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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

  • #35,001
  • Jun 25, 2009 3:19pm Jun 25, 2009 3:19pm
Quoting Ryanmcd
You have to remember that Mike aka MBQB11 get most of his trades to LONG TERM cap gains and has to get them a birthday cake LOL
Had not thought of that way - He has trades on that are older than his underwear!
I'm pretty much done with all this ...
  • #35,002
  • Jun 25, 2009 3:24pm Jun 25, 2009 3:24pm
Quoting Ryanmcd
just going to ride it out, Not going to scalp off the daily to me that's dumb and if I wanted to do that I would go back to the 5min. Game plan is LONG TERM so I dont have to watch this crap, win or lose I really dont care as long as I can hit a 50% win rate with a good R:R the rest is just time. Hell give me 55% win rate with a 1:1 and I can have a good life, but with the 100 risk and 150-200 return that 50% hits 75% at a 1:1 ratio..

Flip a coin and heads you get 35c tails you lose 25c, in time you are going to make money lol
roger that.
  • #35,003
  • Jun 25, 2009 3:25pm Jun 25, 2009 3:25pm
Quoting StoragePro
Had not thought of that way - He has trades on that are older than his underwear!
Lol actually most of my profits are made on the four and one hour so most last under a day. I guess this is still close to older then me lol
  • #35,004
  • Jun 25, 2009 3:41pm Jun 25, 2009 3:41pm
Quoting StoragePro

That PB is not a MBQB11 style bar at all (that I am aware of anyway). He certainly is capable, but it does not fit in his trading plan, so it is not something he looks for.
Bingo and GREAT post mike.

Once you figure out what your style is, you just look for the same types of things over and over. So it becomes difficult when a chart is posted and the question is. Is this a good potential trade? The answer can be yes/no and then it depends on your style. Of course with that said, I can look at any chart, any decent bar and have a pretty good idea where it will likely go. The difference b/w any chart, and the the charts I look for is seeing the same types of things over and over and just reacting better to them. When I start to get a little bit outside my comfort zone, it is when it puts me back on my heals and that is what gets my uncomfortable and inconsistent. You will notice the traders who have been at this the longest, do the same general types of things. SP really nailed it. I hope those posts make people realize that this is not a cut and dry thing. That time and experience is crucial to the learning practice and you WILL get better over time if you put into practice the core concepts.

Thanks SP I think your post will flick on some light bulbs. 90 watt

Mike
  • #35,005
  • Jun 25, 2009 3:41pm Jun 25, 2009 3:41pm
Quoting mbqb11
Lol actually most of my profits are made on the four and one hour so most last under a day. I guess this is still close to older then me lol

Not seeing much on the 1hr the past day or so, seems like lots of sideways crap.
Keep taking CT trades, I need more money
  • #35,006
  • Jun 25, 2009 3:48pm Jun 25, 2009 3:48pm
Quoting Ryanmcd
Not seeing much on the 1hr the past day or so, seems like lots of sideways crap.
tons of pretty big chop, agreed. Been doing a lot of "waiting". What happened to the exciting life of a trader I was promised by those TV commercials!
  • #35,007
  • Jun 25, 2009 3:50pm Jun 25, 2009 3:50pm
Quoting Ryanmcd
Not seeing much on the 1hr the past day or so, seems like lots of sideways crap.
word. you gotta be like a private eye waiting out in the car with binoculars to catch some of these anemic moves . . . unless you caught the swiss intervention train yesterday.

so far, this summer has sucked for trade setups.
"Don't trade to trade . . . trade to win." - James16
  • #35,008
  • Jun 25, 2009 3:50pm Jun 25, 2009 3:50pm
Quoting mbqb11
Bingo and GREAT post mike.

Once you figure out what your style is, you just look for the same types of things over and over. So it becomes difficult when a chart is posted and the question is. Is this a good potential trade? The answer can be yes/no and then it depends on your style. Of course with that said, I can look at any chart, any decent bar and have a pretty good idea where it will likely go. The difference b/w any chart, and the the charts I look for is seeing the same types of things over and over and just reacting better to them. When...

Yep 100 ways to do it, the key is keeping CONSISTANT and not jumping to 100 different ways to trade after 1 loss. This stuff works and it made me add a nice profit off the 5min stuff and that fails a lot more then the 4hr and daily. Just look at the pins Mike talks about, all you really have to do is watch 1 video the one he goes over the PB's on what he is thinking, once you get that and understand the risk the rest of the time is sitting on your hands and not taking 10 pips off a 200 pip stop because you could not wait it out to make 600 pips gain.
Keep taking CT trades, I need more money
  • #35,009
  • Jun 25, 2009 3:52pm Jun 25, 2009 3:52pm
Quoting mbqb11
tons of pretty big chop, agreed. Been doing a lot of "waiting". What happened to the exciting life of a trader I was promised by those TV commercials!

