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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

  • #129,181
  • Dec 13, 2013 3:55pm Dec 13, 2013 3:55pm
Quoting Jlr
{quote} I don't know his method specifically but I think trading at swing highs like that especially with price having hardly retraced at all throughout that entire run is going to be very marginally profitable at best. That being said, I don't know his method and perhaps there is more to it than I see, but that is just how I would view that trade.
Here is the method explained... Maybe there's something I don't apply correctly...
Attached File(s)
File Type: pdf Price Breaks Through.pdf   1.1 MB | 1,315 downloads
  • #129,182
  • Dec 13, 2013 4:12pm Dec 13, 2013 4:12pm
Quoting TamRoofer
Here's a trade I took on pending order overnight (NY timezone here)... Last time EURAUD Daily candle closed above 1.5355 was in May 2010... Had my SL under the BTC&CA but jut moved it at BE as I feel strong resistance 1.5400 Any toughts on this? EDIT: SL hit at BE {image} {image}
Be careful with Jarroo's method. I tested it and sometimes I use it as entry strategy.
A PBT&C A/B candle isn't enough, you should look at the bigger story and then use the method to enter the trade.
I think that the best situations for a jarroo entry are pattern breakouts (i.e. boxes, wedges or others...).

In this situation on EUR/AUD price is at a swing high. It stalled between BRN 1.5 and the weekly HCR and this week's bar broke through it and closed above. Price broke also through the daily HCR but it is very risky to buy at such a swing high with the little information we have now. Note also that on the W1 chart we have bearish divergence. I am thinking of shorting friday's IB targeting the W HCR at 1.51 and then see what price does and eventually enter long if nice PA forms.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD 2013-12-13 a 23.09.45.png Size: 41 KB
  • #129,183
  • Dec 13, 2013 5:11pm Dec 13, 2013 5:11pm
Quoting TamRoofer
{quote} Jarroo's Method of the Price Break Through & Close Above (or Below) It has been very long time since price break through 1.5355 but still... I am wrong?
Well bud, to be honest with you, I am not sure what method are you talking about. I took a glimpse at the PDF that you posted, and yeah it's a sound method. In fact, if you go back several pages you will see my post about this trade Heres where I entered.

http://www.forexfactory.com/attachme...9&d=1386788577

The thing, my friend, is that these are zones, not exact levels. And having in mind that this is a level(zone) not being touched for several years... I don't think close above ~10ish pips is considered a sufficient signal. Furthermore, the move is sooo extended... I kind of felt lucky for getting on that last wave and quickly took profit @ 1.54... don't you think it's time for a little correction?
Twitter @raitchev
  • #129,184
  • Dec 14, 2013 11:17am Dec 14, 2013 11:17am
Quoting lenrod
{quote} Be careful with Jarroo's method. I tested it and sometimes I use it as entry strategy. A PBT&C A/B candle isn't enough, you should look at the bigger story and then use the method to enter the trade. I think that the best situations for a jarroo entry are pattern breakouts (i.e. boxes, wedges or others...). In this situation on EUR/AUD price is at a swing high. It stalled between BRN 1.5 and the weekly HCR and this week's bar broke through it and closed above. Price broke also through the daily HCR but it is very risky to buy at such a swing...
Hello Lenrod ...
If you allready try warn or to explain some ones trading methodology atleast do it corectly ... because at the end if you dont understand it or use some other variation of it you will do more harm than good and confuse new comers eaven more .
First of all idk where did you get those levels . The weekly HCR on your chart is actualy daily HCR and the daily HCR on your chart makes no sence at all ...
and what is HHR ?

