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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

  • #8,541
  • Jan 2, 2008 4:05pm Jan 2, 2008 4:05pm
Quoting mbqb11
, so that is your secret to success drawing scary faces :
Hey Mike,
If you think thats scary, you should see his refrigerator! LOL...
Never say never.
  • #8,542
  • Jan 2, 2008 4:16pm Jan 2, 2008 4:16pm
Quoting raczekfx
This is cleaner, but kind of scary looking......

Now why did that instantly remind me of...
Inserted Video


<3
Trust price. Know yourself.
  • #8,543
  • Jan 2, 2008 4:28pm Jan 2, 2008 4:28pm
Oil hit $ 100 a barrel today...

http://biz.yahoo.com/ap/080102/oil_prices.html
  • #8,544
  • Jan 2, 2008 4:57pm Jan 2, 2008 4:57pm
Quoting mbqb11
, so that is your secret to success drawing scary faces :
I'm glad I'm not the only one seeing faces... I didn't mention it on purpose..

Quoting razldazl
Hey Mike,
If you think thats scary, you should see his refrigerator! LOL...
... that one is one scary monster... . It's going out next week..., picked up the new one on boxing day... and kids won't have any access code to the kitchen...
  • #8,545
  • Jan 2, 2008 5:15pm Jan 2, 2008 5:15pm
Quoting SeekingLight
Most definitely a good setup, that CJ PB =)

Shame you jumped ship just before the real fun started

Wanted to post an update to the USDJPY chart I posted a while back..

The retrace back to 114.xx was a bit tricky, but nevertheless I feel with a bit of caution and management it woulda done alright..

I find it helps to decide on a direction and stick with that..eliminates a lot of whiplash that way =)


Keeping in mind this UJ example chart is simply ONLY the setups as if there were no such thing as s/r etc...just to illustrate what Jim once wrote - even the setups alone can be an eye opener.

P.S. Just seeing that I skipped a TBH/IB before that windup area. Probably because I don't trade those "top of the move" entries really, I find them far too dangerous / whiplashy most of the time. I want to be in BEFORE the real move starts, not after it's already gone a few hundred pips..
This is a great group and I really appreciate all the posts you guys (and ladies) make.

Hi Seeking - you're appreciated especially, long time lurker here and thought I'd post a pic. I watch this thread and Phil's MACD. I have two accounts, Interbank and FXSol. Anyway, woke up this morn and looked at the 12 hr U/J on FXSol and saw the IB's. Placed my order and went to work. Closed for 170 early this afternoon. Thanks to y'all.
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  • #8,546
  • Jan 2, 2008 6:44pm Jan 2, 2008 6:44pm
Hi All,

I still sit here day in and day out reading all of the posts in this thread and one glaring point keeps popping its head up. Why is everyone so adament about picking "targets" and exiting their trades at this predisposed point. If there is one thing we all should have learned by now, the market will do whatever is necessary in order to confuse the majority. I personally think it a might bit arrogant to think we can just sit back and pick a point on a chart and say , thats it, that is the destination. I include myself in this category to some degree. I have been guilty of picking a target in the past, however, when I simply leave the trade alone until the market tells me that the trend is over I will most always end up with more pips that I otherwise would have. I guess Ol' Jesse was right, you make more money by sitting on your hands......
Plan, Prepare, Execute, Repeat
  • #8,547
  • Edited 11:39pm Jan 2, 2008 10:11pm | Edited 11:39pm
Quoting swingtrade65
Hi All,

I still sit here day in and day out reading all of the posts in this thread and one glaring point keeps popping its head up. Why is everyone so adament about picking "targets" and exiting their trades at this predisposed point. If there is one thing we all should have learned by now, the market will do whatever is necessary in order to confuse the majority. I personally think it a might bit arrogant to think we can just sit back and pick a point on a chart and say , thats it, that is the destination. I include myself in this category to some degree. I have been guilty of picking a target in the past, however, when I simply leave the trade alone until the market tells me that the trend is over I will most always end up with more pips that I otherwise would have. I guess Ol' Jesse was right, you make more money by sitting on your hands......
I think a lot people use tailing stop as exiting.
  • #8,548
  • Jan 3, 2008 3:07am Jan 3, 2008 3:07am
Quoting fuzzle
This is a great group and I really appreciate all the posts you guys (and ladies) make.

