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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

  • #35,761
  • Jul 1, 2009 1:15pm Jul 1, 2009 1:15pm
Quoting mbqb11
Not really Ryan. Simply b/c I take very few daily/weekly trades a month. So it doesn't really bother me much. I know most days I am going to open a daily chart and close it right back down.

Okay, I think I just have to get used to doing less. So far I am doing okay, about 60% winners and the wins are about 2:1 so far but I know I can get a 10 run of losses tomorrow
Keep taking CT trades, I need more money
  • #35,762
  • Jul 1, 2009 1:19pm Jul 1, 2009 1:19pm
It seems this thread has really exploded with popularity or at least postings recently. Around 36k posts in total since mid 2005, but only 17k posts until end 2008. If this continues, it'll be impossible to keep up within a year or so.

Still, very interesting and usefull stuff in here. Thanks for the great summaries / chapters on the first page. Makes the whole thing more manageable.
  • #35,763
  • Jul 1, 2009 1:22pm Jul 1, 2009 1:22pm
Quoting raczekfx
p.s. note to self: kind of wondering what's holding up fiber....very unusual.. perhaps low liquidity....or dj . Fiber should be hugging 1.40 now.
I guess everyone is hoping for a interest rate moving higher tomorrow and trichet announcing victory over recession.....
If that doesn't happen, I'd be looking forward to a reversal day...
Hi rac

There are rumours that the Chinese have asked the G8 to discuss the issue of new global reserve currency
  • #35,764
  • Jul 1, 2009 2:00pm Jul 1, 2009 2:00pm
Time for the US$ to go up
Keep taking CT trades, I need more money
  • #35,765
  • Jul 1, 2009 2:37pm Jul 1, 2009 2:37pm
[quote=g_j_hook@yah;2842373]hi Ryan, 6 mil units! thats over 400 eu a pip!.. i dont know if i have that much sweat! lol i hate it when it locks up also as it always seems to act a lttle strange when i unlock it. now i just close the platform and reopen it when im back. i like the TSL also but it is about time they had some more order types if you ask me!
Ryan/Moneda(got any spare?? venga hombre! lol) have you ever used the box option??

G_J,

Sorry brother...the only spare that I have is a spare tire from my '69 Pinto... No I have never used the box.

Buena suerte amigo,
Unus pro omnibus, omnes pro uno
  • #35,766
  • Jul 1, 2009 2:37pm Jul 1, 2009 2:37pm
Quoting Ryanmcd
Time for the US$ to go up
Not according to Russia.

Z
  • #35,767
  • Jul 1, 2009 2:49pm Jul 1, 2009 2:49pm
Quoting zuret9
Not according to Russia.

Z

In Soviet Russia Stops run you!
Keep taking CT trades, I need more money
  • #35,768
  • Jul 1, 2009 2:50pm Jul 1, 2009 2:50pm
hi guys ive been lurking here for some time and wanted to say hi and thank you to everybody whose analysis I have enjoyed.

this is definatly the best pa thread on the internet.

made some good pips on the gbpcad today
  • #35,769
  • Jul 1, 2009 3:51pm Jul 1, 2009 3:51pm
Can I clarify these simple facts. James16 is stating you need a large account before you can profit well at Forex....So what's the point in learning unless you're already a Millionaire?
Private Ryan is saved.
  • #35,770
  • Jul 1, 2009 3:56pm Jul 1, 2009 3:56pm
Hi Everyone,

Thanks To All Who Put Their Time And Effort To Help Traders In This Threat (Or Any Other ) It's Really A Great Stuff ...
I've Just Reading The Hole Threat ... Just Important Parts.
I Have A Question, Id This A Good Entry ? PB Formed, Left Eye Hit, And If There Was A Sell Stop Order, It Will Be Trigered ...

Regards,
Basber
Attached Image (click to enlarge)
Click to Enlarge Name: au pa.gif Size: 20 KB
Trading methods are designed to put the odds in our favor, not predicting.
  • #35,771
  • Jul 1, 2009 3:59pm Jul 1, 2009 3:59pm
Bobs back. I guess, I can answer this question intelligently, but do I really want to waste my breathe? If this is the real BOB???

Quoting bobability
Can I clarify these simple facts. James16 is stating you need a large account before you can profit well at Forex....So what's the point in learning unless you're already a Millionaire?
  • #35,772
  • Jul 1, 2009 4:00pm Jul 1, 2009 4:00pm
Quoting bobability
Can I clarify these simple facts. James16 is stating you need a large account before you can profit well at Forex....So what's the point in learning unless you're already a Millionaire?

Bob!!! I missed you man, I had many sleepless night dreaming about you teaching me to trade! Also Bob I just vouched for ya man, I hope others will see what a pro you are and do the same! Also I hope you have sunny weather today, last pic of your home it was overcast.
Keep taking CT trades, I need more money
  • #35,773
  • Jul 1, 2009 4:02pm Jul 1, 2009 4:02pm
Quoting mbqb11
Not really Ryan. Simply b/c I take very few daily/weekly trades a month. So it doesn't really bother me much. I know most days I am going to open a daily chart and close it right back down.
this one sounds appealing...
how to deal with it if I cannot resist clicking H4 to see things moving?
  • #35,774
  • Jul 1, 2009 4:05pm Jul 1, 2009 4:05pm
do you have a explanation why oil drops back to yesterday's point after inventry today? I don't see anything very bad...

