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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

  • #138,441
  • Feb 3, 2016 2:35pm Feb 3, 2016 2:35pm
Quoting demp
{quote} Thank you Zero. The thing, though, is that my entries aren't very special. Especially when looking at the more complicated entries people post here all the time. I simple look for "eye-popping" pinbars, as I like to call them. And make sure they're at a good levels with confluence from other technical factors, as S/R, BRN 200SMA etc. Here's an example of a cable trade I'm currently in: {image} I find on average 1 setup per week and that's okay. Since the ones I do take have very high probability of working out favorable.
Nice trade man. Longer term set and forget trading, exactly the sort of thing i am working towards.
I am curious though, with your TP being right at a trendline/resistance area (see my chart below) - is that just luck that your 1:2 risk reward finishes at that area OR did you scope out before taking the trade where your TP would be and you looked for resistance/ppz's to ensure you likely will hit your TP??
Cheers, Bill
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  • #138,442
  • Feb 4, 2016 1:38am Feb 4, 2016 1:38am
PF site down?
  • #138,443
  • Feb 4, 2016 3:18am Feb 4, 2016 3:18am
Quoting mallee
PF site down?
Hey guys

Apologies we are currently down, waiting on our IT guy

We will be up as soon as we get him. Still working out a few new site launch kinks :X

Thanks for your patience!
Mike
  • #138,444
  • Edited 5:32am Feb 4, 2016 3:37am | Edited 5:32am
Short USCAD at 1.3763 based on daily outside bar around a BRN. 50+ pips so far. Will look to take some off at either 1.3680. Depending on if / when that happens I will move the stop to BE just before US Unemployment news comes out, just in case.
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  • #138,445
  • Edited 5:22am Feb 4, 2016 4:24am | Edited 5:22am
Quoting Bill618
{quote} Nice trade man. Longer term set and forget trading, exactly the sort of thing i am working towards. I am curious though, with your TP being right at a trendline/resistance area (see my chart below) - is that just luck that your 1:2 risk reward finishes at that area OR did you scope out before taking the trade where your TP would be and you looked for resistance/ppz's to ensure you likely will hit your TP?? Cheers, Bill {image}
Hi again Bill
Good question, it's actually one of the biggest thing I'm looking at with my way of trading. It's really tempting to use better TP levels, but it's in my opinion better to have something that I know works x% of the time (see my previous post) than something that may change these numbers (even for the better).

That's something which is on my agenda, to backtest again, but this time do it according to more obvious S/R-levels. I just haven't had time to do this yet, since I know it takes a lot of work. :-)

Let me know if you have any other questions, good luck with your backtesting!
  • #138,446
  • Feb 4, 2016 5:38am Feb 4, 2016 5:38am
Quoting Grousman
Short USCAD at 1.3763 based on daily outside bar around a BRN. 50+ pips so far. Will look to take some off at either 1.3680. Depending on if / when that happens I will move the stop to BE just before US Unemployment news comes out, just in case. {image}
Took some profit at 1.3670. moved SL to 1.3710. If it gets to 136.20 will take more off.
  • #138,447
  • Edited 6:30pm Feb 4, 2016 6:12am | Edited 6:30pm
Quoting demp
{quote} Hi again Bill Good question, it's actually one of the biggest thing I'm looking at with my way of trading. It's really tempting to use better TP levels, but it's in my opinion better to have something that I know works x% of the time (see my previous post) than something that may change these numbers (even for the better). That's something which is on my agenda, to backtest again, but this time do it according to more obvious S/R-levels. I just haven't had time to do this yet, since I know it takes a lot of work. :-) Let me know if you have...



I really really really hope someone caught this...
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  • #138,448
  • Edited Feb 5, 2016 2:23am Feb 4, 2016 11:24pm | Edited Feb 5, 2016 2:23am
EUR/JPY D1 IB. Bringing home the veggies. Watch out for NFP later.

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OIL/USD H4 IB.

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'Fail to plan, plan to fail'
  • #138,449
  • Edited 2:11pm Feb 5, 2016 3:12am | Edited 2:11pm
Palladium BUOB D1. Sloooow and steady.

Update: Stopped out for a trailing stop small profit. This was not the best setup.
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  • #138,450
  • Feb 5, 2016 4:07am Feb 5, 2016 4:07am
Quoting Bill618
{quote} I really really really hope someone caught this... {image} {image}
how .. really i am glad to see some people are doing metals and commodities .. seen oil chart and short holding but how this plain chart working for trade... with out indicators
Success is a Journey Not a Destination....... kind regards ramzam
  • #138,451
  • Feb 5, 2016 1:08pm Feb 5, 2016 1:08pm
Fuck you j16 trading method.
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  • #138,452
  • Feb 5, 2016 1:13pm Feb 5, 2016 1:13pm
Quoting Kershey
Fuck you j16 trading method. {image}
Why to use such language?

Kershey, are you a member of the pf?
  • #138,453
  • Feb 5, 2016 1:23pm Feb 5, 2016 1:23pm
Quoting Kershey
Fuck you j16 trading method. {image}
Hey K

I know you are frustrated with losses but it's important you are on DEMO while you learn from your losses and the mistakes you are making

This pinbar was in a ton of traffic. It had no room to run. It still did go to the FTA.

Have you seen my video on space vs traffic? Notice here price has no space so right when the pin breaks you are at a first and major trouble area, in this case specifically the BRN of 85. We don't want to say because price is bouncing of a support much lower it should keep going higher.

We can't view a pinbar as what should move us higher/lower. We need that pinbar to be in a proper location for price to have the chance to continue higher/lower. This is a trade that would need a LOT of babysitting. I am not a fan of those

Hopefully this gives you some insight on the situation. Remember don't think about the bars think about the story,.

