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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

  • #128,461
  • Oct 30, 2013 10:47am Oct 30, 2013 10:47am
Quoting nejcb1
{quote} Mike, I took this one too. I'm planning to take profit above major PPZ around 0.9350. Would you take profit or move stops, until your stopped out ? {image}
Hey Nej

I am currently at breakeven and watching the BRN and previous swing point to move stops again. Gotta wait a bit here see what happens next. A safe move would be above todays high but I am not quite ready for that yet


Great job
Mike
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  • #128,462
  • Oct 30, 2013 10:48am Oct 30, 2013 10:48am
Quoting GiovanniV
Hey Mike, could you show me an example with chart when the price is prepare for a BO and you will keep consideration and when it is discarding?
Hey G

What do you mean here? Can you clarify ?

Thanks
Mike
  • #128,463
  • Oct 30, 2013 11:01am Oct 30, 2013 11:01am
Quoting mbqb11
{quote} Hey Nej I am currently at breakeven and watching the BRN and previous swing point to move stops again. Gotta wait a bit here see what happens next. A safe move would be above todays high but I am not quite ready for that yet Great job Mike {image}
Somewhat surprised that you took this. Didn't look like a mike bar to me.

Does anybody know whats up with Jaroo BTW? Is he on vacation or something?
  • #128,464
  • Oct 30, 2013 11:11am Oct 30, 2013 11:11am
Quoting mbqb11
{quote} Hey Nej I am currently at breakeven and watching the BRN and previous swing point to move stops again. Gotta wait a bit here see what happens next. A safe move would be above todays high but I am not quite ready for that yet Great job Mike {image}

Hey Mike

I too have some questions in this area of managing the trades. Until so far my exposure to the thread and PF has given me an idea of how to wait and go for the best trades. Now once we are in the trade we need to manage the trade until we reach a point where it is not longer profitable to stay in a trade. I have to watch a video or two to see how you will manage the trade if the price goes in our direction say for quite some time. After browsing your videos I found that there are a lot of minute things that go in a successful trade and all these put together can make a difference between a winning or losing trade.

In the earlier method of trend trading that I followed once stays in the trade till the price breaks out of the major trend or MA. The trend line is the defining point in that method. We also used fib retracements to find that the trend has ended and the price has begun to consolidate. Now with this method or system I believe we use the PPZ's and support and resistance points to manage our trade and also let the trade run. In the trend method one stays in the trade till the trend is over but here it always seems like two or three bars or two legs at the most. Please correct me if I am wrong.
  • #128,465
  • Oct 30, 2013 12:20pm Oct 30, 2013 12:20pm
Quoting stockEX
{quote} Somewhat surprised that you took this. Didn't look like a mike bar to me. Does anybody know whats up with Jaroo BTW? Is he on vacation or something?
Hey Stock

This was as good as a location gets in my book personally

Here were the original charts from the group. Because of bar size I had initially gone for a closer target but as the new story of the breakout also formed it warranted looking for a larger move personally.


So super strong story + great looking bar is classic j16 on this one

J has not been around for awhile. Last time he told us he had some family health issues, which may be what happened again. We all miss him and hope all is ok

Hope that helps
Mike
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  • #128,466
  • Oct 30, 2013 12:21pm Oct 30, 2013 12:21pm
Quoting prasad99
{quote} Hey Mike I too have some questions in this area of managing the trades. Until so far my exposure to the thread and PF has given me an idea of how to wait and go for the best trades. Now once we are in the trade we need to manage the trade until we reach a point where it is not longer profitable to stay in a trade. I have to watch a video or two to see how you will manage the trade if the price goes in our direction say for quite some time. After browsing your videos I found that there are a lot of minute things that go in a successful trade...
Hey P

You have the general idea correct in terms of we are looking to use the chart to help enter and manage our trade. How long we hold it varies on the trade for myself and most. I have held a trade for a year using S/R. It really depends on the situation in my book