Quoting raczekfx
Beauty, target reached
.. too bad I'm not trading at 500Eu/pip ... one day...


Canada's birthday
.

p.s. note to self: kind of wondering what's holding up fiber....very unusual.. perhaps low liquidity....or dj . Fiber should be hugging 1.40 now.
I guess everyone is hoping for a interest rate moving higher tomorrow and trichet announcing victory over recession.....
If that doesn't happen, I'd be looking forward to a reversal day...
  • #35,775
  • Jul 1, 2009 4:06pm Jul 1, 2009 4:06pm
Quoting g_j_hook@yah
hi Mike, i was wondering today if you were still in that au/yen long from the daily pinbar??
cheers
jon
I am!!! My only live trade currently.

Have a demo trade on from the 4hour too, not a great bar, but great location...How 'bout you?

Josh
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  • #35,776
  • Jul 1, 2009 4:07pm Jul 1, 2009 4:07pm
Quoting Jduester
I am!!! My only live trade currently.

Have a demo trade on from the 4hour too, not a great bar, but great location...How 'bout you?

Josh
I have a correction. Since 1R was hit on my chart, I have moved my stop on the final 1/3 to B/E... not -0.5R.

Sorry for confusion.
  • #35,777
  • Jul 1, 2009 4:09pm Jul 1, 2009 4:09pm
oh I checked my commodity futures demo short positions,

total profits rised back to yesterday's high, as if a bull turn did not happen today in the world......really werid.

Quoting billye
do you have a explanation why oil drops back to yesterday's point after inventry today? I don't see anything very bad...
Quote:
Originally Posted by raczekfx http://www.forexfactory.com/images/buttons/viewpost.gif
Beauty, target reached
.. too bad I'm not trading at 500Eu/pip ... one day...


Canada's birthday
.

p.s. note to self: kind of wondering what's holding up fiber....very unusual.. perhaps low liquidity....or dj . Fiber should be hugging 1.40 now.
I guess everyone is hoping for a interest rate moving higher tomorrow and trichet announcing victory over recession.....
  • #35,778
  • Jul 1, 2009 4:33pm Jul 1, 2009 4:33pm
Quoting Ryanmcd
Okay, I think I just have to get used to doing less. So far I am doing okay, about 60% winners and the wins are about 2:1 so far but I know I can get a 10 run of losses tomorrow
This post is not directed to you Ryan, as I'm sure you know all of this (although you may not agree with it). This is more just how I have my trading strategy.
I have a different opinion on this subject. I feel this method of trading is very discretionary. Entry is based on the traders' perception of the price action bar, location, and however many other factors. Exit might or might not be discretionary.
If I have even 5 straight losses, I feel pretty confident that I'VE changed my discretionary entry, and that the losses aren't from the randomness of trading. If I have say 5 straight losses, I will stop trading and analyze my trades. What (if anything) was different? Was something outside trading bothering me? Was I spending enough time with the charts? Was I taking the trade based on my strategy or because 'everyone else was doing it'?
In a mechanical strategy, I fully agree that you can expect to have a number of consecutive losses based on the win probability. But we have full choice of the trades we take. That is how James can go months without a loss on daily trades, while others can have many consecutive losses... it depends on what bars we trade (as well as management)...

I've not had more than two consecutive losses (all on daily/weekly) since I started trading this method in February. When I get two straight losses, I usually notice that one of the trades was not a great setup. Maybe it went where I thought it would, but it didn't reach my first tp, and then reversed. Maybe it didn't even hit the first PPZ...My actual strategy calls to stop trading for a period if I have an 8% drop from the top (like a personal circuit breaker). Then I have a list of things to go over, backtest, etc followed by writing a review of the situation.

This is just my opinion, and of course, I am still learning. I still only trade 1-2%/trade because I know that there is still a possibility that I can have 10 straight losses DESPITE them being great setups. But I also feel that this method allows for us to become even more picky in our trade selection when we are on a losing streak. In all my planning, trade entry, and trade managment, I've always had this thought in the back of my head:

Treat trading as a business.

Do that, and I don't think you can go wrong.

Josh
  • #35,779
  • Jul 1, 2009 4:40pm Jul 1, 2009 4:40pm
Hi all

There is a (almost) DBLHLC on my daily EUR/CAD chart.

The 1.6350 weekly ppz goes back to 1999! And we also have confluence with a descending Trend-Line and 61.8 Fib from last swing high.

The close is almost, but not quite, below the low of the previous bar, but I think it has a good chance of heading south...

Any thoughts?
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  • #35,780
  • Jul 1, 2009 4:56pm Jul 1, 2009 4:56pm
Quoting Headless
Hi all

There is a (almost) DBLHLC on my daily EUR/CAD chart.

The 1.6350 weekly ppz goes back to 1999! And we also have confluence with a descending Trend-Line and 61.8 Fib from last swing high.

The close is almost, but not quite, below the low of the previous bar, but I think it has a good chance of heading south...

Any thoughts?
Hey Headless,

I passed on this one and I'll explain why.

The question I ask myself is, "Why such a long lower tail?" Why couldn't price stay near those day lows? Well... it bounced off 1.62. If you strike a line right at 1.62, you may find it holds as a very good PPZ... Therefore, the price actually closed Above the PPZ, thus invalidating the setup for me, despite the nice touch of the downward trendline.

Good post Headless.

Just my 2.
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