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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

  • #133,481
  • Jan 3, 2015 10:12am Jan 3, 2015 10:12am
Quoting protuberanec
What do you think guys? {image} big BEOB from PPZ and VRN, i'll get sl to BE at middle of a box. {image} big BUOB from PPZ it really strong on W1,{image} i'll get sl to BE at middle of a box.
Being in this thread for more than 2 years I can tell you that it doesnt make sense to ask others about a certain trade / setup. Even the people here are trading some kind of PA, the way they trade completely differs from each other. One will tell you that it's great, the other will tell you it's pathetic...
If you think a trade looks good, then put the order in. AND make a journal in which you track the trades and the assets. After 100 trades you will see that the best trades were on the GBPUSD or EURUSD and the worst were on the EURJPY or something like that. Then you stop trading the worst performing pair. Simple as that...

I would suggest you to use ForexFactory to gain insight into different trading styles, but try not to follow them. Instead of following peek into 5 different styles, grasp the concept, and you will see which style fits your personality. There is nothing worse than pursuing a system that doesnt even fit your style...

Wish you good luck!
It's all psychology...
  • #133,482
  • Jan 4, 2015 1:29am Jan 4, 2015 1:29am
Quoting LamerTrader
{quote} Being in this thread for more than 2 years I can tell you that it doesnt make sense to ask others about a certain trade / setup. Even the people here are trading some kind of PA, the way they trade completely differs from each other. One will tell you that it's great, the other will tell you it's pathetic... If you think a trade looks good, then put the order in. AND make a journal in which you track the trades and the assets. After 100 trades you will see that the best trades were on the GBPUSD or EURUSD and the worst were on the EURJPY...
Good post and it's been said a million times but everyone that trades this method successfully eventually does so with their own style. James for example has posted countless entries that I would never take in a hundred years. But it works for him and most importantly it makes sense to him. I didn't find consistent success with this method until I quit trying to copy others and started trading what "feels" right to me
  • #133,483
  • Jan 4, 2015 2:53am Jan 4, 2015 2:53am
Quoting tlindle
{quote} Good post and it's been said a million times but everyone that trades this method successfully eventually does so with their own style. James for example has posted countless entries that I would never take in a hundred years. But it works for him and most importantly it makes sense to him. I didn't find consistent success with this method until I quit trying to copy others and started trading what "feels" right to me

I know in fact it's been said a lot (even I said it a lot here), but I believe it has to be stressed every time so that the new comers don't fall into this trap. Probably it's part of the trading journey. It was part of mine. I have been living in the james16 box for around 15+ months, and it was one of the best experiences to look out from this box and explore other parts of trading, and then come up with something new/unique.
It's all psychology...
  • #133,484
  • Jan 4, 2015 11:27am Jan 4, 2015 11:27am
When I started trading I was reading too many forums/books and didn’t watch the charts too much. Now I put the most emphasize on what charts are telling me, not on what strategies others have. I trade price action but my strategy is quite different than the other price action strategies (for example I don’t trade trend lines, I don’t care about levels that are not recent, I put very much emphasize on what price is currently doing not on what price did month ago). I didn’t find my strategy on any other site. I don’t think you can be a profitable trader if you have to ask every time you take a trade others if the trade is good or not. But this is good when you’re a beginner I think (if you don’t spend more time with forums than with charts). But the goal of every beginning trader should be to not depend on others.
  • #133,485
  • Jan 4, 2015 2:37pm Jan 4, 2015 2:37pm
Thanks all, I understand!
  • #133,486
  • Jan 4, 2015 5:28pm Jan 4, 2015 5:28pm
Quoting LamerTrader
{quote} I know in fact it's been said a lot (even I said it a lot here), but I believe it has to be stressed every time so that the new comers don't fall into this trap. Probably it's part of the trading journey. It was part of mine. I have been living in the james16 box for around 15+ months, and it was one of the best experiences to look out from this box and explore other parts of trading, and then come up with something new/unique.
Have to agree with this. The thing I noticed is that once I understood the basics my trading style evolved slowley into a style that suited my personal characteristics. I cant really say that my style is j16 anymore because really speaking it no longer is. The foundation was j16 no doubt and for that I am thankful

Take care
Dan
  • #133,487
  • Jan 4, 2015 6:03pm Jan 4, 2015 6:03pm
First of all, do you guys have big pinbars on several charts too? What happend?

Trades I will be looking on this week:

AUD/CHF D1 - pinbar on resistance.

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AUD/USD W1 but I think price broke support.

CAD/CHF D1 - pinbar on resistance.

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CAD/JPY D1 - pinbar on slopped support.

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EUR/AUD D1 - pinbar on support.

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EUR/GBP W1 - pinbar on support.

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EUR/JPY D1 - pinbar on support.

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GBP/CHF D1 - pinbar on resistance.

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GBP/NZD D1 - pinbar on slopped support.

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GBP/USD W1 but I think support is broken.

