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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

  • #26,721
  • Apr 9, 2009 12:29pm Apr 9, 2009 12:29pm
We now wait for the pullback, right Mikey?
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I believe . . .
  • #26,722
  • Apr 9, 2009 12:30pm Apr 9, 2009 12:30pm
Quoting ghous
We now wait for the pullback, right Mikey?
  • #26,723
  • Apr 9, 2009 12:37pm Apr 9, 2009 12:37pm
Quoting bundyraider
I wouldn't want to force anyone to complicate their job by using both. You don't need to to trade profitably. I've just come to use many many many tools to help me feel the beat of the market and get really good entries.

PMs no good. Can't send charts in them. lol...
Got out with a BE on this one...

Moved my stop at +30, not at a swing low nor at a decent pullback or any major fib. I couldn't have let this hurt me,

But nice trade for you anyways Buddy, Congrats

Regards,
Ghous.
I believe . . .
  • #26,724
  • Apr 9, 2009 12:55pm Apr 9, 2009 12:55pm
...3 weeks to build 10k to 18k....1 day to loose a grand....

...because it's demo....

Time to do the sniper thing Ghous...LOL
Ghost Rider - WWTBMD?
  • #26,725
  • Apr 9, 2009 12:56pm Apr 9, 2009 12:56pm
Quoting krue
I'd love to take this IPB, unfortunately my skill isn't at that level, only trading daily setup per Jim's instruction for the moment. await you succeed for a few times and show us your lucrative samples. have a nice day, ghous


Don't bother trading it just yet, specially on your live account plz, I am short of time these days so have'nt really done too much of back testing only forward testing it on higher time frames as they appear. Once I am done I'll shoot in a detailed post with enough backtesting and forward testing results plus live account trades to back this inoculated idea.

Regards,
Ghous.
I believe . . .
  • #26,726
  • Apr 9, 2009 1:00pm Apr 9, 2009 1:00pm
Quoting albchr
...3 weeks to build 10k to 18k....1 day to loose a grand....

...because it's demo....

Time to do the sniper thing Ghous...LOL
For a moment you made me spring on to the edge of my seat Chris.

Don't only focus on getting on the green side of a trade, MM is just as important.

Sniper's a good idea
I believe . . .
  • #26,727
  • Apr 9, 2009 1:13pm Apr 9, 2009 1:13pm
Sorry guy, but it's good to see I can get your blood pumping...

I'd love to figure out how to work the sniper into the ridiculously STUPID parameters I'll be forced to work within soon. What I have noticed though is that I passed on three 4H setups that would have worked out well for my needs and completely blew the daily last night and the sad thing is, they were the very same pairs...LOL

I'll figure this out DAG NAB IT!!
Ghost Rider - WWTBMD?
  • #26,728
  • Apr 9, 2009 1:21pm Apr 9, 2009 1:21pm
Quoting albchr
Sorry guy, but it's good to see I can get your blood pumping...

I'd love to figure out how to work the sniper into the ridiculously STUPID parameters I'll be forced to work within soon. What I have noticed though is that I passed on three 4H setups that would have worked out well for my needs and completely blew the daily last night and the sad thing is, they were the very same pairs...LOL

I'll figure this out DAG NAB IT!!
I can understand, I would rather advise you to not even look around anything under the daily. Having to see the $$ flush away which otherwise have gone straight to your bank account can be stressful. trading on lower tfs is something you're free to do once you've proven yourself on the daily so don't feel bad.

If you go abt this in the right manner you'll be taking those 4H setups successfully in no time!

Drill this into your head...

