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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

  • #55,321
  • Feb 18, 2010 4:00am Feb 18, 2010 4:00am
Looks like our very own Nasir Khan is doing that contest?
  • #55,322
  • Feb 18, 2010 4:13am Feb 18, 2010 4:13am
Quoting MattW
Looks like our very own Nasir Khan is doing that contest?
  • #55,323
  • Feb 18, 2010 4:35am Feb 18, 2010 4:35am
Quoting michal7
I love your chart and how you're managing this trade. Hope I will learn to manage my trades like this "emotionlessly" one day...

I still have a trouble to decide whether to go BE at first trouble area or just lower my risk (let's say above hight of the day bar). I vividly remember Jim's words in one of his videos saying "Just get your stinking stop to break even!". But now I'm doing some backtesting with just A+ trades and there's not much of them for about 25 forex pairs I will be able to trade with my small account(once I go real)....
Hi Mikey,
Trade management has and always will be a discretionary thing. Like I mentioned in my post there is no one right way of managing a trade. You're correct when you say you need a lot of screen time and loads of demo practice to reveal your true self in the markets and there's no shortcut to achieving this.

Abt the number of A+ trades...I feel there are always ENUFF setups every month and that this shouldn't be bothering you given that you have 500 daily bars in a 30 day month on your 25 pairs...not to mention Fxpro's demo account which offers over 50 fx pairs that can further diversify your reach.

You should feel better when you ponder over this:

"Your real victory for now is not to catch hold of as many good setups as you can but rather your real long term success depends heavily on adopting the "not loosing" attitude ...even if that means 0 trades for a given month"...

The feeling of dissatisfaction that you have is because of the lack of trading and this is what's really urging you to push towards trading the <A+ setups, this is never a good idea for a person who's primary focus should be on learning to enter and exit great trade setups successfully.

all the best.

g.
I believe . . .
  • #55,324
  • Feb 18, 2010 4:38am Feb 18, 2010 4:38am
Quoting mrsingha
Just thought I'd crawl out of the woodwork to say thanks for sharing this.
Works great!
If you set the speed to 31 it'll do a 4HR bar in 2 minutes.
Very interesting to watch PA interact with S/R at that speed.

Thanks a lot.

Steve.
Nice to hear from you Steve.

g.
I believe . . .
  • #55,325
  • Feb 18, 2010 4:56am Feb 18, 2010 4:56am
Heya


Ther is nothing wrong with moving the stop to BE at the first trouble zone ..
every BE trade is a winner too .. and i like the fact that iam in a free trade if the BE SL is not hit .. i would rather have 10 BE trades a month then 1 loosing trade ...

cheerz
  • #55,326
  • Feb 18, 2010 4:56am Feb 18, 2010 4:56am
Quoting ghous
Nice to hear from you Steve.

g.
Always lurking in the background Ghous.
Keep up the great work

S.
"The more I practice, the luckier I get." (Gary Player)
  • #55,327
  • Feb 18, 2010 5:04am Feb 18, 2010 5:04am
Hey Pals , How do you manage to place the SL in BEOB ??
I mean we have two options on entering the trade one is to place an order at the candle close , the other one is to wait for a pullback/retrace then entering.
So the SL should be above the the BEOB by about 15-20 pips , guarded by either a MA, PPZ, Solid resistance or a Fib level ??!! Am I correct ????!! Thanks
  • #55,328
  • Feb 18, 2010 5:39am Feb 18, 2010 5:39am
Quoting ghous
Hi Mikey,
Trade management has and always will be a discretionary thing. Like I mentioned in my post there is no one right way of managing a trade. You're correct when you say you need a lot of screen time and loads of demo practice to reveal your true self in the markets and there's no shortcut to achieving this.

Abt the number of A+ trades...I feel there are always ENUFF setups every month and that this shouldn't be bothering you given that you have 500 daily bars in a 30 day month on your 25 pairs...not to mention Fxpro's demo account which...
Hi ghous,
thank you for the answer. It is helpful. I'm trying to be strong and not take worse than A+ setups. So far it's going well, I have no trades in February.
Based on your answer I guess I will not open other account to test worse than A+ setups until I get good at choosing and managing A+ setups first. That's what you suggest, right?

You know, the thing is, sometimes it's so tempting to take let's say some pin bar in a traffic because I just feel it will go to the next S/R, and usually it does. But if it's in traffic so based on my criteria it's not A+ for me. So I have to pass. But it's hard because this types of B and worse bar I can see almost everyday. Then the next day, I see it reached first S/R and I say to me "Maaan, you should have taken that one". It's really hard. Well, enough rants, based on Mike's advice I gave myself 3 bullets a month, and I'm not gonna take more, I have to sit on my hands.

