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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

  • #36,001
  • Jul 3, 2009 5:28am Jul 3, 2009 5:28am
Quoting bobability
It's all about the percentage 'y'all..
Hello Bobability,

Wow, missed the fireworks from your posts yesterday... I like your style of not sugarcoating and the fact that you are provocative which I welcome. It is a good thing to pull crystallized idea from under the rug and make one think of things in a new way. Having said all that you have also come in here and upset the "established order" a bit but are you just a rebelrouser or somewhat who is going to commit himself to helping others as you stated earlier. In either case I am ok with it but please either start your own thread (I will be there) or fall in line with the stuff here. I see no point in continuing challenging what the premise of this thread is about. In other words... "take a sh..t or get off the pot".

Thank you for sharing
Unus pro omnibus, omnes pro uno
  • #36,002
  • Jul 3, 2009 5:28am Jul 3, 2009 5:28am
Quoting bobability
It's all about the percentage 'y'all..
Hi Bob, thanks for the chart. Its interesting to see how traders finnese entries, particularly looking at the 2 touch support low risk entry. I think when people get good there are more opportunities that are low risk like these that can be traded.
  • #36,003
  • Jul 3, 2009 5:30am Jul 3, 2009 5:30am
Quoting Basber
How Is This PB ? Small Nose, Ha ? Or It's OK ?

Regards,
Basber
Cons outweigh the pros for me on this Basber...

pros
- off 0.80
- with minor trend

cons
- not really a swing high.
- you have those bar highs that are right at the break of the pin.
- US holiday getting underway.

My 4hr looks much more bullish/sideways... could work though...

Just my 2. Josh
Attached Image
  • #36,004
  • Jul 3, 2009 5:33am Jul 3, 2009 5:33am
Quoting stewrigh
Bob,

I really really hope this isn't a HS(hindsight) trading method.

No curve fitting bs from me fella, the trades are there, you can't fit them to suit your needs, it's as easy as that once you get your thought process heading in the right direction.

Why else would I be planning a realtime trade room for the future?
Private Ryan is saved.
  • #36,005
  • Jul 3, 2009 5:49am Jul 3, 2009 5:49am
Quoting bobability
It's all about the percentage 'y'all..
nice chart Bob and nice trading. its good to see you posting something constructive.
jon
PATIENCE... DISCIPLINE
  • #36,006
  • Jul 3, 2009 5:51am Jul 3, 2009 5:51am
[quote=bobability;2848483]I thought about my own thread, but to be honest at this stage I'm happy to stay here as you all seem to want to learn, and I don't need centre stage.
A real time enviroment wouldn't be a thread, it would be a live trading room, but that's a while away, I need to teach you the basic methods firsts.

---can u plz show us your loss trades...n plz explain them why did u took a loss on them..

i assume u take losses some times...

cheers mate...
(nice approach BTW)
  • #36,007
  • Jul 3, 2009 5:55am Jul 3, 2009 5:55am
Quoting Jduester
Cons outweigh the pros for me on this Basber...

pros
- off 0.80
- with minor trend

cons
- not really a swing high.
- you have those bar highs that are right at the break of the pin.
- US holiday getting underway.

My 4hr looks much more bullish/sideways... could work though...

Just my 2. Josh
Thanks For The Reply Jduester. I Don't Wanted To Enter The Trade, Because Of The Symmetrical Triangle In My Chart ...
The Think I Like To Ask You Or Anyone Else Is That Why Is There Sometimes A Huge Difference Between Different Brokers ? I Know The Reason, But Is This Normal ? Because You May See A Pattern Or A PA That Many People Don't See It. It's More Common On Cross Currencies. So We Should Deal With It Or Is There A Solution ? I Should Add That I Analyze With 4 Different Meta Brokers, And I Use Another Broker For My Live Trade. So 5 Brokers ... That May Filter Some False Moves By Some Brokers. Any Idea ?

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #36,008
  • Jul 3, 2009 5:56am Jul 3, 2009 5:56am
Quoting Trader131
Ok it hasn't triggered yet, but there are several pros:

nice looking pinbar
at 61.8 fib retracement
perfect touch of trendline through minor ppz


First TP just 0.8590 just below PPZ and monthly pivot (if it triggers!)

Cons
Hasn't triggered yet
Possible resistance at 0.8565

Views anyone?
Carl

EDIT: apologies for the cci's at the bottom and all the ma's- old habits die hard!
hi Trader131, nice trade mate, that exactly the third touch i am looking to trade. i didnt get a pinbar on my feed but a I2B setup which could have offered me some good R:R but i missed the trade.
Do your self a favour and get rid off the garbage!! you obviously dont need it!! ( bet you dont even use them!!??)
cheers
jon
Dale was this one for you!?
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PATIENCE... DISCIPLINE
  • #36,009
  • Jul 3, 2009 6:00am Jul 3, 2009 6:00am
Quoting arsa
Well, you're so right and so wrong at the same time

you can make a living with just 1 pair - can't agree more.

