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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

  • #29,561
  • May 9, 2009 11:46pm May 9, 2009 11:46pm
Hi All,

Ive been quietly reading and absorbing for a few weeks. I would like to say a profound thank you to all who take the time to post and explain and most of all to Jim who started this thread.

Ive demo'd for three months, went live, lost money and decided that there is still something missing so Ive come back to the drawing board.

At present I am thinking about testing out the PF as I dont think I would be able to committ for the year at present. My question to members is should I just stay here and read daily or is it better to get say 3 month of membership.

Thanks in advance for your honest response.

Blessings All and happy pipping
  • #29,562
  • May 9, 2009 11:52pm May 9, 2009 11:52pm
Quoting pipstress
Hi All,

Ive been quietly reading and absorbing for a few weeks. I would like to say a profound thank you to all who take the time to post and explain and most of all to Jim who started this thread.

Ive demo'd for three months, went live, lost money and decided that there is still something missing so Ive come back to the drawing board.

At present I am thinking about testing out the PF as I dont think I would be able to committ for the year at present. My question to members is should I just stay here and read daily or is it better to get...
IMO the PF would be well worth your time and much more valuable than the price it costs. This thread has huge amounts of information but I would still recommend the PF to anyone that is curious about it. It certainly helped me understand the material more.
  • #29,563
  • May 10, 2009 12:46am May 10, 2009 12:46am
Quoting pipstress
Hi All,
........................................
Ive demo'd for three months, went live, lost money and decided that there is still something missing so Ive come back to the drawing board.

At present I am thinking about testing out the PF as ..........................My question to members is should I just stay here and read daily or is it better to get say 3 month of membership.

Thanks in advance for your honest response.

Blessings All and happy pipping
pipstress,
I am a member of the PF. It had changed the way I think.
It all boils to your personality, if you are like Josh here, having a great disciplined character, you can start again going to page 1 to Jim's post #1, following ALL the basic requirements to the letter. I know there are other people like Josh in J16 FF forum, but he is truly special. someone to learn dedication to the goal from.

Some people, like me, needs a working place, the PF provides me a good rigid frame work, as per Jim's post #1, making it my business, treating it as a business.
Beside, the PF has a lot of detailed info that is not covered here, plus a lot of info covered here to more details.

btw,
I keep reading this forum, on a daily basis. It is the best place I have found to learn forex, with generous people that understand one thing:
At the end of the road, we all depend on each other. this is the Human race nature. Not too many choices to avoid that.
example: look how Joe in Montana took a mortgage and my friends on the other side of the world lost their job...

Together we can.
  • #29,564
  • May 10, 2009 1:59am May 10, 2009 1:59am
Regarding drawing PPZ's I used to draw them all over my chart, and I think its good for new people to do this for practice as you get good at quickly seeing them. However now I wait for a daily/weekly PA bar, I then look to see PPZ around that area by zooming out on daily and weekly, looking right back for years. Then I look for minor S/R like bar lows/highs that might cause the trade to stall, within the last month or two (using daily). It keeps tha chart clean and the zones are always fresh.

Below are 2 charts that I created when looking at the EUR/AUD pin bar on daily on Thursday. I zoomed out to look for PPZ and found major resistance at 1.7700 from 2004. Then I looked locally at the possible minor stall points (my second chart).

Have a nice weekend

Mark[/quote]

Thanks for this Mark. I like you method here. I think I will clutter up a few more charts for practice and then try out the 'find and evaluate' method.
Also thanks Paul and Mike for your exchange of ideas, lots of good information there.

M
  • #29,565
  • Edited 3:55am May 10, 2009 3:44am | Edited 3:55am
.[/quote]
Thanks for this Mark. I like you method here. I think I will clutter up a few more charts for practice and then try out the 'find and evaluate' method.
Also thanks Paul and Mike for your exchange of ideas, lots of good information there.M[/quote]


just a note on finding PPZ to support the bar after the bar materializes. The reason i have the weekly/daily PPZs drawn on my chart is because when price is between these levels it greatly diminishes the value of the bar itself.
if the levels are drawn allready, all one has to do is simply wait for price to get there. THEN i will looks at the bar formations.
location...location...location
just my point of view.
cheers
jon
PATIENCE... DISCIPLINE
  • #29,566
  • May 10, 2009 3:57am May 10, 2009 3:57am
Quoting pipstress
Hi All,

Ive been quietly reading and absorbing for a few weeks. I would like to say a profound thank you to all who take the time to post and explain and most of all to Jim who started this thread.

