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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

  • #51,101
  • Jan 8, 2010 11:11am Jan 8, 2010 11:11am
Quoting ninreznor
One more question. Do you guys normally hold positions over the weekend that you are playing off of daily and/or 4 hr charts?
I'm a newb that still hasn't found a good daily pin to enter, but from the looks of it, nobody cares about the weekend H4 and up.

Hope this helps
Going to go Hunt for some large pips
  • #51,102
  • Jan 8, 2010 11:18am Jan 8, 2010 11:18am
Quoting relict07
I'm a newb that still hasn't found a good daily pin to enter, but from the looks of it, nobody cares about the weekend H4 and up.

Hope this helps
Well, stick with it. Sooner or later that A+ pin bar will show up and you'll be all the happier for having waited for it, instead of impatiently having taken poorer setups.
  • #51,103
  • Jan 8, 2010 11:53am Jan 8, 2010 11:53am
A Happy New Year to All from Icebound Ireland!

It's been 3 months since I started with the J16 thread and I'm pleased to say that my account was slightly ahead at the end of the year by around 5% simply by becoming more selective and patient and only taking Pinbar setups on higher timeframes.

(I think that justifies changing my subtitle from "Beginner" to "Breaking Even").



I'm still making silly mistakes though.

A rush of blood to my head saw me taking 4 losing H4 PB trades in one day which brought me back to just below break even in the first few days of the new year, against the judgement of the senior traders who were advising not to trade until after NFP. I guess they were 'boredom' trades, having not taken any trades and being a good boy for so long during the holiday period, etc.

A big thank you to all involved in keeping the thread going.

My New Year's resolution, as far as J16 is concerned, is to continue to be picky and try to keep my emotions at bay. And finish reading the thread.

Also, I am only going to take trades that I am prepared to post in the thread, that should help me focus even more.

A prosperous 2010 to all!



- TTP -
  • #51,104
  • Jan 8, 2010 12:20pm Jan 8, 2010 12:20pm
Quoting mbqb11
ok man some people are going to want to punch me b/c I know my rants are long...
mike i think that everyone on this forum is dying to read wisdoms you write for instance when i see that you have written something i take my time, concentrate and read carefully what you say and thank you very much for taking your time and helping new traders to become more successful
  • #51,105
  • Jan 8, 2010 12:54pm Jan 8, 2010 12:54pm
Quoting takingthepip
A Happy New Year to All from Icebound Ireland!

It's been 3 months since I started with the J16 thread and I'm pleased to say that my account was slightly ahead at the end of the year by around 5% simply by becoming more selective and patient and only taking Pinbar setups on higher timeframes.

(I think that justifies changing my subtitle from "Beginner" to "Breaking Even").



I'm still making silly mistakes though.

A rush of blood to my head saw me taking 4 losing H4 PB trades in one day which brought me back to just below break even...
AWESOME!!
  • #51,106
  • Jan 8, 2010 12:54pm Jan 8, 2010 12:54pm
Quoting ppfx
mike i think that everyone on this forum is dying to read wisdoms you write for instance when i see that you have written something i take my time, concentrate and read carefully what you say and thank you very much for taking your time and helping new traders to become more successful

Thank you very much and have a great weekend
  • #51,107
  • Jan 8, 2010 2:48pm Jan 8, 2010 2:48pm
what a week... I can't believe how well I did. Especially considering it was NFP week.

3 touch trades: first half position of the trades: won all three, second half of the trade positions: won 2, break even on the third.

the 3 OTHER touch trades I had placed that were never engaged would have all been winners, but I missed my entry by only 3-15 pips on those ones.