But look at the other hand, of you can check your charts once a day - you trade daily, if you can check charts 6 times a day you check 4h and daily.. etc.

James16 is a busy guy so his system is made to fit his needs. There's nithing wrong with lower TFs, he said that too once. And people who gather here should expect that its meant for higher TF than 1h.

At the same time, if you'll start a thread on trading lower TFs based...
Bust that myth guys,

Jim has made himself good money on the lower time frames, he's mastered DOW on the lowers...he just won't talk abt it much here because he knows the worth of learning on the higher time frames first, and that this thread entertains mostly the newbies.

Mike only in his last few posts mentioned that trades on daily and weekly consist of a small proportion of his total trades for a given period.

Bob is right in that big money is still with the lower time frames but then such a battle field is only for the pros, lightning quick reflexes and rock solid instinctive decisions take a lot of your time to hone enough to add to deposit cash in our account on a regular basis.

Regards,
Ghous.
I believe . . .
  • #36,010
  • Jul 3, 2009 6:02am Jul 3, 2009 6:02am
Quoting bobability
No curve fitting bs from me fella, the trades are there, you can't fit them to suit your needs, it's as easy as that once you get your thought process heading in the right direction.

Why else would I be planning a realtime trade room for the future?
It's great having you in the thread, contributing positively Bob. Studying your stuff already. Hope you don't get too turned off by all the questions thrown out at you... many still looking for a the holy grail...not realizing that PA is it...

Put in the time to study guys. This stuff can be dirt simple. I'm not fully there, but I do see the light, that's for sure...

The only feather ruffling I see is/was you bashing the daily timeframes. I can vouch for starting on daily/weekly timeframes, because that is how I started 6 months ago. It takes time to develop patience, as well as study the methods. If new(er) traders are constantly looking at 1 hour charts, then they aren't able to put in the time to:
1. read this thread
2. learn PA from candlestick websites
3. backtest
4. learn about sound money management and position sizing
5. write out a trading strategy, including entry, exit, and money management criteria
6. develop patience and learn oneself (and one's tendencies when trading)...

I'm guessing here, but maybe you are assuming that traders have already learned the above stuff before they start trading on 1hour charts, which as has been pointed out, can be a big time commitment in itself. I like the website you put up from 'fxwords'. There are several other great sites, including Bulkowski's. http://thepatternsite.com/CandleEntry.html

Once you have this sound foundation, moving to lower timeframes is much much easier. Good patterns jump out at you. You recognize how to manage them, where the trouble spots might be and plan your trade accordingly.

Can only comment because this is what I do/did...and it works for me. I've never seen someone run before walking...

Josh
  • #36,011
  • Jul 3, 2009 6:06am Jul 3, 2009 6:06am
Quoting ghous
Bust that myth guys,

Jim has made himself good money on the lower time frames, he's mastered DOW on the lowers...he just won't talk abt it much here because he knows the worth of learning on the higher time frames first, and that this thread entertains mostly the newbies.

Mike only in his last few posts mentioned that trades on daily and weekly consist of a small proportion of his total trades for a given period.

Bob is right in that big money is still with the lower time frames but then such a battle field is only for the pros, lightning quick...
Sounds like we wrote the same post Ghous! Newbies are told to start on dailies for a reason. It's not to slow them down from becoming a millionaire (or whatever they want to become)...

Happy trading Ghous. Josh
  • #36,012
  • Jul 3, 2009 6:07am Jul 3, 2009 6:07am
Quoting Trader131
it's broken- I'm in! Not on the plane yet.. taken a small slice off here at 8563 and moved stop to 8540
"This stuff is dirt simple folks"...James16

It takes quite some time to understand the essence of these golden words from the master man.

he sure will be pleased to see you accomplish this at only a few posts under your name. It's ppl like you and the efforts that you pool in to embrace the help provided on this thread that makes our day. I am sure anybody here would be glad to see this trade of yours...

At good locations the really obvious trades work and they work HARD! This was yet another occasion where the art proved it's worth!

Would really like to ask you...what did you find to be extremely difficult in taking/managing this trade?

Regards,
Ghous.
Attached Image
I believe . . .
  • #36,013
  • Jul 3, 2009 6:09am Jul 3, 2009 6:09am
[quote=faltuuse;2848543]
Quoting bobability
I thought about my own thread, but to be honest at this stage I'm happy to stay here as you all seem to want to learn, and I don't need centre stage.
A real time enviroment wouldn't be a thread, it would be a live trading room, but that's a while away, I need to teach you the basic methods firsts.

---can u plz show us your loss trades...n plz explain them why did u took a loss on them..

i assume u take losses some times...

cheers mate...
(nice approach BTW)

Yeah of course I get losers, not many though TBH, here's a trade now that could lose on the chart, i like to see the next bar or two to trigger the trade rather than further along, ( I chose it as an example) let's see how it turns out. The most I will lose is my % which is 1%, you could do 0.5% no problem, as my method is in the 80 odd % accuracy range so you wont get that many losers IF you're applying it. So you could start at say 0.5% then work to 1% or higher, it depends on your risk tolerance, but with these trades you can get 3/4/5 times reward to your risk so really you don't need to go over 1%.
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Private Ryan is saved.
  • #36,014
  • Jul 3, 2009 6:16am Jul 3, 2009 6:16am
Ahh forgot to add, my trade plan actually concentrates on risk free trades, that includes getting to what i call free trades at an acceptable level, this way really cuts down on your losses alone.

