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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

  • #127,841
  • Sep 19, 2013 9:16am Sep 19, 2013 9:16am
Quoting dan89
{quote} Price broke to the upside which is not what I was looking for so this pattern is now void. {image} Take care Dan
yeah keep an eye on the rising TL for later use as it was the more important one anyway

Best
Mike
  • #127,842
  • Sep 19, 2013 9:43am Sep 19, 2013 9:43am
Quoting blessedtj
Professional in the house, where will you take your profit if you are in this trade? {image}
Hey mate, Im not a pro so its best to wait for Mike to respond. However I did have the pattern on my watchlist but soon removed it because I didnt like the look and size of the pattern itself. However it looks like its working out for you nicely. For me personally I would be looking to take profits at the trendline touches on a BO pattern or BRN. As you can see we are now at a BRN and I would be looking to take full profit. Taking profit at the trendline touches would of been quite difficult due to how shallow angle of the upper trendline (see chart)

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Hope this helps

Take care
Dan
  • #127,843
  • Sep 19, 2013 9:50am Sep 19, 2013 9:50am
good day everyone...hope trading is going on well........i want to ask if anyone knows a good broker which i can use for demoing futures.....most on meta4 are not so good....thanks everyone...........
  • #127,844
  • Sep 19, 2013 9:52am Sep 19, 2013 9:52am
Wondering what you all think about EURUSD bearish outside bar here. It seems to have a BRN, fib, bar highs, and TL as support and looks like the path of east resistance is up.

Is there anything I am missing here?

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  • #127,845
  • Edited 11:12am Sep 19, 2013 11:12am | Edited 11:12am
Quoting mbqb11
With that said at the end of the day you can always get nicked in based on your entry but a 5 pip buffer on a daily i will never do myself here is a rough buffer list I use(and it makes a difference for me) 1hr 7-12 4hr 10-15 daily 12-20 weekly 15-30
Hey Mike - Super advice! Thanks for that

I was always wondering what a good buffer would be.

M
  • #127,846
  • Sep 19, 2013 11:22am Sep 19, 2013 11:22am
Good areas to watch on the Eurusd daily chart.
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  • #127,847
  • Sep 19, 2013 9:18pm Sep 19, 2013 9:18pm
Quoting aserbfx
german bmw on weekly with a strong break-out above 75 euro. i would wait for a pullback to this area around 75 euro for an entry. {image}
aserbx, so do you mostly trade only stocks and that too on weekly charts? Although the j16 method is awesome, trading stocks and that too on weekly charts decreases the position size drastically. In addition to that there is the chance of sudden spikes/flash crashes. So I am wondering what is the incentive to trade stocks over forex. I mean if I have to become rich, I feel that the chances of becoming rich are greater when you are trading forex when compared to stocks, at least if you are using methods described in the james16 thread.
  • #127,848
  • Sep 19, 2013 9:56pm Sep 19, 2013 9:56pm
Quoting saab
Good areas to watch on the Eurusd daily chart.
It has formed a mini pin on mine.
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  • #127,849
  • Sep 19, 2013 10:25pm Sep 19, 2013 10:25pm
Quoting giggles
{quote} aserbx, so do you mostly trade only stocks and that too on weekly charts? Although the j16 method is awesome, trading stocks and that too on weekly charts decreases the position size drastically. In addition to that there is the chance of sudden spikes/flash crashes. So I am wondering what is the incentive to trade stocks over forex. I mean if I have to become rich, I feel that the chances of becoming rich are greater when you are trading forex when compared to stocks, at least if you are using methods described in the james16 thread.
Also, is there a pinbar scanner?. Currently the number of forex pairs is very small compared to the number of stocks. There are thousands of stocks and if I use my mouse to click and drag the chart onto a window, I am sure after few years I will get carpal tunnel syndrome.
  • #127,850
  • Sep 20, 2013 12:01am Sep 20, 2013 12:01am
Quoting giggles
{quote} Also, is there a pinbar scanner?. Currently the number of forex pairs is very small compared to the number of stocks. There are thousands of stocks and if I use my mouse to click and drag the chart onto a window, I am sure after few years I will get carpal tunnel syndrome.
Hi,
can't say for sure since I'm not aserbfx, but I'd think he rather trades breakout patterns on stocks.
You will find a mt4 ea named rice action aha something to scan for pa setup, but it isn't as powerful as the eye...

