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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

  • #133,841
  • Feb 18, 2015 8:48am Feb 18, 2015 8:48am
Quoting doerpn
{quote} Hi Mike, as English is not my first language....may I ask to clarify it to me? I am not a member yet. You write about a monthly fee of 199 $ for one year (alternatively paying a discounted rate of 1548 $ before the membership). After this time there is a lifetime membership. You write about alternatively paying from live trades instead of monthly fee. Does this mean, when the new site is published, non-members are able to choose if paying a monthly fee or a certain %-amount of their trades? If so and I decide to pay per % of the gains have...
Hey D

No one will be touching anyones account money. The membership is going to be 199 per month, or discounted to 1548 upfront for lifetime. Only lifetime members will have access to the trade room. We are then going to ask for donations based on how you believe we have done for you. So that is completely optional and we just feel people will do right by us if we do right by them.

hope that helps
Mike
  • #133,842
  • Feb 18, 2015 8:48am Feb 18, 2015 8:48am
Is there an option to pay-up for the year on the current site? I can't find one. Thanks.
  • #133,843
  • Feb 18, 2015 8:49am Feb 18, 2015 8:49am
Quoting BartysKnob
{quote} Hi there. Does anyone have any idea whatsoever on how I actually find the forex factory forum on Tapatalk? I have searched everything and I use Tapatalk for other forums. But for the life of me I cannot find this website therefore i can't subscribe. Please someone help
Hey Bartys

I'm not sure if you meant forex factory or the james16group. We are separate from FF. You can find us at www.james16group.com The new site is not LIVE yet which will have tapatalk enabled. Currently we are just on our current site that will be updated in a few months

Hope that helps
Mike
  • #133,844
  • Feb 18, 2015 11:02am Feb 18, 2015 11:02am
Quoting mbqb11
{quote} Hey D No one will be touching anyones account money. The membership is going to be 199 per month, or discounted to 1548 upfront for lifetime. Only lifetime members will have access to the trade room. We are then going to ask for donations based on how you believe we have done for you. So that is completely optional and we just feel people will do right by us if we do right by them. hope that helps Mike
Hi Mike,
its clear now, thanks.
Have a nice day
  • #133,845
  • Feb 18, 2015 2:16pm Feb 18, 2015 2:16pm
Quoting mbqb11
{quote} Hey Bartys I'm not sure if you meant forex factory or the james16group. We are separate from FF. You can find us at www.james16group.com The new site is not LIVE yet which will have tapatalk enabled. Currently we are just on our current site that will be updated in a few months Hope that helps Mike

Hi Mike,

No I actually did a Google search for Tapatalk and Forex Factory and this thread came up, someone asked this same question in the past as they wanted to follow this thread but they got no answers. I'm going to try to push for the moderaters here to enable Tapatalk. They are missing a good opportunity. (and so are we)

As far as this thread I will now go through and have a look as I have no idea what it's all about currently?

Thank you for replying though
  • #133,846
  • Feb 19, 2015 5:03am Feb 19, 2015 5:03am
Hi Mike,

Long time lurker here, really appreciating all the information your sharing, truly great stuff!

I have one quick question: When you say that you will buy on a retrace of a BUOB/BEOB do you look for PA at that retrace area to confirm your entry, or do you just set a limit order at the area you expect price to retrace to?

So for example, you have a large BUOB closing strongly above a previous resistance area (say price at 1.500). You could just set a buy stop right above the bar and hope to ride it up, but this gives you a rather poor risk/reward. So you say you will buy at a retrace to the 1.500 area instead. Would you in this case just set a limit buy order at the 1.5000 area, or do you wait for another PA confirmation to enter the trade at the 1.500 area?

I have often considered just setting a limit order at the area I expect price to retrace to before taking off, but untill now I have always just entered at the break of the BEOB/BUOB since I haven't set a clear plan for how I would enter at the retrace area.

I can post a picture of what I mean later, I'm at work now.

Thanks a lot!!
  • #133,847
  • Feb 19, 2015 8:44am Feb 19, 2015 8:44am
Quoting Aelgen
Hi Mike, Long time lurker here, really appreciating all the information your sharing, truly great stuff! I have one quick question: When you say that you will buy on a retrace of a BUOB/BEOB do you look for PA at that retrace area to confirm your entry, or do you just set a limit order at the area you expect price to retrace to? So for example, you have a large BUOB closing strongly above a previous resistance area (say price at 1.500). You could just set a buy stop right above the bar and hope to ride it up, but this gives you a rather poor risk/reward....
Hey Aelgen

Yep when playing a retrace entry you just use limit order

Here is an example of a limit order I had set that did not get picked up last night. It was on a retrace back to the BRN of the BEOB on eur/sgd. Been watching this area like a hawk too


Best
Mike
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  • #133,848
  • Feb 19, 2015 9:58am Feb 19, 2015 9:58am
Great, Thank you very much!
Looking forward to start playing them like that rather than always going for the break of the bar.
  • #133,849
  • Feb 19, 2015 11:37am Feb 19, 2015 11:37am
Quoting Aelgen
Great, Thank you very much! Looking forward to start playing them like that rather than always going for the break of the bar.
Great Aelgen

Just remember this. THere is not a one size fits all. Some entries should be taken on a break, some on the open, and some on a retracement. Identifying which one is a crucial part to the trade plan

Best of luck!
Mike
  • #133,850
  • Feb 19, 2015 3:46pm Feb 19, 2015 3:46pm
Ahh...those trades that make you ''stuck'' and wondering what to do!
...cut my losses ?
...hope and pray (lol) ?
...

