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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

  • #29,261
  • May 6, 2009 4:52am May 6, 2009 4:52am
Quoting lindsayf
"God that brings back those good old days, I would have been one of the stupid groupie girls in love with every long haired guitar smashing rock star...I remember we used to go to this one club with live bands and me and my friends were doing the groupie thing at the bands' table and one of the band guys said "how does it feel to be young and tight?" LOLLLLLL Im sure nobody will ever say that to me again ...Raz"

I am up to post 3774...this is by far the funniest one so far...

gonna take so long to go through this..I dont think I can...
Lindsayf,
First off, welcome to the thread and congratulations on getting through the first 3700 posts! Having read through the whole thread not too long ago, I have a few quick suggestions that might help.

- Try to read a certain amount of posts each day... or for a certain amount of time. Taking a little each day makes it less intimidating.
- Are you also keeping up with the most recent posts? Once I started reading the thread from the beginning, I also started reading the new posts each day, to stay on top of new stuff. This way, you are always gaining ground on the thread and not simply chasing the finish line 25000 posts behind.

I would recommend reading the whole thing, but if it's not going to be feasible, then skipping to the most recent 3000-5000 isn't a bad idea. You might also be sure to check out the links mentioned in the first post.

Good luck and welcome!

Josh
  • #29,262
  • May 6, 2009 5:28am May 6, 2009 5:28am
Quoting forexngo
Hello Mike and experienced traders

I could not know why the great pin bar that s failed? I know that it is so early entering order when price was nor broken low of pinbar. Our of this, i didn't find out any other reasons making the pin bar failed.
If you guys, experienced ones will explain me the issue or this one is an exception?
Thank you
forexngo
Hey there,

As you pointed out this was an early entry on a pinbar that hadn't been confirmed yet.

Technically it isn't a pinbar until it breaks the low. Taking a retrace entry is a very aggressive approach and increases the likelihood of a loser. Of course it can also give you a cheaper entry.

If you are taking the retrace entry, know that you are drastically increasing your chance of getting a loser because it isn't considered a pinbar yet. If you are prepared to take that risk then fine. But it is a risk. And in answer to your question, it isn't an exception. Retrace entries have a much higher failure rate. Only you can tell if that is within your psychological comfort zone and if over hundreds of rates the profit turns out to be worth it. In my backtesting retrace entries didn't prove to be any more profitable than waiting for the breach over a bunch of trades.

To start with I think everyone recommends only playing these bars on a break of the low. And both James16 and mbqb11 never play retrace entries period.

Hope that helps.
  • #29,263
  • May 6, 2009 5:39am May 6, 2009 5:39am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I encountered a number of similar situations in recent two weeks. no idea what's going on in the momentum, so, I will keep staying on sideline for a while before re-visit the setups. I believe this may occur from time to time(correct me if I am wrong), and this in turn doesn't prove anything wrong with the edge everyone of us are studying in this thread.

however, I believe in there are quite a few doing good during the time some of us are puzzled. for those who performing well, will appreciate to share your success in the recent two weeks, what were the setups and how was your trade performance, if I may ......

In any case, thanks for your attention.

Quoting forexngo
Hello Mike and experienced traders

I could not know why the great pin bar that s failed? I know that it is so early entering order when price was nor broken low of pinbar. Our of this, i didn't find out any other reasons making the pin bar failed.
If you guys, experienced ones will explain me the issue or this one is an exception?
Thank you
forexngo
  • #29,264
  • May 6, 2009 6:12am May 6, 2009 6:12am
Quoting g_j_hook@yah
. the pin bar represents a change of momentum from bulls to bears or visa versa but whos to say if the momentum has changed enough to reverse the pair?? it could end up being just a pause in its current path. When the bar breaks it shows the CONTINUED momentum of the buying/selling pressure and confirms the move.
hope this helps
jon
Yeah, this is the real insight into playing pinbar
Big thank for great clarification, g_j_hook
  • #29,265
  • May 6, 2009 6:15am May 6, 2009 6:15am
[quote=TiaForex;2716206]Hey there,


Technically it isn't a pinbar until it breaks the low. Taking a retrace entry is a very aggressive approach and increases the likelihood of a loser. Of course it can also give you a cheaper entry.

That s key point.
You re man! TiaForex
  • #29,266
  • May 6, 2009 6:27am May 6, 2009 6:27am
thanks for the reply jduester...good idea...glad to see the public forum is still supporting noobs.

at this stage i feel like I understand the main bar patterns and the basic principles of pivot lines, fibs, confluence etc...I am able quickly look at a daily or weekly chart and see if a basic PB, beob, buob,,, etc setup is possible in that bar...and have a basic grasp on different ways I could manage a trade....

given that..I will move to the last quarter of the thread, keep tabs on the new posts...and expect to get to the 'end' in a week or 2.

for the middle 15000 posts...well..later.....I am pretty keen to get to the pf.
All that matters is winning the week
  • #29,267
  • May 6, 2009 6:33am May 6, 2009 6:33am
Quoting krue
however, I believe in there are quite a few doing good during the time some of us are puzzled. for those who performing well, will appreciate to share your success in the recent two weeks, what were the setups and how was your trade performance, if I may ......

