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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

  • #12,401
  • Aug 11, 2008 5:42am Aug 11, 2008 5:42am
Quoting SeekingLight
I don't understand the question.

If you size 1% to 50 pips, then 100 pips will move 2%. R/R is identical whether it's pips or % => 1:2.
(1% of account) divided by (Entry Price to Stop-Loss difference)

You get quite good at doing it fast in your head after a while too. LOL

.
Bundy's status today: "Waiting..."
  • #12,402
  • Aug 11, 2008 6:00am Aug 11, 2008 6:00am
Quoting SeekingLight
I don't understand the question.

If you size 1% to 50 pips, then 100 pips will move 2%. R/R is identical whether it's pips or % => 1:2.
1)lets say u got in with 3 LOTS 50 pips away then ur risking 1500$
and u made 100pips in profit so u make 3000$ (2/1)!thats if u close all 3 lots right there !!

2)BUT if u close 2 right there(like most ppl do and BE and let the remaining lot run) u would make 2000$ which is<2/1 thats if ur remaining lot closes @ BE

3)whats even worse in my opinion is closing half of ur position at 1/1 coz if u risk 2 lots 100 pip sl and u close only 1 of them at 1/1 its like ur risking 2000$ to get only 1000$(if ur remaing lot closes @ be)

its just too many ppl exit 1/2 OR 2/3 of their position @ R/R=1 and BE
which kinda confuses me coz
they need to have a high win/loss to stay on top
WHILE
if u close all lots @ 2/1 u dont need high win/loss BUt u will miss out on the big trends that u MIGHt catch in the first case


soz for the bad english..its n0t my best paIr
  • #12,403
  • Aug 11, 2008 6:37am Aug 11, 2008 6:37am
Quoting ezz
do u guys calculate ur R/R according to PIP basis or according to Money basis?
I don't see the difference. The R/R ratio will still be the same
  • #12,404
  • Aug 11, 2008 6:42am Aug 11, 2008 6:42am
Quoting stopman
I don't see the difference. The R/R ratio will still be the same


True so true.
Bundy's status today: "Waiting..."
  • #12,405
  • Aug 11, 2008 6:51am Aug 11, 2008 6:51am
Quoting pipsalot
PB on the EURAUD daily chart, was broken earlier today. What do you guys think?
No pinbar on Oanda.....hmmmm, wdf??
Attached Image (click to enlarge)
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Money & Pain Respect the market, protect your capital, be patient
  • #12,406
  • Aug 11, 2008 7:08am Aug 11, 2008 7:08am
Quoting pipsalot
PB on the EURAUD daily chart, was broken earlier today. What do you guys think?
Hi,

It is at the swing high of the chart. However, the nose of the PB doesn't protrude out significant enough as it is too close to the high of the left eye. I don't think it is a A+ PB. Any comment?

Regards,
Kim
  • #12,407
  • Aug 11, 2008 7:20am Aug 11, 2008 7:20am
Quoting nkhnip
Hi,

It is at the swing high of the chart. However, the nose of the PB doesn't protrude out significant enough as it is too close to the high of the left eye. I don't think it is a A+ PB. Any comment?

Regards,
Kim
Technically speaking this is an outside bar and not a pin bar. In fact it is encompassing the previous two bars. I have taken bar because of the place where it is. It has got a very good potential if it does go in my favor. My stop order was on break of the outside bar which actually is the lowest level since Wednesday last week. Lets see how this pans out...
  • #12,408
  • Aug 11, 2008 7:22am Aug 11, 2008 7:22am
Quoting nkhnip
Hi,

It is at the swing high of the chart. However, the nose of the PB doesn't protrude out significant enough as it is too close to the high of the left eye. I don't think it is a A+ PB. Any comment?

Regards,
Kim
That's correct.

The pin-like bar is stacked side by side the preceding bars. It's part of the sideways traffic.

It does give a likely direction, to me, but if you aren't picky with your trade selections you may as well throw random orders out there.
.
Bundy's status today: "Waiting..."
  • #12,409
  • Aug 11, 2008 9:05am Aug 11, 2008 9:05am
Quoting toyboy tramp
No pinbar on Oanda.....hmmmm, wdf??
That is a dbhlc with tweezer tops though.... a small short can't hurt
Money & Pain Respect the market, protect your capital, be patient
  • #12,410
  • Aug 11, 2008 12:40pm Aug 11, 2008 12:40pm
This is directed toward ALL readers of this thread.

