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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

  • #55,481
  • Feb 19, 2010 10:58am Feb 19, 2010 10:58am
Quoting ehrek
Last chart I will be posting! I think I'm going to go with Nasir, and stop posting end results.. Perhaps i'll provide pre-analysis and create a journal of my own and give signals for fun.

TP's hit, I got what I wanted from the market today.


Please don't stop posting charts. I learn a lot from them.
I also tried to catch this Gj trade, but it was too choppy, i was always stopped out..
  • #55,482
  • Feb 19, 2010 11:22am Feb 19, 2010 11:22am
Quoting benji533
.
Hey Benji

Awseome charts and analysis...a great piece of work man and done in the honourable and generous spirit of this great thread. From what you have shown here you are well on your way to success!

berti
PA is where its at!!
  • #55,483
  • Feb 19, 2010 12:02pm Feb 19, 2010 12:02pm
How do you trade a sideways market? Just make sure to recognize it and you respect it and protect yourself. Beob of a BRN in a tight range.
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  • #55,484
  • Feb 19, 2010 12:22pm Feb 19, 2010 12:22pm
Quoting bertie123
Hey Benji

Awesome charts and analysis...a great piece of work man and done in the honourable and generous spirit of this great thread. From what you have shown here you are well on your way to success!

berti
TOUCH TRADING.

This is really healthy that everyone is questioning the viability of this style of trading.

You can make a lot of money without this. It just adds a little versatility later on, that's all.

All of the guys that have been around a while can do this. And for one reason, ...because they know Location ,Location, Location, AND WAITING, WAITING, WAITING ,SO WELL. They have garnered A LOT OF CHART TIME. They don't trade a touch trade because it's a touch trade... ...They trade it because opportunity and experience come together at just the right moment.

Me, Mike, Rac, I'm sure Seeking could. Rusty,Maybe Kiss, Mike W, Hipster, Jim himself and others who are quieter....Nothing magical about it other than A LOT of chart time. Taking advantage of magical confluence conditions. We try not to encourage it, because we just know it won't work out until you've stepped through all the other mud ahead of you.

Don't try and run before you can walk. Unless it's DEMO. ...Why would you???? YOU CAN MAKE REAL BIG MONEY TRADING JUST STANDARD OLD DAILY PA when you start out AND when you are laid back and retired, if you so choose.

Don't try and bring EGO into it. Start at step one. There's no prizes for F___ing up. (and that's what most guys will do before they wake up )

Just master the basics. Treat this as a business.

All this touch trading just comes from soaking in all the circumstances that bring about great entry conditions. Sometimes, the coolest entry just happens to be a touch entry, and the experienced guys just do this because it comes along some times. ...not because of the sake of a touch entry. Just because they see that location on the chart in front of them after Condition X + Y is met ,and sit and wait in the bushes for it to limp along in front of them. We think to ourselves..." THERE ....Right there.... I'm waiting for THAT to get hit....within in THIS time frame. , AND LOOKING LIKE THIS"

All those guys will tell you... it's about just being there when things fall into place and KNOWING HOW TO MANAGE IT, and you don't know what that is until you have spent time getting everything else right , and in a consistent way, ..............confidently.

...That means NOT over trading , being able to Snipe your trades , having confidence in what will tend to be the Norm most times, and being willing to walk away when you just miss out on getting in and waiting for the next one. ....ETC .....("ETC")

I see a lot of guys throwing touch trades up and, with the exception of one or two new guy's posts, I just sit there shaking my head, and I know Jim, Mike , Rac, and Rusty and MikeW and so on will be doing so too. ...Knowing that it's unlikely we can teach the lesson without you experiencing it for yourselves. Happens over and over and over again every couple of months. ....seriously it does! Repeats and repeats!!

Most guys and gals doing this are 'breaking even' , at best. I AM WILLING TO BET ON IT.

People...

Have patience...

With-in a couple of years you can be there. It's like riding a bike. At first you struggled to even stay upright without training wheels, but over the years you worked out how to pop a mono and learnt to jump the gutters on the way to school , without thinking about it. (these type of analogies are getting old too. lol)
Bundy's status today: "Waiting..."
  • #55,485
  • Feb 19, 2010 12:40pm Feb 19, 2010 12:40pm
I thought you take Fridays off mike? ;-P

I tend to not look at charts on Friday and of course I was looking at this level forever and it gives us that. Nice one. Ah well wait mode again.


