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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

  • #44,261
  • Sep 21, 2009 6:04am Sep 21, 2009 6:04am
Thank you, saved this in my forex directory as well.

Que

Quoting triger88990
here is something helpful for those people who are struggling
to read this entire thread.

I have just finishing to read all jame's post,and I copy/paste them in an word document.

here you will find all james post,hope you will find useful:
http://www.4shared.com/file/13424564...s16_posts.html

This is not a substituent for reading the hole thread which I recommended to all of you who have never read it.

I have been reading from this thread almost +2000 pages which it was helpful for me.

Ps: for sure it...
Que
  • #44,262
  • Sep 21, 2009 6:15am Sep 21, 2009 6:15am
Quoting Que
Here is a mistake I made with UJ.

Any comments on this trade are welcome. I lost 1% (Luckily as I was already in for 2% with GU, my max is 3% risk at a time).

First is why I made the trade. Second is where we are now.

Que
hey que here is my view of this setup

The only major think that jump is that it's not at swing high.
this trade have never become a loss in my trading plan, because I learnt from james to look for the problem area and act accordingly(ps look at my recent post)

note the first minor area of S/r which are just below of our PA,do you see how price stalled there first the big bearish bar(first arrow) and after that look at the second bar how testet the same level and revers(not counting the sunday bar). this is obvious an area of interes.

with all this knowledge we must be prepare to do something(james critical).

THIS IS CRITICAL.

WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there we have several choices.
1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.

ps: hope that helps
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  • #44,263
  • Sep 21, 2009 6:27am Sep 21, 2009 6:27am
Quoting Que
This is my GBPUSD trade. I made this trade based on a massive pinbar on the Daily chart (Pic One). I believe this is a good trade (given I am in the profit pretty nicely). This was a 2% trade with a 100 pip stop. I have locked in 50 pips (1%) right now.

First chart is why I made the trade and what I was looking for. Second chart is it getting closer but making me look at weekly. Third is weekly where I believe we could be going further...

Any thoughts?

Que
Hi Que and welcome back to the thread. If you look back in the past several pages you may find other posts about the price action setups you have mentioned. They may provide you some other insight.

I would caution you on your statement I bolded/underlined above. The definition of a good trade should not be based on the result imo. See the thread containing this post:

http://www.forexfactory.com/showpost...92&postcount=9

Happy Trading,

Josh
  • #44,264
  • Sep 21, 2009 6:33am Sep 21, 2009 6:33am
Point taken. A bad trade (lucky one for example) could land you hundreds of pips. However, that does not make it a good trade. A good trade is trading with knowledge and planning. A bad trade is gambling.

I believe I made a good trade, bonus to me that it is in the profit.

Que

Quoting Jduester
Hi Que and welcome back to the thread. If you look back in the past several pages you may find other posts about the price action setups you have mentioned. They may provide you some other insight.

I would caution you on your statement I bolded/underlined above. The definition of a good trade should not be based on the result imo. See the thread containing this post:

http://www.forexfactory.com/showpost...92&postcount=9

Happy Trading,

Josh
Que
  • #44,265
  • Sep 21, 2009 6:50am Sep 21, 2009 6:50am
Quote
like james says in the last video:
1.if that happens..........
2.and that happens.........
3.and that happens...........
4.and that happens..........
5.and that happens..........

it's better that only have
1.if that happens..........
2.and that happens........ .

