james16 Chart Thread

ghous · #**54092** Feb 5, 2010 1:02am

Quote:

Originally Posted by goldtrader

Wait to load my gun...

There...that's much better!

Nice run Gold!

g.

ghous · #**54242** Feb 6, 2010 1:02am

Quote:

Originally Posted by Dan Gilbert

Well guys I'm going to take a break from this thread for a bit, focus on the PF videos/text tutorials/FIJI's material and spend next week making 100% my own trades....

Good mature decision Dan,

we'll see you on the charts

g.

ghous · #**54265** Feb 6, 2010 11:17am

Quote:

Originally Posted by mike w

That, my friend, is the law of attraction. If you have never studied it, you ALL need to study and learn it. James16 knows it, Jarroo knows it, MBQB11 knows it, Raczekfx knows it, I know it, Nasir knows it, every trader who has ever been successful knows it. I know for a fact that all these people know it through their posts. The secret to whatever you want is the law of attraction.

Ditto that Mike.

ghous · #**54307** Feb 7, 2010 9:53am

Quote:

Originally Posted by ts63

Hello everybody,

What do you think of this setup ?
AU daily / pinbar (short nose...) / confluence with EMA 200 and trendline / low RSI

What would MR.A do if he was kept in captivity in an underground dungeon for ages and he finally finds a way to escape it for good?

Rationally speaking MR.A would sure as hell want to escape and never look back.

The charts you eye ball are nothing but an artistic representation of mass psychology.

Notice what AU has been going through the past 18 weeks and what it accomplished this previous week.

Not that a long is out of question all 2010 but you seriously need a better bar at a much better location with a better set of confluences than just a moving average and an oversold oscillator.

g.

ghous · #**54455** Feb 9, 2010 10:45am

Quote:

Originally Posted by TiaForex

How good is it to have Jarroo back guys?

Don't for a moment take for granted what he's been doing these last 24 hours. He's been taking historical setups and teaching and explaining patiently how this thing works. A really clear simple explanation of PA and of course, the signature Jarroo management style. It's been a real joy to read.

This particular setup is a great little teaching tool. Big daily continuation BEOB retraces the round number produces 4H PA and then moves on. But look carefully at that 4H chart and the importance of...

Very true Aaron,

The Jims (and there are more than 2) and Mikes (In my knowledge at least 2 fall in the category of my "look up ats") have been a true blessing along with several others...

I've said it again and again and I can go on for ever and still not do justice to their efforts:

"This group of philanthropic angels have changed me, and FYI trading's just a teeny tiny part of the new leaf."

g.

ghous · #**54464** Feb 9, 2010 11:47am

Quote:

Originally Posted by KissFan

I'm going to change my name from KISSFan to "stopped out at break-even".
Geeezze!

K.I.S.S.

...

congrats on the winners bro!

g.

ghous · #**54625** Feb 11, 2010 12:17am

Quote:

Originally Posted by triger88990

I have looked through my chart and see another beauty in which I'm already in but planned tu add more

don't stop love them

On the daily chart we have multiple matching low at 1.5711-16 a pure break of them is samrt but a breakout and pullback is even more smart for waiting

here is the 4h view:

after the break she pulled back and she give the "reason" to enter a BEOB, is not at swing high where we want to see them but here is the case where you can take them as a continuation.

Although is not that much in term of shape,befor the BEOB...

Simple isn't it Trig?

ghous · #**54626** Feb 11, 2010 12:20am

Quote:

Originally Posted by Dan Gilbert

you can wait for PA, absolutely.... is it less risky to wait for PA? absolutely. My thing with this though, is that the area is SO strong, i want to take advantage of the very strong R/R ratio on a touch trade, and I have enough confidence on the zone to do so.

If it loses, oh well, 2% out of my account - on to the next one. If it wins, well I could catch a nice 5%-10% run on one trade. look at a weekly chart and place a horizontal line at .8850 - what do you see?

It's so flogging hard to stay away from this family eh Dan?

Nice to have you (and your charts) back.

ghous · #**54630** Feb 11, 2010 1:02am

Anyone rode this with me?

I at first wanted to talk abt this on the weekend before I took it...but I am against passing along trade signals and manipulating novice minds, who need to be strictly on their own in judging the validity of the setup without any external influence.

Don't think there's much to say abt this one...round number...bla...bla...bla...

That's the best part about great trade setups, they don't make you think or talk or discuss much.

