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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

  • #33,201
  • Jun 11, 2009 8:43pm Jun 11, 2009 8:43pm
Quoting Jduester
If in doubt, Stay out!

Nothin' doin' tonight for me. Took final profits on EUR/GBP at 0.85 today. Probably too early, but got my 2R. Boy, I love price action. And to humor Jarroo... PRICE ACTION RULES!

Josh
Absol . . . freaking . . lutely.

Patience pays big time.
Indicators show the past. Price Action "Indicates" the future.
  • #33,202
  • Jun 11, 2009 9:11pm Jun 11, 2009 9:11pm
Quoting james16
dont take this as harsh ad.

you let a 125 pip profit turn into a loss?

this is the part you folks must learn. THEY ALWAYS REVERSE AT SOME POINT.

it stalled at the bar low from 5/24.

happens all the time but WE CANT let it turn into a loss.

price hit 5800. it was an easy profit or breakeven trade.

keep the demo going ad and it wont be long until you have a handle on it.

jim


X1000, if I ever let a +100 goto a loser shoot me, yes we have rules but you have to play smart too. I maybe down 2-300 for days but once I hit +100-+150 I have to goto cost, If I get stopped who cares.
Keep taking CT trades, I need more money
  • #33,203
  • Jun 11, 2009 9:40pm Jun 11, 2009 9:40pm
Hi guys,

Long time lurker (almost 2 years now), but never posted.

I originally started reading FF (along with some other forums) because I was pretty sceptical on tech analysis and charting in general - I work for a large institutional bank here (down under), have a finance and a commerce degree hanging on the wall, and a bookshelf full of Buffett and Ben Graham. But it seemed stupid to dismiss something without learning about it first.

The approach you guys have showed me (patience, prudence, confluence, pa) has really completely changed the way I think about short term trading. For someone as hardheaded as me to be convinced that there is another approach...well

Just wanted to say thanks to the guys that run this thread - James, Jim, Mike, Ryan - your stuff is absolutely invaluable.

I've just started trading a small account last week (about $200 I put together from old accounts I was closing out) as a kind of 'demo trade' that James recommends, and it has been going well so far.

Also, goddamn my poker game got a helluva lot better after 'sniper, not shotgun'.

Assuming I can keep up the discipline and continue the kind of results I have been seeing, I'd like to put some real money into my trading account. Until then, I look forward to posting some charts and getting some feedback (and people pointing out the obvious things I am missing!)

If you are ever in Sydney, the beers are on me
When you have to shoot, shoot. Dont talk.
  • #33,204
  • Jun 11, 2009 9:44pm Jun 11, 2009 9:44pm
Quoting Forex007
Without being negative, tome that sounds like you are looking for a reason/excuse to TAKE a trade. Mike or Jim wrote once that they are always looking for reasons NOT to trade...

Being ULTRA (MEGA!) picky with what you trade makes a LOT of difference. My rule is simple: "If in doubt, don't!"
Nah, I hear you, just looking at ways to take more trades, and try to build faster. Don't exactly have a 100k account, or something that I can kick back on, knowing a 2 percent profit and I can go party. Looking at any way possible that I can create a profitable situation for myself. Still playing around with ideas, not even sure what I want to do yet. Just having fun and learning for now I suppose, perhaps later though, I will be able to trade in a more straight forward manner. In contrast, though, a high momentum setup is a high momentum setup. With that pin, and 2 IB's now, playing that break with a tight stop (alla jaroo style), may still be a profitable situation.
  • #33,205
  • Jun 11, 2009 10:22pm Jun 11, 2009 10:22pm
Quoting joelcf
Also, goddamn my poker game got a helluva lot better after 'sniper, not shotgun'.

If you are ever in Sydney, the beers are on me
Hell ya!