Sorry... long time lurker and previous memeber.
Couldn't help my self here... Just wanted to ask somthing from a probablistic point of view....
Lets assume you had three things (could be indicators (ahhh), patterns or price bars types) each with a probabilty of success. for example; let say we had an inside bar@ 20%, moving average@20% and an RSI indicator@20%
Now does waiting for all three to line up mean we have a probability of winning now @60%?? well no, as i understand it this can only work in an environment 'without replacement' as opposed to the markets that are 'with replacement' so in this situation the probability is simply the probability of best 'thing' you use.
Having said this i can certainly see where James is comming from on this, just think we need to be careful beacuse its all too easy to fall into the trap of complexity being good and simplicty being bad particularly when your new to all this.
Please correct me if im wrong, and please don't think im trying to be argumentative
  • #44,266
  • Sep 21, 2009 6:55am Sep 21, 2009 6:55am
Quoting nAVIN2007
yes u hit the nail on the head, look at the market as an endless stream of opportunity your job is to extract money from it while it is trying to extract it from u...understanding the market is devine, and can do anything
IMHO i thought psychology in trading was very over traded, i now think it is 95% psychology and is the hardest thing to get right because there are so many paradox involved..if u ever read "trading in the zone" u will know exactly what i mean....
u have to take full responcibility for your actions, and its solly u that is responcible...
Great post brother.

Thank you for the kind words, and good luck for you as well

Take care,

Ben
  • #44,267
  • Sep 21, 2009 7:17am Sep 21, 2009 7:17am
Hey guys, just got home a while ago.

First trade by my style, second by Ryan's (If I got it correct?).
First was a winner. Second BE - a pip from my target..

New TF for me. Setting targets for now.

Ben
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  • #44,268
  • Edited 9:26am Sep 21, 2009 7:18am | Edited 9:26am
Quoting tradingcube
Now does waiting for all three to line up mean we have a probability of winning now @60%?? well no, as i understand it this can only work in an environment 'without replacement' as opposed to the markets that are 'with replacement' so in this situation the probability is simply the probability of best 'thing' you use.
...
Please correct me if im wrong, and please don't think im trying to be argumentative
Given you havent mentioned independent/dependent events, correlation, conditional probability or joint probabilities...

You are talking sampling methodology (which isnt entirely appropriate, given what we are looking at), and essentially asserting that the probability of sucess of a formation based given each individual indicator are independent events.

I would probably disagree with you there.

Then again, I agree that you cant just go p(total) = p(a) + p(b), because they clearly arent mutually exclusive events. I've definitely seen people make that (somewhat bizarre) assumption before, here and in the other couple of threads I follow.

(dont mean for this to sound vague or imprecise, just hard to tell what level of detail is appropriate sometimes )

edit: I should point out that I completely agree with your conclusion that people unnecessarily complicate things for themselves, and there is definitely a declining marginal utility to 'confluences'... mainly because of their inherent correlation - after all, they are almost all just derivitives of price anyways. Looking at some EMAs, and an MACD, and an RSI plot, and CCI... yeah. That's why Jim says that a clean chart is a good chart, I guess.
When you have to shoot, shoot. Dont talk.
  • #44,269
  • Sep 21, 2009 7:20am Sep 21, 2009 7:20am
Quoting tradingcube
Sorry... long time lurker and previous memeber.
Couldn't help my self here... Just wanted to ask somthing from a probablistic point of view....
Lets assume you had three things (could be indicators (ahhh), patterns or price bars types) each with a probabilty of success. for example; let say we had an inside bar@ 20%, moving average@20% and an RSI indicator@20%
Now does waiting for all three to line up mean we have a probability of winning now @60%?? well no, as i understand it this can only work in an environment 'without replacement' as opposed...
hey tradingcube
I'm understanding your point of view,and that's not irritated me at all.

maybe you misunderstand what james was pointing out. All we do here is discretionare and we need a lot of common sense.we want to turn the profitable side in our favor,not to predict the market.

we let the market to do what it's supposed to do and act accordingly,that's what jmaes teach us here.

we definitely can turn the profitabile side to our side knowing the basic what james teach us

-know what looks a strong PA
-know simple S/R
-know location,confluence

and with a good mm we can definitely survive.

but all this stuff need time to digest,some guys learn faster like benji,other will take more time and there are others who would never make it.

hope that this was what you where looking for
  • #44,270
  • Sep 21, 2009 7:35am Sep 21, 2009 7:35am
Quoting 4X=0
Wrong Joel. I have 15 hours left. I'm starting the end of January. Everything I said it true. I promise I wish it was not true.
4X=0,
You are not the first.

Charles Dickens's documented this in his novel David Copperfield.

