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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

  • #55,061
  • Feb 15, 2010 11:28am Feb 15, 2010 11:28am
Quoting sas
I don't think that anybody, no matter who they are can tell other people, how to go about their trading, in a sense of what they can or cannot do. The best we can do is give good guidance and advice, like all the seniors have done tirelessly here(which I am very grateful) and then its up to each person to decide which way they want to go about it.
Just my 2 cents.
Agreed, I just share my experiences, and how I think if I was new, or trying to become a profitable trader what I think the best steps are. They are different then the steps I took to be where I am now, but things are easier to see looking back on it and if I can even slightly speed up someones learning curve then I am grateful

Mike
  • #55,062
  • Feb 15, 2010 11:31am Feb 15, 2010 11:31am
Quoting kayhan7070
hello mike

we have nice pin bar on the daily.can we say that we have confluence with the fib 50 and the ppz,because fib 50 is at 2.2300 and ppz is at 2.2200? there is also a ppz at 2.2300.

i want to go long at this pair.when i check the 4H i see that we have also a small pin bar right off the PPZ.

when i check the 1H chart i see a BUOB right on the PPZ,and it looks like a breakout trade.if i enter with the 1H chart would that be logical?because it includes a small pin bar on the 4H and a very good looking pin bar on the daily?

in your opinion...
Hey Kay

I answered you in the PF but in case you might see this first

Hey Kayhan

Personally I never go down in timeframes like this to try to enter into a trade. Too me this leads to analysis paralysis. I base my decision on the same timeframe to decide if it is a good trade or not. Based on the daily I would say this is a pinbar in a lot of traffic and more importantly it went to the first trouble area you marked down already(your top blue line). So trying to re-enter now feels as if you might be trying to chase a trade that is potentially over. Now I am not saying your analysis is wrong though, so that is important to note. That is up to you to decide. This would just be my personal opinion based on how I trade. And to add today is a dead holiday day as we can see by lack of movement so I wouldn't be looking to push it on the lower timeframes and get involved in such a dead market as well.

Let me know if you have more questions
Mike
  • #55,063
  • Feb 15, 2010 11:41am Feb 15, 2010 11:41am
Quoting dobe_r_man
Yet I work at a Bank in the US and we are working today......ha ha....
Hi Nathan,

Thanks for your quick response. Too bad that you still have to work today. So much for a true banking holiday eh?

Did in fact notice the calmness today. Haven't checked the D1 charts yet, so I wouldn't know if there's anything juicy in the making, but having checked the FF calendar after wondering why it was so quiet today I immediately wondered about the effect of these kind of days on signal strength.

Boy
It's not about how much you make, it's about how much you don't lose.
  • #55,064
  • Feb 15, 2010 11:44am Feb 15, 2010 11:44am
Quoting Dhb
Hi Nathan,

Thanks for your quick response. Too bad that you still have to work today. So much for a true banking holiday eh?

Did in fact notice the calmness today. Haven't checked the D1 charts yet, so I wouldn't know if there's anything juicy in the making, but having checked the FF calendar after wondering why it was so quiet today I immediately wondered about the effect of these kind of days on signal strength.

Boy
Hey Boy

The truth is you won't see many signals, except things like inside bars, or consolidation for potential breakouts since things come to a screeching halt on these days anyway. Size of bars is very important to my personal methods, so it sort of has the built in safety net to keep me out of sloppy signals off days like this

Best
Mike
  • #55,065
  • Feb 15, 2010 12:48pm Feb 15, 2010 12:48pm
looking good?
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Wellcome to the good life!
  • #55,066
  • Feb 15, 2010 12:52pm Feb 15, 2010 12:52pm
Quoting mbqb11
Agreed, I just share my experiences, and how I think if I was new, or trying to become a profitable trader what I think the best steps are. They are different then the steps I took to be where I am now, but things are easier to see looking back on it and if I can even slightly speed up someones learning curve then I am grateful

Mike
Yes. It's gotten quite obvious that people have to have the pieces fall into place in their own individual way.

The mixes of trade setups that people take eventually governs the trade management and risk style that will work for them individually when they "get there". ...and vica versa.

The best any of the more experienced members here can do is act as throttle stops and point out the real bad habits ( and re-inforce the good ones!). ...With a little of " this is what works for me" thrown in.
Bundy's status today: "Waiting..."
  • #55,067
  • Feb 15, 2010 12:56pm Feb 15, 2010 12:56pm
Fantastic!

many thanks

fxp


Quoting Dhb
Anybody here ever heard of a book called Market Wizards?

Anybody here ever heard of Paul Tudor Jones?

Anybody here ever heard about the documentary Trader (1987), which featured mr. Tudor Jones, and which briefly resurfaced last summer on Youtube, but has unfortunately been removed again pretty quickly?