I'm not even counting 1 winner that was just an experimental trade with no particular "plan"

I would say that this was the first week in which I was able to really sit down and focus my attention to the charts. I had a good chunk of free time and made it happen.

a few missed opportunities occured as well but that is OK in my opinion. the 4hr pin on NZDUSD I didn't take b/c I didn't see it as pulling a bunch of momentum as I wanted it to. Also the GBPJPY 146.00 PPZ with the daily trendline S/R flip and BUOB on the 4hr was a really big "pay attention" indicator to me lol. That's ok though, I would say this was a really good week for me, and there is a lot of future opportunities in this market!
Many choose unhappiness over uncertainty.
  • #51,108
  • Jan 8, 2010 3:31pm Jan 8, 2010 3:31pm
Quoting mbqb11
Thank you very much and have a great weekend
yeah great weekend to you too i think that mine will we excellent since today i made my first bigger successfull trade in this year and covered the loss i made in december
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 8_1_10 buob H1.png Size: 61 KB
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 8_1_10 PA 1min.png Size: 48 KB


caesar i think that EU will go higer... (btw ignore the BUOB text, it was meant for a lower timeframe)
Attached Image (click to enlarge)
Click to Enlarge Name: eu.png Size: 62 KB
  • #51,109
  • Jan 8, 2010 3:40pm Jan 8, 2010 3:40pm
since i saw that quite a few of you decided to make journals i started to take screeshots of possible trade oportunities and of trades that i took so that in a future i wont make same mistakes again
  • #51,110
  • Jan 8, 2010 5:59pm Jan 8, 2010 5:59pm
Hey Mike... why is J16 in the commercial forum?
Mr. Trend
  • #51,111
  • Jan 8, 2010 6:12pm Jan 8, 2010 6:12pm
Quoting Mr Trend
Hey Mike... why is J16 in the commercial forum?
Good question.

The reality is that J16 has something for Sale.

Nevermind that it has been a Major Contributer to FF 'Hits' The rules just had to be Ruled Upon & Jim fell in.


You've been here long enough to realize how unfair this is but I don't believe Merlin is running the show anymore.

Just a back minded thought.
  • #51,112
  • Jan 8, 2010 6:44pm Jan 8, 2010 6:44pm
Quoting Mr Trend
Hey Mike... why is J16 in the commercial forum?
Mr T ! MY MAN!

Long time no see bud.

B/C Jim offers a service they decided we should be in a forum with those offering any type of service instead of recognizing that FF was pretty much built with J16 as a staple attracting traders. No time to be upset on a friday though many new traders still gaining from the j16 footprints!

Happy new year bud and hope all is well

Mike
  • #51,113
  • Jan 8, 2010 7:03pm Jan 8, 2010 7:03pm
Quoting Bemac
I don't believe Merlin is running the show anymore.
As a newb who recently joined in, I've read about Merlin being the "Grand Maestro" of FF and was wondering what happened to him?

It looked like as if he just vanished into thin air after building up this great forum since early part of the decade.
Going to go Hunt for some large pips
  • #51,114
  • Jan 8, 2010 8:38pm Jan 8, 2010 8:38pm
Quoting nasir.khan
hmmm.
simple, isn't it?
learned it from a fund manager, who's a lurker here.
  • #51,115
  • Jan 8, 2010 10:00pm Jan 8, 2010 10:00pm
Quoting mbqb11
Mr T ! MY MAN!

Long time no see bud.
I know man, it's been awhile. I'm now day trading a lot more and I'm back to moderating the Forex forum for Woodie... so that takes up some of my time...


Quote
Happy new year bud and hope all is well

Mike
You too bro! Many pips!
Mr. Trend
  • #51,116
  • Jan 8, 2010 10:23pm Jan 8, 2010 10:23pm
Quoting relict07
As a newb who recently joined in, I've read about Merlin being the "Grand Maestro" of FF and was wondering what happened to him?

