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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

  • #33,581
  • Jun 16, 2009 6:43pm Jun 16, 2009 6:43pm
Quote
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 . . .

Flem26,
Nice!!
the only problem i have in that chart on your post is there's too much space on the left/middle.
  • #33,582
  • Jun 16, 2009 6:43pm Jun 16, 2009 6:43pm
Quoting Ryanmcd
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.


Out of 1/2 @ 1:1 risk, stop @ cost on the rest.
Keep taking CT trades, I need more money
  • #33,583
  • Jun 16, 2009 6:46pm Jun 16, 2009 6:46pm
Quoting g_j_hook@yah
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??

I am doing 3% per trade right now and so far 0 losses and 2-3 stop @ cost. I am not making as much but I have a better life, got a trainer and hired nutritionist same guy for the LA Lakers so my quality of life is a lot better. Once you get to a point the money really does not matter or at least to me, what is the diff if you have 10 million vs 100 million if you drive a Corolla and live in a 150k home like me It is nice to go to a place and know you can buy it if you wanted it though lol
Keep taking CT trades, I need more money
  • #33,584
  • Jun 16, 2009 6:46pm Jun 16, 2009 6:46pm
Tipers,
u are bloody smokin' while sleepin'...
it's nice to wake up & see that 125-pip "thing"..
  • #33,585
  • Jun 16, 2009 6:49pm Jun 16, 2009 6:49pm
Ryanmcd,
what are the trainer & nutritionist specifically for?
  • #33,586
  • Jun 16, 2009 6:50pm Jun 16, 2009 6:50pm
Quoting raczekfx
Yep, it does.


That's an understatement , but I won't post any figures. Rusty probably knows what I'm talking about.


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.

I am with ya on the B and C trades, even if you are 50-50 and your R:R is good you make money. I also like how you play the retrace, the R:R is so damn good I bet you could make 30% work and still kill it
Keep taking CT trades, I need more money
  • #33,587
  • Jun 16, 2009 6:51pm Jun 16, 2009 6:51pm
Quoting supremeChaos
Ryanmcd,
what are the trainer & nutritionist specifically for?

1 for strength, 1 for being told what to eat. I want to see how strong I can get lol Once you have the money you want to live long to enjoy it. 1 day I want to be strong like Jim
Keep taking CT trades, I need more money
  • #33,588
  • Jun 16, 2009 6:52pm Jun 16, 2009 6:52pm
Hey Mike that aud/usd is in the green LOL
Keep taking CT trades, I need more money
  • #33,589
  • Jun 16, 2009 6:59pm Jun 16, 2009 6:59pm
Ryanmcd,
i see, strength training.
u can read up on a couple of health/nutrition books or websites.
strength training is a repetitive, gradually "upgraded" program. u can do it on your own.

no doubt, the experience/knowledge of the trainer & nutritionist are beneficial (if u are not sure of what to do). but u can save up a lot of money that way. maybe u can dump them after a few months/years.
  • #33,590
  • Jun 16, 2009 7:01pm Jun 16, 2009 7:01pm
Quoting supremeChaos
Ryanmcd,
i see, strength training.
u can read up on a couple of health/nutrition books or websites.
strength training is a repetitive, gradually "upgraded" program. u can do it on your own.

no doubt, the experience/knowledge of the trainer & nutritionist are beneficial (if u are not sure of what to do). but u can save up a lot of money that way. maybe u can dump them after a few months/years.
Yep I dont want to get hurt that's why I have the trainer and I have to lose a little fat thats why I have the nutritionist 3-4 months of both and I should be set. But everything I do in life I try to find someone who is better then me and ask/pay for the help.
Keep taking CT trades, I need more money
  • #33,591
  • Jun 16, 2009 7:09pm Jun 16, 2009 7:09pm
Quote
But everything I do in life I try to find someone who is better then me and ask/pay for the help.

that's basically how the smart & rich people do it.

I am no trainer or nutritionist, but i know a lot (? lol) about what they do. Once u dump them, go ask me & it won't cost u a thing. i'm an uber-health buff & i wanna live past 100 years
  • #33,592
  • Jun 16, 2009 7:11pm Jun 16, 2009 7:11pm
Quoting whitegoodman
i think i may do the same, GO AUSTRALIA!
, I remember you from the aussie stock forums but I was just a lurker there.

Quote
Tipers,
u are bloody smokin' while sleepin'...
it's nice to wake up & see that 125-pip "thing"..

Haha yeah it was quite a nice morning. You can't beat the feeling of planning an entry like that early in the day, seeing it retrace to the exact point, heading to bed and seeing that everything worked out : ). Well maybe can beat it a little by trading live instead of demo heh

Well it's clocked 10 am and I'm off to cram study for my exams... it's lucky external reporting account issues is SO interesting : p.
  • #33,593
  • Jun 16, 2009 7:18pm Jun 16, 2009 7:18pm
Quoting Ryanmcd
Hey Mike that aud/usd is in the green LOL
I'm still hanging on to that one too Ryan...
  • #33,594
  • Jun 16, 2009 7:22pm Jun 16, 2009 7:22pm
Quoting Ryanmcd
I am doing 3% per trade right now and so far 0 losses and 2-3 stop @ cost. I am not making as much but I have a better life, got a trainer and hired nutritionist same guy for the LA Lakers so my quality of life is a lot better. Once you get to a point the money really does not matter or at least to me, what is the diff if you have 10 million vs 100 million if you drive a Corolla and live in a 150k home like me It is nice to go to a place and know you can buy it if you wanted it though lol
lol..iv think youve seen the light bro!better put your shades onhehe
As my account grows my working hours will shorten.im not out to be rich but i would like enough to work short hours and enjoy the free time that gives. seems you ve got it licked!,respect
cheers
jon
PATIENCE... DISCIPLINE
  • #33,595
  • Jun 16, 2009 7:28pm Jun 16, 2009 7:28pm
Quoting Tipers
, I remember you from the aussie stock forums but I was just a lurker there.



