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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

  • #24,681
  • Mar 24, 2009 1:55pm Mar 24, 2009 1:55pm
Quoting mbqb11
Hey Tony welcome to the thread

Here would be my take on the situation. The 130-131 area was clear strong resistance/support(aka PPZ). So if trading this pinbar short you are trading directly into this area. IMO this means your stop needs to get to b/e as we approach this area(marked in blue).

What I would be watching for is this area to turn back into support and look for supporting PA there.

Again still a good amount of time before the bar closes

Best
Mike
Mike

thanks for your thoughts, much appreciated.

You've kinda confirmed my thinking on the short, and opened my eyes to the possibility of a long off the 131 area.

cheers

Tony
  • #24,682
  • Mar 24, 2009 2:05pm Mar 24, 2009 2:05pm
Quoting mbqb11
Hey Tony welcome to the thread

Here would be my take on the situation. The 130-131 area was clear strong resistance/support(aka PPZ). So if trading this pinbar short you are trading directly into this area. IMO this means your stop needs to get to b/e as we approach this area(marked in blue).

What I would be watching for is this area to turn back into support and look for supporting PA there.

Again still a good amount of time before the bar closes

Best
Mike
good to know I'm seeing the same thing as you. thanks Mike.
"Don't trade to trade . . . trade to win." - James16
  • #24,683
  • Mar 24, 2009 2:46pm Mar 24, 2009 2:46pm
Any of your guys' charts show this 'Scary' Head and Shoulders Pattern?!

HOOOOAAAA....

Ok, back to work. Josh
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  • #24,684
  • Mar 24, 2009 2:51pm Mar 24, 2009 2:51pm
YES!!!.

you get there by doing this on demo until you gain the confidence thru actually doing it and seeing it work.





Quoting advfntrader
the trouble with this stuff is actually having the confidence to believe that price is going where you think it is and WAITING for the perfect setups.
  • #24,685
  • Mar 24, 2009 3:03pm Mar 24, 2009 3:03pm
Quoting Jduester
Any of your guys' charts show this 'Scary' Head and Shoulders Pattern?!

HOOOOAAAA....

Ok, back to work. Josh
Josh - where did u find that photo of my girlfriend
  • #24,686
  • Mar 24, 2009 3:04pm Mar 24, 2009 3:04pm
Quoting Jduester
Any of your guys' charts show this 'Scary' Head and Shoulders Pattern?!

HOOOOAAAA....

Ok, back to work. Josh


The things we get up to while we're waiting for setups! Nice work Josh.
  • #24,687
  • Mar 24, 2009 3:10pm Mar 24, 2009 3:10pm
I'm watching this pairs.
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #24,688
  • Mar 24, 2009 3:13pm Mar 24, 2009 3:13pm
Quoting ghous
Larger the front stronger the analysis...

For this particular reason it is highly recommended that you start off from the weekly or the daily regardless of whether you're a lower tf trader or one who is fond of the highers,

Aside from that neophyte support trend line you drew on the recent lows on the 4H, what else convinces you that we'll see more bulls?

On the contrary what would make you think that only just after it's resilience off a "Three Bar High" price would want to go back and test it again, provided further...
What are the thoughts on this? Possible? Anything is possible. Will be waiting for PA off of the yellow regions, for that is what the plan tells me to do...

Josh
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  • #24,689
  • Mar 24, 2009 3:17pm Mar 24, 2009 3:17pm
FANTASTIC.

if going to 1 hour to fine tune your entries works for you fine but it causes problems for some.

Quoting gododdin
Hi Jim

I've just started on the 'road to recovery' - demo trading daily charts until I have 3 profitable months in a row. It is a very different experience to the angst I was constantly feeling in my previous incarnation as a scalper - there is plenty of time to carefully consider every trade, and I'm trying to school myself only to look at charts morning and evening so that I don't get tempted to do anything stupid. It also makes it easier to keep good records when you only have one trade or so a week!

So far I've made 2 trades - 353 pip gain...
  • #24,690
  • Mar 24, 2009 3:24pm Mar 24, 2009 3:24pm
wonderful. this is heading for post one.

jim

Quoting TiaForex
I don't share here much, but I read it religiously every day. I wanted to chime in with a couple of things that have been clicking for me.

I've been backtesting using a backtest program. Which means taking trades manually while the market replays as live. It's a great way to get experience under my belt and it means that I can take or pass on 40 weekly pinbars in a day, rather than waiting 3 years for them to appear in demo. I used to think backtesting was to find out if the system works, and hell why did I need that because I believed Jim. Now...
  • #24,691
  • Mar 24, 2009 3:28pm Mar 24, 2009 3:28pm
this is common.

is using a tiny account ok instead of demo?

sure it is but the tendency is there to "get jiggy with it" if yoiu know what i mean.

jim

Quoting pipmyride
James and others,

Do you really not think its better to trade smallest lots possible with a small account and prove there u could be positive for 3 months etc, or is it merely the fact that psychologically you think people wont stick to it ?

For me, on demo my mind just tells me to take trades i may not ordinarily take, regardless of how much i tell myself to be honest about it ...