"RELIABILITY OF PA IS INVERSELY PROPORTIONAL TO THE TIME FRAME!"

hang it by the fan in your room so every night you doze off reading the phrase rather than counting the number of sheep that jumped over the fence
I believe . . .
  • #26,729
  • Apr 9, 2009 1:21pm Apr 9, 2009 1:21pm
cld u please explain y this pin on eurusd failed, im curious......lol
i thought it was a well shaped pin to trade, guess i was wrong....
i kno theres more to it, in terms of location and all
wouldnt mind if u guys cld shed some light on this
Simplicity is the key to success
  • #26,730
  • Apr 9, 2009 1:22pm Apr 9, 2009 1:22pm
Nice false break of the IB.
Anyone short yet?

Anthony.
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Those that can, do, those that can't, teach.
  • #26,731
  • Apr 9, 2009 1:28pm Apr 9, 2009 1:28pm
Quoting squeezy
cld u please explain y this pin on eurusd failed, im curious......lol
i thought it was a well shaped pin to trade, guess i was wrong....
i kno theres more to it, in terms of location and all
wouldnt mind if u guys cld shed some light on this
the power of a ppz Squeezy, it shows up again and again as many times as you want it...

look at the pin bar close and then at the 133 price level, (yeah that stupid women who ran away with your piece of cake Jon ) When we have important ppzs above a PA setup the setup is straight away much weaker than you want.

This could have been heading to the moon right now had that pin bar closed above the 133 level...

Did you end up on the loosing side?
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I believe . . .
  • #26,732
  • Apr 9, 2009 1:32pm Apr 9, 2009 1:32pm
Quoting Jduester
Especially because it would fall into your FAVORITE zone! I think I'm passing. Just not much room. 1.3350 and then just over 1.34 from lows a few weeks ago.

Josh
Squeezy,
Take a look at this post and a handful before it that talk about pros/cons of EUR/USD last night.
  • #26,733
  • Apr 9, 2009 1:34pm Apr 9, 2009 1:34pm
Quoting squeezy
cld u please explain y this pin on eurusd failed, im curious......lol
i thought it was a well shaped pin to trade, guess i was wrong....
i kno theres more to it, in terms of location and all
wouldnt mind if u guys cld shed some light on this
I didnt take this trade as it is in traffic.

Attached chart shows a clear PPZ and don't forget these are zones.

We want to see these bars after clear buying or selling and need a trend to reverse.

cheers

fxp
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  • #26,734
  • Apr 9, 2009 1:38pm Apr 9, 2009 1:38pm
Quoting markmm
Ill pass on the E/D daily pin (if it ends as one) as its heading into 3300, pivot zone, 150ema and fib confluence!!, It has its work cut out, maybe a buy stop above 3300?
Looking back at my anaylsis of this pinbar, I see it went exactly as I though it would, the resistance it faced was very strong. It gives confidence that jims, mikes, chris etc teaching is bang on. Dont just take a good PA, look at location and confluence.
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Economists have forecast 9 out of the last 5 recessions
  • #26,735
  • Apr 9, 2009 1:40pm Apr 9, 2009 1:40pm
Quoting markmm
Looking back at my anaylsis of this pinbar, I see it went exactly as I though it would, the resistance it faced was very strong. It gives confidence that jims, mikes, chris etc teaching is bang on. Dont just take a good PA, look at location and confluence.
yep bingo, the lack of space and lack of real support makes this a tough trade to get much out of. Even if it went a bit higher your stop would have had to move to b/e fast. Not much playing room.

Location is the name of the game
  • #26,736
  • Apr 9, 2009 1:41pm Apr 9, 2009 1:41pm
Quoting ghous
I can understand, I would rather advise you to not even look around anything under the daily. Having to see the $$ flush away which otherwise have gone straight to your bank account can be stressful. trading on lower tfs is something you're free to do once you've proven yourself on the daily so don't feel bad.

If you go abt this in the right manner you'll be taking those 4H setups successfully in no time!

Drill this into your head...

"RELIABILITY OF PA IS INVERSELY PROPORTIONAL TO THE TIME FRAME!"

hang it by the fan...
When I write in my journal tonight I'll add that phrase exactly the way you wrote it. BIG BLACK LETTERS. Right next to my own BIG BLACK LETTERS that will remind me of the simply foolish mistake I made in MM. IF TRADING MORE THAN ONE PAIR AT A TIME, SPLIT UP THE LOTS!!!

