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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

  • #22,881
  • Mar 3, 2009 10:45am Mar 3, 2009 10:45am
Quoting Jduester
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).

Josh
Josh-

Well done. 8% for any month is outstanding. I'm in the same boat with a small acct size. I get depressed when I look at my gains in terms of dollars however percent wise, I'm usually quite pleased. Even a 5% month on a regular basis is phenomenal. It looks so attainable here in the FX market but just think about the years ahead (as James says it's not a sprint but a marathon...I think he said that) and when you get there you'll look back and feel very accomplished in what you have achieved. James also talks about how difficult it is to build a small acct up because the actual dollar value is not very satisfying.

Keep doing what you're doing and do not worry about over trading. Just worry about what trades you are taking.

Good luck!

-G550
  • #22,882
  • Mar 3, 2009 10:49am Mar 3, 2009 10:49am
Quoting Jduester
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:

Overall, 13/16 for at least 8.16% (assumes E/U trade gets stopped out)
Great work Josh

I hope there's a lot of people reading this thread who take note of how you've progressed so quickly. I've been watching your growth and it's been comendable. You've taken the time to read through the thread, ask questions, and test all of material starting off with the daily and weekly charts as suggested. There's a good reason the experienced folk suggest getting this stuff nailed on the higher timeframes before even considering looking lower than the daily. If you can prove yourself consistently on these timeframe trades, then you can take that knowledge and start demo'ing lower.

Definitely play around with risk and exit methods to find what you're comfortable with, and try and match this with what make you a good return. If you can marry the two then you're onto a winner. This business should be as stress free and easy as possible.

As for your returns! 8% is great going! Seriously. The best money managers in the world only make somewhere around the 20% figure, and you've acheived over 1/3 of that in one month. This stuff is that powerful

I can recommend focusing on %R rather than $. They will take care of themselves in the long run. Compound interest will be the key to your fortunes. Just take that initial $10k, and that 8% return pm, when compounded over 10 years will blow your mind! Now that's worth working towards.

Keep up the excellent work

Chris
  • #22,883
  • Mar 3, 2009 11:28am Mar 3, 2009 11:28am
I first began logging trades in early February and the first week, set my goal at 5%, and actually made barely over 5%. This got me thinking, "Hmmm, 5% per week is not bad. That's 250% yearly! Evan at half that I am getting 125% yearly!" Then the next week came and it was tough. There were no good trades available, at least that I saw, so I... you guessed it, traded anyway, off of marginal setups. My log says more than once: "I have traded just to trade." Another retrospective: "This not an 'A' trade, I know now and truthfully knew before, because there is too much resistance immediately below." Trading just to trade=Lots of losing trades. Since that first week I have had two down weeks and beginning to recognize the reality. I do believe, though, that this is as simple as you want and are able to make it. It seems making and keeping it simple can be equated with success.
  • #22,884
  • Mar 3, 2009 11:46am Mar 3, 2009 11:46am
5% a week is 1164% a year.

one would think that this kind of stuff is well known to 'traders'.
  • #22,885
  • Mar 3, 2009 11:50am Mar 3, 2009 11:50am
Quoting Chris P
Great work Josh

I hope there's a lot of people reading this thread who take note of how you've progressed so quickly. I've been watching your growth and it's been comendable. You've taken the time to read through the thread, ask questions, and test all of material starting off with the daily and weekly charts as suggested. There's a good reason the experienced folk suggest getting this stuff nailed on the higher timeframes before even considering looking lower than the daily. If you can prove yourself consistently on these timeframe...
Chris,
Thank you for your kind words and suggestions. I have also seen the progress, with still knowing there is lots more to learn. But encouragement just gives me that much more energy to continue learning. I should complete reading the posts by Thursday, and I'll post my general comments/suggestions after that.

Johnny,
I agree that the hardest part is only taking the best trades. Some days I was taking 2 trades, and then I would go a week without taking any. Patience is often stated in this thread, but it's still underrated. Taking poor trades can really hurt your account (experience tells me). So that has been my focus... Patience and continuing to learn and apply this method of trading. Want to read Pring's book too. Happy Trading everyone.
  • #22,886
  • Mar 3, 2009 11:52am Mar 3, 2009 11:52am
Quoting raczekfx
I have updated this trade.
It's probably the last vid. for a while, I post on the public forum. Sorry.. getting busy lately ..
Great Video Rac. It really helps me 'figure' out what it is you do. Hope to see more of these in the future... otherwise, I'll have to graduate and join the PF.

Josh
  • #22,887
  • Mar 3, 2009 12:11pm Mar 3, 2009 12:11pm
Quoting Rainmaker
Couldnīt 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 Iīd be willing to take a rather ugly pin bar as well...Yesterdayīs pin bar on AUDNZD daily chart was a perfect example of that (canīt post a chart right now).

RM
That's right buddy, the Trade never triggered though and the Pin bar has failed. Yet another occasion where waiting for the break saved some money .