Decisions.., decisions...
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  • #133,851
  • Feb 20, 2015 1:13am Feb 20, 2015 1:13am
Nice move on AUD/CHF. BE for now.

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  • #133,852
  • Feb 20, 2015 1:30am Feb 20, 2015 1:30am
Quoting gasgas
Ahh...those trades that make you ''stuck'' and wondering what to do! ...cut my losses ? ...hope and pray (lol) ? ... Decisions.., decisions... {image}
LOL shorted right into the daily PPZ. Classic...

Been there many times.
  • #133,853
  • Feb 20, 2015 2:19am Feb 20, 2015 2:19am
Quoting mbqb11
{quote} Great Aelgen Just remember this. THere is not a one size fits all. Some entries should be taken on a break, some on the open, and some on a retracement. Identifying which one is a crucial part to the trade plan Best of luck! Mike

Thanks for the tip! I think I've got that part fairly well under control but my problem has been that I have waited for PA confirmation on the retrace as well, so in effect waiting twice for PA and that just results in very very few trades.
So for example if I saw a nice BUOB going well beyond resistance, I would wait for retrace to the resistance (since break of bar was not good R/R) and then wait for a pinbar or another smaller BUOB starting from the resistance area once it retraced.

But now I'll backtest with the limit order at the area and see if that helps me better.

Thanks again!
  • #133,854
  • Feb 20, 2015 5:33pm Feb 20, 2015 5:33pm
CHF pairs seem to have BEOBs across the board. I like this one NZDCHF, with the trend, and location looks good to me. FTA is the 0.70000 round number and then other TAs marked.
Happy weekend everyone
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  • #133,855
  • Feb 20, 2015 5:40pm Feb 20, 2015 5:40pm
This one also interests me AUDNZD. 2 Day BUOB at a swing low with divergence. Based on the monthly chart the location looks quite good. FTA is very close though. I'll probably just watch this one because I'm not really sure how I'd manage it.
Is anyone else looking at this one? I'd be interested to know how you'd plan on entering and managing the trade. thanks

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  • #133,856
  • Feb 21, 2015 9:43am Feb 21, 2015 9:43am
Hi guys, am relatively new to this thread. Been a lurker for awhile but decided to jump in the wagon to learn as much as I can. Anyway what do you guys think of my position? Any advise is greatly appreciated!
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  • #133,857
  • Feb 21, 2015 4:11pm Feb 21, 2015 4:11pm
Quoting Fotovinic
Hi guys, am relatively new to this thread. Been a lurker for awhile but decided to jump in the wagon to learn as much as I can. Anyway what do you guys think of my position? Any advise is greatly appreciated! {image}
welcome to the thread Foto

Wanted to jump in here while I had a few minutes. I added some notes to the chart. This one went right to where we would expect it and if you are careful with how you buy you could get to a b/e or some profit on this trade. My assumption was you were trying to buy a break of the pinbar from 2 days ago correct?

Again welcome and hope that helps

Mike
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  • #133,858
  • Feb 21, 2015 5:47pm Feb 21, 2015 5:47pm
Mike, what concerns me the most is the potential drawdown... If i have a strategy which has a max drawdown that i can psychology handle then the profit should take care of itself... I have a very longterm view in sight... I dont need to withdraw any profit the first 20 years... Actually i plan adding to my account every month untill the impact is very little, this way i can accelerate the compounding tremendously.

Again my only concern is potential drawdown. For obvious reason i dont know what i can grasp, so i would prefer a low percentages drawdown and slowly build my account...

Potential drawdown of 20%+ is suspended for me.
Could i handle 15%. Honestly i have no clue.


Do you have any approximate drawdown percentages for your way of trading and risk management?
  • #133,859
  • Feb 21, 2015 11:33pm Feb 21, 2015 11:33pm
Quoting mbqb11
{quote} welcome to the thread Foto Wanted to jump in here while I had a few minutes. I added some notes to the chart. This one went right to where we would expect it and if you are careful with how you buy you could get to a b/e or some profit on this trade. My assumption was you were trying to buy a break of the pinbar from 2 days ago correct? Again welcome and hope that helps Mike {image}
Yes, you caught my sentiment spot-on. Was hoping that the pinbar will be a bullish signal but got a little disappointed when the next candlestick hit a resistance. Was wondering if I should continue to hold my position in hopes that it will not break the support at 1198.65 or minimise my loss by closing it asap. Thank you for the advice Mike!
  • #133,860
  • Feb 22, 2015 12:43am Feb 22, 2015 12:43am
german bechtle bc8 with a nice looking pinbar. next target will be 75 euro.
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meine augen sind die sterne
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