What do you guys think?
  • #133,488
  • Jan 4, 2015 6:47pm Jan 4, 2015 6:47pm
I am like 35 pips into the USD /DKK trade and will be moving to BE soon as I have never traded this pair before.
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  • #133,489
  • Jan 4, 2015 6:53pm Jan 4, 2015 6:53pm
and there is another one that I am on....FTA is 1.53000 but if it breaks that may be we can anticipate a nice move. I have seen the movie gambler over the holidays and have loved it.
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  • #133,490
  • Jan 4, 2015 10:33pm Jan 4, 2015 10:33pm
Quoting LamerTrader
{quote} Happy New Year to you as well! I can suggest you to read: "Trading in the Zone" (Book by Mark Douglas) or "The daily trading coach" (Steenbarger). They did help a lot for me... I can also recomment the Market Wizzards and New Market Wizzards book. After reading these two I kind of had an insight how professionals handle emotions in trading. Have fun reading! Stephen
Oh Thank you so much Stephen..
I need all the help I can get...I will surely look up on the books you suggested. I now know that I will have to correct myself before even before thinking of trading. A lot of correction need to be done by me...Sometimes its easier said then done...
Thanks again..
Alfans
  • #133,491
  • Jan 5, 2015 7:38am Jan 5, 2015 7:38am
HAPPY NEW YEAR EVERYONE!!!!
Hope ye all prosper n get you share of the pips!!

jon
PATIENCE... DISCIPLINE
  • #133,492
  • Jan 5, 2015 8:08am Jan 5, 2015 8:08am
Quoting g_j_hook@yah
HAPPY NEW YEAR EVERYONE!!!! Hope ye all prosper n get you share of the pips!! jon
Long time no see in this thread Jon. Good to see that youa re alvie . I havent heard much about pinbar or ghous though...
It's all psychology...
  • #133,493
  • Jan 5, 2015 8:57am Jan 5, 2015 8:57am
Quoting Dovilo
First of all, do you guys have big pinbars on several charts too? What happend? Trades I will be looking on this week: AUD/CHF D1 - pinbar on resistance. {image} AUD/USD W1 but I think price broke support. CAD/CHF D1 - pinbar on resistance. {image} CAD/JPY D1 - pinbar on slopped support. {image} EUR/AUD D1 - pinbar on support. {image} EUR/GBP W1 - pinbar on support. {image} EUR/JPY D1 - pinbar on support. {image} GBP/CHF D1 - pinbar on resistance. {image} GBP/NZD D1 - pinbar on slopped support. {image} GBP/USD W1 but I think support is broken. What...
Hey D

Happy new year

Careful on some of the aud and chf pairs their were some spikes but some feeds are showing way over exaggerated spikes and looks like bad data

A lot of your other bars have shifted quite a lot now as price has moved though

Best
Mike
  • #133,494
  • Jan 5, 2015 8:57am Jan 5, 2015 8:57am
Quoting g_j_hook@yah
HAPPY NEW YEAR EVERYONE!!!! Hope ye all prosper n get you share of the pips!! jon
Happy new year Jon same to you
  • #133,495
  • Jan 5, 2015 9:58am Jan 5, 2015 9:58am
Quoting mbqb11
{quote} Hey D Happy new year Careful on some of the aud and chf pairs their were some spikes but some feeds are showing way over exaggerated spikes and looks like bad data A lot of your other bars have shifted quite a lot now as price has moved though Best Mike
Yeah, now I think the same. It seems it was caused by suspected eurozone weakness. EUR and CHF had some big moves on session open. I got into some trades but I quickly got out with +70 pips as I realized these are risky trades, I didn't want to tempt fate.
  • #133,496
  • Jan 5, 2015 10:01am Jan 5, 2015 10:01am
Quoting dan89
{quote} Have to agree with this. The thing I noticed is that once I understood the basics my trading style evolved slowley into a style that suited my personal characteristics. I cant really say that my style is j16 anymore because really speaking it no longer is. The foundation was j16 no doubt and for that I am thankful Take care Dan
My opinion is that beginners should stick to PA rules. One needs a few wins to build up confidence to trade successfully. I think it is ok to drop down a time frame if PA and story is great but PA is a must. Temptation takes over some times for me but that is the way to go.
  • #133,497
  • Jan 5, 2015 12:12pm Jan 5, 2015 12:12pm
Quoting mbqb11
{quote} Happy new year Jon same to you
Hi Mike,
a very happy new year from me too.
I wish you keep up your good work here.
Have a nice day
  • #133,498
  • Jan 5, 2015 3:50pm Jan 5, 2015 3:50pm
I am looking at this chart of GS (Goldman Sachs) and see that the pin bar at a price high has failed. Does it mean at a price high the selling pressure is great and one has to wait till the price break the previous high to enter the trade. Seems like a good pin bar for me but it just could push the price by a small amount and then the price retraced.

If the same pin bar or some PA has occurs at a price low where there is a lot of buying pressure that offers a better chance at price movement. Any input is welcome. Here is the chart.
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  • #133,499
  • Jan 5, 2015 4:02pm Jan 5, 2015 4:02pm
Quoting prasad99
I am looking at this chart of GS (Goldman Sachs) and see that the pin bar at a price high has failed. Does it mean at a price high the selling pressure is great and one has to wait till the price break the previous high to enter the trade. Seems like a good pin bar for me but it just could push the price by a small amount and then the price retraced. If the same pin bar or some PA has occurs at a price low where there is a lot of buying pressure that offers a better chance at price movement. Any input is welcome. Here is the chart. {image}
Hey P

This is why we want to locate bullish pins at swing lows, when they are up at swing highs they do often indicate a failure of price to move and close higher coupled with the "tail" which was the absorption of those buyers. This can then make it easier for sellers to push price through that path of least resistance and thus a pinbar at a swing high can often fail and move back lower through that area.

hope that helps bud
Mike
  • #133,500
  • Jan 5, 2015 4:12pm Jan 5, 2015 4:12pm
Quoting mbqb11
{quote} Hey P This is why we want to locate bullish pins at swing lows, when they are up at swing highs they do often indicate a failure of price to move and close higher coupled with the "tail" which was the absorption of those buyers. This can then make it easier for sellers to push price through that path of least resistance and thus a pinbar at a swing high can often fail and move back lower through that area. hope that helps bud Mike

Mike

Thanks for the input Hope you had nice holidays.
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