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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

  • #119,321
  • Oct 1, 2012 6:14am Oct 1, 2012 6:14am
Quoting trc
Hi,
new chart for a new month.
FTA @ 0.80 so I will take some action soon...

Regards,
Peter

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You are right TRC. Here is the EURX, 100.00 is playing a supporting role.
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Price Is The Best Indicator Itself.
  • #119,322
  • Oct 1, 2012 6:55am Oct 1, 2012 6:55am
this pb is going to be formed on 4h eur to down from BRN right ?
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Investing is SIMPLE but NOT EASY
  • #119,323
  • Oct 1, 2012 7:12am Oct 1, 2012 7:12am
Quoting fx-greg
Do you know what the rules are regarding posts like yours and mine referring to external tools or links? I was a little concerned I'd get modded - my intention wasn't to plug though.
Hi Greg, do you mean the rules of this thread? It is all about J16 price action trading and the methods of the seniors in here. I'm sure no one will cut your head off if you talk off topic now and then. But this thread is moving fast and in order to keep track of everything I think it's best we keep off topics to a minimum.

Best,
Hans
Thanks J16, Sam Seiden, Udine and Jacko
  • #119,324
  • Oct 1, 2012 8:57am Oct 1, 2012 8:57am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting sg_1988
Hi guys,

Not trading this live, but starting to look at stocks, will start paper trading the charts on daily/weekly (mostly weekly because there are many stocks!)

I will paper trade this daily Kraft Foods (KFT) chart, to go long, I think we can get a quick push to 42.00. Lets see what happens...l
Nice move in the first half hour, strong push to 42.00, i'm only paper trading stocks for now, until I become consistent.

Kind Regards
Sanil
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  • #119,325
  • Oct 1, 2012 9:04am Oct 1, 2012 9:04am
Quoting Moly_Cam5
this pb is going to be formed on 4h eur to down from BRN right ?
Hey Moly

Be careful that is a VERY small tiny pinbar verse a much stronger BUB(bullish bar). Want to be very careful especially on these lower timeframes. Look for the big bars when starting out, James calls them the pitbull bars
http://www.forexfactory.com/showthre...40#post2913840

Best
Mike
  • #119,326
  • Oct 1, 2012 10:54am Oct 1, 2012 10:54am
Hi Mike, got another question for you regarding FTA. What do you do when price does not reach the FTA and just keep bouncing back and forth between the FTA and SL? Would you just close the position right away or just let it play out? Of course there is always a possibility that we might misjudge the FTA level. What would you do in this position?
  • #119,327
  • Oct 1, 2012 11:48am Oct 1, 2012 11:48am
Quoting mbqb11
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...
Mike as always thank you very much for your answer it helps me a lot. I would like to ask you if the pin bar on mcgee isn´t similar to pin bar on weekly on USDCHF which you traded last year. There wasn´t any confluence too so what´s the diffrence? And then can I ask how to place sell stop with stop loss and TP in thinkorswim? I was trying to find some guide for it but I can´t find any. Sorry for this stupid question but I´m a little bit confused by this platform...
  • #119,328
  • Oct 1, 2012 11:52am Oct 1, 2012 11:52am
Quoting esbatu
Hi Mike, got another question for you regarding FTA. What do you do when price does not reach the FTA and just keep bouncing back and forth between the FTA and SL? Would you just close the position right away or just let it play out? Of course there is always a possibility that we might misjudge the FTA level. What would you do in this position?
Hey E

For me each situation is unique and what I might do with my FTA. I try to determine both the importance of the FTA in relationship to my overall setup. Many times at FTA or trouble areas I am looking to reduce my risk as opposed to say get to b/e. This is because I try to pick bigger stories that can trump the FTA. This is not always the case that it works out perfect and then I end up with a greatly reduced loss.

He is an example trade I took in the PF on the eur/usd on friday. It was a nice buob breakout. Price got to the FTA but instead of closing it out I decided to watch how price reacted at the level that should hold as support.

This was a pretty low risk entry for me since from the start that TL should hold. Price broke out and took off to our FTA putting me into profit. Since i was looking for a larger move(which we didn't get) I still had to decide where is the point I no longer feel comfortable in this trade. This became the 1.2900 level. As price got under this level(specifically closed on the hour) I decided it's time to jump ship and take a very small loss. Being able to cut my losses while still remaining in for a larger run helps. I could take 3-4 trades that make up one full bar loss. And now it only takes a good trade once and awhile to easily make up for those. It's sort of keeping myself in the game. Now again style dictates what to do as well as each trade. Sometimes a FTA is breakeven for me, take profit etc.

So you see each situation is unique to me but as long as we can identify these areas it will greatly help in our decision making depending on our own personal style

Hope this helps a bit
Mike
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  • #119,329
  • Oct 1, 2012 11:56am Oct 1, 2012 11:56am
Quoting Martin600
Mike as always thank you very much for your answer it helps me a lot. I would like to ask you if the pin bar on mcgee isn´t similar to pin bar on weekly on USDCHF which you traded last year. There wasn´t any confluence too so what´s the diffrence? And then can I ask how to place sell stop with stop loss and TP in thinkorswim? I was trying to find some guide for it but I can´t find any. Sorry for this stupid question but I´m a little bit confused by this platform...
Hey Martin