Quoting mbqb11
How do you trade a sideways market? Just make sure to recognize it and you respect it and protect yourself. Beob of a BRN in a tight range.
  • #55,486
  • Feb 19, 2010 12:54pm Feb 19, 2010 12:54pm
I would have ZOOMED IN, and taken it apart on a lower timeframe and looked for a 'safe' entry for a short.

Break, + kiss before i go down on you = KABOOOOM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Don't forget the big boys pay attention to all details.
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lowest draw down possible please.
  • #55,487
  • Feb 19, 2010 1:12pm Feb 19, 2010 1:12pm
Quoting bundyraider
TOUCH TRADING.

This is really healthy that everyone is questioning the viability of this style of )
I like this post. One thing I noticed about touch trading, is that if you want to do that type of trading, you will miss the train a lot of times when price misses your order by 1-30 pips. Very frustrating.

Also, the big draw for touch trading is the big R/R. The truth is, you can get a better R/R on IB's and I4B's with considerably less risk because price is telling you in advance what is about to happen.
Many choose unhappiness over uncertainty.
  • #55,488
  • Feb 19, 2010 1:41pm Feb 19, 2010 1:41pm
Excellent post! I have not ventured into touch trading yet but that is due to lack of time and waiting for PA setups has worked for four years and do not want to rock the boat.

Scott

Quoting bundyraider
TOUCH TRADING.

This is really healthy that everyone is questioning the viability of this style of trading.

You can make a lot of money without this. It just adds a little versatility later on, that's all.

All of the guys that have been around a while can do this. And for one reason, ...because they know Location ,Location, Location, AND WAITING, WAITING, WAITING ,SO WELL. They have garnered...
  • #55,489
  • Feb 19, 2010 1:53pm Feb 19, 2010 1:53pm
Quoting benji533
Ok I did not go through all possible pairs, and there are more A++ setups of the past year I won't post, but I have done my best to make you understand what we are looking for.

In general, for me A+++ trades mean A+++ bars at A+++ locations, and A+++ management skills.
You must first understand that A+ trades are different from one trader to another, based on the different management method they are using, account size, psych, and comfort zone. Not ALL my A+ trades, or jarroo's A+ trades would be Mike's A+ trades, simply because we are managing...
Hello Ben,
fantastic charts and awesome work! Very much appreciated. Just by looking at them now I feel I'm learning a lot like from james's and mike's videos.
Some of them are even included in my backtests for 2009 that I have done so far, so I also know that I have learned something already.

Once again, great great job!

Thank you and all the best to you.
Mikey
  • #55,490
  • Feb 19, 2010 1:57pm Feb 19, 2010 1:57pm
Quoting bundyraider
TOUCH TRADING.

This is really healthy that everyone is questioning the viability of this style of trading.

You can make a lot of money without this. It just adds a little versatility later on, that's all.

All of the guys that have been around a while can do this. And for one reason, ...because they know Location ,Location, Location, AND WAITING, WAITING, WAITING ,SO WELL. They have garnered...
Great post, this kind of post is why this thread is the best bar none. You guys have probably saved me a few months of frustration, there is enough potential profit on dailies and weekly PA to make it worthwhile to master that.
  • #55,491
  • Feb 19, 2010 2:03pm Feb 19, 2010 2:03pm
Quick question about demo. What size of account do you guys suggest for demo, one that will represent your starting balance or a big account?
  • #55,492
  • Feb 19, 2010 2:22pm Feb 19, 2010 2:22pm
Quoting chatzi
Quick question about demo. What size of account do you guys suggest for demo, one that will represent your starting balance or a big account?
Chatzi:

Others might have a totally different viewpoint, but I think it doesn't really matter what amount you use on demo as long as you stick to only risking a certain % of risk consistently on each trade. If you focus on % gains of the account the amount is irrelevant. Either way you gained or lost "x" percent of the account.

Besides, even if you are only trading a $5,000 real account it will feel differently when compared to a $100,000 demo account. When you lose or gain real money (no matter how small) it feels differently than demo dollars....