Charts ...
From the Weekly chart you can see the actual Weekly-HCR and if you go to monthly chart you will see what i mean with Monthly-LCS .
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraudweekly.png Size: 53 KB
Click to Enlarge Name: eurauddaily.png Size: 58 KB
  • #129,185
  • Dec 14, 2013 11:55am Dec 14, 2013 11:55am
Quoting FxPrelude
{quote} Hello Lenrod ... If you allready try warn or to explain some ones trading methodology atleast do it corectly ... because at the end if you dont understand it or use some other variation of it you will do more harm than good and confuse new comers eaven more . First of all idk where did you get those levels . The weekly HCR on your chart is actualy daily HCR and the daily HCR on your chart makes no sence at all ... and what is HHR ? Charts ... From the Weekly chart you can see the actual Weekly-HCR and if you go to monthly chart you will...
I didn't really try to explain the strategy but just to warn on situations like this one.
The levels i drew are the ones that i think TamRoofer based his trade on. They are old, from May 2010.
You can see what i meant in the attached chart.

PS: HHR stands for Highest High of Resistance, it comes from ghous' method.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD 2013-12-14 a 18.52.27.png Size: 48 KB
  • #129,186
  • Dec 14, 2013 12:07pm Dec 14, 2013 12:07pm
I want to thank everyone for kindly answering me about this trade. Now I feel lucky to be able to close it at BE and not in loss.

What I understand for now is that maybe it's not very profitable to follow this method blindfully, even more if the resistance/support that's been broke is 1 year old or more...

You seem to suggest this method isn't all bad but must be taken with more confirmation from other views...

Could you please suggest me other methods or things to study that I could use to implement with PBT or high probability setups...
  • #129,187
  • Dec 14, 2013 12:23pm Dec 14, 2013 12:23pm
Quoting TamRoofer
I want to thank everyone for kindly answering me about this trade. Now I feel lucky to be able to close it at BE and not in loss. What I understand for now is that maybe it's not very profitable to follow this method blindfully, even more if the resistance/support that's been broke is 1 year old or more... You seem to suggest this method isn't all bad but must be taken with more confirmation from other views... Could you please suggest me other methods or things to study that I could use to implement with PBT or high probability setups...
I suggest you to stick to J16 and mike's stuff. Trade only the best setups, if you don't know if the setup is excellent don't trade it but observe how it unfolds so that after many times that you see more or less the same setup you'll know better what price may do.
Try not to jump from a strategy to another but stick to one.
Just my opinion, good luck
  • #129,188
  • Dec 14, 2013 12:37pm Dec 14, 2013 12:37pm
Quoting lenrod
{quote} I didn't really try to explain the strategy but just to warn on situations like this one. The levels i drew are the ones that i think TamRoofer based his trade on. They are old, from May 2010. You can see what i meant in the attached chart. PS: HHR stands for Highest High of Resistance, it comes from ghous' method. {image}
While TamRoofer trade had no sence to me at all because what ever i looked that 1.5355 didnt seam like any special level at all .
And then your weekly/daily HCRs were allso weird because you didnt point out that you found them in 2010 .
I mostly look for the most recent ones because i think they are the most powerful or the ones like 1.5500 Monthly LCS that is obiusly a realy stron level.


TamRoofer i was just doing some thing to give you a few exampels how you could manage that trade .
  • #129,189
  • Dec 14, 2013 12:40pm Dec 14, 2013 12:40pm
Quoting lenrod
{quote} I suggest you to stick to J16 and mike's stuff. Trade only the best setups, if you don't know if the setup is excellent don't trade it but observe how it unfolds so that after many times that you see more or less the same setup you'll know better what price may do. Try not to jump from a strategy to another but stick to one. Just my opinion, good luck
Thanks for the suggestion! I do not intend on "switching" from a strategy to another, just trying to figure what is the strategy or method that suits me the best.

As mentioned on the PBT pdf, it's hard for newcomers like me to learn from a big thread like J16 one as there's so much useless post or non-A+ trade setup posted... Even harder as, like you surely noticed, english is not my predilection language.

Would you have something precise to point me on J16 and mike's stuff like you said?

