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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

  • #127,861
  • Sep 22, 2013 7:29am Sep 22, 2013 7:29am
Quoting aserbfx
weekly vrsn and vvus {image} {image}
Hi aserbfx, this german pride is interesting too!!!!
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  • #127,862
  • Sep 22, 2013 7:43am Sep 22, 2013 7:43am
Quoting scherzi
Hi all. Will this one become a good trade within next week? I'll be watching it {image}
LONG?
  • #127,863
  • Sep 22, 2013 8:22am Sep 22, 2013 8:22am
Hey Mike

This question has been bugging me for sometime, and perhaps others were wondering too, but why do we find that the middle of boxes are almost always PPZs?

Not sure if this is a logical reason, but maybe it is because people decide it's a good place to take profit or place stops?
  • #127,864
  • Sep 22, 2013 9:21am Sep 22, 2013 9:21am
Quoting lind
{quote} LONG?

Not clear yet.

I've highlighted blue areas in which price must evolve to confirm entry signals. I think that if another significative bullish bar closes above the orange line it would be a long singal.

For going short, that is not straightforward on this setup. If price retraces after testing the orange signal, I would wait to see what happens when price reaches again the bottom 100% expansion. If it breaks down the 100% expansion line it could be a short signal. If it bounces again from 100% expansion back up to the orange line, it would be a double bottom pattern after passing through the orange line and a possible bullish signal.

That's more or less what I am watching.

There is no entry confirmation yet, in my opinion, price must move first in order to suggest a trade.

In any case, just notice that is merely my vision of this setup, I could be wrong.
  • #127,865
  • Sep 22, 2013 11:32am Sep 22, 2013 11:32am
Quoting deltaskelta
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? {image}
Are you asking about either one of these bars that I have indicated by the yellow arrows. If so, neither one is an outside bar. Forgive me if I do not understand your post. One other thing of note and please do not take this as criticism but your bar ups are red and your bar downs are green. I have never seen anyone set their properties up that way and it could be causing you some confusion. If you want or need a good example of an outside bar, I'd be happy to give you one.

K.I.S.S.
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  • #127,866
  • Sep 22, 2013 12:06pm Sep 22, 2013 12:06pm
Quoting aioico
{quote} Hi aserbfx, this german pride is interesting too!!!! {image}
yes, dbk is in an interesting situation.
... but i would advise not to take any positions in the german market in the next week.
german elections were today and the outcome is quite uncertain. something the markets don't like...
meine augen sind die sterne
  • #127,867
  • Sep 22, 2013 1:56pm Sep 22, 2013 1:56pm
Does anyone know why Jarroo (Jim) doesn't post anymore? Hope all is fine with him
Fall seven times, stand up Eight! #GGMU
  • #127,868
  • Sep 22, 2013 2:12pm Sep 22, 2013 2:12pm
Quoting zamfir
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...
Hey Zamfir,

No Mike here, but essentially the trades that James refers to are good trades in a different context altogether.

Some people struggle with the disparity between the way different people interpret this method. There is a huge difference in the way Mike approaches this stuff and the way James does. They are trading the same 'method' but have very different 'systems'. One major reason for this confusion stems from the fact that most people why drop by here, are looking for a rigid system. They are looking for the first post to clearly let them know exactly what to look out for, what factors need to line up to trigger an entry and what prompts us to exit. A mechanical non-discretionary machine that vomits the same kind of trades all the time which either sucks away all the uncertainty that comes with discretionary trading or just simply allows them to code an EA and let it handle the job while they can occupy their comfy couches.

It takes a little bit of time to see a method as being a very different way of teaching you how to trade as opposed to a system. Now we know that some the pin bars that James takes, Mike would never go for but don't forget that Mike is totally on the look out for those big bashing bars that fall into bigger stories of breakouts and chart patterns. He will want to take the trades that he can hold on to, and in general ride for longer. Its easy to get stuck at the very thought of James taking average pin bars but then his system (as well as his huge account) makes it easy for him to take a lot of profit off (and some times all of it) at the very first anticipated trouble area. It doesn't take a genius to figure out that if the FTA is really all that you're looking for to eliminate the bulk of the risk then you can afford to go with a bar that may not totally stand out, and based on your couple of decades worth of chart time and experience, know when a bar is extremely likely to hit a close by trouble area.