Are you looking at any daily charts RM?
I believe . . .
  • #22,888
  • Mar 3, 2009 12:15pm Mar 3, 2009 12:15pm
Quoting RedA
Hi Ghous,


Are you still in this trade? It reversed quickly after 20pip (take away the spread).
I moved my My first stop above 136.8 at that last pin bar like low. Got stopped out for 30 pips on half the volume and the other half at BE. I on a candor note was expecting more from that Pb but anyways it's how it goes

Regards,
Ghous
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I believe . . .
  • #22,889
  • Mar 3, 2009 12:21pm Mar 3, 2009 12:21pm
Quoting bjelakrez
5% a week is 1164% a year.

one would think that this kind of stuff is well known to 'traders'.
I was keeping it simple, simple interest that is. One might think that was obvious.
  • #22,890
  • Mar 3, 2009 12:25pm Mar 3, 2009 12:25pm
Quoting trujillo1980
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....
I don't think he wants to do that, even if he was 1% willing to do that he would have been leading one of the most popular threads at ForexFactory...
I believe . . .
  • #22,891
  • Mar 3, 2009 12:26pm Mar 3, 2009 12:26pm
Hey ghous, I exit in that bars highs.

Sorry,
Attached Image
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #22,892
  • Mar 3, 2009 12:27pm Mar 3, 2009 12:27pm
Quoting Rainmaker
Couldnīt 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 Iīd be willing to take a rather ugly pin bar as well...Yesterdayīs pin bar on AUDNZD daily chart was a perfect example of that (canīt post a chart right now).

RM
I actually think the location of that bar wasnīt too bad. The price pierced through resistance @ 1.2800 and was rejected. So could have been forming a double top with the high from end of january.

So I placed my order. Wasnīt triggered so I deleted it as the pin bar was broken on the "wrong" side.

Anyway. Looking at a 1h chart, the formation of the pin bar didnīt look to promising. Waiting for price action at the levels of the highs made in July 08
Attached Image (click to enlarge)
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  • #22,893
  • Mar 3, 2009 12:30pm Mar 3, 2009 12:30pm
Quoting ikki
Hey gouhs, I exit in that bars highs.
gouhs??

Is that how you're pronouncing it?

...

I believe . . .
  • #22,894
  • Mar 3, 2009 12:31pm Mar 3, 2009 12:31pm
Quoting ghous
I don't think he wants to do that, even if he was 1% willing to do that he would have been leading one of the most popular threads at ForexFactory...
NVM, I'll do it Then it will be the opposite LOL
  • #22,895
  • Mar 3, 2009 12:33pm Mar 3, 2009 12:33pm
sorry


Quoting ghous
gouhs??

Is that how you're pronouncing it?

...

What does not kill me makes me stronger. Friedrich Nietzsche,
  • #22,896
  • Mar 3, 2009 12:33pm Mar 3, 2009 12:33pm
Quoting DaBuschi
I actually think the location of that bar wasnīt too bad. The price pierced through resistance @ 1.2800 and was rejected. So could have been forming a double top with the high from end of january.

So I placed my order. Wasnīt triggered so I deleted it as the pin bar was broken on the "wrong" side.

Anyway. Looking at a 1h chart, the formation of the pin bar didnīt look to promising. Waiting for price action at the levels of the highs made in July 08
I don't think RM was trying to pointing out at a weak Aud/Nzd location. At a swing high, with a double top with divergence very few would want to disregard the setup
I believe . . .
  • #22,897
  • Mar 3, 2009 12:35pm Mar 3, 2009 12:35pm
Quoting ikki
sorry
lol! Not your fault buddy, I know it would sound awkward to many out there.

Ever pronounced Boss? replace B with G and you get pretty close to how it's done.
I believe . . .
  • #22,898
  • Mar 3, 2009 12:35pm Mar 3, 2009 12:35pm
Quoting ghous
I don't think RM was trying to pointing out at a weak Aud/Nzd location. At a swing high, with a double top with divergence very few would want to disregard the pin bar
Alright, that was a misunderstanding then, but I had it on the gameplan, that price could retest the highs of last July. Letīs see what happens there
  • #22,899
  • Mar 3, 2009 12:40pm Mar 3, 2009 12:40pm
Quoting ghous
lol! Not your fault buddy, I know it would sound awkward to many out there.

Ever pronounced Boss? replace B with G and you get pretty close to how it's done.

All along, I've been thinking "Goose"! Thanks for the clarification Gauss

  • #22,900
  • Mar 3, 2009 12:44pm Mar 3, 2009 12:44pm
Quoting Jduester
All along, I've been thinking "Goose"! Thanks for the clarification Gauss

Gaus, yeah that's it lol!

Goose? I should be really be thanking myself for clarifying it, anymore misnomers?

My full name's Ghous uz zaman and I can recall one canadian net friend call me Gooseman, lol!
I believe . . .
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