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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

  • #45,221
  • Oct 4, 2009 4:43pm Oct 4, 2009 4:43pm
Quoting StoragePro
After about 4 years of looking in on the FF, I am saying goodbye....
Thanks for all your help in making me profitable as a trader SP. Take care and hope to hear from you now and then...

Josh
  • #45,222
  • Oct 4, 2009 4:44pm Oct 4, 2009 4:44pm
Quoting mike w
Yes sir, I'll undoubtedly jump in if that happens.

Gbp/Jpy 4 hour BUOB on a different feed (IBFX), which hasn't open yet. Price is at the 142.45ish level (magenta line). Interesting.
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Indicators show the past. Price Action "Indicates" the future.
  • #45,223
  • Oct 4, 2009 5:18pm Oct 4, 2009 5:18pm
Hello everyone. I've been following this tread off and on for a while now but for the last 2 weeks I've been following it everyday. I'm not one to post a lot, I like to sit back and observe, I learn by watching, doing, and learning from my mistakes. But I guess it's time to stop lurking in the shadows. I've learned a lot from the content on this thread and I really appreciate what you all have been doing here. You all seem so helpful to one another and are always expressing your gratitude for it. Well now it's my turn. Thank you all for what you've done. Because of this thread and all the people on it, I now now how to trade a pin bar the right way. I now know why some of the pin bars I traded failed, and I now know that I never had to take a loss, I just chose to. Thanks again.
  • #45,224
  • Oct 4, 2009 5:20pm Oct 4, 2009 5:20pm
Quoting jarroo
Gbp/Jpy 4 hour BUOB on a different feed (IBFX), which hasn't open yet. Price is at the 142.45ish level (magenta line). Interesting.
I am in long lets see how this daily pin plays out....
Dr. C
  • #45,225
  • Oct 4, 2009 5:22pm Oct 4, 2009 5:22pm
Quoting BigSeksi
Hello everyone. I've been following this tread off and on for a while now but for the last 2 weeks I've been following it everyday. I'm not one to post a lot, I like to sit back and observe, I learn by watching, doing, and learning from my mistakes. But I guess it's time to stop lurking in the shadows. I've learned a lot from the content on this thread and I really appreciate what you all have been doing here. You all seem so helpful to one another and are always expressing your gratitude for it. Well now it's my turn. Thank you all for what you've...
Welcome Big, glad to see you come out from lurking
  • #45,226
  • Oct 4, 2009 5:25pm Oct 4, 2009 5:25pm
Quoting cvcamper
I am in long lets see how this daily pin plays out....
I'm liking it. I jumped in and am going to add on the break break. That opening gap was perfect.
I dream, therefore I become.
  • #45,227
  • Oct 4, 2009 5:26pm Oct 4, 2009 5:26pm
Thanks mbqb11. It's your intro to pin bars video on the website that helped me the most. I never looked at "space" before. Thank you.
  • #45,228
  • Oct 4, 2009 5:29pm Oct 4, 2009 5:29pm
Quoting mike w
I'm liking it. I jumped in and am going to add on the break break. That opening gap was perfect.
I concure. I am really developing my trading "pick" spots... however need to develop my management of trades better. Such as TP indicators, and when to place a SL... I usually place mine to early and get stopped out at BE+1 however, have not developed in me yet that confidence when a trade goes against me for a little to hold into it. Any ideas?

PS: I am also Long USD/JPY
Dr. C
  • #45,229
  • Oct 4, 2009 5:36pm Oct 4, 2009 5:36pm
Quoting cvcamper
I concure. I am really developing my trading "pick" spots... however need to develop my management of trades better. Such as TP indicators, and when to place a SL... I usually place mine to early and get stopped out at BE+1 however, have not developed in me yet that confidence when a trade goes against me for a little to hold into it. Any ideas?

PS: I am also Long USD/JPY
If you want confidence, go back and pick all the pairs you trade for the past 5 or so years. Now go bar by bar and test it how you would have traded. You HAVE to be honest with yourself on this part. Confidence will grow as you see yourself progressing in your testing. I guarantee it. I can usually tell when someone hasn't tested enough if they are having confidence problems and that's why I suggest this; If that's not you, I apologize. Even if it's not, so what? Do some monotonous testing and gain your skillset. I do that all the time and it does help- especially after a loss or after a trade doesn't go how you expected it to.
I dream, therefore I become.
  • #45,230
  • Oct 4, 2009 6:05pm Oct 4, 2009 6:05pm
Quoting mike w
If you want confidence, go back and pick all the pairs you trade for the past 5 or so years. Now go bar by bar and test it how you would have traded. You HAVE to be honest with yourself on this part. Confidence will grow as you see yourself progressing in your testing. I guarantee it. I can usually tell when someone hasn't tested enough if they are having confidence problems and that's why I suggest this; If that's not you, I apologize. Even if it's not, so what? Do some monotonous testing and gain your skillset. I do that all the time and it does...
I totally agree with Mike here. Traders underestimate the benefit of testing a specific part of trade management. A trader goes through several hundred scenarios and has the data to prove the results (to him/herself). This is what develops the confidence in his/her method, as well as patience that the pattern/scenario they want to trade will indeed come again and trades don't need to be forced. And as Mike said, take it seriously and be honest. Test as if it's your live account... build good habits in your testing and that will rollover to your live trading.

