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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

  • #35,941
  • Jul 2, 2009 3:07pm Jul 2, 2009 3:07pm
I closed my position with a 20 pip profit. I closed the position because price did not move as I expected. I expected price to get rejected at the 1.9 area which did not happen. I now expect the 1.9 area to act as support for a retest of the 1.93 area.

Scott

Quoting dengzhi
anyone still holding the GBP/CAD?
maybe i should have taken my profits already but that daily pinbar setup the other day just looked too good to resist, i'm in this one for the long haul.
  • #35,942
  • Jul 2, 2009 3:10pm Jul 2, 2009 3:10pm
Quoting Ryanmcd
I did the S&P or spooz for years on the 3min charts and made good money, left when the range started to get 6 points lol and have been doing this now for a few years. I can trade any markets really it's all the same, this is new so I will do this for a while and ya I do mess with the S&P some from time to time
Ahaa... thats what spooz means!! lol i was gonna ask aslo but forgot!
thanx
PATIENCE... DISCIPLINE
  • #35,943
  • Jul 2, 2009 3:13pm Jul 2, 2009 3:13pm
Quoting g_j_hook@yah
4h pinbar on fiber,
i like the location,that big round 140 number price keeps bouncing off, but the bar could be longer so has it bounced once too many?? price is in a fairly strong uptrend though and there is some bullish divergence on both macd and rsi. i see res. at 140.50 and 141 so it would have to be played pretty tight.
any feed back welcome
jon
Not trying to influence you either way. I can't get in long yet with what I see. My 4hr candle closed 12 min ago.

K.I.S.S.
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  • #35,944
  • Jul 2, 2009 3:53pm Jul 2, 2009 3:53pm
Quoting KissFan
Not trying to influence you either way. I can't get in long yet with what I see. My 4hr candle closed 12 min ago.

K.I.S.S.
yeah i got that feed with alpari. to be honest its getting too late for me to baby sit this one if it does break so im gonna pass .
thanx for your input bro
jon
PATIENCE... DISCIPLINE
  • #35,945
  • Jul 2, 2009 4:11pm Jul 2, 2009 4:11pm
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.
After proving this to myself through lots of testing, I've decided to follow this logic as well and not take partial profits any longer. The results made the decision for me.

Josh
  • #35,946
  • Jul 2, 2009 4:27pm Jul 2, 2009 4:27pm
Quoting Jduester
After proving this to myself through lots of testing, I've decided to follow this logic as well and not take partial profits any longer. The results made the decision for me.

Josh
I think the expectancy goes up playing it bobs way, but the variance definitely goes up too. If you have a family to feed, bills etc, probably not a bad idea to get the more consistent approach even if giving up some cash in the process. Just my 2 cents on that
  • #35,947
  • Jul 2, 2009 4:29pm Jul 2, 2009 4:29pm
Quoting Jlr
If you have a family to feed, bills etc, probably not a bad idea to get the more consistent approach even if giving up some cash in the process. Just my 2 cents on that
A large base helps too.

OH NO I DIDN'T!!!!

Size matters.
I'm pretty much done with all this ...
  • #35,948
  • Jul 2, 2009 4:30pm Jul 2, 2009 4:30pm
Great opportunity here.

2 IB off PPZ

Too bad it's only on demo...

Patience, Josh. Your time will come.

Great posts this afternoon. I love when we get people with great, but varied experience on this thread. Ryan recently and now Bob. It gives us a whole new perspective. Those that put the time in to understand everyone will come out way ahead.

I plan to stay flat through Sunday night now. (got stopped out on last 1/3 of AUD/JPY... my last partial profit for at least a month... gotta see how full profit taking plays with my psychology...).

2.17% gain on the month (7/10) daily/weekly only. Not great, but hey it's black. Getting better each month anyway.

Happy 4th everyone.

Josh
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  • #35,949
  • Jul 2, 2009 4:33pm Jul 2, 2009 4:33pm
Quoting Jlr
I think the expectancy goes up playing it bobs way, but the variance definitely goes up too. If you have a family to feed, bills etc, probably not a bad idea to get the more consistent approach even if giving up some cash in the process. Just my 2 cents on that
In my case, the risk will still be taken off the table at the same point. Therefore price will need a smaller move to get me the same R:R...