I have been extensively busy in trying to train my instincts to fire, they've got to learn to help me spot "a trade" or a "no trade"...there shouldn't be any "considerable setups"....they (the instincts) been good learners so far.

g.

ghous · #**54631** Feb 11, 2010 1:07am

Another cherry I am still busy 'sucking' on:

Will 7.27 hold? I sure as hell wish it won't, but I am not prepared to take things for granted.

What's SEK BTW?

g.

ghous · #**54633** Feb 11, 2010 1:17am

Here's a BE,

Conservative trading faces these 0 profit 0 loss trades quite a bit, but hey...no matter what that pin bar cries...I am aware I am in the middle of a choppy battle field. If price had found meaning in the first trouble area (never mind it's minor nature) which it does often in range bound markets...I am not paying for a silly mistake. Let alone the relief you get when you know "you've everything to gain and nothing to loose from the free ride"

g.

ghous · #**54634** Feb 11, 2010 1:17am

Quote:

Originally Posted by mbqb11

swedish krona

If you just leave your mouse over the pair in market watch it will say

Pardon me Mike

ghous · #**55025** Feb 15, 2010 7:23am

Quote:

Originally Posted by joelcf

This thread has gone from solid, evidence based reasoning with disciplined entries and management to 'there's a ppz so I'll buy if we get near it' justified as touch trading* to straight out 'lol it mite go up!' guessing.

That's some bearish PA on the quality front. Time for a short?

[size=1]
[i]*which, while i generally dont think is a great idea unless there is a deeper understanding behind it (and I can only think of definitely one, maybe two, people who meets that criterion.. the rest are just justifying sloppy entries), it is still...

What worries me the most is that newbies...to whom this thread is dedicated to will find the first part of the thread to be very different than the latter half.

Somebody earlier was talking abt a spin off or whatever...not to say the touch trading method's garbage but really this is not what we want our novice learners to get into before they can master the core basics...

Wonder what the senior pros are thinking

g.

ghous · #**55027** Feb 15, 2010 7:38am

Quote:

Originally Posted by triger88990

you maybe are right about it, and if is based only if price is approaching a ppz,without any other confluence the only results you can get in a long run is to destroy your account.

I was thinking to post this chart,maybe ghous can assist me,he is the one who play this kind of setups.

Pair: lonnie
setup: IPB off of big round number 1.0500
at 50% fib number from the last swing high/low

Attachment 418288

This was similar to the Au IPB setup we had on the 22nd of Jan.

I for one missed this setup when the market opened today and wanted to get in via a buy limit, but it moved a good 30-35 pips from my "would be" entry point and I pulled the pending order off...

Personally I would have liked to see the purple ppz hit but anyhow depending on your trading personality you could have managed a BE.

How did it go for you Trig?

g.

ghous · #**55029** Feb 15, 2010 7:51am

Quote:

Originally Posted by chatzi

I agree I am demoing touch trades, but all my TA is based on daily and higher. And I only trade places with multiple confluence, not just a ppz or a fib and also looking at other markets such as dow. It can be done, look at raczefx, but I wouldn't start out with it. And keep it separate from your main PA account. The touch trades is a kinda morph of J16 and No brainers, with some market correlation thrown in.

Regards

Chatzi.

Mark makes it look simpler than it is...or maybe it is simple when you are thinking from a mind which has done mostly that for 15 flat years, and I can bet these correlation figures has nothing to with his success,

Yes we all want to ride a trend right from the beginning with a 30 pip stop potentially for three figure pips...but think about it...would this be as simple as spotting a "confluence zone" and guessing it would hold? What then makes Mark trade and not guess? think...

g.

ghous · #**55032** Feb 15, 2010 8:23am

Quote:

Originally Posted by chatzi

Hey Ghous

I agree, it will take time to get good at this, however from what I have read, Rac only became successful once he starting using J16 stuff?,

I am a quick learner and have been studying PA and S/r for over a year as well as general trading....

Offended? This is one thing I've been unsuccessful at learning to be.

Just letting you know that the fastest way to make it in this business is by going slow and steady.

J16 alone isn't the only method in the world that works but that does not mean you put up a bunch of demos to test systems that are "known" to work. It is not hard...it is very hard to isolate one experiment with the other...

"I love to operate and cut open humans but I can't do that unless I've gone through a million textbooks and hectic exam schedules to be an authorized professional doctor"...see the point?