Hope that helps
Mike
  • #128,467
  • Oct 30, 2013 1:34pm Oct 30, 2013 1:34pm
Quoting mbqb11
{quote} Hey G What do you mean here? Can you clarify ? Thanks Mike
sorry for my english Mike

could you show me an example in a chart where the price prepare for a BO ?What is the things that give you information about it?when you reject it?
  • #128,468
  • Oct 30, 2013 1:43pm Oct 30, 2013 1:43pm
Quoting mbqb11
{quote} .....I had initially gone for a closer target but as the new story of the breakout also formed it warranted looking for a larger move personally. So super strong story + great looking bar is classic j16 on this one J has not been around for awhile...
hey mike,
So could you please explain what you meant by the 'new story' and what was in effect the old story that made you choose the initial TP and what new information came that gave this story extra strength? Thanks.

Al
  • #128,469
  • Oct 30, 2013 1:49pm Oct 30, 2013 1:49pm
Here is a quick Evaluation of my performance so far, implementing as i continue to Learn. Although the number of trade is crazy (36 Trades in 1 1/2 month) including those i took and close in few hours to minutes, including the very bad trades i learn t lessons from and the good ones i allowed to run. I have not been able to hold an account for this long before i came across james16. Despite the crazy number of trades executed i still ended up just above BE (Profit Factor=1.19) which is a great achievement for me after barely 3 months of studying the materials here. My goals for the upcoming month are

1. To drastically cut down the number of trades i will take per week and

2. Still be able to end up improving my overall Equity at the end of the month.
3. To keep keeping consistent.

I am not really concerned about doubling or tripling my account for now. Learning in progress...


Jibson

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Still trying to get to meet myself...
  • #128,470
  • Oct 30, 2013 2:07pm Oct 30, 2013 2:07pm
Quoting mbqb11
{quote} Hey Stock This was as good as a location gets in my book personally Here were the original charts from the group. Because of bar size I had initially gone for a closer target but as the new story of the breakout also formed it warranted looking for a larger move personally. So super strong story + great looking bar is classic j16 on this one J has not been around for awhile. Last time he told us he had some family health issues, which may be what happened again. We all miss him and hope all is ok Hope that helps Mike {image} {image}
This was really awesome trade Mike
  • #128,471
  • Edited 5:47pm Oct 30, 2013 3:22pm | Edited 5:47pm
Quoting albus999
{quote} hey mike, So could you please explain what you meant by the 'new story' and what was in effect the old story that made you choose the initial TP and what new information came that gave this story extra strength? Thanks. Al
oh ok i think i understand what you meant i that the 'old story' just had to do with the bar size and location but the when it closed outside of the TL(wedge) as a 4day BEOB it called into play a bigger story or to say added more confluence.hope i got it right. Thanks a mil

Al
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  • #128,472
  • Oct 30, 2013 4:13pm Oct 30, 2013 4:13pm
Quoting mbqb11
{quote} Hey Stock This was as good as a location gets in my book personally Here were the original charts from the group. Because of bar size I had initially gone for a closer target but as the new story of the breakout also formed it warranted looking for a larger move personally. So super strong story + great looking bar is classic j16 on this one J has not been around for awhile. Last time he told us he had some family health issues, which may be what happened again. We all miss him and hope all is ok Hope that helps Mike {image} {image}

Yes ,thanks a lot.
  • #128,473
  • Oct 30, 2013 11:08pm Oct 30, 2013 11:08pm
Quoting jibson007
Here is a quick Evaluation of my performance so far, implementing as i continue to Learn. Although the number of trade is crazy (36 Trades in 1 1/2 month) including those i took and close in few hours to minutes, including the very bad trades i learn t lessons from and the good ones i allowed to run. {image}{image}

Hi Jibson, If you concentrate on Daily Charts then you can contain the no. of trades / month. How much you Risk / Trade? Your data shows largest losing trade is : -1180.85$.
  • #128,474
  • Oct 30, 2013 11:15pm Oct 30, 2013 11:15pm
Quoting ghous
{quote} Hey N, The real deal about being picky is to be able to take the best few setups out of the many that show up. Takes time of course for the discipline to kick in and for the mindset to adjust. Learning the lessons from the mistakes puts you on a fast track to that goal. Youre doing really well N g.