Wanna see this legendary documentary?

*click here*


Edit: View...
  • #55,068
  • Feb 15, 2010 1:03pm Feb 15, 2010 1:03pm
Quoting fxprocessor
Fantastic!

many thanks

fxp
Yeah ditto. I snavvled it earlier too. lol
Haven't watched yet.

Good to see you still hangin' round too fx.
Bundy's status today: "Waiting..."
  • #55,069
  • Feb 15, 2010 2:07pm Feb 15, 2010 2:07pm
Quoting chatzi
I agree, it will take time to get good at this, however from what I have read, Rac only became successful once he starting using J16 stuff?,
true

Quote
I am a quick learner and have been studying PA and S/r for over a year as well as general trading. I have this great thread as a resource I think it can be achieved in less than 15 years.
true again.
some people have more talent than others, some people have no talent at all, even though they think they own the world...
IMO, if you're have a mathematical mind,.. are a programmer, dentist, physicist, have PHD in engineering, your chances of succeeding in this business are ultra slim. If you're an HR person, a psychologist, shrink.... you're miles ahead from others.

For the record: I am a super math minded person, so maybe this is why it took me so long. Or perhaps I had no talent at all....
  • #55,070
  • Feb 15, 2010 2:21pm Feb 15, 2010 2:21pm
Looking at this at the moment. I am already short from the Daily BEOB so looking for a break short then possibly a retest of the wedge with some PA.

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  • #55,071
  • Feb 15, 2010 2:28pm Feb 15, 2010 2:28pm
Quoting mike w
Hey how's it goin Tom? Yeah, I just use them for thaanother timeframe setup. IE, their 4 hour closes at a different time than other brokers. I put all my charts on here from Fxpro out of habit and t's the charting service I have up on this PC all the time.

They closed out all US accounts recently, which is a shame because they were a pretty good broker.
Mike Thanks for your reply.They do not allow live trading ,but I was able to open a demo account.Wanted to be able to get charts for oil gold,and mini Dow and mini S&P

Tom
Conquer the beast with disciplined determination and intellegent control.
  • #55,072
  • Feb 15, 2010 2:31pm Feb 15, 2010 2:31pm
Quoting ljr
Looking at this at the moment. I am already short from the Daily BEOB so looking for a break short then possibly a retest of the wedge with some PA.

Attachment
You and me both, although I won't be adding to my original position. A close below the .8667 area (and ascending trendline from the daily that Bemac pointed out as well) would convnice me it is truly going south. With todays lack of liquidity/fed holiday not sure it will happen, but tomorrow should be interesting. It won't be hangin around this area very long, it either drops of pops north through 0.8700 level.

Nathan
  • #55,073
  • Feb 15, 2010 2:42pm Feb 15, 2010 2:42pm
Quoting bundyraider
Yeah ditto. I snavvled it earlier too. lol
Haven't watched yet.

Good to see you still hangin' round too fx.
Always good to see you posting too Bundy. Especially when you are generous enough to share a great setup with us
  • #55,074
  • Feb 15, 2010 2:57pm Feb 15, 2010 2:57pm
Quoting raczekfx
IMO, if you're have a mathematical mind,.. are a programmer, dentist, physicist, have PHD in engineering, your chances of succeeding in this business are ultra slim. If you're an HR person, a psychologist, shrink.... you're miles ahead from others.

For the record: I am a super math minded person, so maybe this is why it took me so long. Or perhaps I had no talent at all....
What would say set you apart from everyone else? What would you say was your greatest break-thru?

Hope I'm not getting to personal. Thank you for all you do.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #55,075
  • Feb 15, 2010 3:33pm Feb 15, 2010 3:33pm
Quoting mbqb11
Hey Boy

The truth is you won't see many signals, except things like inside bars, or consolidation for potential breakouts since things come to a screeching halt on these days anyway. Size of bars is very important to my personal methods, so it sort of has the built in safety net to keep me out of sloppy signals off days like this

Best
Mike
Yeah, just had a look at the D1 charts, and it's IBs all the way. Guess the only pair I'm gonna watch tonight is CHFCAD (hockey match).
It's not about how much you make, it's about how much you don't lose.
  • #55,076
  • Feb 15, 2010 3:38pm Feb 15, 2010 3:38pm
I see there is a debate about this. ive asked several people opinions and this was mikes.

" I think there is just no way to keep things "clean" in a huge public thread like yours. So you are going to have everyone's different viewpoints/methods all at the same time. Since they are all based off the same concepts I don't have anything wrong with it, we just have to be diligent in reminding the newbies the proper precautions and steps to take."

I agree with mike but im concerned nontheless.

