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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

  • #118,321
  • Sep 13, 2012 9:32am Sep 13, 2012 9:32am
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. This suits personally to me, but there is no guarantee that it will suits you. What I want to share is that I'm in forex for 1.5 years now. And what was really annoynig lately that I chose the direction of the move right, but my tiny SL was hit 90% of the times befor big move in my direction. When I started J16 method I moved my SL to BE as fast as possible,...

Good stuff M, this is much my line of thinking and my approach to a lot of my trading. I do different things different scenarios. I know people have lots of back and forths.

Two things are important

Find something that works for you

And THINK about your trading. I am just happy to see you guys questioning the things you do and examining yourself and your trading. All we are doing here is sharing things that work for us

Good stuff
Mike
  • #118,322
  • Sep 13, 2012 9:33am Sep 13, 2012 9:33am
Hi Mike,

Can you please explain your thought process when you look at a new chart? Is there a mental checklist you go through?

Sorry if this question has been asked before.

Thanks
Walid
  • #118,323
  • Sep 13, 2012 9:36am Sep 13, 2012 9:36am
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.

Personally i would not have taken a trade here. I want to see the next bar move below r the second bar high with lower close. A move beyond the bottom of that bar would have seen me enter short.
  • #118,324
  • Sep 13, 2012 9:45am Sep 13, 2012 9:45am
Quoting mbqb11
Here is a nice looking multi bar high breakout
updated chart
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  • #118,325
  • Sep 13, 2012 9:59am Sep 13, 2012 9:59am
Quoting nwo-trader
The power of confluence :-)
Very nice. Was watching it also... PPZ, LCS broken, TL broken, BEOB, SPACE...Missed it.

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I don't need easy. I just need possible.
  • #118,326
  • Sep 13, 2012 10:17am Sep 13, 2012 10:17am
Price action 15M.
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  • #118,327
  • Sep 13, 2012 10:35am Sep 13, 2012 10:35am
Question for Jarroo: How many pairs do you watch ?
  • #118,328
  • Sep 13, 2012 10:36am Sep 13, 2012 10:36am
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.

I wouldn't be so strict about the 2pips difference rule between the highs becouse it is a matter of avargage bar/candle range. Visually it looks good and it clearly is a DBHLC...... but ..... it never triggered (low hasn't been broken) and entry before the break allows for bigger position with smaller stop loss but is also much riskier if there is no other confluence.

Cheers!
  • #118,329
  • Sep 13, 2012 10:39am Sep 13, 2012 10:39am
Quoting Gogolak
Let me share how i doing.
Usually i want to save 80% of my profit at the level where i think could happen something. But closing 80% in a tricky way!
For example: if that level is 100 pips far from my entry then i close 50% of my position if the price touch that level and pull my SL to AROUND 60% of distance between the level and my entry. (AROUND 60pips from my entry) Not exactly 60 pips! I check H1 TF where is a swing low/high or some RN and then i put my SL there.

So i saved 80% but keep running my half position and i let enough space...
Hey G

if it works for you then go for it

I know that's the simple answer but that's too general a statement to say yes that will or won't work. Track it in your demo along with maybe some other entry/exits and accumulate data to back up your ideas. This will give you the most confidence over time

Best
Mike
  • #118,330
  • Sep 13, 2012 10:56am Sep 13, 2012 10:56am
Quoting AdamB
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.
the height of both bar shows the exact same pips and the 2nd bar closed below the first bar open which made me thought it was a DBHLC

Quoting Brixton
Personally i would not have taken a trade here. I want to see the next bar move below r the second bar high with lower close. A move beyond the bottom of that bar would have seen me enter short.
do you mean the same as what Greenhaze said. Only if the bar has to break pass the previous low to trigger you to entry a short?



Quoting Greenhaze
I wouldn't be so strict about the 2pips difference rule between the highs becouse it is a matter of avargage bar/candle range. Visually it looks good and it clearly is a DBHLC...... but ..... it never triggered (low hasn't been broken) and entry before the break allows for bigger position with smaller stop loss but is also much riskier if there is no other confluence.

Cheers!
Thank you for your explanation as i'm still going through the thread and trading. I might not yet reach the page where it teaches to entry a trade with a safer position like breaking of the low. This will definitely help me a lot in future.

Thanks a lot for everyone time, help and explanation! Much appreciated!
  • #118,331
  • Sep 13, 2012 11:06am Sep 13, 2012 11:06am
Hello guys,

Just wanted to let you know that I "resubscribed" to the james16group and gotta tell you that the information available in the website is priceless. I am not affiliated with the website, james or any other member. If you can afford it, then go ahead and you'll know what I am talking about.

MBQB's videos are like going to class (I just graduated with honours in HR/Finance from the University of Montreal). Concise and straight to the point !
  • #118,332
  • Edited 11:26am Sep 13, 2012 11:14am | Edited 11:26am
Quoting LittleTrade


do you mean the same as what Greenhaze said. Only if the bar has to break pass the previous low to trigger you to entry a short?


Exactly the same (he just said it better!, I have ADHD :S
  • #118,333
  • Sep 13, 2012 12:00pm Sep 13, 2012 12:00pm
Holy volatility batman, GBPUSD 80+ pip 5 minute bar, EURUSD 100 pip 5 minute bar.
Price is beautiful. A repetitive method is a competitive method.
  • #118,334
  • Sep 13, 2012 12:16pm Sep 13, 2012 12:16pm
Quoting nwo-trader
Holy volatility batman, GBPUSD 80+ pip 5 minute bar, EURUSD 100 pip 5 minute bar.
Think about what would have happened to those that trade LTF ???
Human
  • #118,335
  • Sep 13, 2012 12:17pm Sep 13, 2012 12:17pm
Quoting Chanya
Think about what would have happened to those that trade LTF ???
http://www.officialpsds.com/images/t...o-psd84417.png
I don't need easy. I just need possible.
  • #118,336
  • Sep 13, 2012 12:28pm Sep 13, 2012 12:28pm
Quoting DaGrizlyBull
http://www.officialpsds.com/images/t...o-psd84417.png
If I hadn't found this thread, I would be one who is hanging right now.

Thanks to you guys my trades now look like this
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  • #118,337
  • Sep 13, 2012 12:32pm Sep 13, 2012 12:32pm
Quoting annu333
If I hadn't found this thread, I would be one who is hanging right now.

Thanks to you guys my trades now look like this
What was this trade based on ?? This looks interesting
Human
  • #118,338
  • Sep 13, 2012 12:35pm Sep 13, 2012 12:35pm
Jarroo please help me out a little bit , I am going insane ... This has happened eighth time this week ... Orders are getting missed by more then 10 pips so even buffer would not be helpful ...
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Human
  • #118,339
  • Sep 13, 2012 12:39pm Sep 13, 2012 12:39pm
Quoting annu333
If I hadn't found this thread, I would be one who is hanging right now.

Thanks to you guys my trades now look like this
I had this level marked off but didn't take it. What broker is this?
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  • #118,340
  • Sep 13, 2012 12:41pm Sep 13, 2012 12:41pm
Quoting Chanya
What was this trade based on ?? This looks interesting
I wrote the LCR & HCR what I thought where solid R & S. Right now it already broke my HCR. Hope it stays like this.
Or how to you see this?


I use Pepperstone. The EUR/USD also went to 1.28148 (others said here that their was 1.2816)
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