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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

  • #31,321
  • May 27, 2009 8:21pm May 27, 2009 8:21pm
Quote
LOL - Newer traders on higher time frames! Let's be honest - the newbies are almost always on the lower time frames! (For their brief foray that is!). A profitable veteran on low time frames is worth reading on any thread, even if one has a different style.
Alexandra,
u could be correct. but i'm giving the benefit of the doubt to all those sticking with this thread that they are serious enough to learn about higher TF trading.
I know Ryanmcd, in particular, is welcomed here & expected to post here with lower TF trades, but i also know, some newer traders, in general, get confused when several systems/methods are discussed in just 1 thread. This is the reason for the 2nd sentence i made in the above post. just a "minor" concern/looking out for them, from my end.




james16 seems to be online,
Greetings Sir.
  • #31,322
  • May 27, 2009 8:39pm May 27, 2009 8:39pm
exactly where my focus is also and has been for years.

on the mini dow on a 2000 tick chart IF I DONT BREAK MY RULES i have AFTER YEARS OF GRUELING PRACTICE AND DEVOTION reached an 80% to 90% success rate with a 50 point target and a 15 point stop. This year i am working on getting the stop to 12. It requires incredible patience of me. If i enter just a hair to early with that tight a stop im toast.

I get stopped out at BE a lot or a little better than BE but the main part of it is the very low number of trades it forces me to take IF IM GOING TO WIN THAT HIGH A PERCENTAGE OF THE TIME.

If i am totally on my game and totally focused on entering at the right time it might be 5 trades a week.

If i screw up it means losing 2 to 4 thousand in seconds.

When i do it right it means gaining 10 to 15 grand in minutes.

Its an incredible feeling of accomplishment to sit down in the morning KNOWING that if i trade with a professional mindset im going to win. no ifs ands or buts about it.

its a terrible feeling to sit down and hope, beg, plead or pray that today im not going to lose again.

(J16 RANT COMING BELOW FOR THE NEWBS)

YOU CANT PLAY THIS GAME LIKE THAT. YOU JUST CANT.

THERE IS NO GREY AREA TO IT.

YOU EITHER CAN OR YOU CANT.

If "your" trying to learn to daytrade with real money "your" an idiot.

I know i used to be one.

I can feel a really big rant coming on so i will stop here.

LOL,

JIM





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%
  • #31,323
  • May 27, 2009 9:06pm May 27, 2009 9:06pm
Hi James16
I know its better to use the larger time frame to trade using price action method but that also leave you with a hugh stop loss as well and alot of time when i wait for retracement i miss the trade so my question is.Is there a way to tell if there will be some amount of retracement based on certain frmation?
  • #31,324
  • May 27, 2009 9:10pm May 27, 2009 9:10pm
Quoting james16
If "your" trying to learn to daytrade with real money "your" an idiot.

I know i used to be one.

I can feel a really big rant coming on so i will stop here.

LOL,

JIM

I'm not sure I understand, care to explain more?





(hehehehehe)
Indicators show the past. Price Action "Indicates" the future.
  • #31,325
  • May 27, 2009 9:14pm May 27, 2009 9:14pm
Quoting jarroo
I'm not sure I understand, care to explain more?





(hehehehehe)
Just kidding, Big Guy. I will usually search out your many "rants" when I need them. They're very inspirational.
No joke.
Indicators show the past. Price Action "Indicates" the future.
  • #31,326
  • May 27, 2009 9:23pm May 27, 2009 9:23pm
Quoting row
Hi James16
I know its better to use the larger time frame to trade using price action method but that also leave you with a hugh stop loss as well and alot of time when i wait for retracement i miss the trade so my question is.Is there a way to tell if there will be some amount of retracement based on certain frmation?
Hi Row,

A larger stop loss shouldn't be a concern if you are using correct money management no?.....as with any form of trading don't chase the trades, let them come to you and enter on your conditions as per your trading plan (which everyone should write down and slap above their monitor).

