james16 Chart Thread | Page 2166 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #43,301
  • Sep 8, 2009 8:00am Sep 8, 2009 8:00am
Quoting benji533
Hey squeezy,

I was all day at school...so missed it

Check out the first example chart on this post: http://www.forexfactory.com/showpost...ostcount=42465
it was pending on my watch list for a long time now.

Great trade mate

Ben
yeah, i see lol
more to come, dont worry
i love free trades.....im now watching audcad 4hr
edit: all i need is like 2-3 of these kind of trades & im done for the month
Simplicity is the key to success
  • #43,302
  • Sep 8, 2009 8:09am Sep 8, 2009 8:09am
Quoting squeezy
hey Ben, did u get any of this....lol
hi squeezy,
what was your PA signal to sell UC? Was it just a normal sell stop? i'm asking because it doesn't look like there was a proper pullback after that breakout and there wasn't any PA i'd take.

thanks,
nonick
  • #43,303
  • Sep 8, 2009 8:21am Sep 8, 2009 8:21am
Quoting squeezy
hey Ben, did u get any of this....lol
Quoting benji533
Hey zoli,

Thanks for your kind words
James and Mike are giving so much for free...so if my posts can help someone I'm glad.

Just this question: Once this 8500 is broken as it is, it does have a high potential to act as support from now on, hasnt it?
Yep

Umm...not so cool trade...it was pretty stuck yesterday.
But now it's cool stop at BE.



Hey there buddy

Ben

Good trades folks!
I believe . . .
  • #43,304
  • Sep 8, 2009 8:36am Sep 8, 2009 8:36am
Quoting nonick
hi squeezy,
what was your PA signal to sell UC? Was it just a normal sell stop? i'm asking because it doesn't look like there was a proper pullback after that breakout and there wasn't any PA i'd take.

thanks,
nonick
Hey nonick,

I agree with you on this. I took Mike's advice about going only one TF lower in order to spot the PA bar. So no PA on daily and 4H. Only a pinish-natural bar on the 1H.

Ben
  • #43,305
  • Sep 8, 2009 9:06am Sep 8, 2009 9:06am
Quoting nonick
hi squeezy,
what was your PA signal to sell UC? Was it just a normal sell stop? i'm asking because it doesn't look like there was a proper pullback after that breakout and there wasn't any PA i'd take.

thanks,
nonick
good question....
i had my trendline drawn on my 4hr & daily charts individually.....they both were in consolidating mode ready for a break.....
on my 4hr charts, anytime price reaches my trendline i drop down 1-2 never more than 2 inorder not to complicate things...lol
when price got to my trendline on the 4hr,i first switched to 30mins charts(30 mins before 1hr)...i noticed the break in trendline & pullback but no pa...i then switched to my 1hr chart & saw my bearish pin....
which gave me my trigger
hope this was clear enough
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 26.gif Size: 18 KB
Click to Enlarge Name: 25.gif Size: 22 KB
Simplicity is the key to success
  • #43,306
  • Sep 8, 2009 9:07am Sep 8, 2009 9:07am
Quoting ghous
Good trades folks!
ghous the bossman
how u doing my friend
how is university life treating ...
Simplicity is the key to success
  • #43,307
  • Sep 8, 2009 9:21am Sep 8, 2009 9:21am
Quoting squeezy
ghous the bossman
how u doing my friend
how is university life treating ...
I am pretty fatigued these days, still waiting for my physical self to get used to the exhausting routine...

I now realize how spoiled I was staying at home for the most part of 24/7. lol

g
I believe . . .
  • #43,308
  • Sep 8, 2009 9:26am Sep 8, 2009 9:26am
Hey guys,

Wanted to get your thoughts on E/J weekly. PB bounce near 61 Fib at PPZ round # (131.006). It also has a trendline triangle shaping up. I was thinking a break through the top of the PB and through the trendline might take it long...maybe to the 365 MA on the daily. A buy stop around the 38 Fib (134.300) and sell 1/3 lots at PPZs along the way to 365. BE at first PPZ with step trailing stops.

