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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

  • #45,881
  • Oct 12, 2009 11:06pm Oct 12, 2009 11:06pm
Quoting TiaForex
I knew I'd get in trouble with this one....lol

All that I meant was that as someone who looks and is 36 I needed help to look the age I was supposed to be playing. So, seeing as I couldn't age my face 14 years, I need a little help from a few late nights, some make up, and a few white flecks added to a beard I'd grown.

No offence intended to the 50 year olds on here, hope none was taken.

Stop the digging Tia.

Too funny. lol
Indicators show the past. Price Action "Indicates" the future.
  • #45,882
  • Edited Oct 13, 2009 12:06am Oct 12, 2009 11:21pm | Edited Oct 13, 2009 12:06am
Quoting travpip
i can tell the thread is full of gold but a little daunting when trying to jump on board for the ride.
i kind of started at page 1 and i was now working my way back from page 3054.
I best work my way through the first 100 odd pages then....
It seems daunting, but..

Its 3000 pages, with alot of filler (some of it my fault!). On average, it takes me about 2 mins to read a page - some might take ten mins, some might take 30 seconds... but it averages out to about 2 mins.

2m x 3000 = 100hrs
At a leisurely 5hrs per day, that's twenty evenings work.
Taking off weekends, that's a month. Of short, easy sessions.
Jim did this for 28 years.
...

Alternatively, 100 hours that will, at the very least, save your account.

For most people, that's $10/hr - $100/hr
For some, its $250/hr, $500/hr or even $1k/hr.

I sure as hell dont get paid $500/hr. Especially for working from home with a beer in my hand.


(and you dont even have to take that long. Cyrus has made some kickass summaries from all the first stringers here. Grab them, kick the wife/gf out for the night, take the phone off the hook and learn from the best)
When you have to shoot, shoot. Dont talk.
  • #45,883
  • Oct 12, 2009 11:34pm Oct 12, 2009 11:34pm
I read the first several thousand posts, watched most of the guest videos (not thru them all yet) and started to demo. Now, I try to keep up with each day's new posts. As I get time, I read more of the posts in the middle. I assume the PF is more nicely organized... lol! Can't wait... (trav, it's worth it!)
  • #45,884
  • Edited 11:52pm Oct 12, 2009 11:34pm | Edited 11:52pm
Quoting glyder
I've not ventured very much outside of this thread on FF, but if its anything like TTW can be sometimes, I completely see what your point is.
To be honest, this thread is pretty much the only one I read on here, although I visit one other from time to time. Most of the time when I have been bored and exploring, I have ended up kneedeep in scammers selling some stupid system, 14yo kids who dont speak english but think their REVOLUTIONARY MA cross (we use the 17EMA and 322.697 SMA!) is going to make a trillion dollars and we should buy their ebook, or just some plain wtf methods that I dont even think are based on, uh, anything.

TTW is worse though. Its kind of like EliteTrader with Down's Syndrome and a bottle of bourbon. And ET is already full of morons and posers to begin with.

Everytime I read something there, the signal:noise is so tiny it is barely worth the effort. A bunch of guys talking about how they could completely be prop traders, but they make too much money trading private, or circlejerking over the latest backtesting seminar they went to.
When you have to shoot, shoot. Dont talk.
  • #45,885
  • Oct 12, 2009 11:50pm Oct 12, 2009 11:50pm
Quoting joelcf
To be honest, this thread is pretty much the only one I read on here, although I visit one other from time to time. Most of the time when I have been bored and exploring, I have ended up kneedeep in scammers selling some stupid system, 14yo kids who dont speak english but think their REVOLUTIONARY MA cross (we use the 17EMA and 322.697 SMA!) is going to make a trillion dollars, or just some plain wtf methods that I dont even think are based on, uh, anything.

TTW is worse though. Its kind of like EliteTrader with Down's Syndrome and a bottle...



Soo true about ET! I am a member there but have posted very little. Its pathetic how they all act over there and on some of these other forums.

