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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

  • #128,881
  • Nov 22, 2013 1:45am Nov 22, 2013 1:45am
Quoting whynotnaveen
{quote} My USDJPY trade is going well but lost in EURJPY. When you take two JPY trades in opposite direction, do you consider correlation? {image} {image}
Hey mate, Nice trade so far on UJPY

Personally I do not consider 'correlated pairs' to be of any significance. I treat each setup on each pair as a completely different/seperate trade. I like to keep things as simple as possible. Once I made this change to my trading and stopped trying to do to much my success in trading has increased substantially.

Try not to over think a trade (not saying that you do, just in general). Have a method and a set of 'rules' and stick to them. If a trade goes sour based on your rules, try to resist the temptation to change the rules in order to achieve an unachievable goal of being 100% right. As long as your method gives you an edge (such as J16/Mike) and your MM is sound you will be succesfull.

Sorry I went off a little there lol ...did I even answer the question

Take care mate
Dan
  • #128,882
  • Nov 22, 2013 2:42am Nov 22, 2013 2:42am
Quoting ghous
{quote} In the time when was taking PA bars primarily I cant even count the number of times waiting for the break saved the day for me. All the seniors have always emphasized waiting for the break. You'll notice Mike always waits for the bar to break too. g
hi ghous, thank for help and information. how many pips need place buy -sell stop after PA bar? (10 pips is OK? or each time, each trade distinct?)
  • #128,883
  • Nov 22, 2013 5:10am Nov 22, 2013 5:10am
Quoting dvimix
{quote} hi ghous, thank for help and information. how many pips need place buy -sell stop after PA bar? (10 pips is OK? or each time, each trade distinct?)
Hey D,

That would obviously vary based on the pair/instrument (different average trading ranges) and the time frame.

For the higher time frames a 10-20 pip buffer is acceptable. Slightly less for the lower time frames. Its more a visual thing than a fixed pip margin. When you place your pending order it needs to be appear a little "off" the PA bar low/high.

g.
I believe . . .
  • #128,884
  • Nov 22, 2013 5:16am Nov 22, 2013 5:16am
Quoting dan89
{quote} Hey mate, Nice trade so far on UJPY Personally I do not consider 'correlated pairs' to be of any significance. I treat each setup on each pair as a completely different/seperate trade. Take care mate Dan
Thank you Dan for the early reply.
  • #128,885
  • Nov 22, 2013 8:44am Nov 22, 2013 8:44am
Quoting Magestic
{quote} Same story. Entered at 134.90 and was trapped. Lots of loosing last month :-(
Yes, I have had a bit of an off month. Mostly little mistakes, where I should have made money and other people did on the same trades. But, I ended up
down for the month. Oh well, thats why I start small. I am learning to crawl before I walk. The James 16 group has been good to me so far.
  • #128,886
  • Nov 22, 2013 8:52am Nov 22, 2013 8:52am
I realize more and more how patience is an integral part of trading. Something I need to work on. I have enough capital to make this work for me. At this point in my life I have minimal expenses and a lot of free time to study and get the hands on experience. It is nice to be part of the PF, it feels like a small trading family online, and everyone wants to see our people succeed. It is nice to have people like Mike, Ghous and Patrick as mentors. I read in "Bird Watching"
about how important it is to have a mentor, it really is so important. I have faith in Mike and Patrick, although they have different styles of approaching trades,
the same essential concepts are involved. It all comes back to S/R and PA.
  • #128,887
  • Nov 22, 2013 9:29am Nov 22, 2013 9:29am
Finally closed my AUDUSD trade. It was a long run - 22 trading days. But worked out better as expected as original plan was to take profit at 0.9222 (2R) but I managed to hold it until now and took profit at 0.9163 (2,34R).
With SL at 0.9222 (my original TP) I was thinking to hold it more but it's friday and I was holding this trade long enough... But wouldn't surprise me if price hits 0.9000 next week...

