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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

  • #22,861
  • Mar 3, 2009 4:56am Mar 3, 2009 4:56am
Quoting cvcamper
Sigh.... I need to walk away from the computer....

The GBP/JPY is making me vomit......
Glad you made that descision Camper

After a loss/meagerly profitable trade it's good to take a break and clear your mind.

C ya!

Regards,
Ghous.
I believe . . .
  • #22,862
  • Mar 3, 2009 5:16am Mar 3, 2009 5:16am
Quoting cvcamper
Sigh.... I need to walk away from the computer....

The GBP/JPY is making me vomit......
  • #22,863
  • Mar 3, 2009 5:33am Mar 3, 2009 5:33am
Quoting djambazov84
I am personally liking the bullish divergence on Weekly. That would be about my strongest bullish case for DJ so far.
Careful using divergence when we are in a trending market. Could kill you as you try to pick bottom after bottom... What I've found from reading through most of this thread is that trading with the trend is much much safer. Not saying I'll only take with-trend trades, but I have to go into the trade knowing if I'm with/against trend and manage it accordingly.

Just my 2.

Josh
  • #22,864
  • Mar 3, 2009 5:47am Mar 3, 2009 5:47am
Quoting ghous
Hi Alex,
Nice shape again, but like with the Gj 1H Pin Bar setup I don't like the lack of space.
Couldn´t agree more. People get lured into trades by the perfect shape of the pin bar but they disregard the importance of location. I rather prefer the other way round: If location is perfect I´d be willing to take a rather ugly pin bar as well...Yesterday´s pin bar on AUDNZD daily chart was a perfect example of that (can´t post a chart right now).

RM
  • #22,865
  • Mar 3, 2009 5:53am Mar 3, 2009 5:53am
Hey Rubin,
I haven't got into the numbers yet but it does seem that 50% partial is not the way to go for me as well. It seems that my trades would have actually made it to 1/1 much more often. If that rate can be 2 to 1 for the losses then even that would be a good return.

Quoting gorubin
Hi Scot Pippin'

I'm struggling with this issue of money management myself. I am also taking partial profit at the first area of resistance.
Rubin.
"Whether you think you can or can't, you're right." Henry Ford
  • #22,866
  • Mar 3, 2009 5:57am Mar 3, 2009 5:57am
Hi guys

Anyone here doing well trading PA against the trend? or are most folks trading with the trend?
PA is where its at!!
  • #22,867
  • Mar 3, 2009 6:22am Mar 3, 2009 6:22am
Quoting ghous
Keep yourself out of bed for some more time Camper,

4H's getting interesting


Hi Ghous,


Are you still in this trade? It reversed quickly after 20pip (take away the spread).
  • #22,868
  • Mar 3, 2009 6:27am Mar 3, 2009 6:27am
Quoting bertie123
Hi guys

Anyone here doing well trading PA against the trend? or are most folks trading with the trend?
Yep. Against and with.

Just be careful with 'where' and both are just as good to you.

...And wait a lot. lol
Bundy's status today: "Waiting..."
  • #22,869
  • Mar 3, 2009 6:30am Mar 3, 2009 6:30am
not seeing many good setups on higher timeframes just now. its funny how like the buses they all seem to come at once !
  • #22,870
  • Mar 3, 2009 6:36am Mar 3, 2009 6:36am
Quoting advfntrader
not seeing many good setups on higher timeframes just now. its funny how like the buses they all seem to come at once !
I agree. I'm seeing a lot of congestion on charts daily/weekly. Not seeing much for good daily PA in the last week to 10days.

So far I've avoided dropping down to the 1hr and 4hr. I have lots of learning to do yet, so I've just been busy with that. But it's frustrating not being able to apply what I'm learning!

Hope we can get some good PA this week...

Patience, Josh, Patience....That's what I'm learning and practicing nowdays... Patience.
  • #22,871
  • Mar 3, 2009 6:43am Mar 3, 2009 6:43am
IMO I feel that this 4h setup on nzd/usd actually has quite a lot going for it in terms of location. Since early Feb we've seen a descending triangle forming, who's lower trendline was broken on Friday. This also tied up nicely with the 0.5000 big round number. On Sunday we saw price gap below this level. Price has now closed the gap and formed a PB off the round number. I agree that those bar highs are going to create a pause in price moving quickly, but I also think this has more potential than to just be stopped by those bars on a longer term.

