of 1 pip miss...if I would left it, it would be triggered now, but after this miss thing it went up to my be, so...

Either way - how is spread included in buy limit order?? Let's say I have hcr at 1.1234, and I wanna buy, exactly when price will touch this lvl..spread is 2 pips, so I need to put pending order on 1.1236 or 1.1234??

I wasn't interested "to the pip" thing, but with so many recently missed trades...every pip counts
  • #118,310
  • Sep 13, 2012 6:00am Sep 13, 2012 6:00am
Guys, here's something to remember about spreads and limit orders.

Buy Limit
Add spread to Buy Order
STOP & Target - No spread needed

Sell Limit
No spread on Sell Order
STOP and Target - Add Spread
  • #118,311
  • Sep 13, 2012 6:20am Sep 13, 2012 6:20am
Quoting C-12
Guys, here's something to remember about spreads and limit orders.

Buy Limit
Add spread to Buy Order
STOP & Target - No spread needed

Sell Limit
No spread on Sell Order
STOP and Target - Add Spread

Its only true in case of MT4 but that depends on your chart. It may only show BID (MT4 default) / ASK or median price (Oanda). Buy on ASK ... sell on BID.
  • #118,312
  • Sep 13, 2012 7:05am Sep 13, 2012 7:05am
Quoting rafstraszek
I deleted eurjpy
What Eur/Jpy trade are you talking about ???
Human
  • #118,313
  • Sep 13, 2012 7:29am Sep 13, 2012 7:29am
Quoting rafstraszek
Tonight i'm audcad guy...
And audcad, tighten stop to just below be...
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  • #118,314
  • Sep 13, 2012 7:33am Sep 13, 2012 7:33am
Quoting HanSolo
Hey Llbk, welcome to the thread. Great you already have such success. Keep up the good work!


Great post, Magestic. You're mentioning two very important things here. The first is the point when the chart "makes sense". That's when it's not pure copy & paste of someone else's strategy anymore. Instead you develop your own discretionary style and that's when things start rolling.
The second thing is to never take a full bar loss. Mike and Jarroo present some very good strategies how to do that. If you're really good at that you can be...
Quoting Chanya
Hey Han , I am sorry but I dont agree with this !!!

What it wrong with it ??? I mean I use Jarroo's entry method ... I don't follow his trade management style at all but you get the point ... So , would I get involved in trying to make my own " discretionary style " when something is already working ??? That is why seniors are here , are'nt they ? They show us the way , and we follow it ... Along the path , is we find something that suits us better , we make modification to our liking ... I proudly say I use Jarroo's presented...
Don't need to argue guys In the end it is the J16's method and it's exactly the same all over It's kind a strange why people divide it that much to Jarroo's, Mike's and James's. The only difference i see is :
1 - pickiness level
2 - trade management
And these two differ for every trader and make the whole difference which side of the fence they stay

Just my view of course
  • #118,315
  • Sep 13, 2012 8:30am Sep 13, 2012 8:30am
Quoting Chanya
What Eur/Jpy trade are you talking about ???
Close above yellow, it was weak, but a little below there was stronger lcs, and I put sl below it...either way it's not important now...
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  • #118,316
  • Sep 13, 2012 8:45am Sep 13, 2012 8:45am
Quoting Llbk
I have been a lurker here for some time and wanted to say thank you to all for a fantastic thread. I have learned more in the last month than in the previous 3 years. I have had a fantastic few weeks trading with the methods taught here. I look forward to contributing. Thank you all!
fantastic LLbk

Welcome to the thread

Mike
  • #118,317
  • Sep 13, 2012 8:49am Sep 13, 2012 8:49am
Quoting nwo-trader
Something interesting to watch with some confluence? Monthly IB on 1.30 BRN too.
The power of confluence :-)
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Price is beautiful. A repetitive method is a competitive method.
  • #118,318
  • Sep 13, 2012 9:04am Sep 13, 2012 9:04am
Hi, I note the early references to keltner channels in this thread. Would anyone have any interest in just adding a 'shift' parameter to this indicator. It would be greatly appreciated and hope it is of some use to someone else.
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  • #118,319
  • Sep 13, 2012 9:05am Sep 13, 2012 9:05am
Hi,

I'm new to trading and has been reading this thread and trading while learning, been trying to be as patience as possible waiting for PA movement with S/R. I'm using daily as pivot point and trading with 4H time frame. I understand that sometimes the PA may fail. Sorry for my english.

Please help, i don't understand why does this DBHLC failed.
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  • #118,320
  • Sep 13, 2012 9:31am Sep 13, 2012 9:31am
Quoting LittleTrade
Hi,

I'm new to trading and has been reading this thread and trading while learning, been trying to be as patience as possible waiting for PA movement with S/R. I'm using daily as pivot point and trading with 4H time frame. I understand that sometimes the PA may fail. Sorry for my english.

Please help, i don't understand why does this DBHLC failed.
Wasn't a DBHLC, daily has to be within max 2 pips, on 4h even tighter.
Was there any confluence?
Was it at a clear swing high/low?
Is the 4H TF less reliable than the daily?
Shouldn't enter till it clears the low of the last bar anyway.
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