I'm also cancelling my EURUSD order, don't want to get surprised by monday open... (might resume order on monday).
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  • #128,888
  • Nov 22, 2013 10:38am Nov 22, 2013 10:38am
Quoting michal7
Finally closed my AUDUSD trade. It was a long run - 22 trading days. But worked out better as expected as original plan was to take profit at 0.9222 (2R) but I managed to hold it until now and took profit at 0.9163 (2,34R). With SL at 0.9222 (my original TP) I was thinking to hold it more but it's friday and I was holding this trade long enough... But wouldn't surprise me if price hits 0.9000 next week... I'm also cancelling my EURUSD order, don't want to get surprised by monday open... (might resume order on monday). {image}
Nice trade.
  • #128,889
  • Nov 22, 2013 10:39am Nov 22, 2013 10:39am
Nice example of DBHLC........missed the entry but one to watch now for the end results
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  • #128,890
  • Nov 22, 2013 10:45am Nov 22, 2013 10:45am
There were some good opportunities on break downs of small TL over the past couple weeks. Should have traded them, but of course that is hindsight.
The 0.9300 is a strong area. Possibly this will give a trade opportunity, good place to watch for PA.
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  • #128,891
  • Nov 22, 2013 11:01am Nov 22, 2013 11:01am
You can really see a strong PPZ from the daily, you don't need news. Just knowledge of price dynamics, which I am putting all my brain energy towards,
and you know what? It feels good to learn something new, I enjoy a challenge, I have a focused mind, and I want to one day master this "art of trading."
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  • #128,892
  • Nov 22, 2013 12:43pm Nov 22, 2013 12:43pm
Quoting ghous
{quote} Hey Andy, Yes that has always been a necessary condition for trading PA the traditional james16 way. Does it mean you cant improvise? No of course not. You could experiment with all kinds of entry points and see what works for you. In the time when was taking PA bars primarily I cant even count the number of times waiting for the break saved the day for me. All the seniors have always emphasized waiting for the break. You'll notice Mike always waits for the bar to break too. g
not always G

About 90% of the time I do wait for a break. I took a loss on the eur/jpy which was a fine bar for a retrace trade(as opposed to a break in my view)

Also the aud/cad I just closed for a nice win which was on a retrace to the nice pivot zone

But all of Gs points are valid. Just remember their are advantages and disadvantages to EVERY thing we do in trading. THe idea is to find the balance that works for the trader

Best

Mike
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  • #128,893
  • Nov 22, 2013 1:13pm Nov 22, 2013 1:13pm
Quoting mbqb11
{quote} not always G About 90% of the time I do wait for a break. I took a loss on the eur/jpy which was a fine bar for a retrace trade(as opposed to a break in my view) Also the aud/cad I just closed for a nice win which was on a retrace to the nice pivot zone But all of Gs points are valid. Just remember their are advantages and disadvantages to EVERY thing we do in trading. THe idea is to find the balance that works for the trader Best Mike {image}
The Aud/Cad was a nice trade. I somehow messed it up by moving my stop too soon. I got shaken out by the 1 hour market noise. I interfered with the trade before it had a chance to play out. Its all part of the learning experience though. I am filling my brain with a lot of information.
  • #128,894
  • Nov 22, 2013 1:30pm Nov 22, 2013 1:30pm
Another wonderful trade missed because I wanted to enter at a better price, gotta work on it.
EURAUD, no traditional PA but nice breakout from consolidation channel, PPZ and RN, price retraced to 1.4570 and my order was at 1.4560
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  • #128,895
  • Nov 22, 2013 3:31pm Nov 22, 2013 3:31pm
What do you guys think about that pin? My feelings are so mixed...
+ very nice look
+ off PPZ
- right into the 1.05 lvl
- choppy area on the way down...
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Twitter @raitchev
  • #128,896
  • Nov 22, 2013 3:49pm Nov 22, 2013 3:49pm
Quoting raitchev
What do you guys think about that pin? My feelings are so mixed... + very nice look + off PPZ - right into the 1.05 lvl - choppy area on the way down... {image}
+Good location
+Bar is decent