Thank you Ghous.
  • #128,475
  • Oct 31, 2013 2:33am Oct 31, 2013 2:33am
Quoting jibson007
Here is a quick Evaluation of my performance so far, implementing as i continue to Learn. Although the number of trade is crazy (36 Trades in 1 1/2 month) including those i took and close in few hours to minutes, including the very bad trades i learn t lessons from and the good ones i allowed to run. I have not been able to hold an account for this long before i came across james16. Despite the crazy number of trades executed i still ended up just above BE (Profit Factor=1.19) which is a great achievement for me after barely 3 months of studying...

I think it is great that you are tracking all of this. 36 trades is too many and I am also wrestling with the same problem but james16 setup requirements kind a put a speed breaker on my trading. However now I find that it is not easy to find good setups as per James16 and that cuts down the number of trades automatically. For example you may find at most one setup per month (average) on weekly as per classic james16. It has to be swing high, the price signal has to be good , with space and confluence I think it is just one or two trade setups on weekly at the most. Now coming to daily we may find a few let us say 5 or 6 but then when we consider other things along with price signals it boils down to 2 or 3 good setups on daily.

Last week I have not found any good setup on weekly and two setups on daily. One of these trades on daily I made a profit of 45 pips and the other got out at breakeven. It was consolidating and I lost patience and closed the trade. I still need to work on my ability to stay in the trade.

And then if you look at it...the james16 makes a lot of sense to me because the advantage of daily and weekly is that you can manage the trades while holding a job.
  • #128,476
  • Oct 31, 2013 3:19am Oct 31, 2013 3:19am
USD/CHF is at interesting area. Watch it close.
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If not up, then down, otherwise sideways :-)
  • #128,477
  • Oct 31, 2013 3:51am Oct 31, 2013 3:51am
Quoting prasad99
{quote} I think it is great that you are tracking all of this. 36 trades is too many and I am also wrestling with the same problem but james16 setup requirements kind a put a speed breaker on my trading. However now I find that it is not easy to find good setups as per James16 and that cuts down the number of trades automatically. For example you may find at most one setup per month (average) on weekly as per classic james16. It has to be swing high, the price signal has to be good , with space and confluence I think it is just one or two trade...
Hi guys, Thanx for the comments whynotnayeen and prasad99. Wh i guess ability to choose good trades comes with time so am not in a hurry (when you spend enough time glued to your chart the reason is obvious).

For the risk i take /trade, my trading method is personally for me, i judge my self based on my merits and demerits (i am trying to build something that goes with my personality). Did you read this post from james himself. i quote:

''Here is an example of why trading smart can be a door to success. At the start of the month you decide on one or a set of pairs you want to trade. Your goal is 100 pips for each pair for the month. The first and all trades you take whether it happens on the first of the month or the twentieth will be the best set up your system can give within reason. No fudging, no borderline trades for that pair until you reach one hundred pips. now this is going to help you in several ways. If your system is not viable you are going to know it very quickly. If it is, you are going to build confidence and train yourself not to shotgun trades. If your system is any good at all you will have at least 4 or 5 winners from the first set of trades. You trade like this until you have the 100 pips per pair. For 20 trading days a month, not counting sundays, thats 5 pips a day. This is not hard if you take only your very best set ups regardless of how rare during the month they may be. Once over 100 you cannot drop below that 100 you have banked. Lets look at the numbers. With a 10,000 account risking 3 percent per trade with a 30 pip stop on your trades will allow you 10 mini lots.Trading 6 pairs at 100 pips each for the month will grow your account to 16,000. Now why not try 50 pips or even 25. 25 equates into a 1500 profit. The main point is this. You can grow an account quickly and at the same time trade in a conservative manner. The best of both worlds.