I'm new at it (demo only) and realize the PB is not at an ideal place for an A trade. I am more trying to get a feel for PA with reaction to confluence, even in traffic. Also, any comments on stops strategy are welcome.

Thanks!
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 16 KB
  • #43,309
  • Edited 10:19am Sep 8, 2009 9:31am | Edited 10:19am
Quoting rikrok
Hi All,
First to say thanks for all the posts I get to read here, this thread has really taken me a long way in my trading. I don't get to post...
I feel for you Rick. Every trader is vulnerable to these moments of going 'on tilt', no matter how experienced they are. Moments where they are tempted to break their rules because dammit they are just super sure, certain in fact, that price is going a certain way.

But it could have been much worse. How could it have been worse you ask?

You could have won.

Imagine that. All your instincts vindicated. 35-40% up! You'd feel like a king. And in the back of your mind the circuitry would have been wired to say, if your back is against the wall, just break the rules and come out with a huge gain. And that would stay there until a day were you did it and lost came by. Actually more likely several days where you did it and lost.

Being punished for breaking our rules is a good thing. We learn. You can bet more people have done what you did than will let on here (I have). Some are in such deep denial they will shake their head at your folly forgetting that they did it themselves once. The worst thought you can have in the back of your head is that if things go bad, then one day you can stick 40% on an A+++ setup and make bank. So consider it a great lesson learnt. And it didn't cost you a cent. Good on you for posting it too. Honesty and accountability will take you far.

In my opinion, by far the single worst thing that can happen to a trader, is being rewarded for breaking their rules. On Friday you could have been rewarded extravagantly for breaking your rules extravagantly. That would have been a disaster.
  • #43,310
  • Sep 8, 2009 9:44am Sep 8, 2009 9:44am
Quoting esbatu
Hi rikrok, you are not alone. Same thing is happening to me. I was demoing the pinbar on dailies and weekly for last two months with quite impressive results (for me anyway ). Almost any pinbar that I took gave me profits, be that a grade B/ C / D pinbar.

So I decided to go live this month (I know, I should demo for at least 3 months), and guess what. From four pinbar trades that I took, only one gave me profits. In fact, I was just closing my third loss trades for this month as I am writing this. I am telling you, this is really a horrible feeling....
Yes we ALL experience losses. This is why we must follow j16 advice when learning this. It happens to most people with this material. They have one good month and off to the races. I am not judging any of you, but the reason we say certain things about demoing for 3months, not going live, to be picky etc, is simply b/c we know what happens. We get over confident start firing off bullets on any old pinbar, and next thing we know we gave back all our profits + some, and then we are off trying to trade to make it all back and we just keep digging the hole. It has nothing to do with volatility or anything. September is not a holiday month, it is a back to work month. August is technically the "summer" month and it was a great PA month for many. The markets are just the markets. I am very glad to hear some of you here posting that you know it is time to stick to 3 months demo. Take things SLOWWWW. The markets are not going anywhere, and this is a very very very long marathon if you want to be around here in 20+ years from now. StoragePro is very right about what he said.

So just take things slow guys, it is all about practice, experience, and time

Best
Mike
  • #43,311
  • Sep 8, 2009 9:49am Sep 8, 2009 9:49am
Quoting hellcat
Hey guys,

Wanted to get your thoughts on E/J weekly. PB bounce near 61 Fib at PPZ round # (131.006). It also has a trendline triangle shaping up. I was thinking a break through the top of the PB and through the trendline might take it long...maybe to the 365 MA on the daily. A buy stop around the 38 Fib (134.300) and sell 1/3 lots at PPZs along the way to 365. BE at first PPZ with step trailing stops.

I'm new at it (demo only) and realize the PB is not at an ideal place for an A trade. I am more trying to get a feel for PA with reaction to...
Hey Hell cat

Since you are new to this my advice is to be as absolutely as picky as possible. You will here those of us that have been around say it over and over again. C and D setups don't pay the bills trust me .

If you zoom your chart out you can see how small and insignificant that pinbar really looks. Now where would we guess the first trouble area to be? Well as you can see the 135 round number is right above us so this is where we would have to first look.

