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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

  • #138,981
  • Edited 8:15pm Apr 27, 2016 7:21pm | Edited 8:15pm
Quoting incognito517
{quote} I saw you complain about scrambling for pips and that you were looking for a lower frequency trading method that would give you running trades instead. Well how are you going to get runners if you are unwilling to lose your floating profits? If that is what you want, then get to BE and let the friggin thing run for the hills.
Well first of all sorry for all my complaining and boring posts
Secondly, yes i am looking to trade lower frequency but not that way, which is potentially several hundreds of pips up and SL still in the red or at best BE. It's no good for my psychological health. Below is a very quickly put together example of what works very well most of the time for me in shares, that i am fine tuning for FX (which is a bit different - more volatile).

Say you are bullish on a pair. It's just going to go up to the TL/resistance/PPZ! You pick your moment and go long, you now have your SL in place (1st white dash). You're not concerned about bearish bars, momentum is with you. So then later another bullish signal (2nd white dash, BUOB) and move SL under this bar. Another bullish signal later (3rd white dash, PB/IB/2-day BUOB/whatever) and again trail your SL to under these. Another bullish signal (4th white dash) and SL up again...

Four things:
1. Some/most trade J16 bars as momentum changing signals. I treat them, per this example, as momentum continuation/confirmation signals.
2. This way of SL trailing is still letting my trades run for the hills, particularly the stronger ones, but locking in profits in case price never gets to the top of the hill, for when momentum changes. At the end of the day, if i have a strong BUOB/Box breakout/whatever signal, move my SL up under it, and then price breaches the bottom of this area, then i don't want to be in the trade anymore. To me it's now to volatile and less certain what price is going to do.
3. This is all just my opinion. For my own sanity i have to move my SL up at the next level of (solid) support, not leave it in the red/BE. There are a thousand ways to trade, a thousand ways to use SL's. Of course you have to use what works best for you.
4. Still a "work in progress" SL system, but so far so good. And you're right, i do post in this thread to much!

I hope the chart explains what i mean. Is it the best SL system since the dawn of man? Ha-Ha no way!! Just thought it might be of interest...

Happy Trading,
Bill
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  • #138,982
  • Apr 28, 2016 2:39am Apr 28, 2016 2:39am
Quoting TheGreatMilenko
{quote} ​You didn't really use the term " ching chong's " did you?
If I’ve offended you then I am genuinely sorry. I didn’t mean it derogatorily. Or are you just being the massive prick that you usually are on this forum?

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Flo and Mike have intentionally ignored your sense of asinine sarcasm and cynical remarks. But now you’re back looking for someone that will throw a few punches back... and so you initiate conversation with me?

I’m sorry that you find the J16 methodology tasteless, but if it’s of no worth to you, leave. There’s no sense in hovering, it will only irk yourself and the rest of us participating in this thread. Trading isn’t a set-in-stone thing, so it’s completely plausible that you might not like what is taught here. I know quite a few that dislike the methods and even question James’ credibility, but they’ve at least made it a point to stay away. Could you perhaps do the same then and kindly fuck off?
  • #138,983
  • Apr 28, 2016 3:00am Apr 28, 2016 3:00am
Quoting Bill618
{quote} Well first of all sorry for all my complaining and boring posts Secondly, yes i am looking to trade lower frequency but not that way, which is potentially several hundreds of pips up and SL still in the red or at best BE. It's no good for my psychological health. Below is a very quickly put together example of what works very well most of the time for me in shares, that i am fine tuning for FX (which is a bit different - more volatile). Say you are bullish on a pair. It's just going to go up to the TL/resistance/PPZ! You pick your...
HAHA apology accepted! **NUDGE**

Alright, I think I understand how you trade now. Your trailing method looks pretty concrete, and I suppose it has been working relatively well for you thus far? If it has, then there’s no point in fixing something that isn’t broken. There was some misunderstanding on my part. You seem to be somewhat of a trend trader and less of a swing person than I had thought. What I meant by “let it run” was to trust your initial analysis to see you through to your predetermined TP rather than making emotional errors with the trailing of your SL from fear of losing your unrealised profits. I don’t trail, but my emotions get the better of me at times and instead of trusting my analysis, I take profits earlier than planned. Here’s an example from last month: USDCHF BEOB, got into the trade perfectly with TP at 0.95 for obvious reasons. But when price had approached the first demand zone I panicked and took profit, and then had to painfully watch as price went on to do exactly what I had anticipated it would do.
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You’d think I would have learned my lesson, right? But then right after that, I took a small touch of 0.95 as it was CT with 0.9750 as destination. Again, panicked and took profit as we approached the FTA.
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This is what I meant by not allowing your trades to run. But then you define things differently. I agree with your 3rd point, there are many ways to skin a cat and I’m glad you’ve found one that suits your personality and allows you to keep a level head. I still have a couple loose screws upstairs that I'm working on.

