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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

  • #47,661
  • Nov 6, 2009 4:04pm Nov 6, 2009 4:04pm
reading this thread is frustrating and inspiring all at the same time.

frustrating: I get to see, at the end of the day, all the A+ setups I could not see coming.

inspiring: I get to see what I can learn so I don't miss all the A+ setups later on.
Many choose unhappiness over uncertainty.
  • #47,662
  • Nov 6, 2009 4:28pm Nov 6, 2009 4:28pm
i feel the same dan lol
  • #47,663
  • Nov 6, 2009 4:50pm Nov 6, 2009 4:50pm
Quoting Dan Gilbert
reading this thread is frustrating and inspiring all at the same time.

frustrating: I get to see, at the end of the day, all the A+ setups I could not see coming.

inspiring: I get to see what I can learn so I don't miss all the A+ setups later on.
  • #47,664
  • Edited 6:09pm Nov 6, 2009 5:21pm | Edited 6:09pm
Quoting faizal82
entered on break of pin at 134.25.

stop was placed under pin but then moved up to under left eye of pin once first trouble zone at 134.50 was hit.

took half profit at 134.92

price was not breaking through 135.00 round number aggresively, therfore signalling a lack of momenutum.

moved stop just above break even on second half to 134.35. which is also under a daily/ weekly ppz at 134.50.

NFP data stopped me out but i gave this one a chance.

overall i was happy with my trade management on this one.

have a nice weekend.

I would say you managed this one perfectly. Nice PB at a retrace, well defined 1st target and you protected yourself nice, took some off the table, etc. This is how we roll. (well at least some of us roll this way. lol )

The next one is going to the moon.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #47,665
  • Nov 6, 2009 5:38pm Nov 6, 2009 5:38pm
Quoting didymario
Nice 1, I saw it as a simple breakout and pullback trade. Its good to see that the market can be viewed in different ways.
Absolutely. This BO-Pullback is probably a more solid structured trade. I'm sure Mike would agree with that.

My initial setup was the Daily I4B, believe it or not some people that trade the Daily and Weekly charts don't even look at lower time frames. I am not one of them. lol So it a lower time setup (or a higher time PA for that matter) agrees with and/or supports your setup all the better. You cannot have enough confluence on a given setup.

Thanks for pointing that one out, didy.

Jim
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #47,666
  • Nov 6, 2009 6:06pm Nov 6, 2009 6:06pm
Quoting Dan Gilbert
reading this thread is frustrating and inspiring all at the same time.

frustrating: I get to see, at the end of the day, all the A+ setups I could not see coming.

inspiring: I get to see what I can learn so I don't miss all the A+ setups later on.
Keep working hard, learn from the posts.

I used to feel this way as well, until I realized no one posts their losses, and everyone here has losses. I don't know why, we can learn a lot from losses.
  • #47,667
  • Nov 6, 2009 6:06pm Nov 6, 2009 6:06pm
Quoting Dan Gilbert
reading this thread is frustrating and inspiring all at the same time.

frustrating: I get to see, at the end of the day, all the A+ setups I could not see coming.

inspiring: I get to see what I can learn so I don't miss all the A+ setups later on.
Quoting supermatt
i feel the same dan lol
Quoting NosferatuMan
I know the feeling all to well. lol
James16 would post a chart, say a Weekly BEOB, with the obvious targets noted where he took profits and I would say to myself . . . WTF?! . I am watching the same thing and I didn't see it. How did I miss that one?

One thing that I did was archived (copied) every A+ trade from James16, Mike, Bundy, you name it. If its an A+ setup put it in a file. And then view this charts every day. I even printed many of them out just to veiw them in a different form.

Study them daily so they are roted into your mind. The same with Jim and Mike's videos. I can almost follow some of them word for word. lol This is just me, I tend to be a slow learner at times.

After some time, these trades start popping out at you and you'll start seeing them develop before they even form. It just takes a little time.

just some thoughts,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #47,668
  • Nov 6, 2009 6:32pm Nov 6, 2009 6:32pm
Quoting jarroo
I know the feeling all to well. lol
James16 would post a chart, say a Weekly BEOB, with the obvious targets noted where he took profits and I would say to myself . . . WTF?! ....
Thank you Jim, for the encouraging words.

Have a nice weekend.
  • #47,669
  • Nov 6, 2009 7:56pm Nov 6, 2009 7:56pm
Quoting unlv_tj
Keep working hard, learn from the posts.

I used to feel this way as well, until I realized no one posts their losses, and everyone here has losses. I don't know why, we can learn a lot from losses.
I relate to this and to Dan's post. Sometimes it is really frustrating to see a senior post a chart that you've been staring at, and that you didn't see what they saw. But like James16 says, it's only time and practice.