Ive demo'd for three months, went live, lost money and decided that there is still something missing so Ive come back to the drawing board.

At present I am thinking about testing out the PF as I dont think I would be able to committ for the year at present. My question to members is should I just stay here and read daily or is it better to...
Jim and the seniors would be the first to tell you that all the info you can find in the PF is here too. It's a little more chaotically laid out on this thread, but it's here. There are no secret systems, no hidden tricks that you can find on PF.

That said, PF is the flat out best money I ever spent. The level of support there, the webinars, the chatroom, the way the thing is organised, Fiji's section on trading psychology....it's all gold dust. I don't think someone could benefit from a month there because it's more about ongoing support than it is about downloading material. I'm not sure about 3 months. If you were very diligent you could get value in 3 months, especially if you used it to talk to as many people there as possible including Fiji.

But Jim and Mike also help people on here, the guest materials videos section of the PF is full of excellent stuff so it is fully possible possible to milk the free side for everything it's worth and get profitable here. And frankly, if affording the PF is an issue you probably have issues with trading capitalisation and need to save the money and try and build your account before you go live again.

Can I ask a few questions? Did you have 3 consecutive profitable months? Did anything change when you went live? Did anything change in how you traded, your risk levels etc? How many trades were you picking a month? Were you sticking to daily and weekly timeframes? What money management system were you using? Were you playing aggressive retrace entries or only playing the bars on the breach? How much did you lose before deciding to go back to the drawing board? What was your win rate? Perhaps post a few charts of the losers here and ask for people's opinion. Were your trades in profit before they turned around and lost you money, and if so by how much? Why didn't you take the stop to break even if the were?

There's loads you can learn here and the other thing to remember is that if you're not willing to honestly examine your unsuccessful trading history here, then in my opinion you'll do the same in PF. Look at Jduester's application in backtesting and posting. He isn't a member of PF as far as I am aware. And because he shows such effort, many people jump in to help him when he hits the wall.

Whatever you decide I wish you good luck and I know that those further along on the path, as well as people closer to where you are like me will, be willing to help you on your way
  • #29,567
  • May 10, 2009 4:07am May 10, 2009 4:07am
Good morning people (11.00AM here in Italy!),
looking at the weekly charts i noticed this possible setup, on GBPCHF and EURCAD. On other pairs i think we're approaching very serious zone, so sit and wait for PA
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  • #29,568
  • May 10, 2009 4:27am May 10, 2009 4:27am
Quoting TiaForex
Jim and the seniors would be the first to tell you that all the info you can find in the PF is here too. It's a little more chaotically laid out on this thread, but it's here. There are no secret systems, no hidden tricks that you can find on PF.

That said, PF is the flat out best money I ever spent
I joined the PF in Feb for a month, but its not enough time to make use of the material, the videos alone, especially webinars from Jim and Mike will give you enough to keep you going for months. Each one is full of diamond advice on the charts. There are also videos directed at particular parts of the method and beginners can start from scratch using mikes vids. I have joined again as I think the yearly cost is a drop in the ocean to the benefits of the knowledge and the way its delivered.

The only disappointing thing is we don't get to see what the guys look like, always wondered that .
Economists have forecast 9 out of the last 5 recessions
  • #29,569
  • May 10, 2009 8:16am May 10, 2009 8:16am
Thanks for your responses. I went to the PF and based on the info found on the public side of the forum I know it would be well worth it.

Yes I was pofitable for almost three months lets say 2 months 3 weeks. 1st month I made 100% and the next month I doubled that 200% to 400% and when trying to get to 800% I got impatient and stopped the demo out. What happened? Simply put. Bad habits learned in the demo that paid off wrecked havoc mentally and financially. On going live, overconfidence, greed and poor money management led to fear and paralysis. In hindsight I concluded that I was just too risky and although it paid off many times over with the demo the psych with life cash is a different game so I balied out many times too early and hung on too long.

As to timeframes I only looked at 4hr - 5 mins and I soon realized that if i kept going at this rate I would not only lose my sanity but I would also have no life. I therefore decided to step back and rethink my entire approach.
  • #29,570
  • May 10, 2009 9:35am May 10, 2009 9:35am
Quoting pipstress
Thanks for your responses. I went to the PF and based on the info found on the public side of the forum I know it would be well worth it.

