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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

  • #119,301
  • Sep 30, 2012 9:16am Sep 30, 2012 9:16am
i am one week to late with this nicer pbt&cb.
mrvl on weekly. the stock seems to have more downside-potential.
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meine augen sind die sterne
  • #119,302
  • Sep 30, 2012 9:23am Sep 30, 2012 9:23am
onnn on weekly. a close below the 6 usd will be a good trigger for shorts.
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meine augen sind die sterne
  • #119,303
  • Sep 30, 2012 9:46am Sep 30, 2012 9:46am
Quoting equivestor12
Hey Mike, thank's for the video scan and sharing your JCP chart. I'll work on finding more of a story behind my PA. Also, was there a way to load the TOS charts faster. I don't know if you made another video explaining this and remember you saying something about opening up a second chart. Right now I have only one chat linked to the quotes in marketwatch. Any help would be great!

Thanks
Hey Equi

I realize now that video was the intro video I sent you guys.

The way i get through them faster is opening two charts. I put one on each monitor.

Then you keep the Symbol area highlighted. And if you simply click your Down arrow TWICE then enter it will go to the next chart. Then what I do is click over to the other chart and click in the top window area of it. This will select the chart while still leaving the symbol area available to use the same Down arrow twice enter. As one is loading the other will be loading and you can do it so fast that one of them will ALWAYS be loaded.

Let me know if this makes sense. It basically halves the time it takes me to go through charts since doing one at a time you have to wait for the other to load. In this case you can view one while the other loads

Best
Mike
  • #119,304
  • Sep 30, 2012 9:47am Sep 30, 2012 9:47am
Quoting jarroo
That's a great list Steve . .thanks very much for putting together and updating it from time to time.


I would add . . Daily Close Confirmation (DCC)

Daily Close Confirmation of Support or Daily Close Confirmation of Resistance is a indication by the Daily Close to confirm that Support level has flipped to Resistance and vise versa ..
Thanks Jim

Updated the terminology.
Not sure if you just provided those charts for my benefit or if you wanted them in the post.
Perhaps, you have a few charts that basically explain the very basics.
If you do, please post them and I will update the post.
  • #119,305
  • Sep 30, 2012 9:53am Sep 30, 2012 9:53am
I have a question for readers of the James16 thead. How many here are actually trading successfully ? And by that I mean, how many people are consistently profitable on a monthly basis, how long have you been trading for and whats your average monthly percentage gain (account size and $ profit is not something we need to know) ?

The reason I ask is becuase im finding it difficult to find anyone who is actually able to trade successfully. I guess I need some reassurance that this can actually be done. Anyone ??

Cheers
Dan
  • #119,306
  • Sep 30, 2012 9:55am Sep 30, 2012 9:55am
Quoting Rosco_P
So Mike, here are my thoughts on this AUD/SGD PA.

1.) Decent Sized Bar that engulfs the two previous bars.
2.) Closes below the trendline
3.) Closed below the LCS and outside of the small box
4.) With the weekly trend.
5.) Over 30 pips to the FTA
6.) Not alot of Traffic and has some space.

Tradeable? What do you think

Attachment

Hey Rosco

Tricky continuation bar here as price is essentially still stuck in a "box"

This is what can get people intro trouble with continuation bars as if we are still contained within the pattern then we are still in traffic. As you said above though this puts our FTA close. There area a cluster of lows and closes that could be used for trade mgmt to cut out if price can't break hard.

Here is my chart

Best
Mike
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  • #119,307
  • Sep 30, 2012 10:38am Sep 30, 2012 10:38am
Thanks again Mike for taking the time, I apprecaite it. I'm getting there..lol
  • #119,308
  • Sep 30, 2012 11:29am Sep 30, 2012 11:29am
Dan,


I have been following the J16 thread on and off since 2007 and I can assure you that it does work and their are many sucessful traders that either use this style exclusively or as part of their trading arsenal. Presently, I use James16 as a component of my trading method, and started trading live on Sept 9th after doing a demo period. So far, 4.1% account growth over the last 21 days with 0.29 Sharp Ratio. It's feels go to say that, but the truth us just getting to this point has been a real challenge and I understand your frustration.

Just be clear, I traded back in 2007 and 2008 and as with most new traders blew a few accounts and got pissed off. Took about 4 1/2 years off and then in June of this year started exploring this FOREX market with a different attitude and pair of glasses on. It's a simple program, but not easy. And all of the truly sucessful traders that I have followed or know (Mqb11, DarkStar, Diallist, Bemac, etc..) didn't pick this up in a few months but took years to get to where they are today.