In any case, thanks for your attention.
Location, Location, Location!!

I notice a lot of people taking trades at locations that are 'OK'. And often with 'OK' confluence even.
'OK' locations just aren't good enough when the market is caught amongst tight flip zones.

When you see a really good set up at a really good location, make mental note of what would make it even better.
You might find that the 'even better' situation requires just a little bit more waiting on your behalf. Often just above or below your current focus area, for example.
You might miss out on a trade and a good move, but that's what you have to be willing to let go of. Good moves happen all the time without a high probability warning.

There isn't that many 'easy' trades around at the moment by the way. I know it's can be frustrating and hard on your confidence, but don't panic. It'll come good again.
.
A tip. Read back through Rac's posts the past couple of years. I'd be very surprised if anyone else has posted more examples of unbeatable locations on here than him. ....be picky, be veeeery picky.
.
Edit: Seriously. Grab a coffee/tea, and start going through Raczeks charts and reaaally study them.
.
Bundy's status today: "Waiting..."
  • #29,268
  • May 6, 2009 6:49am May 6, 2009 6:49am
Been busy backtesting workin on some exit scenarios, finally read reminescences of a stock operator a must for u that havent. As far as this pin and ths pair in general atm if u stand back and look at this chart its not doing anything the material here hasnt prepared u for. Ive posted a couple times about this situation didnt like it last week and nothins changed it hasnt acted right from the get go.Pa at the 7450 level could make 4 a long? not going to guess.The stuff here works beyond a doubt I have proven it 2 myself over and over the key is 2 find the setups u can stack as much probability in your favor as possible. This takes patience, patience, patience and location, location, location and some more patience and braider is right ive been goin through mbqb11 and racs post realy time well spent.http://www.forexfactory.com/images/icons/icon14.gif
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  • #29,269
  • May 6, 2009 6:50am May 6, 2009 6:50am
Any one else watching the PB on July Cotton. Unfortunately, I don't have continuos contracts on my charting package so I can't really see any significant PPZs as the contract time is limited. If any one else has continous contract, do you see any areas of confluence? It is at a high and has plenty of room to run down.
  • #29,270
  • May 6, 2009 7:01am May 6, 2009 7:01am
Found a continuos chart online, but poor quality. Looks like it may be a monthly PPZ around 58-60.
  • #29,271
  • May 6, 2009 7:46am May 6, 2009 7:46am
Quoting bjohn34
thanks. i will watch it for information, but at this stage of my PA education it may be too complicated for me to evaluate and trade.

Don't underestimate yourself! Take a look back at the flow in EUR/JPY since that post. It reversed slightly above the ideal fibo target, but close enough to give a good entry if you were prepared. USDJPY actually hit the equivalent target. One can see the early price action confirming the underlying weekly bias. If you apply that logic to a less volitile market, like the EURUSD or the USDCAD, then you may have the makings of a solid method.
  • #29,272
  • May 6, 2009 7:52am May 6, 2009 7:52am
Recent trend and momentum is up this has some open real estate really a long position is more probable at this time going to watch for pa to tip its hand
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  • #29,273
  • May 6, 2009 8:15am May 6, 2009 8:15am
Had 5 winners in a row, and now this AudUSD garbage, missed my TP and break even level by 2 pips!!!!!. Wasnt A+looking back on it... Just airing this one out. Sorry to rant.. I know some of you understand...maybe just maybe it will turn around but not counting on it at all.

Now I just need to be patient and wait for the next trade.
  • #29,274
  • May 6, 2009 8:39am May 6, 2009 8:39am
Quoting zimdonks
you know i started trading 18months ago, and i was using all sorts of wierd and wonderful indicators, using prmarily the 1H TF, surprise surprise i blew my account.
before that i thought i knew it all, but had a real wake-up call and a re-think.
I had thoughts about getting some software to help me out, but decided on my better judgment.
Anyway, the lad who tried to sell me trading software, having turned him down, suggested that i try forexfactory as a start point!
i hopped between threads until someone in the GPB/USD mentioned this thread,...

Hi!

I m also trading for almost 16 months now! First time I learned about forex is more than 18 months! Guess what... I m still loosing!!! I ve read books, ebooks, watched videos, tutorials, signed in educationals and signal services etc! And so far I m only loosing! I m actually almost ready to quit! Every trade I place is turning against me! I m starting thinking if I should start trading the other way of what I think!!!
Maybe is my psychology. Whenever I see loosing too many pips I exit the trade. I only trade small timeframes up to 15M.

So I ve decided to get out of this dead end or give up forex. IS THIS THREAD GOOD? (Sorry for capitals but I feel like I ve lost 1 year and a half of my life!!! ). Do you guys make income out of it? Does it only works with 4H timeframe? Do I need to read the 1000+ thread pages?

