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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

  • #42,921
  • Sep 3, 2009 1:16am Sep 3, 2009 1:16am
I suggest that anyone trading 8%, 15% or 50% of their account has another look at these graphs from p 2763:

http://www.forexfactory.com/attachme...1&d=1250650127

http://www.forexfactory.com/attachme...1&d=1250650127

These arent made up numbers. These are based on a 75% win rate and a fairly optimistic return structuring - neither of whichanew trader has.

You increase your %R, you increase your risk exponentially. You keep doing that and you will go broke eventually. The 2% rule isnt just some arbitary number, it is the best balance of risk and return that stops you going broke.

Stick to 2%. Seriously.

Quoting NoBread
Thanks man i thought i was loosing my mind, i have been sitting here going ok anyday now.
heh, you and me both. its been a bunch of choppy rubbish. a few decent trades here and there, but not many.
When you have to shoot, shoot. Dont talk.
  • #42,922
  • Edited 1:30am Sep 3, 2009 1:17am | Edited 1:30am
Quoting CrudeCraig
Hey guys,
Been lurking here for a couple months just reading away as recommended by Strat in his thread (Strat's Long Term Stress Free Trading)
Hey CrudeCraig, welcome!
yes i see u in Strat's thread.
i think both threads are pretty similar. although im not versed yet with Sir Strat's teachings (reading up on it too, albeit slowly; that's why i seldom posts there).
I looked at your 2 charts & imho, u miss some PPZs (price pivot zones). i'm pretty sure u will pick this concept up fairly quickly

I'll expect further posts from u on both threads from now on


EDIT: check Sir mbqb11's post here
  • #42,923
  • Sep 3, 2009 1:22am Sep 3, 2009 1:22am
Quote
I suggest that anyone trading 8%, 15% or 50% of their account has another look at these graphs from p 2763

joelcf,
Thanks for reminding us about it.
For those like me who have 40posts/page as default, here's that post by joelcf.
  • #42,924
  • Sep 3, 2009 1:25am Sep 3, 2009 1:25am
Quoting supremeChaos
Hey CrudeCraig, welcome!
yes i see u in Strat's thread.
i think both threads are pretty similar. although im not versed yet with Sir Strat's teachings (reading up on it too, albeit slowly; that's why i seldom posts there).
I looked at your 2 charts & imho, u miss some PPZs (price pivot zones). i'm pretty sure u will pick this concept up fairly quickly

I'll expect further posts from u on both threads from now on

Thanks Sumpeme,

Yeah i will be posting more as i learn more on both threads.

Good eye on the PPZ's, i am aware of them i just keep the minor ones off of my charts for clarity, i am also looking for bigger moves so i try to let the minor areas play themselves out and use them to hide my stops.

Im out though for the night, gotta wake up for the day job in 6hrs
  • #42,925
  • Sep 3, 2009 1:29am Sep 3, 2009 1:29am
Quoting joelcf
Be a sniper, not a drunk 12yo kid on the back of a pickup with a 12 gauge full of birdshot.
ah! to be 12 again.


I think you made some excellent points. It comes back to the discipline to be patient and wait for the good setups.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #42,926
  • Sep 3, 2009 2:02am Sep 3, 2009 2:02am
Hi Guys,

Just trying to see if I'm getting this. I have a 4hr EJ showing a strong bullish bar hitting an area of resistance. So we wait to see if we get some PA to the short side to confirm a short position. Comments welcome.
Attached Image (click to enlarge)
Click to Enlarge Name: ej short.gif Size: 25 KB
  • #42,927
  • Edited 2:40am Sep 3, 2009 2:29am | Edited 2:40am
Quoting ozziedave
Hi Guys,

Just trying to see if I'm getting this. I have a 4hr EJ showing a strong bullish bar hitting an area of resistance. So we wait to see if we get some PA to the short side to confirm a short position. Comments welcome.
I am eying this one also. Got out from UJ at BE.

But wait for a big PB.

Cause there is a big mess down there.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 30 KB
  • #42,928
  • Sep 3, 2009 2:33am Sep 3, 2009 2:33am
Quoting ozziedave
Hi Guys,

Just trying to see if I'm getting this. I have a 4hr EJ showing a strong bullish bar hitting an area of resistance. So we wait to see if we get some PA to the short side to confirm a short position. Comments welcome.