In my experience, some traders are able to pick up and apply these concepts in just a few months and start showing a profit after their demo period, but they seem to be the exception not the rule. As you can see, from Mike's post below, I am still am having issues picking quality trades after almost 90 days of studying/learning and actively trading.

My point is, I am sure you can be successful of you stick with it, but sometimes it takes longer than we like.
  • #119,309
  • Sep 30, 2012 11:44am Sep 30, 2012 11:44am
So finally I went through Russel 3000. It took me more than 15 hours, itīs quite crazy to go through so many charts. I choose this set-ups which I think are great to trade. What do you think about it guys? Did somebody find a better set-up?
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  • #119,310
  • Sep 30, 2012 12:34pm Sep 30, 2012 12:34pm
Quoting Rosco_P
Dan,


I have been following the J16 thread on and off since 2007 and I can assure you that it does work and their are many sucessful traders that either use this style exclusively or as part of their trading arsenal. Presently, I use James16 as a component of my trading method, and started trading live on Sept 9th after doing a demo period. So far, 4.1% account growth over the last 21 days with 0.29 Sharp Ratio. It's feels go to say that, but the truth us just getting to this point has been a real challenge and I understand your frustration....
Hi mate, Thanks for the informative reply. Appreciate it

Are you a member of the paid forum ? If so, is that where you learnt how to trade the way you do now ? You mentioned that you use it as a component of your trading style, how big of a component is it would you say - mostly j16 ?

Just out of interest, how many pairs do you look at ?
  • #119,311
  • Sep 30, 2012 1:26pm Sep 30, 2012 1:26pm
Quoting dan89
I have a question for readers of the James16 thead. How many here are actually trading successfully ? And by that I mean, how many people are consistently profitable on a monthly basis, how long have you been trading for and whats your average monthly percentage gain (account size and $ profit is not something we need to know) ?

The reason I ask is becuase im finding it difficult to find anyone who is actually able to trade successfully. I guess I need some reassurance that this can actually be done. Anyone ??

Cheers
Dan
Hey Dan,

Thought I would give some input here as well. Been following J16, Romancing the Price and Price is Everything threads for just over a year now. Been trading demo for 4 year prior to joining here and live for just about since Jan this year.

I use a conjunction of Jaroo, J16, SND, and traditional price action (candlestick patterns) for my technique.

1. I only look at pairs with less than 100 pip daily (at any given time) volatility because i like tight stops and want to exit the same day.

2. I trade explicitly daily charts (no other TFs at all.)

3. I risk an explicit 0.5% on every trade no more no less. (however this to me does not matter. What matters is my win rate. If win rate is always over 50% whether you risk 5% or 0.5% you will still end up on top but nonetheless this risk level has to stay absolutely constant for the long run until a specific target is achieved when I am willing to re adjust my risk level).

4. I never under any circumstances expose myself to the same currency in 2 trades, no matter what the pair.

5. I catch only 4 to 5 trades a month.

6. I make no more than 3ish% in a month max.

Bad months like this month i made 0% as i did not enter the market much on the whole US QE3 thing. Just want it to blow over.

I have had 2 negative months since Jan where i was 1 to 2% down in each on my balance.

I don't post much because I don't have much to post and since the knowledge provided by the seniors is much more valuable and covers everything anyway. But ill start doing so whenever I feel I can contribute to the knowledge base here.

Having said all that, I would also like to add that trading success, rather success in any business or occupation even, is about personalizing the way the work is done. It has to be understood as per your personal interpretation and the overall strategy has to be unique and also effective in that uniqueness. Every experienced trader (including the ones here) I have ever spoken to has discouraged me from just copying/duplicating someone elses style. This alone has helped me make leaps in the profession. So the key here "Personalize your trading style". Just some humble advice. Hope this helps a bit.

Best,
Hassan
  • #119,312
  • Edited 4:56pm Sep 30, 2012 2:30pm | Edited 4:56pm
Quoting dan89
Hi mate, Thanks for the informative reply. Appreciate it

Are you a member of the paid forum ? If so, is that where you learnt how to trade the way you do now ? You mentioned that you use it as a component of your trading style, how big of a component is it would you say - mostly j16 ?

Just out of interest, how many pairs do you look at ?
Not a problem, my pleasure.

To answer your questions--

I am not a member of the paid forum, but believe that the guidance and trading knowledge provided there is well worth the monthly fee. It's just something I am not in a postition to jump into right now.

