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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

  • #25,901
  • Apr 2, 2009 2:36pm Apr 2, 2009 2:36pm
im going to go out on a limb and take a guess at what they do.

most of them dont use a trailing stop in the traditional sense.

they trail stops and manage the trades based off of a very good understanding of side to side support and resistance.

that could be something as pronounced as a huge well developed pivot zone or as simple as a singe bar high/low or possibly two of them.

to new people that sounds complicated and very subjective but its not.

its the simplest thing you can imagine.

just a little time and practice is needed.

have you watched the guest videos?

jim



Quoting Grover
While we're on the topic of 'moving to B/E', I had a quick question...I've been trading with a 45 pip trailing stop with a target typically around 200 pips away. Obviously after 45 pips, I move to B/E, but then I typically get stopped out no where near 200 because of a retrace in between a 200 pip jump.

I'm amazed at you guys that can pound out 500-1000 pip trades - what do you do with your trailing stop? Do you just put it really far away (<100 pips) and let it just continually go until you hit your target or do you move your stop up after every...
  • #25,902
  • Apr 2, 2009 2:46pm Apr 2, 2009 2:46pm
Quoting TiaForex
I can so relate to this. It's probably one of my big hurdles. Rather than playing a bar on its merits I look to see what the seniors make of it. I forget that what they think of a bar is only part of the whole picture. For example, mbqb11 likes to move his stops at the end of the day. He doesn't day trade off a daily chart so much. That's more Jim. So mbqb11 is looking for more potential to remove. James16 and Jaroo are more day traders off the daily chart. They take some profit off the table at first target.

Everyone evaluates a bar based on how...
Yeah you can make this material work in MANY different ways. That is really the true beauty of understanding price. B/C personality can be a big problem for others. Trying to be something they are not. I take very few daily/weekly trades. When I do they usually are the best of the best, at least in my eyes. I then have my intraday trading off the 1hr and 4hr charts. I am still very picky mostly in regards to location and that is where I do my "day-trading" so to speak and makes up the majority in trader number terms. It is my interpretation of the material presented by James in combo with what I have picked up.

But one thing remains the same, no matter what. The concepts. Support/resistance, ppz, confluence, bar analysis, etc etc.

If you can learn to put them all together, nothing to stop you
  • #25,903
  • Apr 2, 2009 2:52pm Apr 2, 2009 2:52pm
I don't post my trades from intraday much here b/c I believe it is not the right place in terms of what we are trying to accomplish of learning the core components.

But the concepts are all there and that is what is crucial and what I want to show with a recent trade.

We have heavy consolidation, price is looking to breakout(wedge). We then have a retest of the PPZ/Consolidation(BIG BLUE BOX). This is the LOW of our BIG HUGE BUOB, that then closes outside the wedge, and also above the BIG round number of 1.65. So where is it going to go using what we know. First high(so I move stop to b/e). Then my next goal is that next high where I trail my position out after the sharp move up.

All the concepts are the same, just put together in a way that is comfortable and in control for me.

James is the man

Mike
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  • #25,904
  • Apr 2, 2009 3:30pm Apr 2, 2009 3:30pm
Quoting james16
how many of you are envious of jarroo and mad at my post that i would move my stop to BE?

This is a great lesson.

why?

because the next time i make a statement like that it might rocket off the other direction and i will be everyones hero instead of the goat.

LOL.

Im about not taking losses, what more can i say.

These happen to me all the time but on the bright side i rarely take more than tiny losses.

the other thing to remember?

they dont all come back and stop you at BE. sometimes you get these huge runners after you have moved...
mad at your post . . . goat . . . LOLOL. I don't think anyone here felt that way, at all. (too funny)

I have more break even trades then losses, this is due to me not being picky enough on many of my setups. I view them as "real good" , but they're not the "BEST", A+ trades that we all seek to enjoy. (see any James16 chart).

It is these A+ setup that once you move to break even, they run to the moon. But a lot of times, you get stopped out then they run to the moon. Like KissFan earlier Gbp/Usd trade.

