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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

  • #129,981
  • Feb 17, 2014 6:29pm Feb 17, 2014 6:29pm
Quoting Magestic
BEOB on PEP. Looking for a breakout next week. {image}
I like where you are at with this one. I want it to break hard though as this is on the border of a strong close under this area. So we can ditch out early too if price doesn't do what we expect. I love levels like that

Nice to see how you are doing M

Mike
  • #129,982
  • Feb 17, 2014 6:37pm Feb 17, 2014 6:37pm
Quoting mbqb11
{quote} Hey MM It's definitely possible to trade stocks from a D1 standpoint although I tend to recommend and think it'smuch easier on the weekly. Since stocks are centralized you have an official start and close time and they tend to gap more. Viewing them on a weekly smooths things out much easier in my opinion(for majority of stocks). As for stocks though I am not sure on what you can/can't trade from outside the states so perhaps someone non-us can recommend. We can't trade things like CFDs in the states. Best Mike
Hi Mike,

Maybe you should check with a different broker. I'm in florida & trade CFD's with FXDD(oil, gold, silver) & Oanda(gold, silver).

Update: On 2nd thought, I think your 3000 stocks is enough charts :-)
  • #129,983
  • Feb 17, 2014 6:51pm Feb 17, 2014 6:51pm
Quoting srt
{quote} Hi Mike, Maybe you should check with a different broker. I'm in florida & trade CFD's with FXDD(oil, gold, silver) & Oanda(gold, silver). Update: On 2nd thought, I think your 3000 stocks is enough charts :-)
Hey Srt

As far as I understand CFDs are not legal in the US at this time. Just like you can't trade with a broker overseas. Obviously consult a professional on these matters just from my understanding

Best
Mike
  • #129,984
  • Feb 17, 2014 6:55pm Feb 17, 2014 6:55pm
Quoting mbqb11
{quote} I like where you are at with this one. I want it to break hard though as this is on the border of a strong close under this area. So we can ditch out early too if price doesn't do what we expect. I love levels like that Nice to see how you are doing M Mike
Are breakout trades part of the James16 method? I thought that this method was all about playing price reversals based on PA.

Don't get me wrong. I would love to learn to play breakouts. I just did not think that this was part of the program. Am I incorrect?

Is there a separate thread regarding playing PA breakouts? Are breakout trades discussed extensively in the PF?
Forex is for the lifestyle.
  • #129,985
  • Feb 17, 2014 6:58pm Feb 17, 2014 6:58pm
Quoting mbqb11
{quote} Hey Srt As far as I understand CFDs are not legal in the US at this time. Just like you can't trade with a broker overseas. Obviously consult a professional on these matters just from my understanding Best Mike
Sorry, I just did some research and CFD are not allowed in the US.
I guess I just incriminated myself :-)
This is probably my last post for a few years :-)
  • #129,986
  • Feb 17, 2014 8:34pm Feb 17, 2014 8:34pm
Quoting Tail Gunner
{quote} Are breakout trades part of the James16 method? I thought that this method was all about playing price reversals based on PA. Don't get me wrong. I would love to learn to play breakouts. I just did not think that this was part of the program. Am I incorrect? Is there a separate thread regarding playing PA breakouts? Are breakout trades discussed extensively in the PF?
Hey TG,
The J16 thread is so huge and there is so much at the beginning and not so distant from the beginning that has so much more to offer. The rich history contained within is so worth the time it takes to read. Reading the thread in it's entirety, although daunting is extraordinarily rewarding. There are so many gold nuggets strewn about that will be missed if you don't. I guess it is kind of like reading the bible. When you do read it you will truly understand how your view of "trend reversals" although improtant is such a minor part of J16.

J16 is not really a "method" based in reversals although much of PA lends itself to reversals. Rather it is a "philosophy of trading" with PA at its' core. PA can point the way to trading "break outs" or "trend reversals" or other methodologies. Look at Mikes recent LTXC break out trade. A great example of PA in a break out scenario. but look at the STORY. Certainly reversals can represent a major part of a trading plan and perhaps one may specialize in that but PA has much more to offer for those willing to let it. Good luck TG.
  • #129,987
  • Edited 9:31pm Feb 17, 2014 9:21pm | Edited 9:31pm
Quoting Winston Reed
{quote} Hey TG, The J16 thread is so huge and there is so much at the beginning and not so distant from the beginning that has so much more to offer. The rich history contained within is so worth the time it takes to read. Reading the thread in it's entirety, although daunting is extraordinarily rewarding. There are so many gold nuggets strewn about that will be missed if you don't. I guess it is kind of like reading the bible. When you do read it you will truly understand how your view of "trend reversals" although improtant is such a minor part...
Thank you for the explanation. Last July, I read everything recommended in post number one, the first several hundred pages of posts, and the posts of the senior members up to about post number 2500. I took more than fifty pages of notes that I distilled into a trading plan. I am in the midst of reviewing those notes right now. I also read early books by Pring, Wagner, and others referenced in the thread.

