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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

  • #128,981
  • Nov 27, 2013 4:03am Nov 27, 2013 4:03am
Im interested in your approach guys. How many trades do you do per month? What is your avg. return? If you don't want to respond just ingnore this question.

I will explain my logic behind shorting AUDJPY

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Price was going downside for a long time. This trade is something like EMAs game. It is dangerous area offering very high RRR. I like the general price flow that seems to be bearish at the moment with expected troubles of breaking actual support level (I see you use specific terminology I don't know) and small correction to upside before breaking this level. I have no idea it will happen or not, but it is not important if risk is managed properly.
Lose small, win BIG
  • #128,982
  • Nov 27, 2013 4:15am Nov 27, 2013 4:15am
Quoting james16
actually what i usually do is set the full bar stop, place an alert at 25 to 35 pips in case of a quick reversal and an alert where i intend to go breakeven. this covers 3 areas. 1. FULL BAR STOP - a potential/possible catastrophe scenario with the full bar stop. 2. QUICK REVERSAL ALERT - a CHOICE/CHANCE with the alert set at aprox 30 pips to MANIPULATE the full bar stop or get out with a very "small" loss. I WANT CONTROL OVER THE TRADE. I DONT WANT THE TRADE TO CONTROL ME. 3. BREAKEVEN LEVEL ALERT - a conservative area where im as certain as possible...
Hello all! This is old post James16, some years ago. i dont very well understand second item, about QUICK REVERSAL ALERT. can you explain ? may be i not very well in english. he set full bar stop and also his words that " remember my 30 pip loss post a couple of days ago? that 30 pips wasnt even close to 3 percent. my 3 percent was based on the whole bar, my loss was 30 pips. i never lose anywhere near 3 percent. it is very unusual for me to lose more than 1 percent based on a 3 percent initial risk. its like insurance to me." so he always close trade in about 30 pips in drawdown? or sometimes "MANIPULATE the full bar stop"? (and what its mean? - reduce a lot or move stop closer?) thank you.
  • #128,983
  • Nov 27, 2013 5:46am Nov 27, 2013 5:46am
Interesting dvimix should mention that post. if you read Jarroo's post which is after the one that James16 made, Jarroo quotes another post with the image of eurgbp daily chart with outside bars. Am I correct in saying that he didn't take bars 3, 5 and 6?

Best regards!
  • #128,984
  • Nov 27, 2013 9:27am Nov 27, 2013 9:27am
What is your money management? How much do you risk per trade? Do you scale-in or out? Could someone of you describe it a little bit, please.
Thanks.

P.S. you can contact me on skype: adammmko2

Best regards,
Lose small, win BIG
  • #128,985
  • Nov 27, 2013 10:18am Nov 27, 2013 10:18am
Quoting ProsteJa
What is your money management? How much do you risk per trade? Do you scale-in or out? Could someone of you describe it a little bit, please. Thanks. P.S. you can contact me on skype: adammmko2 Best regards,
Hey man, welcome to the thread. If you trade supoprt and resistance, I've never found anywhere better. Your best bet to find the information you want is to start reading from the first post. It's a long thread but if you spend a few hours reading what you can, it should give you a good idea as to the different approaches and variations folks use with the J16 method.

And good luck with your trading!
When the going gets weird, the weird turn pro.
  • #128,986
  • Nov 27, 2013 10:28am Nov 27, 2013 10:28am
Quoting stark1
{quote} Hey man, welcome to the thread. If you trade supoprt and resistance, I've never found anywhere better. Your best bet to find the information you want is to start reading from the first post. It's a long thread but if you spend a few hours reading what you can, it should give you a good idea as to the different approaches and variations folks use with the J16 method. And good luck with your trading!
Hello stark,

I trade with very similar approach for more than 3 years. I tried more approaches and always returned to this one. I trade only on daily charts, it takes 15min a day. I use very conservative money management (because my investors like minimal DD) and still can achieve very nice profit. I use higher risk profile on my own account and I think trading S/R levels with price action offers the best profit/time ratio.

I like this thread but to be honest- I am too lazy to read whole thread. I will read new posts and enjoy everybody's point of view. Methodology is very similar but everybody can offer different opinion looking at the same chart.

Wish you good luck, too!
Lose small, win BIG
  • #128,987
  • Nov 27, 2013 10:42am Nov 27, 2013 10:42am
Quoting ProsteJa
{quote} Hello stark, I trade with very similar approach for more than 3 years. I tried more approaches and always returned to this one. I trade only on daily charts, it takes 15min a day....
Sounds like it's going pretty well for you. What you describe is, more or less, what is happening here. Nothing crazy, and most folks like to keep things simple. But I really would recommend reading as many as you can of James16 posts - he's been doing this for a very long time and may help give your trading an even better edge, if that's what you're looking for. You could do a lot worse than having a look at posts from mbqb11 and Jarroo too.

Either way, looking forward to your contributions here - it's a supportive and friendly community to be a part of. Welcome again!
When the going gets weird, the weird turn pro.
  • #128,988
  • Nov 27, 2013 10:50am Nov 27, 2013 10:50am
Quoting stark1
{quote} Sounds like it's going pretty well for you. What you describe is, more or less, what is happening here. Nothing crazy, and most folks like to keep things simple. But I really would recommend reading as many as you can of James16 posts - he's been doing this for a very long time and may help give your trading an even better edge, if that's what you're looking for. You could do a lot worse than having a look at posts from mbqb11 and Jarroo too. Either way, looking forward to your contributions here - it's a supportive and friendly community...