It's ok to have a system of your own that branches out of the j16 method just like Mark did, but then it shouldn't go unnoticed that he mastered the core basics first.

g.

ghous · #**55035** Feb 15, 2010 8:32am

Quote:

Originally Posted by chatzi

Yeah I understand, but I think its possible to learn them in tandem. I don't think it will detrimental, after all it about locating PPZ, levels of confluence on higher timeframes.

Thanks

Chatzi.

Go for it then...

Maybe you are extraordinarily strong in directing your mind and that you have in some way proved it to yourself,

An interesting hurdle should be the simultaneous thought processes needed in managing the 2 very different systems that will be as far apart as the two poles of the earth in terms of their nature...

Best of luck!

g.

ghous · #**55049** Feb 15, 2010 10:39am

Quote:

Originally Posted by larryj

I'm new to this material so I will give my opinion on the thread. I find myself wading through post after post after post that In my opinion is a waste of time in that many focus on lower timeframes and methods that are not the james16 basics. However, if it is helpful to more advanced traders--go for it.

This is precisely the problem I am trying to highlight in the last few posts...

ghous · #**55050** Feb 15, 2010 10:41am

Quote:

Originally Posted by chatzi

They are not that different at all, one is a more aggressive style of entry. If they were that different why would the posts even be in this thread!

The methods are similar but the systems are entirely different...

ghous · #**55057** Feb 15, 2010 11:26am

Quote:

Originally Posted by the novice

I thank those who have commented on the chart I put up.
It is beneficial to me when I view my charts in future.

This thread has always been friendly due to those who have regularly contributed of their own free time, aka 'seniors' (which includes ghous). Their advice has always been ernest and straight to the point. I don't think anyone should respond to them in a combatant and acrimonious manner. They deserve our respect, IMHO.

Let's keep this thread friendly like it has been thus far.

No offense taken from anyone brother...

We are a big happy family here,

And it'll stay like this...

g.

ghous · #**55153** Feb 16, 2010 7:18am

Quote:

Originally Posted by dobe_r_man

I don't consider myself a senior member, though I lurked long before I posted and I was part of the private forum (so I am old if that counts for anything.......

), but I would say this:

- If you are new to this thread you are doing a disservice to yourself
[b]...

You make us all proud Nathan.

g.

ghous · #**55237** Feb 17, 2010 8:06am

Quote:

Originally Posted by lovejoy80

'smart management' is definitely key for this trade...the first trouble area you marked is very close so for a beginner taking this they would have to decide (before entering the trade) how they would react at this area...i.e. either get to break even, move the stop down from the top of the entry bar somewhat or leave it with the knowledge you might suffer a whole bar loss.

Not a full bar loss....never a full bar loss if your trade has ventured into the green and has met the first trouble area.

My stop was reduced to a half bar one after we broke the pin, tested the first trouble area and pulled back.

Was Benji a fool to have moved his stop to BE and miss the big pips. HELL NO!

It's all about understanding and analyzing the risk you are willing/unwilling to take, implementing a dry emotionless trade plan and executing it perfectly regardless of how "neat" or "messed up" the outcome might look.

(gold dashes represent the stop placements)

g.

ghous · #**55324** Feb 18, 2010 7:35am

Quote:

Originally Posted by michal7

I love your chart and how you're managing this trade. Hope I will learn to manage my trades like this "emotionlessly" one day...

I still have a trouble to decide whether to go BE at first trouble area or just lower my risk (let's say above hight of the day bar). I vividly remember Jim's words in one of his videos saying "Just get your stinking stop to break even!". But now I'm doing some backtesting with just A+ trades and there's not much of them for about 25 forex pairs I will be able to trade with my small account(once I go real)....

Hi Mikey,
Trade management has and always will be a discretionary thing. Like I mentioned in my post there is no one right way of managing a trade. You're correct when you say you need a lot of screen time and loads of demo practice to reveal your true self in the markets and there's no shortcut to achieving this.

Abt the number of A+ trades...I feel there are always ENUFF setups every month and that this shouldn't be bothering you given that you have 500 daily bars in a 30 day month on your 25 pairs...not to mention Fxpro's demo account which offers over 50 fx pairs that can further diversify your reach.

You should feel better when you ponder over this:

"Your real victory for now is not to catch hold of as many good setups as you can but rather your real long term success depends heavily on adopting the "not loosing" attitude ...even if that means 0 trades for a given month"...