My trading method is a combination of J16, OrderFlow(Sentiment Trading) , Chart/CandleStick Patterns and some fundies. I would say when looking at trade oppurtunity that J16 makes up about 50% of my decision. I use J16 in conjunction with Sentiment and/or fundementals to give bars a rating per se.

So for instance, a J16 style pinbar at swing low on the Euro might be nice, but the same pinbar after Draghi annouced that the ECB would be buying bonds of sovereign debt it would carry more weight with me.

Most of what I have learned has been picking out what I consider to be the "best parts" of several different trading methods and then incorporating this into how I like to trade. Also, spent alot of time chatting with experienced traders, reading different material and also looking at what doesn't work vs what does and of course staring at charts. I have found that their are many different trading methods that seem to be very profitable for different people, and from where I sit all of them are simply different vehicles to get you to the same place.

Goldfish, made a great point as well. You are going to have to find your own trading style that fits your personality and level of comfort(this takes time) . His trading guidelines are very similar to mine, and have no doubt many succcessful traders plans are very similar to this.

And I look at about 40 pairs.

You can do it!!-"Waterboy"!!
  • #119,313
  • Sep 30, 2012 3:34pm Sep 30, 2012 3:34pm
Quoting Martin600
So finally I went through Russel 3000. It took me more than 15 hours, itīs quite crazy to go through so many charts. I choose this set-ups which I think are great to trade. What do you think about it guys? Did somebody find a better set-up?
Hey Martin

I would agree with your mcgee. Bigger bar but poor close not a ton to go by. Especially in stocks they don't have as many turning points where a big bar in FX may(FX tends to swing more).

CHE - Small beob , i like the location but bar is fairly small in my eyes. Would like to see price retest that previous high better

sbgi - bigger bar, but also not really testing the previous highs as much as getting close to it. My favorite of the 3 but still a bit lacking in confluence in my eyes. I think your trouble area is good and we could see that area, but would be cautious still

Best
Mike
  • #119,314
  • Sep 30, 2012 4:40pm Sep 30, 2012 4:40pm
Quoting Rosco_P
Not a problem, my pleasure.

To answer your questions--

I am not a member of the paid forum, but believe that the guidance and trading knowledge provided there is well worth the monthly fee. It's just something I am not in a postition to jump into right now.

My trading method is a combination of J16, OrderFlow(Sentiment Trading) , Chart/CandleStick Patterns and some fundies. I would say when looking at trade oppurtunity that J16 makes up about 50% of my decision. I use J16 in conjunction with Sentiment and/or fundementals to give a...
This is great guys. As James has always said. Combining what you know and works with PA and S/R can really only help most people. These are concepts we develop into methods. Most want a strict ABCD layout and I just haven't seen that yet. That's the tricky hurdle for people

Mike
  • #119,315
  • Sep 30, 2012 6:19pm Sep 30, 2012 6:19pm
Thanks for the replies Rosco and Goldfish. Appreciate it. Just trying to understand what successful traders do. Anyone else here a successful trader trading mostly J16 style/method ?

Cheers
Dan
  • #119,316
  • Sep 30, 2012 9:15pm Sep 30, 2012 9:15pm
For those among us who trade full time, I was curious to know what you use on LinkedIn et al sites in terms of job descriptions?

Shotgun the copyrights for "Dealer Daredevil" or "Business Batman" WHEN I eventually get to that level!

Got to thinking about it filling out an application form for something, and somehow, "House-husband" just doesn't have the same ring to it!
  • #119,317
  • Sep 30, 2012 9:32pm Sep 30, 2012 9:32pm
Anyone else set orders for this Daily BEOB, just placed my orders to sell at 1.6098 targeting 1.6000 as first target.

Cheers
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  • #119,318
  • Sep 30, 2012 11:22pm Sep 30, 2012 11:22pm
Quoting Mr Smith
Anyone else set orders for this Daily BEOB, just placed my orders to sell at 1.6098 targeting 1.6000 as first target.

Cheers
Hi Smith.

I am.
Bit worried by the sharp ascending TL though. Think I'll rapidly reduce my exposure after FTA has been reached.
Slow & steady
  • #119,319
  • Oct 1, 2012 2:03am Oct 1, 2012 2:03am
Quoting fx-greg
"House-husband"
Sorry offtopic.
How about desperate househusbands?
http://www.youtube.com/watch?v=1FfmOAauDt4
  • #119,320
  • Oct 1, 2012 4:53am Oct 1, 2012 4:53am
Hi,
new chart for a new month.
FTA @ 0.80 so I will take some action soon...

Regards,
Peter

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