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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

  • #37,621
  • Jul 15, 2009 8:51pm Jul 15, 2009 8:51pm
Mike,
Thanx for graphical explaination. This is the specialty of this thread.
Mahesh
Quoting mbqb11
You can't as much denote a consolidation via a pip amount because different pairs, move different(atr and whta not). Basically when you look at your chart, any chart you can see price starts to box off into consolidation. If price goes from left to right and looks all choppy. Welcome to consolidation

Here is a chart with blue boxes being consolidation. Notice the variance in size of the consolidation, and how fluid it can still be

Best
Mike
  • #37,622
  • Jul 15, 2009 8:51pm Jul 15, 2009 8:51pm
Quoting tac
I have never traded a large account so I am speculating, but I don't think psychologically you would feel the same about having $100 per pip vs $0.50 per pip on the table.
Look forward to the time when Pips are not the target.

Account Growth{micro Mini or FULL}+$ is the target.
All that is mentioned in these Forums should be considered as...
"Yes... But will it increase my cargo...?"

btw. this thread will.
  • #37,623
  • Jul 15, 2009 8:59pm Jul 15, 2009 8:59pm
just 4 hours+ of sleep for me.... no problem

Quoting g_j_hook@yah
lol, u miss my point SC, if i am risking 2% on one trade, i am not going to start risking 10% just so i can take some profits earlier. if i got in a trade and it started to trend my way (on whatever TF your looking at) then i want to capitalize on that by adding more when the PA allows. you dont need to be a master scaler to do that!! lol i just use the same kinds of pa that got me in in the first place.
exactly what i meant by "master" scaler (using good S/R, PPZs etc). sorry i should have said "experienced scaler" (saying "master scaler" is pretty "harsh" even on me & others, lol)

Quote
.....if i think price will reach my 2nd TP with as much conviction that i had that it would reach my first then why close any?...
if i got your point correctly. u can look at it in another way... if u indeed have much conviction or see high probability in a TP/s getting hit, then why not enter intended full position (example 10 lots) right at the onset instead of scaling in (example, 4 lots initial then scaling in with 3 + 2 + 1 lots = 10 lots). most of the time, imho, scaling in misses a lot of pips caught by a full position trade.

Quote
i am starting to prefer to just put my stop really tight if i am worried it may reverse on me( 10=15 pips). At least that way if it does go further it will pay well and if it doesnt then no problem with a tight SL i wont be giving much back either.
yes, this is 1 way of doing it.

I hope i got your point & i made sense...
u see i was already very last night & i'm still now...
  • #37,624
  • Jul 15, 2009 9:02pm Jul 15, 2009 9:02pm
hello soh,

consolidation is a subjective term for most new traders and its why so many fail early.

consolidation is rarely subjective to someone who understands simple bar analysis and side to side support/resistance. I DID NOT SAY TREND LINES.

consolidation is a gold mine to me.

consolidation is where new traders get into drawdowns and loss after loss after watching profit after profit go up in flames because they do not care to understand side to side support and resistance.

consolidation to me is simply a way to daytrade off of a daily chart while waiting for a break of the consolidations support and resistance. if it does not break i get stopped at breakeven or a small profit which is fine.

HOPING FOR A BREAKOUT AND ALLOWING A HUGE DRAWDOWN AND THEN A HUGE LOSS AFTER YOU HAD VISUAL CONFIRMATION OF A FAILED BREAK OF SUPPORT OR RESISTANCE WILL KILL YOU EVERY SINGLE TIME. THERE IS NO CHANCE THAT ANYONE WILL EVER SUCCEED AT THIS WITH THAT APPROACH TO TRADING.

jacko understands this. check his stuff out for a slightly different approach but when it comes down to brass tacks everyone must learn this.

im stirring the pot a bit i guess but its important to me so im gonna keep stirring.

wish i could post a chart.

jim



Quoting Sohail786
@James


"NO ONE HAS EVER MADE IT IN THIS BUSINESS WITHOUT SOME RELIABLE METHOD OF TRADING CONSOLIDATION AT EITHER BREAKEVEN OR BETTER".


how do i determine whether we are in a range market of trending market?

do you mean a tight range e.g. 200 - 300 pip range or a larger range say 500-600 pips

sorry for the dumb question, but its always confused me as to what traders mean by ranging market.

thank you for the golden nuggets

sohail786
  • #37,625
  • Jul 15, 2009 9:03pm Jul 15, 2009 9:03pm
Sorry for asking further again. Does anyone know how were those reversal patterns (Pinbar, DLHC, BOVB etc.) with the particular setup and entry/exit requirements derived by James16? Is it based on pure experience/observation/statistics or there is a quantitative logic behind?

Many thanks
  • #37,626
  • Jul 15, 2009 9:04pm Jul 15, 2009 9:04pm
keep on keeping on my good friend.

jim

Quoting LasVahGoose
I do not have a large account by any means, but just going from 10 cents / 50 cents a pip to a whole dollar changed what I look for and how I trade. I'm more patient then when I started and a bit more picky. I'm sure when I go from 1 dollar a pip to 10 I'll be even more patient and more picky. I don't know how long it will take before trading 100 a pip, but I'm working on getting to that point, one day at a time.
  • #37,627
  • Jul 15, 2009 9:05pm Jul 15, 2009 9:05pm
Ehrrr... Can you say "BOOKMARK" Post # 37628

Don't lose this one folks. Not if you intend to do this $hit in a profitable manner.
  • #37,628
  • Jul 15, 2009 9:06pm Jul 15, 2009 9:06pm
"(note: this isnt meant to be harsh. questioning things is good, thinking about things for yourself is very good... but thinking you know better than what all the experienced guys are telling you is not.)"
This is very close to page 1 material
  • #37,629
  • Jul 15, 2009 9:12pm Jul 15, 2009 9:12pm
oops i forgot.

