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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

  • #7,381
  • Nov 5, 2007 11:27am Nov 5, 2007 11:27am
Quoting blueruby
if the "names" in here advise against his setups.
Personal opinion follows.

Some of the "names" - who used to be complete people before they got downgraded to names ;p - do that(caution people when they start out), because Jim has the advantage of over 20 years of practice at his disposal which enable him to use his discretion to decide whether he feels a pin might work or not, even if it doesn't have the most perfectly balanced proportions. Someone just starting to dabble in PA most likely will not(sorta would contradict the logic of just being a beginner).

I don't believe anyone "advises against Jim's setups"(However anyone is always free to have their own mind and volition and choose to simply disagree with whether they personally feel there's a trade they would or wouldn't take, no matter who is pointing it out or describing it).

I do however believe I personally would advise against starting to learn something by pretending I am at least as good as the guy doing it for 20 years. Instead I'd say practice the clear, obvious setups first, go with the most obvious and flawless seeming ones(i.e. even noses on pin bars, identical highs / lows for DBHLC etc etc etc), don't try to curve fit and interpret charts to one's liking and most of all, don't trade it with real money until you know(and have proven to yourself) you can actually turn a profit with it.


Lastly: I believe most of the "names" here will be the same you're gonna find inside of the PF =)
Trust price. Know yourself.
  • #7,382
  • Nov 5, 2007 12:31pm Nov 5, 2007 12:31pm
Quoting blueruby
I'm sorry if I antagonized you, wiz. Yes, I'm asking for an opinion. I did say "respectfully" and didn't use a lot of caps in my reply (YELLING).

And if I read your first sentence correctly, how am I to know what James teaches in the PF, I am not yet a member, as I said, I'm only 1/3 of the way through this thread. I may not join PF at all if the "names" in here advise against his setups.
Hi blueruby, sorry about earlier, I was having a bad day and came over all cantankerous.

No hard feelings?

I put names in brackets because there are several people that are good enough to help us all regularly and they are too numerous to mention but after a day or two on here you will soon know who they are. These people are all members of the PF and will vouch for how good it is - I am too and the material in there is incredible. What you see here is just the tip of the iceburg.

What I meant in my earlier comment is that everyone adapts price action to their own style of trading and timeframes etc. When I was going through the PF there are some setups that Jim teaches as being profitable but others on here have said they would not take similar setups. That is down to their individual take on this and as Seeking says above it is also a result of the fact that Jim has a good deal more experience than us and know what is likely to work and what isn't.
  • #7,383
  • Nov 5, 2007 12:41pm Nov 5, 2007 12:41pm
If I would have spent as much time with my two exes as I am spending in front of Jim’s charts, my life would be much less complicated

The pilgrims, that landed on Plymouth Rock were told by Jim the XVI : “ When in uptrend buy on dips”. This amendment to our Constitution has been duly noted even by retards like myself.
This early am after the Brits opened, GJ started heading south. Now GJ is long term uptrend. So where is going to be the potential dip point? Mind you, it is 3 am in the morning and the sky is not blue. Anyway, the first support line I could think of was 237.50 and I placed a long stop buy order there. And since GJ is a maniac I placed the stop under the next support about 83 pips away. Thank God for Oanda, so even I can play in the sandbox.. At this point I am watching 4H and 1H. The next bar on 1 H is a wannabe pin. Looks like my entry was prematurely conceived. Fortunately my stop survives the next two bloody bars and I am still game.
The next bar goes north. By the way, that support was at the 61.8 fib too. Now I can justify almost anything. Hindsight. Had no idea then. My target is set at the next major resistance of about 238.50.
Do I make any sense here , or did I just get lucky? In any case I apologize to pollute this space and thank you Jim .
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  • #7,384
  • Nov 5, 2007 12:53pm Nov 5, 2007 12:53pm
Quoting milan47
If I would have spent as much time with my two exes as I am spending in front of Jim’s charts, my life would be much less complicated