Josh
  • #45,231
  • Oct 4, 2009 6:06pm Oct 4, 2009 6:06pm
Quoting cvcamper
when to place a SL... I usually place mine to early and get stopped out at BE+1
Because of the tendency for alot of retests, I want to look try taking enough off and reducing the SL to 1/3 or so. The bars themselves are so good they will eventually play out if your trade management will allow them to. We just have to always make a "smart business decision" when it reaches the first obvious resistance.

I been gone awhile...but J16 keeps pulling me back in.
"Whether you think you can or can't, you're right." Henry Ford
  • #45,232
  • Oct 4, 2009 7:02pm Oct 4, 2009 7:02pm
Quoting StoragePro
After about 4 years of looking in on the FF, I am saying goodbye.
That's a big loss to everyone here. Sad to see you go, I definitely learned alot for your stream-of-conciousness essays.

You also strike me as the last person in the world to make a rash, emotional decision so I can only assume that there are strong reasons behind it.

Make sure you drop in and say hi sometimes.

Quoting StoragePro
Will you be able to become a trader, living by your wits in the market? Probably not. That is just a statement of fact. This is a difficult business, and a precious few can do it. Get used to this fact and you'll be better for it.
I'm glad someone just came out and said it.

The last decade has seen a huge focus on 'DIY investing' and online trading, and the marketing machine from the huge retail brokerages (etrade et al) has convinced people that capital markets are a friendly place where amatuer investors can get Buffet-like returns, and stay-at-home mums can make a six figure income day trading.

It just aint happening.

Even if you can beat the ridiculous spreads, mammoth charges, the snails-pace information flow, scammy brokers, dodgy internet information, the vague and conflicting advice handed out by authors/newspapers/cabletv/etc and your own psych issues, you are jumping into a shark pond.

You arent 'playing the market' or 'trading currencies', you are competing against exceptionally smart, amazingly talented and ridiculously dedicated professional traders. And until you see them in action, you honestly have no idea what you are up against.

These guys wont just take your lunch money. They will push you down and beat you to death with your own wallet while scalping tickets to the action, selling your shoes on ebay and using your account to pay for lunch.

That's why all the top guys here focus on protecting their equity, not on chasing C- pins into traffic. You need as much of an edge as you can get - and A+++ setups are where you get that edge. Just by being here, you have given yourself a big start over the other 95% of retail traders - so why squander that?

Dont bring a knife to a gunfight. Bring a nuke.
When you have to shoot, shoot. Dont talk.
  • #45,233
  • Oct 4, 2009 7:19pm Oct 4, 2009 7:19pm
Quoting jarroo
Gbp/Jpy 4 hour BUOB on a different feed (IBFX), which hasn't open yet. Price is at the 142.45ish level (magenta line). Interesting.
Nice break on th 4 hour BUOB (IBFX). Let's see if the momentum turns into a runner.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #45,234
  • Oct 4, 2009 7:24pm Oct 4, 2009 7:24pm
Quoting jarroo
Nice break on th 4 hour BUOB (IBFX). Let's see if the momentum turns into a runner.
I'm lovin it. I have my full position now on the daily break along with an entry at 142.45. Let's see how see plays out now for us.
I dream, therefore I become.
  • #45,235
  • Oct 4, 2009 7:25pm Oct 4, 2009 7:25pm
Quoting mike w
I'm lovin it. I have my full position now on the daily break along with an entry at 142.45. Let's see how see plays out now for us.
Nicely Done.
Indicators show the past. Price Action "Indicates" the future.
  • #45,236
  • Oct 4, 2009 7:33pm Oct 4, 2009 7:33pm
Quoting jarroo
I will give this PB 35 pips or less to prove a hard break to me. This should be fun.
This one is also in play. May get a retrace to the 143.00. Prove me wrong B**ch. sorry I mean Gbp/Jpy. lol.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #45,237
  • Oct 4, 2009 7:49pm Oct 4, 2009 7:49pm
Quoting jarroo
This one is also in play. May get a retrace to the 143.00. Prove me wrong B**ch. sorry I mean Gbp/Jpy. lol.
Hope you realise you have just killed 'geppy' and created a new currency name.

'hey broker, i wanna short ten bitches at 143 flat'
When you have to shoot, shoot. Dont talk.
  • #45,238
  • Oct 4, 2009 7:54pm Oct 4, 2009 7:54pm
Quoting joelcf
Hope you realise you have just killed 'geppy' and created a new currency name.

'hey broker, i wanna short ten bitches at 143 flat'

lol. Funny thing is, they will know what your talking about.

"Hey I wanna short ten bitches . . . that's on the geppy right, of course it is. "

lol
Indicators show the past. Price Action "Indicates" the future.
  • #45,239
  • Oct 4, 2009 8:24pm Oct 4, 2009 8:24pm
Took some off the talble at 143.87. Moved to break even. I love Mondays.
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Indicators show the past. Price Action "Indicates" the future.
  • #45,240
  • Oct 4, 2009 10:34pm Oct 4, 2009 10:34pm
Hello Jarroo,

Good trade on the "geppy"!

2 questions regarding the stoploss:

1. Why you give no more than 35 pips for this? I know this setup should be manage tight but just want to know what is your logic when you just give only 35 pips stoploss. Mine stoploss is below 142.82.

2. In case of 35 pips stoploss, will this be around max of 3% of your account for this setup? Or you will lower your position size if you feel not very confident on the setup?

Thanks!


PippingM


Quoting jarroo
This one is also in play. May get a retrace to the 143.00. Prove me wrong B**ch. sorry I mean Gbp/Jpy. lol.
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