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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

  • #139,021
  • May 5, 2016 2:54am May 5, 2016 2:54am
That code sounds interesting.

GBP/USD D1 BEOVB. Later than preferred entry, but looking for price to keep heading down.

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'Fail to plan, plan to fail'
  • #139,022
  • May 5, 2016 3:17am May 5, 2016 3:17am
Quoting mbqb11
{quote} For a long time I went through them manually believe it or not. Someone in the PF wrote a code though that scans for pinbars and outsidebars. So I might miss some things but it helps limit the screen time that is draining Feel free to PM for the code Mike
Hi Mike,

I have a question for you related to using the code for scaning for PA signals. How your trading process looks like (the part of it before entering a trade)? I mean, I have found out, that if I focus just to find some PA signals (and that is what the code does), I have a big temptation to trade the signal without proper understanding and analysis of the location and the market itself. Analyzing the market, knowing the good location for a trade and then just waiting for PA confirmation, works better for me. But I cant imagine doing this with all the markets you have mentioned.

I hope you understand my question - my english is quite poor

Thanks for answer,

James
  • #139,023
  • May 5, 2016 3:28am May 5, 2016 3:28am
Quoting Guitarbloke
That code sounds interesting. GBP/USD D1 BEOVB. Later than preferred entry, but looking for price to keep heading down. {image}
Lets see what we can get from it. D1 BEOB + adding based on H4 BEOB.

Good luck GB.
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  • #139,024
  • May 5, 2016 3:29am May 5, 2016 3:29am
Quoting Guitarbloke
That code sounds interesting. GBP/USD D1 BEOVB. Later than preferred entry, but looking for price to keep heading down. {image}
I had a sell limit at the low of the bar engulfed by the BEOB. Just missed getting filled yesterday. Was a bit scared to play the break cos’ of 1.45 BRN nearby, but it seems to have pushed through now. All the best on this one, GB.
  • #139,025
  • May 5, 2016 3:54am May 5, 2016 3:54am
is anyone watching japan225?

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  • #139,026
  • May 5, 2016 5:51am May 5, 2016 5:51am
Quoting mbqb11
{quote} For a long time I went through them manually believe it or not. Someone in the PF wrote a code though that scans for pinbars and outsidebars. So I might miss some things but it helps limit the screen time that is draining Feel free to PM for the code Mike
i d love that, is it an indicator that you have to open on every single chart that you are monitoring, or is it a software scanning all markets without you having to open your broker?

thx
  • #139,027
  • May 5, 2016 2:00pm May 5, 2016 2:00pm
Quoting feri z kosic
Hi folks. A lost son is back Embarrassed. Well, years ago I used to post some pictures to this thread, but then I gave up and started to look for a HOLY GRAIL somewhere else... Did not know that I have a holy grail, in my head. After years of some wins, but a lot of losses I stopped trading at all and sat down to find out what the heck is wrong with me. And you will not believe what made me to come back! Just the change of point of view a have had about "trading". Instead of to make 100K in...
Hi!

Congratulations to the winners, keep up the good work.
You totally nailed it with not having unrealistic expectations. That is one of the most important keys to trading. Having 2-3% a month is a great! Don't ever care about other people who post only winners, as usually they have way more losers...

A tip about entries: Don't care too much about them. Have a very simply (and I mean SIMPLE) entry method. Don't overcomplicate with SMA+PA+S/R+RoundNumber confluence. People who are overcomplicating are usually running away from the losses. They think that if they have some super complex entry method can control the outcome of their trades. And this is something you can't. In my experience trading is not about the entry. It's about trade management. Learn to add to the winners and learn to let them run. (Like 10-40RiskReward wins).

If it doesn't make sense now, maybe you have a few years ahead of you :-)

