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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

  • #32,621
  • Jun 8, 2009 3:25am Jun 8, 2009 3:25am
Looking to buy the gbpusd

will start to seek price action around this area...next level is 5720

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  • #32,622
  • Jun 8, 2009 3:27am Jun 8, 2009 3:27am
Quoting supremeChaos
datogio,
others & i also have found the light, thanks to that big guy.




unlike before, i was impatient, aggressive, impulsive ---- in trading & otherwise
The principles we learn here is not useful only in trading but in life also, and yes you're right, I've totally changed too in 5 months, thanks to this thread. Thank you guys all.
  • #32,623
  • Jun 8, 2009 3:30am Jun 8, 2009 3:30am
Quote
camping galore still ongoing?

No campfire tonight. Maybe tomorrow

It is good to spend some time with the family though.

Best regards


Dale
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  • #32,624
  • Jun 8, 2009 3:33am Jun 8, 2009 3:33am
Quote
Looking to buy the gbpusd
will start to seek price action around this area...next level is 5720

Shermenator,
i revised my post when i saw this post from u.
Like u, i see minor roadblock at 1.58-.5810, then 1.57 PPZ.
  • #32,625
  • Jun 8, 2009 3:35am Jun 8, 2009 3:35am
Quote
The principles we learn here is not useful only in trading but in life also, and yes you're right, I've totally changed too in 5 months, thanks to this thread. Thank you guys all.

datogio,
indeed. The traits/principles we imbibe in/absorb through trading can be translated to other aspects of our lives, & vice versa.
  • #32,626
  • Jun 8, 2009 3:38am Jun 8, 2009 3:38am
Quote
No campfire tonight. Maybe tomorrow
It is good to spend some time with the family though.
Best regards

Dale,
thanks for sharing that picture with us.
No wonder u get to trade well, fantastic environment to be/trade in!

& yes, quality time with the family is priceless.
  • #32,627
  • Jun 8, 2009 3:39am Jun 8, 2009 3:39am
Quoting jarroo
Hey triger88990. This is a good example of tha retest on the entry(break).

Thanks goodtiding5, very nice.

jim
Thank you Jim! I owe a lot to James16 and pros like you in this forum.

On this specific trade, you will notice that it all started with a malformed PIN. I didn't feel brave enough to take that one. However, the second Bearish Outside Bar pretty much confirmed the trend change. So there.

Ken
  • #32,628
  • Jun 8, 2009 3:42am Jun 8, 2009 3:42am
Quoting jarroo
Hey triger88990. This is a good example of tha retest on the entry(break).

Thanks goodtiding5, very nice.

jim
Hey jaroo many thanks of your kindness,and for all your respons,it's really a true community here, with a lot of good teachers.Now I will return somwhere around page 650 to continue studying

Cheers!
  • #32,629
  • Jun 8, 2009 3:47am Jun 8, 2009 3:47am
Quoting goodtiding5
Thank you Jim! I owe a lot to James16 and pros like you in this forum.

On this specific trade, you will notice that it all started with a malformed PIN. I didn't feel brave enough to take that one. However, the second Bearish Outside Bar pretty much confirmed the trend change. So there.

Ken
Thanks Ken.

Nice trade and good observation of Price.
Indicators show the past. Price Action "Indicates" the future.
  • #32,630
  • Jun 8, 2009 3:47am Jun 8, 2009 3:47am
Quoting Shermenator
Looking to buy the gbpusd

will start to seek price action around this area...next level is 5720

Attachment
i'm eyeing that spot too ...

really frustrated with myself for taking the day off with the aussie banks and missed the break on that weekly !
  • #32,631
  • Jun 8, 2009 3:56am Jun 8, 2009 3:56am
Quote
Thank you Jim! I owe a lot to James16 and pros like you in this forum.
On this specific trade, you will notice that it all started with a malformed PIN. I didn't feel brave enough to take that one. However, the second Bearish Outside Bar pretty much confirmed the trend change. So there.

Greetings goodtiding5/Ken,
what do u specifically mean with "malformed PIN"?
I demo trade gold from time to time. i traded that PB with 3 different positions at 975, all profitable. as it was a non-monitored trade, two were trailing stop-hit, the last one hit my minor target. it was intended to be a short-term trade, unfortunately, so my trades failed to participate in the current downmove. lol


PS. i particularly liked your unique SIG "A very happy James16 student"
  • #32,632
  • Jun 8, 2009 3:59am Jun 8, 2009 3:59am
Quote
really frustrated with myself for taking the day off with the aussie banks and missed the break on that weekly !

pipmyride,
No need to be frustrated.
We all know.... that there's always 'next time'.
  • #32,633
  • Jun 8, 2009 4:09am Jun 8, 2009 4:09am
Quote
that there's always 'next time'


Good sChaos,

Your getting it.