I typically only trade one trade at a time so as you know, I go for a full lot over smaller moves. WHAT was I thinking when I set up those 3 trades last night at one lot EACH??? (It's rhetorical as I know the answer), I WASN'T thinking...

The "smart" thing would have been to close them right away this morning soon after they took. But I was foolishly confident the picks I made were good so I wanted to give them time to run. At least I bailed on them long before the SL's I had set once I knew I screwed up. It could have been far worse.

I've worked hard over the last 6 months to develop the discipline needed to take the hit when things go south and I'm pretty good with that. Now I need to work twice as hard learning not to put myself in that position to begin with....
Ghost Rider - WWTBMD?
  • #26,737
  • Apr 9, 2009 1:51pm Apr 9, 2009 1:51pm
Quoting mbqb11
yep bingo, the lack of space and lack of real support makes this a tough trade to get much out of. Even if it went a bit higher your stop would have had to move to b/e fast. Not much playing room.

Location is the name of the game
Its nice when you pass on a trade for reasons fundamental to the method and the trade does what you think. This for me is as good as entering a winning trade that turns out the same.... ok its not as good.

Just a question, it looks to me like the best traders can make money out of a trending and ranging market. Do you think a trader can play both, trend line break outs/channel bounces and box/PZ trading?
Economists have forecast 9 out of the last 5 recessions
  • #26,738
  • Apr 9, 2009 2:00pm Apr 9, 2009 2:00pm
Quoting markmm
Its nice when you pass on a trade for reasons fundamental to the method and the trade does what you think. This for me is as good as entering a winning trade that turns out the same.... ok its not as good.

Just a question, it looks to me like the best traders can make money out of a trending and ranging market. Do you think a trader can play both, trend line break outs/channel bounces and box/PZ trading?
absolutely

Price action is universal so to speak. The charts won't lie.

Ex, a Pinbar at a big swing high, that is indicting a reversal of trend

Ex a pinbar, in a ranging market at the bottom of a channel indicating a move into channel

Both may or may not be playable depending on what else is going on. But both can be playable but one just has to take all the different factors into consideration.

Learning to recognize the patterns is the easiest part, it is the putting the components together in a workable format that a trader is then disciplined to trade. I just choose to avoid ranging markets then trade them. Some people thrive in ranging markets with price action.

Mike
  • #26,739
  • Apr 9, 2009 2:02pm Apr 9, 2009 2:02pm
Quoting ghous
the power of a ppz Squeezy, it shows up again and again as many times as you want it...

look at the pin bar close and then at the 133 price level, (yeah that stupid women who ran away with your piece of cake Jon ) When we have important ppzs above a PA setup the setup is straight away much weaker than you want.

This could have been heading to the moon right now had that pin bar closed above the 133 level...

Did you end up on the loosing side?
my amigo ghous the bossman
i cant lie, i was on the loosing side, for some strange reason had the ppz drawn on my chart...and i saw the location of the pinbar's close but i still set my orders, silly me.....lol
shld hav jst stayed out or set an order well above the ppz , imo
i saw the eurcad's pin and immediately ignored it cos of the shape, jst wasnt lying enuff
oh well, learning from my mistakes, when next i see this kind of scenario ill jst watch n see wat happens
thnx for ur reply, knew i cld count on u
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Simplicity is the key to success
  • #26,740
  • Apr 9, 2009 2:05pm Apr 9, 2009 2:05pm
Quoting Jduester
Squeezy,
Take a look at this post and a handful before it that talk about pros/cons of EUR/USD last night.
thnx josh,
will do dat and once again good work, im also looking up to u man
uve shown steady progress,
u inspire a lot of peeps, including me
cheers
Simplicity is the key to success
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