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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

  • #13,921
  • Sep 25, 2008 9:24am Sep 25, 2008 9:24am
Quoting Ryanmcd
Well you must be better then me, took me 7 years to make my 1st million and lost the 1st 3-4 trading and reading 14hr days fulltime w/o a job.
I am not better at all (I've only been doing FX for about 2 years, but I've been trading commodities for 7 years (I quit 10 years ago)). You mentioned going through 7-years worth of charts - that deserves A LOT of respect. DeMark did smth similar (but then he is not a trader).

My point was about jumping into conclusions (I did that too when you first mentioned M5 - my apologies ) In "The Market Wizards" every trader had different approach, but they were all mega-successful. Some people hate Fibos, some people trade (profitably) nothing but Fibos.

There are useful principles/guidelines, then we are on our own. Each one of us has his own style, his own agenda.

Many people think that even occasional risk of 5-6% on a single trade is crazy. But then many people think trading M5 (or taking just 10 pips where the move could be 100) is crazy too (again, I made a "crazy" comment M5 before - and changed my mind having considered the "evidence"). Go figure...
One Chart is Worth Ten Thousand Words.
  • #13,922
  • Sep 25, 2008 9:27am Sep 25, 2008 9:27am
Quoting Forex007
I am not better at all (I've only been doing FX for about 2 years, but I've been trading commodities for 7 years (I quit 10 years ago)). You mentioned going through 7-years worth of charts - that deserves A LOT of respect. DeMark did smth similar (but then he is not a trader).

My point was about jumping into conclusions (I did that too when you first mentioned M5 - my apologies ) In "The Market Wizards" every trader had different approach, but they were all mega-successful. Some people hate Fibos, some people trade (profitably) nothing but Fibos.

There are useful principles/guidelines, then we are on our own. Each one of us has his own style, his own agenda.

Many people think that even occasional risk of 5-6% on a single trade is crazy. But then many people think trading M5 (or taking just 10 pips where the move could be 100) is crazy too (again, I made a "crazy" comment M5 before - and changed my mind having considered the "evidence"). Go figure...
If you have been doing this a while you should be okay, yes everyone is different but I am a HUGE fan of not risking more then 2% of my account what I am trading. Why do you need more? If 30-50k is not enough per day you have some bad habbits, if you dont have enough in your account to trade 2% and do okay get a better job, or a 2nd job to make it work don't up the risk.
Keep taking CT trades, I need more money
  • #13,923
  • Sep 25, 2008 9:39am Sep 25, 2008 9:39am
Quoting Ryanmcd
If you have been doing this a while you should be okay, yes everyone is different but I am a HUGE fan of not risking more then 2% of my account what I am trading. Why do you need more? If 30-50k is not enough per day you have some bad habbits, if you dont have enough in your account to trade 2% and do okay get a better job, or a 2nd job to make it work don't up the risk.
My a/c size is not big enough for "2%=$30K".

I don't view risk on the basis of a/c percentage. Some setups feel MUCH more solid than other. A PB at the year's high, it's not the same as a month's mid-range PB. I look at RR too.

From the math's point of view, if I have 4-5 winners (risking 5% with RR5-10) - and you said you once had 30+ winners in a row - I can then afford 2-3 losing trades.

Also, you grab 10 pips and that's works fine for you. But if you went for just 2 more pips, that 20% increase of your profits (with the same risk). That's how I see it.
One Chart is Worth Ten Thousand Words.
  • #13,924
  • Sep 25, 2008 9:48am Sep 25, 2008 9:48am
Quoting Forex007
My a/c size is not big enough for "2%=$30K".

I don't view risk on the basis of a/c percentage. Some setups feel MUCH more solid than other. A PB at the year's high, it's not the same as a month's mid-range PB. I look at RR too.

From the math's point of view, if I have 4-5 winners (risking 5% with RR5-10) - and you said you once had 30+ winners in a row - I can then afford 2-3 losing trades.

Also, you grab 10 pips and that's works fine for you. But if you went for just 2 more pips, that 20% increase of your profits (with the same risk). That's how I see it.
Okay whatever works for you Just dont post my 5min suck 6 months from now.
Keep taking CT trades, I need more money
  • #13,925
  • Sep 25, 2008 10:02am Sep 25, 2008 10:02am
Quoting Ryanmcd
Okay whatever works for you Just dont post my 5min suck 6 months from now.
Agreed
One Chart is Worth Ten Thousand Words.
  • #13,926
  • Sep 25, 2008 11:13am Sep 25, 2008 11:13am
Quoting Ryanmcd
Well you must be better then me, took me 7 years to make my 1st million and lost the 1st 3-4 trading and reading 14hr days fulltime w/o a job.
Just curious, you're saying you lost money for the first 3-4 years? And how did you last so long without a job?
  • #13,927
  • Sep 25, 2008 11:36am Sep 25, 2008 11:36am
Quoting libertao
Just curious, you're saying you lost money for the first 3-4 years? And how did you last so long without a job?
Saved up a lot, lived in the cheepest apartment I could find and eat cheep foods.
Keep taking CT trades, I need more money
  • #13,928
  • Sep 25, 2008 11:43am Sep 25, 2008 11:43am
Quoting Ryanmcd
Saved up a lot, lived in the cheepest apartment I could find and eat cheep foods.
Interesting...
thats where i am right now.. My wife still works part time also. takes some of the pressure off.
  • #13,929
  • Sep 25, 2008 11:46am Sep 25, 2008 11:46am
Quoting Ryanmcd
Saved up a lot, lived in the cheepest apartment I could find and eat cheep foods.
Hello Dear Ryanmcd, great post you just made. For me, it is really no wonder why you are so successful in this business. To have that kind of commitment for achieving success in trading as accepting to live simple as possible to save money for your trading career just shows ho much you are devoted to your success.