Thanks again and best to you,
Mikey
  • #55,329
  • Feb 18, 2010 5:42am Feb 18, 2010 5:42am
Quoting supremeChaos
what is your primary demo account broker?
u can simply re-register on that same demo account, let's say every 20 or 30days so your account wont be disabled. i do it all the time

yes A+ setups dont come too often on dailies. Patience: we are paid to wait.
I love cheetahs so i'll refer to that post again. it's a post directed to me too
Thanks SC.

It's Alpari UK. I can create multiple demo accounts with them. I should be okay if I simply log into the accounts regularly, which I hadn't done with my primary account in a few weeks.

ps. Regarding patience, I'll let my new avatar speak about that!

- TTP -
  • #55,330
  • Feb 18, 2010 6:14am Feb 18, 2010 6:14am
Quoting michal7
Hi ghous,
thank you for the answer. It is helpful. I'm trying to be strong and not take worse than A+ setups. So far it's going well, I have no trades in February.
Based on your answer I guess I will not open other account to test worse than A+ setups until I get good at choosing and managing A+ setups first. That's what you suggest, right?

You know, the thing is, sometimes it's so tempting to take let's say some pin bar in a traffic because I just feel it will go to the next S/R, and usually it does. But if it's in traffic so based on my...
I don't see any problems taking < A+ trades on another account, as long as you recognise they are not A+ trades. I feel you learn a lot more when you are in a trade and you can practise exits and just get a feel for the movements.

Regards

Chatzi
  • #55,331
  • Feb 18, 2010 6:16am Feb 18, 2010 6:16am
Hmmm talking PA now

IB looks good for an upward breakout.
.
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  • #55,332
  • Feb 18, 2010 6:18am Feb 18, 2010 6:18am
And where's Ghous.
.
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  • #55,333
  • Feb 18, 2010 6:32am Feb 18, 2010 6:32am
Thanks scott087,

I have aways used a 35% Pullback of these PBs but off late (for about three months) i have lost a good number of Pips......especially my recent trades on GBPCAD and EURNZD.....i am currently testing the PB break entry and looks like it is much better than the pullback entry...how many pips do you set on the PB break entry? Cheers................

Quoting scott087
I just wanted to give a quick update on these 2 trades from my last post.

There are a few golden rules and core teachings of James16 which both came into play here and saved me from a loss both setups.


AUDCHF 8hr pin...
One of the core rules for entering a setup..WAIT FOR THE BREAK. I think you can see why waiting for the break made this trade an easy one to manage.



As for GBPCAD....


There was a clear ppz/resistance at 1.65. See James16 "This is critical". I chose not to enter until the level was broken. Turns out, 1.65 never broke,...
  • #55,334
  • Feb 18, 2010 6:35am Feb 18, 2010 6:35am
Quoting michal7
Hi ghous,
thank you for the answer. It is helpful. I'm trying to be strong and not take worse than A+ setups. So far it's going well, I have no trades in February.
Based on your answer I guess I will not open other account to test worse than A+ setups until I get good at choosing and managing A+ setups first. That's what you suggest, right?

You know, the thing is, sometimes it's so tempting to take let's say some pin bar in a traffic because I just feel it will go to the next S/R, and usually it does. But if it's in traffic so based on my criteria...
I do this all the time...watch how trade setups play out...

At any given time I am watching as many as 12 or 13 pairs with down or up arrows displaying my call on the setup and marked trouble areas to see how price reacts around them, but importantly I am mostly trading none of them.

There is a difference between trading setups and just watching them play out on the side lines. The excercise I mentioned above has worked very well for me, because it has kept me from over trading and at the same time ensured that I was watching pairs and setups of interest which has helped me tremendously in developing an understanding of the dynamics of the "<A+" setup catagory...

Maybe you could apply this strategy to your less than A+ setups, and preferably keep track of your thought processes and progress via pre-setup --- post-setup analysis recordings or just writing them up in a journal with pics attached?

let me know what you think...

g.
I believe . . .
  • #55,335
  • Feb 18, 2010 6:40am Feb 18, 2010 6:40am
Quoting Riskee
Hey Pals , How do you manage to place the SL in BEOB ??
I mean we have two options on entering the trade one is to place an order at the candle close , the other one is to wait for a pullback/retrace then entering.
So the SL should be above the the BEOB by about 15-20 pips , guarded by either a MA, PPZ, Solid resistance or a Fib level ??!! Am I correct ????!! Thanks
you can enter on a break of the buob / beob or once it has broken on a retrace.

traditional way to place stop loss is at top or bottom of the beob / buob, it does not necessarily have to be guarded by an ma, ppz, fib level as well.

alternative way is to place stop loss tighter but using logical reasoning i.e above/below big round number, ppz, ma etc..

you need to practice and review setups to see what you prefer.

the chart below shows a beob (not the best in terms of length), but notice in this setup how you could place your stop above the round number and enter on a pullback once the beob has broken.