FF is truly Top Class when it comes to our members here how polite most are and the level of knowledge found here by the top members is above all others as well.
  • #45,886
  • Oct 13, 2009 12:06am Oct 13, 2009 12:06am
Quoting joelcf
To be honest, this thread is pretty much the only one I read on here, although I visit one other from time to time. Most of the time when I have been bored and exploring, I have ended up kneedeep in scammers selling some stupid system, 14yo kids who dont speak english but think their REVOLUTIONARY MA cross (we use the 17EMA and 322.697 SMA!) is going to make a trillion dollars, or just some plain wtf methods that I dont even think are based on, uh, anything.

TTW is worse though. Its kind of like EliteTrader with Down's Syndrome and a bottle of...


Awesome, awesome post. I'm quite literally lmao over here.



I have a question for the experienced members out there who move their stops to breakeven when they get 20-30 pips in profit after a pinbar.

I'm using the pin from October 2nd that I took as an example.

I took profit at 26 pips and moved my stop to breakeven. (10 pips above the top of the pin) Price pulled back to 6 pips below the high of the pin, then proceeded to move nearly 400 pips in the next 5 trading days. This obviously violated my stop by 16 pips, and I have no issue with being stopped out.

But I see this alot in past pinbars on the charts, (pulling back just below the end of the pinbar) and I wonder if anyone else experiences this, if it's just a part of this business, or if it just doesn't happen when one becomes more picky and better at trading PA?

Thanks!

http://i189.photobucket.com/albums/z...13audjpy-1.gif
  • #45,887
  • Oct 13, 2009 12:18am Oct 13, 2009 12:18am
Quote
TTW is worse though. Its kind of like EliteTrader with Down's Syndrome and a bottle of bourbon.
ROFL

Ok, you got me with that line. You created a perfect mental image in my mind!

Sort of a special Olympics of trading.

Scott

PS, Tia, I am closer to 60 than 50 this month. I don't have any bags under my eyes yet; just worry lines on my forehead, but they are easing now that my kids are grown.
  • #45,888
  • Oct 13, 2009 12:45am Oct 13, 2009 12:45am
Quoting atclarkson
Awesome, awesome post. I'm quite literally lmao over here.



I have a question for the experienced members out there who move their stops to breakeven when they get 20-30 pips in profit after a pinbar.

I'm using the pin from October 2nd that I took as an example.

I took profit at 26 pips and moved my stop to breakeven. (10 pips above the top of the pin) Price pulled back to 6 pips below the high of the pin, then proceeded to move nearly 400 pips in the next 5 trading days. This obviously violated my stop by 16 pips, and I have no issue with...
Hi

This does happen a lot. One thing you can try is don't move to your actual BE point. The market doesn't know/care where you entered so BE isn't really a logical place to move a stop to (other than ensuring you have no loss). If you took 26 pips profit then you could place your stop 26 pips below your entry and if hit you would have no nett loss but would give back the profit you banked.

No easy answer so best to test this out to see what works better most of the time. I prefer to find an area of support/resistance to move the stop behind as this should protect your stop better.

Jarroo has posted about this recently so look through his posts for a better explanation. Generally it comes down to what works best for you.

Ljr
  • #45,889
  • Edited 1:26am Oct 13, 2009 1:06am | Edited 1:26am
Sorry to 'post and run' but just found this little 'gem' while poking a'rd some of the more obscure cybercorners of the net and got a good guffaw from it...

"good intentions..." indeed.

http://forum.incrediblecharts.com/me...6/1689609.html
FUBAR...
  • #45,890
  • Oct 13, 2009 2:13am Oct 13, 2009 2:13am
Attention on this pair, heavy support at weekly PPZ. Im waiting for PA on daily or 4 hour.
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  • #45,891
  • Oct 13, 2009 2:36am Oct 13, 2009 2:36am
Looking for some PA on Aud/Nzd around 1,2250.We have

1) 365ema on 4h
2)50% fib on 4h
3)TL just broken to the up side
4)PPZ at 1.2250

waiting for a pull back in this area where we could have a potential Pin Bar 4h.

