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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

  • #23,261
  • Mar 6, 2009 12:58pm Mar 6, 2009 12:58pm
Quoting LasVahGoose
Has this ever happened to anyone...

For split second I almost had an Ah Ha! Moment where I thought I saw the whole trading thing and it slipped away. It was very strange feeling...
Anyways, I'm still in a trading funk that I can't seem to snap out of, but for micro second there I thought I had it figured out...

Not giving up yet, but I sure do what to chuck my computer through the wall.
Be extra careful during times like these, you don't want to chase your loses. Your best bet is to just relax, and wait for the BEST trades. If you go off and start forcing some trades to recover your loses, your going to take a real beat down.
  • #23,262
  • Edited 1:08pm Mar 6, 2009 1:02pm | Edited 1:08pm
Quoting Jduester
On my list:
1. Finish this thread (up to post 8355 and am reading 500-600posts/day). (this is the priority and has a March 6th goal).
2. Get Metatrader demo account to be used for backtesting the 90s on all majors (dailys, weeklies, monthlys). (soon, so i'm ready to move from #1 to #2)
3. Get a trading plan finalized using what I've learned in this thread. Have been jotting down things and have a trade journal, but am still developing/rewriting rules. (in the process, but should be complete before I start #2)
Josh
I completed goal 1 on Wednesday, a few days ahead of schedule. I have MT4 ready to go too and will be starting that on Monday. Goal 2 will consist of a few different parts, in this order:

1. Practice reading charts (putting PPZ,FIB,TLs on the charts and then using F12; deciding whether I would take the trade, where stops/TP would be, etc...F12, reanalyze, etc.). I will keep a spreadsheet of each trade (W/L, pair, PA, etc). I'm not sure how many pairs or how many years of data I'll do this for. I'm thinking that I'll at least do this for 100-200 hours (3-4weeks) and then see how I think it's working and if I see improvement.
2. Backtesting all pins on multiple timeframes. This is partially in reference to Bundy's post (8826, pg 589) where he talks about testing pins and proving to yourself that longer timeframes provide more reliable signals. I have a plethora of data I want to pull from this study... more to come.
3. Consecutive Up/Down bars. An easy test of different pairs on different timeframes to compare 1)how different timeframes are more/less choppy and 2) which pairs are most/least choppy.

All the while, I'll continue to only trade Day and Week charts. Goal would be to start with a small live account sometime in April, provided I continue to see 1)gains in my demo account, 2)improvement in my trading (Bottom line as well as psychologically), and 3)make a conclusion on an exit strategy (still testing).

Goal 3. Trading plan is written and being practiced... just waiting for more trades/testing before deciding on an exit strategy, as mentioned in previous posts.

Thank you James16 for providing the Minimum Requirements outline, which I am doing my best to adhere to. There is no point in jumping into live trading if I can master it first using play money. Most businesses don't allow for this convenience.

Finally treating this like a Business,

Josh
  • #23,263
  • Mar 6, 2009 1:08pm Mar 6, 2009 1:08pm
Quoting Jduester
I completed goal 1 on Wednesday, a few days ahead of schedule. I have MT4 ready to go too and will be starting that on Monday. Goal 2 will consist of a few different parts, in this order:

1. Practice reading charts (putting PPZ,FIB,TLs on the charts and then using F12; deciding whether I would take the trade, where stops/TP would be, etc...F12, reanalyze, etc.). I will keep a spreadsheet of each trade (W/L, pair, PA, etc). I'm not sure how many pairs or how many years of data I'll do this for. I'm thinking that I'll at least do this for 100-200...
You're amongst the most progressive of newcommers Josh,

You're making Jim extremely proud. Are you a part of the PF too?
I believe . . .
  • #23,264
  • Mar 6, 2009 1:13pm Mar 6, 2009 1:13pm
Yes, Josh, I do almost the same
This weekend R&D

Quoting Jduester
I completed goal 1 on Wednesday, a few days ahead of schedule. I have MT4 ready to go too and will be starting that on Monday. Goal 2 will consist of a few different parts, in this order:
...
Josh
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #23,265
  • Mar 6, 2009 1:15pm Mar 6, 2009 1:15pm
Quoting Jduester
This summary is in no way intended to replace reading the whole thread.