Thank you, I will start to read this thread and learn as many new things as possible.
Lose small, win BIG
  • #128,989
  • Nov 27, 2013 11:53am Nov 27, 2013 11:53am
Quoting ProsteJa
Im interested in your approach guys. How many trades do you do per month? What is your avg. return? If you don't want to respond just ingnore this question.
Hey ProsteJa,

For me personally, through backtesting and live trading, I average around 8-12% per month from around 2-3 trades per month. Although, this month I have not taken any trades due to being very busy. There was one trade that has now worked out, however I didnt take it because price stalled a little to long for my liking so I passed on it. Hope this helps mate

Take care
Dan
  • #128,990
  • Nov 27, 2013 12:01pm Nov 27, 2013 12:01pm
Quoting dan89
{quote} Hey ProsteJa, For me personally, through backtesting and live trading, I average around 8-12% per month from around 2-3 trades per month. Although, this month I have not taken any trades due to being very busy. There was one trade that has now worked out, however I didnt take it because price stalled a little to long for my liking so I passed on it. Hope this helps mate Take care Dan
Hello Dan,

Congratulation on your great results, could you tell me how much do you risk per trade?
Lose small, win BIG
  • #128,991
  • Nov 27, 2013 12:31pm Nov 27, 2013 12:31pm
What do you think about cable?

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We are currently rejecting very strong resistence level. I am waiting for daily candle close.
Lose small, win BIG
  • #128,992
  • Nov 27, 2013 1:29pm Nov 27, 2013 1:29pm
Quoting ProsteJa
What do you think about cable? {image} We are currently rejecting very strong resistence level. I am waiting for daily candle close.
Great spots for PA on that one and gbp/nzd, but nothing close to worth trading yet (imo)
  • #128,993
  • Nov 27, 2013 1:49pm Nov 27, 2013 1:49pm
Quoting jibson007
Hi guys, Mike and Ghous i will like to get more information on the following: Why do we look for big Candle PA to appear b4 we take trades as opposed to catching the beginning of the 100-120 point move of the PA candle. Could it be that we are looking for a sign indicating a lot of traders/volume participating in the trade at the most recent moment i.e. a tip off from the market which could eventually draw the attention of more trader's willing to participate which could probably create a continuity in the order flow imbalance to further push the...
I've tried to touch trade after reading in the "fail better" thread about this method but my opinion is waiting for some confirmation is superior to touch trading.
After price breaks out of a box and makes a rounded retest I don't touch trade but wait either for a pin bar or an outside bar (like is teached in this thread) or for a fake out of the previous box in the same way Ghous waits for a fake out of a swing high/low. You can also wait for price to touch the level and only after that put a stop order (this will save you from some losing trades as opposed to touch trading directly when price touches the level). However I think waiting for a pin bar or a fake out with a good close is still better.
  • #128,994
  • Nov 27, 2013 2:13pm Nov 27, 2013 2:13pm
Quoting ProsteJa
What is your money management? How much do you risk per trade? Do you scale-in or out? Could someone of you describe it a little bit, please. Thanks. P.S. you can contact me on skype: adammmko2 Best regards,
I like to risk more when I think a trade is very good than when I think a trade is only good but not very good.
I also think if someone has a small account he should risk a bigger % of his account because it's not catastrophic if he loses as opposed to someone who has a bigger account. An agressive trader who likes risk can even risk high % using kelly criterion formulas. If you're not sure if you're a winner or not it's always good to risk a small % though.
I like to keep things as simple as possible and don't scale-in or out (I even think scaling out is mathematical wrong and returns a smaller profit).
  • #128,995
  • Nov 27, 2013 3:02pm Nov 27, 2013 3:02pm
Quoting ProsteJa
{quote} Hello Dan, Congratulation on your great results, could you tell me how much do you risk per trade?
Hi mate, I risk 2% per trade. I used to lower my risk on certain setups and keep my risk at 2% on A++ setups, but then i realised that if Im having to lower my risk on a particular trade then that means its not a A++ setup, and if its not, should I be taking it ?

Take care
Dan
  • #128,996
  • Nov 27, 2013 5:11pm Nov 27, 2013 5:11pm
Quoting ProsteJa
What do you think about cable? {image} We are currently rejecting very strong resistence level. I am waiting for daily candle close.
Watching that one too, it is a perfect area for touch trade if we break upside .
  • #128,997
  • Nov 27, 2013 10:29pm Nov 27, 2013 10:29pm
USDJPY.
The 102.00 has some history.
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  • #128,998
  • Nov 28, 2013 7:08am Nov 28, 2013 7:08am
AUD/USD daily. something interesting forming today...
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Twitter @raitchev
  • #128,999
  • Nov 28, 2013 7:22am Nov 28, 2013 7:22am
Quoting raitchev
AUD/USD daily. something interesting forming today... {image}
Why interesting?
  • #129,000
  • Nov 28, 2013 7:33am Nov 28, 2013 7:33am
Quoting trexy123
{quote} Why interesting?
bullish outside bar off a trend line in the bottom of quite an extended bearish leg...
Twitter @raitchev
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