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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

  • #51,701
  • Jan 15, 2010 11:12am Jan 15, 2010 11:12am
Quoting marcelnyo
The bolded ones... I really like... especially the one about a trend, someday, you'll catch a monster move with a compressed risk of 30 pips.
practice makes perfect, mate!

although I've just reminded myself that I already got my hands full just by trading the 4H and re-learning breakouts... and re-reading the thread... and reading Cosler's books on market microstructure... oh boy... the time will come when I got enough time to plan my priorities at least... LOL.

I'll continue to watch your trades, they're interesting, kinda...
touch trading, It's a learning process.... Just practice on demo, and your terminal will make a similar transformation as this:
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Many choose unhappiness over uncertainty.
  • #51,702
  • Jan 15, 2010 11:14am Jan 15, 2010 11:14am
Quoting Dan Gilbert
funny demo touch trade I took, the stop is already at B/E and I'm taking half profit @ 1.0256. This will be my 10th touch trade in a row that I have come out at breakeven or better on this particular demo account. Not enough confidence to pull these types of touch trades off on the real one...
These happen more than you would think and the risk is relatively low normally. Also because you will want to move your stop quickly it means you are exposed to low-ish risk for a short period and normally with nice reward ratio - nice trade, and remember the big man always says that a break-even is a win!
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  • #51,703
  • Jan 15, 2010 11:22am Jan 15, 2010 11:22am
Quoting Dan Gilbert
funny demo touch trade I took, the stop is already at B/E and I'm taking half profit @ 1.0256. This will be my 10th touch trade in a row that I have come out at breakeven or better on this particular demo account. Not enough confidence to pull these types of touch trades off on the real one...

Hello Dan,

I feel the same too when trying the touch trade on the real acct, the win ratio is quite high with PA trades, and it is really a mental difficulty to try the touch trade. I watch the 1.03 level too on UCAD and I was tempting to try it too but just don't want to risk the winning money onto the touch trade.

Maybe I really need to demo it more and get the probability out from touch trade.

It is so easy to move BE when touch trade happen around the weekly and daily level.

I watch your touch trade and it is amaze me the win ratio is quite high so far.

Keep watching your charts! Dan, keep going!

PM
  • #51,704
  • Jan 15, 2010 11:29am Jan 15, 2010 11:29am
Quoting salisa
These happen more than you would think and the risk is relatively low normally. Also because you will want to move your stop quickly it means you are exposed to low-ish risk for a short period and normally with nice reward ratio - nice trade, and remember the big man always says that a break-even is a win!
I also took this one but in a different way, sort of like a breakout and pullback pattern.
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  • #51,705
  • Jan 15, 2010 11:30am Jan 15, 2010 11:30am
Quoting Dan Gilbert
touch trading, It's a learning process.... Just practice on demo, and your terminal will make a similar transformation as this:
That's what I'm trying to do... only after I've learned to trade mike's breakouts...

Quoting salisa
These happen more than you would think and the risk is relatively low normally. Also because you will want to move your stop quickly it means you are exposed to low-ish risk for a short period and normally with nice reward ratio - nice trade, and remember the big man always says that a break-even is a win!
But leaving the confirming PA behind means no confirmation on the entry, so indeed, superb S/R understanding is needed, and all the things Dan has said, trends, previous price movements.

This will take a long-long time to demo, but it will be worth it, I'd personally put J16's MINIMUM REQUIREMENTS on demoing it before going live.

Quoting PippingMama
Hello Dan,

I feel the same too when trying the touch trade on the real acct, the win ratio is quite high with PA trades, and it is really a mental difficulty to try the touch trade. I watch the 1.03 level too on UCAD and I was tempting to try it too but just don't want to risk the winning money onto the touch trade.

Maybe I really need to demo it more and get the probability out from touch trade.

It is so easy to move BE when touch trade happen around the weekly and daily level.

I watch your touch trade and it is amaze me the win ratio is...
Please kindly read my suggestions above Ma'am , though you're on the right prespective already I suppose, mike and jim always said to me, that if I can't do it on demo/super-micro account, then I won't be able to do it with a live, larger account, and that's an experience based fact IMO!

Good luck to you guys/gals.
  • #51,706
  • Jan 15, 2010 11:32am Jan 15, 2010 11:32am
Quoting marcelnyo
....
I'll continue to watch your trades, they're interesting, kinda reminds me of my friend from pakistan , where'd that skull head went anyway?
ghous?
he's busy watching the solar eclipse....
...i mean busy studying (& preparing for his birthday, next week)
  • #51,707
  • Jan 15, 2010 11:38am Jan 15, 2010 11:38am
I can't believe I hadn't checked out the M30 (I tend to steer clear of that timeframe normally) that pin is about perfect! and allowed for another entry... perhaps - I am watching this one closely now ready to get some off the table at the first target of 0.8842 then carry the rest into the traffic.
  • #51,708
  • Jan 15, 2010 11:41am Jan 15, 2010 11:41am
Quoting marcelnyo
That's what I'm trying to do... only after I've learned to trade mike's breakouts...