Thanks!
  • #129,190
  • Edited 4:07pm Dec 14, 2013 1:33pm | Edited 4:07pm
Quoting TamRoofer
{quote} Thanks for the suggestion! I do not intend on "switching" from a strategy to another, just trying to figure what is the strategy or method that suits me the best. As mentioned on the PBT pdf, it's hard for newcomers like me to learn from a big thread like J16 one as there's so much useless post or non-A+ trade setup posted... Even harder as, like you surely noticed, english is not my predilection language. Would you have something precise to point me on J16 and mike's stuff like you said? Thanks!
I've been there too I think that a good way to start is to stick to the basics and then, when you have a good understanding of them, adapt it to your style.
I found this thread when I already knew about PA so I never went through the entire thread but learned mostly from new posts and the important ones linked in the first page. Everyone here recommends to read the first 100-200 pages. You can start with this and then if you don't want to read all the thread read only the posts of the seniors like james16, mike (mbqb11), jarroo, ghous, etc.
I don't know if you have already seen it, on the gust section of the PF there are some very helpful webinars.
  • #129,191
  • Dec 14, 2013 1:36pm Dec 14, 2013 1:36pm
Quoting TamRoofer
I want to thank everyone for kindly answering me about this trade. Now I feel lucky to be able to close it at BE and not in loss. What I understand for now is that maybe it's not very profitable to follow this method blindfully, even more if the resistance/support that's been broke is 1 year old or more... You seem to suggest this method isn't all bad but must be taken with more confirmation from other views... Could you please suggest me other methods or things to study that I could use to implement with PBT or high probability setups...
The best way for you to learn is to go from page 1 and read all posts from James ignore the rest then later on from Mike ( mbqb11 ) Jaroo , Ghous......
you will notice soon who realy knows this stuff .
You can allso go to James16 private forum there is allso a few good videos from Mike and James .
The rest comes from practice
  • #129,192
  • Dec 14, 2013 2:23pm Dec 14, 2013 2:23pm
Lenrod lol now i feal stupid for being such a slow writer hehe

Now back to your trade TamRoofer
From the daily chart you see your levels and if you would try to trade it like its described in that PDF by creating an entry order at the daily HCR after PBT&CA
and wayting for a pul back your order wouldnt be hit the price reversed 60pips above HCR and went strait up .
Or if you would use last high price was still 30 pips short for trigring your pending order .
The only way you could enter would be on the initial break out above the last high but all this entry metods are agresive and wery risky because having an entry order at HCR with out wayting for PA confirmation could give you unnesesary loss because you dont know if the price will stop at the level it could go all the way back down to 1.5000 .And the break outs are allso risky you can see from the hourly chart the fake out that would give you a nice loss if you would have a pending order 10 pips above the last high .

The only way you could enter this trade after PBT&CA is by going down to 1H TF and take that last swing high combining fibo. levels and PA and enter above that IB ( Inside bar ) of the 38% fibo . Taking some profit at the last high FTA and going to BE with the reast .
(by the way James does not recomend to trade lower TFs than 4H and Daily )
The big blue box represents the daily candle that broke above daily HCR.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurauddaily.png Size: 47 KB
Click to Enlarge Name: euraudh1.png Size: 38 KB
  • #129,193
  • Dec 14, 2013 3:43pm Dec 14, 2013 3:43pm
Quoting TamRoofer
{quote} Thanks for the suggestion! I do not intend on "switching" from a strategy to another, just trying to figure what is the strategy or method that suits me the best. As mentioned on the PBT pdf, it's hard for newcomers like me to learn from a big thread like J16 one as there's so much useless post or non-A+ trade setup posted... Even harder as, like you surely noticed, english is not my predilection language. Would you have something precise to point me on J16 and mike's stuff like you said? Thanks!
Tom, to do better with Jaroo's strategy you need to study all of Jaroo posts one by one and then make sure you get the difference between space vs traffic.Thats my 2 pips.

Al.
  • #129,194
  • Dec 14, 2013 3:49pm Dec 14, 2013 3:49pm
What happened to Jarroo. Where'd that lil homie go
What is any ocean but a multitude of drops?
  • #129,195
  • Edited Dec 15, 2013 5:43am Dec 14, 2013 8:25pm | Edited Dec 15, 2013 5:43am
Quoting TamRoofer
Here's a trade I took on pending order overnight (NY timezone here)... Last time EURAUD Daily candle closed above 1.5355 was in May 2010... Had my SL under the BTC&CA but jut moved it at BE as I feel strong resistance 1.5400 Any toughts on this? EDIT: SL hit at BE {image} {image}
Hey TamRoofer,

I see you have had quite a few replies on this setup you took .. I thought I would give you my opinion on this since I studied Jarroo's method for quite a while both here and in the PF.

