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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

  • #40,161
  • Aug 6, 2009 12:09pm Aug 6, 2009 12:09pm
Quoting mbqb11
I personally ignore all news and don't even know when it is coming out. Again I think a lot of false facts are taught to us early on in our trading, that are best left at the door in the long run. Not saying some people don't use fundies or stay out for news.

Mike
Hi Mike,

You ignore news even when trading intraday? If so, I would be surprised to hear this.

kk
  • #40,162
  • Aug 6, 2009 12:10pm Aug 6, 2009 12:10pm
Thanks supremeChaos,

I will keep an eye on it, and see how bias it may be.

kk

Quoting supremeChaos
yes, it often does surprise, & comes with whipsaws & everything. that's why it's highly recommended to avoid trading during, & a few minutes/hours prior & after news releases.
but sometimes, the charts shows us a definitive bias minutes/hours/days before a big news release. S/R & PA reading come into play here.
& precisely why i specified that if u look back, u will have a handful of examples like the one Sir StoragePro (eurgbp chart) just shared with us.
  • #40,163
  • Aug 6, 2009 12:22pm Aug 6, 2009 12:22pm
Quoting kk007
Mike,

Hope you feel well now!

My PB trading result is poor. I have my fourth failed trades out of 5 now. Again the price just triggered my order and went all the way against me until hitting stoploss.

This is not a technically easy trading method at all for me.

Have to start over! Will see how to.

kk
Hey KK

i feel much better now thank you sir.

Yes it is not easy, nothing about learning to trade is easy. But in the end it is very easy and we say why did I over complicate, do this, that and the other. The posts proceeding your questions contained absolute gold. Just gold. Be sure to read them a few times, digest it, and come back to them every once and awhile. Those who helped you have been where you are, so we know what it is like. Stay open minded and don't get discouraged

Best to you
Mike
  • #40,164
  • Aug 6, 2009 12:23pm Aug 6, 2009 12:23pm
Quoting kk007
Hi Mike,

You ignore news even when trading intraday? If so, I would be surprised to hear this.

kk
Yep I ignore

I will know when NFP is(first friday of the month), and if there is a major interest rate announcement that people are holding on for. Even those I forget to check for anymore these days LOL
  • #40,165
  • Aug 6, 2009 12:23pm Aug 6, 2009 12:23pm
Quoting kk007
Cheers. Bundyraider,

I think the reason some expert level members here don't care much about R:R is that they are trading at a very high winrate (+90%), so even if they are making a 7:1 trade, they have a positive expected value. Nevertheless, I wonder if most of the consistent winners here are happy to trade in this way.

kk
kk - remember how r:R is calculated - by looking at results. Focus on refinement of understanding what trades are great trades, how to minimize risk once you are in a trade, and finally trade management.

But most of all, your own personal psychology will require transformation to pull this off.
I'm pretty much done with all this ...
  • #40,166
  • Aug 6, 2009 12:23pm Aug 6, 2009 12:23pm
Quoting benji533
Hi Tom,

Fibs from Low December 2000 to high July 2008, and high august 2008 to low January 2009.

@ Mike - Do you never play blind entries (not that I do, just general question lol).

Ben
Nope no blind entries for me here Ben

Mike
  • #40,167
  • Aug 6, 2009 12:30pm Aug 6, 2009 12:30pm
Quoting kk007
Mike,

Hope you feel well now!

My PB trading result is poor. I have my fourth failed trades out of 5 now. Again the price just triggered my order and went all the way against me until hitting stoploss.

This is not a technically easy trading method at all for me.

Have to start over! Will see how to.

kk
Hey kk

I am not a senior so I can not give you a lot but there is advice that might be important now though. I do not know if that is a problem but that was a problem in similar situation at the beginning for me when I struggled. I was trying to be like Mike. I was trying to replicate his way of trading. And when I saw that I am going totally wrong (not b/c Mike`s way of trading is wrong but b/c my perception of it is wrong) then I started to find my own way of trading based of every single trader here who has shared his method. Jim, Mike, Rac... I was backtesting back and forth till my eyes dried out... Almost though...
Then I got my a-ha and that was- I have to find my way. The way I feel comfortable and I can understand this method. Since then I am going in profit. It took a lot of time and PATIENCE... But I think that is the only way to be successful here...