Take care
Slow & steady
  • #127,851
  • Sep 20, 2013 1:39am Sep 20, 2013 1:39am
hi patapouer,

The problem with mt4 is that the number of stocks offered by the broker is quite limited. Are you aware of any broker who offers all stocks in NYSE and NASDAQ at the same time allows MT4 as a trading platform?

In my search for scanners I came across two- freestockcharts.com and finviz.com. Both are cool but the only problem is that they do not offer pinbar scanners.
Also, I know Mike uses weekly charts. But the problem with me is that I do not have a huge account. So I think if I use weekly charts my position size will be ultra small and it will take ages for me to grow my trading account
  • #127,852
  • Sep 20, 2013 5:18am Sep 20, 2013 5:18am
Quoting giggles
{quote} aserbx, so do you mostly trade only stocks and that too on weekly charts? Although the j16 method is awesome, trading stocks and that too on weekly charts decreases the position size drastically. In addition to that there is the chance of sudden spikes/flash crashes. So I am wondering what is the incentive to trade stocks over forex. I mean if I have to become rich, I feel that the chances of becoming rich are greater when you are trading forex when compared to stocks, at least if you are using methods described in...
Giggles - STOP.
Go to post one of this giant thread and read Jims comments to newbies -especially small account holders (Your post below mentions you have a small account). Read his points about being "picky" with your trades and stop trying to trade everything out there. Do what Jim says and concentrate on a few pairs. Demo a few stocks maybe but bear in mind most stuff here is forex related. Again, you will not become rich with a small account but you might make a reasonable additional income. If you want a large income then do what Jim did and work and save up a lot of money before trading "live."
Have you got the patience to demo for a long time; have you got discipline to keep to one task and not flit from approach to approach. Not many people make money in this game - what makes you different ? (thats a matter for you so no need to reply.)
It is a long hard road and this aged thread is littered with the corpses of the impatient hopefuls - try not to be one of them and go to page one of this gargatuan thread to reduce the risk of being a failure.
Good luck.
every Saint has a past. Every Sinner has a Future
  • #127,853
  • Sep 20, 2013 6:47am Sep 20, 2013 6:47am
Quoting ferox
{quote} It has formed a mini pin on mine. {image}
Thanks for the reply ferox. Technically not a pin. Many senior j16 traders don't call this a pin as it has no right eye (not broken the low yet) but i see your point in that 1.35 might not hold for too long,we may see it test the 1.3416 resistance area which is worth watching in my opinion. I definitely would not consider selling this bar its very weak with no good confluence.
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  • #127,854
  • Sep 20, 2013 7:44am Sep 20, 2013 7:44am
Quoting turnip15
{quote} Giggles - STOP. Go to post one of this giant thread and read Jims comments to newbies -especially small account holders (Your post below mentions you have a small account). Read his points about being "picky" with your trades and stop trying to trade everything out there. Do what Jim says and concentrate on a few pairs. Demo a few stocks maybe but bear in mind most stuff here is forex related. Again, you will not become rich with a small account but you might make a reasonable additional income. If you want a large income then do what...
Hi Giggles,

I would tend to agree with Turnip on that.

Believe it or not, but I sincerely thought I could make something out of my 1-USD account... nice car, show my wife we could travel around the world, etc

Others will say it much nicely than I could, but the main thing, in my opinion, is constistency.
Can I, first, not lose money, and second, earn some profit, out of trading?
And can I do it over a significant period?
And can I do it while having a "real" life? (job, second baby on the way, week ends, well, life, you know )

When I'll have this figured out, I will... well, honestly, be happy. simply.

