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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

  • #137,581
  • Nov 19, 2015 1:32am Nov 19, 2015 1:32am
Quoting Poinson
Hey, Mike, need your help. I,ve started not bad since April, here is my life trading chart until August. Since August, I won ZERO of my entries, and the most interesting - no one of them even wet into BE !!! Thats something crazy guys, I can turn around the trend! So if you need it just ask... I lost everything and dont feel I want to look it again {image}
Hey Poinson. You lost everything? Can you post some of your trades/charts? GB.
'Fail to plan, plan to fail'
  • #137,582
  • Nov 19, 2015 4:41am Nov 19, 2015 4:41am
I did...
  • #137,583
  • Nov 19, 2015 5:35am Nov 19, 2015 5:35am
Quoting Poinson
I did...
Do you trade J16 style?
'Fail to plan, plan to fail'
  • #137,584
  • Nov 19, 2015 7:18am Nov 19, 2015 7:18am
Quoting mbqb11
{quote} ...So I LOVE trading boxes, both within, box breakouts...{image}
Hi Mike,
Thanks for nice chart showing many pieces together. I have question though. Can you please explain a bit more about what is box for you, how you mark it, etc? Also, is this the rectangle that you draw or area between those rectangles? On the screen they take so many pips.
I understand also that box breakout is what you mean when waiting for classic pullback and PA.
How do you trade within box, an example would be more then enough.
Sorry if these questions were already on the thread. I have spend much time searching for this but I always finish with 'yes, but' after reading those posts.
I hope you understand my considerations.
Regs.
  • #137,585
  • Nov 19, 2015 7:34am Nov 19, 2015 7:34am
Quoting Guitarbloke
{quote} Hi VS. That's not strictly a pin bar, but yes, it is a bullish bar surrounded by bullish activity. Glad you made some profit, but be careful taking trades in the middle of a range as this bar is, as they will often just flop around and lose us money. Ideally we want a pin bar to stand out clearly away from price and a PB is a reversal signal. Check page 1 for more info. Best wishes, GB. CAD/CHF D1 IB breakout. A few bumps ahead, but let's see how he goes. Target just below 100 fib level. {image}
Hello GB,
Thanks for comment. My intention was not trade pinbar but rather bullish price activity.
Can you pls confirm if by range you mean the area between two horizontal lines on below chart?
Greg
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  • #137,586
  • Nov 19, 2015 8:42am Nov 19, 2015 8:42am
Quoting Poinson
Hey, Mike, need your help. I,ve started not bad since April, here is my life trading chart until August. Since August, I won ZERO of my entries, and the most interesting - no one of them even wet into BE !!! Thats something crazy guys, I can turn around the trend! So if you need it just ask... I lost everything and dont feel I want to look it again {image}
Hey P

I'd love to give more help if i could. My off the top of my head thinking is that you were taking high risks or something to be able to completely wipe an account if my understanding is that is what happened? With proper risk mgmt alone this should be a near impossibility.

Let's check some of those trades, get more detail and i'll jump in to give my advice. You are going to have bad times but we need to weather them until the good ones pick up. For example these last two months are tough trading but if you can have an equity curve that looks like that for 5 months is very impressive but when those couple bad months come you have to be able to handle your losses

Let me know here and we'll see what I can help with
Mike
  • #137,587
  • Nov 19, 2015 8:55am Nov 19, 2015 8:55am
Quoting vanilla.sky
{quote} Hi Mike, Thanks for nice chart showing many pieces together. I have question though. Can you please explain a bit more about what is box for you, how you mark it, etc? Also, is this the rectangle that you draw or area between those rectangles? On the screen they take so many pips. I understand also that box breakout is what you mean when waiting for classic pullback and PA. How do you trade within box, an example would be more then enough. Sorry if these questions were already on the thread. I have spend much time searching for this but...
Hey V

A box is simply a period of consolidation. Nothing more. Now with boxes like all concepts in trading we have a range

We have small to very large boxes. We have inaccurate to very accurate boxes

Consolidation periods tell us a lot about a market because it gives us a point of reference and also an understanding that the market has found an agreeable price. Meaning price is within a range because the market sees it as a "fair" value.

