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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

  • #47,161
  • Oct 29, 2009 11:28am Oct 29, 2009 11:28am
Quoting benji533
Damn....my first trade ever. Took a lose of 0.25% of my account on 15min chart

Feeling wired...it happened cause I didn't move my stop to BE fast enough I think...

I'm closing charts for today to avoid a revenge trade.

Good luck.
Benji:

Congratulations on only losing 0.25%, I am glad to hear that! BUT, your first live trade is on the 15 minute? You are braver than I am......ha ha.
  • #47,162
  • Oct 29, 2009 11:29am Oct 29, 2009 11:29am
Quoting bronxterp
My best guess would be to read all his posts

that guy i$ ballin on hi$ trade$ right now......
Many choose unhappiness over uncertainty.
  • #47,163
  • Oct 29, 2009 11:37am Oct 29, 2009 11:37am
Quoting dobe_r_man
Benji:

Congratulations on only losing 0.25%, I am glad to hear that! BUT, your first live trade is on the 15 minute? You are braver than I am......ha ha.
Yea, I'm a bad boy

I have too much confidence in myself. I think it was hard to decide if to move to BE now or not because it all happened so fast....but I will never take a full bar lose after a stage of thinking about BE. But still kinda feeling of getting a smack at your face.

I think I will really go up to daily and 4H now...need to get used to the feeling of seeing real money up and down...

But that's all. Just a lesson with low price...to put me back in place again...
  • #47,164
  • Oct 29, 2009 11:42am Oct 29, 2009 11:42am
Quoting benji533
Yea, I'm a bad boy

I have too much confidence in myself. I think it was hard to decide if to move to BE now or not because it all happened so fast....but I will never take a full bar lose after a stage of thinking about BE. But still kinda feeling of getting a smack at your face.

I think I will really go up to daily and 4H now...need to get used to the feeling of seeing real money up and down...

But that's all. Just a lesson with low price...to put me back in place again...
I don't know that this helps at all (but I have day traded the emini myself), but I think the advantage of higher time frames is the time you have to react. Even when managing stops aggressively as I did on my E/J and U/C trades, it was typically one adjustment per day. I like having time after the daily bar closes to think about the trade. Trading 15 minute bars, you have to react fairly quickly. Now some are great at this, I just know I do better on longer time frames.
  • #47,165
  • Oct 29, 2009 11:53am Oct 29, 2009 11:53am
buy stop @ 1.4738 - holding 2 sets of 5 micro lots = 1 mini. DEMO ACCOUNT.


I want to tell everyone: do not take advice from the EURUSD thread in the interactive forum, unless you know the poster is legit. There is a lot of bad information in that thing. I'll stay here.
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Many choose unhappiness over uncertainty.
  • #47,166
  • Edited 12:45pm Oct 29, 2009 11:55am | Edited 12:45pm
Anyone watching this one? Looking to go short on EURJPY. 50% fib, strong ppz, TL resistance. I'm aware that there is a round number just below it and strong traffic, thus should manage tightly with BE set after 20-30 pips in and SL right above 61.8 fib.
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  • #47,167
  • Oct 29, 2009 11:58am Oct 29, 2009 11:58am
Quoting kk007
Dear all,

Can anyone tell me the best way to study Rac's method?

Cheers,

kk007
I can think of two ways...
1. Read all his post history.
2. Join the PF.

I read his post history and I feel I have a general idea of what he does... but it takes some time to figure it out. And I don't really have a desire to learn how he trades anymore...At the end of the day, it's all about PA.

Josh
  • #47,168
  • Oct 29, 2009 11:58am Oct 29, 2009 11:58am
Quoting supremeChaos
How'd u know?
i had 3 glasses today, not too strong though. but my usual is just 1-2 glasses. blame it on 4hrs of sleep. lol

ride? i ride but i dont have a RIDE.
seriously, for now, i only have a 110cc.

btw, nice rides u had. i plan to dessert-ride (dirt bike) with KissFan if ever i get a chance to visit US (im from the Philippines). probably we can ride (superbike ?) within your place too, if ever.

thanks for asking.
I couldn't think of a better riding partner bro! Let's make it a goal for sure man.

K.I.S.S.
  • #47,169
  • Oct 29, 2009 12:05pm Oct 29, 2009 12:05pm
Quoting FX_Serg
Anyone watching this one? Looking to go short on EURJPY. 50% fib, strong ppz, TL resistance. I'm aware that there is a round number just bellow it and strong traffic, thus should manage tightly with BE set after 20-30 pips in and SL right above 61.8 fib.

I wouldn't, but that is just me. I also wouldn't not take a trade based on someone else's opinion though......ha ha.

This could work out perfectly for you, too messy for my taste. I would rather wait for action around the 138 or 130 area.
  • #47,170
  • Oct 29, 2009 12:08pm Oct 29, 2009 12:08pm
Quoting kk007
Dear all,

Can anyone tell me the best way to study Rac's method?

Cheers,

kk007
Rac has several methods. There is a world of info right here. Learn this stuff and when you get confidence then join the PF. The PF has many awesome traders who help us with their posts. Looks to me like the vast majority of them started here. What's that tell you? It tells me that they are not doing it for the money. It tells me that I am fortunate enough to have met these folks here. You are at the right place at the right time. Sure the grass is greener in the PF (just my opinion) but the J16 thread right here is a land of plenty. It's where I learned to do this stuff. Just keep at it and be very picky with capital preservation/money management as a solid rule for any trade opportunity and you should prosper.