The feeling of dissatisfaction that you have is because of the lack of trading and this is what's really urging you to push towards trading the <A+ setups, this is never a good idea for a person who's primary focus should be on learning to enter and exit great trade setups successfully.

all the best.

g.

ghous · #**55325** Feb 18, 2010 7:38am

Quote:

Originally Posted by mrsingha

Just thought I'd crawl out of the woodwork to say thanks for sharing this.
Works great!
If you set the speed to 31 it'll do a 4HR bar in 2 minutes.
Very interesting to watch PA interact with S/R at that speed.

Thanks a lot.

Steve.

Nice to hear from you Steve.

g.

ghous · #**55335** Feb 18, 2010 9:35am

Quote:

Originally Posted by michal7

Hi ghous,
thank you for the answer. It is helpful. I'm trying to be strong and not take worse than A+ setups. So far it's going well, I have no trades in February.
Based on your answer I guess I will not open other account to test worse than A+ setups until I get good at choosing and managing A+ setups first. That's what you suggest, right?

You know, the thing is, sometimes it's so tempting to take let's say some pin bar in a traffic because I just feel it will go to the next S/R, and usually it does. But if it's in traffic so based on my criteria...

I do this all the time...watch how trade setups play out...

At any given time I am watching as many as 12 or 13 pairs with down or up arrows displaying my call on the setup and marked trouble areas to see how price reacts around them, but importantly I am mostly trading none of them.

There is a difference between trading setups and just watching them play out on the side lines. The excercise I mentioned above has worked very well for me, because it has kept me from over trading and at the same time ensured that I was watching pairs and setups of interest which has helped me tremendously in developing an understanding of the dynamics of the "<A+" setup catagory...

Maybe you could apply this strategy to your less than A+ setups, and preferably keep track of your thought processes and progress via pre-setup --- post-setup analysis recordings or just writing them up in a journal with pics attached?

let me know what you think...

g.

ghous · #**55337** Feb 18, 2010 9:45am

Quote:

Originally Posted by Riskee

Hey Pals , How do you manage to place the SL in BEOB ??
I mean we have two options on entering the trade one is to place an order at the candle close , the other one is to wait for a pullback/retrace then entering.
So the SL should be above the the BEOB by about 15-20 pips , guarded by either a MA, PPZ, Solid resistance or a Fib level ??!! Am I correct

????!! Thanks

You got that right.

Just remember that whether you play a pure or break or wait for a retrace trade the safest option is to have an initial SL always at the opposite end of the outside bar...

You of coarse have the option to tighten it later if the trade works out or shows signs of working out, depending on how you like to manage your trades.

cheers,

g.

ghous · #**55338** Feb 18, 2010 9:47am

Quote:

Originally Posted by nasir.khan

And where's Ghous.

.

A chart will always answer to a correct question Nasir,

You asked the right question

Nice trading...as always!

g.

ghous · #**55340** Feb 18, 2010 10:39am

Quote:

Originally Posted by michal7

I from time to time also put arrow on chart and box for first trouble area. I like your idea to do it for all <A+ setups regularly and put it into my journal with pre/post analysis and charts. I believe as you said, that I will learn a lot from this, and having it in journal will always allow me to go back and look how setup developed. Now when I'm thinking about it, it might be better just to keep this setups in journal rather than actually trade them on separate demo account because this way I'm still learning to be patient and not actually taking...

2 more things...

1) Be ABSOLUTELY clear what constitutes an "A+" trade for you.

2) Don't set yourself a target of "X" pips or "X" number of trades or "X%" ROI per month . Allow yourself to be adjustable with what the markets have to offer...it could be 5 real good setups a month or more or none at all.

g.

ghous · #**55410** Feb 19, 2010 12:23am

Quote:

Originally Posted by michal7

1, I have rules for for A+ setup and they're quite clear. They're based on location, bar itself and space(all three are a must). Then fibs and divergence are thing that add confidence to the trade(although optional).

2, I don't have target or ROI set to some exact number. However I do have my trades limit set to 3 a month. This is because I was overtrading, when I was taking about 10 trades a month and never...

Exactly Mikey,

You are a good learner.

The best thing to do is to just let your trade criteria handle the problem of over trading because you've got to learn that when you let go off a setup you let it go because it was not "worth a take" rather than because you've "consumed your limit of trades for the month"...do you see how the latter statement can make you punch your palm when a trade you did not take works out?

g.