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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

  • #39,201
  • Jul 28, 2009 11:18pm Jul 28, 2009 11:18pm
Quoting ghous
Which one LVG?

I might have missed it sorry...

No biggie, I was just saying you made a nice trade and I was kicking myself for exiting early on the same trade. It moved another 100 pips or so. NEXT.

http://www.forexfactory.com/showpost...ostcount=39114
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #39,202
  • Jul 28, 2009 11:21pm Jul 28, 2009 11:21pm
Quoting aLLerGic
Hello everyone,

What do u all think Of EJ for now?? Comments Pleaase.

aLLeRGiC
Hey allergic! There is nothing going on around here
There is some room to go south, but everything got to be approved by a valid PA IMO

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  • #39,203
  • Jul 28, 2009 11:46pm Jul 28, 2009 11:46pm
Quoting TiaForex
Great to see you here today Jeff. I learn a lot from you.

And I echo everything you say. My time in the research and development part of this business outnumbers my live trading time by over a hundred to one. I have four different demo accounts in which I am forward testing ideas that I have put through a backtesting process. I have some index cards of things I want to try when i have time.

I really enjoy the learning part. And by the time something gets to the stage where it goes live, I usually have confidence and it's fairly effortless. Then...

There are not enough hours...

I am going to throw something outthere that I know goes against conventional thinking here in ff. ready..

I dont backtest any new idea.. Yep, not at all..
I tried it & for me it doesnt give me the same emotion or feel as fwd testing does.. So for me it takes a long time to test a new idea. I only demo it real time & take it from there.

It helps me see if i am personally suited to the plan or not, usually real quick.
For me the main part of trading is all Physc, mental.... If it doesnt suit me or my life then i stop.
Hey Aaron hows the Ashes going for you...
  • #39,204
  • Jul 28, 2009 11:48pm Jul 28, 2009 11:48pm
Quoting Almfx
Hey allergic! There is nothing going on around here
There is some room to go south, but everything got to be approved by a valid PA IMO

Attachment

Thanks for the reply, IM on it since 135.62 yesterday, and get problem logging internet in my home. When i check it, It goes down teribblely. and now im still hold it. Im confidence it will goes up for covering some pip and i will closed it down later.
  • #39,205
  • Jul 29, 2009 3:31am Jul 29, 2009 3:31am
Quoting supremeChaos
ghous,
Thanks, absolutely no worries on my end.
I'm always cool. & i can always handle tough/ungracious/less cordial forum members.
I'm from Asia, i offered him a "late-night/midnight snack" (was very late, past 3AM to be exact, i was very sleepy, still i went out of my way to reply to him; i even praised him & patted his back for a profitable trade) then i get his last post in my "breakfast plate". in short, a "good karma/pay it forward" post got a ungracious post/reply in return.
And we love you for that.

And BTW don't take LVG so hard here lol. He (or she maybe) is a good guy and an oldie at this thread, like I said it must have been a misunderstanding or something...

anyways forget it.

Ghous.
I believe . . .
  • #39,206
  • Jul 29, 2009 3:32am Jul 29, 2009 3:32am
Quoting rustyjeff
Thanks for the kind words, & yes I still laugh at that pm you sent me, cause it reminded me of me.... I have it saved by the way...

BUT to let you know i'm off again on thursday... bloody mates.. keep paying good money to sail their boats for them.. HA.. this is only 1 day though. from ft lauderdale to stuart florida. be back for asia sesiion. i hope....
Thursday's like tomorrow man,

can't the voyage wait a bit?
I believe . . .
  • #39,207
  • Jul 29, 2009 3:34am Jul 29, 2009 3:34am
quite a few whipsaws on yen and $ crosses...

something turbulent is cooking out there...
I believe . . .
  • #39,208
  • Jul 29, 2009 3:42am Jul 29, 2009 3:42am
Many thanks Luso, You were actually spot on it re-traced and took me out !

will be bit more patient with these 1h one, thanks again



Quoting Luso
Great one...

In the future, try to be careful with this late session 1h formations... I got burnt sometimes in the past with this kind of trades...

regards
  • #39,209
  • Jul 29, 2009 4:47am Jul 29, 2009 4:47am
Quoting aLLerGic
Thanks for the reply, IM on it since 135.62 yesterday, and get problem logging internet in my home. When i check it, It goes down teribblely. and now im still hold it. Im confidence it will goes up for covering some pip and i will closed it down later.
Looks like the trade goes your for bit, hope everything goes fine with you (I like your confidence)
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  • #39,210
  • Jul 29, 2009 5:29am Jul 29, 2009 5:29am
Quoting rustyjeff
There are not enough hours...

I am going to throw something outthere that I know goes against conventional thinking here in ff....
I don'tthink it's against conventional wisdom at all. The better I get at this the less I backtest an idea. It's just to give me a little confidence that I know what I'm doing and understand the system. I don't backtest a thousand trades and calculate expectancy or anything like that because, well, everyone's the best discretionary backtester in the world.

I've also adapt my forward testing time depending on hoew different the system is from how I already trade. I've discovered that "scaling in" to live testing is better than three months demo and then a switch to live. I start live sooner now but initially with the smallest position size possible. Just suits my psych.

