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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

  • #125,601
  • May 22, 2013 7:47am May 22, 2013 7:47am
Eur/gbp tp at FTA I proved my self in demo 3 months so moved to small micro account is small so couldnt risk more than 2 lots so I'm all out been a good month for me so far!
  • #125,602
  • May 22, 2013 7:50am May 22, 2013 7:50am
Quoting Traderbry
Guys, For a while, I have been reading thru this thread (there's a lot to read, which is impressive and speaks to the validity of the content, since so many obviously follow and trust it). I am clear on the PA setups to look for, and also on the reasons for waiting for these setups near S/R and ppz areas. Btw, if "setups" is the wrong word, I apologize - it's just how I think of them. My question is on how best to reduce the initial downturn after a trade entry. For example, on a Daily pin bar entry - price can and usually does - retrace some...

Hey Mike - would you mind sharing your thoughts on this?

Thanks...
  • #125,603
  • May 22, 2013 7:51am May 22, 2013 7:51am
Quoting timo4sho
here are my current open positions following the jarroo method: short cable at 1,5228 (LCS from last swing low/consolidation area from mid april) long usd/chf at 0,9670 (minor HCR on daily) long usd/jpy at 102,42 (minor HCR on daily) anyone also trading the jarroo method --> feel free to comment

just to follow up --> update on those positions below --> but dont worry ... this is an exception ... I will normally not comment on any open trades and show my trade management as I am fully aware this is a educational thread ... and a great one at that

here are my current open positions following the jarroo method:

short cable at 1,5228 (LCS from last swing low/consolidation area from mid april) --> out already as written before ... got out with the rest of the position at 1.51

long usd/chf at 0,9670 (minor HCR on daily) --> out at 0.9760 (this could continue to run, but I am happy with my profit and follow my plan)
long usd/jpy at 102,42 (minor HCR on daily) --> out at 103.25 (this could continue to run, but I am happy with my profit and follow my plan)
  • #125,604
  • May 22, 2013 8:10am May 22, 2013 8:10am
Quoting Traderbry
Guys, For a while, I have been reading thru this thread (there's a lot to read, which is impressive and speaks to the validity of the content, since so many obviously follow and trust it). I am clear on the PA setups to look for, and also on the reasons for waiting for these setups near S/R and ppz areas. Btw, if "setups" is the wrong word, I apologize - it's just how I think of them. My question is on how best to reduce the initial downturn after a trade entry. For example, on a Daily pin bar entry - price can and usually does - retrace some...
Hey Trader

Just to clarify I am not 100% positive if you understand position sizing based on a few comments. Since we risk a fixed % of our account if we follow a %R mm plan like 2-3% as you say above. It doesn't matter how many pips a bar is. For example a pinbar could be 100 pips or a 1000 pips and if you risk a fixed % per trade the only thing that changes is your position sizing. So both of those examples would have the same risk, thus the pips are irrelevant.

In terms of trading and executing many people get into trouble trying to trade a daily bar then dropping to the hourly. It's one of the biggest things I see ttrip up new traders. Why I think this happens is because not only do you need to correctly analyze the daily chart, you then must correctly analyze the hourly which is its own separate entity. So just trying to take a daily pinbar and then find an hourly pinbar sounds good in theory but reality is much different.

If you notice James myself and many others tend to keep things simple. Trade and enter off the same timeframe you are analyzing. Take the last few trades I have posted. All that trade is done on the same timeframe. My ability to reduce my risk is still there. For example eur/gbp I reduced my risk from under the DBLHC to under todays low. I did this all based on my daily analysis.

Some people do like to get tighter entries on bars and look for retrace entries but most people again do this on the same timeframe using appropriate levels/confluence to determine a tighter entry. There are advantages and disadvantages to all entry/exits in the markets though.

Keep it simple though, it's the best possible piece advice I can give to any new trader. It's the advice I wish someone gave me 10+ years ago now

Best of luck
Mike
  • #125,605
  • May 22, 2013 8:22am May 22, 2013 8:22am
Quoting timo4sho
took a quick touch trade in the EUR/USD off the daily chart ... in and out relatively quickly @meshka: unfortunately i missed that GBP/AUD ... but i got that gold {image}
day trading the daily charts. James16 favorite

Nice TimO!

Mike
  • #125,606
  • May 22, 2013 8:27am May 22, 2013 8:27am
Quoting mbqb11
{quote} day trading the daily charts. James16 favorite Nice TimO! Mike

Thanks Mike!