Right will back later as I'm loading up trades, have an expensive wife to maintain. We are all slaves to the women, but don't be a slave to the Market!
Private Ryan is saved.
  • #36,015
  • Jul 3, 2009 6:19am Jul 3, 2009 6:19am
[quote=bobability;2848595]
Quoting faltuuse


Yeah of course I get losers, not many though TBH, here's a trade now that could lose on the chart, i like to see the next bar or two to trigger the trade rather than further along, ( I chose it as an example) let's see how it turns out. The most I will lose is my % which is 1%, you could do 0.5% no problem, as my method is in the 80 odd % accuracy range so you wont get that many losers IF you're applying it. So you could start at say 0.5% then work to 1% or higher, it depends on your risk tolerance, but with these...
hi Bob can you explain your reasoning on this trade? this is one i wouldnt have taken , poor bar shape and running into the 96.00 level. was it the HH that persuaded you??
cheers
jon
EDIT: i forgot to ask if you ever go to lower TFs to look into your setups before you enter ?
PATIENCE... DISCIPLINE
  • #36,016
  • Jul 3, 2009 6:29am Jul 3, 2009 6:29am
Quoting Jduester
The only feather ruffling I see is/was you bashing the daily timeframes. I can vouch for starting on daily/weekly timeframes, because that is how I started 6 months ago. It takes time to develop patience, as well as study the methods. If new(er) traders are constantly looking at 1 hour charts, then they aren't able to put in the time...

Josh
Good point Josh, on the other side it's important to make clear, that you won't make big money trading the dailies if you got a small account. It's simply the truth, however you manage it, if you get 2-3R per month on average on the dailys trading pinbars you're pretty much at the end on that timeframe. Now if you got a million dollars you can make a good easy living out of this, yes.

But most traders got around 20-30k when they start and if you don't want to bet the house you won't make this into something you can make a living in any time.

And I can tell you why, and you probably realised that already.

On daily charts you get not enough A+ trades that have the potential to make a lot more than the initial risk. It simply doesn't happen that often, and it's quite clear why. On a 1h-chart or 4h to some extend you often will see those bars trending like there's no tomorrow on a regular basis. If you're in then you'll make a lot of money. How often do you see that on daily charts? Every few months...it's that simple.

Sure you very often get 0.5R or even 1R out of those daily trades, yes. But if you got 10k and risk 1% per trade that's leading you nowhere. At the end of the year you'll have made 25% maybe...now you got $2500 more...and yes if you do that long enough then one day thanks to compounding you'll have enough money to make a living.

But from that perspective, as a newbie, you somehow might have to start from dailies to stop being an idiot in your trading. But then you have to go down to the lower timeframes...then once you got the big bucks like ryan you can go back to where you started the cycle completes....
  • #36,017
  • Jul 3, 2009 6:30am Jul 3, 2009 6:30am
Quoting bobability
Ahh forgot to add, my trade plan actually concentrates on risk free trades, that includes getting to what i call free trades at an acceptable level, this way really cuts down on your losses alone.

Right will back later as I'm loading up trades, have an expensive wife to maintain. We are all slaves to the women, but don't be a slave to the Market!
Would you mind to give us some details regarding your plan? When do you move to breakeven? When do you get out? That's much more interesting than entries in some way...
  • #36,018
  • Jul 3, 2009 6:34am Jul 3, 2009 6:34am
Quoting bobability
No curve fitting bs from me fella, the trades are there, you can't fit them to suit your needs, it's as easy as that once you get your thought process heading in the right direction.

Why else would I be planning a realtime trade room for the future?
Sounds good - looking forward to it.

GL
  • #36,019
  • Jul 3, 2009 6:52am Jul 3, 2009 6:52am
Quoting bobability
No curve fitting bs from me fella, the trades are there, you can't fit them to suit your needs, it's as easy as that once you get your thought process heading in the right direction.

Why else would I be planning a realtime trade room for the future?
Bobability,

Well, it looks as if the "established order keepers" have no problem with your contribution here.. so I am looking forward to your contribution.. By the way, this realtime trade room... is this out of the kindness of your heart or is it going to be for those that can pay you for your hard earned knowledge? You are certainly entitled to charge... but since you are hinting in that direction...why don't tell us.

Thanks
Unus pro omnibus, omnes pro uno
  • #36,020
  • Jul 3, 2009 6:58am Jul 3, 2009 6:58am
Quoting moneda
Bobability,

Well, it looks as if the "established order keepers" have no problem with your contribution here..
Thanks
I'd love to get more of this. Brings some fresh wind which is a good thing...I also don't see any conflicts.
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