Yes I was pofitable for almost three months lets say 2 months 3 weeks. 1st month I made 100% and the next month I doubled that 200% to 400% and when trying to get to 800% I got impatient and stopped the demo out. What happened? Simply put. Bad habits learned in the demo that paid off wrecked havoc mentally and financially. On going live, overconfidence, greed and poor money management led to fear and paralysis....
... only trade daily & weekly pinbars taken 10 pips above the bar ... 1% risk per trade ... re-demo 3 months ... then use a $10 Oanda account, adding $10 each month to the account to slowly numb yourself to the idea of using real money... Just an idea...
WARNING: Don't follow me as I'm just learning
  • #29,571
  • May 10, 2009 10:27am May 10, 2009 10:27am
Interesting 3 day PB. Good location, good pin size, with the overall trend. Break would be .9600 area, a PPZ area in itself. Some minor PPZ beyond break, but nothing major I see. Seems pretty good, anything I'm missing?

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  • #29,572
  • May 10, 2009 11:04am May 10, 2009 11:04am
Quoting 4fun
Found this on another good thread its long but interesting Mark Douglas



http://www.4shared.com/file/96740657...er_Market.html
This video was really interesting: thanks for sharing!
Trading: the skill of avoiding trades
  • #29,573
  • May 10, 2009 11:11am May 10, 2009 11:11am
Quoting james16
This thread is and always has been about saving as many people as possible.

It will never be many but it will hopefully be enough to make it worth it.
Even if it was just one, it would be worth it.
Thanks James

RM
  • #29,574
  • May 10, 2009 11:15am May 10, 2009 11:15am
Quoting Jigsaw
Hey there,


You speak like a guy who just hasn't put in enough time observing the Daily charts, because if you have backtested them you would simply see the same things occuring again and again.

Go backtest ten years of the Daily's on any feed, read the thread like it's going to be permanently deleted tomorrow and then come back and talk about your experience with it, I guarantee you you will be pleasantly surprised (I know because I sure was )

[b]Hope I answered your questions and didnt waffle to much , feel free to respond...
Ty Jig
sure it helps, just I am not back testing for obvious reasons.
Back testing is and will be, after the fact, a chart will never ever repeat itself.
also looking at old charts makes it so easy, everything is in front off you so my judgment would be bias.
I am also not using demo, because it takes away real time emotions and the greed / fear effect

and judgement on demos are just not real, that's why one calls it demo.

Demo can't beat Real Money experience and there are lots of traders which agree with me on that.

I like the challenge losing money makes me think about much more and
appreciate wining trades much more, but this is a personal choice and everybody should do what he thinks is right for him.

I am not criticizing anybody advising DEMO, just it does not cut the cheese for me.

playing poker with play money this is just not like real money poker, at least not for me.

I like to feel the pain and the joy.

AS we all know: NO PAIN NO GAIN!

mea
  • #29,575
  • May 10, 2009 11:24am May 10, 2009 11:24am
Price action and waiting for the break....

I have read this alot in the thread and I am just trying to clear up any confusion about it. It may have already been covered and I overlooked..who knows?

I guess what I am getting at is I understand that whatever the price action is it isn't valid until it breaks past the previous bar whether it is long or short.

So I guess my question is when you all refer to entering on the break, do you sit and watch the price action and enter at market whenever it breaks past the previous bar? Or are you just setting pending buy/sell stops/limit/orders or whatever x-amount of pips past the previous bars high/low depending upon which ever direction you think the price is going and wait for your pending order to get triggered automatically then managing them from that point on?


Thanks in advance for the help...
  • #29,576
  • May 10, 2009 12:19pm May 10, 2009 12:19pm
just I am not back testing for obvious reasons.
Back testing is and will be, after the fact, a chart will never ever repeat itself.



I respectfully disagree, same stuff happens over and over, everything repeats itself. Price can either only go up or down.

Backtesting is not perfect, but it can really help with regards analysis and experience.

When I backtested the stuff I became way better way quicker, it allowed me to understand about space, nose length, importance of confluence etc.

You may be of the opinion "Thats useless its all past" But what are you going to do instead ? You can either look to the past (or this thread) for the repeating patterns or you can experience it yourself and lose money over a much longer period of time.





also looking at old charts makes it so easy, everything is in front off you so my judgment would be bias.


Get forextester would probably be the best thing, its the best money i ever spent. You get to trade as if you were seeing it at the time.

Therefore you have no bias and you don't actually know whats going to happen.
  • #29,577
  • May 10, 2009 12:20pm May 10, 2009 12:20pm
Quoting pipslapped
Price action and waiting for the break....

I have read this alot in the thread and I am just trying to clear up any confusion about it. It may have already been covered and I overlooked..who knows?

