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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

  • #30,201
  • May 16, 2009 5:38pm May 16, 2009 5:38pm
Im surprised no one has mentioned the PB on the GU...? Looks like a great setup to me except for the 1.5PPZ. will attempt to post a chart.
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All that matters is winning the week
  • #30,202
  • May 16, 2009 5:56pm May 16, 2009 5:56pm
Quoting lindsayf
Im surprised no one has mentioned the PB on the GU...? Looks like a great setup to me except for the 1.5PPZ. will attempt to post a chart.
I have two different feeds and neither shows price reaching that high of a level. That may be why no one has mentioned it.

K.I.S.S.
  • #30,203
  • May 16, 2009 8:52pm May 16, 2009 8:52pm
Quoting KissFan
I have two different feeds and neither shows price reaching that high of a level. That may be why no one has mentioned it.

K.I.S.S.
3 feeds none anywhere hear the spike.

Quoting lindsayf
Im surprised no one has mentioned the PB on the GU...? Looks like a great setup to me except for the 1.5PPZ. will attempt to post a chart.
Drill in on lower TF and see how long the spike lasts. I have seen these in the past and the spike lasts less than 5 seconds (My lowest TF and PB fits in the candle)
  • #30,204
  • May 16, 2009 9:20pm May 16, 2009 9:20pm
Quoting raczekfx
Re:1
Perhaps my bad, I really meant controlling $500k (not having 500k account), which is about 5std lots… I bet you would be trading, but you’d be waiting for a setup like we had on Cad on Nov 11.07, since you would not have the urge/need to trade every day/week...

Re:2.
[font=Calibri][size=3]A) trading only the best probability setups with reduced risk to about .05%. They don’t come often, but they do from time to time and it’s...
Raczekfx,

I appreciate your comments. Thanks for posting the chart. Interestingly it depicts what I have been mulling over for a week now. I think that I do need to stick with the higher time frames of daily and weekly. This will in turn however will cause larger SL and TP which means smaller trade sizes (glad they have units on O). What I think I should do is use the W/D for set ups and targets, then once in, plan to stay with the trade. Scaling in and out with price action in the style of Jacko and BWILC (Bird Watching in Lion Country). Possibly playing off of the fundamentals as well as using price action and S/R to determine whether to add more positions or close positions. This will help take care of that 'need to trade' .The best of all worlds would be of course getting positive interest all along, following a trend. It looks like I am describing riding the carry trade.
  • #30,205
  • May 17, 2009 12:38am May 17, 2009 12:38am
When the daily and weekly coincide you get the best movement fer sure-

I am liking these time frames as they are much more relaxing- H4 used to be my longest but am learning to be more patient......
  • #30,206
  • May 17, 2009 2:10am May 17, 2009 2:10am
Quoting Fx_Genius
3 feeds none anywhere hear the spike.



Drill in on lower TF and see how long the spike lasts. I have seen these in the past and the spike lasts less than 5 seconds (My lowest TF and PB fits in the candle)
indeed...no spike on lower TF..datafeed glich....hope theres not too many more of these
All that matters is winning the week
  • #30,207
  • May 17, 2009 2:19am May 17, 2009 2:19am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I was pondering the term of rich quick. rich quick mindset is detrimental to successful trading. Jim wrote something about it and emphasized it many times already. but, upto what extent, one would be qualified as rich quick mentality?

Just now, I was playing around some figure to persuade myself if this is not a rich quick expectation.

please see the number as below

assume 20,000 dollar to start with, in 5 years
7% return/mth, the wealth will end up with 1.2 mio, annual return 125%;
4% return per mth, then, 0.2mio, annual return 60%;

looking into these two set of numbers, what you guys think of?

60% annual return seems really something in this industry, I have to say; but, what might be a good motivation for us, if we could not achieve 7% per month? I am mentioning this to majority of us, who could only start with small account, coz we don't have the chance to start from big.

I strongly feel I am attracted by the scheme of 7% a month. but, tell me, is this 7% a month return rich quick expectation?

If 7% a month is a number can be reasonablely achievable in consistent manner, then, I won't feel the urge to trade, at least there is a guideline serving me a peace of mind to stay on sideline for rifle opportunity.