-1.05 level is worrisome, but even above that at 1.0508 is trouble

Not a bad idea but an easy pass for me
  • #128,897
  • Nov 22, 2013 4:29pm Nov 22, 2013 4:29pm
Quoting Jlr
{quote} +Good location +Bar is decent -1.05 level is worrisome, but even above that at 1.0508 is trouble Not a bad idea but an easy pass for me
I would worry about trading into the consolidation box below the pin bar.
  • #128,898
  • Nov 22, 2013 11:58pm Nov 22, 2013 11:58pm
Quoting mbqb11
{quote} not always G About 90% of the time I do wait for a break. I took a loss on the eur/jpy which was a fine bar for a retrace trade(as opposed to a break in my view) Also the aud/cad I just closed for a nice win which was on a retrace to the nice pivot zone But all of Gs points are valid. Just remember their are advantages and disadvantages to EVERY thing we do in trading. THe idea is to find the balance that works for the trader Best Mike {image}
I was recalling from earlier on in the thread where we were always told that unless a bear breaks it is not valid. But I agree it of course doesn't mean a thing if you know (and have tested) the scenarios where waiting for a break is not as important.

I don't wait for the break of my bars either but of course that's a pretty different ball game altogether with some bars not even being our regularly traded PA bars. I have just come to understand that if I have my story right then I don't need the buffer. Again something I tested over and over before applying to my trading.

g.
I believe . . .
  • #128,899
  • Nov 23, 2013 4:19am Nov 23, 2013 4:19am
Hello guys,

been a bit busy with my wife's pregnancy.
Funnily, it also made my trading better: less time to overthink = so-so trades weren't even considered.

Congrats to the ones who rode the AUDUSD drop, I got shaken out after the weekly pinbar

I also have two other trades I've taken at about the same time:

Exxon Mobil:
entry at the break of the D1 BUOB at a very strong W1 support area + MACD div and BB extreme.
FTA was pierced through and retested, then it just kept going up.
Took me some time to realize that the D1 BUOB was followed by a W1 BUOB and a MN BUOB.
Any doubt about the power of PA?

Still in the trade, though I'm now considering tightening my SL: price is at a very strong MN/W1 resistance, all times high, and shows bearish MACD div on the W1. Plus yesterday's bar couldn't close above RN/PPZ 95.

I'm obviously happy with the result, but I'm even happier because the blue lines were drawn before the fact
Thank you guys of this thread

Procter & Gamble:
Entry at the break of the PB in traffic.
Trade taken because price broke the 82 RN / strong MN/W1 resistance, and retested it by printing this PB.
I then realized that there was a nice 2 matching highs which was about to be broken also, and all this happening with inside bars.
Speaking about congestion...
Partial profit has (as always) been taken along the way.

TL is still respected BUT price is boxing, and in a no-mans land (historical highs). I sincerely hope PG shares could go higher, I could hope getting a job there but since hope doesn't exist in our business, I only see two options:
- Either price goes down and breaks the TL, and I'll move my SL below 84
- or price goes up, break through and retest 85 RN, and I'll move my SL below 84.
In each case, I'm pretty happy



Again, there is no bragging in this post.
I am damn so surprised how my trading has changed these last few weeks. It's getting... softer, stress-free, detached.
I consider my 18 months or so discovery of the J16 material as a very short learning period. Trading and all its components (money mgmt, risk assessment, crazy psych stuff) were truly another world for me.

I think my message here is that if I can somehow make it work, honestly, anybody can

thanks for that, James and the crew, you really are amazing, and simply offering a better life on a silver plate
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Slow & steady
  • #128,900
  • Edited 11:22am Nov 23, 2013 5:29am | Edited 11:22am
MTSN

Pinbar formed in a uptrend

Price breaks out of the box, retraces back to retest the trendline and closes above the top of the box. If the uptrend continues price might hit the brn 3.0.

Neytiri
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