I'm not sure if I understand your question regarding retracements but past areas of support and resistence (price flips) are a good place to look and if you have some confluence e.g. fibs. trend lines then that can only strengthen the case for a retracement.

Cheers

Dave
  • #31,327
  • May 27, 2009 9:30pm May 27, 2009 9:30pm
Quoting Ryanmcd
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...

lets put it another way... If emerson gave up, if einstein gave up, if people give up they will never know.

you will never never know if you never ever have a go.
  • #31,328
  • Edited May 28, 2009 12:27am May 27, 2009 9:39pm | Edited May 28, 2009 12:27am
Quoting Ryanmcd
BB+RSI+PA = $$$, too bad I can't trade the long times but I still seez da tradez!!

so now who cant trade the 4hr.......??????
its still the same amount of bars & still the same look....
  • #31,329
  • May 27, 2009 9:51pm May 27, 2009 9:51pm
Hi Mike-

Do you compare the size of the Pin with the size of the bars immediately preceding it or with an ATR? I agree that the GBP/USD is smaller than the previous bars which are around 300 pips and the Pin is around 160 pips. I think it would be useful if we use context rather than saying "too big" or "too small" which can be ambiguous. For ex. If Pin size < ATR(5) then it's too small...just as a guidance at least.

That CAD/JPY was brutal one...reversed immediately. Glad I wasn't at my computer to look at these set-ups...

Rubin.

Quoting mbqb11
passed on both here, size of bars were too small for me, nice location on both but just not quite good enough for me
  • #31,330
  • May 27, 2009 10:11pm May 27, 2009 10:11pm
Quoting gorubin
Hi Mike-

Do you compare the size of the Pin with the size of the bars immediately preceding it or with an ATR? I agree that the GBP/USD is smaller than the previous bars which are around 300 pips and the Pin is around 160 pips. I think it would be useful if we use context rather than saying "too big" or "too small" which can be ambiguous. For ex. If Pin size < ATR(5) then it's too small...just as a guidance at least.

That CAD/JPY was brutal one...reversed immediately. Glad I wasn't at my computer to look at these set-ups...

Rubin.
Hey Rubin

I suppose one could use an ATR, but again that is adding in something else. For me it is just experience of looking at the chart and the bar in context to previous PA. This is one reason why I keep my chart more zoomed out then zoomed in. If we are too zoomed in a bar can look more significant then it really is. I am sure using some sort of ATR would work, but at this point in my trading, I can visually see the "things" I am looking for. You might often notice when someone has their chart zoomed in and asking about a bar, the first thing I say is zoom out a few clicks

I will say I read many of the journals and posts today and most people were able to identify that this was a small nose pin. It was then up to them to decide if their was enough reason to still enter it or not. So that is always a good thing.

Best
Mike
  • #31,331
  • May 27, 2009 10:17pm May 27, 2009 10:17pm
Guys, j16, jaroo. My first james 16trade based of my modification of auslancos system. Trade open over 24hrs. was long of 146.44 last week closed at 149.44. Thats the only trade i took last week based strictly of Aus. im lovin it. Trade go to bed or go do ur thingie, come back in few hours and kaboommmmm. profit. lol

some pple jumped out of this trade. i never close a set up trade no matter what. patience





Quoting ephisi
Okay J. The daily candle didnt close where i expected. So no more bearish bias. My 4hr system also didnt signal short. What i see now is a Two bar high(not consecutive), a TBH(consecutive but 5pips apart)on the daily and a BUOVB on the weekly both seem to be breaking up. i am long off 152 wit stop at 149 where i have a confluence of supports like daily 150ema, ppz and round number 150. These gave a good entry long on the 4hr chart.

