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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

  • #21,941
  • Feb 19, 2009 1:24pm Feb 19, 2009 1:24pm
Quoting ghous
Well said Bro

It's important to wait for the best of trade setups simply because a loss for a newbie sets off a chain reaction a "Trade-loss" spiral. Once a loss comes by it's natural to be more desperate for a positive trade, you end up hitting an avg setup again, again you loose and that desperation thirst just keeps getting the better of you.

I see that you have some great ideas to deal with such problems bro, Keep the good work up

Regards,
Ghous.
only 1 trade this week (demo of course). got stopped out but for a 100 pip gain, even though price turned right around & kept heading up (g/j, that 4h ob), but i am happy for what i got. i thought about putting a stop limit on g/u last night (est) at 143.20. that would have been a break of an ob. to me it seemed it might not have had much room to go to the next ppz. i would have taken profit after 40-50 pips. but in the end i labled it a b trade for me so i skipped. it did end up breaking as far as 1.4445, but whatever right? i'd rather keep what i made this week, then to risk it on a b trade & end up losing it. i have learned that there will always be more opportunitites, so i'll wait for the "daily A." thx ghous.
  • #21,942
  • Feb 19, 2009 1:25pm Feb 19, 2009 1:25pm
Quoting cvcamper
Im sorry, I forget, what signaled your buy here?
Support on Yen and Eur index as Ej was kissing it's support trendline, Uj was off DJ daily pin bar (itfailed, but a stall in gold and the drop in oil was what kept me in it and what may have been a major reason for the $ bulls)

Regards,
Ghous.
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I believe . . .
  • #21,943
  • Feb 19, 2009 1:32pm Feb 19, 2009 1:32pm
Quoting ghous
First target hits on Ej and Uj...

Nice to see some hint of support for the DJ at 7500 Mark, eh?
every consecutive test will add one nail to your coffin.....(if you take it)

but on a more serious note, I still have positions open since 2PM est yesterday (ej, gj, aj and chf/j) , so all I have to do is to manage them properly. I took half off around the double tops, but I think we'll be breaking those tops soon... unless dj breaks first...
  • #21,944
  • Feb 19, 2009 1:33pm Feb 19, 2009 1:33pm
Quoting ghous
First target hits on Ej and Uj...

Nice to see some hint of support for the DJ at 7500 Mark, eh?
When did you get in those trades?
  • #21,945
  • Feb 19, 2009 1:36pm Feb 19, 2009 1:36pm
Quoting dkmb92
how i view b & c trades (from a newbie standpoint):
c: why bother? wouldnt even consider it.
b: i think many newbies take these b/c they feel they "have" to trade. if you find yourself feeling that way, then you might want to examine why instead of taking the trade? wouldnt it be better to preserve your capitol & not take any unnecessary risks? what if you take a risk & end up losing what you made from your last good one? that might lead to a deeper feeling of compulsion to trade. just keep watching over your charts for the next potential a trade...
Great Post DK. That is a great perspective. It is indeed tempting to take some of these great trades that are posted on here, especially those on the 4hour (the one's I can't take per my rules...yet). I just have to remember (as it sounds you are also doing) to have a business mindset, that this isn't going to happen overnight. But if we can have 1 up week, then have another up week. Then another... and one more. Now we have had an up month. You get the idea.
I have traded for just over a year now, on my own, full time... but I am stuck around that breakeven level. Most of my trading was on much lower timeframes. So this is all pretty new to me. Patience is the biggest thing for me to focus on right now. But spending most of my time reading through this thread has kept me preoccupied and not trying to trade the 1hour (or even 4 hour)... Thus, I'm learning the correct way to trade J16 PA (demo) from all the best traders that have posted here over the years, while also seeing the great setups that the veterans are posting regularily nowadays. Thanks to Jarroo, Mike, Ghous, Bemac, etc for keeping us newbies in line. You guys are great.

Up to post 13400!

Josh
  • #21,946
  • Feb 19, 2009 1:37pm Feb 19, 2009 1:37pm
Quoting jlmac27
When did you get in those trades?
umm counting the daily bars...

I've been in the trades 6 days till today...

Regards,
Ghous.
I believe . . .
  • #21,947
  • Feb 19, 2009 1:42pm Feb 19, 2009 1:42pm
Quoting raczekfx
If you told you who he is ...and the feds, many people would be offended, so I stop right here...


btw. I'm flat for now with limit orders waiting....
from another thread (kind of my journal):
So you got out, let it fall a bit, and got back in with limits yesterday afternoon? Nice work Rac. You have truly honed in on S/R. Keep posting, as you are an inspiration to us newbies to what we want to be doing someday.
Josh
  • #21,948
  • Feb 19, 2009 2:20pm Feb 19, 2009 2:20pm
Quoting dkmb92
how i view b & c trades (from a newbie standpoint):
c: why bother? wouldnt even consider it.
b: i think many newbies take these b/c they feel they "have" to trade. if you find yourself feeling that way, then you might want to examine why instead of taking the trade? wouldnt it be better to preserve your capitol & not take any unnecessary risks? what if you take a risk & end up losing what you made from your last good one? that might lead to a deeper feeling of compulsion to trade. just keep watching over your charts for the next potential a trade...

Great post dkmb!
  • #21,949
  • Feb 19, 2009 2:25pm Feb 19, 2009 2:25pm
[quote=ghous;2551749]umm counting the daily bars...

I've been in the trades 6 days till today...

