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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

  • #44,881
  • Edited 3:27pm Sep 29, 2009 2:30pm | Edited 3:27pm
Quoting Que
No offense taken.

I posted this over a heated argument whereas a few people were claiming that 1-2% risk per trade was a silly idea. They were insisting that 10-20% was much more realistic if you want to grow an account. The purpose was to show how massive 5% a month (Not day, not week) really is...

Que

I remember Joel posting a "ruin rate" chart according to each risk %.

Now it becomes simple math of how much you are willing to risk vs gain. At some stage, a drawdaown of at least 5 trades in a row can happen. That will burn out 50% of their accounts.

I think 2% is the max for me, if not too much (2% is pretty much aggressive).

What I meant earlier - there are some that pay too much attention to the numbers at the spreadsheet, and become dizzy. For me, I just know that compounding has a great effect for the long term, that's all I need.

Ben
  • #44,882
  • Edited 4:33pm Sep 29, 2009 3:41pm | Edited 4:33pm
Quoting pipmyride
GBP/CHF ...

what do u think ?
Not sure when you moved to B/E, but you should still be fine. Even if you moved to B/E quickly and you got stopped out, you would still be fine. ( no losses).

Just becareful when you take this approach, because the next one may go to the moon.
Indicators show the past. Price Action "Indicates" the future.
  • #44,883
  • Sep 29, 2009 3:45pm Sep 29, 2009 3:45pm
Quoting raczekfx
of course it does...
not for everyone though... but... who cares..

http://www.forexfactory.com/news.php...28#post3099255

If I saw the word 'EVERYBODY attention....' in there, I would've bet the house, not just the windows....

lol So this guy is pretty good?
Indicators show the past. Price Action "Indicates" the future.
  • #44,884
  • Sep 29, 2009 3:48pm Sep 29, 2009 3:48pm
Quoting ezz
lol i looked everywhere for that PB :O:O
Different feed. FxPro.
Indicators show the past. Price Action "Indicates" the future.
  • #44,885
  • Sep 29, 2009 3:51pm Sep 29, 2009 3:51pm
Quoting StoragePro
It occurs to me that Trading is a lot like golf.

A lot of golfers either thrive on the long ball or the short game. Me, I like the long ball, because no one ever oohs and ahs over a putt, but a 350 yard smoker gets the admiration of all.

Are you still with me?

I once hit a 420 yard drive, and rolled it 6 feet from the pin. Hit it with a 3 wood too. It was the Mother of All Drives and the flight was worthy of an ESPN Play of the Day. My friends still talk about it, and the guys on the green it rolled up to waited to ask me if...

Like I said, I'd buy that book.
Indicators show the past. Price Action "Indicates" the future.
  • #44,886
  • Sep 29, 2009 3:53pm Sep 29, 2009 3:53pm
Quoting mbqb11
Very nice

Also glad to see many of you manage these bars the proper way.

The best of the best IMO was the eur/gbp simply based on size but the others all got to and/or past the first trouble areas like James16 teaches


Mike

Damn, thoses charts are pretty.
Indicators show the past. Price Action "Indicates" the future.
  • #44,887
  • Sep 29, 2009 4:06pm Sep 29, 2009 4:06pm
what do u guys think of this one?
  • #44,888
  • Sep 29, 2009 4:09pm Sep 29, 2009 4:09pm
the chart
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  • #44,889
  • Sep 29, 2009 4:21pm Sep 29, 2009 4:21pm
Quoting ezz
the chart
Looks to small compared to the previous BEB. 1st area of trouble looks good but its real tight to the break of the PB. (if it breaks). Manage it very tightly, if it breaks hard. Or pass on it altogether.

Check out the July 12 BEOB (Pinish looking), now that's what we're looking for.

(sorry I can't post charts)
Indicators show the past. Price Action "Indicates" the future.
  • #44,890
  • Sep 29, 2009 4:39pm Sep 29, 2009 4:39pm
I ve locked some profit Moved my stop above the last fractal on 1H TF
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  • #44,891
  • Sep 29, 2009 5:42pm Sep 29, 2009 5:42pm
very nice mike.

jim

Quoting mbqb11
Very nice

Also glad to see many of you manage these bars the proper way.