But as you say, we aren't robots (at least I'm not). I want to see how my emotions are affected by having more b/e trades and no small profits. It's all on a small account, so won't be affecting my meal sizes anyway.

Josh
  • #35,950
  • Jul 2, 2009 4:38pm Jul 2, 2009 4:38pm
Quoting Jduester

Patience, Josh. Your time will come.

2.17% gain on the month (7/10) daily/weekly only. Not great, but hey it's black. Getting better each month anyway.

Josh
2 to 3% on daily/weekly ain't bad at all. When consistency is achieved, and you are comfortable, then you can move down to the 4hr or 1hr and prosper. Watching the account inflate little by little - while you are learning - is killer goodness. Contrary to popular opinion, account blowouts do NOT have to happen. Blowouts happen more often than not, but we all know how it occurs, so we have a good shot at avoiding that pain. It has been done.

I like the line from the movie "Stand and Deliver". The Calculus teacher kept saying "Step by Step". Yep, that'll do it.
I'm pretty much done with all this ...
  • #35,951
  • Jul 2, 2009 4:58pm Jul 2, 2009 4:58pm
Quoting Jduester
In my case, the risk will still be taken off the table at the same point. Therefore price will need a smaller move to get me the same R:R...

But as you say, we aren't robots (at least I'm not). I want to see how my emotions are affected by having more b/e trades and no small profits. It's all on a small account, so won't be affecting my meal sizes anyway.

Josh
I wish I was a robot, the emotional side of the game is really underrated I think. I notice also when I spend to much time on the computer, and I don't sleep as much as I should be sleeping, or I sleep weird hours and wake up at midnight, I trade far far worse. Also trading with more then I was comfortable with, bad move. Might not effect most people, but was really doing me no good.
  • #35,952
  • Jul 2, 2009 5:04pm Jul 2, 2009 5:04pm
Hey Josh,

It's very hard at beginning. The emotions play a role very important.
If you will trade taking full profits you can't expect a large movement or all your trades ends in BE.
You can trade daily and Weekly like Jarro's style with tight stops, but get out in the first PPZ like James16(Jim) does. So you only stay awake until your stop is BE and put a limit order to take profits. And when you wake up you will see your trade BE or in profit, but not in red.

And then if you have a plan, you can trade the retracement(rac setup) a another breakout or continuation.

See the last post of rac in GBP/USD.


IMHO
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #35,953
  • Jul 2, 2009 5:05pm Jul 2, 2009 5:05pm
Quoting Jlr
I wish I was a robot, the emotional side of the game is really underrated I think. I notice also when I spend to much time on the computer, and I don't sleep as much as I should be sleeping, or I sleep weird hours and wake up at midnight, I trade far far worse. Also trading with more then I was comfortable with, bad move. Might not effect most people, but was really doing me no good.
You read my mind Jlr. Trading DIBS and 4hr this week was tough on the sleep pattern. I didn't take any live trades, but I could tell I was moody and fatigued. I'm putting DIBS on the backburner for at least a few weeks anyway (mainly to get a more sound strategy and learn more about breakouts).

So far, I'm thinking that missing the noon CT 4hour bar wouldn't be a bad thing. I haven't seen much on it thus far (granted only a few days). Then I could sleep midday for a good while and take a 'nap' in the evenings to still be up my midnight (2hrs before London open).

We'll see...

Josh
  • #35,954
  • Jul 2, 2009 5:20pm Jul 2, 2009 5:20pm
Quoting Jduester
You read my mind Jlr....
For me it was more then being tired. I felt like after working my butt off, staying up late, etc, that I was almost owed cash. When a trade went wrong, after working so hard and staying up late, I'd really get bothered by it. It would carry over for days at a time, and really affect my trades throughout the week. Only when the weekend came did I actually get my act together again, then I'd usually have a nice few days going into the next week, and bam, 1 bad trade repeat cycle. Probably went on for a few months before I realized it, and decided I needed to change things up. Now I trade smaller, don't watch the charts nearly as much, relax more in general, it really helps me. You seem like a professional though, you probably won't have the same problems I did in that regard, I guess I am just ranting
  • #35,955
  • Jul 2, 2009 5:30pm Jul 2, 2009 5:30pm
Quoting SeekingLight
So much stuff happened..