Haha yeah it was quite a nice morning. You can't beat the feeling of planning an entry like that early in the day, seeing it retrace to the exact point, heading to bed and seeing that everything worked out : ). Well maybe can beat it a little by trading live instead of demo heh

Well it's clocked 10 am and I'm off to cram study for my exams... it's lucky external reporting account issues is SO interesting : p.
nice one mate,its a good feeling. i woke up this morning(eu time) to find my eu/yen short had allready hit its target. my girlfriend allways takes the micky by saying i trade better when im asleep!hehe..its probably true!!
jon
p.s. good luck with the exams
PATIENCE... DISCIPLINE
  • #33,596
  • Jun 16, 2009 7:34pm Jun 16, 2009 7:34pm
Ahh looking good here
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: usdjpy4hr061609.gif Size: 27 KB
Keep taking CT trades, I need more money
  • #33,597
  • Jun 16, 2009 7:45pm Jun 16, 2009 7:45pm
I am with you there..quite an interesting couple of days in the yen crosses.
  • #33,598
  • Edited 7:57pm Jun 16, 2009 7:48pm | Edited 7:57pm
Things I need to fix:

#1 - Impulsiveness
------------
Got home yesterday, as soon as I sat down saw this (apparently) beautiful pinbar - awesome!

Attached Image (click to enlarge)
Click to Enlarge Name: hourly - 1.GIF Size: 12 KB


It looked good - long nose, close right at the bottom, nose just pushing through the 38.2 retracement of the last (minor) downswing, and with the trend (more on this later).

R:R was about 1:1 - but with the confluence and potential to jump on a big swing, I was happy with it.

No brainer, right? SHORTSHORTSHORT!

Well... the no brain part is accurate

Had I quickly checked the daily chart:
Attached Image


Hm. Not so with the trend.

And what is that purple line? Why, that's the 38.2 retracement of the major trend it is standing on. And a major support line.

And the 4H chart?
Attached Image (click to enlarge)
Click to Enlarge Name: 4h - 1.GIF Size: 15 KB


Well, that is a pretty damn bullish bar - and (I dont think I marked it on this chart), it had just broken through a PPZ as well, and bounced higher twice on the hourly. None of which scream 'short'


So what happened?
Attached Image (click to enlarge)
Click to Enlarge Name: hourly - 2.GIF Size: 14 KB


Had I set my stop 1 pip higher, I wouldnt have got stopped out and would have ridden it down for a 1:1 or thereabouts.

But, regardless - that is results oriented thinking, which is a big mistake.

It was a bad trade. Full stop. I didnt check timeframes, I entered before it retraced, I didnt check the trend or recent PPZ / S&R.

Especially when it went against me and the H1 pin formation was invalidated, I should have cut my losses.

Moral of the story: do your damn homework and check your aim before firing off a barrel.
When you have to shoot, shoot. Dont talk.
  • #33,599
  • Jun 16, 2009 7:59pm Jun 16, 2009 7:59pm
joelcf,
nice blow by blow post.

Quote
Moral of the story: do your damn homework and check your aim before firing off a barrel.



Quote
Things I need to fix:
#1 - Impulsiveness
This particular thread addresses this with 1 of its core teachings/ "side effect": Patience

I believe u already have a good foundation (based on your background), it's only a matter of time for u. we all just have to keep it up
  • #33,600
  • Jun 16, 2009 8:23pm Jun 16, 2009 8:23pm
Quoting g_j_hook@yah
As my account grows my working hours will shorten.im not out to be rich
May I ask why not? A long time ago a man who turned out to be a good friend told me: "If you are going to have to work, you might as well make money". Not that riches are the end game, but hey - let's not kid around - Money is the singular reason that motivates people to risk trying this game. You may have a lot of fantasies running around your head, you know, the things you'd like to do and own, and if you are young, they are pretty limited (trust me on this, young people cannot imagine the possibilities) and all of these fanatasies require money to make them come to fruition.

Quote
but i would like enough to work short hours and enjoy the free time that gives.

Then you'd better set your sights high. Money is not the sole creator of security, not by a long shot. But I can tell you this with a great deal of authority: I've been poor and I've been rich. Rich is better.

I can also tell you this: You can live to work, but it is far better to work to live. (Right Ryan??)

With balance, time, and a little pressure, all things are possible. Having clarity on what we want, what we really want, gives us the gas in the engine to do what we must personally do to achieve beyond our limited thinking we have today.

There are no limits, unless we make them.
I'm pretty much done with all this ...
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