PLEASE!!! PLEASE!!! PLEASE!!! READ THIS AND UNDERSTAND WHAT SEEK IS SAYING.

IF YOU CANT TRADE DAILY ON DEMO WITH SUCCESS YOU CANT DO IT WITH REAL MONEY.

IF YOU CANT TRADE DAILY WITH REAL MONEY WITH SUCCESS YOU CANT TRADE 4 HOUR.

IF YOU CANT TRADE 4 HOUR ON DEMO WITH SUCCESS YOU CANT TRADE IT WITH REAL MONEY.

THIS IS A PROCESS WHICH REQUIRES COMMON SENSE.

The material in this thread has helped many people but its not the most important lesson/s contained here.

The most important lesson in this thread and the single biggest reason it has produced results for people is the constant pounding home of one fact.

IF YOU WILL COMBINE THIS MATERIAL WITH THE KNOWLEDGE THAT THIS IS A BUSINESS AND MUST BE TREATED AS SUCH YOU CAN OVER TIME SLOWLY BEGIN TO FIND SOME REAL SUCCESS.

I know people get tired of me saying this but here it goes again.

DO YOU REALLY THINK (ONE WEEK,ONE MONTH OR WHATEVER) OF READING A THREAD/METHOD AND THEN TRADING WITH REAL MONEY IS GOING TO WORK WITH NO INDEPTH RESEARCH AND PRACTICE?

CMON FOLKS THINK ABOUT IT.

A PLAN FOR SUCCESS.

1.3 succesful months in a row on daily while demoing (minimum)

2. on daily 3 to 6 months in a row with success with a small account never risking more than 1 or 2 percent per trade.

3. on daiy full size account 3 to 6 months in a row of success with 1 to 2 percent risk.

4. now you can try 4 hour following the SAME PLAN AS ABOVE.

5. if YOU EVER lose roughly 30 percent of your account you STOP TRADING and go back to demo to find out what went wrong. YOU DONT GO BACK LIVE until your account is refunded to its original size.

The outline above assures you will be treating this as a business and garuntees you will never blow out an account.

iF YOU CANT GIVE YOURSELF A COUPLE OF YEARS TO MASTER THIS BUSINESS AND ALONG THE WAY USE SOME COMMON SENSE YOU HAVE ZERO CHANCE OF SUCCESS.

IM literally begging each and every reader of this thread to wake up to this fact.

95 PERCENT OF THE PEOPLE THAT TRY THIS BUSINESS FAIL AND THE REASONS ARE NOT HIDDEN. THEY ARE AS CLEAR AS A DEEP BLUE SKY. THEY ARE HIDDEN FROM NO ONE.

PEOPLE REFUSE TO SEE THE OBVIOUS AND TO THERE OWN DEMISE.

I know this is really big rant even for me but its part of my soul.

IVE BEEN THERE.

Jim










Quoting SeekingLight
I would say stay off of 4h if you haven't mastered the timeframes above it first. And if you already know what you're doing on 4h then the question doesn't present itself anymore, but is already answered by itself.

This isn't addressed to you ezz, but everyone:
It appears people have been jumping on the faster timeframes and then ended up getting burnt and then blaming others or the material(...again. Always occurs again).

IMHO: If you skip the lessons, don't complain when you fail the test.

You don't go to the gym and start with 400 lbs either, do you? You work yourself up to it, gradually.
  • #12,411
  • Aug 11, 2008 12:54pm Aug 11, 2008 12:54pm
Quoting james16

PEOPLE REFUSE TO SEE THE OBVIOUS AND TO THERE OWN DEMISE.

Jim

So true...
  • #12,412
  • Aug 11, 2008 1:03pm Aug 11, 2008 1:03pm
I have one question. Maybe the answer is somewhere in the thread, but it's huge, i'm only at the page 300 (and maybe just forgot the answer till this page).

In Jim's plan, first 3 step's is trading with Daily charts only.
That's about a year.

Shouldn't newbies (like me) use lower time frames to make a decision, where to put limit, stop orders and TP, SL? Or we need to concentrate ONLY on the Daily period?

Thanks for your posts Jim, always reading them with exaltation.