There was an amiable character called Mr Dick, he tries to write novels but cannot concentrate because King Charles I keeps infiltrating his head.

Its a long novel but superb and worth a read.
Dickens was obviously way ahead of his time.
If you can wait and not be tired by waiting...
  • #44,271
  • Sep 21, 2009 8:57am Sep 21, 2009 8:57am
Thanks Mbqb11, and RustyJeff! Note taken!

H
  • #44,272
  • Sep 21, 2009 9:49am Sep 21, 2009 9:49am
Hey guys,

Does anyone has a PDF or know a thread which is speaking about Ryan's style? Does he pay attention to traffic?

I have started reading his post and find it a bit different, but interesting.

I have took his basics and added minor round numbers (50 pips).

Till now I have traded a few B bars for testing.

Does anyone here trades the 5min15min on a regular routine? How are you doing this? just sitting a few hours in a raw in front of the computer? set alerts?

Thanks

Ben
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  • #44,273
  • Sep 21, 2009 9:49am Sep 21, 2009 9:49am
break out pull back, long, add PB as a bonus
20ps stop, TP from j16 videos
.
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  • #44,274
  • Sep 21, 2009 10:10am Sep 21, 2009 10:10am
Quoting benji533
Hey guys,

Does anyone has a PDF or know a thread which is speaking about Ryan's style? Does he pay attention to traffic?

I have started reading his post and find it a bit different, but interesting.

I have took his basics and added minor round numbers (50 pips).

Till now I have traded a few B bars for testing.

Does anyone here trades the 5min15min on a regular routine? How are you doing this? just sitting a few hours in a raw in front of the computer? set alerts?

Thanks

Ben
hey benji I don't know if you are speaking about this document,but I'll upload here.

You may take a look to the jankone thread which is implementing what ryan is doing.

i haven't time left to do some research about his strategie but you may look,and find by yourself.
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  • #44,275
  • Sep 21, 2009 10:11am Sep 21, 2009 10:11am
Quoting triger88990
hey benji I don't know if you are speaking about this document,but I'll upload here.

You may take a look to the jankone thread which is implementing what ryan is doing.

i haven't time left to do some research about his strategie but you may look,and find by yourself.
Attachment
Thank you very much
  • #44,276
  • Sep 21, 2009 10:14am Sep 21, 2009 10:14am
Quoting raczekfx
break out pull back, long, add PB as a bonus
20ps stop, TP from j16 videos
.
Wow, this is awesome Mark! Must have taken a lot of discipline to be up 100+ pips (5R+) and then have a negative trade briefly. Maybe you took some profit on that first ride up though?
Your stop makes more sense than mine (right under those recent lows. I instead moved my stop to b/e which the market doesn't care the least about. And got taken out at b/e, by 14 pips.

Great trade in any case.

Josh
  • #44,277
  • Sep 21, 2009 10:23am Sep 21, 2009 10:23am
Quoting raczekfx
break out pull back, long, add PB as a bonus
20ps stop, TP from j16 videos
.
Hey mark. Real great trade

I am just wondering why aren't you locking in profit once in a while? Are you going to sleep with your stop still not at BE at least in this situation?

Thanks,

Ben
  • #44,278
  • Sep 21, 2009 10:28am Sep 21, 2009 10:28am
Quoting Jduester
Maybe you took some profit on that first ride up though?
...
I did Josh (on Friday),
I just added it to the chart.

...waiting for a pullback before committing again for a run to 0950, 11 and beyond..
If I were still long, my SL would've been sitting around 0750 (fridays bar high)
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  • #44,279
  • Sep 21, 2009 10:46am Sep 21, 2009 10:46am
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  • #44,280
  • Sep 21, 2009 10:57am Sep 21, 2009 10:57am
Pin bar forming on the 4h TF on EurCad.

This is the tipical situation in which i don't know what to do. So i ask what you think about this possible setup!

The pin itself i think it's lovely (long nose), the location is good (at a swing high + confluence with strong PPZ at 1.5800 and trendline) + double top with divergence BUT we've some traffic below 1.58, you can see the chart.
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