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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

  • #35,041
  • Jun 25, 2009 7:04pm Jun 25, 2009 7:04pm
Quoting james16
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
i got burned on this one too.
i made a choice between this one and the cable pinbar, i took this one and didn't even get to BE..
had i traded the cable pinbar i would have gotten to my 1st target at least..
oh well, can't win em all
  • #35,042
  • Jun 25, 2009 7:05pm Jun 25, 2009 7:05pm
Quoting 00PIP
Thanks.

If you only took those 15 or so trades in the year shown, depending on how you played them, you could have walked away with a sizable profit that year.
You got it! Fortunately, there are a lot more opportunities out there!
I'm pretty much done with all this ...
  • #35,043
  • Jun 25, 2009 7:09pm Jun 25, 2009 7:09pm
I like U/C better because it had a nice run up and needs to come back catch its breath take profits, U/J on the other hand I know sharks are in the 95 waters 4 sure would get to b/e asap going to hang loose see what happens
  • #35,044
  • Jun 25, 2009 7:22pm Jun 25, 2009 7:22pm
Quoting james16
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
I feel less bad about being taken on this one now. I had the same first target more or less. And I killed it early too. A little further back than you Jim but I didn't take a full bar loss. I knew it was a sideways market, I saw the first area of trouble and I planned accordingly. So in my eyes, it was a success not a failure, even though it was a loss. They smart though.

The GU which I passed on (NU was showing better divergence) did its business to what would have been my targets.

I don't know how you two will react to this, but I have to say that it's been a great comfort to me that in my first month live, the losers I have taken have also been losers for either you or Mike. In a couple of cases I managed them exactly the same way as Mike, without knowing till afterwards.

I know we're supposed to find our own style, and I'm not trying to copy anyone. But knowing this really helps to keep the faith and stick to my plan. After all, I haven't been taking crazy bars that you guys wouldn't touch with a bargepole, and I haven't been managing them in a nutty way either.

It's a probabilities game and I am not going to change anything because of a weak month. Particularly after all that time on demo and backtest.
  • #35,045
  • Jun 25, 2009 7:27pm Jun 25, 2009 7:27pm
Don't like either the UJ or the UCAD (that nose is just way too small and it's sitting on top of the round number).

Nothing for me tonight. Going to spend the weekend getting back ing ood shape physically and mentally.

We've got breakouts coming. And I bet price will move hard.
  • #35,046
  • Jun 25, 2009 7:40pm Jun 25, 2009 7:40pm
I skipped the NZD/USD not sure why, I honestly think after so much chart time that my subconscious plays a role now, just like when I drive home sometimes and dont even think about what I am doing, next thing I know I am opening the door to my house lol, and no I am not drunk. I skipped this one and just holding onto the 2 dailys for now.

AUD/USD + 114
GBP/JPY + 35

Stop is STILL below the bottom of the pin, will not goto cost unless it gets 1:1 and I kill 1/2 of it.
Keep taking CT trades, I need more money
  • #35,047
  • Jun 25, 2009 7:45pm Jun 25, 2009 7:45pm
Quoting TiaForex
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.

Also once you get good at this it's like driving a car, I can trade any setup and make money, it then becomes what one do you want to live with.

So far I have traded with trend, counter trend, 1min - daily, macd, rsi, BB, EW, Gann, Gartly, cycles, and made money doing all of it some of it sucked and some was luck. I will say PA is nice due to it keeping all the VooDoo BS outa the trades, take 10 ppl counting EW and they all have different things lol. Oh I have also found TIME to be a big key as well as using daily pivots like "High + low + close /3" I think most call them floor pivots, big in the Spooz not sure about forex.



P.S. don't hop systems starting out, I know it's tempting and it's tempting to hit the 5min and blow up real quick but take it from me and save that 3-5 years of screwing yourself and stick with this at LEAST 6 months I would say.
Keep taking CT trades, I need more money
  • #35,048
  • Jun 25, 2009 7:58pm Jun 25, 2009 7:58pm
Quoting Ryanmcd
Also once you get good at this it's like driving a car, I can trade any setup and make money, it then becomes what one do you want to live with.

So far I have traded with trend, counter trend, 1min - daily, macd, rsi, BB, EW, Gann, Gartly, cycles, and made money doing all of it some of it sucked and some was luck. I will say PA is nice due to it keeping all the VooDoo BS outa the trades, take 10 ppl counting EW and they all have different things lol....
You're a real asset to this thread Ryan. Thanks. Awesome advice.

I know Jim's big on floor trader pivots for the S&P and the minidow. But as you said, I am waiting six months to completely nail forex before I even think about anything else.

