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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

  • #36,741
  • Jul 8, 2009 11:29am Jul 8, 2009 11:29am
Quoting unlv_tj
I disagree, but I appreciate your kind words and the time you devoted to me to type them.

The reason I disagree, is I read this thread nonstop....
OK so just caught up. If you tested out that you want your stop below the left eye and it works, then you take your loss and move on. No biggie. I personally didn't see much confluence there and that plus a small bar and us moving down quite strong on the 4hr would keep me out of that trade. I personally post losses all the time, you are right trading is damn hard and easy at the same time. It's hard until you see the lights all come on and then you say "damn that was so much easier then I was making it out to be". Of course the journey there can be a difficult one and usually is for most of us.

You also are correct there is much more to this then entries, I don't think that was ever disguised. I made a recent post about trade mgmt for those that are interested, search my name

Best
Mike
  • #36,742
  • Jul 8, 2009 11:33am Jul 8, 2009 11:33am
thanks buddy,

jim

Quoting SeekingLight
Congrats Jarroo, but don't start singing and stripping to "It's getting hot in here, so take off all your clothes.."


Enjoy your trip Jim and try not to spoil the bears, they'll be wandering into bars instead of streams next and you know how they love to hog the nachos and always eat all the pretzels!

My very best
  • #36,743
  • Jul 8, 2009 11:37am Jul 8, 2009 11:37am
Quoting Ryanmcd
find something that works for YOU

It's seems we are back to the "Has to be hard" to make money again, I am not that smart that's why I just use PB's and throw the RSI and BB on it because it's what I understand, no need to add more crap to it
I agree.
That's really the bottom line(the very first line).
It's been dozens if not hundreds of times that this has been said and for good reason. I am repeating this almost every (other) week.

It took me quite a while to "get this", but in the end one needs to wake up, stop discussing the infinite possibilities of how one COULD be trading and instead pick something, work/research hard and get to it.
I've been reminded of trying to "overthink" and overcomplicate this along the way many, many times, from several people.
Rightfully so, but that's how my character works. One has to find ways to cope and get around it.

Consequently:
Don't be shocked or anybody take this the wrong way, but around the time I stopped diverting my main energy into discussing theory in threads, fighting all those that appeared to be "doing it wrong" and simply realized this: "What the heck am I doing? What I really need to actually be doing is take care of MYSELF to get my learning ahead. I KNOW what needs to be done(after observing these things on the chart a million times), so I need to re-focus on the DOING.", the learning took off.
(The "doing" obviously ALSO included NOT hopping to ANY other system anymore until I really felt I had a "core" down to begin with)

Let's be absolutely brutal for a second:
Nobody at your broker house cares whether you have the best argument, are verbally or theoretically right or have a great say on any matter in a forum.
They will only give you money if you net pips - and that's it.

We need to realize when we are creating a diversion from our own selves (and protect us, refocus, get back on track etc pp. I've advocated this "self watch" or taking care of yourself several times as I think it's tremendously important).
Trust price. Know yourself.
  • #36,744
  • Jul 8, 2009 11:40am Jul 8, 2009 11:40am
Quoting SeekingLight
They will only give you money if you net pips - and that's it.
Hey Man this is WHY we miss you posting here
  • #36,745
  • Jul 8, 2009 11:44am Jul 8, 2009 11:44am
Quoting raczekfx
... I hear you.
NFA might look into it soon

I wish they would, would keep the markets a lot more stable. I just think when I get in how many $500 accounts I keep absorbing LOL
Keep taking CT trades, I need more money
  • #36,746
  • Jul 8, 2009 11:46am Jul 8, 2009 11:46am
Quoting Rainmaker
Hey Ryan,
thanks for posting this. It ended up as a loss, but who cares. Point here is the setup fit the criteria, so we take it. If it works out, we never know, but what we do know is that we´ll be ahead over a series of trades. The one before it worked out nice btw.

RM

Yep I forgot about the loss and am looking for my next trade, numbers game over and over.
Keep taking CT trades, I need more money
  • #36,747
  • Jul 8, 2009 11:47am Jul 8, 2009 11:47am
Yes you would, But there are people like me that want a chance in this market. An opportunity. In my country $500 is two months of salary......


Quoting Ryanmcd
I wish they would, would keep the markets a lot more stable. I just think when I get in how many $500 accounts I keep absorbing LOL
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #36,748
  • Jul 8, 2009 11:51am Jul 8, 2009 11:51am
[quote=SeekingLight;2859562]
Consequently:
Don't be shocked or anybody take this the wrong way, but around the time I stopped diverting my main energy into discussing theory in threads, fighting all those that appeared to be "doing it wrong" and simply realized this: "What the heck am I doing? What I really need to actually be doing is take care of MYSELF to get my learning ahead.
quote]


LOL my brother said the same thing to me, Why help random people try to get good so they can take your money? He said it's like him telling the casino's how he beats them and he has a good point. I am doing 1hr /4hr stuff now with the trend that seems to be working great, also adding into winning positions and that is what I have been trying to get too the past few years, when you can get into a position and add into it maybe 3-4 times then the winners may make 20% off a 2% risk but you have to be able to stick it out.
Keep taking CT trades, I need more money
  • #36,749
  • Jul 8, 2009 11:53am Jul 8, 2009 11:53am
Quoting mbqb11
I still remember when I got involved it was 50k minimum and standard lots. The entrance of the more "retail" side makes position granularity AWESOME for compounding though

I did the S&P FULL contract, I think it was $500 a point lol, e-mini was later on @ 50$ a point if I remember correctly
Keep taking CT trades, I need more money
  • #36,750
  • Jul 8, 2009 11:54am Jul 8, 2009 11:54am
I think James is off to his trip now so I can finally roll this out for you guys.