One thing that usually gets new PA traders is they see C and D setups work, and then take the next C and D setup. They are much tougher to manage then a B+/A+ setup. Remember any type of bar can give pips, but we should concern ourselves with the best setups, as the probability to give pips is the highest and easiest to mange/see.

Hope this helps!

Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a2.gif Size: 19 KB
  • #43,312
  • Sep 8, 2009 9:52am Sep 8, 2009 9:52am
Quoting ghous
I am pretty fatigued these days, still waiting for my physical self to get used to the exhausting routine...

I now realize how spoiled I was staying at home for the most part of 24/7. lol

g
hahahahha
the only constant thing in life is change
u'll get used to it ghous....u dont have a choice...lol
Simplicity is the key to success
  • #43,313
  • Sep 8, 2009 10:12am Sep 8, 2009 10:12am
Mike,

You're exactly right. There was an almost identical PB setup (going short) on weekly 6/28 that took off through the lower trendline from 134. to 127. I was wondering if maybe these are better setups than I presumed and wanted to get an experienced opinion. Thanks again!
  • #43,314
  • Sep 8, 2009 10:28am Sep 8, 2009 10:28am
Hi Tiaf,

Thanks for the feedback. The part about 'it cold have been worse I could have won' made me smile.
But you are right.
This is what demo is for..teaching me lessons less damagingly than on a real account.
My thoughts are that I will continue on demo even moving over to a cash account, taking the very best A++ Daily trades in the real account, and using demo for any other trades I might be tempted with.



Quoting TiaForex
I feel for you Rick. Every trader is vulnerable to these moments of going 'on tilt', no matter how experienced they are. Moments where they are tempted to break their rules because dammit they are just super sure, certain in fact, that price is going a certain way.

But it could have been much worse. How could it have been worse you ask?

You could have won.

Imagine that. All your instincts vindicated. 35-40% up! You'd feel like a king. And in the back of your mind the circuitry would have been wired to say, if your back is against the wall, just...
If you can wait and not be tired by waiting...
  • #43,315
  • Sep 8, 2009 10:31am Sep 8, 2009 10:31am
London has sunshine??? Never would have guessed. Been there more than a few times and seasons, and it is generally not... Last time the sun shined when I was there, I was in Hyde Park. Nice place. Fed some swans.

Well, counselor, what makes you a good lawyer: bending the actions of others to your will, will kill you here - fast.

What I suggest is this -

Make your rules to trade by. Set them in concrete and use the next 3 months as a personal test to simply following those rules to the letter. Write them down. Immutable. Chant them. Live them. Love them. If a trade fits the rules without using your imagination, trade. If not, skip it.

If you can do that, you can become a trader. It you cannot, it does not mean you cannot be a trader, it means you have some more work to do ridding your mind of the conflict between controlling external things, and the fact that in trading you cannot control anything - with the possible exception of your own self.

You must learn to skip the crap setups, and when they run, understand that it was still crap and you should be rewarded for staying properly on the sidelines. (My damn cat crapped on the floor of the bathroom today. It has a nice hardwood floor in it. The hardwood floor did not make the crap any better. It was still crap. I hate that cat. My wife is pissed. Cat is oblivious.)

I suppose one or two bar types is enough for now. I started with Pin Bars and Outside bars at extremes only. Daily and weekly only. I add one thing at a time after I have complete mastery of the first things. Mastery of new things comes faster after the foundations are laid - and learning to live by the rules will save you over and over again.

Quoting rikrok
Storage Pro,
I suspect there was some unconscious reasons at play.
I don't buy into the 'unconscious' stuff. I think it is a crutch that people use to make excuses that work for themselves rather than owning up to simple truths. You'd be better off believing that the "Devil made you do it". In this case, you got greedy and took crap setups. Your fault. Not some shadowy inner dude walking around to sabotage you.

Quote
I work in a very rule bound regulated environment, doing things by the book is everything, so following trading rules should not be a dificulty to me.

