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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

  • #35,901
  • Jul 2, 2009 11:04am Jul 2, 2009 11:04am
Bob,
Quote
Bob quote : Edit : There's even a trade I missed, can you spot it?

Sorry, I can't spot it clearly......

Thanks

Angel
  • #35,902
  • Jul 2, 2009 11:05am Jul 2, 2009 11:05am
Quoting Angel65
Hello Bob, Ryan, Ghous,

Very very interesting subject..................

Following the famous adage stating 'trend is your friend" :

1) how else could we define what a trend really is ?
2) By using a moving average, trend lines, oscilators...etc.....?
3) On which time frame if you trade the 4 hours for example ?

Thanks for your attention,

Happy trading,

Cheers

Angel
hi Angel, i personallymainly use the the old classic...higher highs and higher lows for an uptrend and lower highs and lower low for a down trend.
hope this helps.
jon
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PATIENCE... DISCIPLINE
  • #35,903
  • Jul 2, 2009 11:05am Jul 2, 2009 11:05am
Quoting uncle gromit
Not something I'm very clear with but is this a possible 8H PB rejection from the 0.8600 level ?
Absolutely.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #35,904
  • Jul 2, 2009 11:09am Jul 2, 2009 11:09am
Just wondering why James16 hasn't taught all you guys lower time frame stuff like this, you don't need to stare at 30 fx pairs, 4 will do, or start with 1, you will still earn. All that large account bollox is demeaning really. You can start a micro account and build up my friends. I will gladly show James16 a better way to trade too, better money management, as I feel he could trade so much better if he let's go of the 'large account' mentality.

I was even thinking of starting some type of live trading arena. Will look into it if enough interest.
Private Ryan is saved.
  • #35,905
  • Jul 2, 2009 11:18am Jul 2, 2009 11:18am
Quoting djambazov84
hi there,
I find your approach very intuitive and easily digestible. I have two questions though if you dont mind.

1. When looking at a possible entry do you also use volume in conjunction with what you already see on the chart to strengthen your conviction to enter the trade ?

2. As far as profit taking goes, I am 99% sure that you take partial profits along the way, but how would you determine that the current H1/H4 trend is begging to abate? Would you go to lesser time frames ?

Thank you in advance !

1: Volume on FX is dodgy, I don't use it.

2: (i) Never ever take partial profits, it makes no sense. Why fizzle out a profit when you take the lot by trailing?

(ii) If you trade the 1 hour to enter, exit by the 1 hour, same for 4 hour, why complicate things?

Hope that helps.
Private Ryan is saved.
  • #35,906
  • Jul 2, 2009 11:18am Jul 2, 2009 11:18am
Quoting bobability
Just wondering why James16 hasn't taught all you guys lower time frame stuff like this, you don't need to stare at 30 fx pairs, 4 will do, or start with 1, you will still earn. All that large account bollox is demeaning really. You can start a micro account and build up my friends. I will gladly show James16 a better way to trade too, better money management, as I feel he could trade so much better if he let's go of the 'large account' mentality.

I was even thinking of starting some type of live trading arena. Will look into it if enough interest....
sure Bob, go for it. You can open up your own thread and show everyone what you do.

As for better MM, most MM ideas are convoluted to make a trader think they are more effective. %R is simplistic and effective if you have any sound edge in the market place. And to also keep the facts right on this thread, James does teach lower timeframes, again his process is about HOW to get yourself there without having to drive yourself out of this business. James simply speaks about having a large account will change the way you trade. 10cents vs 1000$ a pip is very different and will make you a more disciplined and PICKY trader.

Best
Mike
  • #35,907
  • Jul 2, 2009 11:19am Jul 2, 2009 11:19am
Quoting bobability
Just wondering why James16 hasn't taught all you guys lower time frame stuff like this, you don't need to stare at 30 fx pairs, 4 will do, or start with 1, you will still earn. All that large account bollox is demeaning really. You can start a micro account and build up my friends. I will gladly show James16 a better way to trade too, better money management, as I feel he could trade so much better if he let's go of the 'large account' mentality.

I was even thinking of starting some type of live trading arena. Will look into it if enough interest....

lol, my mentor asked me how much cash I had, I said 10k he said 3-5min to build. If I had 10 even 20k and did dailys it would take YEARS to build up and I would of not made it. What I think James wants to do is have people learn this stuff before they try to trade but I say let them crash and burn like I did, it works and EVERYONE I know who has traded has blown up at least 1 time even WITH a mentor.

I also would bring up MM and no one would ever go over it really on the charts, just kept showing setups and charts over and over LOL, I dont give a shit about a winner, show me how you manage a loser and what about compounding and such. I got something that works great and it took a few years to get it down as far as trailing / building into a trade, no one really covers that ever. That alone will tell you we have very few if ANYONE that plays big money.

If you are taking a 200 pip stop for a 30 scalp not sure how that works lol
Keep taking CT trades, I need more money
  • #35,908
  • Jul 2, 2009 11:19am Jul 2, 2009 11:19am
Quoting bobability
1: Volume on FX is dodgy, I don't use it.

2: (i) Never ever take partial profits, it makes no sense. Why fizzle out a profit when you take the lot by trailing?

(ii) If you trade the 1 hour to enter, exit by the 1 hour, same for 4 hour, why complicate things?

Hope that helps.
I couldn't agree with this more though
  • #35,909
  • Jul 2, 2009 11:19am Jul 2, 2009 11:19am
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
Quoting bobability
You can start a micro account and build up my friends.
Hi there Bob,

Interesting chart you posted there... still looking at it though. Actually I've been figuring out how to manage a micro account though. I'm interested to hear about your money management. Please continue to share your experience (:



LSs
  • #35,910
  • Jul 2, 2009 11:20am Jul 2, 2009 11:20am
Quoting Angel65
Bob,


Sorry, I can't spot it clearly......