Hope this helps.
It's all psychology...
  • #139,028
  • Edited 8:17pm May 5, 2016 8:01pm | Edited 8:17pm
Quoting LamerTrader
{quote} Hi! Congratulations to the winners, keep up the good work. You totally nailed it with not having unrealistic expectations. That is one of the most important keys to trading. Having 2-3% a month is a great! Don't ever care about other people who post only winners, as usually they have way more losers... A tip about entries: Don't care too much about them. Have a very simply (and I mean SIMPLE) entry method. Don't overcomplicate with SMA+PA+S/R+RoundNumber confluence. People who are overcomplicating are usually running away from the losses....
Dear Lamer Trader, wow I can't believe I just called you a lamer trader; or is it Lama? Well whatever your alias is supposed to be. This is the JAMES16 CHART THREAD, okay? What that means is people here are learning how to trade like JAMES16. He does not only teach traders when and how to enter a trade but how to exit it as well. Have you heard of WIPG? You see, James is teaching these traders how to treat each and every trade as a business transaction. They are taught to make intelligent exits; I say this with no disrespect but they are not to hope and pray that the next trade will somehow shoot off to Mars and bag them 40 times their risk so that they can cover their 30+ consecutive losers. As for entries, all the things you dismissed as unimportant, namely, S/R+PA+BRN, plays a significant part in these (i.e. James16) trading methods. I ask you then, is it right for you, good sir, to come in HERE with your conflicting viewpoints? You're just rambling on about YOUR opinions and YOUR trading philosophies in someone else's thread. And what is worse still is that everything you said (whilst it may not necessarily be wrong) is contradictory and incompatible with what Jim teaches. I know his videos by heart and can quote him verbatim if needs be. This is not LAMER TRADER'S CHART THREAD. So if you could kindly take your propaganda elsewhere (preferably your own thread) it would be nice.
  • #139,029
  • May 6, 2016 4:00am May 6, 2016 4:00am
Quoting incognito517
{quote} Dear Lamer Trader, wow I can't believe I just called you a lamer trader; or is it Lama? Well whatever your alias is supposed to be. This is the JAMES16 CHART THREAD, okay? What that means is people here are learning how to trade like JAMES16. He does not only teach traders when and how to enter a trade but how to exit it as well. Have you heard of WIPG? You see, James is teaching these traders how to treat each and every trade as a business transaction. They are taught to make intelligent exits; I say this with no disrespect but they are...
Wow. That's a friendly post. :-)
You (and I) believe whatever we want. And there is no problem with that. I gave an "idea" - that you (and and everybody who reads it) have to digest and at the end come up with a "resolution": does it conflict with our current beliefs or does it align with it. Everybody has to make his/her own choice. I (personally) always found it good when i'm not locked inside of a box, but get other views / viewpoints on the topic.
"learning to trade like..." like someone who has been never been able to prove anything when asked to verify his claims? (But again it's been discuessed here and elsewhere before - i don't want to go into that...)

Trade safe!
LT
It's all psychology...
  • #139,030
  • May 6, 2016 10:03am May 6, 2016 10:03am
hi guys

am very new in this currently training with a demo and i must say trading is not as easy as they make it out to be
i leaning how to use the indicators and understanding the trend and even worse timing when to get in, i must say first days all seemed well but now that am learning about the resistant and support along with the Fibonacci's i most say all seems to be an upstream
can some help me understand this better?
  • #139,031
  • May 6, 2016 10:54am May 6, 2016 10:54am
Quoting LamerTrader
{quote} Wow. That's a friendly post. :-) You (and I) believe whatever we want. And there is no problem with that. I gave an "idea" - that you (and and everybody who reads it) have to digest and at the end come up with a "resolution": does it conflict with our current beliefs or does it align with it. Everybody has to make his/her own choice. I (personally) always found it good when i'm not locked inside of a box, but get other views / viewpoints on the topic. "learning to trade like..." like someone who has been never been able to prove anything...
If I had come across as being unfriendly, I am sorry.

True we all learn from each other and your points (if they were made in a different thread) are valid. But you can’t have a Calvinist stand up and expound the doctrines of Unconditional Election and Reprobation to an Arminian congregation, can you? The leaders will not allow it. It will cause confusion and discord amongst the people. That is why they write creeds defining their beliefs and if one doesn’t quite agree with them they simply do not attend those meetings. This happens everywhere; at university, proponents of Natural Selection and those who hold to Intelligent Design are grouped separately to maintain order. Trading groups are no different mate; there are many different schools of thought within a particular group of traders, and so everyone has their own unique way of trading. There are some elements however that are core to the strategy/method taught (example: S/R, location, confluence etc), so then if you’re going to make statements like “entry isn’t important” I believe this thread has a major problem:

James: Wait patiently like a sniper for the perfect opportunity.
Lamer: Don’t overcomplicate things with xxx confluence. Don’t bother too much about your entry.