Not saying that you are from the group that doesn't understand the difference Zamfir, but just using your post as a launch pad for others that may have the same question and confusion as need to be reminded of the sure existence of variance of interpretation of this method.

I for one have always loved the fact that the core of the J16 material has never been an inflexible rule based system, but the general idea of why price does what it does as well as the provision of all the basic material that one may need to construct a price action based system of one's own, that totally fits the individual's personality and risk appetite.

g.
I believe . . .
  • #127,869
  • Sep 22, 2013 6:01pm Sep 22, 2013 6:01pm
Quoting aserbfx
{quote} yes, dbk is in an interesting situation. ... but i would advise not to take any positions in the german market in the next week. german elections were today and the outcome is quite uncertain. something the markets don't like...
Looks like She won again..!!
  • #127,870
  • Sep 22, 2013 6:43pm Sep 22, 2013 6:43pm
Quoting KissFan
{quote} Are you asking about either one of these bars that I have indicated by the yellow arrows. If so, neither one is an outside bar. Forgive me if I do not understand your post. One other thing of note and please do not take this as criticism but your bar ups are red and your bar downs are green. I have never seen anyone set their properties up that way and it could be causing you some confusion. If you want or need a good example of an outside bar, I'd be happy to give you one. K.I.S.S. {image}
I'm talking about the big bullish bar. I know it doesn't stand up to the exact technical definition of an outside bar, but the theory is the same. Outside bar = range expansion from the previous bars with a close that leads out in a definitive direction. The bar I posted is the same situation in that there was a huge range expansion from the previous bars with a strong close in a definitive direction. If there is some different theory behind outside bars then please let me know.

Also, my bar ups are purple and my bar downs are yellow, not sure where you see red and green maybe your monitor colors are off.
  • #127,871
  • Edited Sep 23, 2013 6:57am Sep 22, 2013 8:47pm | Edited Sep 23, 2013 6:57am
Quoting deltaskelta
{quote} I'm talking about the big bullish bar. I know it doesn't stand up to the exact technical definition of an outside bar, but the theory is the same. Outside bar = range expansion from the previous bars with a close that leads out in a definitive direction. The bar I posted is the same situation in that there was a huge range expansion from the previous bars with a strong close in a definitive direction. If there is some different theory behind outside bars then please let me know. Also, my bar ups are purple and my bar downs are yellow, not...
In the context of high probability J16 set ups there is no trade here. Furthermore, that bar in no way resembles an outside bar in any fashion bearish or bullish. An outside bar's open and close fully engulfs the previous bar's range. J16 teaches us to look for a outside bar at swing highs and lows. Bearish at highs and bullish at lows. With respect to the path of least resistance, the 1.35485 level is a resistance area and price has not closed above there. We need a setup like an inside bar (not today's Sunday bar) to break for us to trade to the nearest support or resistance. Right now we have nothing on the D1 timeframe to trade. I have enclosed a chart to show you where the current D1 support and resistance are. I sincerely hope that this gives you a better idea of what is studied here. Best of luck to you.

K.I.S.S.
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  • #127,872
  • Sep 23, 2013 1:25am Sep 23, 2013 1:25am
Hi G.

Your post 127889

(No Mike here, but essentially the trades that James refers to are good trades in a different context altogether.

Some people struggle with the disparity between the way different people interpret this method. There is a huge difference in the way Mike approaches this stuff and the way James does.)


Great post

Thanks
  • #127,873
  • Sep 23, 2013 1:33am Sep 23, 2013 1:33am
Quoting ghous
{quote} Hey Zamfir, No Mike here, but essentially the trades that James refers to are good trades in a different context altogether. Some people struggle with the disparity between the way different people interpret this method. There is a huge difference in the way Mike approaches this stuff and the way James does. They are trading the same 'method' but have very different 'systems'. One major reason for this confusion stems from the fact that most people why drop by here, are looking for a rigid system. They are looking for the first post to clearly...

So G, what you are saying is that because Jim has a rather large account ,he takes B and C grade setups apart from A+?.

With B and C grade setups , Jim takes his profits at the FTA and for A+ setups , he holds on to them?. Is this interpretation correct?.