Hi Seeking - you're appreciated especially, long time lurker here and thought I'd post a pic.


Thanks fuzzle...fact is, if what I posted over the months/years(...aaaand now I feel old again) has helped anyone become a better trade than they were or shown them what's possible, then it's already all worth it(all the effort that goes into the charting and posting I mean).

But I have to admit, often it feels I really do post most of my posts in order to educate myself(I've often written that I am mostly addressing myself with what I write)..sometimes feels like unless I keep telling and showing me how it's done I might forget..so again, I can only recommend to everyone to keep a journal, be it for recording your trades in full detail or simply to arrange your thoughts, ideas and setups..

I guess it also means that there's got to be some sense in it all, since I couldn't recognize and address a lot of issues and problems if they hadn't been inside myself as well..
Trust price. Know yourself.
  • #8,549
  • Jan 3, 2008 3:15am Jan 3, 2008 3:15am
Quoting swingtrade65
Hi All,

I still sit here day in and day out reading all of the posts in this thread and one glaring point keeps popping its head up. Why is everyone so adament about picking "targets" and exiting their trades at this predisposed point. If there is one thing we all should have learned by now, the market will do whatever is necessary in order to confuse the majority. I personally think it a might bit arrogant to think we can just sit back and pick a point on a chart and say , thats it, that is the destination.
Well yes and no. First off let me say the worst thing you can do to your trading is use trailing stops. Yes, there are some fellas with a big following that advocate and love them(because it requires 0 thought), but I think that a fixed size trailing stop is rubbish. Are all daily/4h/1h bars the same size? No? Then why on earth have a fixed size stop. Just doesn't make sense.

Now, targets and arrogance. I would approach it the other way around. I get a HNS with a 3000 pip projection, I am not going to exit the trade after 200 pips.

Or I looked at UJ back when and I thought "well, this really has to come down to the TL area around 108-9, it's not just gonna turn around in mid air" => trade towards your target. And so on.
A lot of times I will generate "dream targets" far away, project big price targets etc as an excuse to STAY IN.
I feel this allows me to use targets exactly the other way around. Of course even with dreamy prices it can happen that price STILL exceeds those..but hey, at some point it becomes a bit irrelevant whether it's 11x r/r or 13x r/r you know?

Also with a far away price target you can feel confident in adding to the positions during travel as "you just aren't there yet".

Just wanted to add an alternative view to this.

And before anyone asks how to get those far away prices - toggle your chart to weekly, start blank and draw only the really big s/r and TLs, use price projections and be creative. That usually does it for me ;p

Over time I'll be doing more and more videos on all that stuff for the PF.

Quote
however, when I simply leave the trade alone until the market tells me that the trend is over I will most always end up with more pips that I otherwise would have.
Depending on the trade this is very true. My nightmare on this was Gold, but it wasn't that I had a target, but that I reacted emotionally and broke my own plan one Monday. I shall refer to my signature in this regard
Trust price. Know yourself.
  • #8,550
  • Jan 3, 2008 7:09am Jan 3, 2008 7:09am
Quoting SeekingLight
First off let me say the worst thing you can do to your trading is use trailing stops. Yes, there are some fellas with a big following that advocate and love them(because it requires 0 thought), but I think that a fixed size trailing stop is rubbish. ...
are you talking about jacko....?
  • #8,551
  • Jan 3, 2008 7:38am Jan 3, 2008 7:38am
Some reason to long USD-JPY (of course will wait until price broke upper PB)
1. PB with long nose 4H propably on daily chart too.
2. Near Support on weekly chart
3. Previous trend was down.

Any comments?
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Click to Enlarge Name: USD- JYP Weekly.jpg Size: 262 KB
  • #8,552
  • Jan 3, 2008 8:34am Jan 3, 2008 8:34am
Quoting SeekingLight


Thanks fuzzle...fact is, if what I posted over the months/years(...aaaand now I feel old again) has helped anyone become a better trade than they were or shown them what's possible, then it's already all worth it(all the effort that goes into the charting and posting I mean).

But I have to admit, often it feels I really do post most of my posts in order to educate myself(I've often written that I am mostly addressing myself with what I write)..sometimes feels like unless I keep telling and showing me how it's done I might forget..so again, I can only recommend to everyone to keep a journal, be it for recording your trades in full detail or simply to arrange your thoughts, ideas and setups..