Everytime, improve upon the last. and start an upward trend on your actions.



Best Dale
  • #32,634
  • Jun 8, 2009 4:12am Jun 8, 2009 4:12am
Dale,
I appreciate it. Thanks a lot!
  • #32,635
  • Jun 8, 2009 4:13am Jun 8, 2009 4:13am
Quoting Shermenator
Looking to buy the gbpusd

will start to seek price action around this area...next level is 5720

Attachment
i like the idea of a short term long here also. it could take price to a nice 38-50% retrace of the weekly PB? in which case i would be looking to short the pair.weve got a 1h IB..i believe you trade short TFs ?would you take the IB??
cheers
jon
PATIENCE... DISCIPLINE
  • #32,636
  • Jun 8, 2009 4:22am Jun 8, 2009 4:22am
Hi there,

I've been trading daily charts only the last few months and well what can I say I did make some profit. I had literally no loss, one very small but I'd consider it more like a breakeven-trade with some slippage

The problem is that I didn't get a lot of trades and also I didn't score big time. My exit strategy doesn't allow for big runs anyway, I'm more trading like Jim I'd say.

Last month for example I checked my charts everyday, never missed a single day. I got exactly one trade the whole month and it turned out to be a good winner. Maybe I'm too picky, don't know...

Well now while this is all fine I cannot see how I can achieve my personal goals this way. I'd be happy with an average 5% on my account each month, but to get that the last few months I'd have had to risk 5% on a single trade. For me 5% per trade is quite risky and a lot issn't it? Or would you say it's allright if you don't trade a lot? But hey I'd probably sweat a lot having 5% of my account at risk at a time!

Now I don't know how you guys are doing this. I mean okay if you've got an account with half a million dollars and you risk 2% on each trade and get your 2% per month, you made 10k and are probably fine. But if you're the average trader like me, you probably trade with 25-50k and want to grow your account into half a million dollars or whatever over the years.

So do you risk 5%? Or how do you do this? Or is trading the daily-charts just a nice "add-on" to your usual trading on intraday-charts?

After reading Jim's reply on my stop-loss-question I thought that maybe a way to go is to risk those 5% but then really watch the trade closely and if possible get out with a much smaller loss, having those 5% just as a catastrophic-stop...

So right now for me I'd say if I'm happy with 10% a year than trading just the daily-charts is great for me...but then I can also invest the money not really worth all the effort then for me.

Thanks for any input on this,

Marco
  • #32,637
  • Jun 8, 2009 4:23am Jun 8, 2009 4:23am
Quoting supremeChaos
pipmyride,
No need to be frustrated.
We all know.... that there's always 'next time'.
Only frustrated cos its a monster of a weekly pin ...
  • #32,638
  • Jun 8, 2009 4:33am Jun 8, 2009 4:33am
pipmyride,
wait & for a good-priced retracement...
  • #32,639
  • Jun 8, 2009 4:41am Jun 8, 2009 4:41am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I guess this is one of the biggest problems: what one could expect, if he/she could not have chance to ride a big run?

I tried many times in an attempt to see big profits, but, failed, mostly stopped out after seeing 200 to 300 pips in the money. the latest one was the long position with AUDCHF, entered on the date of May.18, closed just now, with less than 100 pips, which seems not worth the exposure in time. so, probably I need to think give up such expectation, coz big run happens, but, not in the probability which I would feel comfortable to wait for. I hate result of such embarrasing situation.

what is your win/loss rate? if the rate is higher than 70%, I may try to risk 10%. sorry to say this. but, I think 2-3% is for beginner. if one could manage 70% above hit rate, why don't try 10-15% risk factor? Larry Williams is my ideal, he and his daughter used 20% risk rate to win their championship. the question is how reliable you could manage 70% above win rate.

I think I may make leap forward, if either I can manage 70% win rate, or have the patience to run a big trend. neither of these are happening to me. so, keep studying and learning, till someday, there be some magic light flashing in my mind.


Quoting Marco
My exit strategy doesn't allow for big runs anyway, I'm more trading like Jim I'd say.
  • #32,640
  • Jun 8, 2009 4:45am Jun 8, 2009 4:45am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I like range market
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