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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

  • #6,521
  • Sep 27, 2007 9:30am Sep 27, 2007 9:30am
Quoting SeekingLight

Should I have added 0.5% risk for every story I read onto GBPUSD longs? ;0

Well, all will be revealed in 15 minutes, I guess

As usual - anything goes. Best kickoff spots for shorts, technically significant s/r borderlines for longs...what "odd" "coincidences" this market gives us

Aaaaaaaaaaaand it's Tiki Power 1 : SeekingLight stubborn hopes for GBPUSD longs 0


Retrace to bounce or daily Pin Bar in the making?!!?? Stay tuned for the next SL knockout(literally) right here on sports errr J16 TV ;p
Trust price. Know yourself.
  • #6,522
  • Sep 27, 2007 9:33am Sep 27, 2007 9:33am
Quoting HipsterPipster
This market is consolidating on the daily as we can see by your chart. Lower highs and higher lows. The swings are becomming shorter and shorter. Could be a great place to get in long on any remaining low swing.......if we get one. (Uneducated Fundie Moment) US home sales will most likely be crap as usual, unless people bit on the interest rate drop. But, long term in my opinion, it is only a bandaid.
Yeah, low house data, and on the next low........
  • #6,523
  • Sep 27, 2007 9:36am Sep 27, 2007 9:36am
...way to early for a daily pin, but if fiber closes below 1,4140, things should get interesting...
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  • #6,524
  • Sep 27, 2007 9:48am Sep 27, 2007 9:48am
...and gbp/chf
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  • #6,525
  • Sep 27, 2007 9:49am Sep 27, 2007 9:49am
Quoting Tiki Trader
Well, of coarse your PM to me was correct... however I did not get to read it before I lost my Pin trade... I had already as you mentioned, moved my stop down for the day... Now GBP has gone up... But I went short again at top of the channel... with a very tight stop right above the channel line.
just hoping your stop wasnt too too tight...
Never say never.
  • #6,526
  • Sep 27, 2007 9:58am Sep 27, 2007 9:58am
... wouldn't that be a beauty if we got that last bar over the next 2-3 hours...?
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  • #6,527
  • Sep 27, 2007 10:02am Sep 27, 2007 10:02am
Quoting raczekfx
... wouldn't that be a beauty if we got that last bar over the next 2-3 hours...?
Yes, that is what I am looking for!
  • #6,528
  • Sep 27, 2007 10:14am Sep 27, 2007 10:14am
Quoting razldazl
just hoping your stop wasnt too too tight...
...initially, but is now at break even.
Trust price. Know yourself.
  • #6,529
  • Sep 27, 2007 10:58am Sep 27, 2007 10:58am
Quoting SeekingLight
...initially, but is now at break even.
great...
Never say never.
  • #6,530
  • Sep 27, 2007 12:41pm Sep 27, 2007 12:41pm
Tiki, were you able to secure some of those pips?
  • #6,531
  • Sep 27, 2007 12:41pm Sep 27, 2007 12:41pm
Quoting SeekingLight
Sign from God. No forex for you! Also he wants you to live a salt, bread and water life, away from all technology. Heed the call before thou be strucketh with a bolt that ringeth true.

The modem was His warning.
Thou shalt not risk 10% on a single trade again. LOL
  • #6,532
  • Sep 27, 2007 12:47pm Sep 27, 2007 12:47pm
I want to tell you folks something and this is a bit controversial. As much as I agree with Jim on pretty much everything there is one thing that bothers me and that is when he says "if you can't trade daily bars then don't bother going lower because if you can't make money on daily TF what makes you think you can do it on one hour?"

This sounds very reasonable but I tell you that when I trade daily, I get a few losses and a handful of breakevens and a few small wins. basically my account goes nowhere.

When i trade hourly, I make over 2,000% in three months.

I have thought about why this might be and it comes down to trade management.

But this is exactly what I said when I spoke of the difference between what I want to do and what I am good at doing. Because I tell you now I want to capture big moves in the market and hold positions that trend as some of you do very well (I keep thinking of Mikes Euro position) but I just can't seem to do it now.