Welcome Joel

Hope to see you posting a lot

Mike
  • #33,206
  • Jun 11, 2009 11:08pm Jun 11, 2009 11:08pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
start moving down now. cheers

Quoting Jlr
I don't think its a bad trade at all, and the fib level is still valid, but I think it depends on how its managed. I think that the 1.4050 level is a pretty decent level to be respected, so if I were to take the trade, I would probably set my stop pretty tight, knowing I may not get a lot out of the trade. Would probably consider B/E or partial at that level too. Anyway though, not an expert, and a horrible overtrader myself, just throwing it out there, open for discussion.
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  • #33,207
  • Jun 11, 2009 11:37pm Jun 11, 2009 11:37pm
Quoting krue
start moving down now. cheers
Fib confluence from weekly pin + 4 hour swing
  • #33,208
  • Jun 11, 2009 11:40pm Jun 11, 2009 11:40pm
Quote
...lurker...hardheaded... to be convinced... poker....

joelcf,
I particularly enjoyed reading those words within your 1st post. specially the last one. lol


Quote
If you are ever in Sydney, the beers are on me
Uhmmm.. i prefer chocolate, is that bloody ok? or perhaps, 1 round of poker

I'd say u'd be a great lurker-turned-poster.... Welcome!
  • #33,209
  • Jun 11, 2009 11:57pm Jun 11, 2009 11:57pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
let's see if it will hit my target. happy trading

Quoting Tipers
Fib confluence from weekly pin + 4 hour swing
  • #33,210
  • Jun 12, 2009 12:23am Jun 12, 2009 12:23am
I hope you will understand from charts!
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  • #33,211
  • Jun 12, 2009 1:52am Jun 12, 2009 1:52am
Quoting Forex007

I think the question was asked from a different perspective. Surely, getting out with 125 pips in the bag is better than ANY loss, but 125pips represented just RR0.2. So, if you "win" five trades by exiting at that level (surely, the price indeed stalled at the "left eye's Low" - but we know that with the hindsight; would/should anyone exit there "live"?..), just one RR1 loss would wipe any profit we made with such five trades.
But letting it turn back into a loss you then need even more profitable trades to cover the one RR1 loss you talk of and this loss.

It may have gone back into a massive profit, it may not forget hindsight for a moment if i sell something and it has a decent push down (which i'd consider 125pips to be) then if it pulls back all that way they i think there's a good chance that the fall is over so it's no longer a A+ trade but has move to maybe a B trade......do we like B trades?????
  • #33,212
  • Jun 12, 2009 2:38am Jun 12, 2009 2:38am
it sounds as if you are similar to me, $200 here and there, blowing account after account due to not being capitalised enough.

Its better to save for a year while demoing then start with a larger account, at least then you will have a better chance of success and take it more seriously


Quoting Jlr
Nah, I hear you, just looking at ways to take more trades, and try to build faster. Don't exactly have a 100k account, or something that I can kick back on, knowing a 2 percent profit and I can go party. Looking at any way possible that I can create a profitable situation for myself. Still playing around with ideas, not even sure what I want to do yet. Just having fun and learning for now I suppose, perhaps later though, I will be able to trade in a more straight forward manner. In contrast, though, a high momentum setup is a high momentum setup....
  • #33,213
  • Jun 12, 2009 2:53am Jun 12, 2009 2:53am
Quote
I hope you will understand from charts!

oltciter,
in your above charts, i noticed a buy stop order for eur$ at 1.4129, with a stop at..... 1.1085? is this correct? i expect this is a demo account, but still that stop is uber-wide...

Just curious. Thanks
  • #33,214
  • Jun 12, 2009 2:58am Jun 12, 2009 2:58am
Quoting advfntrader
it sounds as if you are similar to me, $200 here and there, blowing account after account due to not being capitalised enough.

