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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

  • #137,081
  • Sep 25, 2015 5:42am Sep 25, 2015 5:42am
Hi Cautious ,things could be funky at this level given cables in considerable range and at the bottom ,

quarterly draws near ,to enter new short now today/yesterday on h4 outside continuation ,or even long against w1 maybe bit risky without further info

personally I believe Quarterly as a signal that the high would go before the low


Quoting cautious05
Hi Mike/Guys, This is my first post on this forum although Mike may remember my name from a few months on his webinars on the private forum last summer. I'm currently still a newbie trader and leaving a lot from his method. Now to business did anyone place a trade on the GBP/USD Outside bar on 4hr. See below. There were loads of good trades to take this week but a couple failed ones too. {image}{image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #137,082
  • Sep 25, 2015 5:56am Sep 25, 2015 5:56am
range has held up ,so far this week

Quoting Bones
regarding equaties I suspect more side based on ,failure to confirm tl /pivot d1 ,monthly has left chart in limbo ,more than likely for me it would retrace higher medium term ,id be super surprised to see the low again this month with just over 1 week to go {image} {image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #137,083
  • Sep 25, 2015 7:44am Sep 25, 2015 7:44am
There were a lot of nice setups this week (I managed to catch 4 Pin Bars), unfortunately, I was stopped out in all after having them gone my way for a while. SLs were too damn tight. I just need to find a good way to put in my SLs, because the way this thread taught me was to place my SLs at the other end of the Pin Bar, which although makes sense but it hugely lowers the R:R of a trade, which I think could be worked upon.

I'm not sure if this is common sense to everybody, but this wasn't to me. But I found that if I derived my SLs from a lower time frame (as I trade the Dailies), I SHOULD derive my TPs from the same time frame. If I derived an SL from, lets say a 4H timeframe and derive my TP from a Daily, I was much more likely to get stopped out (of course, after having price hit the H4 TP first which I didn't much bother about as I was trying to fish bigger!) But I felt like I just had my eureka moment and needed to share.

Someone said once, the winners and the losers are made in the exits.
  • #137,084
  • Sep 25, 2015 8:17am Sep 25, 2015 8:17am
Quoting alphac
USDCHF 4HR pinbar, just draw a line on your chart and wait, your patience will be rewarded. No need for your chart to look like a still from a Pink Floyd concert. {image}
very nice support there, its funny because this support also coincides with the previous month close. I noticed over time that the last month close often provides a good S/R for the next month price movement.
Market can stay irrational longer than you can stay solvent.
  • #137,085
  • Sep 25, 2015 9:18am Sep 25, 2015 9:18am
Quoting wa-
There were a lot of nice setups this week (I managed to catch 4 Pin Bars), unfortunately, I was stopped out in all after having them gone my way for a while. SLs were too damn tight. I just need to find a good way to put in my SLs, because the way this thread taught me was to place my SLs at the other end of the Pin Bar, which although makes sense but it hugely lowers the R:R of a trade, which I think could be worked upon. I'm not sure if this is common sense to everybody, but this wasn't to me. But I found that if I derived my SLs from a lower...
I have the same issue. Using the full candle as your SL diminishes your R:R tremendously, especially in these markets lacking direction and trend. I learned that best setups are the ones that go on green from the first 1-2 breakout candles, hence I decided using a tighter SL that allows me for a better R:R, but I also get stopped out more often.

I know Mike has the dynamic risk strategy, but this one is a bit hard for me to follow for now, but I am studying it
Market can stay irrational longer than you can stay solvent.
  • #137,086
  • Sep 25, 2015 9:46am Sep 25, 2015 9:46am
Quoting incognito517
J16 thread, Id just like to apologise for all that Ive said earlier. I was way out of line and Im sorry. Take care.
I haven't been able to chime in regularly recently but I read the recent posts from time to time. I think I can understand your frustrations Courtney, but I also think that it's reasonable Mike spends more time and effort at the PF than this thread, because after all, he is the appointed senior instructor over there. As for this thread, looking at the last posts that Jim made in 2012 before going on a hiatus, I don't think he had officially appointed Mike as a custodian of this thread, so for Mike to continue chiming in here from time to time I believe we can all appreciate that.

I personally find going through just Jim's stuff in this thread (I just go to his profile and go through only his replies so that it's less tedious than clicking through thousands of pages of this thread) has been helpful to me so far in my demo journey. The vanilla J16 trading, I find, is much simpler to understand and apply immediately than a lot of what Mike does (as well as several other seniors). Having said that, I'm not one of the more experienced guys here who have fully "got it" and trading profitably live for a period of time, so I'm not vouching for everything here with hand on my heart or anything like that. Just want to say, let's keep calm and trade on.


