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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

  • #31,281
  • May 27, 2009 5:58pm May 27, 2009 5:58pm
Quoting squeezy
i see wat u mean hipster, im also aware of it, dats why i intend to take partial profit jst below it and either move to BE fast or set stop loss to -30 , hopefully after partial profit is hit....
thnx , ur comment is definately welcome
cheers
Your welcome and take care squeezy.
  • #31,282
  • May 27, 2009 6:02pm May 27, 2009 6:02pm
Quoting Forex007
That's the point: each trader trades whatever style/system/method/TF he/she is comfortable with. As long as that trader (a) makes money and (b) is happy, there is no "right" or "wrong". There are traders who trade tick charts.

I made the same mistake as you by doubting Ryanmcd in the past - only because *I* burnt my fingers with lower TFs ("surely, if *I* cannot do it, nobody can"). I was wrong. Ryanmcd made me to rethink my approach to TFs - it's not TFs which are "right" or "wrong", it's ME (my skills, experience etc).

If you...
OK if I went to the casino and bet on the roulette wheel and lost, I would complain, nobody can win this, then I would see a guy winning a few times and think maybe I bet wrong or didn't have a system, it's me thats the problem. I could not control it. Im sorry but I dont believe anyone over the long term can play only the lower time frames (sub 5 mins) and remain profitable. Look at this post from a very experienced trader. http://www.forexfactory.com/showpost...postcount=7130
Economists have forecast 9 out of the last 5 recessions
  • #31,283
  • May 27, 2009 6:04pm May 27, 2009 6:04pm
Quoting squeezy
i see wat u mean hipster, im also aware of it, dats why i intend to take partial profit jst below it and either move to BE fast or set stop loss to -30 , hopefully after partial profit is hit....
thnx , ur comment is definately welcome
cheers

I am not taking this trade, but if you are going to trade it, maybe TP here and move to BE. I'd enter at the break of the BUOB and not let it slide down too far past 1.0900 for SL. Just my humble opinion/food for thought. Good luck!

K.I.S.S.
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  • #31,284
  • May 27, 2009 6:13pm May 27, 2009 6:13pm
Quoting squeezy
i see wat u mean hipster, im also aware of it, dats why i intend to take partial profit jst below it and either move to BE fast or set stop loss to -30 , hopefully after partial profit is hit....
thnx , ur comment is definately welcome
cheers
i quite like this..a dblhc/buob engulfing 2 ibs, div. on 4h TF..??
but like you say i would play this very close as it is fighting strong downward momentum and heading into res. if it does break. i have a confluence of 2 fibs just above it and a PPZ just above that stretching back to the end of 2007!
one to be carefull of imo
cheers
jon
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PATIENCE... DISCIPLINE
  • #31,285
  • May 27, 2009 6:16pm May 27, 2009 6:16pm
Quoting LasVahGoose
GBP/USD. Not the best looking bar, but nice location. I'm 50-50 on this one, so I might pass since I'm not 100% sure. But a buy on a retrace (with good price action is in the cards).

My take...
I would pass trying to call the top of a trend is the ruin of many traders. Go withthe trend, as you say wait for a retrace.
Economists have forecast 9 out of the last 5 recessions
  • #31,286
  • May 27, 2009 6:19pm May 27, 2009 6:19pm
GBP/USD. Not the best looking bar, but nice location. I'm 50-50 on this one, so I might pass since I'm not 100% sure. But a buy on a retrace (with good price action is in the cards).

My take...
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #31,287
  • May 27, 2009 6:20pm May 27, 2009 6:20pm
Quoting markmm
I would pass trying to call the top of a trend is the ruin of many traders. Go withthe trend, as you say wait for a retrace.
Yeah, I'm leaning towards waiting for a retrace and see if any price action develops for a long.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #31,288
  • May 27, 2009 6:25pm May 27, 2009 6:25pm
Quoting LasVahGoose
Yeah, I'm leaning towards waiting for a retrace and see if any price action develops for a long.
Yeah good plan, I know it has been a down trend since Sept 08, but daily trend line was broken and back in April, so I would be looking to go long with the trend. If you want to go counter trend it might go back to 5800. I think the PB is simply a reaction to the 1.6000.
Economists have forecast 9 out of the last 5 recessions
  • #31,289
  • May 27, 2009 6:27pm May 27, 2009 6:27pm
Quoting Life of Pi_p
For most of them, the market will drain their accounts until all that's left is demo trading