Lets look at some box example. They aren't hard to find right now. This is a great way to know and see the market is consolidating and properly trade it or stay out of it.

Hopefully gives you some more to work with

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  • #137,588
  • Nov 19, 2015 9:29am Nov 19, 2015 9:29am
Quoting mbqb11
{quote} Hey V A box is simply a period of consolidation. Nothing more. Now with boxes like all concepts in trading we have a range We have small to very large boxes. We have inaccurate to very accurate boxes Consolidation periods tell us a lot about a market because it gives us a point of reference and also an understanding that the market has found an agreeable price. Meaning price is within a range because the market sees it as a "fair" value. Lets look at some box example. They aren't hard to find right now. This is a great way to know and see...
Hello Mike,
Thanks for reply. I think I will stay with breakout trading until I get some more skills.

I took a breakout trade today but I took full loss. I assumed uptrend and entered outside bar after pullback to place where price broke up on Monday (16th).
Entry on breakout of outside bar candle. Next candle was optimistic but then price went totally against me...
Cheers.
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  • #137,589
  • Nov 19, 2015 9:49am Nov 19, 2015 9:49am
Quoting vanilla.sky
{quote} Hello Mike, Thanks for reply. I think I will stay with breakout trading until I get some more skills. I took a breakout trade today but I took full loss. I assumed uptrend and entered outside bar after pullback to place where price broke up on Monday (16th). Entry on breakout of outside bar candle. Next candle was optimistic but then price went totally against me... Cheers. {image}
One thing I do and I think it can help you. A breakout trade should be a breakout pattern.

I can't really tell what you did here if you could clarify more. But I often see people look at situations as breakouts, when they are just playing S/R. For me these are very distinctly different things

Best
Mike
  • #137,590
  • Nov 19, 2015 9:56am Nov 19, 2015 9:56am
Quoting mbqb11
{quote} One thing I do and I think it can help you. A breakout trade should be a breakout pattern. I can't really tell what you did here if you could clarify more. But I often see people look at situations as breakouts, when they are just playing S/R. For me these are very distinctly different things Best Mike
Hi Mike,
Let me clarify, I could see price level being established (three arrows down). Then price broke up and made pull back to the level. Then was BEOB at this level. This is where I took entry on breakout of the candle.
Breakout level was aligned with short term support lines. I was expecing price will hit my target at least - upper yellow line.
Thanks for your help.
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  • #137,591
  • Nov 19, 2015 10:42am Nov 19, 2015 10:42am
Quoting Poinson
Hey, Mike, need your help. I,ve started not bad since April, here is my life trading chart until August. Since August, I won ZERO of my entries, and the most interesting - no one of them even wet into BE !!! Thats something crazy guys, I can turn around the trend! So if you need it just ask... I lost everything and dont feel I want to look it again {image}
Hi!

You had an excellent winning steak. --> You added some extra risk --> You lost --> You wanted to get your money back --> You added even more risk --> And the account was ruined.
Is that what happened?

Solution is simple: When pros start getting into a losing steak instead of adding more risk just to get back their money, they use smaller risk. As I remember one of the market wizards used like 1/100th of the normal risk. The goal is to get back your confidence and only then go back to your normal risk.

Also as a reminder: You can re-read james' very first post.
Let me quote him:

  1. IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF YOUR ACCOUNT, YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS, YOU REFUND YOUR ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING AGAIN UNTIL YOUR DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES ONE MONTH OR SIX MONTHS, IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DON'T WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT."

What can you do now?
Figure out what did you different --> Write it down --> Lay down some rules. --> Restart. :-)

Hope this helps.
Stephen

It's all psychology...
  • #137,592
  • Nov 19, 2015 1:02pm Nov 19, 2015 1:02pm
Typical J16 loosing trade.