It looked like as if he just vanished into thin air after building up this great forum since early part of the decade.
Merlin is a bright man, buy low, SELL high

I miss him for sure and thank him for so much. Not to long ago it was a different atmosphere that I was sure as hell lucky to step into at the right time. Thankfully we still have some old timers floating around here(but miss the big guns smjones, darkstar, merlin and the others).
  • #51,117
  • Edited Jan 9, 2010 4:42pm Jan 8, 2010 11:29pm | Edited Jan 9, 2010 4:42pm

Quoting mbqb11
ok man some people are going to want to punch me b/c I know my rants are long. But I will post this other one I just made today. This was the patience one I said I put in the PF.

<snipping the good stuff>



Wow - I've been busy this week and missed this. Nice work.

Without knowing what your (or anyones!) thought process is when they 'lose patience', I will offer this tidbit to everyone from a conversation I had with Fiji. I'll put it as straight as I can, it may be enlightening to a few, it sure as heck was to me.

Consider asking a few people to go out and do something for you, but you do not give them instructions on how to do it. What would the results be?

Now consider asking them to do something for you, giving them good instructions for success, but you constantly change your mind, and in midstream and change the instructions. How would it turn out?

Both situations are pretty crappy ways to do anything, but traders do it all the time.

Many traders either fail to have written and tested instructions to accomplish exploiting an edge (AKA: 'rules') or if they have rules, once they are in a trade they over analyze and then break/change the rules midstream by doing something foolish with their stop or by exiting a trade in a manner not in accord with their rules.

Is this really a lack of patience? It might be in some cases, but it really looks like is a failure or inability to delegate in a business-like manner. And that is stupid. (Ever been worked over by a boss who does this??? Me too.)

In any business (be you an owner or employee), the ability to delegate well is one of the keys to success. In the case of a trader, you are delegating to the market itself to carry out what it will, because your well understood and proven rules tell you that this is how you will make money: by exploiting an inefficiency you clearly see via price action. If you cannot see how you are delegating the work of making you money to the market, tell me this - Just what level of influence do you have over the market???

Maybe looking at the possible reality of the issue being one of delegation may make overcoming the problem of a lack of patience a bit easier. Recognition of the landscape is a big part of winning any battle. It is something to consider, and remember, what works for you, works. Just be honest with yourself, which harder than it looks, but that is a whole other ball of wax you'll have to tackle to have success.

Quote
Please remember these are just my thoughts and don't take anything personal anyone.


Mike - I think everyone should be encouraged to take it personal. Perhaps it is better to say: don't get offended, (and I am pretty sure you mean that) but many would be very much benefited if they personalized things like this.

Again, that was some nice work.

Just something I wanted to share.
I'm pretty much done with all this ...
  • #51,118
  • Jan 9, 2010 12:23am Jan 9, 2010 12:23am
Quoting StoragePro
Consider asking a few people to go out and do something for you, but you do not give them instructions to do so. What would the results be?

Now consider asking them to do something for you, giving them good instructions for success, but you constantly change your mind, and in midstream and change the instructions. How would it turn out?
oh wow that's great. this week I was itching like hell to move my trailing S/L to give my trades more slack, but I forced myself to not touch it, and not touching it proved the be the correct decision. KISS. good insight.
Many choose unhappiness over uncertainty.
  • #51,119
  • Edited 2:39am Jan 9, 2010 2:34am | Edited 2:39am
Eur/GBP
Quoting Dan Gilbert
I see in this consolidation a great future opportunity. 3 touches on both trendlines making them very valid. wait for the break and retrace now...
Hello Dan,
Have you spotted the support line from July/Sept 07 and Oct 08 that may interfere when your trade from the floor of the triangle gets to c200 pips profit?
Am currently short from 0.8997 - a punt (11 pip stop)from the near confluence of 0.9000 and the down-sloping resistance line.
Kan
Thanks for your help, warmth and straight talking Heather.
  • #51,120
  • Jan 9, 2010 3:13am Jan 9, 2010 3:13am
Quoting StoragePro
Wow - I've been busy this week and missed this....
Thank you sir

If it brings you to come out and post here then it was worth it
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