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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

  • #121,921
  • Dec 22, 2012 5:43am Dec 22, 2012 5:43am
hey james ,
im quiet new to all this forex and trading stuff but luckily i found this gold mine ,
sorry but i dont know where to post my question to you so i just do it here,
you posted this:
Quote
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM):
ON DAILY AND WEEKLY TIME-FRAMES, YOU ONLY DEMO-TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED.
OPEN AN ACCOUNT WITH HALF OF THE INVESTMENT YOU INTENDED TO GO FULL WITH AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE PROFITABLE THREE MONTHS IN A ROW MINIMUM. YOU NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE. YOU DO NOT PROCEED TO STEP THREE UNTIL STEP TWO IS COMPLETED.
FUND A FULL...

Why is it important to start with long time frames, since i intended to get into shorter time frames(scalping), i am curious abou it?
thanks for answering and everyone have a good time
  • #121,922
  • Dec 22, 2012 10:26am Dec 22, 2012 10:26am
Quoting Zens
hey james ,
im quiet new to all this forex and trading stuff but luckily i found this gold mine ,
sorry but i dont know where to post my question to you so i just do it here,
you posted this:


Why is it important to start with long time frames, since i intended to get into shorter time frames(scalping), i am curious abou it?
thanks for answering and everyone have a good time
Hey Zens

From my experience helping traders(which has been a long time now) this is one of the most common questions. I always hear things like "mike but if I trade a one hour timeframe I'll get more experience" or "but I want more setups to make more money" etc etc.

The real simple answer(and I can expand) is that it gives you a foundation. What happens on the longer timeframes is we must take time and we are not rushed to analyze and make decisions so quick. It's way to difficult for 99.9% of the people out there to not only learn the concepts but more importantly apply these concepts into a workable and repeatable method, let alone to do that faster on smaller timeframes. Starting with the higher timeframes in my opinion is not because the information is more reliable or that lower timeframes are off limits but it's about deciphering the information before one sabtoages themselves from ever having the chance. Most people go right to lower timeframes get beat up and move up timeframes. Then they see success. I see that storyline WAY more than I ever see people jumping right into lower timeframe trading and doing well

Hope this helps and I highly recommend it

Mike
  • #121,923
  • Edited Dec 23, 2012 4:05am Dec 22, 2012 12:19pm | Edited Dec 23, 2012 4:05am
thinking about entry long on the retracement, but that weekly pinbar can't make me sure.

may i have any advise from you experienced traders, please?

many thanks in advance
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Don't give up
  • #121,924
  • Dec 22, 2012 12:58pm Dec 22, 2012 12:58pm
well here are my two favorite charts for watching next.

Merry Christmas and Happy - Pipsy - Yummy New Year to all !
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all is eternal - this is good news for people who loves bad news
  • #121,925
  • Dec 22, 2012 2:11pm Dec 22, 2012 2:11pm
Thanks James !

3 Years of fooling around before i found this thread.
Down to 6 USD on account now climbling back up to 10+ in a week
Still waiting for Beautiful Setups now !

Beauty is worth the wait i supose.
  • #121,926
  • Dec 22, 2012 5:38pm Dec 22, 2012 5:38pm
Quoting mbqb11
Hey Zens

From my experience helping traders(which has been a long time now) this is one of the most common questions. I always hear things like "mike but if I trade a one hour timeframe I'll get more experience" or "but I want more setups to make more money" etc etc.

The real simple answer(and I can expand) is that it gives you a foundation. What happens on the longer timeframes is we must take time and we are not rushed to analyze and make decisions so quick. It's way to difficult for 99.9% of the people out there to not only learn...
Hey Mike thanks for taking your time and answering my question.
so which are the longer time frames ? do they start 4h+?
  • #121,927
  • Edited Dec 23, 2012 1:43am Dec 22, 2012 9:46pm | Edited Dec 23, 2012 1:43am
I am bored with having a 3 day weekend for the last 3 months.
So, for any would be Jarrooers out there, here is a possible area to watch for price to tip us off.
This is not a trade recommendation, simply an area for new people to Jarroo's methodology to get their foot in the door.

