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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

  • #25,101
  • Mar 27, 2009 6:53pm Mar 27, 2009 6:53pm
Quoting krue
hey, jarroo, I am taking better position to understand where issues might come from. looking into weekly chart, you may realise why this pair moves in a difficult situation. I could be wrong, but, I believe in there is high probability this could happen at this location. thank a lot for your attention, buddy.
I just thought that when you said that you were going to "keep this trade open and tight" that you might have grabed some pips or got to break even which is a good trade also. And leave the stressful trading for someone else.
Indicators show the past. Price Action "Indicates" the future.
  • #25,102
  • Mar 27, 2009 6:54pm Mar 27, 2009 6:54pm
I have come to understand recently that it really only takes one good trade a month. Not that I only take one trade a month, just that it seems there is always one trade that "shows up" to give me a majority of my gains.

Typical month these days.....5-7 trades.

1 monster winner. 2 losses. 2 smaller wins. But the one monster trade always seems to be good for a few percent of gains.....I like trading this way, it's less stressful. It truly is about waiting.....
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  • #25,103
  • Mar 27, 2009 6:58pm Mar 27, 2009 6:58pm
Quoting jarroo
Member since March 2009? Is that a misprint. You sound like an old veteran.
Very nice Santana.

Thx Jaroo. Just wish the "old" part in veteran would put the brakes on too

I've traded futures on and off since '97 (was a local at the CBOT for a few years). Just started getting into Forex as I was always suspicious of the market makers involved.

Not a misprint though, I've just recently joined this forum although have been following it for a while. The J16 thread motivated me to post a bit I guess.

S/R is how I've always traded starting with the point & figure charts I used on the floor. I am really very glad to see these simple ideas being shared within a group like this one. A refreshing escape from all the garbage floating around out there.
It's all about cautious - and highly educated - wagering on probabilities.
  • #25,104
  • Mar 27, 2009 7:02pm Mar 27, 2009 7:02pm
Quoting clockwork71
I have come to understand recently that it really only takes one good trade a month. Not that I only take one trade a month, just that it seems there is always one trade that "shows up" to give me a majority of my gains.

Typical month these days.....5-7 trades.

1 monster winner. 2 losses. 2 smaller wins. But the one monster trade always seems to be good for a few percent of gains.....I like trading this way, it's less stressful. It truly is about waiting.....
Absolutely Chris.
Indicators show the past. Price Action "Indicates" the future.
  • #25,105
  • Mar 27, 2009 7:03pm Mar 27, 2009 7:03pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Ghous,speaking probability, will you suggest this pair long now?



Quoting ghous
They can be played either ways...

They show bullish dominance which may not only insinuate trend reversal but can also point towards the continuation of a bull run,

Regard,
Ghous.
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  • #25,106
  • Mar 27, 2009 7:10pm Mar 27, 2009 7:10pm
Quoting Santana55
Thx Jaroo. Just wish the "old" part in veteran would put the brakes on too

I've traded futures on and off since '97 (was a local at the CBOT for a few years). Just started getting into Forex as I was always suspicious of the market makers involved.

Not a misprint though, I've just recently joined this forum although have been following it for a while. The J16 thread motivated me to post a bit I guess.

S/R is how I've always traded starting with the point & figure charts I used on the floor. I am really very glad to see these...
I knew it. I read people for a living, even on paper. lol

This thread is great place to be. James16 (Jim) is the Real Deal, along with many others who share, teach and learn here.

I hope you stay awhile and throw out some nuggets every now and then.

Great to have you here.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #25,107
  • Mar 27, 2009 7:11pm Mar 27, 2009 7:11pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Actually, jarroo, I am not good at trading for the moment, from any aspect to say. when I be in a trade, feel stressful, when having no position, still stressful. don't know when I could walk out of this typle of weird condition.anyhow, I think I will get that level of status you were just describing. thank you again for the advise.

Quoting jarroo
I just thought that when you said that you were going to "keep this trade open and tight" that you might have grabed some pips or got to break even which is a good trade also. And leave the stressful trading for someone else.
  • #25,108
  • Mar 27, 2009 7:29pm Mar 27, 2009 7:29pm
Quoting krue
Actually, jarroo, I am not good at trading for the moment, from any aspect to say. when I be in a trade, feel stressful, when having no position, still stressful. don't know when I could walk out of this typle of weird condition.anyhow, I think I will get that level of status you were just describing. thank you again for the advise.
Hang in there buddy. One step at a time. Start demoing because guess where most of your losses come from when you start trading? In the beginning.

