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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

  • #42,261
  • Aug 26, 2009 7:43pm Aug 26, 2009 7:43pm
Quoting artov
During the many months I spent time in here I've learned A LOT more than just PA; Patience in taking trades, the importance of a well funded account which eliminates the need to make 4 trades a day, respect for other traders (newbies and old ones), understanding that it takes time and practice to become a consistant and successful trader, trading psychology, lots of inspiration, learned to treat trading as a business and much more.
Nice words, Artov. I am myself at the beginning of the journey. I recently discovered the thread and started to read through it and follow James's advices. I tell you that after reading just most important articles and the first 10 pages of the thread, I already feel start to feel the changes. I was trying to make consistent profits on small time frames and it was driving me crazy that I just couldn't make it. Now I know why and I know I don't need to in order to be a profitable trader. This thread already told me that I don't need to trade more, I need to trade better and I think learning from James is the most promising way to acomplish that.
  • #42,262
  • Aug 26, 2009 8:00pm Aug 26, 2009 8:00pm
Quoting Flem26
Ahh Barry Sanders . . . now that guy was a great Lion. Man could he run. I liked those run and shoot lion's teams under Wayne F.

You know why it was so hard to tackle Barry to the ground?

Because he was already on the ground. lol
Indicators show the past. Price Action "Indicates" the future.
  • #42,263
  • Aug 26, 2009 8:11pm Aug 26, 2009 8:11pm
Hello to all
Do you open this trade on the breakout 1.2345 or to the next candle close 1.2288 ?
Thanks for your advices
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  • #42,264
  • Aug 26, 2009 8:16pm Aug 26, 2009 8:16pm
(sorry for the dodgy web charts, forgot to post NT charts last night)

Aaron, you should appreciate this one.

Original entry was @ 100 (although I got screwed by slippage), and doubled up on the break of the daily pin. Sept.

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All my dreams of transforming in to a completely degen, Livermore-style 1930s futures trader are finally coming to fruition*.


*Poor pun intended.


Quoting Thierry89
Do you open this trade on the breakout 1.2345 or to the next candle close 1.2288 ?
Thanks for your advices
I enter on the break. Some people wait for a break and retest, depending on the location and whether there is a PPZ overhead.
When you have to shoot, shoot. Dont talk.
  • #42,265
  • Aug 26, 2009 8:18pm Aug 26, 2009 8:18pm
Quoting Thierry89
Hello to all
Do you open this trade on the breakout 1.2345 or to the next candle close 1.2288 ?
Thanks for your advices
Hey Thierry

Your sell order would go below those bar lows. So a sell stop below those bars to make sure they break, for the breakout.

Best
Mike
  • #42,266
  • Aug 26, 2009 8:20pm Aug 26, 2009 8:20pm
Quoting joelcf
[i][size=1]

All my dreams of transforming in to a completely degen, Livermore-style 1930s futures trader are finally coming to fruition*.


*Poor pun intended.
It sucked. Not poor. Sucked.

BTW - Can you do Livermore without all the Livermore FAIL?

Honestly, he did not make it. The guy lived at the highest peaks and the deepest trenches.

(I am the anti Livermore)
I'm pretty much done with all this ...
  • #42,267
  • Aug 26, 2009 8:21pm Aug 26, 2009 8:21pm
You are a fortunate man to have ended up in this place. It's a way that might lead to success with a high probability if followed. Take care!

Quoting faces
Nice words, Artov. I am myself at the beginning of the journey. I recently discovered the thread and started to read through it and follow James's advices. I tell you that after reading just most important articles and the first 10 pages of the thread, I already feel start to feel the changes. I was trying to make consistent profits on small time frames and it was driving me crazy that I just couldn't make it. Now I know why and I know I don't need to in order to be a profitable trader. This thread already told me that I don't need to trade more,...
  • #42,268
  • Aug 26, 2009 8:30pm Aug 26, 2009 8:30pm
Quoting StoragePro
It sucked. Not poor. Sucked.

BTW - Can you do Livermore without all the Livermore FAIL?
Nah. You cant be Livermore without occasionally wearing a sack/barrel.

Not that I actually want to be. Livermore, while clearly a brilliant mind, was also a degen gambler. And there is nothing cool about that.

There is just something about the reaction you get when you tell people you just shorted orange juice/pork bellies/etc..



And damn you are a harsh critic
When you have to shoot, shoot. Dont talk.
  • #42,269
  • Aug 26, 2009 8:36pm Aug 26, 2009 8:36pm
Quoting Flem26
You guys are talking my favorite sport: Football. Jacksonville Jaguar fan here.
go titans


Cj28 running all over ya.
  • #42,270
  • Aug 26, 2009 8:37pm Aug 26, 2009 8:37pm
damn yankees... and i dont mean ted nugent.
  • #42,271
  • Aug 26, 2009 8:38pm Aug 26, 2009 8:38pm
Quoting jarroo
You know why it was so hard to tackle Barry to the ground?