Thanks

Angel

Angel my friend, don't worry, Racz marked them, actually there's a few but I only wanted one to be spotted. Just look at the shape of the ones I marked and slowly look down to see for any simular, you will get it.
Private Ryan is saved.
  • #35,911
  • Jul 2, 2009 11:27am Jul 2, 2009 11:27am
Quote
Just wondering why James16 hasn't taught all you guys lower time frame stuff like this

bobability,
i understand your sentiment, u are kind of out of the box, non-conformist type (like myself & some here) but i believe he avoided it intentionally as he is looking after the (ever-increasing) new traders in general.

Glad u are pumped up to make a lot of posts today
  • #35,912
  • Jul 2, 2009 11:28am Jul 2, 2009 11:28am
Quoting Ryanmcd
lol, my mentor asked me how much cash I had, I said 10k he said 3-5min to build. If I had 10 even 20k and did dailys it would take YEARS to build up and I would of not made it. What I think James wants to do is have people learn this stuff before they try to trade but I say let them crash and burn like I did, it works and EVERYONE I know who has traded has blown up at least 1 time even WITH a mentor.

I also would bring up MM and no one would ever go over it really on the charts, just kept showing setups and charts over and over LOL, I dont give...

LOL, I know exactly what you're saying there buddy.

Re blowing up an account, I'm sure with the correct mentoring and training one can learn to trade without a total blow out, sure you have lose, it's part of the game when you start out, but as you get more experienced its less and less, with the correct MM (which I know) trading just looks completely different, a loss is not a loss, you don't care, it's hard to put to words, but once you have got it, you know what I mean.

I will share more when the time comes but my finger tips need a rest.
Private Ryan is saved.
  • #35,913
  • Jul 2, 2009 11:29am Jul 2, 2009 11:29am
Quoting bobability
Angel my friend, don't worry, Racz marked them, actually there's a few but I only wanted one to be spotted. Just look at the shape of the ones I marked and slowly look down to see for any simular, you will get it.
Do you work at all with peak and trough progression in relation with price action to determine trades?
If not, it almost seems as if so. Just an observation. I've found on lower timeframes that P & T goes hand in hand with determining the trend quickly.
I dream, therefore I become.
  • #35,914
  • Jul 2, 2009 11:29am Jul 2, 2009 11:29am
Quoting supremeChaos
Glad u are pumped up to make a lot of posts today
Supreme if he passes your posts I will be impressed, now if he passes you buddylist then I will passout
Keep taking CT trades, I need more money
  • #35,915
  • Jul 2, 2009 11:30am Jul 2, 2009 11:30am
Quoting bobability
LOL, I know exactly what you're saying there buddy.

Re blowing up an account, I'm sure with the correct mentoring and training one can learn to trade without a total blow out, sure you have lose, it's part of the game when you start out, but as you get more experienced its less and less, with the correct MM (which I know) trading just looks completely different, a loss is not a loss, you don't care, it's hard to put to words, but once you have got it, you know what I mean.

I will share more when the time comes but my finger tips need a rest....

Sounds good Bob and I will check back later on.. Off to the gym
Keep taking CT trades, I need more money
  • #35,916
  • Jul 2, 2009 11:33am Jul 2, 2009 11:33am
Quote
Supreme if he passes your posts I will be impressed, now if he passes you buddylist then I will passout

Ryanmcd,

Let's see how far bob wants to take this.
  • #35,917
  • Jul 2, 2009 11:58am Jul 2, 2009 11:58am
Quoting jarroo
Absolutely.
Thanks for that Jarroo. Different data feeds, same result. I see you have 0.8500 marked up. Is it possible this level has been used and abused a bit too much recently and hence loses its value?
Never underestimate an idiot.
  • #35,918
  • Edited 12:14pm Jul 2, 2009 12:01pm | Edited 12:14pm
Quoting bobability
There you go, there's a lot of info on this chart, suck it up. You can succeed trading this way, it's piss easy.

Edit: There's even a trade I missed, can you spot it?

Is it really so easy? I had a week taking very average 5 min set ups, about a gazillion trades, and my account literally moved sideways. Maybe I am not good enough yet to manage them and pull max out of them, seemed like I was doing things proper though. After that I've been only looking to take great looking set ups and its been a lot easier. No losers in the last 2 weeks, my last loser was a e/u long that yieled 1:1 but got greedy.
Also whats the key part of your chart, with trend?
  • #35,919
  • Jul 2, 2009 12:13pm Jul 2, 2009 12:13pm
Quoting uncle gromit
Thanks for that Jarroo. Different data feeds, same result. I see you have 0.8500 marked up. Is it possible this level has been used and abused a bit too much recently and hence loses its value?
These big Round Numbers i.e., .9000, .8500, .8000, .7500 etc., will always have its value. Sure it may lose a little respect from time to time. But their respect from me I will always have.

For example, when Price cuts through the .8500 like a knife (chart 4H PB), it tells me more of the strength of the move then anything.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #35,920
  • Jul 2, 2009 12:37pm Jul 2, 2009 12:37pm
Quoting uncle gromit
Thanks for that Jarroo. Different data feeds, same result. I see you have 0.8500 marked up. Is it possible this level has been used and abused a bit too much recently and hence loses its value?
Also, you can say that this consolidation area (in green) is hanging around what area? The .8500 level. So some solid PA on the Daily away from this area, may not be bad at all.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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