Of course I may be completely wrong on this analysis, but that's how I'm viewing this setup and that will be my trade plan.
Attached Image (click to enlarge)
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  • #22,872
  • Mar 3, 2009 6:46am Mar 3, 2009 6:46am
I'm patiently waiting. blown too many accounts to jump in again.

as they say unless I change the way I trade I will just get the same results over and over again !!!
  • #22,873
  • Mar 3, 2009 6:58am Mar 3, 2009 6:58am
is this the pin to break the strong support?
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  • #22,874
  • Mar 3, 2009 8:17am Mar 3, 2009 8:17am
Quoting sertio
is this the pin to break the strong support?
careful here these are the types of bars/trades that will eat up all your good trades.

This is a bearish pin at a swing low(very weak swing high). What that almost always means is you are trading into very strong areas of support as you noted above. The lack of space leads to trouble areas being very close by. You would have to move your stop to b/e very very very fast. Better to wait for the clear ones.

g/j and nzd/usd were both examples of this. With nzd/usd having the most space to run till all those bar highs.

Best
Mike
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  • #22,875
  • Mar 3, 2009 8:55am Mar 3, 2009 8:55am
Mike,

Just curious, but on average, how many trades do you take a month (just your longer time frame/J16 method trades)?
  • #22,876
  • Mar 3, 2009 10:00am Mar 3, 2009 10:00am
Quote
lol... it was left out on purpose to see if anyone care to notice... and I have to pay you a complement. Observant people are in those 3% of traders who make money in this business...
I consider high school to be our DD and R&D


raczekfx,
wow, so it was left out on purpose.... that makes it a better analogy, with hidden clues to boot!

Thanks for the compliment.... coming from u, it makes me more excited, more confident & at the same time


  • #22,877
  • Mar 3, 2009 10:14am Mar 3, 2009 10:14am
Quoting unlv_tj
Mike,

Just curious, but on average, how many trades do you take a month (just your longer time frame/J16 method trades)?
daily/weekly end up in the 2-4 range
  • #22,878
  • Mar 3, 2009 10:16am Mar 3, 2009 10:16am
Quoting unlv_tj
Mike,

Just curious, but on average, how many trades do you take a month (just your longer time frame/J16 method trades)?
UNLV,
Since it's pretty dead here this morning, I'll post what I did in February. It was my first month of using PA for only Day and Week trades (I did make an 8hour chart trade early in the month). Here is my breakdown:

8 hour - 1/1 for 1.9%
Day - 10/11 for 10.42%
Week - 1/4 for -4.21% (the EUR/USD Weekly pin is still open, but losing)
Overall, 13/16 for at least 8.16% (assumes E/U trade gets stopped out)

This was with 3% risk/trade. Moving forward I will only be risking 2% per trade. It is quite frustrating to not get many trading signals, however, if I look back at the results, I made over 8% while the Dow lost over 11% in February. 8% of say a 10000 account is only $800, but it also means that I would double up in 9 months...I like looking at the gains from a % gains (vs $ gains), probably because I'll be starting with a small account (much smaller than 10K). Not to get ahead of myself though... will be demoing for a bit yet. More details on that in coming days.

Anyone else open to post how many day/week trades you took? Don't have to post results. Just looking to get an idea if I'm taking too many relative to the experienced traders. I'm sure some of those I took were not A+ setups.

Here's a chart to tide us over this lull...

Josh
Attached Image (click to enlarge)
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  • #22,879
  • Mar 3, 2009 10:19am Mar 3, 2009 10:19am
Quote
daily/weekly end up in the 2-4 range


mbqb11,
that's interesting. Thanks mike
  • #22,880
  • Mar 3, 2009 10:34am Mar 3, 2009 10:34am
Quoting raczekfx
My apologies darewood, but a promise is a promise.. .
Let's concentrate on PA instead, which is much more reliable imho anyways..

Hi raczekfx, Can I suggest something?

Well why don't yo open a thread about the way you trade Forex based on Dow...It's really interested the way you do it...I would love to keep learning it from you.

Regards....
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