The pilgrims, that landed on Plymouth Rock were told by Jim the XVI : “ When in uptrend buy on dips”. This amendment to our Constitution has been duly noted even by retards like myself.
This early am after the Brits opened, GJ started heading south. Now GJ is long term uptrend. So where is going to be the potential dip point? Mind you, it is 3 am in the morning and the sky is not blue. Anyway, the first support line I could think of was 237.50 and I placed a long stop buy order there. And since GJ is a maniac I placed the stop under the next support about 83 pips away. Thank God for Oanda, so even I can play in the sandbox.. At this point I am watching 4H and 1H. The next bar on 1 H is a wannabe pin. Looks like my entry was prematurely conceived. Fortunately my stop survives the next two bloody bars and I am still game.
The next bar goes north. By the way, that support was at the 61.8 fib too. Now I can justify almost anything. Hindsight. Had no idea then. My target is set at the next major resistance of about 238.50.
Do I make any sense here , or did I just get lucky? In any case I apologize to pollute this space and thank you Jim .
This is a very funny post. It cracked me up

Already knew I like you from the first sentence milan47
  • #7,385
  • Nov 5, 2007 12:58pm Nov 5, 2007 12:58pm
Quoting milan47
Do I make any sense here , or did I just get lucky? In any case I apologize to pollute this space and thank you Jim .
Gotcha. I understand your line of thinking behind this trade.
All things considered there are more reasons for it to work then not. Will it work out? I don't know. You bought on a dip of an uptrend when price reached support, a 61 fib, as well as a trendline.
The trade is not over yet so let's see what happens.

IMHO it would've been safer to wait for some kind of PA instead of entering when price reached that point. There are some people who open a trade when price simply touches these areas and don't wait for further confirmation. But this takes finesse and lots or practice/experience. Pinpointing these spots, figuring out good profits targets and stop losses are all part of the game.

I hope it's successful.

Tom
  • #7,386
  • Nov 5, 2007 1:00pm Nov 5, 2007 1:00pm
Three back to back pins off the 38 fib (last MAJOR swing low on 1hr to swing high)

But I sure hope you were flexible with your target dude because it looked like it came within 10 pips of it and then tanked!
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  • #7,387
  • Nov 5, 2007 1:10pm Nov 5, 2007 1:10pm
Thank you both, Moneybags and Wizard. Still holding. Trend is your friend. As they say in the old country, keep your enemies close, and your trendy friends even closer. I wonder if Vito Corleone used trailing stops.
  • #7,388
  • Nov 5, 2007 1:19pm Nov 5, 2007 1:19pm
Quoting milan47
...Anyway, the first support line I could think of was 237.50 and I placed a long stop buy order there. ...

My target is set at the next major resistance of about 238.50.
... or did I just get lucky?

..
.
my take..
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  • #7,389
  • Nov 5, 2007 1:20pm Nov 5, 2007 1:20pm
Hey folks

So after days of counting my pennies (literally, i rolled up all my loose change) and cashing it in i went to the PF to sign up and i see that they are not accepting any new people at the moment? Could anyone give some insight on how long this will last?
  • #7,390
  • Nov 5, 2007 1:22pm Nov 5, 2007 1:22pm
Since 1h has been catching on so much I thought I'd counterbalance a bit with daily bar sanity ;p

Even assuming one were to blindly straddle all IBs(I ignored the fake move towards 118 but sold near there instead for reasons posted in journal / PF), still woulda done okay here.

Even after losing the first trade after the IB broke up and moved down again, you woulda caught the break downwards or woulda taken the BEOB. Then 250+ pips down, gap => either exit or ask yourself what you want out of the trade.

Then another IB along the way, moves up, reaches 50%, gets smacked down with a BEOB and breaks even or loses 10-15 pips. Another IB after the BEOB, triggered both down today.

Main trade was the IB rebreak / BEOB down. Around 5 times risk to be had(stop size would have been the IB, BEOB was a bit bigger, bit less reward then), bit more, bit less depending.
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Trust price. Know yourself.
  • #7,391
  • Nov 5, 2007 1:29pm Nov 5, 2007 1:29pm
Quoting saskgui
Hey folks

So after days of counting my pennies (literally, i rolled up all my loose change) and cashing it in i went to the PF to sign up and i see that they are not accepting any new people at the moment? Could anyone give some insight on how long this will last?
It is only until Jim gets the new website up and running. I don't think it will be all that long. However, he hasn't stated exactly how long.

He just doesn't want new guys to show up and get cheated because of some "glitch".

Those of us that have been there for a while already know it's worth it.

Clockwork
  • #7,392
  • Nov 5, 2007 1:32pm Nov 5, 2007 1:32pm
Quoting the_wizard
Hi blueruby, sorry about earlier, I was having a bad day and came over all cantankerous.