But leaving the confirming PA behind means no confirmation on the entry, so indeed, superb S/R understanding is needed, and all the things Dan has said, trends, previous price movements.

This will take a long-long time to demo, but it will be worth it, I'd personally put J16's MINIMUM REQUIREMENTS on demoing it before going live.



Please kindly read my suggestions above Ma'am , though you're on the right prespective already I suppose, mike and...

  • #51,709
  • Jan 15, 2010 11:48am Jan 15, 2010 11:48am
Quoting supremeChaos
ghous?
he's busy watching the solar eclipse....
...i mean busy studying (& preparing for his birthday, next week)
wow, he's lucky to live in that part of the world... I almost want to invite him here to SE Asia... I don't think it's hard to find a long term visa in our highly corrupted country but he's still studying though.

and what do we have here?... a birthday!
  • #51,710
  • Jan 15, 2010 12:09pm Jan 15, 2010 12:09pm
Quoting marcelnyo
wow, he's lucky to live in that part of the world... I almost want to invite him here to SE Asia... I don't think it's hard to find a long term visa in our highly corrupted country but he's still studying though.

and what do we have here?... a birthday!
lucky!!!!!!! yea right.
  • #51,711
  • Jan 15, 2010 12:11pm Jan 15, 2010 12:11pm
Quoting nasir.khan
lucky!!!!!!! yea right.
ok... I admit it is only on the eclipse part... would you guys like to move to a tropical country?
  • #51,712
  • Jan 15, 2010 12:18pm Jan 15, 2010 12:18pm
Hi, i came here recomended by someone at another forum, ive been trying to read the whole thread but is taking longer than i expected. I like the way it seems this thread has helped many, and i hope to learn this j16 Price Action also. For what i just wrote you can obviously notice that im a newbee. Ive opened my first small real account in July 2008 and ive lost more than i have gained. So i opened a demo account and im ready to start from the begining, testing for 3 months the DBLHC DBHLC BuOB BeOB.
  • #51,713
  • Jan 15, 2010 12:34pm Jan 15, 2010 12:34pm
Quoting marcelnyo
ok... I admit it is only on the eclipse part... would you guys like to move to a tropical country?
ohhh no what are you talking about marc.....we have every thing that one could wish for in this sweet homeland of ours. but the politicians, police and all the currupt federal institutions have made it a HELL and wait this not enough hmmmm.......... ohhhh yea lets have a war on terror.
  • #51,714
  • Jan 15, 2010 12:39pm Jan 15, 2010 12:39pm
Quoting marcelnyo

I found this happening at the GBPUSD we people are watching.
This is also forming a BEOB on the daily
  • #51,715
  • Jan 15, 2010 12:39pm Jan 15, 2010 12:39pm
Quoting nasir.khan
ohhh no what are you talking about marc.....we have every thing that one could wish for in this sweet homeland of ours. but the politicians, police and all the currupt federal institutions have made it a HELL and wait this not enough hmmmm.......... ohhhh yea lets have a war on terror.
So in the end, I've found that there aren't many differences in both our countries... LOL.
  • #51,716
  • Jan 15, 2010 12:50pm Jan 15, 2010 12:50pm
Quoting marcelnyo
So in the end, I've found that there aren't many differences in both our countries... LOL.
yep, Back to the charts, where we belong .
  • #51,717
  • Jan 15, 2010 12:53pm Jan 15, 2010 12:53pm
Quoting Glenborrell
This is also forming a BEOB on the daily
indeed, and it will go where we think it would, but I don't see many reasons to be bullish USD in the long term.

http://content.screencast.com/users/...01-16_0150.png
http://content.screencast.com/users/...01-16_0144.png
  • #51,718
  • Jan 15, 2010 1:30pm Jan 15, 2010 1:30pm
Did anyone see the add that FXDD has out.They want you to trade,in a live account no less,24 times between Jan 17 and jan 22. WOW
They should read tbe James philosophy on trading
Conquer the beast with disciplined determination and intellegent control.
  • #51,719
  • Jan 15, 2010 1:40pm Jan 15, 2010 1:40pm
Quoting nasir.khan
yep, Back to the charts, where we belong .
For therein, Lies freedom:
  • #51,720
  • Jan 15, 2010 1:51pm Jan 15, 2010 1:51pm
Well gentlemen, it has been a real orgasm being with you guys this week...

Off now to enjoy the great weekend ahead. First day in almost a month with a decent sun outside in Cancun's Caribbean Sea, so, lets rock & roll.

Wish you the greatest of the weekend and the greatest of pip hunting.
God Bless You ALL....

PS. I'll be around and studing Jarro's, Mike's, Bermac's, the Big Man Jim and all the great Senseis charts and videos...

Namaste....!!!
That which does not kill me, makes me stronger.
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