From the bottom of the sincerity of my heart, I really want to thanks you very much for sharing with us your insight about how you trade de markets.

Since I am trading more or less same style as you, I am really successful and right now, last few trades were all winners.

As I have a full time job that i like, i do take my time to take only trades that are high probability trades setups and I am very patient.

For now, I only trade when there is a nice PB on top or bottom of BB or in middle with rejection from the 21 EMA and all case there need to be divergence in RSI. These do not occur every hour but they are frequent and if we are patient to wait for the setup to occur, they are big winners.

Thanks a lot for your help and also thanks Jim, mike SL for your great insights into this thread

Sincerely

Shreem
  • #13,930
  • Sep 25, 2008 11:52am Sep 25, 2008 11:52am
Here is a exemple of trade setup that I am looking for that occur about 2 hours ago:
Attached Image (click to enlarge)
Click to Enlarge Name: eur 5min.gif Size: 16 KB
  • #13,931
  • Sep 25, 2008 12:15pm Sep 25, 2008 12:15pm
Quoting shreem
Here is a exemple of trade setup that I am looking for that occur about 2 hours ago:
Nice setup, although I think that one coincided with New Home Sales (red news) ... spread was around 10 pips wide on Oanda for a while at that time...
  • #13,932
  • Sep 25, 2008 12:59pm Sep 25, 2008 12:59pm
Quoting shreem
Hello Dear Ryanmcd, great post you just made. For me, it is really no wonder why you are so successful in this business. To have that kind of commitment for achieving success in trading as accepting to live simple as possible to save money for your trading career just shows ho much you are devoted to your success.

From the bottom of the sincerity of my heart, I really want to thanks you very much for sharing with us your insight about how you trade de markets.

Since I am trading more or less same style as you, I am really successful and right now, last few trades were all winners.

As I have a full time job that i like, i do take my time to take only trades that are high probability trades setups and I am very patient.

For now, I only trade when there is a nice PB on top or bottom of BB or in middle with rejection from the 21 EMA and all case there need to be divergence in RSI. These do not occur every hour but they are frequent and if we are patient to wait for the setup to occur, they are big winners.

Thanks a lot for your help and also thanks Jim, mike SL for your great insights into this thread

Sincerely

Shreem

I think you find that almost everyone that posts on sites like these don't have much wealth. They may pretend they have, but when I see quotes of '$35k a day' I tend to knock the zero off the end, and that's being generous. I'm not saying you can't get wealthy trading, I'm just saying when and if I have made my million dollars, you will find me at the beach bar at a five star hotel, not hanging around in free FX bulleton boards!
  • #13,933
  • Sep 25, 2008 2:06pm Sep 25, 2008 2:06pm
Quoting Fx Jeff
I think you find that almost everyone that posts on sites like these don't have much wealth. They may pretend they have, but when I see quotes of '$35k a day' I tend to knock the zero off the end, and that's being generous. I'm not saying you can't get wealthy trading, I'm just saying when and if I have made my million dollars, you will find me at the beach bar at a five star hotel, not hanging around in free FX bulleton boards!
Well, it depends... "The Market Wizards" became so addictive to trading (there were no FX forums back then ) that money was not part of the game. Also, many of them took years to build their wealth and trading was their life (some of them stayed at remote inland locations after they had hundreds of millions).

If you daytrade, beach-side 5-star is not ideal as there are too many distractions and temptations. Unless you trade W1, of course

To earn $35K per day from a 2% gain does indeed require "a few bobs", but it's not unrealistic. Many traders in prop firms earn in access of USD1m p.a.

As for "private" (self-taught) traders, those making $1m a year can ba counted on ten hands. But there are "many" making $100-200K pa.