Josh
Josh your perseverance, dedication, and hard work is EXACTLY what it takes to make it in this business

I commend your efforts and look forward to watching you make it to the finish line

Enjoy your weekend, beers on me

Mike
  • #23,266
  • Mar 6, 2009 1:15pm Mar 6, 2009 1:15pm
Hi how's it going guys?
Today I just realized that although I'm not trading as much as the last quarter of last year...I actually make a more profit...simply by trading less and less...

I hardly put 1 trade in a week...it's just because I try to focus on the higher probability positions..."The path of the least resistance" thingy
Of course it doesn't occur everyday/weeks/months..and even so there's always the unexpected results...but then again nothing is 100% in life

Thanks for teaching me such an important traits james....patience...
Well see you guys around....be safe
  • #23,267
  • Mar 6, 2009 1:17pm Mar 6, 2009 1:17pm
Quoting ghous
You're amongst the most progressive of newcommers Josh,

You're making Jim extremely proud. Are you a part of the PF too?
Not part of the PF yet. Would like to at some point. One income in the house right now, until I get this going, so no free cash. Not going to rush into live trading yet, but once I'm profitable, I will certainly be joining the PF. Which reminds me, I have to watch all the Guest Section Videos! That was my reward for reading the thread... ... Set goals, and reward yourself when you reach them.

Time for the weekend...

Josh
  • #23,268
  • Mar 6, 2009 1:18pm Mar 6, 2009 1:18pm
Quoting mbqb11
Josh your perseverance, dedication, and hard work is EXACTLY what it takes to make it in this business

I commend your efforts and look forward to watching you make it to the finish line

Enjoy your weekend, beers on me

Mike
On my way... keep 'em cold.
  • #23,269
  • Mar 6, 2009 1:21pm Mar 6, 2009 1:21pm
Quoting xcov
Hi how's it going guys?
Today I just realized that although I'm not trading as much as the last quarter of last year...I actually make a more profit...simply by trading less and less...

I hardly put 1 trade in a week...it's just because I try to focus on the higher probability positions..."The path of the least resistance" thingy
Of course it doesn't occur everyday/weeks/months..and even so there's always the unexpected results...but then again nothing is 100% in life

Thanks for teaching me such an important traits james....patience...
Well...
Way to go Xcov

this is a HUGE step. When you trade to make money, not trade to trade

Looks like everyone earned the weekend

Mike
  • #23,270
  • Mar 6, 2009 1:37pm Mar 6, 2009 1:37pm
CHART
Attached Image (click to enlarge)
Click to Enlarge Name: uj3609.gif Size: 29 KB
  • #23,271
  • Mar 6, 2009 1:41pm Mar 6, 2009 1:41pm
Quoting Jduester
On my way... keep 'em cold.
Hey !
I must say I'm impressed by your job which 1000% methodical and accurate. I can only admire your dedication and take it as a learning point.
I'm at the turning point in my trading where I've hit the wall (couple of times) and that didn't teach me a thing.
Then by word of mouth I've found this thread and must say I've stoped looking through other FF threads for now.
I know now there is a great summary of yours but anyway I've just started to read the whole thread as there are tons of charts, analysis and great expert directions from mike, james and other senior members.
I would like to thank you for your job and thank other senior members for a constant support.

Is encouraging man, the job you've done !!! Respect !!!

Beer for everybody and first round goes to Jduester
  • #23,272
  • Mar 6, 2009 2:06pm Mar 6, 2009 2:06pm
Quoting Jduester
This summary is in no way intended to replace reading the whole thread.

It’s simply a single post where we can draw on information quickly. New members can find most of their answers to questions by simply looking through these posts and attachments. Sorry this is so long, but I think it’s pretty thorough, and I think necessary with over 23200 posts and counting.

What is it you want?
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Awesome Job Josh.......