We all know the basic material can truly help new people find some early success and we all know how critical that phase is.

I have zero problems with variations based off of the basic material but we must always make sure that new people understand what is best for them early on.

To do that I need the variation people to openly be willing to tell new people that demoing there variation is fine but they should concentrate on the basic material.

Obviously what we do here is simple but I DO NOT want new people coming out of the gate taking blind touch trades THINKING THAT IS WHAT THE THREAD WAS DESIGNED TO TEACH. NO NO NO.

You touch traders etc have fun and do your thing but help me keep the new people out of trouble.

I will put this in post 1 for reference.

Thanks to all of you regardless of what approach you take for keeping the thread a nice place for all traders.

THAT IS WHAT IS TRULY IMPORTANT TO ME.
  • #55,077
  • Feb 15, 2010 3:38pm Feb 15, 2010 3:38pm
Quoting raczekfx
true

true again.
some people have more talent than others, some people have no talent at all, even though they think they own the world...
IMO, if you're have a mathematical mind,.. are a programmer, dentist, physicist, have PHD in engineering, your chances of succeeding in this business are ultra slim. If you're an HR person, a psychologist, shrink.... you're miles ahead from others.
Seems too simplified to me. I think perseverance can overcome our college educational 'deficiencies' (MS in engineering)...I HAVE AN ULTRA STRONG CHANCE OF SUCCEEDING IN THIS BUSINESS. Maybe I'm an outlier.

I am what I think I am. But that's just me
  • #55,078
  • Feb 15, 2010 3:59pm Feb 15, 2010 3:59pm
Quoting raczekfx
true

true again.
some people have more talent than others, some people have no talent at all, even though they think they own the world...
IMO, if you're have a mathematical mind,.. are a programmer, dentist, physicist, have PHD in engineering, your chances of succeeding in this business are ultra slim. If you're an HR person, a psychologist, shrink.... you're miles ahead from others.

For the record: I am a super math minded person, so maybe this is why it took me so long. Or perhaps I had no talent at all....
I am programmer, so with that and my lack of a big account I have a long road ahead! Luckily I find this stuff fascinating and will never quit. Thanks for the advice. Sorry if I caused any problems with my comments about touch trading.

Good trading

Chatzi
  • #55,079
  • Edited 4:31pm Feb 15, 2010 4:05pm | Edited 4:31pm
hm. Seems I inadvertantly managed to kick a hornet's nest.

The 'touch trades' line wasn't meant as a 'this doesn't belong in this thread!' - conversely, if you think there is nothing to learn from someone trading pure PPZ reactions and confluence, then you probably aren't thinking enough. obviously, you need to consider the source, but that's standard. I was more using it as an example of a midpoint in the spectrum of approaches.

Personally, I love looking at the different directions that people have taken the basic material, and the diversity of approaches (and subsequent discussion and analysis of them) is a great way to learn.

My *actual* concerns were more around charts which have been cropping up recently posted with no solid basis, which aren't based on anything related to the thread, and usually come with fairly spurious reasoning or outright curve fitting. Are they going to lead someone like Jaroo down the wrong path and send him broke? Unlikely. But to a newbie, they are going to confuse and mislead...at best.

Apologies if I was unclear.

Quoting Jduester
Seems too simplified to me. I think perseverance can overcome our college educational 'deficiencies' (MS in engineering)...I HAVE AN ULTRA STRONG CHANCE OF SUCCEEDING IN THIS BUSINESS. Maybe I'm an outlier.
one of the guys I used to work with now trades for an AR fund and he has (literally) spent more on dinner after a big day than my entire trading account, which isn't huge but is still enough for something new, German and fast. He was a chemical engineer before trading. I think you'll be fine
When you have to shoot, shoot. Dont talk.
  • #55,080
  • Feb 15, 2010 4:06pm Feb 15, 2010 4:06pm
Quoting raczekfx
true

true again.
some people have more talent than others, some people have no talent at all, even though they think they own the world...
IMO, if you're have a mathematical mind,.. are a programmer, dentist, physicist, have PHD in engineering, your chances of succeeding in this business are ultra slim. If you're an HR person, a psychologist, shrink.... you're miles ahead from others.

For the record: I am a super math minded person, so maybe this is why it took me so long. Or perhaps I had no talent at all....
doh, I'm a physicist! I get what you are saying though and agree...I'm too analytical in my trades rather than just trading what is in front of me on my screen and as for psychology...boy, trading opened up so many cans of worms and emotions of fear and greed that I've never experienced before...IMO trading really makes you look inside yourself in a big way...I'm half way through the journey now and have managed to control those emotions that get in the way...but I still slip up now and then and still have to remind myself and discipline myself whenever I'm doing something stupid.
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