I am becoming too much aggressive in this month, both demo of fx and live my future account. the reason was I had a chance to look into acc statements by each of weekly championship winners here in China, conducted by Ikon Asia. It destroyed my mentality. in order to calm myself down, I tried my best to find out a reasonable number to persuade myself to behave like a pro trader.

On top of above discussion, I am having another rule in my mind. I don't know where I read this: when one earn the profit, bank in half, leave the rest to compound to grow. if building this into the plan. 7% a month probably is another picture. you guys may make some calculation. I guess, we may discuss later, once above point be clarified.

I hope you could give some light to me. it will be a contructive discussion help build a rationale mentality to overcome the sychological challenge along the way of trading career. let me thank you in advance for thrawing out your enlightful view.


Edit: I carelessly remove one condition. that is, a comparison of wealth growth between trading and salary income from ordinary career. trading carries higher risk, so, I would expect higher return.
  • #30,208
  • May 17, 2009 2:53am May 17, 2009 2:53am
Depends on your risk per trade and R:R. I've heard of traders getting 25% average a month for over a decade. The key is money management, finding a real edge (usually simpler the better) and exiting properly (letting your profit run) and being disciplined and patient. Some guys are happy with 1%-2% a month some would think that it wasn't worth it.
Economists have forecast 9 out of the last 5 recessions
  • #30,209
  • May 17, 2009 3:19am May 17, 2009 3:19am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
is it, markmm, 25% per month for 120 months?

Return/mth25%mth/decade 120 start capital 10,000 end capital 4,257,959,840,008,150 total return42579598399982%

who is this guy? should be more popular than warren buffet?


Quoting markmm
Depends on your risk per trade and R:R. I've heard of traders getting 25% average a month for over a decade. The key is money management, finding a real edge (usually simpler the better) and exiting properly (letting your profit run) and being disciplined and patient. Some guys are happy with 1%-2% a month some would think that it wasn't worth it.
  • #30,210
  • May 17, 2009 3:28am May 17, 2009 3:28am
Quoting krue
is it, markmm, 25% per month for 120 months?

Return/mth25%mth/decade[size=2][font=Arial]...
Marty Schwartz, I think he banked each time he made a few mill into safer lower risk investments and then built up again.
Economists have forecast 9 out of the last 5 recessions
  • #30,211
  • May 17, 2009 4:44am May 17, 2009 4:44am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
eye openning, so, 7% a month is a piece of cake, by your standard. that is inspiring. not sure what are other traders' views in this thread. I'd better look into something realisable by ordinary people like myself. bear Marty Schwartz in mind when trading, I guess my account would diminish quicker. sorry to say that, I think I need a more realistic goal to conque, just to know if 7% a month is rich quick target, given the ability we are building here using Jim16 technique, I believe in majority of the people learning in this thread are ordinary people. I apologise, if my statement isn't correct.


Quoting markmm
Marty Schwartz, I think he banked each time he made a few mill into safer lower risk investments and then built up again.
  • #30,212
  • May 17, 2009 5:16am May 17, 2009 5:16am
Quoting krue
eye openning, so, 7% a month is a piece of cake, by your standard. that is inspiring. not sure what are other traders' views in this thread. I'd better look into something realisable by ordinary people like myself. bear Marty Schwartz in mind when trading, I guess my account would diminish quicker. sorry to say that, I think I need a more realistic goal to conque, just to know if 7% a month is rich quick target, given the ability we are building here using Jim16 technique, I believe in majority of the people learning in this thread are ordinary...
I am not an expert at forex trading but think that trying to set a target or expectation for monthly gains is a dangerous thing to do. I believe we must take the opportunities that the market gives us and use sound money management/capital management to protect the capital and control risk as a first priority. Properly managed trades will provide the profit as the market makes it available.

For me, trying to meet an arbitrary goal sets me up for irrational exuberance and overconfidence when I exceed the goal and severe disappointment when I fall short. In both cases, if I am selecting and managing trades properly, the results are probably a random occurance depending on market forces over which I have no control.