Feel free to ask any questions.

EDIT: NB, this H4 chart is based on the Weekly Time Frame &, NOT the H4 TF.
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  • #121,928
  • Edited Dec 23, 2012 1:44am Dec 22, 2012 10:16pm | Edited Dec 23, 2012 1:44am
Quoting Zens
Hey Mike thanks for taking your time and answering my question.
so which are the longer time frames ? do they start 4h+?
Nope, they start Monthly & minus down to D1 and not below.
Try reading the very first post by J16.

http://www.forexfactory.com/showthread.php?t=2331

WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM):
1 ON DAILY AND WEEKLY TIME-FRAMES, YOU ONLY DEMO-TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED.
2 OPEN AN ACCOUNT WITH HALF OF THE INVESTMENT YOU INTENDED TO GO FULL WITH AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE PROFITABLE THREE MONTHS IN A ROW MINIMUM. YOU NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE. YOU DO NOT PROCEED TO STEP THREE UNTIL STEP TWO IS COMPLETED.
3 FUND A FULL ACCOUNT AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE CONSISTENTLY BUILDING YOUR ACCOUNT FOR AT LEAST SIX MONTHS. YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.
4 IF AND WHEN YOU DECIDE TO DAYTRADE ON A SMALL TIME-FRAME AND YOU DON'T FOLLOW THIS TEMPLATE, AT A MINIMUM, YOU ARE ALMOST CERTAINLY GOING TO FIND YOURSELFE IN TROUBLE. IF YOU ARE GOING TO FOLLOW A SYSTEM OR ANY TRADING STYLE AND YOU DON'T FOLLOW THIS TEMPLATE AS FAR AS THE DEMO PROCESS, YOU ARE NOT TREATING IT AS A BUSINESS AND YOU HAVE NO ONE TO BLAME OTHER THAN YOURSELF IF YOU LOSE YOUR MONEY.
5 IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF YOUR ACCOUNT, YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS, YOU REFUND YOUR ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING AGAIN UNTIL YOUR DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES ONE MONTH OR SIX MONTHS, IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DON'T WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT.
  • #121,929
  • Dec 23, 2012 4:24am Dec 23, 2012 4:24am
So nice to see the expiernced traders are listing the exact same charts i have on My watchlist !
  • #121,930
  • Dec 23, 2012 6:13am Dec 23, 2012 6:13am
Hi Mike

I was looking at your last two screenshots and noticed you took profit at the FTA.

Does your experience tell you that you can take these low risk/reward trades because you have a high strike by taking profits at the FTA? Or are you taking profits early because of the holiday season?

Thanks for your help.
  • #121,931
  • Dec 23, 2012 4:54pm Dec 23, 2012 4:54pm
Quoting Pinbar
I am bored with having a 3 day weekend for the last 3 months.
So, for any would be Jarrooers out there, here is a possible area to watch for price to tip us off.
This is not a trade recommendation, simply an area for new people to Jarroo's methodology to get their foot in the door.

Feel free to ask any questions.
Hi Pinbar,

I've been trying to get to grips with Jarroo's methods for a while now and had a question regarding currency pairs. I've been trading on a demo account with EURUSD mainly. I notice people are using many different pairs, and I've also picked up a list of around 10 other major pairs from other sites (including XAGUSD and XAUUSD). I thought that using more pairs would provide more sit-ups for me to test - especially using daily time frames.

I notice that many traders load graphs with various pairs, and I'm trying to work out the best way of working - should I concentrate on my one pair only, pick say 5 pairs, or jump around the different ones whenever anyone loads a graph to see if I can pick out he details myself?

Any advice/tips appreciated!
Thanks.
  • #121,932
  • Dec 23, 2012 5:04pm Dec 23, 2012 5:04pm
Hey,

Pretty new around this thread, though a PA trader for quite some time.

Was wondering what you guys think on the PB formed on Weekly for cable and E/U, this recent friday.