HOLLA
  • #23,273
  • Mar 6, 2009 2:19pm Mar 6, 2009 2:19pm
Questions for the forum and those who trade 4HR charts...

Once Friday around 11:00am/12:00pm est comes, does anyone take a trade if the setup is there?? Or do they just past, because markets are closing down into weekend mode?

Thanks in advance

HOLLA
  • #23,274
  • Mar 6, 2009 2:20pm Mar 6, 2009 2:20pm
Quoting james16
CHART
also a 2 day pin bar by proxy. still a couple of hrs to go on a fri afternoon, but we might get a wkly pin as well.
  • #23,275
  • Mar 6, 2009 2:23pm Mar 6, 2009 2:23pm
Quoting Jduester
Not part of the PF yet. Would like to at some point. One income in the house right now, until I get this going, so no free cash. Not going to rush into live trading yet, but once I'm profitable, I will certainly be joining the PF. Which reminds me, I have to watch all the Guest Section Videos! That was my reward for reading the thread... ... Set goals, and reward yourself when you reach them.
you havent seen the vids yet? after all youve learned from the thread they will certainly be a nice treat. i am also still in the student phase here, but cant wait to "graduate" to the pf some day.
  • #23,276
  • Mar 6, 2009 2:49pm Mar 6, 2009 2:49pm
Is there any way to get the Sunday bars/candlesticks off the daily charts when using MT4?

I am using FXPro's demo which shows all the Sunday "weekend" bars which end up being extremely small and somewhat distracting. Does anyone else have this issue and is it best to leave them on or can you adjust a setting to take them off?
It's all about cautious - and highly educated - wagering on probabilities.
  • #23,277
  • Mar 6, 2009 3:26pm Mar 6, 2009 3:26pm
Great week again, have a nice weekend everyone
  • #23,278
  • Mar 6, 2009 5:18pm Mar 6, 2009 5:18pm
I realize exit methods are largely unique to the individual but for me it seems that I'm better equipped to accept a missed longer ride as opposed to seeing 2% turn into a breakeven. I had two BE trades today. One because I wanted to try to let it run and another because I set my TP a little too far off. So that got me to thinking that I was too greedy on both trades. When I look over my trades for last few weeks I believe, aside from blatant rule breaking mistakes, that I'd be way up by just accepting half risk on every trade. Or by incorporating some type of tight trailing stop at that point.

So I'd like to know if any J16 traders are finding themselves profitable by using a take profit method similar. Aiming for half risk or first reasonable S/R barrier along with good setups. I throw out a percentage like 80% though I don't really have enough numbers to validate what I average just yet, but I feel like it's a high percentage. I lost 9% early in the week by loss of discipline, but when I tighten up I make 5 back. So if I can eliminate my mistakes then I will only be left with good setups that just don't workout. I know it is great to let a trade bring in 3:1,5:1,10:1 etc but I can't seem to not keep a running talley of how much I'd be up if I just play'd it plain Jane Take Profit.

Hope to really bare down in the coming weeks and see how it works out.

Scot
"Whether you think you can or can't, you're right." Henry Ford
  • #23,279
  • Mar 6, 2009 5:40pm Mar 6, 2009 5:40pm
Quoting Jduester
This summary is in no way intended to replace reading the whole thread.

It’s simply a single post where we can draw on information quickly. New members can find most of their answers to questions by simply looking through these posts and attachments. Sorry this is so long, but I think it’s pretty thorough, and I think necessary with over 23200 posts and counting.


Josh

WOW ... im speechless.

God bless you man!
  • #23,280
  • Mar 6, 2009 10:32pm Mar 6, 2009 10:32pm
Quoting Jduester
Not part of the PF yet. Would like to at some point. One income in the house right now, until I get this going, so no free cash. Not going to rush into live trading yet, but once I'm profitable, I will certainly be joining the PF. Which reminds me, I have to watch all the Guest Section Videos! That was my reward for reading the thread... ... Set goals, and reward yourself when you reach them.

Time for the weekend...

Josh
You are an inspiration Josh, thank you for sharing your experience...it is an honor to have found j16 and those here like you.
Sincerely
John
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