Then you exercise patience and wait for 13 days to take a trade.
Trendline,
BRN 11000,
Weekly engulfing bar,
market gapped down at weekly open.

Well many things in place, higher risk.
Loss, red for the month.
beyond disappointment
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  • #137,593
  • Nov 19, 2015 1:26pm Nov 19, 2015 1:26pm
Unfortunately they don't always work out Kershey, although it isn't strictly an OB either, did you check the monthly? last month was it's largest monthly rise in 16 years. It's still an area worth watching.
  • #137,594
  • Nov 19, 2015 2:13pm Nov 19, 2015 2:13pm
still waiting for the new website Mike. Can you please tell me something about the state of the project? thanks
  • #137,595
  • Nov 19, 2015 3:06pm Nov 19, 2015 3:06pm
Quoting vanilla.sky
{quote} Hi Mike, Let me clarify, I could see price level being established (three arrows down). Then price broke up and made pull back to the level. Then was BEOB at this level. This is where I took entry on breakout of the candle. Breakout level was aligned with short term support lines. I was expecing price will hit my target at least - upper yellow line. Thanks for your help. {image}
Hey V

You mean Buob right? You went long?

Ok so this just comes down to quality for me. In this case the BUOB is technically one but for me I look at a bar like that and see small neutral bar(that is the open and close are in the middle of the bar with equal tails. yes price bounced but that samll bar vs the much large previous bearish move is very difficult to buy back into. We could really look at that as a huge 8hr beob engulfing a huge range and breaking a recent rising TL. I'd rather be a seller here to that box retrace area

Does this help?

Again the BEST piece of advice I can give to people looking to use PA bars we teach is not to get suckered into those small bars. They are much harder to decipher. Look for those stand out bars when getting your feet grounded

Hope that helps!
Mike
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  • #137,596
  • Nov 19, 2015 3:07pm Nov 19, 2015 3:07pm
Quoting canados
still waiting for the new website Mike. Can you please tell me something about the state of the project? thanks
Hey C

We will be making a public announcement on Dec 1st

Just a bit more

Best

Mike
  • #137,597
  • Nov 19, 2015 6:06pm Nov 19, 2015 6:06pm
Quoting Poinson
Hey, Mike, need your help. I,ve started not bad since April, here is my life trading chart until August. Since August, I won ZERO of my entries, and the most interesting - no one of them even wet into BE !!! Thats something crazy guys, I can turn around the trend! So if you need it just ask... I lost everything and dont feel I want to look it again {image}
Hi Poinson,

There are plenty of people here that are willing to help you and others. However, you need to give a lot more information in order to gain good constructive assistance.
You need to take the time to post detailed well annotated screen shots of your trades along with detailed reasons why you took the trade, including your risk and trade management.

Then and only then can you get good detailed feedback.

Keep your chin up and pat yourself on the back with the fantastic job you did prior to the implosion.

OP
If you act surprised, then you probably missed something
  • #137,598
  • Nov 19, 2015 8:50pm Nov 19, 2015 8:50pm
Hi All,

Slightly off topic but I wanted to ask those I can trust....
....does anyone know of a reputable broker anywhere in the world who has the VND (Vietnamese Dong) as a currency pair, hopefully against the AUD or USD??

Bill
  • #137,599
  • Nov 19, 2015 10:04pm Nov 19, 2015 10:04pm
Quoting vanilla.sky
{quote} Hello GB, Thanks for comment. My intention was not trade pinbar but rather bullish price activity. Can you pls confirm if by range you mean the area between two horizontal lines on below chart? Greg {image}
Hey VS. Yes, the 2 horizontal lines.

Bill, re the Viet dong. I wonder how big the spreads are? Sorry, don't know. Try Axitrader - pretty good in my experience. Pepperstone? Someone round here should have a clue though.

EUR/AUD H4 IB/BEOVB combo. Profit locked in.

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'Fail to plan, plan to fail'
  • #137,600
  • Nov 20, 2015 12:55am Nov 20, 2015 12:55am
How would you play this box?
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