It doesn't matter whether Ryanmcd is the real McCoy or not. He is here to share his experience, some find it useful (and profitable), he is not asking for anything in return. He mentioned that many traders with 30-years+ trading experience still learn new tricks. FF is not a bad place to pick up good tips or new ideas.
One Chart is Worth Ten Thousand Words.
  • #13,934
  • Sep 25, 2008 3:55pm Sep 25, 2008 3:55pm
hallo guys i'd like to know what you think about the PB formed at the break out of the resistence.I am practice with J16 price action.

thanks to all of you.
Attached Image (click to enlarge)
Click to Enlarge Name: eur usd.gif Size: 14 KB
Patience is essential
  • #13,935
  • Sep 25, 2008 6:26pm Sep 25, 2008 6:26pm
Again it's my job, why am I posting at 7:20pm EST when I just got back from the lake? Because I love what I do, why sign up for J16 for 2 months when I was already making money? To learn more and get better and find other way to do things.


Also FX Jeff your chat you posted was 100% NOT what I showed, you took CT trade, showed a so called "PB" and have no clue. I knew it was coming because you took ***0*** time to read anything and now I am full of it. Best of luck you will need it.

Think about this, how many Doctors or people that are in the TOP 1% of ANY field sit around and blow money they made? How many still talk with others about how to make things better or better ways to do things? What about Buffett why does he live in the same house after making BILLIONS why is he not in a 5 star hotel drinking away his worth? I tell ya what, the money does not change everything. When I first started trading I wanted a Ferrari well when I had enough to get one I did not care about it anymore. Maybe I am different but to me you can NEVER be too good at something, what I enjoy now is helping other people learn this trade but I find it hard that SO MANY people are jaded because they think you cant make money in this. I tell ya they are wrong but after losing for so long they just think if they cant do it no one can.


Last thing, If you think everything that is posted is bullshit please just STOP trading, start a business or something dont spend the rest of your life looking for a system that is not out there and not looking at price.


end of rant.

PS. I think I said some of this on the phone about 8 hours ago
Keep taking CT trades, I need more money
  • #13,936
  • Sep 25, 2008 7:00pm Sep 25, 2008 7:00pm
Quoting Ryanmcd
SO MANY people are jaded because they think you cant make money in this. I tell ya they are wrong but after losing for so long they just think if they cant do it no one can.



Thats about the size of it.
  • #13,937
  • Sep 25, 2008 7:21pm Sep 25, 2008 7:21pm
Ryan,

I would be grateful if you could offer me your opinion on this trade. I did not take it but would like for you to comment on it.
The pin at 1:20am, is this a valid set up. I was unsure because it was so close to a round number, your thoughts are welcome.

I would like to add that i value your posts and thank you for giving and being selfless, there aren't many of you around but thankfully we have enough here on FF to keep learning new things even if others discredit you.

I myself am still struggling to make consistent pips and i understand it is because i am not putting the time in (personal issues) but i know i must solve the problem in order to be a successful trader otherwise, whats the point? I dont want to spend my life pissing cash away or not succeeding at this. I think some people just spit their dummy out when it doesnt go their way. We must invest (time, effort, blood sweat and tears) in ourselves and others if we want to succeed, more so than most things to be win at trading.

Trading is still hard for me, i know it will become easy someday. My time will come (and somewhat sooner thanks to people like you).

Positive mental attitute, being a defeatist not only drags you down but also others around you.

Sorry for going on, just wanted to let you know that i appreciate yours and others work and if you could comment on the chart that would be great.

Thank you

Nick
Attached Image (click to enlarge)
Click to Enlarge Name: gbp usd.gif Size: 10 KB
The customer is always right!
  • #13,938
  • Sep 25, 2008 10:25pm Sep 25, 2008 10:25pm
Quoting SeekingLight
Be aware that this could end up with you just being in the same trade twice(Long GJ = Long GBPUSD x Long USDJPY and same for short).
Good point seeking. I did not know that GJ = long GBPUSD and USDJPY, looks like have some more homework to do. I have noticed that EURUSD and GBPJPY seemed to move in lock step. The distance of the moves were different but many times one would lead the other. I cut back my positions accordingly.

Jason
May the fish in your stream of life always bite.
  • #13,939
  • Sep 25, 2008 10:30pm Sep 25, 2008 10:30pm
Quoting benem
hallo guys i'd like to know what you think about the PB formed at the break out of the resistence.I am practice with J16 price action.

thanks to all of you.
The 4 hour Gbp/Usd PB looks good as well. (Sorry cant post)
Indicators show the past. Price Action "Indicates" the future.
  • #13,940
  • Edited Sep 26, 2008 12:14am Sep 25, 2008 10:51pm | Edited Sep 26, 2008 12:14am
Quoting jarroo
Dé·jà vu, all over again. Let's try this again. Long at 196.59.

Break of the Weekly BUOB (197.02) will help confirm I'm on the right track. (Sorry can't post charts)
It's OK to ask me here on the thread about a trade that I posted. That's why we are here. No need to PM me.

Price failed to reach recent highs and wasn't moving with much purpose after it broke the BUOB high. So I got out with -27 pip loss on my small position.

I call this small position entry (others do as well) a "scout" after the signal is triggered. He is send out to test the waters and unfortunately he came back with a bad report on the long entry. lol
Indicators show the past. Price Action "Indicates" the future.
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