First - following rules is very hard to do. Lets get around that notion that it can be easy. It never, ever is. Human beings are not built to follow rules. We want to make our own decisions and do for ourselves. Learning to follow rules is hard, but it is a habit that can be learned.

Quote
However, I also have a somewhat rebellious nature at times, so enjoy subverting rules on occasions, when I get the chance to get away with it. And winning whilst subverting the rules can be a part of the game.(As a lawyer by training it comes as 2nd nature to attempt this now and then)

Ah, the sweet sounds of truth. But remember, this is not a game. Not at all. See how your real life skills are the kiss of death?

Quote
I think you can see where this is leading... I know this is clearly not a trait to allow into my trading.

Everyone fights this. You can get good at seeing the problem as it arises. I speak out loud at the charts when viewing them. When I hear my thoughts, I catch my personal BS stream... Saved me more than a few quid... and my wife and son think I am crazy...
I'm pretty much done with all this ...
  • #43,316
  • Sep 8, 2009 11:50am Sep 8, 2009 11:50am
hey guys anyone watching this?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 0.gif Size: 15 KB
Click to Enlarge Name: 9.gif Size: 15 KB
  • #43,317
  • Edited 12:02pm Sep 8, 2009 11:52am | Edited 12:02pm
Quoting benji533
Hey bro,

I bet you that this area killed many traders this month LOL..

Ben
I will be last person to bet it.

Quote
There was no pullback, so I'm not sure if I will take it if it will retrace now. I am interested to see a nice pin or BUOB off that round number. There will be too much traffic to pass if we will retrace too deep.:

Yeah going back to the Trend line from here could mess things up. But 1.4450 could serve us i think.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 1h.gif Size: 30 KB
  • #43,318
  • Sep 8, 2009 11:54am Sep 8, 2009 11:54am
Quoting ezz
hey guys anyone watching this?
Yes... I can see the pin bar forming on a S/R zone after the third attempt to break through. The day is not over though so we can still plummet down.

Do you wait for bar close to determine whether you are happy with the trade or just happy when the bar is formed? Asking because it still can go down today.
Kind Regards zol
  • #43,319
  • Sep 8, 2009 12:39pm Sep 8, 2009 12:39pm
[Infrequent poster to FF here, but long-time reader of this thread, and longish-time trying to perfect the method]

Quoting StoragePro
London has sunshine??? Never would have guessed. Been there more than a few times and seasons, and it is generally not... Last time the sun shined when I was there, I was in Hyde Park. Nice place. Fed some swans.
Been a nice sunny afternoon at least, where I am, about 50 miles west of London.

Quote



I suppose one or two bar types is enough for now. I started with Pin Bars and Outside bars at extremes only.
OK, here's the naive question: people always talk about extremes, but how do you know in advance it's going to be an extreme? i.e. it may turn out to be a continuation bar not a reversal bar.

Maybe this is just a terminology question.
Regards, Mike Still learning my trade.
  • #43,320
  • Sep 8, 2009 12:48pm Sep 8, 2009 12:48pm
Hi SP,
Hyde Park is where I walked today!!!
Sun is still shining here and I am making the most of it in the garden now, it could be the last sunshine of the year.
Thanks for the advice. In particular about writing the rules in stone and chanting them until they are embedded. Thats my next step.
August was the end of my three consecutive months of profit. Remember, I actually actively decided to break the rules for a day....to see what would happen. (Disaster)
I'm going to give it another month of demo and if it is a fourth successful will make steps towards a live account.
I like your idea of talking to the charts too. I;'ll have to learn to get the hang of having that type of dialog first
Hope your wooden floor is OK.

rikrok

Quoting StoragePro
London has sunshine??? Never would have guessed. Been there more than a few times and seasons, and it is generally not... Last time the sun shined when I was there, I was in Hyde Park. Nice place. Fed some swans.

Well, counselor, what makes you a good lawyer: bending the actions of others to your will, will kill you here - fast.

What I suggest is this -

Make your rules to trade by. Set them in concrete and use the next 3 months as a personal test to simply following those rules to the letter. Write them down. Immutable. Chant...
If you can wait and not be tired by waiting...
94 traders viewing now