  • #24,692
  • Mar 24, 2009 3:30pm Mar 24, 2009 3:30pm
Quoting jarroo
If Price touches my entry and then starts moving against me pretty hard, I'm out. I'll give it a little time to prove itself, but not much. I believe a quality PA setup is a high momentum setup as well. Check the thread for A+ PA setup and see how the break performed. You'll be convinced as well.
THIS IS PART OF THE AHH HAA PROCESS DURING DEMO THAT USUALLY TAKES PLACE. WHEN YOU GET GOOD AT THIS THE POSSIBILITY OF TAKING A FULL BAR LOSS IS ALMOST ZERO.

EVERYONE SHOULD PRINT THIS AND PASTE IT ON YOUR OFFICE WALL.
  • #24,693
  • Mar 24, 2009 3:32pm Mar 24, 2009 3:32pm
DAMN!!! EVERY SINGLE POST IM SEEING TODAY IS FREAKIN GOLD.




Quoting mbqb11
But what I will say is that fiji trader said something about demo that changed my mind in my recommendations to others. It was about doing it on demo because this is challenging your own ego. If you can't fight that ego on a demo you won't be able to put your ego behind you with real money. It has to do with taking control of your ego now before it comes back to haunt you down the road. Fiji is just a plain genius

Mike
  • #24,694
  • Mar 24, 2009 3:41pm Mar 24, 2009 3:41pm
Quoting jarroo
I usually place my stop losses very tight, 30 to 40 pips depending on the pair. My confirmation on a valid PA setup, (besides Location, PPZs and other confluences) is how Price break the trigger.

If Price touches my entry and then starts moving against me pretty hard, I'm out. I'll give it a little time to prove itself, but not much. I believe a quality PA setup is a high momentum setup as well. Check the thread for A+ PA setup and see how the break performed. You'll be convinced as well.

A 30-40 pip stop loss on Daily and 4HR charts? Isnt that a bit tight?

And you said above ' I'll give it a little time to prove itself'. How much is a little time in terms of pips?

I always value the insight of the senior members of this thread, yourself included.

Thanks
  • #24,695
  • Mar 24, 2009 3:46pm Mar 24, 2009 3:46pm
James thanks to you , after a year of wandering from one indicator to another , im finally starting to undestand trading , will be joining your group very soon. and to all the others on this thread thank you
  • #24,696
  • Edited 3:58pm Mar 24, 2009 3:47pm | Edited 3:58pm
im gonna talk about this post by jarroo again.

"A HIGH QUALITY PA SETUP IS A HIGH MOMENTUM SETUP AS WELL".

ive been trying to say that in an understandable manner for nearly 5 years and he just did it in one sentence.

the sheer fact of that statement is why so many people that have gone down this james16 chart thread road have found some success.

i cant force that into your brain.

YOU MUST LIVE AND EXPERIENCE IT ON YOUR OWN.

JIM




Quoting jarroo
I believe a quality PA setup is a high momentum setup as well. Check the thread for A+ PA setup and see how the break performed. You'll be convinced as well.
  • #24,697
  • Mar 24, 2009 3:49pm Mar 24, 2009 3:49pm
your very kind but spend a month or two here first.

it will serve you better.

jim

Quoting gjworley1952
James thanks to you , after a year of wandering from one indicator to another , im finally starting to undestand trading , will be joining your group very soon. and to all the others on this thread thank you
  • #24,698
  • Mar 24, 2009 3:52pm Mar 24, 2009 3:52pm
Quoting Jduester
Any of your guys' charts show this 'Scary' Head and Shoulders Pattern?!

HOOOOAAAA....

Ok, back to work. Josh
Incredible.....text book.... who's the lucky guy ?

Seb
  • #24,699
  • Edited 4:27pm Mar 24, 2009 3:56pm | Edited 4:27pm
Many of you can never find a free way to demo futures other than on paper.

intraday is impossible for free.

i usually dont do this but im gonna break down and give you a place that is reasonable but not free. this is a demo set up that has a small monthly fee.

this is an old and trusted futures platform that can handle anything including forex and you can trade from the charts and do a ton of stuff.

if you ever get to be a regular intraday trader and you try trading from the chart you will never go back to anything else.

i dont make rec on anything and this is no different.

im just giving you something to consider if 50 or 60 bucks a month is acceptable. getting the cme products will cost you extra if memory serves me correctly

www.strategyrunner.com
  • #24,700
  • Mar 24, 2009 3:57pm Mar 24, 2009 3:57pm
Thanks for all the help in this thread Jim. I'm becoming more and more of a believer in this method as I see it work every day.

I agree that using a small/tiny Live account can be better. It has been much better for me personally. I understand the tendency to "get jiggy with it" but the way I'm fighting with that is with proven results. So far trading daily pin bars / outside bars has proved profitable so I have increased my size a little bit. On the other hand my trading of 4HR and 8HR bars has been a struggle. I think I'm at breakeven or maybe a bit negative on 4-8HR trades on my tiny account so there's no way I would upgrade myself to a bigger size...it just doesn't make sense. I have to prove it to myself first I can do it with a tiny amount.

Here's a trade that worked on the 8HR today on the CHF/JPY good for around 40-50 pips. I'm sure it will make even more pips now that I closed the position. I thought all the JPY pairs had nice pinbars today on 8HR...Anyone else took any of these?

Rubin.


Quoting james16
this is common.

is using a tiny account ok instead of demo?

sure it is but the tendency is there to "get jiggy with it" if yoiu know what i mean.

jim
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