Regards,
Ghous.[/quo


Cool,your looking at some good profits
  • #21,950
  • Feb 19, 2009 2:35pm Feb 19, 2009 2:35pm
Quoting Jduester
So you got out, let it fall a bit, and got back in with limits yesterday afternoon? Nice work Rac. You have truly honed in on S/R. Keep posting, as you are an inspiration to us newbies to what we want to be doing someday.
Josh
yes, not with limits (price didn't get that low), but with market Os. I wouldn't really pay too much attention to my posts if I was a newbie, unless I wanted to see (and practice on demo) what price is doing once it hits good SR. My posts are geared towards PA traders who were struggling with PA like I was (it had to do with patience in my case) and are looking for an extra tool or some edge if you will. I used to be stopped out at BE way too many times and it was frustrating experience.... hence my extra effort in R&D of SRs
  • #21,951
  • Feb 19, 2009 2:47pm Feb 19, 2009 2:47pm
Quoting raczekfx
yes, not with limits (price didn't get that low), but with market Os. I wouldn't really pay too much attention to my posts if I was a newbie, unless I wanted to see (and practice on demo) what price is doing once it hits good SR. My posts are geared towards PA traders who were struggling with PA like I was (it had to do with patience in my case) and are looking for an extra tool or some edge if you will. I used to be stopped out at BE way too many times and it was frustrating experience.... hence my extra effort in R&D of SRs...
Sounds good and understood. LOL - yes always R&D... keeps us progressing, refining, enhancing...

Watch out below. Just ruined the TBL on daily ESH9... ah well, now we might have a BEOB (just watching)

Josh
  • #21,952
  • Feb 19, 2009 2:53pm Feb 19, 2009 2:53pm
Quoting tehuringa
Looking for a retrace to around the junction of the two trendlines....trendline break....price comes back to retest the trendline then look for PA to confirm
From post 21872.....boing!!....down to the 4hr....I love it when that happens
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  • #21,953
  • Feb 19, 2009 2:57pm Feb 19, 2009 2:57pm
Daily Double top on spot gold; double bottom on the Dow.

I am still very bearish DJIA but would like a rally to test the PPZ so I can get short again =).

Anyone else here trade something other than fx? I am quite sh*t at trading fx on anything below the daily.
  • #21,954
  • Feb 19, 2009 2:58pm Feb 19, 2009 2:58pm
hi guys - first post on this amazing thread, so go easy with me!

i had a quick question for everyone, especially the more experienced guys - how do you handle the R:R with your trades? For example, a pin bar traded in a conservative way can easily give you a 100pip SL, but your first profit target might only be 50pips.

Obviously you would adjust lot size to set the correct risk to your balance, but in terms of pure R:R, do we just take it on the chin and accept that trading PA might not give us the more popular 1:1 + returns?

all opinions and insights greatly appreciated.

cheers
iffy

p.s big thanks to Jim for starting this thread and to everyone else for keeping it going in its pure form! (i'm on page 90ish, so long way to catch up!)
  • #21,955
  • Feb 19, 2009 3:08pm Feb 19, 2009 3:08pm
All new traders make the mistake of measuring risk:reward in ticks.

Real Risk:Reward ratio has to account for probability. This is the edge that PA gives you - that your A grade setups will be right 90% if not more of the time.

For example, if you have a win rate of 80%, then a trade risking 80 to make 20 ticks is a 1:1 R/R.
  • #21,956
  • Feb 19, 2009 3:11pm Feb 19, 2009 3:11pm
Quoting Chris P

Can you afford to put aside $50, $200 a month? Great! Do what you can and start building a trading fund. While you are doing this...

Best,
Chris
I make a pretend car payment (cheap car) to a sub-account with Oanda. The idea was to be profitable with my primary account for 3 months in a row and then take 1/2 of sub-account and trade that. I was hoping to have a good chunk of changed saved up after 6mos-1 year.

What went wrong? I drew down the primary account and then tapped the savings in the sub-account. LOL. Ooops. So my advice keep the war chest savings outside of the broker. It didn't think the temptation would be so great.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #21,957
  • Feb 19, 2009 3:15pm Feb 19, 2009 3:15pm
Quoting iffyfx
hi guys - first post on this amazing thread, so go easy with me!

i had a quick question for everyone, especially the more experienced guys - how do you handle the R:R with your trades?...
i dont worry about r:r . If the pa is good I will take it & manage the trade as it goes. The one thing i will do is, get to break even when its at the first tp.
I haven't done the backtest numbers on this but i have a feeling that most good pa set ups will give about 1:1 r:r before the first real area.
  • #21,958
  • Feb 19, 2009 3:18pm Feb 19, 2009 3:18pm
Quoting rustyjeff
I haven't done the backtest numbers on this but i have a feeling that most good pa set ups will give about 1:1 r:r before the first real area.
Assuming the stop is set just above the set up?
  • #21,959
  • Feb 19, 2009 3:19pm Feb 19, 2009 3:19pm
Quoting Jduester
Sounds good and understood. LOL - yes always R&D... keeps us progressing, refining, enhancing...

Watch out below. Just ruined the TBL on daily ESH9... ah well, now we might have a BEOB (just watching)

Josh
Beovb are best to be taken when they occur at swing high and vice versa. We want to see buovb at swing low...
Beovb at swing low might be a costly one.
.
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  • #21,960
  • Feb 19, 2009 3:26pm Feb 19, 2009 3:26pm
Quoting DanUK
Assuming the stop is set just above the set up?
yes.. that was assuming a standard j16 trade.
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