Then again, that's just me
"Money is easy to make, but hard to keep" - FWV 1975
  • #30,213
  • May 17, 2009 5:18am May 17, 2009 5:18am
Quoting krue
eye openning, so, 7% a month is a piece of cake, by your standard. that is inspiring. not sure what are other traders' views in this thread. I'd better look into something realisable by ordinary people like myself. bear Marty Schwartz in mind when trading, I guess my account would diminish quicker. sorry to say that, I think I need a more realistic goal to conque, just to know if 7% a month is rich quick target, given the ability we are building here using Jim16 technique, I believe in majority of the people learning in this thread are ordinary...
I was just giving an example of what can be done, and I don't think Marty has any special gift that "ordinary" people don't. Maybe patience and discipline.
Economists have forecast 9 out of the last 5 recessions
  • #30,214
  • May 17, 2009 5:36am May 17, 2009 5:36am
Thank you to everyone that answered some or all of my daughter's questions. The effort is appreciated and everyone has been very helpful.
  • #30,215
  • May 17, 2009 6:26am May 17, 2009 6:26am
Hello everybody.
I'm in reading thread from beginning and now about 50 page , but have question , I apologize if this question sounds not first time. How we can qualifide trades on categorys A , B or C. Please answer or show when I can read about.
Thanks
Peter.
  • #30,216
  • May 17, 2009 6:47am May 17, 2009 6:47am
Quoting raczekfx
p.s.
I also shorted fiber (aussie and cable) last night @ 3632 with stop @ 3670. Still in the trade...

Happy trading..
good to see i've made the same trade.....almost same entry and same stop (now at b/e)

1 chart daily---- price is at the daily pivot zone and between 50 and 61 fibo retracement of the last major daily swing. Price didn't manage to pierce through the resistance and formed a daily BEOB at the last swing high.

2 chart hourly---- price pierced through the daily BEOB low but retraced more or less to its 61 fibo retracement which is marked on on the hourly. price touched the minor hourly pivot zone and formed an inside bar that offered me a nice low risk entry with a sell stop beneath it and a stop loss above it. stop now moved above the las hourly swing high offering me a slight profit but i'm willing to hold it much longer.

nice to see that i took the same setup as professionals here...good luck
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  • #30,217
  • May 17, 2009 6:47am May 17, 2009 6:47am
Quoting pitpiter
Hello everybody.
I'm in reading thread from beginning and now about 50 page , but have question , I apologize if this question sounds not first time. How we can qualifide trades on categorys A , B or C. Please answer or show when I can read about.
Thanks
Peter.
Hi pitpiter

To be honest it comes down to experience and time spent learning the material.

One may call a certain setup A+ becuase it fits in with their way of taking profit and stop loss placement i.e. they take quick profits with tight stop loss and there is a good likelihood it will be successfull for them.

Another may see this same exact setup as a B. They may go for larger moves and don't move stop to breakeven so quickly. This trade could then stop them out for a full loss.

If you learn the material you will get a feel for how price can move. Make this your top priority and then you will be a able to choose the best setups for your trading style. Don't worry about categorisation just look for the best scenarios.

hth
cheers

fxp
  • #30,218
  • May 17, 2009 6:54am May 17, 2009 6:54am
and the very same thing on aud usd
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  • #30,219
  • May 17, 2009 7:34am May 17, 2009 7:34am
Quoting fxprocessor

If you learn the material you will get a feel for how price can move. Make this your top priority and then you will be a able to choose the best setups for your trading style. Don't worry about categorisation just look for the best scenarios.
Thanks a lot.
I think , I got it.
Peter
  • #30,220
  • May 17, 2009 7:36am May 17, 2009 7:36am
Quoting bjohn34
I am not an expert at forex trading but think that trying to set a target or expectation for monthly gains is a dangerous thing to do. I believe we must take the opportunities that the market gives us and use sound money management/capital management to protect the capital and control risk as a first priority. Properly managed trades will provide the profit as the market makes it available.

For me, trying to meet an arbitrary goal sets me up for irrational exuberance and overconfidence when I exceed the goal and severe disappointment when I fall...
Krue
I would fully agree with what BJohn wrote on this topic. I have an idea of what is possible for my specific strategy based on my demo results, but I don't focus on the results. I focus on being patient and disciplined to only take the best setups. By doing that, the results will speak for themselves.

Your post reminds me of something Jarroo wrote a while back... Always remember this quote...

Quoting jarroo
Novice traders continually monitor, analyze and alter their trades to maximize their profits.

Professional traders continually monitor, analyze and alter their trades to reduce/minimize their risk and reduce losses.

It's all about avoiding loses, temo. Work on that and the profits will take care of themselves.

Jim
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