Keep me posted on your trades, I like to see how you go about managing these live.
  • #138,984
  • Apr 28, 2016 8:43am Apr 28, 2016 8:43am
Here is one I posted to the PF but also on stocktwits(i'm trying to reach people more outside of the site)

it's still running too on a huge gap down after earnings and the BOJ fun

again insane divergence with a nice BEOB as confirmation

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  • #138,985
  • Apr 28, 2016 3:08pm Apr 28, 2016 3:08pm
Mike are you still in GBP/NZD? i lose 0.2 R on this trade

another chart that i'm watching now is CAD/CHF, a box in 1H
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  • #138,986
  • Apr 28, 2016 3:49pm Apr 28, 2016 3:49pm
Quoting florinellz
Mike are you still in GBP/NZD? i lose 0.2 R on this trade another chart that i'm watching now is CAD/CHF, a box in 1H {image}
Hey Flo

I got stopped out at b/e (see below)
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I am looking to re-enter a bit lower on a deep retrace under the recent swing point

We have a lot of great market action this week. It feels like forever since things were this active and fun

Best
Mike
  • #138,987
  • Apr 28, 2016 5:20pm Apr 28, 2016 5:20pm
A lot of good NZD trades got screwed. I sold NZDCAD daily pivot today. I would have held this trade longer but after yesterday’s RBNZ rate statement sent the Kiwi soaring I felt it would be risky to hold on to NZD shorts. So took profit on a LTF FTA - WIPG style.
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  • #138,988
  • Edited 7:33am Apr 29, 2016 4:46am | Edited 7:33am
Quoting incognito517
{quote} I still have a couple loose screws upstairs that I'm working on.


EUR/USD H1 BEOVB. See if i can rip a few pips here. Price rejecting 1.14000 BRN.

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E/U edit. stopped out

GBP/USD H4 BEOVB Rejecting and closing below BRN. Is he dreaming?

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'Fail to plan, plan to fail'
  • #138,989
  • Apr 29, 2016 5:15am Apr 29, 2016 5:15am
Quoting florinellz
Mike are you still in GBP/NZD? i lose 0.2 R on this trade another chart that i'm watching now is CAD/CHF, a box in 1H {image}
I'm on the other side (selling). Look on PPZ on D1 - price having problems/consolidating and on H4 we have nice divergence that give some signs of going south before we break 0.77 definitely.
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  • #138,990
  • Apr 29, 2016 6:56am Apr 29, 2016 6:56am
Quoting Guitarbloke
{quote} EUR/USD H1 BEOVB. See if i can rip a few pips here. Price rejecting 1.14000 BRN. {image}
Good I am also looking for some dollar strength. I sold a deep retrace of the GBPUSD H4 BEOB. Will hopefully get my stop to BE before I leave work.
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And they say fortune favours the brave so I bought USDCAD 1.25 on touch.
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All the best on your trade. I finish work at 2:30pm on Fridays. Almost time to leave I'm off to get some booze.
Later!
  • #138,991
  • Apr 29, 2016 8:29am Apr 29, 2016 8:29am
Quoting mbqb11
{quote} Hey Flo I got stopped out at b/e (see below) {image} I am looking to re-enter a bit lower on a deep retrace under the recent swing point We have a lot of great market action this week. It feels like forever since things were this active and fun Best Mike
Here was that entry under the recent swing point Flo , looking for this to possibly be the bigger move. The weekly close should tell us a lot going forward
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  • #138,992
  • Apr 29, 2016 8:30am Apr 29, 2016 8:30am
here was a touch trade for the gap close this morning

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  • #138,993
  • Apr 29, 2016 10:10am Apr 29, 2016 10:10am
Quoting mbqb11
here was a touch trade for the gap close this morning {image} {image}
Jumpin' Jehoshaphat! That is a beautiful trade!
  • #138,994
  • Apr 29, 2016 10:42am Apr 29, 2016 10:42am
Quoting incognito517
{quote} Jumpin' Jehoshaphat! That is a beautiful trade!
thanks C

I had some nice ones this week, but the near miss will be the one I remember most lolol

my favorite saying it's not where the market goes but how it gets there that matters


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  • #138,995
  • Apr 29, 2016 12:02pm Apr 29, 2016 12:02pm
Quoting mbqb11
{quote} thanks C I had some nice ones this week, but the near miss will be the one I remember most lolol my favorite saying it's not where the market goes but how it gets there that matters {image} {image}
Awesome! I’m glad you had a good week. Enjoy your weekend buddy.
  • #138,996
  • Apr 29, 2016 12:08pm Apr 29, 2016 12:08pm
Bad GDP and the loonie is getting dumped. Time to sell some CAD.
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  • #138,997
  • Apr 29, 2016 3:47pm Apr 29, 2016 3:47pm
Incognito and peyta great trades
i didn't take it; i was looking only for long, the trend was up; also like peyta show in his chart was a resistance from the past
Mike thank you for still posting here; also the Swing point that you said was on 1H?
  • #138,998
  • Apr 29, 2016 5:45pm Apr 29, 2016 5:45pm
Quoting Guitarbloke
{quote} GBP/USD H4 BEOVB Rejecting and closing below BRN. Is he dreaming? {image}
Stopped out to the pip then price went south again! Have a gr8 weekend everyone. Nice trading Inco and Mike!
'Fail to plan, plan to fail'
  • #138,999
  • Apr 30, 2016 12:27pm Apr 30, 2016 12:27pm
Video Wrap up from this week. Now time for a weekend beer

Inserted Video
  • #139,000
  • Apr 30, 2016 12:29pm Apr 30, 2016 12:29pm
Quoting mbqb11
Video Wrap up from this week. Now time for a weekend beer https://www.youtube.com/watch?v=mTiM7xE5myg
wonderful mike keep it up
i was hoping to see the gold chart :/
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