This is when I started taking Jim's 1st post seriously a few years back and stopped F-ing around. Took me about 7-8 months for it to finally sink in. And I'm still learning and improving.
Indicators show the past. Price Action "Indicates" the future.
  • #31,290
  • May 27, 2009 6:36pm May 27, 2009 6:36pm
Quoting james16
what all of you have to see in this is that Ryan earned his stripes. the fact that he is better at lower time frames than larger is no mysterious thing. im better at a 2000 tick dow chart than i am a daily forex chart. in my case its not really the time frames its the markets. i know the dow from years of trading it.

i swear when ryan talks its like im talking to myself on the phone or something. its very strange actually. there are only 2 or 3 people here over the years that have made me feel like that.

its really very simple.

Ryan has traveled...

1st post material Jim? Absolutely.
Indicators show the past. Price Action "Indicates" the future.
  • #31,291
  • May 27, 2009 6:38pm May 27, 2009 6:38pm
Quoting markmm
Thats amazing returns over 120% a year, you will be richer than Bill Gates if you can keep that up, how long have you had those returns if you dont mind me asking?

Also it's compounded, I do 2% a trade and if I win I redo my risk every trade, if I lose it's 2% less. To be honest you can make as much as you need once you get over 500k. The problem you will find is you have to use a big broker or several as I do, DBFX is a good big one, and once you get a broker account things change. You get your own personal broker and lots of GOOD free TA from them that helps as well as better spreads and *0* BS spreads that all the small brokers hit you with. If you can trade with the small brokers cheating you and having 10pip spreads at news time then if you can grow that account you can get away from all that crap. You can even trade with no spreads and just pay comms if you like.

It really does not matter how much I make to be honest why don't you work on learning how to trade and learn what your faults are. Or you can be like the 4 friends I helped and they all LOST money with me TELLING them when to buy and sell, yes it did happen. I would make money they would lose.

You need to worry less of what others do and wasting time challenging what they do, if someone comes on here says they make 10 million a day who cares, how is that helping you is what you need to be thinking. You need to work on YOURSELF, I know I used to always think everyone is better or has something special or better then what I am doing but that is not the case. The only reason I post is to help people and maybe it will shave some time off of them getting this stuff down. Some people have good ideas that I add to what I do but I trade the same way the past 9 years because it works

Look over my old posts, I posted charts with my trades on them in the past just to show I was no bs'ing. It was a screen shot when I was trading with Oanda.
Keep taking CT trades, I need more money
  • #31,292
  • May 27, 2009 6:39pm May 27, 2009 6:39pm
Quoting LasVahGoose
GBP/USD. Not the best looking bar, but nice location. I'm 50-50 on this one, so I might pass since I'm not 100% sure. But a buy on a retrace (with good price action is in the cards).

My take...
Could be a nice short, but i would be much more comfortable waiting for it to retrace and then buying a bounce in the shape of a pin or a buob.
  • #31,293
  • May 27, 2009 6:42pm May 27, 2009 6:42pm
Quoting markmm
OK if I went to the casino and bet on the roulette wheel and lost, I would complain, nobody can win this, then I would see a guy winning a few times and think maybe I bet wrong or didn't have a system, it's me thats the problem. I could not control it. Im sorry but I dont believe anyone over the long term can play only the lower time frames (sub 5 mins) and remain profitable. Look at this post from a very experienced trader. http://www.forexfactory.com/showpost...postcount=7130

This is spurious. Psychology plays an extremely important part of trading; you can't generalise anything.

I know traders at my firm that don't even use charts, all they do is stare at order flow, in chart terms they are using tick charts in their head, and one of them has not had a -ve profit day in two years.

Once you understand the underlying nature of the market you begin to understand which orders are where and why, this is of course less relevant with fx, but with other markets not so much. Especially equity indices and fixed income.

It's easy to look at a daily chart, mark PPZ and see a pin bar and be more or less successful, but how many stop to ask WHY there is a pin bar, and what it represents. When you understand this, so long as you have access to order flow, you don't even need candle patterns.