Indeed it can be really simple ... it is just a matter of choice whether you follow the KISS method or not
  • #125,607
  • May 22, 2013 11:04am May 22, 2013 11:04am
Probably worth watching this close today on the daily.
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Price is beautiful. A repetitive method is a competitive method.
  • #125,608
  • May 22, 2013 11:49am May 22, 2013 11:49am
Quoting nwo-trader
Probably worth watching this close today on the daily. {image} {image}
Nice NWO

Starting to look even better now, let's see how it closes

Mike
  • #125,609
  • May 22, 2013 12:07pm May 22, 2013 12:07pm
Quoting mbqb11
{quote} Nice NWO Starting to look even better now, let's see how it closes Mike
DOW is looking pretty juicy too lol
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Price is beautiful. A repetitive method is a competitive method.
  • #125,610
  • May 22, 2013 1:13pm May 22, 2013 1:13pm
Quoting mbqb11
{quote} Hey Micro Yep I trade all timeframes pretty much the same. Intraday I tend to try to execute most of my trades from the hours of roughly 2am et- 11am et. But sometimes volatility is high during the off times and I will have a trade here or there Best Mike
Many Thanks Mike!
  • #125,611
  • May 22, 2013 1:22pm May 22, 2013 1:22pm
Guys, USDPLN engulfing as trend continuation?
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  • #125,612
  • May 22, 2013 1:24pm May 22, 2013 1:24pm
Quoting Microtrader_
Guys, USDPLN engulfing as trend continuation? {image}
Just be careful this is a choppy pair and trading right into that previous swing point.

Best
Mike
  • #125,613
  • May 22, 2013 1:39pm May 22, 2013 1:39pm
Hi Mike,
do you like H&S 4h to Big round number 1.0000?
http://i1243.photobucket.com/albums/...ps02af95ab.jpg
  • #125,614
  • May 22, 2013 2:02pm May 22, 2013 2:02pm
Hello,
I'm new here. I want to learn J16 trading style. So I read this thread and i have to say THANK everyone because I learned a lot of usefull knowledge.
I decide trade only pin bar and outside bar on daily chart timeframe.
What do you think about eur/usd ? its outside bar + RN + fibs.
sorry for my english, still learning.

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  • #125,615
  • May 22, 2013 2:06pm May 22, 2013 2:06pm
Second chart it's GBPNZD, is it PB on PPZ ?

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  • #125,616
  • May 22, 2013 2:50pm May 22, 2013 2:50pm
Quoting dpenix76
Mike,in your chart a few pages ago,it said see email from today on it. Is there an email newsletter or something like that to sign up for? Thanks,David
Hey David

Those are the emails I sent out to the PF group. I will sometimes post them here(same chart) for you the public thread as well

Best
Mike
  • #125,617
  • May 22, 2013 4:05pm May 22, 2013 4:05pm
Quoting GiovanniV
Hi Mike,do you like H&S 4h to Big round number 1.0000?{image}
Hey G


Yep it could be. I like the pattern best from the 1hr

Watch for PA around the neckline

Best
Mike
  • #125,618
  • May 22, 2013 8:06pm May 22, 2013 8:06pm
Quoting Dariusek
Hello,I'm new here. I want to learn J16 trading style. So I read this thread and i have to say THANK everyone because I learned a lot of usefull knowledge.I decide trade only pin bar and outside bar on daily chart timeframe. What do you think about eur/usd ? its outside bar + RN + fibs. sorry for my english, still learning. {image}
Hey Dariusek

Welcome to the thread!

Be careful you correctly identified the outside bar but notice it is not at a swing high but rather a swing low. Start by finding BEOBs up at swing high points. With a bar like that you are trading right into the last buying area. James teaches to start with BEOBs at swing highs

Again welcome to the thread best of luck
Mike
  • #125,619
  • May 22, 2013 8:07pm May 22, 2013 8:07pm
Quoting Dariusek
Second chart it's GBPNZD, is it PB on PPZ ? {image}
This is similar to the previous in that the pinbar is at a minor swing. I like your use of the TL to find confluence. That's what we want to do. The tricky part of this one is the lack of "space". If you haven't yet check out my video called space vs traffic, it might help with this concept when starting out

Best
Mike
  • #125,620
  • May 22, 2013 10:55pm May 22, 2013 10:55pm
Uchf currently retesting broken resistance, let's see if we can get some PA
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