So why not get all thoses losses out of the way in the beginning with demo pips.
Indicators show the past. Price Action "Indicates" the future.
  • #25,109
  • Mar 27, 2009 7:33pm Mar 27, 2009 7:33pm
Quoting krue
Actually, jarroo, I am not good at trading for the moment, from any aspect to say. when I be in a trade, feel stressful, when having no position, still stressful. don't know when I could walk out of this typle of weird condition.anyhow, I think I will get that level of status you were just describing. thank you again for the advise.
Practice more, when you have more confidence in your abilities, you won't stress as much. Also consider the demo process, or just risking a lot less cash. When I started to trade with my full account, it was a miserable learning experience. I was trading with more capital then I was comfortable trading with, and it was causing me to do stupid things. Once I started to trade with less capital, I was not only not stressed out, but I was trading a lot smarter too. Just practice practice practice, don't worry about the money part of things at first, it will only cause you problems. What I have come to realize, from the help of others here, you have your whole life to make money, take things slow. Anyways just my 2 cents and how I feel about that.
  • #25,110
  • Mar 27, 2009 8:17pm Mar 27, 2009 8:17pm
Quoting jarroo
I knew it. I read people for a living, even on paper. lol

This thread is great place to be. James16 (Jim) is the Real Deal, along with many others who share, teach and learn here.

I hope you stay awhile and throw out some nuggets every now and then.

Great to have you here.

Jim


I guess in your case PA can stand for "People Action" as well.

I'm definitely not going anywhere. This is THE trading thread as far as I'm concerned.

Will do my best to contribute what ever I can when nice situations arise. In the meanwhile will be here enjoying and continuously fine tuning.
It's all about cautious - and highly educated - wagering on probabilities.
  • #25,111
  • Mar 27, 2009 8:31pm Mar 27, 2009 8:31pm
Quoting Santana55
Rac,

When you say "your favorite retracement" as mentioned in the post above are you referring to taking a Fib retracement of the PA bar itself as opposed to using swing highs/lows?

If so, do you use this methos to fine tune your entry? I've never really considered using fibs in this manner.
Hi Santa ... and welcome to the forum

yes, fib ret of the PA setup, not the bar itself. Setups like BEOVbs, Buovbs and pins at swing low/high or close enough.... Sometimes it never happens and it breaks hard, never looking back, but when I do get a retracement, it allows me to go in with larger position and smaller risk. Yes, it's used to fine tune my entries.
  • #25,112
  • Edited 8:38pm Mar 27, 2009 8:38pm | Edited 8:38pm
Quoting james16
Just stopping in for a second to post this but i will drop back in later today

i just posted a short video in the guest area on pivot zones.

btw, i did see krue's message and all i can say is this.

i got just as lucky as you did. well maybe not. LOL.

jim
Hi

Forgive me for asking, but where can I find the video? (I'm not that experienced with these forums.) I've looked around and can't find where it would be.

I'm also not sure what people mean by guest area, public forum and private forum.

I read every post in this thread everyday and take to heart the pearls of wisdom in it. I really want to be sure that I can draw good ppzs before I go much further and I'm hoping Jim's video will help.

Any guidance appreciated.

Cheers
Jellybean
  • #25,113
  • Edited 9:02pm Mar 27, 2009 8:48pm | Edited 9:02pm
Quoting Jellybean
Hi

Forgive me for asking, but where can I find the video? (I'm not that experienced with these forums.) I've looked around and can't find where it would be.

I'm also not sure what people mean by guest area, public forum and private forum.

I read every post in this thread everyday and take to heart the pearls of wisdom in it. I really want to be sure that I can draw good ppzs before I go much further and I'm hoping Jim's video will help.

Any guidance appreciated.