I tend to manage my trade the best I can to where I can give a little more room for it to run while still having a worst case senario of a net zero loss.

I'm sure as my account grows larger this view will change.

"mad at your post" . . . yeah right.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #25,905
  • Apr 2, 2009 3:39pm Apr 2, 2009 3:39pm
Quoting james16
how many of you are envious of jarroo and mad at my post that i would move my stop to BE?

This is a great lesson.

why?

because the next time i make a statement like that it might rocket off the other direction and i will be everyones hero instead of the goat.

LOL.

Im about not taking losses, what more can i say.

These happen to me all the time but on the bright side i rarely take more than tiny losses.

the other thing to remember?

they dont all come back and stop you at BE. sometimes you get these huge runners after you have moved...
It's all about trading your own plan... not using this forum to consider/not consider trades. Advice from the experienced ones is great, but at some point, your own practice, mistakes, and learning experiences is what will make us great traders... (That's the way I'm going about it at least.)

I look at my charts at the end of the trading day (soon). Then I decide what (if anything) is worth trading and I make my plan. Once I've decided on what I will do, THEN I look on the forum to see what everyone is talking about. In this way, I have already made my decision for myself. I can let my plan play out and see if I was right or wrong. In any case, it's MY decision.

Moving the USD/CAD was My decision because I didn't like how it was breaking... just sitting 20 pips in profit for a while. Got stopped out at B/E... another trade where I lost Nothing. Great!

Keep on Keepin' on.

Josh
  • #25,906
  • Apr 2, 2009 3:39pm Apr 2, 2009 3:39pm
Hi to all!!! Very like yor thread and reading it since 2006 year! Very big thanx to Jim and others for expierence!
What do you say about AUDUSD weekly pin? Why does it failed??? Unfortunatly i can't add picture
  • #25,907
  • Apr 2, 2009 3:39pm Apr 2, 2009 3:39pm
LOL. well i know for a fact a lot of people did what i said and missed on a couple of hundred pips. i had to say something.

i could just see the faces and hear the voices..

"damn!!! i knew i should have left that stop alone."

This is why i dont comment on live trades. people are always better off learning from how they react personally.

it was a good lesson for me.

i was very proud and impressed at how you handled it jarroo.

it showed me that your comfortable in your own skin and with your own way of doing things.

that always tells me that someone has spent a lot of time practicing and learning.

jim

Quoting jarroo
mad at your post . . . goat . . . LOLOL. I don't think anyone here felt that way, at all. (too funny)

I have more break even trades then losses, this is due to me not being picky enough on many of my setups. I view them as "real good" , but they're not the "BEST", A+ trades that we all seek to enjoy. (see any James16 chart).

It is these A+ setup that once you move to break even, they run to the moon. But a lot of times, you get stopped out then they run to the moon. Like KissFan earlier Gbp/Usd trade.

I tend manage my trade the best...
  • #25,908
  • Apr 2, 2009 3:43pm Apr 2, 2009 3:43pm
IM GLAD TO SEE THIS MAKRON.

this is exactly what we are talking about.

the weekly pin makron is talking about went 100 pips into profit.

under any circumstances was this a failed pin bar or trade?


what happened to you with this pin bar makron?