Nathan
  • #55,493
  • Feb 19, 2010 3:02pm Feb 19, 2010 3:02pm
Daily Pin with the stong trend and 50% Retracement and on previous S/R line.
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  • #55,494
  • Feb 19, 2010 3:05pm Feb 19, 2010 3:05pm
I have adopted a rather unique style of mm for now. two weeks ago I had a moment and started moving my stop loss. I ended up losing 1400pounds from a 3k trading ac. this hurt bad. My trading approach was quite aggressive with up to 12% on the line but I just broke all the rules.
I took my self down to the bank and drew out the cash. Then went to another bank where I hold my ac to fund my broker ac and paid it in. I made the bank clerk count out all those 20's.

Then I put it back into my trading ac. That taught me one huge lesson when I saw the cash for real. I think we can lose sight of what we can achieve here in terms of % growth per annum/week/etc and it all just becomes numbers.
I gave it some thought as to how I could enforce this on myself and came up with the following.
I look to make 200pounds a day or thereabouts, so I drew out 200pounds.
Then I place it one side of my desk and move it across as I profit in my trading ac. when I get there I stop. That pile of cash represents one hard days graft on the tools for me instead of trading.
I have had the tendency to get greedy and go for more once a position starts gaining pace but often end up with nothing to show for it.
Having tried partial take profits, trailing stops etc, my style is all in , all out and this physical wad of cash works for me. I have nearly made the money back now.
With compounding though I will have to use monopoly money when I get to the bottom of my compounding spreadsheet.
  • #55,495
  • Feb 19, 2010 3:15pm Feb 19, 2010 3:15pm
Thought some here might appreciate this if they have not seen it yet.
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  • #55,496
  • Feb 19, 2010 3:29pm Feb 19, 2010 3:29pm
Quoting TraderJay101
Daily Pin with the stong trend and 50% Retracement and on previous S/R line.
If that trendline holds you will be in good shape, my only concerns would be the following:

1) The pin is not inside the prior bar (close)
2) The pin is going against a pretty huge buob
3) I would like it better if the nose was across the 50 fib with the body below it

Just some observations!

Nathan
  • #55,497
  • Feb 19, 2010 3:32pm Feb 19, 2010 3:32pm
Quoting chatzi
Hey Tia,

Everything you said was exactly correct. I need to be honest with myself, I wanted to master something that would give me excellent returns. I have learned loads from studying racs posts, but he has many years more experience, I think its back to basics for me. Its good to know that just using pa on daily you can build an account to that size.

Regards
Chatzi
All this is about is the basics. Every 'fancy-pants' method that works has as its foundation The Basics.

For most people, getting to, and staying at BE for a long time is fantastic returns. Beats the pants off of losing - and that is endemic in this endeavor.

Master the basics, and the rest follows. Even trading a touch on occasion, if you are good, and have done the homework required to *know* what to look for. (Think - absolute mastery of the basics)
I'm pretty much done with all this ...
  • #55,498
  • Feb 19, 2010 3:36pm Feb 19, 2010 3:36pm
great post.

Quoting Dan Gilbert
I like this post. One thing I noticed about touch trading, is that if you want to do that type of trading, you will miss the train a lot of times when price misses your order by 1-30 pips. Very frustrating.

Also, the big draw for touch trading is the big R/R. The truth is, you can get a better R/R on IB's and I4B's with considerably less risk because price is telling you in advance what is about to happen.
  • #55,499
  • Feb 19, 2010 3:37pm Feb 19, 2010 3:37pm
It's friday....

Inserted Video


It is the only way to play it safe...
I'm pretty much done with all this ...
  • #55,500
  • Feb 19, 2010 4:03pm Feb 19, 2010 4:03pm
Hi guys,

I'm doing my backtests and I found this pin bar. Here's my take on it:

+beautiful big pin bar
+off of the good support
+off of the round number (127.00)
+space

- did not close above BIG round number (130.00)
- quite solid resistances there right above that big round number

Those 2 minuses worries me a lot. This pin eventually worked out after some drawdown. But looking at that round number and trouble areas I'm not sure it is A+ setup. What do you think? Would you trade it/rate it A+??
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