PS I think you're on your own on the AU. Mike and I bailed when it bounced for the 3rd time off entry and broke above 8000. I think you'll have the last laugh there. Big moves coming.
  • #35,049
  • Jun 25, 2009 8:05pm Jun 25, 2009 8:05pm
Ok heres my plan going to see if both pairs retrace a bit U/J 96 look 4 pa or days low becomes resistance, U/C 1.1570 area or if 1.1527 can prove to b resistance instead of support.
  • #35,050
  • Jun 25, 2009 8:07pm Jun 25, 2009 8:07pm
Quoting Ryanmcd
I skipped the NZD/USD not sure why, I honestly think after so much chart time that my subconscious plays a role now, just like when I drive home sometimes and dont even think about what I am doing, next thing I know I am opening the door to my house lol, and no I am not drunk. I skipped this one and just holding onto the 2 dailys for now.

AUD/USD + 114
GBP/JPY + 35

Stop is STILL below the bottom of the pin, will not goto cost unless it gets 1:1 and I kill 1/2 of it.
Really admire how you stick to your guns
  • #35,051
  • Jun 25, 2009 8:09pm Jun 25, 2009 8:09pm
Potentially bullsihness off of the weekly E/J and A/J charts. E/J is at shorter term resistance though A/J is successfully probing for the moment. It bears watching for PA in both camps.
  • #35,052
  • Jun 25, 2009 8:14pm Jun 25, 2009 8:14pm
Quoting KissFan
I want to take this trade and it might produce but I'd rather see that pin rejected from that 150ema. I can see a realistic 30 pips profit but I'd have to risk too much. I'm passing for now and hopeing to short from a little higher up. Also, SP made a good observation on UCAD. I'm already in a risk free move from 1.1620 so I'll ride her down as far as I can. Hope that helps you brother.

K.I.S.S.
Thanks Bro!
  • #35,053
  • Jun 25, 2009 8:18pm Jun 25, 2009 8:18pm
I had theorized some strength for EUR over AUD this morning (did not post it), but it proved to be a bit of a headfake and was not profitable for me. The PA is worth a look. A failed rally (apparently) off of reasonable PA, now moving off of a PB challenging the lows.
  • #35,054
  • Jun 25, 2009 8:23pm Jun 25, 2009 8:23pm
Fortunately, longs on E/USD were protective in this instance above. Intermarket analysis is a fundamental thing in a way, but it can be worthwhile. I'd call it more of an amalgomation of technicals.

USDCHF for instance is about to challenge some reasonable support. It may herald a forecast for EURUSD which sits in no man's land at present.

Classic analysis says USD/CHF should reach 1.0850 at least, which should put E/USD into it's recent PPZ, but time will tell.
  • #35,055
  • Jun 25, 2009 8:28pm Jun 25, 2009 8:28pm
Let's see this BarBreak stop loss thing on the Cad. Total risk about 15 pips.
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Indicators show the past. Price Action "Indicates" the future.
  • #35,056
  • Jun 25, 2009 8:32pm Jun 25, 2009 8:32pm
Quoting jarroo
Let's see this BarBreak stop loss thing on the Cad. Total risk about 15 pips.
Do you use %R money management Jim?

Is that 15 pip a fixed percentage of your account? You'd be swinging a big line if it was, right?
  • #35,057
  • Jun 25, 2009 8:32pm Jun 25, 2009 8:32pm
Quoting jarroo
Let's see this BarBreak stop loss thing on the Cad.
is not impresing yet
  • #35,058
  • Jun 25, 2009 8:33pm Jun 25, 2009 8:33pm
(Jarroo above) That's a nice idea...can make a case for something in th 1.14's....concern that we could be looking at consolidation or trend change, but retracement is definitiely in order. A lot of shorts to flush though if things turn around.
  • #35,059
  • Jun 25, 2009 8:34pm Jun 25, 2009 8:34pm
Quoting TiaForex
Do you use %R money management Jim?

Is that 15 pip a fixed percentage of your account? You'd be swinging a big line if it was, right?
Would you consider this an A+ trade? I wouldn't, so a full position percentage I would not take.
Indicators show the past. Price Action "Indicates" the future.
  • #35,060
  • Jun 25, 2009 8:35pm Jun 25, 2009 8:35pm
Quoting TiaForex
You're a real asset to this thread Ryan. Thanks. Awesome advice.

I know Jim's big on floor trader pivots for the S&P and the minidow. But as you said, I am waiting six months to completely nail forex before I even think about anything else.

PS I think you're on your own on the AU. Mike and I bailed when it bounced for the 3rd time off entry and broke above 8000. I think you'll have the last laugh there. Big moves coming.

Screw it, after I put on the trade I put in my targets and see what happens win or lose does not matter lol.
Keep taking CT trades, I need more money
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