Ok, charts:
GBP/JPY D1 and AUD/JPY D1. Both pin bars at swing low off PPZ.
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  • #137,087
  • Sep 25, 2015 11:05am Sep 25, 2015 11:05am
Quoting oble
{quote} I haven't been able to chime in regularly recently but I read the recent posts from time to time. I think I can understand your frustrations Courtney, but I also think that it's reasonable Mike spends more time and effort at the PF than this thread, because after all, he is the appointed senior instructor over there. As for this thread, looking at the last posts that Jim made in 2012 before going on a hiatus, I don't think he had officially appointed Mike as a custodian of this thread, so for Mike to continue chiming in here from time to...

Yes this is true I try to show more advanced things and beginner things. When I only showed the basics people used to ask for more here. So I try to cover a wide range of levels. That's what I do in the PF beginner to advanced

And I don't like being much in the spotlight but Jim and I are equal partners for some time

Glad to see you guys taking what you can from the thread. Really at the end of the day that's the best thing you can do. Find some things that work for you and exploit them

Best
Mike
  • #137,088
  • Sep 25, 2015 11:06am Sep 25, 2015 11:06am
Quoting mbqb11
{quote} we can see this bounce now at the TL which confirms it's validity. I call this localization one way to buy that is to wait for that 4hr to close and buy a pullback to the TL. I prefer in this case to wait for PA though. A nice 4hr beob would do just fine here {image}
and here is that 4hr beob
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  • #137,089
  • Sep 25, 2015 11:23am Sep 25, 2015 11:23am
Quoting mbqb11
{quote} and here is that 4hr beob {image}
THis is the same example as cad/jpy here

http://www.forexfactory.com/showthre...36#post8506736

It's using PA at a breakout area.

If you go through any of my trades those of you confused it's simply using PA at strong locations. They are different tools. Be it a breakout play like gbp/nzd or cad/jpy or trading in a range. Trading swing points.

The best piece of advice I can give is to work on one type of setup get good at it and then add others. That's what I did. So new folks should start with basic PA at swing highs and lows and as you get better you can branch out

Best
Mike
  • #137,090
  • Sep 25, 2015 12:24pm Sep 25, 2015 12:24pm
and for some friday fun viewing heres the pope coming down my block

Inserted Video



have a good weekend folks
  • #137,091
  • Sep 25, 2015 12:36pm Sep 25, 2015 12:36pm
Setups for this week Sep 21 - 25.

As Larry David says -
Inserted Video


Total Net Pips = 800.
Attached File(s)
File Type: zip Sep_21_25.zip   328 KB | 897 downloads
  • #137,092
  • Sep 25, 2015 12:37pm Sep 25, 2015 12:37pm
Quoting zamfir
Setups for this week Sep 21 - 25. As Larry David says - https://www.youtube.com/watch?v=nsjPrsmsll0 Total Net Pips = 800. {file}
LOLOL i love curb
  • #137,093
  • Sep 25, 2015 12:44pm Sep 25, 2015 12:44pm
Quoting mbqb11
{quote} LOLOL i love curb
Me too mike. Season 9 possibly coming soon...
  • #137,094
  • Sep 25, 2015 1:41pm Sep 25, 2015 1:41pm
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  • #137,095
  • Sep 25, 2015 1:57pm Sep 25, 2015 1:57pm
Quoting wa-
There were a lot of nice setups this week (I managed to catch 4 Pin Bars), unfortunately, I was stopped out in all after having them gone my way for a while. SLs were too damn tight. I just need to find a good way to put in my SLs, because the way this thread taught me was to place my SLs at the other end of the Pin Bar, which although makes sense but it hugely lowers the R:R of a trade, which I think could be worked upon. I'm not sure if this is common sense to everybody, but this wasn't to me. But I found that if I derived my SLs from a lower...
Hey Wa

I missed this post. But ABSOLUTELY. I try to do everything from the same timeframe I enter most of the time. I believe it has it's own ebb and flow that makes sense to that setup itself

Good observation

Best
mike
  • #137,096
  • Edited 2:35pm Sep 25, 2015 2:29pm | Edited 2:35pm
Quoting mbqb11
{quote} Hey K I'm pretty much a 99% pure technical trader. If a trade setup presents itself i'm going to take it. When volatility is good i'll take trades any time of day. When it is low i'll stick to the main sessions. I had no idea chinese PMI was coming out and if I did it wouldn't change my thought process. Again a LONG time ago i made the decision after R&D it was not necessary to follow news. Only very few pieces of news am i aware of when coming out. Mostly very crucial interest rates(like last week) but even with that said generally it doesn't change what I am doing Hope that helps Mike


Hey Mike,
thanks very helpful answer and it is very insightful.
If it works for you thats a great thing, but personally I for me trading has also a
fundamental side which I cannot neglect. And this is also a major reason why I have trouble
trading the j16 method.