Its better to save for a year while demoing then start with a larger account, at least then you will have a better chance of success and take it more seriously
Have a bit more then that, but still not enough to live off of. I agree, its probably better to just save then give cash away. I'm basically just trading real small amounts right now, trying to just learn basically, but still have some fun in the process. If I can manage to parlay into something decent though, no probs with me.
  • #33,215
  • Jun 12, 2009 3:01am Jun 12, 2009 3:01am
Quoting supremeChaos
oltciter,
in your above charts, i noticed a buy stop order for eur$ at 1.4129, with a stop at..... 1.1085? is this correct? i expect this is a demo account, but still that stop is uber-wide...

Just curious. Thanks
You are right! it is a demo account!That position was canceled!It was a mistake!1.4085 it was the corect number!
  • #33,216
  • Jun 12, 2009 3:05am Jun 12, 2009 3:05am
Quoting krue
well said, "if in doublt, don't!". I am learning this lesson hard, any thing to share with how you overcame the challenge of this type?
I kept asking Jarroo a year ago how did he see what I couldn't see, and how could he do (e.g. pass on a B trade) what I could not. He said "practice, practice, practice, and it will come" (J16 kept saying the same thing from Page 1 too). I followed that advice and "it" (the "A-ha!" moment) did come. THANK YOU, Jim, Jarroo and Mike (and other who helped me)!

P.S. A couple of losing days in a row when I took B trades, and a couple of more losing days in a row when I took B trades, and yet few more losing days in a row where I took B trades at some point made me realize that I prefer profitable days...
One Chart is Worth Ten Thousand Words.
  • #33,217
  • Jun 12, 2009 3:16am Jun 12, 2009 3:16am
Quoting james16
this is the hardest part for me to explain. this is how i trade but its certainly not the only way.

once again account size has everything to do with how anyone will trade an account. none of you will trade the same with a large account as you did with the small one.
Thank you, Jim! The way I see it, with your style it's more about common sense rather than "I placed my SL there and I am not moving it no matter what".

Somehow I missed that post of your on SL. The following sentence provides all the answers. Thanks again!

"I WANT CONTROL OVER THE TRADE. I DONT WANT THE TRADE TO CONTROL ME."
One Chart is Worth Ten Thousand Words.
  • #33,218
  • Jun 12, 2009 4:07am Jun 12, 2009 4:07am
Quoting Forex007
Thank you, Jim! The way I see it, with your style it's more about common sense rather than "I placed my SL there and I am not moving it no matter what".

Somehow I missed that post of your on SL. The following sentence provides all the answers. Thanks again!

"I WANT CONTROL OVER THE TRADE. I DONT WANT THE TRADE TO CONTROL ME."
Excellent posts about SL... I was wondering the same thing as Forex007.

I'm currently leaving SL pretty much but as I'm on a £200 account I'm not to worried about losses but I appreciate what J16 says - I'm sure its very different when your locking in £100s or £1000s as opposed to like 15p like me ;-)

thanks guys!!

Fat Tom
  • #33,219
  • Jun 12, 2009 4:16am Jun 12, 2009 4:16am
Quoting fat_tom
Excellent posts about SL... I was wondering the same thing as Forex007.

I'm currently leaving SL pretty much but as I'm on a £200 account I'm not to worried about losses but I appreciate what J16 says - I'm sure its very different when your locking in £100s or £1000s as opposed to like 15p like me ;-)

thanks guys!!

Fat Tom
Get out of that mindset early otherwise you will have a bad habit to break later on, forget the size of the trade, you should treat them all the same 10p or £10k...think in % terms, you're still going to blow 3% for no good reason.
  • #33,220
  • Jun 12, 2009 4:44am Jun 12, 2009 4:44am
Quoting foredog
Get out of that mindset early otherwise you will have a bad habit to break later on, forget the size of the trade, you should treat them all the same 10p or £10k...think in % terms, you're still going to blow 3% for no good reason.
Yes I think your right.

I am a little concerned as its obviously very subjective as to when and where to move SL to and my lack of experince in this game is my problem here.

I think I will back peddle through this thread for SL posts and info!

thanks again all!

Fat Tom
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