I guess what I am getting at is I understand that whatever the price action is it isn't valid until it breaks past the previous bar whether it is long or short.

So I guess my question is when you all refer to entering on the break, do you sit and watch the price action and enter at market whenever it breaks past the previous bar?...
Hey,

Pending orders bro
  • #29,578
  • May 10, 2009 12:38pm May 10, 2009 12:38pm
Although I won't disagree with your major premise here (this seems to be that you don't react the same to wins and losses on a demo account) I want to engage your poker analogy since this is one I have thought about a fair bit.
The problem with playing poker with 'play money' is that the other participants are liable to play carelessly because they don't value their virtual chips. The beauty of demoing forex is that you can do so using real live price action generated by people using real money and taking the game very seriously. Play money or real money you still need to be able to sit down at the table and not be one of the many fish.
I was resistant to the whole demo idea at first as well but the simple fact of the matter is I don't have money that I can afford to throw at the market while I learn to play. Perhaps working with a micro account (seems you can go as low as 10.00 with Oanda) would suit you better.
Anyhow the topic of demoing has been revisited countless times on this thread so I won't go on any more about it. I just wanted to chime in on the poker comparison since I think it can be a fruitful one as long as you are able to spot the differences as well.
M

Quoting mea
Ty Jig
I am also not using demo, because it takes away real time emotions and the greed / fear effect

and judgement on demos are just not real, that's why one calls it demo.

Demo can't beat Real Money experience and there are lots of traders which agree with me on that.

I like the challenge losing money makes me think about much more and
appreciate wining trades much more, but this is a personal choice and everybody should do what he thinks is right for him.


playing poker with play money this is just not like real money poker, at least...
  • #29,579
  • May 10, 2009 12:55pm May 10, 2009 12:55pm
Quoting Jlr
Interesting 3 day PB. Good location, good pin size, with the overall trend. Break would be .9600 area, a PPZ area in itself. Some minor PPZ beyond break, but nothing major I see. Seems pretty good, anything I'm missing?

Attachment
Personally i think this is an interesting setup, i'd like to see a strong break of .96 to confirm the down movement. First TP at about .9485?
  • #29,580
  • May 10, 2009 1:24pm May 10, 2009 1:24pm
Quoting TiaForex
...There's loads you can learn here and the other thing to remember is that if you're not willing to honestly examine your unsuccessful trading history here, then in my opinion you'll do the same in PF. Look at Jduester's application in backtesting and posting. He isn't a member of PF as far as I am aware. And because he shows such effort, many people jump in to help him when he hits the wall.

Whatever you decide I wish you good luck and I know that those further along on the path, as well as people closer to where you are like me will, be willing...

Thanks for the kind words Ady27 and TiaForex,
I am not yet a member of the PF, so I'm unable to comment one way or another. I always hear that there is a ton of information in that site. So for me, I need to clear my list first, so that I would be able to devote the proper attention and time to go through it.
For me, there is so much information on this thread to digest. That is how I've approached trading since Dec08. I had been struggling for a year or so, basically breaking even. To me, that was extremely frustrating. I had already quit a good paying job and had been demo trading for over a year prior. But when I went full-time live trading... different results... I finally got to the point and concluded that I must TREAT THIS AS A BUSINESS (as you'll read dozens of times on this thread).

By treating trading this way, it becomes much easier to be extremely disciplined (at least for me). I have an ongoing list of things I want to do. The first thing on my list was read 500 posts/day in order to finish this thread by 3/6/09... then to type up my notes and post them... then backtest... you get the idea.

Everything necessary has already been said by the best traders on this thread this weekend. If you are willing to devote the quality time (not simply skimming this thread while listening to radio/tv in the background, but instead fully studying the material) to reading and learning, I believe these 30,000 posts provide all the necessary material to become and stay profitable in trading. IMO, it's all about how badly you want it. As TiaForex plainly stated, when the experienced traders see a newbie putting forth diligent effort to learn, they are all the more willing to go out of their way to pick you up when you start to waver. Or they'll go out of their way to note your improvement and give you encouragement. (In truth, the experienced traders help EVERYONE on this thread, regardless of the effort they see, which says even more about the character of these individuals. )

Give 100% effort and you'll receive 100% encouragement, advice, and feedback in return...They've said many times that they will be here for us to learn until we become consistently profitable and we can in turn help the new newbies... Isn't that awesome! That we have many daily trade 'mentors' on this thread! That are willing and happy to help us out! As it is written somewhere, "It is impossible to give without getting something back in return." You guys are awesome!

Happy trading everyone.

Josh
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