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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

  • #39,261
  • Jul 29, 2009 11:17am Jul 29, 2009 11:17am
Quoting fat_tom

Thanks again your posts always give us newbies a serious insight to trading!

Tom
Tom, no way you can consider yourself a newbie. In fact what you did many more "experienced" traders are not pulling off.

  • #39,262
  • Jul 29, 2009 11:27am Jul 29, 2009 11:27am
Quoting mbqb11
Tom, no way you can consider yourself a newbie. In fact what you did many more "experienced" traders are not pulling off.

LOL!!!!

2 months trading (7weeks J16 - 18% acct drawdown in first week alone before finding this thread... up 4% now including recouping the initail drawdown!!)

oh and £200 acct...

definently newbie...

Thanks tho!!!

Tom
  • #39,263
  • Jul 29, 2009 11:30am Jul 29, 2009 11:30am
Quoting rustyjeff
just to show what i mean by developing as a trader..


I am horrible at holding positions long term but I am trying to change that.
I do scalp.
I hate going negative..

but as a learning process I am demoing some trades. I will show you one.

Its not important to me weather this trade works or not but it is a lesson in sticking with the original plan till pa tells me otherwise.

I entered on the break of first pin & I thought this was a good area so wanted to give it some time....

good push down today.
1st target reached.
next area is 84 then 82.
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  • #39,264
  • Jul 29, 2009 11:39am Jul 29, 2009 11:39am
Quoting Jigsaw
BUOBs and BEOBs at confluence.





I put this down the main reason as being countertrend here as the reason why it failed, when your trading 1HR you have to be certain of super strong levels especially countertrend, you will get way more pinbars like this that fail out.

Shit happens and losses happen though, I trade hourlies and always am at 1:1 and my win rate lately hovers around 68-72%. So I mean losses happen, I am never concerned about pinbars failing or stuff failing once I have my rules. I am more concerned about staying disciplined...

Okay that's what I was thinking too but wanted to see it. Yep it's easy stuff and it's funny to see ppl thinking 20+% a month is not real lol. Maybe not for them but most people are wrong in the market anyway.
Keep taking CT trades, I need more money
  • #39,265
  • Jul 29, 2009 11:48am Jul 29, 2009 11:48am
Hi ya Everyone..

just wanted to get some input to see if i'm starting to get the jist of this..

weekly chart- now bouncing off strong resistance 1.0750.. looking for a reversal..

daily chart- reversal bar..bouncing off strong weekly support..MACD divergence..next resistance 1.10..

cheers..

Adrian
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  • #39,266
  • Jul 29, 2009 11:57am Jul 29, 2009 11:57am
Quoting aarangio
Hi ya Everyone..

just wanted to get some input to see if i'm starting to get the jist of this..

weekly chart- now bouncing off strong resistance 1.0750.. looking for a reversal..

daily chart- reversal bar..bouncing off strong weekly support..MACD divergence..next resistance 1.10..

cheers..

Adrian
Hey Adrian

Your analysis is fine, but I would just be careful that bar is not a traditional reversal bar(j16 style). We would call in a neutral bar here. This is definitely a prime area to look for a trade, but I think waiting for more clear signals is the better plan

Best
Mike
  • #39,267
  • Jul 29, 2009 11:59am Jul 29, 2009 11:59am
Quoting ghous
Kissing the next major support zone,

Through this and 1.4's next...



Ghous.
Quoting jarroo
Also at the bottom of the daily consolidation. UsdChf
Quoting jarroo
Which is at the top of the daily consolidation, with some bearish divergence.

I think your on to something ghous.
I knew you were on to something ghous.

Daily BEOB on the Euro and Daliy BUOB on the Swissy. Both with some divergence, Fib confluence and round numbers.

Its nice have a 4 hour bearish PB confirming into a Daily BEOB on the Euro.
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Indicators show the past. Price Action "Indicates" the future.
  • #39,268
  • Jul 29, 2009 12:03pm Jul 29, 2009 12:03pm
Quoting mbqb11
Hey Adrian

Your analysis is fine, but I would just be careful that bar is not a traditional reversal bar(j16 style). We would call in a neutral bar here. This is definitely a prime area to look for a trade, but I think waiting for more clear signals is the better plan

Best
Mike
Cheers Mike....

I took me £55 profit and ran after reading that!!

I'll get there one day!!

Adrian
  • #39,269
  • Jul 29, 2009 12:16pm Jul 29, 2009 12:16pm
Quoting rustyjeff
just to show what i mean by developing as a trader..


I am horrible at holding positions long term but I am trying to change that.
I do scalp.
I hate going negative..

but as a learning process I am demoing some trades. I will show you one.

Its not important to me weather this trade works or not but it is a lesson in sticking with the original plan till pa tells me otherwise.

I entered on the break of first pin & I thought this was a good area so wanted to give it some time.

It went to 1st supp as you would expect & this is where i normally...
Quoting rustyjeff
good push down today.
1st target reached.
next area is 84 then 82.

Very nice jeff.

Just wanted to highlight more on the strength of the 87.00ish level. Its a very heavy confluenced level. PPZ level, 61.8, RD, 150 ema, with the down trend . . . wow, anything else?