When i trade hourly, it somehow feels right - I feel alert, in touch with the markets movement, precise. When I trade daily bars I just feel unsure of things.

So the whole point of this is to say that start on weekly and daily but if you can't do it, don't be afraid to try other timeframes (on demo of course) because since I started trading hourly I haven't looked back.
  • #6,533
  • Sep 27, 2007 12:47pm Sep 27, 2007 12:47pm
Quoting the_wizard
Thou shalt not risk 10% on a single trade again. LOL
That, too

Cable retrying that trendline soon.....Tiki, quick, run for coverrrrrrrrrrrrrrrrrr

Hope he moved that stop to b/e soon enough..
Trust price. Know yourself.
  • #6,534
  • Sep 27, 2007 1:02pm Sep 27, 2007 1:02pm
Quoting the_wizard
When i trade hourly, I make over 2,000% in three months.
That's awesome dude... hope you weren't risking a lot while doing that though ...

I agree, as you might have guessed from the chart I posted a few weeks back that you commented on. All you have to do is turn on 15M or 5M charts, put daily pivot levels on, draw some simple S/R lines, and with the help of a 34EMA and 200EMA, watch how well price moves and how generally predictible it is. Watch for simple dojis or pinbars, and just trade them. Of course, the most important thing to have is a fearless (not reckless though) attitude with good position sizing. Watch the money pour in.

I can make (or lose) the same in 25 pips of movement, in a couple of hours time, that I can in 300 pips of movement using daily charts, without the longer wait, constant price swings, and I get many more setups. And price does move just as well at those levels. Daily bars are in fact more erratic in their movements than much lower TF, in my belief.
  • #6,535
  • Sep 27, 2007 1:15pm Sep 27, 2007 1:15pm
Quoting JoshDance
Watch the money pour in.

I can make (or lose) the same in 25 pips of movement, in a couple of hours time, that I can in 300 pips of movement using daily charts, and I have to wait longer and get fewer setups.


.........and now we have two people advocating "Get rich quick in FX on the 5m-1h"


Wiz has traded what, 4+ years?

Joshdance has actually flown around the world to learn how to scalp...

I don't doubt there's gigantic sums on small timeframes - I just doubt anyone can do it.

But what I don't doubt that it's highly dangerous advocating it since my bet is that a lot of people will just go "demo shmemo, these guys said 2000%! I want that, too, and not demo pips! Heck, I can be rich in no time! Now, what MAs did he say again...where's that 5m chart..."





Dunno, I just think that when saying these things you mustn't ever forget your own experience and backgrounds - and then contrast to WHY Jim says these things...for people STARTING OUT, and LEARNING these things...you can't assume having watched price ticking in front of your eyes for years is anywhere near the same place as someone still starting, struggling to even make sense of what's going on on daily...

Yes I am a spoilsport and a conservative bore, but I'm not arguing your two posts one bit - I'm just trying to lend perspective.

It works specifically for the two of YOU.
Which is enviable and pretty amazing.

Whether it's recommendable to just about anyone, that I don't know.

Just Mr. Scaredycat's 2 cents


P.S. Wiz maybe we can say daily works for you in theory - would you trade it like you did 1h. So in effect, you've got to have mastered the trade management aspect one way or another first - it's just in your head and discipline whether you can get through applying it to the bars labeled 1D instead of 1h and vice versa
Trust price. Know yourself.
  • #6,536
  • Sep 27, 2007 1:21pm Sep 27, 2007 1:21pm
Quoting the_wizard
I want to tell you folks something and this is a bit controversial. As much as I agree with Jim on pretty much everything there is one thing that bothers me and that is when he says "if you can't trade daily bars then don't bother going lower because if you can't make money on daily TF what makes you think you can do it on one hour?"

This sounds very reasonable but I tell you that when I trade daily, I get a few losses and a handful of breakevens and a few small wins. basically my account goes nowhere.

When i trade hourly, I make over 2,000% in three months.

I have thought about why this might be and it comes down to trade management.