jim

Quoting makron
Hi to all!!! Very like yor thread and reading it since 2006 year! Very big thanx to Jim and others for expierence!
What do you say about AUDUSD weekly pin? Why does it failed??? Unfortunatly i can't add picture
  • #25,909
  • Apr 2, 2009 3:47pm Apr 2, 2009 3:47pm
Hey Jim,
Got home from work and plowed through scores of notes on the trading account question. Didn't realize it was such a hot subject. Many thanks. Better to be real than in a dream world. I don't feel the need to re-invent the wheel and have at least learned one thing over the years- it is easier to learn from others and quicker too.
I hate to seem like the "I'm a newbie help me make a million on my first trade with my $500 account" stuff that seems to repeat itself on threads (you have to be a newbie sometime though :-)
I'm just looking to learn to fish for myself so to speak.
I appreciate all the comments and wisdom found here and will put it to use pronto.
Love reading what everyone posts. Keep up the great posts.
  • #25,910
  • Apr 2, 2009 3:52pm Apr 2, 2009 3:52pm
Quoting TiaForex
I can so relate to this. It's probably one of my big hurdles. Rather than playing a bar on its merits I look to see what the seniors make of it. I forget that what they think of a bar is only part of the whole picture. For example, mbqb11 likes to move his stops at the end of the day. He doesn't day trade off a daily chart so much. That's more Jim. So mbqb11 is looking for more potential to remove. James16 and Jaroo are more day traders off the daily chart. They take some profit off the table at first target.

Everyone evaluates a bar based on how...
TF,
Another great post of yours. I totally agree that it takes time to sort out what trades fit best with MY method of trading... I also agree that one of the best ways to work on this and develop this is to backtest lots of data... that was a huge confidence builder for me, as I started to notice what I am and am not comfortable doing in a trade (holding through positive trades going slightly negative, or letting 100 pips of profit stop me out at B/E, for example)...

Conclusion: Backtesting should be considered to be added to each newbies' minimum requirements.

Josh
  • #25,911
  • Apr 2, 2009 3:56pm Apr 2, 2009 3:56pm
It seems obvious now, but I never thought about considering the trading style that someone has when considering their opinion about a particular setup. I guess the reason for this is that I have not yet developed my own style. I know that it's important to make decisions about whether to enter a trade based on one's own opinion, but as a rookie I depend on other people's opinions to help me develop. I think of these opinions as training wheels on a bicycle. In order to develop one's own style and decision making process--the training wheels must eventually come off.

Quoting TiaForex
I can so relate to this. It's probably one of my big hurdles. Rather than playing a bar on its merits I look to see what the seniors make of it. I forget that what they think of a bar is only part of the whole picture. For example, mbqb11 likes to move his stops at the end of the day. He doesn't day trade off a daily chart so much. That's more Jim. So mbqb11 is looking for more potential to remove. James16 and Jaroo are more day traders off the daily chart. They take some profit off the table at first target.

Everyone evaluates a bar based on how...
  • #25,912
  • Apr 2, 2009 3:59pm Apr 2, 2009 3:59pm
Quoting Jduester
TF,
...

Conclusion: Backtesting should be considered to be added to each newbies' minimum requirements.

Josh
Another think that I'm currently doing is to save charts (my chart) for certain type of trade. For now, I'm trying retrace entry and something, so I keep track of the pic and my analysis. So hopefully it helps me to better fine tune my trades so I wont be doing same mistakes again and easier to analysis when I need it. Hope it will help you too!
  • #25,913
  • Edited 6:06pm Apr 2, 2009 4:02pm | Edited 6:06pm
Quoting james16
LOL. well i know for a fact a lot of people did what i said and missed on a couple of hundred pips. i had to say something.

i could just see the faces and hear the voices..

"damn!!! i knew i should have left that stop alone."

This is why i dont comment on live trades. people are always better off learning from how they react personally.

it was a good lesson for me.

i was very proud and impressed at how you handled it jarroo.

it showed me that your comfortable in your own skin and with your own way of doing things.

that always tells...
Thanks Jim

I just read PipGator's post (which was great). He's going throught the same thinking that one goes through when learning and practising this wonder method and mindset you have given us. Its Priceless.