Im still demoing these type of setups as they are more advanced.
Attached Image (click to enlarge)
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  • #55,336
  • Feb 18, 2010 6:45am Feb 18, 2010 6:45am
Quoting Riskee
Hey Pals , How do you manage to place the SL in BEOB ??
I mean we have two options on entering the trade one is to place an order at the candle close , the other one is to wait for a pullback/retrace then entering.
So the SL should be above the the BEOB by about 15-20 pips , guarded by either a MA, PPZ, Solid resistance or a Fib level ??!! Am I correct ????!! Thanks
You got that right.

Just remember that whether you play a pure or break or wait for a retrace trade the safest option is to have an initial SL always at the opposite end of the outside bar...

You of coarse have the option to tighten it later if the trade works out or shows signs of working out, depending on how you like to manage your trades.

cheers,

g.
I believe . . .
  • #55,337
  • Feb 18, 2010 6:47am Feb 18, 2010 6:47am
Quoting nasir.khan
And where's Ghous.
.
A chart will always answer to a correct question Nasir,

You asked the right question

Nice trading...as always!

g.
I believe . . .
  • #55,338
  • Feb 18, 2010 7:04am Feb 18, 2010 7:04am
Quoting ghous
Maybe you could apply this strategy to your less than A+ setups, and preferably keep track of your thought processes and progress via pre-setup --- post-setup analysis recordings or just writing them up in a journal with pics attached?

let me know what you think...

g.
I from time to time also put arrow on chart and box for first trouble area. I like your idea to do it for all <A+ setups regularly and put it into my journal with pre/post analysis and charts. I believe as you said, that I will learn a lot from this, and having it in journal will always allow me to go back and look how setup developed. Now when I'm thinking about it, it might be better just to keep this setups in journal rather than actually trade them on separate demo account because this way I'm still learning to be patient and not actually taking trades. While if trading on other demo account it's still trading and might lead to overtrading in general.

So my resolution now is:

1, On demo, trading only A+ setups, 3 bullets a month max
2, Anything worse than A+ which I will think is somehow tradable, I put into my separate "<A+ Journal"

Thank you ghous! You helped me to sort this out. I just hope I will learn/develop a good trade management style.

Cheers,
Mikey
  • #55,339
  • Feb 18, 2010 7:39am Feb 18, 2010 7:39am
Quoting michal7
I from time to time also put arrow on chart and box for first trouble area. I like your idea to do it for all <A+ setups regularly and put it into my journal with pre/post analysis and charts. I believe as you said, that I will learn a lot from this, and having it in journal will always allow me to go back and look how setup developed. Now when I'm thinking about it, it might be better just to keep this setups in journal rather than actually trade them on separate demo account because this way I'm still learning to be patient and not actually taking...
2 more things...

1) Be ABSOLUTELY clear what constitutes an "A+" trade for you.

2) Don't set yourself a target of "X" pips or "X" number of trades or "X%" ROI per month . Allow yourself to be adjustable with what the markets have to offer...it could be 5 real good setups a month or more or none at all.

g.
I believe . . .
  • #55,340
  • Feb 18, 2010 9:01am Feb 18, 2010 9:01am
Quoting ghous
2 more things...

1) Be ABSOLUTELY clear what constitutes an "A+" trade for you.

2) Don't set yourself a target of "X" pips or "X" number of trades or "X%" ROI per month . Allow yourself to be adjustable with what the markets have to offer...it could be 5 real good setups a month or more or none at all.

g.
1, I have rules for for A+ setup and they're quite clear. They're based on location, bar itself and space(all three are a must). Then fibs and divergence are thing that add confidence to the trade(although optional).

2, I don't have target or ROI set to some exact number. However I do have my trades limit set to 3 a month. This is because I was overtrading, when I was taking about 10 trades a month and never get over break even for a month. I was hoping this could help me to stop overtrading. But true is, that at that time I also didn't have this A+ setup rules. So maybe with good rules for A+ setup I could remove this 3 trades a month limit? I'd like read your and also Mike's opinion on this. I thought that this X bullets a month was really forcing me to sit on my hands...

Cheers,
Mikey
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