Because he was already on the ground. lol
yeah.
"Don't trade to trade . . . trade to win." - James16
  • #42,272
  • Aug 26, 2009 8:40pm Aug 26, 2009 8:40pm
Quoting Icehocey77
go titans


Cj28 running all over ya.
Oh go crawl back into your hole Titan's fan. Old man Kerry leading you to the promised land? Please.
"Don't trade to trade . . . trade to win." - James16
  • #42,273
  • Aug 26, 2009 8:45pm Aug 26, 2009 8:45pm
Quoting Flem26
Oh go crawl back into your hole Titan's fan. Old man Kerry leading you to the promised land? Please.
My animosity for Bills in the late 80s and early 90s has been channeled over to the Titans and the Colts. Don't mean any harm just rabble rousing when it comes to football.
"Don't trade to trade . . . trade to win." - James16
  • #42,274
  • Aug 26, 2009 8:47pm Aug 26, 2009 8:47pm
Quoting Flem26
Oh go crawl back into your hole Titan's fan. Old man Kerry leading you to the promised land? Please.
More than David Garrard ever will. Though I'm glad my boy Troy Williamson is getting a second chance, apparently he's been the star of Jags camp.
  • #42,275
  • Aug 26, 2009 9:06pm Aug 26, 2009 9:06pm
Quoting joelcf
Nah. You cant be Livermore without occasionally wearing a sack/barrel.

Not that I actually want to be. Livermore, while clearly a brilliant mind, was also a degen gambler. And there is nothing cool about that.

There is just something about the reaction you get when you tell people you just shorted orange juice/pork bellies/etc..



And damn you are a harsh critic
Yeah - I am. No doubt about it.

I see people idolize the man, and he is the poster boy for the ultimate fail. I don't even tell people anymore what I do. All they do is get a look of fear in their eyes that I'll be standing in their driveway in the morning with a tin cup in hand.


Sample dialog:

Me: I trade Forex.

It: Uh, what is that?

Me: You know how when you go to Canada and they exchange greenbacks for Loonies?

It: Yeah

Me: Well, the exchange rate changes, and I make money on that change.

It: OH MY GAWD - YOU ARE GOING TO BURST INTO FLAMES!!!!!

Me: Not once in the past two years ...

It: Well, no one ever wins in trading. I read that in the paper. CNBC even says it cannot be done.

Me: Well, I know some who do pretty well, they are teaching me.

It: You better be careful - there are people who do this for a living and they are the only ones who can.

Me: Yesterday I traded a ~1.5 Million dollar buy of the Loonie

It: OH MY GAWD, SOMEONE CALL THE PSYCHIATRIST!!!!!!! SHUT HER DOWN MAUDE, SHE'S SUCKIN' MUD !!!!

Me: It is OK, I won that trade pretty easily. Made over $2,000 on it.

It: Clearly, you are the devil

Me: Where did I put my pitch fork ?


Nice. Thanks for listening. Send me your Bill. I feel much better now.
I'm pretty much done with all this ...
  • #42,276
  • Aug 26, 2009 9:10pm Aug 26, 2009 9:10pm
Quoting mbqb11
Dude I am such a big Vikings FAN! HERE WE GO SKOL VIKINGS

FAVRE BABY!
Favre... you can have him... we have Rodgers now
  • #42,277
  • Aug 26, 2009 9:12pm Aug 26, 2009 9:12pm
Quoting Jduester
Favre... you can have him... we have Rodgers now
You poor poor people.


T.O. is going to lead the Bills to the Promised Land. And then pee on it.

You can't touch the depth of THAT despair... Wide right indeed.
I'm pretty much done with all this ...
  • #42,278
  • Aug 26, 2009 9:17pm Aug 26, 2009 9:17pm
Did you notice that the Vikes acquired Favre just before the end of the Cash for Clunkers program?
  • #42,279
  • Aug 26, 2009 9:29pm Aug 26, 2009 9:29pm
Quoting Icehocey77
More than David Garrard ever will. Though I'm glad my boy Troy Williamson is getting a second chance, apparently he's been the star of Jags camp.
Jones-Drew is gonna run all over that over rated defense of yours. Hainsworth is gone bubba . . . and the freak is getting old . . .
"Don't trade to trade . . . trade to win." - James16
  • #42,280
  • Aug 26, 2009 9:43pm Aug 26, 2009 9:43pm
Hello Ghous,

Just checking on the chart you presented on this EJ trade. It seems you use 135.20 area as your first Take profit point. Why you don't use 135 round number? I think 135 is round number is hard to penetrade than the 135.20.

Can you share how you justify your first TP point?

Thanks!


PippingM



Quoting ghous
Eur/Jpy looks swweeet!

365 ema
trend line
ppz
with the current time frame trend
lot's of space.
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