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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

  • #51,021
  • Jan 7, 2010 5:39pm Jan 7, 2010 5:39pm
Thanks for the great post mike! There aren't many pros in the world who would offer such a great post for newbs like us.

I'm seriously going bookmarked that page.

Thanks again!

Cheers
Going to go Hunt for some large pips
  • #51,022
  • Jan 7, 2010 5:44pm Jan 7, 2010 5:44pm
Quoting mbqb11
ok man some people are going to want to punch me b/c I know my rants are long.

(...)

I get the must psyched when those few people msg me about how they are now battling with the fact they have gotten so picky. The reason being is b/c I know they have a chance at this. B/C sure they wont be increasing their accounts by wild % every month, but they can grow that way. It is very hard not to make money on the very best bars.
If anyone wants to punch you, they should reread this. Twice.

And if they still do, send 'em here
When you have to shoot, shoot. Dont talk.
  • #51,023
  • Jan 7, 2010 5:56pm Jan 7, 2010 5:56pm
stupid noob question alert.

Should i be drawing trend lines at the high/lows or open/closes of bars?
  • #51,024
  • Jan 7, 2010 5:59pm Jan 7, 2010 5:59pm
Quoting ninreznor
Should i be drawing trend lines at the high/lows or open/closes of bars?
Generally, you want to go with high/low for forex markets - that shows you where price went to, where it stopped/reversed, etc. Open/close in the forex market, esp on lower timeframes, are really just arbitary times that dont mean much.

Some people use open/close, but mainly for stocks on the daily (where open and close numbers are important).
When you have to shoot, shoot. Dont talk.
  • #51,025
  • Jan 7, 2010 6:00pm Jan 7, 2010 6:00pm
Quoting ninreznor
stupid noob question alert.

Should i be drawing trend lines at the high/lows or open/closes of bars?
Not a stupid question. Both methods are actually used, although using highs/lows would seem to be the common one.

That's part of why drawing trend lines is part art and not just science.

Practice, practice, practice
  • #51,026
  • Edited 6:39pm Jan 7, 2010 6:28pm | Edited 6:39pm
Quoting dobe_r_man
Dan:

Interesting watching your touch trades........are you closing half at a TP and trailing the remaining or closing half at a predetermined pip level?

Just curious...
I have been doing it where I'm moving my S/L to even @ 30 pips, and usually taking half profit at that point too. I usually can find a "trouble area" very close to my touch and my lack of confidence in the touch department requires me to move my stops ASAP, so as to reduce draw down. Then the other half stays open with a 50 pip trailing stop. on EURAUD I was planning on closing the position when price hit the big round number 1.5500 (1.5515 actually for insurance), but my trailing stop got hit before that area was reached.
Many choose unhappiness over uncertainty.
  • #51,027
  • Jan 7, 2010 6:47pm Jan 7, 2010 6:47pm
I wish this setup was 200 pips higher 1.55 zone might be a hard one to break for a short pos.
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Many choose unhappiness over uncertainty.
  • #51,028
  • Jan 7, 2010 6:53pm Jan 7, 2010 6:53pm
Thanks Mike for your two recent posts on Patience. It's funny that I was talking to my spouse today about that very same thing. I was telling her I could probably double my profits with a little more patience (just taking the very best trades). I printed out your posts and put them in my James16 binder.

Larry
  • #51,029
  • Jan 7, 2010 8:06pm Jan 7, 2010 8:06pm
Quoting larryj
Thanks Mike for your two recent posts on Patience. It's funny that I was talking to my spouse today about that very same thing. I was telling her I could probably double my profits with a little more patience (just taking the very best trades). I printed out your posts and put them in my James16 binder.