The problem is that I did not understand too much back then. I probably ignored the small number of posts that I read regarding breakout trading. When I have more time, it would probably benefit me tremendously to read the posts of the senior members again, now that I have some trading experience.

One of the really frustrating things about initially reading the thread was the conflicting advice regarding so many issues, mostly from senior members who are all very successful traders but who trade the same method differently. After eight months of demo trading and after developing my own unique style, I can now appreciate why that is so. I am sure that bringing that newly acquired wisdom and experience to re-reading those posts would result in a great benefit.
Forex is for the lifestyle.
  • #129,988
  • Feb 18, 2014 12:18am Feb 18, 2014 12:18am
Quoting mbqb11
{quote} I like where you are at with this one. I want it to break hard though as this is on the border of a strong close under this area. So we can ditch out early too if price doesn't do what we expect. I love levels like that Nice to see how you are doing M Mike
Mike hello. I'm so sorry, but just can not understand what do u mean under "as this is on the border of a strong close under this area". Please can u show on the chart what area do u mean? Thank you.
If not up, then down, otherwise sideways :-)
  • #129,989
  • Feb 18, 2014 2:03am Feb 18, 2014 2:03am
Quoting PhAnTi'
{image} Best, Jonas PS: Bit offtopic: Is there any tool,excel or indicator that tells me how much I am able to trade (in units) when I for example place a stoploss of 400 pips? In other words: A tool that contains 4 variables 1. stoploss in pips, 2.account equity, 3.traded leverage, 4.margin of broker and If Example: I have 10.000 $ in my trading account and want to trade silver. I use a 1:100 leverage and want to set a 400 pip stoploss and risk 30% of my balance, how much units should I trade? I know that I can do this calculation for myself, just...
running finally

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Hero calls followed by margin calls...
  • #129,990
  • Feb 18, 2014 5:21am Feb 18, 2014 5:21am
Quoting PhAnTi'
{quote} running finally {image}
Was watching this, but no trigger for me. Was there for you? Now watching the retrace. Touch trade is possible scenario for me.
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If not up, then down, otherwise sideways :-)
  • #129,991
  • Feb 18, 2014 5:47am Feb 18, 2014 5:47am
My SILVER
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  • #129,992
  • Feb 18, 2014 5:57am Feb 18, 2014 5:57am
This is what I'm looking for on Silver
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Nothing personal,just business
  • #129,993
  • Feb 18, 2014 6:39am Feb 18, 2014 6:39am
Quoting long2339
My SILVER {image}
I don't touch trade myself, but knowing that its all about nailing down your locations, that's as good as a PPZ could ever get to attempt something like that.

g.
I believe . . .
  • #129,994
  • Feb 18, 2014 10:51am Feb 18, 2014 10:51am
Quoting Magestic
{quote} Each country has its own rules about trading foreign shares. You should find out if you have restriction of that. Thats why CFD is an alternative way to trade shares as you will not buy the shares themselves but only play the price difference. Alpari provides around 50 CFD (the biggest amount I saw), that have exactly the same price chart as the original shares. Of course, tradind real basis is much more appealing but better less than nothing.
There are brokers with over 100 CFDs. For example GCI trading. I started to prefer shares over the forex due to the strong trends in some shares with no resistance in the left. You could simply buy the break of the last bullish bar and wait for price to go up. Or you could wait for a correction and buy after that to follow the trend. Or you can buy and hold with no stop loss or a big stop loss. There aren't any forex pairs with such strong trends. Even if on daily it appears to be a strong trend if you switch to weekly or monthly you will find a support or resistance where price can reverse. On some shares the trend is so strong there aren't any trouble zones to the left. You won't always win, sometimes when you enter the trend will be over but you can find many high probability trades. Some shares aren't in a strong trend. We can trade such shares with the same PA, S/R that we use in forex (usually our pin bars and outside bars are against the current trend).