Hi Aussie Dave,

Just wanted to point out the 131.00 PPZ level (zoom your charts out to the weekly time frame) and see how many times price has reacted at this level, you will find this level extends way back to the weekly high on 26 October last year, my thoughts are this is very strong resistance and may take some time before a short could happen. I was considering it off a very large daily BEOB followed by a break which extended 40 odd pips below the low of the signal only to run smack into the 131.00 again 131.02 in fact
Without women, money would have no meaning - Aristotle Onassis
  • #42,929
  • Sep 3, 2009 2:38am Sep 3, 2009 2:38am
Here are the charts I see
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPY Daily Sep. 03 17.36.jpg Size: 87 KB
Click to Enlarge Name: EURJPY Weekly Sep. 03 17.35.jpg Size: 70 KB
Without women, money would have no meaning - Aristotle Onassis
  • #42,930
  • Sep 3, 2009 2:59am Sep 3, 2009 2:59am
Yesterday, I was looking at this BEOB and almost got into this trade. I thought this was a good set up for a short entry for the following reasons:
- Down Trend
- Convincing break of price zone(Apr and May resistance)
- Break of up trend line.
- BEOB

Well, the price didn't move as I expected.

Questions:
Anything that would caused the price to reverse?
How would you play this BEOB?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.jpg Size: 122 KB
  • #42,931
  • Sep 3, 2009 3:06am Sep 3, 2009 3:06am
Hi guys, first post here.

I've been following this thread for about 2 months and have
paper trade the pin bar with quite good result. Many thanks to
James for starting this thread and all other seniors here for
your contributions.

As a newbee in trading pin bar, I was quite shock to
take my first full bar loss yesterday in USD/CAD.
I enter short at at 1.0881 based on daily pinbar 08/31 and put
my stop at 1.11, 10 pips above the high of the bar. The stop was
hit yesterday at exactly 1.11 and the price start turning back
down.

Can somebody explain to me why this pinbar fail?
Thanks in advance for all the comments.
  • #42,932
  • Sep 3, 2009 3:07am Sep 3, 2009 3:07am
Quoting wwtravel
Yesterday, I was looking at this BEOB and almost got into this trade. I thought this was a good set up for a short entry for the following reasons:
- Down Trend
- Convincing break of price zone(Apr and May resistance)
- Break of up trend line.
- BEOB

Well, the price didn't move as I expected.

Questions:
Anything that would caused the price to reverse?
How would you play this BEOB?

Hi WWtravel,

A question for you please: would you take a short if appropriate pa appeared around the 151.50 level on a lower time frame?
  • #42,933
  • Sep 3, 2009 3:28am Sep 3, 2009 3:28am
Quoting nasir.khan
I am eying this one also. Got out from UJ at BE.

But wait for a big PB.

Cause there is a big mess down there.
I am skipping this one and let it pass the green box.
  • #42,934
  • Sep 3, 2009 3:28am Sep 3, 2009 3:28am
Quoting dunningduke
Hi WWtravel,

A question for you please: would you take a short if appropriate pa appeared around the 151.50 level on a lower time frame?
hmmm, are you asking if I would have taken a short position previous to 9/1 BEOB?
  • #42,935
  • Sep 3, 2009 3:29am Sep 3, 2009 3:29am
Quoting wwtravel
hmmm, are you asking if I would have taken a short position previous to 9/1 BEOB?

No, after 9/1
  • #42,936
  • Sep 3, 2009 3:30am Sep 3, 2009 3:30am
that beob isnt exactly at a swing high ? As far as I know all seniors keep saying only take pa at swing high or low points?
  • #42,937
  • Edited 3:56am Sep 3, 2009 3:32am | Edited 3:56am
Quoting joelcf
I suggest that anyone trading 8%, 15% or 50% of their account has another look at these graphs from p 2763:

Stick to 2%. Seriously.

I'd suggest no more than 1% max until you *know* what you are doing and have proved it with a nicely accelerating equity curve. This will not happen real fast.

It is the psychological aspect that will get ya.

It is just my opinion.

If you go live, half a percent per trade is even better until positive returns are the rule of the month in month out activity. This will not happen as fast as it did on the demo.


Learn on demo. Jump into the shallow end of the pool, hang onto the edge as you go deeper, and let go of the edge, when you KNOW you can do it.

Time is on your side. Use it. It is your friend.

JOEL - BTW - I am planning a 3 continent, World Tour soon for my job. Sydney is on the itinerary ... we need to chat over a couple cold ones.
I'm pretty much done with all this ...
  • #42,938
  • Sep 3, 2009 3:35am Sep 3, 2009 3:35am
Quoting dunningduke
No, after 9/1
Yes, that would confirm 151-151.50 area is now acting as resistance....price flip area.
  • #42,939
  • Sep 3, 2009 3:38am Sep 3, 2009 3:38am
Quoting wwtravel
Yes, that would confirm 151-151.50 area is now acting as resistance....price flip area.
yes, but I meant to type 53.50. My apologies.
  • #42,940
  • Sep 3, 2009 3:48am Sep 3, 2009 3:48am
Quoting dunningduke
yes, but I meant to type 53.50. My apologies.
Not sure. Even though 153.50 area was a pretty decent support area during middle of Aug, I'm not sure if I would take a short position because of all that traffic between 149 - 153.
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