Thanks for helping me out

Athan
  • #29,275
  • May 6, 2009 8:53am May 6, 2009 8:53am
Quoting athan00
I m also trading for almost 16 months now! First time I learned about forex is more than 18 months! Guess what... I m still loosing!!! I ve read books, ebooks, watched videos, tutorials, signed in educationals and signal services etc! And so far I m only loosing! I m actually almost ready to quit! Every trade I place is turning against me! I m starting thinking if I should start trading the other way of what I think!!!
Maybe is my psychology. Whenever I see loosing too many pips I exit the trade. I only trade small timeframes up to 15M.

So I ve...
Hi Athan,

I'm new to this discussion and am sad to hear about your forex ecperiences. I am a beginner at this game, having traded for only two months now. Some days I get pounded and bail out quickly, and other days it seems the forex God smiles upon me. Overall, however, I'm about $100 to the good.

I'm still learning on a daily basis, and I see there's over 29,000 messages in this thread. Can someone recommend to me where to start reading, because it's not going to be possible for me to read all 29,ooo+ messages.

Thanks,
Ed
  • #29,276
  • May 6, 2009 8:57am May 6, 2009 8:57am
Quoting athan00
Hi!

I m also trading for almost 16 months now! First time I learned about forex is more than 18 months! Guess what... I m still loosing!!! I ve read books, ebooks, watched videos, tutorials, signed in educationals and signal services etc! And so far I m only loosing! I m actually almost ready to quit! Every trade I place is turning against me! I m starting thinking if I should start trading the other way of what I think!!!
Maybe is my psychology. Whenever I see loosing too many pips I exit the trade. I only trade small timeframes up to 15M....

Athan, buddy, dont give up now.....if i could say there was a finish line in becoming a trader, James16 thread would be it. By just posting in this thread you have your hands on a block of cyber gold .
You are in the presence here of some truly superb traders, and i couldn't explain how helpful and friendly everyone is in here.

As many before you have done, start at the beginning of this thread you will never regret it. It will change your life!!

im 23 mate, have left my job in UK to become a full time trader. i had moments when i thought i couldn't do this. selling when its going up, buying into resistance etc, but this thread and all the fantastic ladies and gentlemen in here changed my trading style into a succesful one!

one piece of advice, forget the small time frames to begin with. GO BIG!!! 4h, Daily and weekly is where its at. as i mentioned before, go through this thread, and i look forward to a post from you in a couple weeks when you start winning!!!

all the best mate!
  • #29,277
  • May 6, 2009 9:01am May 6, 2009 9:01am
anyone else keeping an eye on the eur/aud daily divergence??
  • #29,278
  • May 6, 2009 9:01am May 6, 2009 9:01am
Quoting enewbold
Hi Athan,

I'm new to this discussion and am sad to hear about your forex ecperiences. I am a beginner at this game, having traded for only two months now. Some days I get pounded and bail out quickly, and other days it seems the forex God smiles upon me. Overall, however, I'm about $100 to the good.

I'm still learning on a daily basis, and I see there's over 29,000 messages in this thread. Can someone recommend to me where to start reading, because it's not going to be possible for me to read all 29,ooo+ messages.

Thanks,
Ed
I would recommend you start on page 1. There is no shortcut to this, if you are serious about succeeding, you need to put the required effort. I'm on page 150 and so far i've learned a great deal! The folks on this thread are an amazing group! Welcome!
  • #29,279
  • May 6, 2009 9:06am May 6, 2009 9:06am
Welcome to the thread guys.

If you think that you can become a good doctor overnight by taking shortcuts and reading only certain chapters of some books, skipping classes..., think again if you want to become one..
Even if you read entire thread five times there is no guarantee, you will be successful. This is NOT a system, but a method, which could enhance your own system or perhaps give you few AHA moments. From there, it will depend solely on you, if you want to graduate to the next level or keep walking in circles..

I recommend, you start reading from post nr. 1. That way you will be able to understand better what some traders had to go through in order to make this business work. You will learn from their mistakes, and perhaps get some answers to your own questions.

Good luck with your journey.
  • #29,280
  • May 6, 2009 9:08am May 6, 2009 9:08am
Quoting athan00
Hi!

I m also trading for almost 16 months now! First time I learned about forex is more than 18 months! Guess what... I m still loosing!!! I ve read books, ebooks, watched videos, tutorials, signed in educationals and signal services etc! And so far I m only loosing! I m actually almost ready to quit! Every trade I place is turning against me! I m starting thinking if I should start trading the other way of what I think!!!
Maybe is my psychology. Whenever I see loosing too many pips I exit the trade. I only trade small timeframes up to 15M....

Hi J16 traders!

My opinion on this subject is to think about what you can earn once you know what you are doing in this market. 100,000USD? 40,000USD? 500,000USD?

Now think about how much education and time on the job you have to invest to earn that kind of money in the "normal" workplace. A 4yr degree plus 50 hr work week will earn you maybe 60,000usd / year.

Think about if reading the entire thread is really that much now.

I don't mean to harp, I'm actually trying to help!

Good luck!
"Timing Is Everything. Really I Swear It Is"
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