Do you know if it's possible for a CFD to have a huge gap if something important happens?
If I buy a CFD share is it possible that I lose much more than my stop loss? Do the exchanges have a limit up and limit down? I didn't find much information about this on the internet. If the exchange has a limit up or down the CFD should have the same price, right?
  • #129,995
  • Feb 18, 2014 12:41pm Feb 18, 2014 12:41pm
Quoting str8
{quote} There are brokers with over 100 CFDs. For example GCI trading. I started to prefer shares over the forex due to the strong trends in some shares with no resistance in the left. You could simply buy the break of the last bullish bar and wait for price to go up. Or you could wait for a correction and buy after that to follow the trend. Or you can buy and hold with no stop loss or a big stop loss. There aren't any forex pairs with such strong trends. Even if on daily it appears to be a strong trend if you switch to weekly or monthly you will...
CFD do have gaps the same the shares do. You have the same risk to ruin the account by being gapped. The CFD chart has the same chart as the stock chart, and if stock chart gaps, CFD chart gaps as well the same. It has no any limit of loses. If you open buy with 100 pips SL and price will have 1000 pips gap against you, you will take 1000 pips loss. It all depend what position size you have. If you have too big position you'll get margin call. All the same:FX, shares, CFD.
If not up, then down, otherwise sideways :-)
  • #129,996
  • Feb 18, 2014 1:56pm Feb 18, 2014 1:56pm
Quoting Magestic
{quote} CFD do have gaps the same the shares do. You have the same risk to ruin the account by being gapped. The CFD chart has the same chart as the stock chart, and if stock chart gaps, CFD chart gaps as well the same. It has no any limit of loses. If you open buy with 100 pips SL and price will have 1000 pips gap against you, you will take 1000 pips loss. It all depend what position size you have. If you have too big position you'll get margin call. All the same:FX, shares, CFD.



I thought exchanges have limit up and limit down on stocks:

http://www.investopedia.com/terms/l/limitdown.asp

"In June 2012, the Securities Exchange Commission approved two proposals put forward by the national securities exchanges and FINRA to counter unprecedented volatility in individual stocks and the U.S. stock market. One proposal aims to establish a "limit up-limit down" mechanism that will "prevent trades in individual stocks from occurring outside of a specified price band, which will be set at a certain percentage above and below the average price of the security over the immediately preceding five-minute period." For example, the percentage level for liquid stocks, such as those in the S&P 500, will be 5%, and 10% for other listed securities. These proposals are expected to be implemented by February 4, 2013."

"If there is a major event affecting the market's sentiment toward a particular commodity, it may take several trading days before the contract price fully reflects this change. On each trading day, the trading limit may be reached before the market's equilibrium contract price is met."
  • #129,997
  • Feb 18, 2014 2:08pm Feb 18, 2014 2:08pm
I considered this trade idea but decided not to take it... short XAUUSD on the break of the low of today's BEOB, which is also a Fibo 62 and S/R level.
Trade it to a demand level where my limit order is on chart. SL above last high.

Why I decided against trading it? There is a problem of 1300 BRN in the way, which the price previously reacted to.

Why am I posting a trade that I am not taking? ;-) For my learning, please. Whatever feedback I will get, it will be a learning.
Thanks a lot!
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Michal9
  • #129,998
  • Feb 18, 2014 2:23pm Feb 18, 2014 2:23pm
Quoting michal9
I considered this trade idea but decided not to take it... short XAUUSD on the break of the low of today's BEOB, which is also a Fibo 62 and S/R level. Trade it to a demand level where my limit order is on chart. SL above last high. Why I decided against trading it? There is a problem of 1300 BRN in the way, which the price previously reacted to. Why am I posting a trade that I am not taking? ;-) For my learning, please. Whatever feedback I will get, it will be a learning. Thanks a lot!
It is difficult to tell whether the BEOB bar on your chart closed within the lower third of the bar. It did not come close to closing in the lower third on my chart. If it did not, then that is also another reason not to take the trade. In addition to the BRN at 1300 the 150 MA is at 1295, which does not leave a great deal of room for the trade to run. So, I agree with your decision. While gold is really overbought right now, it just might reach 1350 before it reverses.
Forex is for the lifestyle.
  • #129,999
  • Feb 18, 2014 2:53pm Feb 18, 2014 2:53pm
Quoting michal9
I considered this trade idea but decided not to take it... short XAUUSD on the break of the low of today's BEOB, which is also a Fibo 62 and S/R level. Trade it to a demand level where my limit order is on chart. SL above last high. Why I decided against trading it? There is a problem of 1300 BRN in the way, which the price previously reacted to. Why am I posting a trade that I am not taking? ;-) For my learning, please. Whatever feedback I will get, it will be a learning. Thanks a lot! {image}
Been watching Gold ( and silver ) myself, after their big runs. I agree with the reasons you and Tail Gunner have given for not taking the trade. For me the lack of strength in the BEOB was enough to convince me to wait and see what happens next... Not overly used to taking OBs, and I like to see the open and close near the highs and lows of the candle.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,000
  • Feb 18, 2014 8:34pm Feb 18, 2014 8:34pm
1 hr fakeout - support from lls+ vbrn .9 + 150 ema

N
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