Im hoping todays daily dosnt end as a pinbar.
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  • #31,332
  • Edited 10:43pm May 27, 2009 10:18pm | Edited 10:43pm
GU looks like an possible trade for short looking at many confluence
1) weekly ppz
2) Daily fib 50%
3) Daily Bearish Pin at Swing High
4) 4 Hr BEOB
5) 4 Hr MACD Divergence

ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #31,333
  • Edited 10:53pm May 27, 2009 10:41pm | Edited 10:53pm
looks perfect to me, only im an exclusive GJ freak. Decided not to bother about other pairs. Thats jsut my sty;e. Nice setup. Proble though is against the trend. Since GJ is bullish it will drag GU along or atleast stop it from dropping for some time.

Quoting Almfx
GU looks like an possible trade for short looking at many confluence
1) weekly ppz
2) Daily fib 50%
3) Daily Pin
4) 4 Hr BEOB
5) 4 Hr MACD Divergence

ALM
  • #31,334
  • May 27, 2009 10:57pm May 27, 2009 10:57pm
stoploss moved to break even on my GJ long.
  • #31,335
  • May 28, 2009 12:08am May 28, 2009 12:08am
Quoting ephisi
Guys, j16, jaroo. My first james 16trade based of my modification of auslancos system. Trade open over 24hrs. was long of 146.44 last week closed at 149.44. Thats the only trade i took last week based strictly of Aus. im lovin it. Trade go to bed or go do ur thingie, come back in few hours and kaboommmmm. profit. lol

some pple jumped out of this trade. i never close a set up trade no matter what. patience
Yup, that was me. I do not like to leave my positions open over night so I got out with +80 pips. You are riding a good trend....what is your target?
  • #31,336
  • Edited 1:29am May 28, 2009 12:13am | Edited 1:29am
Quoting Ryanmcd
1:1 or less, I like to run a 15-20 pip stop with a 25 pip gain. Also I goto cost or close it if it's looking bad or I get +15. Today was 1 stopped @ cost 3 winners so it works just have to be on the ball. Time to get off the computer tonight
hi Ryanmcd, one of the attractions of the lower TFs for me is the possibility of catching the days range(or longer) with a tiny stop,thus giving a great R:R potential. its funny this came up yesterday as i had been trading on the 1m TF on my DEMO, something i havent bothered to do for a while,(yep its GREAT fun bundy)i managed to bag about 80 pips with an initiall stop of 15 pips. once i was 10 in profit i trailed a stop of 10 pips. my question is do you ever look for a runner rather than a hard target??
cheers
jon
p.s. the posts you have made here have imo been rocking,and i will be checking out your others.hope you stick around
PATIENCE... DISCIPLINE
  • #31,337
  • May 28, 2009 12:18am May 28, 2009 12:18am
Initial break was no good, but only retraced to left eye
Attached Image (click to enlarge)
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  • #31,338
  • May 28, 2009 12:22am May 28, 2009 12:22am
Hello family,
E/j in last 8H goes very high 134 while e/u drop since yesterday and it in same level 1.38!!
Why e/j this moves so high,I see it none sence!
Anyone have clue?
  • #31,339
  • May 28, 2009 12:56am May 28, 2009 12:56am
egkid,
well, i haven't looked at all charts but my observations:
gbp is very strong; $ is very weak; commodity currencies (like aud, cad, etc) are strong
so in a way, gbp strength + $ weakness + commod. currencies strength = higher eurjpy (jpy crosses in general), but lower eurgbp, & then translating to lower but whipsawing eur$

  • #31,340
  • May 28, 2009 1:06am May 28, 2009 1:06am
Quoting supremeChaos
egkid,
well, i haven't looked at all charts but my observations:
gbp is very strong; $ is very weak; commodity currencies (like aud, cad, etc) are strong
so in a way, gbp strength + $ weakness + commod. currencies strength = higher eurjpy (jpy crosses in general), but lower eurgbp, & then translating to lower but whipsawing eur$

hi sChaos,..commod.currencies?could you elaborate a little?
cheers.
for what its worth i think its just a case of yen weakness.Whereas the us crosses have had no change???
jon
PATIENCE... DISCIPLINE
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