In summary, anyone who has a large account can take B and C grade setups apart from A+, provided he has proved himself on demo. Is my understanding correct here?
  • #127,874
  • Sep 23, 2013 3:08am Sep 23, 2013 3:08am
shorting this pair with small position and will look to add more. pair is overbought. Any comments?
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  • #127,875
  • Sep 23, 2013 4:40am Sep 23, 2013 4:40am
Quoting lind
shorting this pair with small position and will look to add more. pair is overbought. Any comments? {image}

Hi,

Don't have any access to my charts so far, but I can't see any price action trigger, can I?

I don't have any idea of your background here, but if you give a look at the first post as well as the few 100s following pages you'll figure that what James and other advise is to wait for price action formation at correct location with confluence of factors before pulling the trigger.
I would assume that an overbought macd or rsi is a bit small of an evidence to enter a trade..

but as I said, I don't have access to any chart right now, so i may as well miss the big picture here

take care
Slow & steady
  • #127,876
  • Sep 23, 2013 9:17am Sep 23, 2013 9:17am
Quoting zamfir
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...
Hey Z

I don't mind the question at all. The idea is this for me. As you get better with the material you are able to expand the types of setups you use. So setups don't necessarily become A vs B, more just about the situation. Someone who is new at this in my opinion(or struggling to get the basics down) should start with easier setups(or an "A" setup), rather than trying to trade a "B" setup. For me the reason is simply that an A setup is going to be easier from start to finish rather than a B setup. It's same reason we stress trading the daily/weekly before lower timeframes. It's not that one can't trade the lower timeframes but a new trader is going to struggle more on the lower timeframes.

So it's ultimately about building a strong foundation and from there you can begin to progress to different things that work for you. This is also why we have different traders taking the j16 material and also using it in the manner that best suits them

Hope that helps
Mike
  • #127,877
  • Sep 23, 2013 9:40am Sep 23, 2013 9:40am
Quoting hunzul
Hey Mike This question has been bugging me for sometime, and perhaps others were wondering too, but why do we find that the middle of boxes are almost always PPZs? Not sure if this is a logical reason, but maybe it is because people decide it's a good place to take profit or place stops?
Hey Hunzul


Since I have done extensive work with patterns it's something that i just noticed. I think if we want to dig into the theory behind it it's because it's an equilibrium point. So the boundaries are the tops and bottoms and buyers and sellers not this and the midpoint just becomes the equilibrium point causing the swivel. It can be a combo o fall of the above you say but it's basically the agreement between buyers and sellers. So from the midpoint "something" happens always but price keeps capping at the top and bottom. But I have noticed this for a LONG time and it holds true in all markets which is cool

Best
Mike
  • #127,878
  • Sep 23, 2013 9:52am Sep 23, 2013 9:52am
Quoting zamfir
{quote} So G, what you are saying is that because Jim has a rather large account ,he takes B and C grade setups apart from A+?. With B and C grade setups , Jim takes his profits at the FTA and for A+ setups , he holds on to them?. Is this interpretation correct?. In summary, anyone who has a large account can take B and C grade setups apart from A+, provided he has proved himself on demo. Is my understanding correct here?
A+ trades and C trades really don't mean anything at all in isolation and in a stand alone state. They are simply a manifestation of a "system". What I am trying to say here, is that because two traders trading the same J16 material may have totally different systems, what's A+ for one trader may be no better than a C grade setup for another. Furthermore an A grade setup for one, may not even be understood by another trader if the system is a combination of Ja16 material with other stuff. Point being, that a pin bar that James takes, may or may not be A+ for you, but based on his system and just his decades of experience it may still be a very tradable setup possibly even A+.

Hope this is clearer.

g.
I believe . . .
  • #127,879
  • Sep 23, 2013 10:22am Sep 23, 2013 10:22am
Quoting vickym
Does anyone know why Jarroo (Jim) doesn't post anymore? Hope all is fine with him
He stopped by the PF a bit ago but I believe he is still dealing with some personal family stuff. Wishing him the best and he'll be back

Mike
  • #127,880
  • Sep 23, 2013 10:22am Sep 23, 2013 10:22am
Quoting ghous
{quote} A+ trades and C trades really don't mean anything at all in isolation and in a stand alone state. They are simply a manifestation of a "system". What I am trying to say here, is that because two traders trading the same J16 material may have totally different systems, what's A+ for one trader may be no better than a C grade setup for another. Furthermore an A grade setup for one, may not even be understood by another trader if the system is a combination of Ja16 material with other stuff. Point being, that a pin bar that James takes, may...
beautifully said G
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