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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

  • #33,561
  • Jun 16, 2009 12:51pm Jun 16, 2009 12:51pm
Quoting Flem26
Boy that is a one pretty four hour pin . . . just a demo trade on this one. i see what James means by not limiting oneself to just Forex . . .
Nice Easy when they stick out like a sore thumb huh
  • #33,562
  • Jun 16, 2009 12:53pm Jun 16, 2009 12:53pm
Quoting mbqb11
Nice Easy when they stick out like a sore thumb huh
yes. I see exactly what you mean now. I had no business taking that cad/yen pin a few weeks ago. Way too small . . . thanks again for your help.
"Don't trade to trade . . . trade to win." - James16
  • #33,563
  • Jun 16, 2009 1:05pm Jun 16, 2009 1:05pm
Short AUD/CAD @ .9030 T1 = .8980 T2= TBD.
Keep taking CT trades, I need more money
  • #33,564
  • Jun 16, 2009 1:14pm Jun 16, 2009 1:14pm
Quoting raczekfx
Good to see you post Ryan.
I have to confess, that I have tested your 5min some time ago and had ..... 95% W/L ratio while trading around S/R...
... but still prefer my 4hr tf, which hovers around 70-80 w/l ...

It all works, it really does. I look at the market like driving a car, if you can drive a stick and auto you can drive any car, some are different but it's the same base. I am home today so I am just messing with the 4hr a little but I like that I got past the mental part of holding a trade now, in the past 30min to me was a investment, now I have had 2 trades over 5 days and it's no biggie so that makes me happy that I can get away from the glowing screen and enjoy the sun.


Also about the 5min, if your good at it you can really make 10-20% a week risking 2% BUT the mental toll it takes on you is not worth it and the 80+ hour weeks and no life is just not worth the money to me in the long run.
Keep taking CT trades, I need more money
  • #33,565
  • Jun 16, 2009 1:23pm Jun 16, 2009 1:23pm
Quoting Ryanmcd
Short AUD/CAD @ .9030 T1 = .8980 T2= TBD.

What's your reason behind shorting at 0.9030?
  • #33,566
  • Jun 16, 2009 1:30pm Jun 16, 2009 1:30pm
i am in that short as well, that thing might have room to run???
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  • #33,567
  • Jun 16, 2009 1:34pm Jun 16, 2009 1:34pm
Quoting NoBread
i am in that short as well, that thing might have room to run???
of course trade your plan, but I just found this chart interesting and something to watch as trouble areas
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  • #33,568
  • Jun 16, 2009 1:37pm Jun 16, 2009 1:37pm
I hear ya mike i am watching that as well.
  • #33,569
  • Jun 16, 2009 2:06pm Jun 16, 2009 2:06pm
DAMN IF THAT AINT PRETTY.

I MEAN SERIOUSLY ITS ALL RIGHT THERE.

entry and exit and its not vague or complicated in any way.

Quoting Flem26
Boy that is a one pretty four hour pin . . . just a demo trade on this one. i see what James means by not limiting oneself to just Forex . . .
  • #33,570
  • Jun 16, 2009 3:24pm Jun 16, 2009 3:24pm
Quoting Pirabuji
What's your reason behind shorting at 0.9030?
hi Pirabuji, im guessing from the price he took the 4h pin bar??
im sure he will correct me if im wrong!?
jon
PATIENCE... DISCIPLINE
  • #33,571
  • Jun 16, 2009 3:43pm Jun 16, 2009 3:43pm
Quoting mbqb11
of course trade your plan, but I just found this chart interesting and something to watch as trouble areas

Yep that's why I did the old 2 positions, kill 1/2 at 1:1 risk before resistance, then stop @ cost on the other 50% and forget about it.
Keep taking CT trades, I need more money
  • #33,572
  • Jun 16, 2009 3:44pm Jun 16, 2009 3:44pm
Quoting g_j_hook@yah
hi Pirabuji, im guessing from the price he took the 4h pin bar??
im sure he will correct me if im wrong!?
jon

Ya it was the 4hr deal, I was thinking others would see it, it's not a A+++ deal but who cares, I need 50% winners to make money.
Keep taking CT trades, I need more money
  • #33,573
  • Jun 16, 2009 4:10pm Jun 16, 2009 4:10pm
Quoting Ryanmcd
It all works, it really does.
Yep, it does.