I jotted some of this down, looks interesting in a chapter sort of way..

I really liked Jim's charts and I have to agree with Mike on that one trafficked GBPUSD PB, it was really a breakout-retest play. I charted it when it occured as well and saw the TL underside, seeing it "naked" I'd go eww, that was, like, sideways. Perspective can make so much of a difference.
I just made a video about how trading any given moment is more about the general situation things are in rather than just the bar and I think this is related...

Post 13579. Read it. do it. do it now. do it.
I dream, therefore I become.
  • #35,956
  • Jul 2, 2009 5:33pm Jul 2, 2009 5:33pm
Bob

Hello to you and here is the dumb ? of the day.How do you determine the trend direction.i can see for example i see often that Daily is clearly up but 4Hr is down using 50sma so please assist this paddy.

Thanks Gerard
  • #35,957
  • Jul 2, 2009 5:41pm Jul 2, 2009 5:41pm
Quoting gasgas
Hey raczekfx

I saw you sell Eur today on that chart...and you were right. How come you went short after DBLHC?? I actually went Long and was stopped with some loss.

Thanks
S&P, dow and crude, all gave me signal to sell fiber and cable.
I don't really give much attention to dblhc at trend high. If my system tells me sell, I will do so, regardless of what everyone is saying. I have faded quite a few news guys yesterday. These guys never quit....lol



Quoting raczekfx
Some very good info here folks for short term traders Take your notes... .
I can identify with it. It's simple, yet very effective.


.
This trade was based on what Bob added here today...
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  • #35,958
  • Jul 2, 2009 5:52pm Jul 2, 2009 5:52pm
Quoting SeekingLight;
...I know this has been pointed out before, but I just wanted to say this again as it's always a bit shocking to me how it still works to draw people despite basically already disclosing everything publicly. It makes me realize that there's more to learning than just the "book" you're supposed to read for class and that the actual confrontation with "classroom and teacher" and whole "school community" may have a lot more to do with it than the actual material.
It fits in quite well with this that I'm noticing just how much value there is in a direct feedback for those people who do struggle, as not everyone manages the x thousand pip runs right off the bat
Something you might have taken for granted may turn out to be just what they needed to hear to give them that thing to break them on through to the next point, or the simple "investing in yourself to show yourself what you really want" may more than anything be what makes it worth it.
Anyhow, I'm still a bit woozy in the head, so dunno if I am making too much sense.

Btw, Ryan twice already pointed out what others and I have been trying to say several times as well, and this blends in with the situation comment up there: be aware that going WITH the main move after a retrace e.g. makes it MUCH more sexy for your setups rather than trying to stem the tide with a less than super ideal bar. I usually try going with things after turning points, but that also means I have to figure out where those are likely to be as well. Mike does it with breakouts, Ryan on the 5m, we all have our ways, but we also all have an idea what to look out for and what the situation is.

Anyhow. Here's some chaptering...(followed by links)

Thanks Mike. As always, you have great words of experienced wisdom...

Lots of great linked posts here guys.
  • #35,959
  • Jul 2, 2009 6:12pm Jul 2, 2009 6:12pm
Quoting Jduester
Thanks Mike. As always, you have great words of experienced wisdom...

Lots of great linked posts here guys.
My man, those weren't my words of wisdom- I was just kinda quoting starsky and hutch..do it. Those were SL's. That guy is a genius imo and a lot of what he writes/wrote is golden here. Find it and digest it. You'll be better for it.
I dream, therefore I become.
  • #35,960
  • Jul 2, 2009 6:17pm Jul 2, 2009 6:17pm
Quoting mike w
My man, those weren't my words of wisdom- I was just kinda quoting starsky and hutch..do it. Those were SL's. That guy is a genius imo and a lot of what he writes/wrote is golden here. Find it and digest it. You'll be better for it.
Yes, I understand, lol. But you found those words of wisdom to be applied to what we were talking about now. Not an easy task in 35K of posts...

Great movie btw. Might have a dance off in a wedding I'm in this weekend.

Josh
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