I hope I am on the track here if not, tell me and I will delete this post!

Ed
  • #40,168
  • Aug 6, 2009 12:39pm Aug 6, 2009 12:39pm
Quoting ghous
We never do this...

"trade news based on technical analysis"

News has nothing to do with our trading because for our money where price is going is of far far more importance than why this is why stuff like co relations and news impacts stay out of our way...
Thanks Ghous - I was out in another ridiculous meeting...

kk - the point we are making is that when there is PA prior to a news announcement, that PA, will, more often than not, shine a very bright light on the eventual market direction.

GBPCAD PA from yesterday (2 bar PB) stands as a witness. You can agree or disagree, but I would prefer you get out the old news and line up PA prior to its release to what price actually did after release.

I think you'll be pleasantly surprised.

Check out John Carters book "Mastering the Trade". He has an outstanding section on this. It was my first revelation about the benefit of PA.
I'm pretty much done with all this ...
  • #40,169
  • Edited 3:13pm Aug 6, 2009 2:57pm | Edited 3:13pm
Quoting kk007
Mike,

Hope you feel well now!

My PB trading result is poor. I have my fourth failed trades out of 5 now. Again the price just triggered my order and went all the way against me until hitting stoploss.

This is not a technically easy trading method at all for me.

Have to start over! Will see how to.

kk
It's just simple amazing KK,

It's like me speaking a year ago...

truly amazing...

And hang on,
I have something to share...
Approx a year ago from today, I felt something very very close to what Kk just posted above...

This was a time when I had just begun my journey here with the J16 staff...

I had lost 6 consecutive pin bar trades on a live account,

I have a habit of "free writing" whenever I am not feeling normal, I.e when I am super happy or super sad or super exuberant or just feeling like superman.

This is what I wrote on a piece of paper, that I have with me and it will always remain with me, my biggest source of inspiration that came from within me.

A lot of personal stuff, from a mind exhausted, bruised, frustrated, depressed, and abt to give up beyond just trading...




"I've lost my 6th trade now, it's the 4th consective loss making month...Have I gone sick? me, no way....I am not sick. this was a great pin bar at a great location, it was at the ppz, it couldn't rob me of my money....this son of a bit$% just simple can't!! What I did I do wrong nothing! Or maybe these ppl are nuts, why does he have this cool air abt him all the time, this stupid jarroo...he thinks he's top!? he goes abt posting stupid range bound ugly pin bar trades and here I take this great looking pb on euro and it totally fu$$s me!!! there is something wrong with this system! God why did I have to leave Phillip to come to this so called naked trading, I am going to make one last post here and I am gonna bash everyone and their stupid system. to hell with naked trading, Phillip ain't giveing me anything either I just don;t give a damn, trading is not my piece of cake, I was better at online marketing, wonder what Max will think if he get's to know I am getting back into netwrok marketing, duh doesn't matter all of us can get carried away some times....I have to say I have spent the worst days of my life at this forex business. Just no goddamn system would work. And I think i was going to make a living of this one day. see my father smile at me as i share his financial burdens. see my mother being proud of me. see my younger sister going to the best school in town. You're a looser Ghous. All that you aimed for was a dream. you're a stupid 17 year old kid who doesn't know how to wipe himself properly. YOU DUMBHEAD...Ok here goes...."TRADING SUCKS! JAMES! YOU THINK YOU'RE GOOD BUT YOU'RE NOT, YOUR SYSTEM STNKS AND I HATE THIS HYPE YOU HAVE ABT YOU!!!!.....hahahahaha! How I wish he was beside me looking at what I was writing, haha!"

(the last few lines of the writing were blotted with my tears I guess, so I tried to fill in with memory)

Amazing emotions, I was laughing and crying and beating my pillow and writing at the same time. FANCY THAT.

I never ever thought this would go public, but if it can bring you back KK to the same old confident determined poster you earlier were...I wouldn't think twice.

Ghous.
I believe . . .
  • #40,170
  • Aug 6, 2009 3:01pm Aug 6, 2009 3:01pm
Quoting ghous
It's just simple amazing KK,

It's like me speaking a year ago...

truly amazing...