Quoting Ryanmcd
Also about the 5min, if your good at it you can really make 10-20% a week risking 2%
That's an understatement , but I won't post any figures. Rusty probably knows what I'm talking about.

Quoting Ryanmcd
BUT the mental toll it takes on you is not worth it and the 80+ hour weeks and no life is just not worth the money to me in the long run.
This is one of the reasons I moved to higher TFs. W/L ratio decreases (only because my trading includes B and C trades.), but I manage to catch more runners (100ps +) as opposed to shorter tf where I had good W/L, but majority of those trades were good for 10-30ps only.
  • #33,574
  • Edited 5:00pm Jun 16, 2009 4:25pm | Edited 5:00pm
Quoting Ryanmcd
Ya it was the 4hr deal, I was thinking others would see it, it's not a A+++ deal but who cares, I need 50% winners to make money.
hi Ryan,just wanted to ask how your % returns have been trading the longer TFs compared to the 5 min charts??i know its early days but do you think they will compare?
cheers
jon
EDIT: i was also wondering why you dont trade the dailys/4h with the same method you use on the 5min trades, same setups different TF??
PATIENCE... DISCIPLINE
  • #33,575
  • Edited 6:09pm Jun 16, 2009 5:03pm | Edited 6:09pm
Quoting pipmyride
how do u like that break jaroo ?
Very nice.
There's nothing like it. When you size up a potential setup (the pickier the better, obviously) and you say "let's see how this breaks". The PPZs are there, the round numbers are there, the targets are there etc. and you play it tight.

And then it breaks with zero draw down . . .you gotta love it.
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Indicators show the past. Price Action "Indicates" the future.
  • #33,576
  • Jun 16, 2009 6:01pm Jun 16, 2009 6:01pm
Quoting jarroo
Very nice.
There's nothing like it. When you size up a potential setup (the pickier the better, obviously) and you say "let's see how this breaks". The PPZs are there, the round numbers are there, the targets are there etc. and you play it tight.

And then it breaks with zero draw down . . .you gotta love it.
did you take this trade based on location, S&R, and breakout? no price action signals (pinbar, outside bar, inside bar, etc)?
  • #33,577
  • Jun 16, 2009 6:05pm Jun 16, 2009 6:05pm
Quoting dengzhi
did you take this trade based on location, S&R, and breakout? no price action signals (pinbar, outside bar, inside bar, etc)?
I did not take this trade. Just commenting on pmr post. The bar confirmation was the 4 hour PBs.
Indicators show the past. Price Action "Indicates" the future.
  • #33,578
  • Jun 16, 2009 6:24pm Jun 16, 2009 6:24pm
Got into the EURJPY at the retrace to 135.0 with a 4 hour pinbar. 125 pips in the bag when I woke up this morning. Half profit taken with stop at BE and going to see how far this rides. I've been having real trouble with letting my winners run recently so for this week I'm only going to look at charts from 9-10 am (bar close and open for us australian folk, 0 GMT) and before I go to sleep.
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  • #33,579
  • Jun 16, 2009 6:27pm Jun 16, 2009 6:27pm
Quoting Tipers
Got into the EURJPY at the retrace to 135.0 with a 4 hour pinbar. 125 pips in the bag when I woke up this morning. Half profit taken with stop at BE and going to see how far this rides. I've been having real trouble with letting my winners run recently so for this week I'm only going to look at charts from 9-10 am (bar close and open for us australian folk, 0 GMT) and before I go to sleep.
i think i may do the same, GO AUSTRALIA!
Grabbing the bull by the horns!
  • #33,580
  • Jun 16, 2009 6:38pm Jun 16, 2009 6:38pm
Quote
you can learn a lot from one's mistakes. posting losers helps us analyze what to watch out for. plus always posting winners makes newbs think they could do this in 1 month of practice, shows a huge bias.

dengzhi,
ni hao/ni haw....

was not looking for newbie-ish answers. i was just curious about what particular reasons Sanook has for saying what he/she did. if u read his several posts, u'll know what i mean.
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