Thanks
  • #121,933
  • Edited 8:33pm Dec 23, 2012 6:51pm | Edited 8:33pm
Quoting drod
Hi Pinbar,

I've been trying to get to grips with Jarroo's methods for a while now and had a question regarding currency pairs. I've been trading on a demo account with EURUSD mainly. I notice people are using many different pairs, and I've also picked up a list of around 10 other major pairs from other sites (including XAGUSD and XAUUSD). I thought that using more pairs would provide more sit-ups for me to test - especially using daily time frames.

I notice that many traders load graphs with various pairs, and I'm trying to work out the best way...

I hear you, I started off with so many pairs that it was hard to keep up with, what was going on, in each pair.
I would pick ten pairs, lay them out across the MT4 platform, as in the screen shot.
Then, just go to view, market watch and drop any pair you want to look at over a chart window that has not got much of interest on it.
For example, price may be too far away from an area, drag and drop the pairs until you find ten that are current and have a high possibility of price reacting at these areas, sometime this week. On the weekend you can reevaluate all the pairs and be ready for the next week. Of course, you may have to refresh the template when you drop a new pair over it, if you have already made notations on that chart. Then, just leave them and let price come to your level. This way, we don't end up chasing price or curve fit poor PA.
More than 10 pairs at one time and for me at least, it gets crazy.
We don't need to watch a pair that is 5,000 pips away from our area. At least, not in the current week.

Hope this helps.
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  • #121,934
  • Dec 24, 2012 2:42am Dec 24, 2012 2:42am
Just watching this but, it was a thing of beauty. To the very PIP!
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  • #121,935
  • Dec 24, 2012 3:03am Dec 24, 2012 3:03am
What bit me in the behinds a couple times tho..

Setups could occur on EUR/GBP Eur/USD id take both and both come around
So i stay away from Doubling my positions now on Related Pairs

NZD/CHF is running low now tho the stop is just abobe the former s/r lvl so thats about 15 pips !
Seems to me like a A+ Setup ?
  • #121,936
  • Dec 24, 2012 3:15am Dec 24, 2012 3:15am
Hi guys,
merry Christmas and many, many pips in next year
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  • #121,937
  • Dec 24, 2012 3:29am Dec 24, 2012 3:29am
Quoting Pinbar
I hear you, I started off with so many pairs that it was hard to keep up with, what was going on, in each pair.
I would pick ten pairs, lay them out across the MT4 platform, as in the screen shot.
Then, just go to view, market watch and drop any pair you want to look at over a chart window that has not got much of interest on it.
For example, price may be too far away from an area, drag and drop the pairs until you find ten that are current and have a high possibility of price reacting at these areas, sometime this week. On the weekend you can reevaluate...
Hi Pinbar,
Thanks for that - I certainly helps to give me an idea of how best to monitor the pairs.
  • #121,938
  • Dec 24, 2012 10:04am Dec 24, 2012 10:04am
USDJPY is currently testing what I think is a strong level. The weekly HCR with gap. Just above the HCR is the BRN of 85. Daily is also showing divergence.....I'm currently looking for a nice large bearish PA bar at this level. If price closes strongly above 85, I'll look for a long entry signal.


Happy Holidays to everyone!!
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  • #121,939
  • Dec 24, 2012 10:05am Dec 24, 2012 10:05am
happy xmas n hols everyone.
jon

p.s i liked the look of that yen chart also....
PATIENCE... DISCIPLINE
  • #121,940
  • Dec 24, 2012 10:35am Dec 24, 2012 10:35am
Quoting hunzul
Hi Mike

I was looking at your last two screenshots and noticed you took profit at the FTA.

Does your experience tell you that you can take these low risk/reward trades because you have a high strike by taking profits at the FTA? Or are you taking profits early because of the holiday season?

Thanks for your help.
Hey Hunzul

My exits always vary based on the situation. Sometimes I take profits quick, sometimes I don't. Sometimes I trail my stop, sometimes a set take profit. I do what the situation calls for in my mind. In these cases end of the year I wasn't looking to get overly involved and the trades were very high probabilities to the trouble areas I had down.

As for R:R. These trades aren't necessarily low R:R since my risk is dynamic and as a trade moves I often move my stop which then increases my overall R:R. I am a bit picky on that topic because I believe it is one of the most understood topics in trading

Happy holidays
Mike
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