Cheers
Jellybean
Try this: http://www.james16group.us/ go to "Guests", "I agree", then to "Guest Material".
Indicators show the past. Price Action "Indicates" the future.
  • #25,114
  • Mar 27, 2009 9:02pm Mar 27, 2009 9:02pm
Quoting jarroo
Try this: http://www.james16group.us/ go to "Guests" then to "Guest Material".
Thanks jarroo

It all becomes clear now - another bookmark in my browser
Cheers

Jellybean
  • #25,115
  • Mar 27, 2009 9:07pm Mar 27, 2009 9:07pm
Quoting Jellybean
Thanks jarroo

It all becomes clear now - another bookmark in my browser
Cheers

Jellybean
I suggest you view them 10 times or more, but not in one day.
Indicators show the past. Price Action "Indicates" the future.
  • #25,116
  • Mar 27, 2009 9:12pm Mar 27, 2009 9:12pm
I've only been demo trading for a little over 5 months. Unfortunately I've blown all those accounts. Thinking I would somehow trade differently I opened a real account and traded everything from the 5min to the 1 hour... what a mess! Lost it all in 10 days (and as a student, not good!) and I wore myself out from staring at the charts for 8 hours a day... Since discovering this thread (on 1/21/09), I opened a new demo account and have been slowly applying what I learn. I blew one account but I believe it was due to the following:

1. size of the account = 5k (is this too little?)
2. my failure to follow the 2-3% risk rule
3. the fact that i'm still learning and not taking the "A" trades

I opened a new demo account a couple of weeks ago... we'll see how that goes.

Nevertheless, It seems to me that if I had to identify ONE skill that is necessary for success, it has to be that of "knowing thy self."

I'm quickly realizing that this is a journey of self discovery and the quicker you learn about yourself, the quicker you can correct and improve your skills...

The hardest thing for me to do thus far was going from 15m - 30m charts to the 4 hour... and I did it! And of course, it gives me more time to think. My current goal is to increase that to daily chart, and i started TODAY!

Below I have a couple more questions...

1. since i am looking for the best trades, how many pairs should I be looking at? Originally i started with the EU/USD but now I have all the major pairs up, and besides volatility, is there anything else I should be wary of when trading these other pairs ?

2. I'm not sure what is a good amount of $ to start off with... for example, if I am only risking 2-3% of my account, and I have a 10k account, I'm only risking no more than $200-300 a trade, thats only 20-30 pips if I'm trading 1 lot... [I can see why there is so much emphasis here on having enough capital which will prevent you from overtrading to make a decent return]

3. When setting PPZs and s/r levels, am I correct in assuming they are drawn on Daily and weekly TMs mostly as opposed to lower TMs?

As always, thanks in advance and thank you to all those who have already replied to previous questions
  • #25,117
  • Mar 27, 2009 9:31pm Mar 27, 2009 9:31pm
Quoting jarroo
I suggest you view them 10 times or more, but not in one day.
Hi Jarroo
I've watched that one video once already and it was reassuring. I had my ppzs on my chart at very nearly the same places. I will watch and read everything available on Jim's forum several times.
The one peice of his advice that I struggle with is to first trade demo for three profitable months. I've been trading 0.01 lot sizes, which is usually around 0.5% risk instead. I think it increases the pressure not to place careless trades. However, I stand to be corrected - I'll see how this month goes.
My next step is to study the various price action set-ups to the point that I understand why they work, not just be able to recognise them.
Thanks again for the pointers.
Jellybean
  • #25,118
  • Mar 27, 2009 9:37pm Mar 27, 2009 9:37pm
Quoting jarroo
I suggest you view them 10 times or more, but not in one day.
Hey "J" one i think you may have missed.

http://www.forexfactory.com/showpost...postcount=7297

Just as a continuation of what you do here.

Thanks friend. your tenacity is not missed.

  • #25,119
  • Mar 27, 2009 9:38pm Mar 27, 2009 9:38pm
This whole thread is about advanced identification of setups. It explains that which is otherwise known and explained well in many advanced candlestick manuals. The difference is that these chartists use bar charts. Try changing to candles. Much easier to read the market and find setups.

One must praise the persons for identifying trading mechanics using bars. But the Japanese discovered these insights centuries ago trading rice markets and they can be found in most japanese trading manuals. Nothing is new in life' so let us praise those who originally discovered pin bars and the like. For those interested in this form of trading explained in this thread, it would be suggested they learn candlestick analysis.
  • #25,120
  • Mar 27, 2009 10:03pm Mar 27, 2009 10:03pm
First off, just wanted to say that this thread is great

Second, I've noticed a giant set-up on the eurjpy pair and hoping it will be good for a solid short. Since it is on a weekly chart, what do most people put their trailing stop at? I've been trading with a 45 pip trailing stop and have pretty decent results, but realize I could be doing much better if I actually have a more solid target or better trailing stop. Considering it's on a weekly chart i'll get stopped out on the first day...Any suggestions?
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