The thing you need to know with this method is that Jarroo himself likes to use currect levels and not ones that go so far back as 2010 in this example. This is the reason why his charts are zoomed in so much compared to say Mike's charts. Also keep in mind Jarroo sets his target levels very close unlike Mike who gives a trades a little more room.

Looking at that chart of yours the only potential area that could of been considered an area to enter would be the 1.5076 HCR (setup 1). As you can see PBT that area but a retest did not occur, therfore there wasnt a trade.

Setup 2 would of been the prefered setup, and It was a great setup, it just happened to fail. You wont be right every time, thats something that you have to accept. You can see Price broke through and closed above the dual action HCR however if you had your stoped placed below the low of the PBT&CA candle you would of been stoped out. Still makes it a great setup though, nothing wrong with it in my eyes. Anyway hope this helps mate

Attached Image (click to enlarge)
Click to Enlarge Name: 15-12-2013 02-13-14.png Size: 54 KB



Here is a more 'normal' zoomed out view of the same pair, notice what price did ...


Attached Image (click to enlarge)
Click to Enlarge Name: 15-12-2013 11-41-09.png Size: 39 KB


Take care
Dan
  • #129,196
  • Dec 14, 2013 8:39pm Dec 14, 2013 8:39pm
Quoting mbqb11
{quote} stop above current weeks high now puts me nearly at b/e with my pullback entry it's crucial when moving a stop that you are moving it for specific reasons which do not negate the integrity of the trade. A stop loss should be the point at which your trade no longer is valid {image}
Hey Mike,

Do you actually place the SL order there or you use a mental SL? I am asking because I noticed nasty Daily gaps in most equities.

Thanks and GL !
I don't need easy. I just need possible.
  • #129,197
  • Dec 14, 2013 9:09pm Dec 14, 2013 9:09pm
Many many many thanks to all of you who took the time to answer me, very appreciated!

I am now awared that I misunderstood some concept of the PBT pdf and that everything is not simple enough to be resumed on a 20 pages document.

For the last week I have taught about joining J16 group but hesitated as I feel like I don't have sufficient knowledge to join right now.

Your explanations of what went wrong with my trade and how it wasn't high probability trade confirms that as I don't even understand and have heard of some of the concept you are showing me.

Your suggestions on what to study are giving me hours and hours of reading and listening, that is what I'm gonna do now.

I understand I am very far from my goal, even more that what I tought 2-3 weeks ago, but this thread, his participants and the concepts I've found here are giving me more motivation everyday.

Thanks again, this is certainly not the last time you hear from me!
  • #129,198
  • Dec 14, 2013 9:26pm Dec 14, 2013 9:26pm
very noob question but what is the program, indicator or whatever it's named that is used to draw lined arrows and boxes on the chart videos of the guest area
  • #129,199
  • Dec 15, 2013 2:11am Dec 15, 2013 2:11am
Regarding EURAUD I think that fxprelude´s post is excellent.

I only use the very basic james16 method based on weekly charts primarily, so if I look at fxprelude`s weekly chart, we can see

a) a primary UP trend
b) a BUEB on weekly ( close of prior bear candle 1.4138 ), followed by a retesting Pinbar ( that took out some stops )
c) there was almost no traffic in this vital zone 1.3910 - 1.4138, only wicks ( regenerating buys ) - very bullish

For counter-trend trades I would additionally look at AUDUSD, as long as we don`t see a support base being established there on WEEKLY, why risk a premature bearish entry on EURAUD, if all it points to at the moment is profit-taking before year end by large traders & institutions ?

Wishing all of you good trading, thanks to the seniors !

M.
Be like water.
  • #129,200
  • Dec 15, 2013 5:39am Dec 15, 2013 5:39am
Quoting TamRoofer
very noob question but what is the program, indicator or whatever it's named that is used to draw lined arrows and boxes on the chart videos of the guest area
Hey mate, Its called Snagit by techsmith
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