THIS WILL LAST ONLY TILL HE GETS BACK SUPPLY LIMITED - NEVER LET THE BEAR GET YOUR STOP AGAIN
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  • #36,751
  • Jul 8, 2009 11:55am Jul 8, 2009 11:55am
Quoting Ryanmcd
I did the S&P FULL contract, I think it was $500 a point lol, e-mini was later on @ 50$ a point if I remember correctly
The funniest thing is reading all the books from not even that long ago. That try to teach you how to MM around this problem. Cause a few ticks is a boat load of money on a 50k account. I prefer the playing field the way it is now
  • #36,752
  • Jul 8, 2009 11:57am Jul 8, 2009 11:57am
[quote=Ryanmcd;2859634]
Quoting SeekingLight
Consequently:
Don't be shocked or anybody take this the wrong way, but around the time I stopped diverting my main energy into discussing theory in threads, fighting all those that appeared to be "doing it wrong" and simply realized this: "What the heck am I doing? What I really need to actually be doing is take care of MYSELF to get my learning ahead.
quote]


LOL my brother said the same thing to me, Why help random people try to get good so they can take your money? He said it's like him telling the casino's...

That's not very charitable of you Ryan! At least you're doing the 1 and 4hr as I pointed out, glad to help, LOL.
Be and do the opposite to what people expect.
  • #36,753
  • Jul 8, 2009 11:57am Jul 8, 2009 11:57am
Quoting Ryanmcd
Man, I wish they would require 25k to enter forex, it would take out a lot of the $500 1/2 ass traders in this market and clean the forums up and maybe then people would try harder or at least be a little smarter.

Oh please man....bite your toung........LOL

I'd be totally screwed if that were the case. There are those of us who hide quietly in the background while learning what's being taught and do very well as a result. I know, I'm one of them.....
Ghost Rider - WWTBMD?
  • #36,754
  • Jul 8, 2009 11:59am Jul 8, 2009 11:59am
[quote=Bobstar;2859662]
Quoting Ryanmcd


That's not very charitable of you Ryan! At least you're doing the 1 and 4hr as I pointed out, glad to help, LOL.
How's Phillip these days, still RSI comboing it?
Be and do the opposite to what people expect.
  • #36,755
  • Jul 8, 2009 12:01pm Jul 8, 2009 12:01pm
[quote=Bobstar;2859667]
Quoting Bobstar

How's Phillip these days, still RSI comboing it?

Ya that's a damn joke, Also the 1hr is nice, more trades and I just look at it when I am around. Do you ever do the addin to them? Only problem I see if if you get 4-5 positions you have to keep it tight because a full boat can really screw you if you dont do the stops right.
Keep taking CT trades, I need more money
  • #36,756
  • Jul 8, 2009 12:02pm Jul 8, 2009 12:02pm
Quoting mbqb11
The funniest thing is reading all the books from not even that long ago. That try to teach you how to MM around this problem. Cause a few ticks is a boat load of money on a 50k account. I prefer the playing field the way it is now
Or when you see the orders come in, run your stop, then they closed it out LOL, e-mini is WAY better and in fact I don't know anyone that trades big that has problems getting filled, even with 1000 contracts.
Keep taking CT trades, I need more money
  • #36,757
  • Jul 8, 2009 12:03pm Jul 8, 2009 12:03pm
[quote=Bobstar;2859667]
Quoting Bobstar

How's Phillip these days, still RSI comboing it?

Also I had some people PM me about how to get into contact with you LOL I guess you can still sell snake oil to people that don't know, but I bet you cant make too much if they use free charts and have a $50 account haha
Keep taking CT trades, I need more money
  • #36,758
  • Jul 8, 2009 12:05pm Jul 8, 2009 12:05pm
Quoting unlv_tj
Thank you dmc...

"Something that Jaroo taught me is the bar break stop, whcih would still keep you in this trade with reduced risk. After the bar breaks put your stop behind the bar that breaks it, that way if it is not a momentum setup you will be stopped out with lower risk, because to be hionest you dont want to be in a low momentum setup on the 4hr IMHO"

The bar broke and then was slammed down 50 pips below its previous low, so this would not have worked either.

This stuff is damned tough.
Always better to stick with A+ setups... This was not one of those I am afraid. On my feeds I work with it was not a valid PB. (the eyes need to be inside the previous bar and they weren't) It was not in a nice location either - trading into a Round number and some old resistance in a newly established downtrend to boot. No divergence on either the MACD or RSI (pick you weapon)

Everything was working against this one. Everything.

The place to have gotten in was yesterdays 8HR PB. I liked that one, and am loving it today. (thanks for the coin!)
I'm pretty much done with all this ...
  • #36,759
  • Jul 8, 2009 12:07pm Jul 8, 2009 12:07pm
Quoting billye
can trade at 1$ a point now via cfd...

ahh must be something new, are the spreads .25?
Keep taking CT trades, I need more money
  • #36,760
  • Jul 8, 2009 12:14pm Jul 8, 2009 12:14pm
Quoting billye
oh, spreads was not cared much since on higher time/frame.

now in open market fxsol is 0.6point/900$ position (cfd)
fxcm is 0.8point/45000$ position (cfd)... still less than 0.1% round trip

fxpro can trade emini sp500 sep at 900$*5=4500$ position size
spread is 0.25point and commission is 1.5$ for 4500$ position

Ya that's not too bad .25 is still better on the e-mini and when you are scalping 2-3 pips that spread adds up.
Keep taking CT trades, I need more money
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