James: Losses should be a RARE thing, keep practicing. You’ll get there.
Lamer: People who are overcomplicating (waiting for confluence) are usually running away from losses.

James: I don’t care about RR. I am not going to sit here and watch a trade that is 100 pips in profit turn against me simply because I didn’t get a high enough RR ratio.
Lamer: Go for 10-40RR wins. That’s how you come out in front.

You’re a smart guy, Lamer. Surely you get my point? Neither of you are wrong. There is no right and wrong way. This is the James16 chart thread though, and your opposing ideologies are confusing people, particularly the newer folk. Anyway, this is not my thread; it belongs to Jim and if he wants to let this beautiful thread degenerate there’s nothing I can do. So please by all means continue, and sorry for getting in your way.

Have a great weekend
Courtney
  • #139,032
  • May 7, 2016 2:37pm May 7, 2016 2:37pm
Mike are you watching this or you don't like the close?

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  • #139,033
  • May 8, 2016 7:24pm May 8, 2016 7:24pm
Quoting florinellz
Mike are you watching this or you don't like the close? {image}
Hey Flor

I think it's an interesting one but I have some issues with how the trade management might go down so i'm going to pass. Many times I might think a trade has a great probability to move in a certain direction but I am more concerned with HOW it might move.

Here is what I wrote to someone in the pf about this one

Hope it helps and you had a nice weekend
Mike
----------------------------------------


This is an interesting situation. I didn't see it as a false breakout but more a pinbar at a PPZ. I don't love friday pinbars in general. I'm ultimately not going to play this one because I believe this being the usd/mxn and the PPZ is wider price could retrace all the way towards the 17.95 area and at that point i'll be worried if we are holding or breaking back out long. So I don't love the false breakout TL and that's where it gets tricky for me. If you play it as a false breakout then you should have a tighter stop but you still have that pivot zone above you that it could just be in a box. It's just one where I think i'd find it harder to manage correctly even though it looks appealing at first.

Could very easily work towards 17.65 though with no problems. I'm just going to be cautious and sit out. I'm pretty risk adverse though
  • #139,034
  • May 9, 2016 8:41am May 9, 2016 8:41am
price gapped into the 122 area

We have very strong divergence and a pinbar. I bought the gap down

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took profit near the swing high

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  • #139,035
  • May 9, 2016 8:49am May 9, 2016 8:49am
Very nice trade Mike !

When would you enter before the break of the pinbar (price above) vrs entering before ?

Thx !
Trade Smart
  • #139,036
  • May 9, 2016 8:58am May 9, 2016 8:58am
Quoting mbqb11
{quote} majority of my risk now reduced. That's the key to trading in my book. Protect that capital LOGICALLY. Risk went from 3% to .5% {image}
breakeven now on this one. Looking for one final push towards the next BRN of 2.15 and the gap open
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  • #139,037
  • May 9, 2016 2:46pm May 9, 2016 2:46pm
Looking at price action over the next couple of days or so in Aud/Usd.
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  • #139,038
  • May 9, 2016 6:30pm May 9, 2016 6:30pm
Quoting Osman
Very nice trade Mike ! When would you enter before the break of the pinbar (price above) vrs entering before ? Thx !
Hey Osman

Yes I entered on the gap down to the RN of 122. Since most of our support is down there too it helps get a better entry. The key is always to enter around the most important location with these bars(or where your confluence is)

Hope that helps!
Mike
  • #139,039
  • May 9, 2016 11:53pm May 9, 2016 11:53pm
Been a bit quiet on here as we've been busy moving
Long GBP JPY 155.403. Most of the profit taken off and SL now to 156.40 I entered on the 1HR bar blowing right through 155 and waited for a re-trace.
Might keep going so I've left a small lot on.
Sorry the quality is not great on the chart.
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  • #139,040
  • May 10, 2016 6:56am May 10, 2016 6:56am
Quoting mbqb11
{quote} Hey Osman Yes I entered on the gap down to the RN of 122. Since most of our support is down there too it helps get a better entry. The key is always to enter around the most important location with these bars(or where your confluence is) Hope that helps! Mike
Thx for your answer Mike.

This is an EUR/GBP chart in which i made a BEOB, in this case, even if price hasn't gone below the bar, you would enter around the 0.79-0.7925 ?

Thx in advanced.
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Trade Smart
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