Bemac knows it also.

heck a lot of you know this.

knowing what we know is why we help people here.

right???

for 5 years i have been beating the drum.

it does not bother me at all that some question what i say.

its like an old friend after 5 years.

early on i used to shout profanities at posts here.

now i smile and say a little prayer.

i hope this person will give what i say a chance.

if he/she will they actually have a chance.

thats just how i feel folks.

its not an ego thing at all.

jim


Quoting Bemac
Ehrrr... Can you say "BOOKMARK" Post # 37628

Don't lose this one folks. Not if you intend to do this $hit in a profitable manner.
  • #37,630
  • Jul 15, 2009 9:20pm Jul 15, 2009 9:20pm
Jeez Jim:
I didn't mean to make you hit "The Shift Key"

Call me b
  • #37,631
  • Jul 15, 2009 9:20pm Jul 15, 2009 9:20pm
Quoting Bemac
.......
NOTICE:
My Risk is Rising on a Pip Scale.
My Lock is Also Rising.
My Chart has now moved from the 1Min to {perhaps} the 15Min.
If this keeps up I could be on the Daily Chart before tommorow....
thanks Sir.
to me, this was a very visual explanation & insight.


Quoting Bemac
Look forward to the time when Pips are not the target.
Account Growth{micro Mini or FULL}+$ is the target....
Glad to see an affirmation.
  • #37,632
  • Jul 15, 2009 9:20pm Jul 15, 2009 9:20pm
Quoting stoli7188
.........Chris
PS - went skydiving for the second time today ---- awesome.
Chris,
as im still very , i honestly have not read this post, except for this part which i really liked.
Nice post!


Quoting ghous
Yup surely! Great location just like you pointed out...nice quick release of the spring too...
it always feels a little DIBS-y to me, when i see charts like this.
I think jarroo & or Bemac can relate.
  • #37,633
  • Jul 15, 2009 9:23pm Jul 15, 2009 9:23pm
the shift key is reserved for certain people.

usually my elders but not always.



Quoting Bemac
Jeez Jim:
I didn't mean to make you hit "The Shift Key"

Call me b
  • #37,634
  • Jul 15, 2009 9:27pm Jul 15, 2009 9:27pm
what is quantitative logic?

is that fancy lingo for all the times i lay shaking in the floor in the fetal position after losing next months trailer payment?

im serious.

help me out and i will try to answer.

Quoting kk007
Sorry for asking further again. Does anyone know how were those reversal patterns (Pinbar, DLHC, BOVB etc.) with the particular setup and entry/exit requirements derived by James16? Is it based on pure experience/observation/statistics or there is a quantitative logic behind?

Many thanks
  • #37,635
  • Jul 15, 2009 9:28pm Jul 15, 2009 9:28pm
Quoting stoli7188
...
PS - went skydiving for the second time today ---- awesome.
Looking forward to a post that reads...

PS - went skydiving for the LAST time today ---- awesome. I Made it.
  • #37,636
  • Jul 15, 2009 9:31pm Jul 15, 2009 9:31pm
Quoting james16
wish i could post a chart.

jim
He's one Jim.

#1. Bullish PB to top of consolidation.

#2. BEOB to bottom of consolidation.

#3. Bullish PB to top of consolidation, if it broke. (darn it.)

Wanting more pips then beyond the "Top" and Bottom" targets without protecting yourself is suicide.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #37,637
  • Jul 15, 2009 9:32pm Jul 15, 2009 9:32pm
i went up the taos ski lift today and almost wet myself.

i dont know why anyone would want to jump out of a perfectly good airplane.

you guys got more huspa than me for sure.

jim

Quoting Bemac
Looking forward to a post that reads...

PS - went skydiving for the LAST time today ---- awesome. I Made it.
  • #37,638
  • Jul 15, 2009 9:32pm Jul 15, 2009 9:32pm
Quoting supremeChaos
it always feels a little DIBS-y to me, when i see charts like this.
I think jarroo & or Bemac can relate.
never been at the DIBS as such so can't say...
I believe . . .
  • #37,639
  • Jul 15, 2009 9:34pm Jul 15, 2009 9:34pm
also look at the nice bar on about the 8th of june.

thanks o great climate czar.

Quoting jarroo
He's one Jim.

#1. Bullish PB to top of consolidation.

#2. BEOB to bottom of consolidation.

#3. Bullish PB to top of consolidation, if it broke. (darn it.)

Wanting more pips then beyond the "Top" and Bottom" targets without protecting yourself is suicide.
  • #37,640
  • Jul 15, 2009 9:35pm Jul 15, 2009 9:35pm
Quoting jarroo
He's one Jim.

#1. bullishPB to top of consolidation.

#2. BEOB to bottom of consolidation.

#3. Bullish PB to top of consolidation, if it broke. (darn it.)

Wanting more pips then beyond the "Top" and Bottom" targets without protecting yourself is suicide.
hehe, James has got himself a lot of hands.

personally i like to play these consolidation battle fields on lower time frames over the mini trends. It's easier and the profit/pips potential is roughly the same (talking strictly of choppy sideways markets on daily and above) except that it requires more experience of coarse.
I believe . . .
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