Just scared about daily negative Pin Bar.....

Any comments on this?

Thanks as always
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Patience is essential
  • #45,892
  • Oct 13, 2009 2:47am Oct 13, 2009 2:47am
i dont use those 150 and 365 ma's but i just but a couple up on a/nzd and kinda interesting. price is stuck between the 2.
  • #45,893
  • Oct 13, 2009 2:53am Oct 13, 2009 2:53am
Quoting joelcf
If you are trading through an ECN, you will generally get a form of levelII for dealing (though it will probably just be your broker, so not really a true LII screen... although whether that is any better, with all the dark pools, baiting/ghosting and so forth, is an entirely separate question), and will get a full five levels each way. You can definitely put orders inside the bid/ask and hope they get picked up...but so can everyone else.
You can see a pro (John Carter) trading dow futures live using level II. (It is not an abritrage trade)

http://www.tradethemarkets.com/public/3451.cfm
  • #45,894
  • Oct 13, 2009 3:08am Oct 13, 2009 3:08am
Quoting b612
You can see a pro (John Carter) trading dow futures live using level II. (It is not an abritrage trade)
Pro seminar salesman, maybe
When you have to shoot, shoot. Dont talk.
  • #45,895
  • Oct 13, 2009 3:14am Oct 13, 2009 3:14am
Quoting joelcf
Pro seminar salesman, maybe
Sure. But found it interesting for tarders that never saw this kind of trading platforms.
  • #45,896
  • Oct 13, 2009 3:22am Oct 13, 2009 3:22am
Quoting joelcf
T
TTW is worse though. Its kind of like EliteTrader with Down's Syndrome and a bottle of bourbon. .
LOLS
If you can wait and not be tired by waiting...
  • #45,897
  • Oct 13, 2009 3:51am Oct 13, 2009 3:51am
Quoting b612
Sure. But found it interesting for tarders that never saw this kind of trading platforms.
Im just being difficult

I completely agree with you - anyone who wants to move beyond the 'me see pointy bar - press butan!' stage and try to understand what is really happening should definitely watch some l2 price action sometime. It is a real eye opener.
When you have to shoot, shoot. Dont talk.
  • #45,898
  • Oct 13, 2009 4:10am Oct 13, 2009 4:10am
Quoting joelcf
People need to read this post again.

Aaron is like an eloquent, condensed version of everything you need to get from this thread, and most of the pf too.

In person form.

Presumably.
Amen to that Joel.

It's the kinda post that I wish I read a few years ago. Then again, probably wouldn't quite hit home then. LOL.

What's HTF btw?

Here's e link again~
http://www.forexfactory.com/showpost...ostcount=45822
One Mind, Any Market
  • #45,899
  • Oct 13, 2009 4:12am Oct 13, 2009 4:12am
Quoting Cyrus
Amen to that Joel.

It's the kinda post that I wish I read a few years ago. Then again, probably wouldn't quite hit home then. LOL.

What's HTF btw?
High frequency trading, when I have only had one coffee for the day and cant type an acronym properly

http://www.economist.com/businessfin...ry_id=14133802
When you have to shoot, shoot. Dont talk.
  • #45,900
  • Oct 13, 2009 4:13am Oct 13, 2009 4:13am
Quoting atclarkson

I have a question for the experienced members out there who move their stops to breakeven when they get 20-30 pips in profit after a pinbar.

I'm using the pin from October 2nd that I took as an example.....
I'm no experienced member, but here's something Tia wrote quite awhile back on trade management, psychology, comfort levels, etc.

I aint 1/2 as eloquent as Aaron so I shall not screw it up by trying to summarise.

http://www.forexfactory.com/showpost...ostcount=32505

PS: Thanks Aaron. Awesome posts =)
One Mind, Any Market
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