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Indicators show the past. Price Action "Indicates" the future.
  • #39,270
  • Edited 12:54pm Jul 29, 2009 12:24pm | Edited 12:54pm
Quoting kk007
Wow... How can you do this?

There are so many possible PPZ obstacles in the middle. How did you break them all???

Also, the pinbar you used, also have the nose outside the left eye a bit.. haha!

How did you make them allow you taking profit???

haha... you must teach me all these..
Simple,

By devising a plan and sticking to it.

A nice pin bar (maybe not by the pip but if you know this stuff well you would know it was tradable) which was headed into a traffic zone with lot's of minor ppzs...

Took some profit earlier on and moved my SL quickly to BE when the trade was at +35, leaving price to do what it wants in a space which would not allow it to hurt me in anyway.

Another day price would have bounced off any of those red lines you mentioned Kk and would have got me out, but it's sweet to have days when price busts through a traffic zone with authority and never looks back.

Sometimes you just need to let price do what it wants to in a strong escape proof caging with MM wiring....

....because again entry and exit can never play a role as important as your money management and individual psychology lining up with your personal inclinations.

Ghous.
I believe . . .
  • #39,271
  • Jul 29, 2009 12:32pm Jul 29, 2009 12:32pm
Quoting jarroo
Very nice jeff.

Just wanted to highlight more on the strength of the 87.00ish level. Its a very heavy confluenced level. PPZ level, 61.8, RD, 150 ema, with the down trend . . . wow, anything else?


absloutely.. Its these reasons I realy want to ride this down..

wife has just be online shopping again....
  • #39,272
  • Jul 29, 2009 12:36pm Jul 29, 2009 12:36pm
Quoting rustyjeff
absloutely.. Its these reasons I realy want to ride this down..

wife has just be online shopping again....
lol better double that lot size bud
  • #39,273
  • Jul 29, 2009 12:45pm Jul 29, 2009 12:45pm
This is public service - be very careful, you could end up like this:

Inserted Video




Quoting Jigsaw
Management Games : Any of the Sims, Railroads, Roller Coaster Tycoon 3 (A lot lately) Civilisations, Football manager 2009 is prob my fav. Any game that can be paused before bars close = great for trading.

I used to play left4dead and teamfortress2 but it's hard to concentrate on trading when your in the middle of capping the flag. What would happen is I would wake up at 6AM, it would be a S U P E R S L O W London open and then I'd nearly forget about the charts lol.
I'm pretty much done with all this ...
  • #39,274
  • Jul 29, 2009 12:48pm Jul 29, 2009 12:48pm
Quoting StoragePro
This is public service - be very careful, you could end up like this:



HAHAHAHAH
  • #39,275
  • Jul 29, 2009 12:49pm Jul 29, 2009 12:49pm
Quoting jarroo
I knew you were on to something ghous.

Daily BEOB on the Euro and Daliy BUOB on the Swissy. Both with some divergence, Fib confluence and round numbers.

Its nice have a 4 hour bearish PB confirming into a Daily BEOB on the Euro.
.
I believe . . .
  • #39,276
  • Jul 29, 2009 12:51pm Jul 29, 2009 12:51pm
Quoting StoragePro
This is public service - be very careful, you could end up like this:

http://www.youtube.com/watch?v=-jBKKV2V8eU


(effaced an emoticon from Sto's post to accommodate 5 laughing A$$es.)

Jeez...
I believe . . .
  • #39,277
  • Jul 29, 2009 12:52pm Jul 29, 2009 12:52pm
Hey guys,

Just want to update on my demo on dallies. First 2 trades were winners at 4.4% (total). I placed my first trade on 23/07/09, so that's a week roughly.

Could I have squeezed out more of these trades? (with the same risk @2%), sure that's what analysis of your trades is about. I have annotated all my charts before and after and put them on my journal. Exits are something that take practice and that is what I am doing.

I have a long way to go, but is always good to get of to a good start, thanks to J16,MQ,SL etc, for helping me last over 6 months in this game without blowing an account or losing hope.

Regards

Mark
I hear and I forget. I see and I remember. I do and I understand.
  • #39,278
  • Jul 29, 2009 12:58pm Jul 29, 2009 12:58pm
Quoting StoragePro
This is public service - be very careful, you could end up like this:

http://www.youtube.com/watch?v=-jBKKV2V8eU




Hilarious..
  • #39,279
  • Jul 29, 2009 12:59pm Jul 29, 2009 12:59pm
Quoting tac
Hey guys,

Just want to update on my demo on dallies....
Great going Tac,

Your progress doesn't need a separate post to be highlighted.

Kindly refrain from posting unnecessary stuff.

Ghous.
I believe . . .
  • #39,280
  • Jul 29, 2009 1:34pm Jul 29, 2009 1:34pm
Quoting ghous
Great going Tac,

Your progress doesn't need a separate post to be highlighted.

Kindly refrain from posting unnecessary stuff.

Ghous.
Ok Im sorry Ghous, Ill just stick to posting my losers, anyway im off on holiday, tomorrow (vacation for the Americans :-p) for 2 weeks, Greece.

Im hoping there is a setup tonight that I can put on and let it run for 2 weeks, come back from holiday and......
I hear and I forget. I see and I remember. I do and I understand.
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