K.I.S.S.
  • #47,171
  • Oct 29, 2009 12:13pm Oct 29, 2009 12:13pm
Quoting Jduester
I can think of two ways...
1. Read all his post history.
2. Join the PF.

I read his post history and I feel I have a general idea of what he does... but it takes some time to figure it out. And I don't really have a desire to learn how he trades anymore...At the end of the day, it's all about PA.

Josh
Thanks Josh for your reply,

I wonder what is more in the PF than just his post history here?

The PA as you called, is not covered in your summary (i.e. your J16 Chart Thread Summary). It is not about Pinbar and Outside Bar, which I found quite different. For the fading at S/R, I don't think Rac even look at PA at all.

cheers,

kk007
  • #47,172
  • Oct 29, 2009 12:16pm Oct 29, 2009 12:16pm
Quoting KissFan
Rac has several methods. There is a world of info right here. Learn this stuff and when you get confidence then join the PF. The PF has many awesome traders who help us with their posts. Looks to me like the vast majority of them started here. What's that tell you? It tells me that they are not doing it for the money. It tells me that I am fortunate enough to have met these folks here. You are at the right place at the right time. Sure the grass is greener in the PF (just my opinion) but the J16 thread right here is a land of plenty. It's where...
Thank Kiss,

You clear one of my concern. Very good suggestion indeed.

kk007.
  • #47,173
  • Oct 29, 2009 12:18pm Oct 29, 2009 12:18pm
Quoting raczekfx
Thank you my friend..
Just for you, here's few more before I follow Storage's footsteps...
Know yourself, know The Zone, Trade the zone.

I hate repeating myself over and over again. It's all in here.. and just recently Jim threw few more puzzles, which I suspected he had all along since the time I watched his first video in the PF
I say trading is not for you if after watching his 'flicks' and reading this thread, you still lose...

So looong..
R
Caught the E/J myself, killer trade, and didn't have any drawback. Had a 2 loss streak before this trade, and it quickly faded away Love your style, and very much appreciate your efforts to teach. I'm finally becoming consistently profitable for a few months now, many thanks to you and others. Hope you don't leave for good, but you are right, everything needed to be a good trader is posted a million times already. Still refreshing to see your posts, but can't be greedy I guess. If you do go for good, just wanted to say, I sincerely appreciate your efforts. Thanks again, and happy trading.
  • #47,174
  • Oct 29, 2009 12:20pm Oct 29, 2009 12:20pm
Another one...daily pin forming at swing high on GBPCAD off 1.78 and 150ema. Looks like a good run until 1.75. Sorry for the mess, working chart
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  • #47,175
  • Oct 29, 2009 12:28pm Oct 29, 2009 12:28pm
Quoting FX_Serg
Another one...daily pin forming at swing high on GBPCAD off 1.78 and 150ema. Looks like a good run until 1.75. Sorry for the mess, working chart
forgot to add div on rsi as well
  • #47,176
  • Oct 29, 2009 12:41pm Oct 29, 2009 12:41pm
Quoting kk007
Thanks Josh for your reply,

I wonder what is more in the PF than just his post history here?

The PA as you called, is not covered in your summary (i.e. your J16 Chart Thread Summary). It is not about Pinbar and Outside Bar, which I found quite different. For the fading at S/R, I don't think Rac even look at PA at all.

cheers,

kk007
I think I have the definition of PA, Price Action wrong. I've always thought of price action as the charts formed from price movements. I've always thought that included much more than bar/candle patterns. Thought it included how price 're'-acts(ion) to previous highs/lows, round numbers, trendlines and some retracements.

Price Action or Price Reaction to certain points on a chart...

By the correct definition of price action, however, Rac doesn't trade using it. My guess is he trades off support/resistance, FIBS, TLs, maybe round numbers. But he doesn't need a price action pattern to give him a trigger to enter.

If any of this is wrong, please correct me, as I'm still learning this stuff myself, lol.

Josh
  • #47,177
  • Oct 29, 2009 12:43pm Oct 29, 2009 12:43pm
And another one Sorry for posting streak. Was on small vacation and really glad to come back
Some traffic right below it thus tight management should be applied
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  • #47,178
  • Oct 29, 2009 12:49pm Oct 29, 2009 12:49pm
Quoting raczekfx
and few more closed last night before reversing..
THANK YOU RAC! For such abundance of study material and for your time! Your style always amazed me. It's so easy and hard at the same time. I guess it really takes years of screen time to become proficient as you are and start seeing the zones that will really make you profit.
  • #47,179
  • Oct 29, 2009 12:58pm Oct 29, 2009 12:58pm
Today looks to end with BUOB on Eur,Gold,Silver...Early Xmas for the live trader.

Too bad I'm still not live.
"Whether you think you can or can't, you're right." Henry Ford
  • #47,180
  • Oct 29, 2009 1:34pm Oct 29, 2009 1:34pm
Quoting dobe_r_man
I don't know that this helps at all (but I have day traded the emini myself), but I think the advantage of higher time frames is the time you have to react. Even when managing stops aggressively as I did on my E/J and U/C trades, it was typically one adjustment per day. I like having time after the daily bar closes to think about the trade. Trading 15 minute bars, you have to react fairly quickly. Now some are great at this, I just know I do better on longer time frames.
No dubt hier TF are less stressful.

Here is what sux...I was going to trade this pin. But it was forming exactly when I needed to go out to school. I couldn't enter and leave it open while I'm away

Nevermind...NEXT!!!!!
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