Larry
i have been following this forum for a while but never post before and just by reading whats here i have learn so much and i am seriously thinking about joining james16 private forum as well. I was just now looking at the aud/usd and i remember mike said that your reversal bar should be about the same size as the previous bars given its a strong trend.......looking at the daily bar for aud/usd i was wondering if that is a good pin bar for a short.
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  • #51,030
  • Jan 7, 2010 8:09pm Jan 7, 2010 8:09pm
Quoting row
i have been following this forum for a while but never post before and just by reading whats here i have learn so much and i am seriously thinking about joining james16 private forum as well. I was just now looking at the aud/usd and i remember mike said that your reversal bar should be about the same size as the previous bars given its a strong trend.......looking at the daily bar for aud/usd i was wondering if that is a good pin bar for a short.
Hey Row welcome to our little spot

here was my response to someone else regarding this bar

This is one of those bars again that most people are probably going to take or be tempted to take. I can see some people coming out as losers, some b/e and some winners. I will not be trading this as I don't see a real reason for a reversal here and the size of the bar with that makes me not very interested. I agree the prior bars low or into the .9100 area(remember not to the pip) it should make. But I would also treat this as if it doesn't break hard or breaks and retraces too much to get out. Again lack of confluence just has me not all that interested with that size bar.

Again just based on my methods
Mike http://www.james16group.us/forums/im...c/progress.gif
  • #51,031
  • Jan 7, 2010 8:11pm Jan 7, 2010 8:11pm
Quoting row
i have been following this forum for a while but never post before and just by reading whats here i have learn so much and i am seriously thinking about joining james16 private forum as well. I was just now looking at the aud/usd and i remember mike said that your reversal bar should be about the same size as the previous bars given its a strong trend.......looking at the daily bar for aud/usd i was wondering if that is a good pin bar for a short.
I think being NFP news day the general rule is to avoid opening new positions, however please correct me if i'm wrong people.
Learning to be rigid in my rules & flexible in my expectations
  • #51,032
  • Jan 7, 2010 8:22pm Jan 7, 2010 8:22pm
Quoting Treefingers
I think being NFP news day the general rule is to avoid opening new positions, however please correct me if i'm wrong people.
price kind of doesn't give a lot of trading opportunities leading up to NFP.... real dead action...
Many choose unhappiness over uncertainty.
  • #51,033
  • Jan 7, 2010 8:38pm Jan 7, 2010 8:38pm
Quoting mbqb11
Hey Row welcome to our little spot

here was my response to someone else regarding this bar

This is one of those bars again that most people are probably going to take or be tempted to take. I can see some people coming out as losers, some b/e and some winners. I will not be trading this as I don't see a real reason for a reversal here and the size of the bar with that makes me not very interested. I agree the prior bars low or into the .9100 area(remember not to the pip) it should make. But I would also treat this as if it doesn't break hard...
I know you are a busy man mike but just want to ask you a quick question when looking for confluence do you just look to your imediate left?.......how far to your left do you look for confluence? if you are looking for a reversal bar where would be a good location ?
  • #51,034
  • Jan 7, 2010 8:43pm Jan 7, 2010 8:43pm
I am not Mike, but I zoom out on charts to view support and resistance levels. By zooming out, you see the bigger picture. I look quite a ways back and not just to the immediate left.

Scott

Quoting row
I know you are a busy man mike but just want to ask you a quick question when looking for confluence do you just look to your imediate left?.......how far to your left do you look for confluence? if you are looking for a reversal bar where would be a good location ?
  • #51,035
  • Jan 7, 2010 8:46pm Jan 7, 2010 8:46pm
Man, have you been hangin' in my office for the last 4 or 5 years?
Everything you talked of I've done.
Funny thing I found the J16 thread almost at the start but did not give it much attention (first dumb move) instead I set off on the journey of 'systems' and 'indicators'. To cut a long story I am absolutey convinced that PA is the only, only, only way to make profit.
Grazia mille for every one that contributes to this forum.
I only trade daily's and only on the major pairs.At this stage since I have converted to PA I have made profit, still not 3 consecutive months profitable. Until that happens I will not get into serious funding. I like what is happenning.
Ciao
  • #51,036
  • Jan 7, 2010 8:51pm Jan 7, 2010 8:51pm
Quoting row
I know you are a busy man mike but just want to ask you a quick question when looking for confluence do you just look to your imediate left?.......how far to your left do you look for confluence? if you are looking for a reversal bar where would be a good location ?
Hey Row

Tough question to give a one line answer too. Generally speaking I am more concerned with the more recent action. Say last 200 bars or so, but that doesn't mean I don't look further back, and or even less then that. I know that doesn't really give a great answer. If you have specific examples be sure to post I can be more specific in regards to what I see personally

Best
Mike
  • #51,037
  • Jan 7, 2010 8:57pm Jan 7, 2010 8:57pm
Quoting mbqb11
phew that would be a huge rant. I wish I could find a post of mine and also another post someone made(may have been diallist) about this topic.