Ghous.
Ghous - that was a work of art.
I'm pretty much done with all this ...
  • #40,171
  • Edited 3:31pm Aug 6, 2009 3:04pm | Edited 3:31pm
Quoting supermatt
just wondering if you took this trade? you highlighted it as a pin bar but isnt it the wrong way around to take the bullish movement seems there was a big rejection down..??

thanks

Start with the kk007 post below and follow from there.

I was pointing out how that PB, although nice looking in shape, was not the ones we look for due to its Location and zero supporting confluences.

Quoting kk007
Hi James,

It would be great if you can answer this. How do you know the pinbar will not be stopped by PPZ like this? I am almost always stopped by them, and cannot make profit with Pinbars.

cheers,
kk
Indicators show the past. Price Action "Indicates" the future.
  • #40,172
  • Aug 6, 2009 3:04pm Aug 6, 2009 3:04pm
Quoting StoragePro
Ghous - that was a work of art.
I've never been that frank and transparent in my entire life...something abt Kk loosing it exactly where I was abt to until I found you guys...made me put it up,

I believe . . .
  • #40,173
  • Aug 6, 2009 3:06pm Aug 6, 2009 3:06pm
Quoting bundyraider
My post is under moderation??

Like WTF!?!
Me too.... sigh.

Is this part of the master plan??

First piss of your biggest draw...
Second commercialize the place...
I'm pretty much done with all this ...
  • #40,174
  • Aug 6, 2009 3:07pm Aug 6, 2009 3:07pm
Quoting ghous
I've never been that frank and transparent in my entire life...something abt Kk loosing it exactly where I was abt to until I found you guys...made me put it up,

I was exactly there too. In fact, I was certain that James himself was a charlatan...
I'm pretty much done with all this ...
  • #40,175
  • Aug 6, 2009 3:15pm Aug 6, 2009 3:15pm
Quoting ghous
It's just simple amazing KK,

It's like me speaking a year ago...

truly amazing...

And hang on,
I have something to share...
Approx a year ago from today, I felt something very very close to what Kk just posted above...

This was a time when I had just begun my journey here with the J16 staff...

I had lost 6 consecutive pin bar trades on a live account,

I have a habit of "free writing" whenever I am not feeling normal, I.e when I am super happy or super sad or super exuberant or just feeling like superman.

This is what I wrote on...

Wow. Nice ghous.

I never posted mine either. Yours is alot cleaner then mine. lol

I think we all go through this one time or another. Some leave the business forever, while others Persevere.

Glad you regrouped and perservered , ghous.
Indicators show the past. Price Action "Indicates" the future.
  • #40,176
  • Aug 6, 2009 3:17pm Aug 6, 2009 3:17pm
Quoting ghous
I It's like me speaking a year ago...
I have something to share... Ghous.
Thank you for sharing Ghous.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #40,177
  • Aug 6, 2009 3:19pm Aug 6, 2009 3:19pm
Quoting jarroo
Wow. Nice ghous.

I never posted mine either. Your is alot cleaner then mine. lol

I think we all go through this one time or another. Some leave the business forever, while others Persevere.

Glad you regrouped and perservered , ghous.
Sorry abt those harsh words at you Jim,

For some reason it's these that inspire me the most today. lol
I believe . . .
  • #40,178
  • Aug 6, 2009 3:21pm Aug 6, 2009 3:21pm
Quoting StoragePro
Me too.... sigh.

Is this part of the master plan??

First piss of your biggest draw...
Second commercialize the place...
?
  • #40,179
  • Aug 6, 2009 3:22pm Aug 6, 2009 3:22pm
Quoting ghous
Sorry abt those harsh words at you Jim,
For some reason it's these that inspire me the most today. lol
At least we know you are a human being and not the pip making machine you appear to be.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #40,180
  • Aug 6, 2009 3:22pm Aug 6, 2009 3:22pm
Quoting ghous
Sorry abt those harsh words at you Jim,

For some reason it's these that inspire me the most today. lol
haha Jim is really going to get a kick out of that. Because you know how many people have felt like that, or are feeling like that. Inspiring buddy.

Glad you didn't write bad stuff about me HAH
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