I completely agree with univ_tj as well. It is just human nature to want to big up the winners and sweep the losers under the carpet. That's absolutely fine. No one is obliged to post losses, heck no one is obliged to post any kind of trade at all. Where it can be damaging to the learning curve is if you feel that everyone is chowing down at the all you can eat pip buffet while you're the only bozo on the bus not making money.

Believe me that's not the case. Everyone's at different stages. Some very learned seeming people won't be profitable and some people who seem like green cowboys will be. It's just the way of it.

Just by posting in this thread everyone gives themselves a huge advantage over those who lurk. By posting your frustrations and your failings you have more of my respect than you know. It takes guts to lay your frustrations on the line. Perfectionism and ego are big enemies in this business and one of the best ways to defuse them is to get honest in public.

One of the truths of this business is that there is a learning curve. It's mainly hidden. It certainly has been for me. I think "This looks easy, I'll follow the minimum requirements and I'l be sailing". And then I hit unexpected bumps in the road. I pm Mike and he tells me that not only has he been there too, but that most of the consistently profitable people have been doing this for many years. It takes time. And it can seem like banging your head against a brick wall and then suddenly the a-ha moment comes.

Most of the bumps in the learning curve are ego based or self inflicted. And they come from areas that I considered my strengths. I thought I was a hard worker. Well I had rapidly to deal with my workaholism and taking on too much at once. I thought I was going to take this business seriously and study hard. Well I had to deal with how deep down I felt I was better than everybody else and should be learning it quicker and not making the same mistakes everyone else does. This learning curve has stripped my ego bare. I have gained a lot from trying to do as much of that process as I can in public and private forums. It can be a blow to my pride but it is my belief that it pushes me forward to my goals much quicker too.

So Dan, to me your post was the best post of the day. And I bet you that a hundred people recognised that feeling. The feeling of thinking "Man, not ten hours ago I was staring at that chart and that completely passed me by" But guess what? They didn't post. You did. Well done.

Personally I had that feeling earlier on today. "Man that was so simple why didn't I see it" so it was great to hear you. In my opinion we all learn the most from humble teachers who talk honestly from the heart, and not from pompous know it all a-holes. And that is why this thread flourishes. An abundance of the former and an almost complete absence of the latter. Long may it continue.
  • #47,670
  • Nov 6, 2009 9:48pm Nov 6, 2009 9:48pm
Quoting TiaForex
So Dan, to me your post was the best post of the day.
you must have not seen jarroos graph posts from today then....
Many choose unhappiness over uncertainty.
  • #47,671
  • Nov 6, 2009 10:23pm Nov 6, 2009 10:23pm
Quoting Dan Gilbert
you must have not seen jarroo's graph posts from today then....
Sir jarroo already have many 'best' posts in the past.
in view of that, your post is 'new' & therefore the best for today.
  • #47,672
  • Nov 6, 2009 11:16pm Nov 6, 2009 11:16pm
Quoting TiaForex
I relate to this and to Dan's post. Sometimes it is really frustrating to see a senior post a chart that you've been staring at, and that you didn't see what they saw. But like James16 says, it's only time and practice.

I completely agree with univ_tj as well. It is just human nature to want to big up the winners and sweep the losers under the carpet. That's absolutely fine. No one is obliged to post losses, heck no one is obliged to post any kind of trade at all. Where it can be damaging to the learning curve is if you feel that everyone is chowing...
Another one of your gems I was talking about eariler, Aaron.

I like this part because its so important . . . "One of the truths of this business is that there is a learning curve. It's mainly hidden."

We can get very fustrated in this business. We can have a setup that meets an A+ trade criteria (we think) and it fails miserably. We have a few of these, we get upset and get to a point where we ponder if this business is really for us. And may even decide to leave it. Unfortunately, many do leave it. But it is at this point that we learn the most and make that learning curve a little straighter, but we are unaware of it at the time. It is hidden. We may not know its there, but it is there.

I believe its many of these "hidden" experiences that we endure that put the "Ah-HA' in the "Ah-Ha Moment".

Thanks Aaron,


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #47,673
  • Nov 6, 2009 11:41pm Nov 6, 2009 11:41pm
Quoting Dan Gilbert
you must have not seen jarroos graph posts from today then....
Thanks Dan. I'm looking forward to see some of your winning charts as well.
Indicators show the past. Price Action "Indicates" the future.
  • #47,674
  • Edited 12:53am Nov 7, 2009 12:37am | Edited 12:53am
So I thought some people may be interested to see some test results. This EA is set to take on a 1h chart medium-large pinbars and huge engulfing bars. It's currently set to take them only on round numbers (50p) and when there is 6 period rsi divergence in the last 3 bars looking back 18 bars (comparing closes to closes). It's taking small profits usually just inside the nearest round number (25p) and favours stops outside the pa bar or just outside the nearest 25p round number if there's one close by. These settings did not perform as well with any kind of a reduce the risk in the middle of the trade setting (stop to be/trailing stop) so it is currently set to just let trades go till either stopped or profitted.