Basically the stages are huge and numerous but I will try to be brief and general.

<truncate>

Mike
Whoaa. Thanks for the "rants" Fudd, keep em' coming!
I re-read Ed Seykota recently, and wrt development as a trader, he mentions what he calls a "workable ecology". Some parts of our hardwiring just need expression, even though it's not "with the rules".

My best mate is trading for a living, while he does wait and is patient, it totally screws with him because he likes action. As a result he has problems holding on to his runners.

His solution is to punt real small, but punt ALOT. He takes nibbles reallly fast and this in turn satisfies this part of him and allows him to be sufficiently satisfied so that he can hold on to his runners better. //

Another friend takes 2/3 off @ 1:1 or nearest suppt/restce, then widens his stop cause he wants to be in for the big big big swing.

I personally think both of them are nutz.

But it's "workable ecology".

Disclaimer: Ok, I must say they've been trading for about 4 years already and have pissed away quite abit of money and sweated enough bricks to build the Great Wall of China to get to where they are. So they're not quite noobs either. //

And yes, I found fiji's portion to be extremely extremely important in my personal development. (he remind me of Ed Seykota in terms of insightfulness into human nature you think?)

Thanks Mike
One Mind, Any Market
  • #51,038
  • Jan 7, 2010 8:58pm Jan 7, 2010 8:58pm
Quoting mbqb11
ok man some people are going to want to punch me b/c I know my rants are long....
Why is it that every time you write something, I almost always feel like being smacked in the face

I'm going to delve into my own self and brainstorm myself in Fiji's posts this weekend, those market mechanics books and webinars can wait, it's NFP friday anyway, I'm going to sit it out and tighten stops.

There is one question which I believe will help some people here, myself included.
You said during your process in developing as a trader, you also believed that everything James said was true, this is about the R/R a lot of people including me is going to ask about on their first time here, James I know is comfortable doing taking partial profits and moving stops to BE, and with his 27 years of experience, he knows when to cut the loss quick when price went againts him, and when newbies like me think about it back then, it will hurt his R/R in the long run, but it didn't. IMO his stops are on the opposite end of the PA setup and it's only there for a "just in case" purpose, he also said would never take a full size loss on any trade, nor take a loss on a winning trade.

As a beginner in this method, I do not encourage everyone to try what James do and watch a trade tick by tick if you don't have the experience he has. Me, when I watch a trade moves pip by pip, it's when I'd acknowledge the fear in me and most definitely will screw the trade, only to realize there are still much to learn, Patience... is priority one. I'm just afraid someone reads this post and starting to feel like fast forwarding to how James manage his trades is the Holy grail of trading, it's not, it takes years of practice to be as good as the man.

As your account size grows, so will the way you trade --> this I have been struggling about since I've heard him saying it again and again.

My question is a specific one, back then from my own prespective, it's hard to believe that account size changes will affect one's trade, although it's starting to make sense now from the "what we want to do and what we've found good at doing are two very different things" mind frame, would you mind sharing some of your experience with this one Mike? maybe you can finally make me clear my head although from my post it seems like I'm answering my own question...

Thanks a Lot

M.
  • #51,039
  • Jan 7, 2010 8:59pm Jan 7, 2010 8:59pm
Quoting mbqb11
ok man some people are going to want to punch me b/c I know my rants are long....
Mike this is true gold man. For a young buck, you're wise beyond years.
"Don't trade to trade . . . trade to win." - James16
  • #51,040
  • Jan 7, 2010 9:01pm Jan 7, 2010 9:01pm
Quoting Cyrus
I re-read Ed Seykota recently, and wrt development as a trader, he mentions what he calls a "workable ecology". Some parts of our hardwiring just need expression, even though it's not "with the rules".
OK now you got me hooked, what's this book/article and where can I find it?

Thanks
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