__________________
"you cant rollerskate in a buffalo herd"
"you cant take a shower in a parakeet cage"
Roger Miller ''

I trade 1 lot/10 mini loyts most times with my $10,000 Acc. I go ahead to set my initial sl based on the classic james16 rules while having my mental sl which may be far smaller to the initial sl level and i look to move stop quickly immediately we clear an FTA or burst out of a box. The largest lose you are referring to was one of the trade i learnt a great lesson from, i wasn't anticipating any reversal not even to think of a huge move against me, i was taken out within 2 hours while sleeping my 60 point paper profit + 100plus sl, i didn't move my sl at all (taking a full bar loss on my EURJPY trade was crazy, It was a SFP trade which i know nothing about ) This was my second time having a massive draw-down. Now imagine how James ideal will workout once i can take my best few trades and allow them to run but i guess the time is not today.

I am watching my rate of improvement, for instance i have taken just two trades for this week so far and took profit on both (70 and 40 points). I guess the profit could have been more just gave some up to confirm if they could run a little more.


Parasad I dont think taking trades from only dailies and weeklies is the only guarantee to being picky, I guess is more to know what you are doing (recognising your PPZ, Swing Points, S/R level, RN/BRN confluence, correct bar size, Correct pull bck, good market timing .e.t.c). After experiencing alot if not enough, I discovered i am more comfortable with TF confluence, i guess all will come into one piece as i move along. For now i will concentrate on selecting the trades to take out of the many opportunities that shows up on a daily bases.


Parasad i most also say, my dream is to become a daily/weekly professional trader looking for retracement/ pull bck on a LTF to add more or eventually close out a trade. I was trilled when Mike said he held a trade for more that a year period in is recent reply. You cant do that if you cant trade successfully on a HTF.


For your information i am not looking forward to get a job even though i am getting job offers lately. I want to use my free time for my self, my family and helping others.


I hope you can see what i am seeing...



Jibson
Still trying to get to meet myself...
  • #128,478
  • Oct 31, 2013 4:36am Oct 31, 2013 4:36am
Pls Mike and Ghous what is the reason for this huge difference in the Fxpro/ Litefx feed that i use. See chart below.


Jibson

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Still trying to get to meet myself...
  • #128,479
  • Oct 31, 2013 5:02am Oct 31, 2013 5:02am
Quoting jibson007
Pls Mike and Ghous what is the reason for this huge difference in the Fxpro/ Litefx feed that i use. See chart below. Jibson {image}{image}
Hey there..
Heres a pic of two brokers i have for the pair.. Check that the brokers are at the same time and if not then there is your problem.. Otherwise maybe there price feed is a little different..
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Josh
nollej is power..
  • #128,480
  • Oct 31, 2013 5:21am Oct 31, 2013 5:21am
Quoting jibson007
{quote} Hi guys, Thanx for the comments whynotnayeen and prasad99. Wh i guess ability to choose good trades comes with time so am not in a hurry (when you spend enough time glued to your chart the reason is obvious). For the risk i take /trade, my trading method is personally for me, i judge my self based on my merits and demerits (i am trying to build something that goes with my personality). Did you read this post from james himself. i quote: ''Here is an example of why trading smart can be a door to success. At the start of the month you decide...

Jibson

I agree with you , you should stick to whatever suits your style and personality. Trading mini lots is a good idea as we can apply money management rules. I have also thought about it. I have also thought about a trading method where people consistently make 10 pips a day. I think it is a good idea if it works.

I just practice trading full time when I am in between jobs. This time however it seems like I found a method that I can apply successfully to trade the markets. The biggest challenge for me still remains to be able to take only the best trades. Now I am realizing that it is much easier to be picky when you are busy with some other activity other than trading.

I was almost tempted to take this touch trade on EUR/CAD weekly chart. The price is nicely trending down from a major ppz on the weekly chart. I just restrained myself because a losing trade even when it happens in virtual trading affects the psychology.

Best of luck with trading.
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