95% win rate in the last 10 years on EU. Too bad it's only taken 36 trades...

It's hard to tell how much curve fitting has been done when optimising the sl/pt settings. I optimize for a few years then test it on a year or two further back in history as kind of a synthetic forward test. I'm also always happy to see the exact same settings not crapping their pants across other pairs as well as a wide variety of settings showing positive results.

I will attach the results.

conclusion: pa + round numbers + rsi6 divergence even when used alone can be profitable.

Yes this is what I do in my spare time.

Here's the EU results, apparently I can't attach html files so it's converted to text.
Attached Image (click to enlarge)
Click to Enlarge Name: 1h-eu-wn.gif Size: 8 KB
Attached File(s)
File Type: txt 1h-eu-wn.txt   10 KB | 474 downloads
May all your fits be loose.
  • #47,675
  • Nov 7, 2009 12:50am Nov 7, 2009 12:50am
Quoting endo77
So I thought some people may be interested to see some test results. This EA is set to take on a 1h chart medium-large pinbars and huge engulfing bars.
Here are the AU, and GU tests with the exact same settings not crapping their pants too much. Th GU had it's 25p round number setting changed to 50p.

And also the last one is EU without the round number filter it was taking pins and engulfings with divergence at any location.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: pin-au-1h-wn.gif Size: 7 KB
Click to Enlarge Name: gu-1h-pinbar-wn.gif Size: 8 KB
Click to Enlarge Name: eu-1h-nown.gif Size: 9 KB
Attached File(s)
File Type: txt pin-au-1h-wn.txt   5 KB | 443 downloads
File Type: txt gu-1h-pinbar-wn.txt   6 KB | 424 downloads
File Type: txt eu-1h-nown.txt   19 KB | 430 downloads
May all your fits be loose.
  • #47,676
  • Nov 7, 2009 1:51am Nov 7, 2009 1:51am
Quoting endo77

conclusion: pa + round numbers + rsi6 divergence even when used alone can be profitable.

Ofcurse lol!

Good traders cut loses and maximize profits. IMO the bet settings for TP and SL will be trailing the stops by yourself.

JMO


Aron - Thanks. Great post as usual
  • #47,677
  • Nov 7, 2009 4:06am Nov 7, 2009 4:06am
This is a Gap related question.
Example: If I have a long position open overnight or over the weekend and have moved my S/L to breakeven. The following trading session the price gap opens in my favour ie. Higher than previous bar close, then I would have made the extra pips. What would be the case if the gap opens against me, i.e the new bar opens far below the close of the previous bar. Would I have been closed at my S/L(breakeven) or would I incur the penalty of the gap.?

Hope my question makes sense?

Cheers
  • #47,678
  • Nov 7, 2009 4:24am Nov 7, 2009 4:24am
Quoting benji533
Ofcurse lol!

Good traders cut loses and maximize profits. IMO the bet settings for TP and SL will be trailing the stops by yourself.

JMO


Aron - Thanks. Great post as usual
Yep I have done extensive work with round numbers. They flat out work. Combining them with the material James teaches and some time and experience = $$

Mike
  • #47,679
  • Nov 7, 2009 7:08am Nov 7, 2009 7:08am
Quoting unlv_tj
Keep working hard, learn from the posts.

I used to feel this way as well, until I realized no one posts their losses, and everyone here has losses. I don't know why, we can learn a lot from losses.
Thank Godness someone is beginning to notice this. I had thesame headache a yr ago when I just started. This is a BIG hurdle for beginners because when they look at most peoples post they see mostly winners. In a short while their minds get programmed to see mostly winners and any trading result they have that does not reflect this creates a mental imbalance which can be difficult for some people to resolve especially if you still dont know the source of the frustration.

IMHO If we can all post our losses as much as we post our winners it will help new people adjust faster.

Thanks bro for pointing this out.

Hunri
  • #47,680
  • Nov 7, 2009 7:27am Nov 7, 2009 7:27am
[quote=jarroo;3214841]
We can get very fustrated in this business. We can have a setup that meets an A+ trade criteria (we think) and it fails miserably.

IMO These are the type of losses we should be posting.

Thanks for pointing this one out Jim

Hunri
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