It's also one of my psych flaws to want to be a "good boy" and "do it like teacher so that teacher approves". Stops me adapting and finding my own way. Been working on getting over that and doing what works. Botttom line is as long as we treat it like a business and give it the respect it deserves we'll be okay. No 5M charts for me for a few years if ever, but that's just me.

As for the Ashes, it's happy happy joy joy here. One test up, 3 to play, second starts tomorrow. Perfect thing to do in between chart time. If we can survive the loss of Pietersen I'll be crowing come September....
  • #39,211
  • Jul 29, 2009 6:28am Jul 29, 2009 6:28am
looks like a nice pin? just wondered what any thoughts were for possible targets other than the 7830 level
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  • #39,212
  • Jul 29, 2009 6:37am Jul 29, 2009 6:37am
I have this very nice H1 pinbar failed. It pierces a major S/R. Any comment?
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  • #39,213
  • Jul 29, 2009 6:40am Jul 29, 2009 6:40am
salisa,
looking exclusively at your chart,
the bar highs/mini-PPZ around 78.40-60, then 79. then check for PPZs/ S/R on Daily/weekly (ideally u have plotted these prior your trade/s)
  • #39,214
  • Edited 7:00am Jul 29, 2009 6:46am | Edited 7:00am
thanks sc... also would this type of pattern be a cup and handle or is that totally irrelevant?!

meant to say the C&H pattern on the daily
  • #39,215
  • Jul 29, 2009 6:49am Jul 29, 2009 6:49am
No trades on the dailys this week so far or late last week for that matter...

oh well just a bit slow I guess or am I missing something?

<... slips back into the reeds...>

Tom
  • #39,216
  • Jul 29, 2009 6:54am Jul 29, 2009 6:54am
kk007,
1. the "PB" has closed below the PB bar's open & seemed to have closed below the previous bar's low instead of within the previous bar & above the PB bar's open. & depending on where u place your entry, this PB barely triggered. in short, this was technically not a PB. Do review the PriceActionSetups.pdf
2. this is the H1 chart. H1 & below charts are "faster" charts compared to the recommended H4 & up charts. it takes a lot of practice & experience to trade below H4 charts.
3. u have entered the "pause period" of a downtrend which started on yesterday's H4 PB/PB-ish (depending on your MT4 broker). that PB has a high of around 1.4302 (around 8 H4 bars ago). in other words, the PB was nullified by the strong downtrend. this PB was not a reversal PB, but a "pause PB".
hope this helps..
  • #39,217
  • Jul 29, 2009 7:00am Jul 29, 2009 7:00am
salisa,
im really not sure. it may be relevant, nothing to laugh about.
there are certain patterns that recur in all markets.
examples are Igrok's version of diamond pattern, & the several patterns (Bucket pattern, etc) taught & used by BillyRayValentine. in your spare time, these 2 have their own threads here in FF which u could visit. Don't take my word for it.... just go check them out & see if these threads suit u. (I do)
  • #39,218
  • Jul 29, 2009 7:07am Jul 29, 2009 7:07am
fat_tom,
i believe Sir mbqb11 earlier today/yesterday said July was a slow month for him & he's trying to be very patient too. so i guess u are on the same boat with the Best!
if i remember your financial situation correctly, i know that u are not in a circumstance wherein u are forced to make too many trades/u are in a hurry to make profit. if that is correct, then i highly suggest that u stick with your current plans/strategies & stay patient. if u are trading dailies, & are comfortable & profitable in it, then stay with it. this way, u wont create any mistakes/financial mess.
We all feel you. Most people here go through the same process as yours, so u are not alone.
if u have no Daily trade setups to consider/monitor, stick with this thread, practice &/or do something productive trading related or not.
  • #39,219
  • Jul 29, 2009 7:18am Jul 29, 2009 7:18am
Quoting Jigsaw
I've seen Mike trading the 5Min a couple of times . . .

(I know what you traded last summer)

@Ryan

Last three/four weeks since my summer holidays started I've been trading the 5Mins for at least twelve hours a day. Before that I just did it an hour here and there. Rollercoaster tycoon and other management games are a good way to get through it for me on spare screens .

I mostly trade outside bars on the 5Min, and I am a 1:4 R:R ratio man like yourself (Although my risk is normally .5 so no mad return days...

I never looked at the outside bars as it seems you would take on more risk due to a bigger stop, throw up a chart if you dont mind of a few.
Keep taking CT trades, I need more money
  • #39,220
  • Jul 29, 2009 7:20am Jul 29, 2009 7:20am
Quoting supremeChaos
fat_tom,
i believe Sir mbqb11 earlier today/yesterday said July was a slow month for him & he's trying to be very patient too. so i guess u are on the same boat with the Best!
if i remember your financial situation correctly, i know that u are not in a circumstance wherein u are forced to make too many trades/u are in a hurry to make profit. if that is correct, then i highly suggest that u [u]stick with your current plans/strategies & stay patient. if u are trading dailies, & are comfortable & profitable in it, then stay with it. this way, u...
SupremeChaos,

Yes you are right I am effectively demoing with a tiny acct.. and nice to know I'm in good company with Mike here!!

However I believe I am learning by doing no trades.... learning patience!!!!

Oh and I am being productive (or at least my Boss thinks so.... )

at least when I'm not on here that is!! LOL

happy trading all

Tom
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