The best of the best IMO was the eur/gbp simply based on size but the others all got to and/or past the first trouble areas like James16 teaches


Mike
  • #44,892
  • Sep 29, 2009 5:46pm Sep 29, 2009 5:46pm
James, I am new for your thread,
would you tell me what MT4 platform you use to detect 1d and 4h set up bars?
Thanks!
Plan The Trade - Trade The Plan
  • #44,893
  • Sep 29, 2009 6:13pm Sep 29, 2009 6:13pm
Quoting fxdummie
James, I am new for your thread,
would you tell me what MT4 platform you use to detect 1d and 4h set up bars?
Thanks!
Welcome Fx(not calling you dummie )

James uses IBFX(interbank FX). Some of us use FXpro, or alpari. Whatever you are comfortable with really

But to line up with Jim, IBFX

Best
Mike
  • #44,894
  • Sep 29, 2009 6:21pm Sep 29, 2009 6:21pm
Quoting atton
Hi S

Do you use ICCE instead of PPZ ?
No
I'm pretty much done with all this ...
  • #44,895
  • Sep 29, 2009 6:40pm Sep 29, 2009 6:40pm
Everyone can call my name no problem
Instead of claiming to know I claim I don't know forex - the more I learn the more I know I don't know - it is a very solid foundation for inviting a true experience...
Plan The Trade - Trade The Plan
  • #44,896
  • Sep 29, 2009 7:04pm Sep 29, 2009 7:04pm
...for all your efforts. Great to see you around and of course thank you for all your effort and time spent.
Quoting mbqb11
...The best of the best IMO was the eur/gbp simply based on size but the others all got to and/or past the first trouble areas like James16 teaches
Mike
I know I should be already enlightened about prinicipal issues in price action but just want to use a chance to ask: If on the daily, the close price is above the first area of resistance (bar closes above the resistance level) it may well mean: price will bounce and go up or price will go through :nerd:
Attached Image

My question is: if the price closes above that level should it be a time to adjust the stop losses to breakeven (knowing the month, quarter end bounce may bring an astonishing action) ???
I have already taken half of the position from the table (both GBP/CHF and EUR/GBP trades) and what to do with the rest.
Hope everybody did well today.
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  • #44,897
  • Sep 29, 2009 7:11pm Sep 29, 2009 7:11pm
Quoting pakiestra
...for all your efforts. Great to see you around and of course thank you for all your effort and time spent.


I know I should be already enlightened about prinicipal issues in price action but just want to use a chance to ask: If on the daily, the close price is above the first area of resistance (bar closes above the resistance level) it may well mean: price will bounce and go up or price will go through :nerd:Attachment
My question is: if the price closes above that level should it be a time to adjust the stop losses to breakeven...
Hey P,

Ultimately it is trader discretion what to do with these areas. The foundation is understanding where price is likely to go/bounce. Then one has to decide what to do there. Many will automatically go to b/e when price gets there. I personally make it up to my discretion. If I think a trade is very strong I will look for ways to reduce my risk(move stop trail stops in some way). On all these trades they are heavily countertrend, and running into strong areas. With cases like that I prefer to take what the market gave me with a take profit or at worst case a b/e trade. So it is highly situational. For example the gbp/chf was too small of a pin for me to trade into the big round number at 1.65. But our knowledge of s/r says ok that is the first trouble area. Then I would go into the thought process of do I think this has legs? If yes then stop goes to b/e with this type of pin and let it play out. If not I would outright take profit there. Then of course you could look to see if the 1.65 now turns into support on its way back down to retest(which is what I am watching for). But with such a strong downtrend, a move lower again is far from out of the question(look at gbp/usd approaching 1.6 or gbp/jpy 145.00.)

Wish I had a more clear cut answer

Mike
  • #44,898
  • Sep 29, 2009 7:13pm Sep 29, 2009 7:13pm
I hope I haven't done something wrong by asking Mike about it...
I'm really sorry I have to do that and repeat
THE JAMES16 CHART THREAD IS JUST PURE GOLD !
Thanks to all of you here I'm learning and have a great chance to read and be with you while reading, that's alone is worth pure gold. I apologise for my grammar as English is not my first language and also apologise for my asking silly questions.
  • #44,899
  • Sep 29, 2009 7:16pm Sep 29, 2009 7:16pm
Quoting TiaForex
I thought I was the only person who had done that.



When I did it I zoomed out and saw exactly where my order line was. That was fun.
I was looking at both EURGBP and GBPCHF before i placed the trade for E/G. It's obvious now that I was on the wrong chart when I placed the order. lol
Bundy's status today: "Waiting..."
  • #44,900
  • Sep 29, 2009 7:18pm Sep 29, 2009 7:18pm
Quoting pakiestra
I hope I haven't done something wrong by asking Mike about it...
I'm really sorry I have to do that and repeat
THE JAMES16 CHART THREAD IS JUST PURE GOLD !
Thanks to all of you here I'm learning and have a great chance to read and be with you while reading, that's alone is worth pure gold. I apologise for my grammar as English is not my first language and also apologise for my asking silly questions.
not silly questions at all and your English is terrific
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