For example I studied Jims account statement from February - April this year
http://www.forexfactory.com/showthre...91#post8195791

There the largest winners were GBP-USD and GBP-JPY, which were entered at February 17 or February 18 before London open.
GBP-USD was a nice pin off a former D1 pivot, but the fact is no matter how good the pin looks like nobody knew the outcome of the Bank of England data on February 18 !
I mean, why enter a trade a day before this event. A pinbar or price structure cannot tell the outcome of central bank data. And in the currency market central banks are major drivers of exchange rates. The outcome can be 50/50, there is no edge and for me the risk somebody takes is to high to enter a trade just one day before such an event takes place (except maybe a straddle on the daily).

Best,
K
  • #137,097
  • Sep 25, 2015 2:50pm Sep 25, 2015 2:50pm
Quoting Kershey
{quote} Hey Mike, thanks very helpful answer and it is very insightful. If it works for you thats a great thing, but personally I for me trading has also a fundamental side which I cannot neglect. And this is also a major reason why I have trouble trading the j16 method. For example I studied Jims account statement from February - April this year http://www.forexfactory.com/showthre...91#post8195791 There the largest winners were GBP-USD and GBP-JPY, which were entered at February 17 or February 18 before London open. GBP-USD...
That's great K, you should absolutely only do what makes you comfortable and works. Adding any fundamental mix for me never did anything but hurt me

I always say this about ANY tool. If it adds value then keep it if something doesn't add value then get rid of it. That can be said for anything. That's why we get different styles. I know many traders like you that add fundamental into the mix.

I will say this, in terms of no one knows until the news comes out, i'd say a lot of smart money knows and that's why you get ebb and flows the way they are. So in turn I think news can be a driver both before, during or after, and many times well built into the overall flow.

But of course nothing is 100% far from it. All methods need the ability to cut out when you are wrong and be able to stay in when you are right.

I always tell people what I teach, or Jim or anyone else is nothing more then our methods and experience. It's far from the only way to do things. I think those that do best with our material take what we do and run with it in their own way. Make it fit your beliefs and your personality

Enjoy the weekend and thanks for letting me rant off on my beliefs

Mike
  • #137,098
  • Sep 25, 2015 4:01pm Sep 25, 2015 4:01pm
Quoting oble
{quote} I haven't been able to chime in regularly recently but I read the recent posts from time to time. I think I can understand your frustrations Courtney, but I also think that it's reasonable Mike spends more time and effort at the PF than this thread, because after all, he is the appointed senior instructor over there. As for this thread, looking at the last posts that Jim made in 2012 before going on a hiatus, I don't think he had officially appointed Mike as a custodian of this thread, so for Mike to continue chiming in here from...
You’re absolutely right Gerard, I had thought about that today. Whatever I meant to say just came out wrong. Sometimes my mouth gets me into a lot of trouble, not just online but in reality too. I got no issues with Mike though and I’m grateful for all that he does.
I do the same when going through James’ stuff, it's easier than going through the entire thread. And you can catch on relatively fast.

It’s the weekend and the markets are closed, so I’ll post a little game I made: https://www.codeavengers.com/c/court...ie_battlefield
Use your keyboard arrows to move about. Refresh the page to restart the game. Enjoy, and have a great weekend.
  • #137,099
  • Sep 26, 2015 1:20am Sep 26, 2015 1:20am
My trades for the week, total of +84.90 pips, +2.15%. All on H4, psychology tricked me and prevented me from taking D1 setups (D1 is what I'm giving more importance). Next reading: Trading in the zone, need to improve mindset.


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Had to be me. Someone else might have gotten it wrong.
  • #137,100
  • Sep 26, 2015 2:22am Sep 26, 2015 2:22am
hi jim, mike ,
new to this thread , but what i reaad and learnt literaally blown my mind! incredible stuff...
just want to thank you ..

kind regards..
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