Your friend is probably talking about retail traders that are punting about, the vast majority of volume in the futures markets is from 'local' traders making prices and scalping. Support and resistance is simply suplpy and demand, you can do this on a minute by minute basis if you can process the information. As retailers using MT4 or whatever you don't have access to this, try downloading a demo of TT from alaron and you'll see what the 'actual' market looks like.
  • #31,294
  • May 27, 2009 6:44pm May 27, 2009 6:44pm
Quoting jarroo


This is when I started taking Jim's 1st post seriously a few years back and stopped F-ing around. Took me about 7-8 months for it to finally sink in. And I'm still learning and improving.

It really never stops, I am still working on turning a 5 pip stop into a 50 pip gain 75% of the time lol, but until that happens I am at the old 1:1 with 70ish%
Keep taking CT trades, I need more money
  • #31,295
  • May 27, 2009 6:46pm May 27, 2009 6:46pm
Quoting jarroo
1st post material Jim? Absolutely.
Ooops its already there.
Indicators show the past. Price Action "Indicates" the future.
  • #31,296
  • May 27, 2009 6:50pm May 27, 2009 6:50pm
Quoting markmm
OK if I went to the casino and bet on the roulette wheel and lost, I would complain, nobody can win this, then I would see a guy winning a few times and think maybe I bet wrong or didn't have a system, it's me thats the problem. I could not control it. Im sorry but I dont believe anyone over the long term can play only the lower time frames (sub 5 mins) and remain profitable. Look at this post from a very experienced trader. http://www.forexfactory.com/showpost...postcount=7130

LOL, I also know all the "pros" dont sell a buy, sell, hold service. If you can trade why sell a 1 year deal for $700? I think it's funny when new people come out and say it can not be done because they can not do it or anyone they know can not do it. Look at my brother, he's a pro poker player and never worked from someone his whole life, How many people you know can make money playing slots full-time for over 11 years? Just because you can not do it or know anyone who can do it does not mean it can not be done. in FACT I say if you can not do it and no one says it can be done that is what YOU want to be doing because 95% of the cant be done people fail.
Keep taking CT trades, I need more money
  • #31,297
  • May 27, 2009 6:50pm May 27, 2009 6:50pm
Quoting Ryanmcd
It really never stops, I am still working on turning a 5 pip stop into a 50 pip gain 75% of the time lol, but until that happens I am at the old 1:1 with 70ish%
Hey Ryan, I've always liked your posts. PBs with the trend (i.e. retraces, etc.) are awesome.
Indicators show the past. Price Action "Indicates" the future.
  • #31,298
  • May 27, 2009 6:50pm May 27, 2009 6:50pm
Quoting jarroo
Hey Ryan, I've always liked your posts. PBs with the trend (i.e. retraces, etc.) are awesome.

It's easy and makes money that's why people don't like it. They need more stuff on the screen so they look smart lol
Keep taking CT trades, I need more money
  • #31,299
  • May 27, 2009 6:56pm May 27, 2009 6:56pm
Quoting enculée
This is spurious. Psychology plays an extremely important part of trading; you can't generalise anything.

I know traders at my firm that don't even use charts, all they do is stare at order flow, in chart terms they are using tick charts in their head, and one of them has not had a -ve profit day in two years.

Once you understand the underlying nature of the market you begin to understand which orders are where and why, this is of course less relevant with fx, but with other markets not so much. Especially equity indices and fixed...

True about the stock software, I used to use CQG years ago and it was great I use tradestation now and like it a lot. People used to say $600 a month for stock info!!! I can get it free, but you get what you pay for, 1 bad chart now is well worth the $600 a month cost.

That is the only thing I dislike about forums is that people come on here that have blown up and are all pissed off and jaded and if you make money your full of shit and they want to see your charts, and then see it real time, and then they want you to help them after they called you names, and pissed on your floor. lol
Keep taking CT trades, I need more money
  • #31,300
  • May 27, 2009 7:00pm May 27, 2009 7:00pm
Quoting Ryanmcd
It's easy and makes money that's why people don't like it. They need more stuff on the screen so they look smart lol
That's where my biggest gains have come so far this year.
Example Usd/Cad. I'm still in this trade (daily PB), although my current position is not as big as I would liked it to be. lol
Indicators show the past. Price Action "Indicates" the future.
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