No hard feelings?
None whatsoever!

I'm still consistently losing after a year of full-time trading, so my posts are usually a little dry, if not terse.

In other words, I'm usually having a bad day. The next year will be better.
  • #7,393
  • Nov 5, 2007 1:39pm Nov 5, 2007 1:39pm
Lotsa IBs on this one...very undecided pair ;p

But Tiki must love it!

Some didn't work so well, some moved quite alright. Again, without even adding much s/r lines or anything, just pointing out the bars and threw one fib and TL on.

Trying to put more thought into it one woulda said: okay, what do I know about things?

1. It's USD selling time since 2006. Okay, so short trades preferred.
2. Entry on retrace and near s/r might have more room to go than entering after things already fell(yea I know, doesn't apply for USDCAD hehehe)


So the IBs near the TL I drew (for which philmcgrew would prolly spank me) look best to me. The other stuff, the counter-trend ones, meh, I don't know.

Usually the trend rescues trades far more than it makes sense to try and dodge and outtrade it. Learned/learning that the hard way over and again

Tricky part in this tight spacing is exits - but that's always the toughie, isn't it.
Not many counter setups, so it'd be mostly stop moving or closing when gaps show. A lot of time is spent in tedious small small if you use stops to kick you out, but there's been an ongoing discussion about how this in turn will catch the big big big moves the few times that they do occur...been a point of debate both in the PF as well as between phil / soultrader and others over in the 1kT room I believe.
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  • #7,394
  • Nov 5, 2007 1:44pm Nov 5, 2007 1:44pm
Quoting blueruby
None whatsoever!

I'm still consistently losing after a year of full-time trading, so my posts are usually a little dry, if not terse.

In other words, I'm usually having a GOOD (bad) day. This (The next) year is (will be) better.
You can start a winning process by replacing few words in your post... and start using that format from now on....
Start thinking as a winner (even if you're not just yet) and you'll become one.
Let your subconscious work for you. (At least, it helped me)
We are (become), who we think we are....
Best,
R
  • #7,395
  • Nov 5, 2007 1:53pm Nov 5, 2007 1:53pm
Quoting raczekfx
You can start a winning process by replacing few words in your post... and start using that format from now on....
Start thinking as a winner (even if you're not just yet) and you'll become one.
Let your subconscious work for you. (At least, it helped me)
We are (become), who we think we are....
Best,
R
Nicely said. I totally agree.
People sometimes forget or ignore how the mental/psych. element is so important in trading (and life in general).
What you think, feel, and believe about the market & yourself will come out in your trading.
It's your choice to make.

Take care folks,
Tom
  • #7,396
  • Nov 5, 2007 1:55pm Nov 5, 2007 1:55pm
Second double IB pair both closed above s/r then took off.


First one didn't wanna move out yet


Off to make me some pizza now
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  • #7,397
  • Edited 3:04pm Nov 5, 2007 2:24pm | Edited 3:04pm
Quoting raczekfx
You can start a winning process by replacing few words in your post... and start using that format from now on....
Start thinking as a winner (even if you're not just yet) and you'll become one.
Let your subconscious work for you. (At least, it helped me)
We are (become), who we think we are....
Best,
R
Thanks, R.

At the same time, if you don't know how to trade, being optimistic just makes you more dangerous.

No amount of psychology will teach one how to trade properly.

I need to learn to trade. The rest will all work out just fine.
  • #7,398
  • Nov 5, 2007 3:06pm Nov 5, 2007 3:06pm
Quoting blueruby
No amount of psychology will teach one how to trade properly.
No amount of trading knowledge will enable you to trade properly without a sound mindset.
Trust price. Know yourself.
  • #7,399
  • Nov 5, 2007 3:12pm Nov 5, 2007 3:12pm
Quoting SeekingLight
No amount of trading knowledge will enable you to trade properly without a sound mindset.
Alright, guys, timeout. Not going to argue about my mental state before, during or after trading.

I'm here to learn P/A.

And that does NOT STAND FOR "POSITIVE AFFIRMATIONS".
  • #7,400
  • Nov 5, 2007 3:18pm Nov 5, 2007 3:18pm
Quoting SeekingLight
No amount of trading knowledge will enable you to trade properly without a sound mindset.
I guess I will argue after all.

How the hell will you have a sound mindset about trading if you don't know how to trade?

And you know you don't know.
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