Profits will take care of themselves. What matters is understanding that trading is about losing. The question is not what is my reward when (if!) my TP is hit, but am I sure I am ok with losing what I put on the table when (and not if...) my SL will be hit.
changed my perspective of pulling the trigger.

But that's just me

take care
Slow & steady
  • #127,855
  • Sep 21, 2013 1:10am Sep 21, 2013 1:10am
Quoting giggles
{quote} aserbx, so do you mostly trade only stocks and that too on weekly charts? Although the j16 method is awesome, trading stocks and that too on weekly charts decreases the position size drastically. In addition to that there is the chance of sudden spikes/flash crashes. So I am wondering what is the incentive to trade stocks over forex. I mean if I have to become rich, I feel that the chances of becoming rich are greater when you are trading forex when compared to stocks, at least if you are using methods described in the james16 thread.
"So I am wondering what is the incentive to trade stocks over forex"
well, to get more setups.
just find your way and follow it. no prob, man!
meine augen sind die sterne
  • #127,856
  • Sep 21, 2013 7:00am Sep 21, 2013 7:00am
Hi all.

Will this one become a good trade within next week? I'll be watching it

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  • #127,857
  • Sep 22, 2013 3:56am Sep 22, 2013 3:56am
some weekly charts:

german lxs and sto

us biib and dltr

setups are obvious, imho.
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meine augen sind die sterne
  • #127,858
  • Sep 22, 2013 3:59am Sep 22, 2013 3:59am
Hi Mike,

I am unable to get in touch with Jim. So i m directing this question at you.

Jim has been preaching the fact that we must take the best trade possible. But if you see his posts , some are a+ setups , some are b and c.

if you see his videos , he ALWAYS stress to take the BEST A+ setups, but then again he shows setups which are clearly no where near A+ setups.

So why does Jim contradicts himself in charts posted and his videos? What exactly is he trying to say?

Please note i m not trying to attack him or hurt in anyway. It's just that his contradiction has me confused as to whether i should take A+ setups all the time or should i take B/C kind of setups?

Thanks.
  • #127,859
  • Sep 22, 2013 4:27am Sep 22, 2013 4:27am
Quoting giggles
{quote} Also, is there a pinbar scanner?. Currently the number of forex pairs is very small compared to the number of stocks. There are thousands of stocks and if I use my mouse to click and drag the chart onto a window, I am sure after few years I will get carpal tunnel syndrome.
You can do that by using a pin bar indicator (search mql4 pinbar indicator on Google).

In order to automate it, you should only loop through all the securities you want to scan. I usually scan the markets using a text file which stores all the security names I want to scan.

You can rapidly get that file by saving a symbol set with mt4 for instance.

In my case, I don't scan markets for pin bars, since I've found easier using a default template for my charts so I can get the main picture at once.

Mql4 programming language is quite easy to learn and is very similar to C++, Java and C# (Ninjatrader works with C# i.e.) so if you learn it you kill two birds with one stone. However both C# and Java are object oriented programming languages and more difficult to learn than mql4. Mql4 is practically an structured language, easier than the others.

However the Metatrader programming interface is intended for not complex EAs or Indicators since it does not have practically any of the most common features that a programming editor should include. I use C# (Microsoft java-like programming language) instead which can be linked to Metatrader using commercial or free wrappers.

However, mql4 programming language is good enough to get an algorithm able to scan markets for pin bars.

If you are interested in learning mql4 there are tutorials and a couple of EAs programming books around. If you don't have previous programming experience I think that one month is enough to get the feel and begin to code your own indicators.
  • #127,860
  • Sep 22, 2013 5:55am Sep 22, 2013 5:55am
weekly vrsn and vvus
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meine augen sind die sterne
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