Kaspars.
  • #12,413
  • Aug 11, 2008 1:36pm Aug 11, 2008 1:36pm
i see no setups t0day

DAm the Dollar is still shooting cmon babi reverse plz

maybe a round of coke
  • #12,414
  • Aug 11, 2008 1:41pm Aug 11, 2008 1:41pm
from what i understand the daily and weekly pin bars which is what i look ! are more reliable on the longer timeframes

the stop is normally the highest point of the pin bar, so why do you need to over complicate things for yourself by looking at noise to make decisions ?

My trading has only started to really work out since

1. I got rid of those stupid indicators
2. Only looked to trade pin bars
3. Only look at Daily and weekly time frames

Its a lesson to be learnt in itself, but most people loose because they have to be in the market all the time, making excuses to take trades, what they dont realise is that every trade you take your risking money.

the smarter guys all know that most of the time your either out of the market altogether waiting for a class A pin bar / set up, or your holding a trade you took, until you have a reason to close!

I hope that helps answer part of your question

you only have to look at why there are so many loosers (high 90% ish) and then figure out what are the winners doing that is so different.

N
  • #12,415
  • Aug 11, 2008 1:58pm Aug 11, 2008 1:58pm
Quoting n_aftab
from what i understand the daily and weekly pin bars which is what i look !

Its a lesson to be learnt in itself, but most people loose because they have to be in the market all the time, making excuses to take trades, what they dont realise is that every trade you take your risking money.

the smarter guys all know that most of the time your either out of the market altogether waiting for a class A pin bar / set up, or your holding a trade you took, until you have a reason to close!
damn this was nice

Thank you

Mike
  • #12,416
  • Aug 11, 2008 1:59pm Aug 11, 2008 1:59pm
Quoting stopman
I have one question. Maybe the answer is somewhere in the thread, but it's huge, i'm only at the page 300 (and maybe just forgot the answer till this page).

In Jim's plan, first 3 step's is trading with Daily charts only.
That's about a year.

Shouldn't newbies (like me) use lower time frames to make a decision, where to put limit, stop orders and TP, SL? Or we need to concentrate ONLY on the Daily period?

Thanks for your posts Jim, always reading them with exaltation.

Kaspars.
Hey Kaspars,

You need nothing but the daily chart. You don't need to move down to place any of your orders. The reason people drop down is b/c they always want something more. A better size stop, so they can ahve a larger position size etc. But the reality is you can do all your trading off a daily chart. Check your charts once a day for 10-15 mins and be done with it. Or at least as James recommends until you can PROVE to yourself(ie with his timeline), that you can do it profitable.

Hope that helps

Mike
  • #12,417
  • Aug 11, 2008 2:02pm Aug 11, 2008 2:02pm
hi mike, hope i caught you before you sign off ...

i was thinking about playing a breakout trade on the gbpchf ... i am unclear about the S/L for my trade. if i am taking it long, maybe set the S/L on the lower TL that created the wedge for the breakout?

thanks for your help ...
"Believe nothing you hear and half of what you see." Proverb
  • #12,418
  • Aug 11, 2008 2:11pm Aug 11, 2008 2:11pm
Quoting fxgrinder
hi mike, hope i caught you before you sign off ...

i was thinking about playing a breakout trade on the gbpchf ... i am unclear about the S/L for my trade. if i am taking it long, maybe set the S/L on the lower TL that created the wedge for the breakout?

thanks for your help ...
hey grinder

I was just looking at the gbp/chf

Here are some possible scenarios. I always place my stop below/above the pullback price action bars like other trades.\

The red X is where I will be watching for a pullback and price action

Hope that helps

Mike
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  • #12,419
  • Aug 11, 2008 3:06pm Aug 11, 2008 3:06pm
Continuation of downward move? It looks to me like todays daily pin bar on cable is probing a weekly support/resistance line from the opposite side after breaking through it. I don't have experience with such set ups, but it looks rather interesting...
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  • #12,420
  • Aug 11, 2008 3:09pm Aug 11, 2008 3:09pm
Quoting eltrot1979
Continuation of downward move? It looks to me like todays daily pin bar on cable is probing a weekly support/resistance line from the opposite side after breaking through it. I don't have experience with such set ups, but it looks rather interesting...
Actually, I guess its a bearish outside bar rather than a pin bar, unless you ignore Sundays bar?
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