But this is exactly what I said when I spoke of the difference between what I want to do and what I am good at doing. Because I tell you now I want to capture big moves in the market and hold positions that trend as some of you do very well (I keep thinking of Mikes Euro position) but I just can't seem to do it now.

When i trade hourly, it somehow feels right - I feel alert, in touch with the markets movement, precise. When I trade daily bars I just feel unsure of things.

So the whole point of this is to say that start on weekly and daily but if you can't do it, don't be afraid to try other timeframes (on demo of course) because since I started trading hourly I haven't looked back.
I agree trade with what you are comfortable with, but starting out on the lower timeframes usually destroys most peoples accoutns. If I remember correct you started on the lower timeframe and it took a lot of trial and error and a few blown accounts(it could have been someone else). So all that gave you experience which you then used to formulate a plan to be comfortable on the lower timeframes.

But I also must say there is no way you can make 2000% in 3 months without taking substantial risks along the way(you certainly aren't risking 1-2% per trade). That can be extremely misleading and someone new stumbling onto forex and this thread should be aware of this. Numbers like that draw people, and would immediately draw some individuals to go right for the 1 hour and take substantial risks.

I think that James is right though. In general if you can't make money trading a daily, being able to trade a 15min/30min/hour timeframe is going to be very difficult(especially if you are a newbie). Now that you are able to make money on the hour, I bet you could make money on the daily timeframes.
  • #6,537
  • Sep 27, 2007 1:40pm Sep 27, 2007 1:40pm
Ok you're both right.

I often speak / write before I think and I can see it might give someone new the wrong impression.

Experience is very important. You both touched on a good point - I have been trading properly for 3 years now and it has taken me a lot of market watching and a lot of money lost to understand certain things that work and other things that don't.

And Mike makes a good point too. I didn't make over 2000% trading conservatively. For most of that rise I was going in at 10% a trade (off an hourly bar - someone is going to have a seizure in a minute) and only now as my account is getting big am I playing it safer and taking less risk.

So, yes, I would say that for me I have found 1hr easier. But it didn't come overnight and I didn't make that money playing it safe.
  • #6,538
  • Sep 27, 2007 1:48pm Sep 27, 2007 1:48pm
dear the_wizard,

care to elaborate your trading style/system? thanx before
  • #6,539
  • Sep 27, 2007 1:48pm Sep 27, 2007 1:48pm
Quoting the_wizard

So, yes, I would say that for me I have found 1hr easier. But it didn't come overnight and I didn't make that money playing it safe.
not to mention the dude got struck by lighting! Prob can fly and other crazy sh*t! :
  • #6,540
  • Sep 27, 2007 1:48pm Sep 27, 2007 1:48pm
I am actually going to briefly try and explain my problem with daily.

When I get in on hourly, I capture a "run". That is to say, I get in off say a pin bar that makes a sharp move up and I exit at a target on the charts which is usually a PPZ. This often gives me a r:r of better than 1:1 and I have around 82% win/loss ratio at last count. Hence the fact I started risking big due to confidence and in turn the account grew quickly.

Now on daily, I get in but because the timeframe is larger and the move could therefore be longer, I try and sit through a retracement. This is where the problem lies. You see, a daily pin that triggers can make you a hundred or more points in the first couple of days. Now its human nature to want to lock in some of that profit and I find that usually, I trail my stop, which price then retraces too before it blasts off.

Jim mentioned this recently and Seeking has been talking about it since the dawn of time on this thread - building blocks. Price often retraces to the initial entry point. So if you move a stop to BE or higher on a daily pin within the first day or two, you usually get taken straight out.

Infact this happened to me today on USD/JPY. The other day I thought, here is a daily pin, I'll take this for some good pips and give my hourly a little breather. So I got in at 115.00 - price went as high as 115.70 - This was a nice run so I moved my stop to lock in just 15 pips (putting it below some PPZ's on my charts, including a daily one) and what happens? Price comes down today, stops me out and off it goes.

If I had traded that setup on hourly rather than trying to catch the daily move, I can tell you I would have closed it a few pips off the high because that's where the PPZ was on my chart...
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