It's different for a few reasons. Firstly stocks move different then FX. Just by the nature as I was saying about how FX markets tend to "swing" for much larger fundamental reasons. A big bar on stock markets don't necessarily egt me as excited as in FX. It takes MUCH more money to turn the FX markets so a bar like usd/chf is SUBSTANTIAL. And will likely cause a major turn or some movement in the bars favor. Stocks can be similar but because of liquidity and general price movements a big bar at a swing high with no confluence on a stock doesn't always wet my whistle the same. If you look at yours the close isn't as substantial as well as the bar isn't that huge in comparison to the steady uptrend. Again not to say it can't be traded already on the close it's move down close to the FTA. It's just not as substantial and obvious a play as the usd/chf weekly in my book.

as for tutorials the site has great videos that should help you
http://tlc.thinkorswim.com/center/tutorial/videos.html

Best
Mike
  • #119,330
  • Oct 1, 2012 12:07pm Oct 1, 2012 12:07pm
Why you don't create a thread only for LCS system?
  • #119,331
  • Oct 1, 2012 1:45pm Oct 1, 2012 1:45pm
Quoting mbqb11
Hey E

For me each situation is unique and what I might do with my FTA. I try to determine both the importance of the FTA in relationship to my overall setup. Many times at FTA or trouble areas I am looking to reduce my risk as opposed to say get to b/e. This is because I try to pick bigger stories that can trump the FTA. This is not always the case that it works out perfect and then I end up with a greatly reduced loss.

He is an example trade I took in the PF on the eur/usd on friday. It was a nice buob breakout. Price got to the FTA but...

Wow man, I was so tempted to play this as well. The only thing that kept me out was that we was on friday and more important the last trading day of the month. I've got burned several times, so i don't play the last day of the month now. I think there are too many timing based positions out there that could mess the technicals.

  • #119,332
  • Oct 1, 2012 2:06pm Oct 1, 2012 2:06pm
vz seems interesting.
see the daily and monthly chart. let`s see what will happen from here.
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meine augen sind die sterne
  • #119,333
  • Oct 1, 2012 6:20pm Oct 1, 2012 6:20pm
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,
I've been trading going on 5 years. I think I've pretty much done it all with indicators and such and even developed a few methods of my own which were not too bad but I just didn't feel good trading mechanically.

I even visited the J16 thread several times in the past and I guess I just wasn't ready to hear about "price action". I revisited it again several months ago and for some reason when I looked at all the charts James has posted at the beginning of this thread it just clicked for me. I joined the private forum and have not been disappointed. It certainly is not the holy grail but for me it is the closest you'll get to such a thing.

I was profitable before finally settling in on J16 price action but that is only because I have always used support and resistance as the very basic foundations of my trading even when I used indicators. For the year my account has grown 30%. I having losing weeks, winning weeks and break even weeks. A crucial part of my success is that I follow a very strict money management regimen that cuts losses unemotionally. Before I used to keep my losses running hoping for a "reversal". Now I know very clearly when to get out. Money management is a very large part of success. This is because the absolute number of winners is often less than the losers in trading and letting the winners run and cutting the losers is critical.

OK, Enough rambling, Good luck!
  • #119,334
  • Oct 1, 2012 8:54pm Oct 1, 2012 8:54pm
Interesting weekly and daily level on NZD/JPY.
Not too keen on how it failed to hold on the second time back though.
Monthly continuation BUEOB that may add weight to the area.
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  • #119,335
  • Oct 2, 2012 12:23am Oct 2, 2012 12:23am
gpd/aud pbt&ca
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meine augen sind die sterne
  • #119,336
  • Oct 2, 2012 2:18am Oct 2, 2012 2:18am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Sorry off topic, Anyone have dreams (well more like nightmares) that their trade has been stopped out, but when you wake up, its all okay

That happened to me again this morning...felt so real

Guess it could have been worse in the nightmare, I got stopped out for a 3% loss, I thought that it would have jumped my stop and and carried on going against me, ha!

Kind Regards
Sanil
  • #119,337
  • Oct 2, 2012 2:24am Oct 2, 2012 2:24am
EUR GBP:
BUOB off D HCR (and previous, old D LCS that should not be taken into account...), pass through weekly PPZ + RN 0.797, closes above ascending TL .

What guys do you think?

have a nice day,
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Slow & steady
  • #119,338
  • Oct 2, 2012 2:35am Oct 2, 2012 2:35am
Quoting Winston Reed
Hey Dan,
I've been trading going on 5 years. I think I've pretty much done it all with indicators and such and even developed a few methods of my own which were not too bad but I just didn't feel good trading mechanically.

I even visited the J16 thread several times in the past and I guess I just wasn't ready to hear about "price action". I revisited it again several months ago and for some reason when I looked at all the charts James has posted at the beginning of this thread it just clicked for me. I joined the private forum and have not...
Good words Winston! And very true!
Money and trade management are HUGE part!
That's why it is very important to keep a record on your past trades and use this experience to find where to optimize.
Human nature tend us to do what's feeling good and not what is logical and profitable

Cheers on that 30%/year!
  • #119,339
  • Oct 2, 2012 2:44am Oct 2, 2012 2:44am
AUD pairs just took a beating off the commodity prices news.
I was tempted to take this as a TT but, the downtrend looks very serious and not much in terms of confluence.
I may watch and see how this H4 bar turns out.

Edit: or even wait and see if we get a nice big daily PB, like this one. LOL
Ohhhhhhhhhhh Please......
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  • #119,340
  • Oct 2, 2012 2:55am Oct 2, 2012 2:55am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting Pinbar
Edit: or even wait and see if we get a nice big daily PB, like this one. LOL
Ohhhhhhhhhhh Please......
Haha that would be sweet! Lets hope it happens

Kind Regards
Sanil
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