Keep at it and make sure you are on DEMO only

Best
Mike
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  • #138,454
  • Feb 5, 2016 1:39pm Feb 5, 2016 1:39pm
Quoting Kershey
Fuck you j16 trading method. {image}
6 weeks no losses straight,
and 2 trades fuck you up,
typical for J16method.
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  • #138,455
  • Feb 5, 2016 1:42pm Feb 5, 2016 1:42pm
It took me 1 year following this thread,
to realize that this method has marginally to do with trading,
its a PRODUCT.

A commercial product sold to a market in order to make a profit.
  • #138,456
  • Feb 5, 2016 1:47pm Feb 5, 2016 1:47pm
Quoting Kershey
It took me 1 year following this thread, to realize that this method has marginally to do with trading, its a PRODUCT. A commercial product sold to a market in order to make a profit.
I sent 4 live trade ideas in real time to the group in January, 3/4 closed for profit, with the one loss being a marginal loss. And we had a nice month for which many were grateful and VOLUNTARILY donated money from their success. Yes we do make a profit teaching but that doesn't mean we sell a bad product

It also doesn't mean just because you spend a year learning you will be profitable. Far from the case , trading is tough with many nuances. No shortcuts to learning just good vs bad material. From your last trade posted you made some clear mistakes that you could learn from. Again if you want , as you can see i'm glad to help here for FREE.

If not we also understand what we do isn't for everyone and we are ok with that too

Enjoy the weekend
Mike
  • #138,457
  • Edited 2:20pm Feb 5, 2016 2:06pm | Edited 2:20pm
Quoting ramzam
{quote} how .. really i am glad to see some people are doing metals and commodities .. seen oil chart and short holding but how this plain chart working for trade... with out indicators
Hi ramzam. I do loosely use 25EMA and MACD but the reason i'm not into indicators generally is that just about all the ones i know of lag behind the moving market. By the time a signal has been produced by an indicator, usually the market has already moved significantly and i find i'm "too late." I realize there are people, maybe you, who use them to great effect - but not me.

Having said that, on the chart of mine you referred to, there are some very significant and important "indicators" that predicted the price movement that occurred - Support and Resistance. This was a simple breakout of a resistance level.
Notice on my 4h chart i posted earlier that price broke out and then came back down to the resistance line, which is now support, and then continued higher. A perfect showcase of support and resistance imo. Support and resistance are very strong predictive indicators of likely price action imo.

Plus, if you know about pattern trading (i do), it's clear to see the "Pennant Pattern" (a well established and successful pattern used for 100 years). In my share trading i use 3 patterns: Boxing, Flags and Pennants - all to good effect and although i'm new to currencies, they seem to work the same here.

A pennant/flag has a flagpole (blue shaded area on chart below). Generally, if/when a breakout occurs it will be moving in the same direction as the pole AND will move about the same distance as the pole. On my chart below price is yet to fully realize the pole length but it's close! And it may still get there next week! Good profit! Google Pennant and Flag patterns for much better info than i'm providing here lol.

So that chart in it's perfectness requires no traditional indicators (for me). Perhaps this type of chart/pattern is not for the J16 thread but i posted it and said "really really really" because to me it was exciting to see - a thing of beauty. Yes i missed it but i hoped some peeps got it.

This is just my opinion and i hope i have answered your question. Let me know if it hasn't
Happy trading.
Bill
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  • #138,458
  • Feb 5, 2016 2:24pm Feb 5, 2016 2:24pm
Quoting Kershey
{quote} 6 weeks no losses straight, and 2 trades fuck you up, typical for J16method. {image}
The best traders in the world would have a hard time making a profit with this R:R regardless of trading method.

Chart: Watch the big picture.
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  • #138,459
  • Feb 5, 2016 2:26pm Feb 5, 2016 2:26pm
OK here is truth. Im gonna respond instead of react.
Can you provide proof of at least 6 months in a row of profit on demo? YES OR NO? EVERY SINGLE JAMES16 MEMBER IS TOLD THIS. GO READ THE FIRST POST ON THIS THREAD FROM 10 YEARS AGO.

If you did not prepare yourself for your new business to have a chance at success then your the same thing I used to be. An idiot. The day you call yourself that you will have a chance. not until.

Mike may be nice but I will tell you what you really need to hear. why? I honestly care. I know the pain.

If anyone that ever reads this ever loses a dime and you did not prepare yourself properly before you opened your new business then it aint no ones fault but yours. Just like it was mine so many years ago. Does anyone here honestly think that this is any less difficult than starting any new business?

You can still do it right and you can certainly have my help if you want it but don't expect anything but the truth from me. WE HAVE TOTALLY KICKED ASS IN JANUARY IF YOU KNOW WHAT YOUR DOING. YOU LEARN THAT ON DEMO .

After ten years there is really only one thing that pisses me off. someone that says bad things about us and didn't do a damn thing to help themselves get good at it.

Go watch the freaking month of wipg series on the site and then come back and tell me that if you know what your doing thru dogged desire and months and months of practice you cant be great. Proving what we do works is the easiest thing we do.
Jim

Would you
Quoting Kershey
{quote} 6 weeks no losses straight, and 2 trades fuck you up, typical for J16method. {image}
  • #138,460
  • Feb 5, 2016 2:28pm Feb 5, 2016 2:28pm
AUD/USD M15 BEOVB. Sell at swing high. Closing this trade soon.

Hey Kershey. That PB you bought was not at a swing low. I do this too often and it results in losses. Buy PB from swing low, and sell PB from a swing high, not in the middle. This gives a much higher probability of success. Take a break for a few days and take care. GB
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'Fail to plan, plan to fail'
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