I think I will e-mail Bob and ask him, he posted a nice house and said he had 100% winners. He must be doing something right?
Keep taking CT trades, I need more money
  • #35,010
  • Jun 25, 2009 3:58pm Jun 25, 2009 3:58pm
Quoting TotalNewbie
Spotted this mini pin on the daily. Not at a major swing high but good enough to signal a continuation south? What do you think ppl?
Someone posted this wedge pattern a while back... still watching.
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  • #35,011
  • Jun 25, 2009 4:00pm Jun 25, 2009 4:00pm
Quoting Ryanmcd
Yep 100 ways to do it, the key is keeping CONSISTANT and not jumping to 100 different ways to trade after 1 loss.
Just what I needed to hear. My first live month has been brutal and nthe temptation to switch is strong.

Some parts of the learning curve just happen when you go live, no matter how much you learn and demo I guess. I am returning to meditation and yoga to keep my head straight because the revenge trade demon is jumping up and down on my shoulder.
  • #35,012
  • Jun 25, 2009 4:00pm Jun 25, 2009 4:00pm
Quoting mbqb11

Thanks SP I think your post will flick on some light bulbs. 90 watt

Mike
I am a 90 watt bulb in a 150 watt world... I cast a short shadow, but i like it that way
I'm pretty much done with all this ...
  • #35,013
  • Jun 25, 2009 4:03pm Jun 25, 2009 4:03pm
Quoting Ryanmcd
Yep 100 ways to do it, the key is keeping CONSISTANT and not jumping to 100 different ways to trade after 1 loss.
Funny you should mention that. I still feel the pull of "Damn, I got it wrong, maybe I'll adjust something." I've learned to ignore it, but that took a lot of effort.
I'm pretty much done with all this ...
  • #35,014
  • Jun 25, 2009 4:20pm Jun 25, 2009 4:20pm
Not perfect, but pretty good. Valid concern for that 1.15 level compounded by the small, rather weak bar.
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  • #35,015
  • Jun 25, 2009 5:05pm Jun 25, 2009 5:05pm
i cant remember if we have a fib video up on the guest side mike.

i forget sometimes just how "new" that "new" can actually be sometimes.

mike or i will do a fib video soon and put it up in the guest area.

if you beat me to it mike do a section on confluence with the fibs and other areas also along with just the basics. round numbers, ma's, pivot zones etc etc...

might not be a bad idea if we both did one.

no hurry just an idea that im sure i will forget about in 2 or 3 days.

remind me mike if i do that.

correction. remind me mike when i do that.

lol.

mike is my young brain and im very glad i have use of it..



jim






Quoting mbqb11
Here is an example where we would be searching for shorts. So we are drawing the fib from high to low, showing the lowest numbers on the bottom and increasing as they move up. So as price rises(or retraces) into the fib numbers it has retraced a larger amount of the measured move(where the fib was drawn from Swing high to the swing low). So price has already moved past the 23.6, and is approaching the 38.2. So the reason the numbers go from low to high, is b/c they represent the percentage the move has retraced of the larger down move. When we hit...
  • #35,016
  • Jun 25, 2009 5:06pm Jun 25, 2009 5:06pm
Quoting james16
i cant remember if we have a fib video up on the guest side mike.

i forget sometimes just how "new" that "new" can actually be sometimes.

mike or i will do a fib video soon and put it up in the guest area.

if you beat me to it mike do a section on confluence with the fibs and other areas also along with just the basics....
I have one up on our main side, maybe I will just redo a new one though for the guest, and try to keep it more simple and too the point then that one. Will do it this weekend

On a side note is everyone else hearing Michael Jackson is dead. Unbelievable and sad if true.
  • #35,017
  • Jun 25, 2009 5:11pm Jun 25, 2009 5:11pm
daily got me for minus 40 pips.

ticked me off.

i was only looking for 6310 for some profit and breakeven.

6345 was all i got which was plus 30 from my entry.

it was not the quality set up i usually play but doggonit i rarely miss my first target regardless.

i can live with -40 but not -100 which is where its currently at.

i dont regret my exit one bit.

jim
  • #35,018
  • Jun 25, 2009 5:18pm Jun 25, 2009 5:18pm
Quoting mbqb11
I have one up on our main side, maybe I will just redo a new one though for the guest, and try to keep it more simple and too the point then that one. Will do it this weekend

On a side note is everyone else hearing Michael Jackson is dead. Unbelievable and sad if true.
Ya really tragic, he was my childhood idol. Still have his cds lying around somewhere, and his sega game "moonwalker" was badass.
  • #35,019
  • Jun 25, 2009 5:18pm Jun 25, 2009 5:18pm
what do you guys think of these 2 inside bars on the daily?? us/cad and gb/cad with bearish daily bars also.
would welcome comments
cheers
jon
Attached Image(s) (click to enlarge)
Click to Enlarge Name: daily.jpg Size: 126 KB
Click to Enlarge Name: daily1.jpg Size: 114 KB
PATIENCE... DISCIPLINE
  • #35,020
  • Jun 25, 2009 5:23pm Jun 25, 2009 5:23pm
Quoting mbqb11
I have one up on our main side, maybe I will just redo a new one though for the guest, and try to keep it more simple and too the point then that one. Will do it this weekend

On a side note is everyone else hearing Michael Jackson is dead. Unbelievable and sad if true.
http://artsbeat.blogs.nytimes.com/20...spitalized/?hp
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