It's great leaning from you, Mike, Bundy, Clockwork, Seeking and even that wacking guy, razcek. (Just kidding Mark. lol)

You start developing your own eyes and style when seeing a Price Action setup forming. It does take time, demoning, practise, learning, listening, mistakes, successes, and so on.

and . . oh yeah . . . its a whole lotta fun.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #25,914
  • Apr 2, 2009 4:05pm Apr 2, 2009 4:05pm
MAKRON THANK YOU FOR POSTING THIS.

these allow me to help people and make points that are very hard to make at times.

a lot of people talk about the ahhh haa moments.

those are hard to put into words or even charts for that matter.

there is one in this chart but people have to live it also/



Quoting makron
Hi to all!!! Very like yor thread and reading it since 2006 year! Very big thanx to Jim and others for expierence!
What do you say about AUDUSD weekly pin? Why does it failed??? Unfortunatly i can't add picture
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  • #25,915
  • Apr 2, 2009 4:06pm Apr 2, 2009 4:06pm
Quoting Jduester
It's all about trading your own plan... not using this forum to consider/not consider trades. Advice from the experienced ones is great, but at some point, your own practice, mistakes, and learning experiences is what will make us great traders... (That's the way I'm going about it at least.)

I look at my charts at the end of the trading day (soon). Then I decide what (if anything) is worth trading and I make my plan. Once I've decided on what I will do, THEN I look on the forum to see what everyone is talking about. In this way, I have already...
I am taking the same path my friend.I feel this is very important.."To think for ones self" This is where you put all the pieces together you have gathered from our senior members...Good trading Josh
  • #25,916
  • Apr 2, 2009 4:12pm Apr 2, 2009 4:12pm
Quoting james16
IM GLAD TO SEE THIS MAKRON.

this is exactly what we are talking about.

the weekly pin makron is talking about went 100 pips into profit.

under any circumstances was this a failed pin bar or trade?


what happened to you with this pin bar makron?

jim
Personally I would say that anytime you have a chance to make 100 pips it isnt a failed pin bar. It may have not gone for 500 pips but it was still a good trade.

Moving SL to breakeven or taking 50% of profit here would have been ideal. Certainly no reason to let it go to a loss.
  • #25,917
  • Apr 2, 2009 4:17pm Apr 2, 2009 4:17pm
Quoting pipslapped
Personally I would say that anytime you have a chance to make 100 pips it isnt a failed pin bar. It may have not gone for 500 pips but it was still a good trade.

Moving SL to breakeven or taking 50% of profit here would have been ideal. Certainly no reason to let it go to a loss.
It definitly wasn't a failed pin.Price found it's support and turned around.This was one of my ah ha moments I got after watching the guest videos.Price is pretty predictable if you know what you are looking for...if that makes sense.
One should of went into this trade knowing price would have had a hard time getting through this ppz.Take what the market gives you.
  • #25,918
  • Apr 2, 2009 4:18pm Apr 2, 2009 4:18pm
We have a nice pinbar formation occuring at a channel high in the GBP/CAD.

Pros
- Great bar itself (O/C in prior body, good extention)
- Solid PPZ

Cons
- If we are in a channel, can we be at a swing high? I guess the last 4 bars have each made higher highs and higher lows...you're call.
- Blue line represents first TP at 1.81, which would only be about 50 pips beyond the entry, depending how far you play the break. 1.80 would be next level

After all we've discussed today, make your own decision on this one. Write down your thoughts. Will you trade it? If so, why? I agree with Arcus, to save charts of your entry and exit. This will allow you to see what the chart was telling you when you entered... great tool for learning after the trade has played out.

As for me, I am leaning toward no on this trade due to close PPZ.

Josh
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  • #25,919
  • Apr 2, 2009 4:20pm Apr 2, 2009 4:20pm
Quoting james16
IM GLAD TO SEE THIS MAKRON.

this is exactly what we are talking about.

the weekly pin makron is talking about went 100 pips into profit.

under any circumstances was this a failed pin bar or trade?


what happened to you with this pin bar makron?

jim
Ooops) I think that 100pips is too small fo weekly trade. And when price went against me, i opened second sell position on 50% retracement to pinbar. But had 2 loses... No problem for my money, i have a micro account. But problem for me... i miss again.
  • #25,920
  • Apr 2, 2009 4:31pm Apr 2, 2009 4:31pm
Quoting james16
CHART
Just saw this. Thank Jim. All the credit goes to you sir.
Indicators show the past. Price Action "Indicates" the future.
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