I guess it also means that there's got to be some sense in it all, since I couldn't recognize and address a lot of issues and problems if they hadn't been inside myself as well..
i pay attention whenever you post here... i even keep most of your posted charts :
  • #8,553
  • Jan 3, 2008 8:41am Jan 3, 2008 8:41am
Quoting jatis
Some reason to long USD-JPY (of course will wait until price broke upper PB)
1. PB with long nose 4H propably on daily chart too.
2. Near Support on weekly chart
3. Previous trend was down.

Any comments?

same here. But i will only enter 50% of my usual lot(CT) plus with a valid bar/candle.
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  • #8,554
  • Jan 3, 2008 9:02am Jan 3, 2008 9:02am
Quoting ellipses
i pay attention whenever you post here... i even keep most of your posted charts :


I'm honored...I still don't think all my charts are as perfect as they should/could be, but at least there's some improvement over time.
One thing that always gets me is that whenever I finish a chart and post it I look at it and go "oh no, look there, you forgot this..and that" etc...I'm very hard on myself..

--

Btw, when I say "x or y IS bad/rubbish" it always means "in my personal opinion which could be total nonsense in turn, I find that...".

I said the thing about trailing stops for a reason, but that reason comes from my personal experience with them and my own reasoning and isn't an objective criteria..
I still believe it though
Trust price. Know yourself.
  • #8,555
  • Jan 3, 2008 9:04am Jan 3, 2008 9:04am
Quoting SeekingLight
Since stocks and the JPY are very correlated, here was the early warning..

Also would have made a great short with low risk at the doji close for the really aggressive trader, more conservative would have waited for that IB.
Hope the picture is posted as well. If not I am quoting post 3595. How do you play these inside bars. The thing is, after these small IB there often come BUOB or BEOB that fake you out very often. Like in this example for instance if you get in long on the break you would have been faked out by just a few pips. Or do you enter within a distance of x pips or would you just enter this bar on the short side.

Happy trading,
Chris
  • #8,556
  • Jan 3, 2008 9:15am Jan 3, 2008 9:15am
Oh man.. I am so glad you asked that !! I have been trying to ask that for along time and just couldn't figure out how to word it...!!!

So far I have concluded that you must have an idea of where things will go and just make the one trade... and not put orders for trades both ways !!

Quoting creeper
Hope the picture is posted as well. If not I am quoting post 3595. How do you play these inside bars. The thing is, after these small IB there often come BUOB or BEOB that fake you out very often. Like in this example for instance if you get in long on the break you would have been faked out by just a few pips. Or do you enter within a distance of x pips or would you just enter this bar on the short side.

Happy trading,
Chris
  • #8,557
  • Jan 3, 2008 9:55am Jan 3, 2008 9:55am
Hey SL,

the really cool thing about trading is that it is indeed such an individual endeavor.....what has been your experience and works for you can be totally different from how I trade and as long as we both make it work for our style.....thats OK......I do agree that a "fixed" amount per say doesn't always work but I tend to trail with meaningful points along the way and it works very well for me......so I guess we can agree to disagree on their usefulness and as long as both accounts are growing at an acceptable rate....who really cares how we get there

Many Pips
Plan, Prepare, Execute, Repeat
  • #8,558
  • Jan 3, 2008 10:34am Jan 3, 2008 10:34am
Quoting swingtrade65
I tend to trail with meaningful points along the way and it works very well for me

I was referring to those automated xx pips trailing stops brokers supply, like 50 / 100 / 200 pips trailing stop once price moves out.

Manually trailing stop for good reason is a normal and sound practice, random pip size autotrailers aren't. That was basically what I was trying to say.
Trust price. Know yourself.
  • #8,559
  • Jan 3, 2008 11:47am Jan 3, 2008 11:47am
I am in complete agreement with the automated trailing being a load of
Hooey....The we are in agreement after all...
Plan, Prepare, Execute, Repeat
  • #8,560
  • Jan 3, 2008 2:47pm Jan 3, 2008 2:47pm
Quoting swingtrade65
I am in complete agreement with the automated trailing being a load of
Hooey....The we are in agreement after all...
Why am I not surprised that we are



Seems like raczekfx went behind our backs and sold JPY after all, look at those bounces! ;p
Trust price. Know yourself.
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