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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

  • #56,681
  • Mar 1, 2010 12:12pm Mar 1, 2010 12:12pm
Quoting beebolbod
Hi All,

Are there any quick methods to find gaps on all pairs?

Cheers

Rob
Hey Rob

I have all my pairs open on 3 monitors so I just scan em real quick. They are obvious and easy to spot when they are big

Mike
  • #56,682
  • Mar 1, 2010 12:20pm Mar 1, 2010 12:20pm
Quoting oromek
watching from hindsight, it would be better to trade 2D PB and leave more room for a trade.

I would like to ask about my last losing trade, that was AUDJPY with BEOB at BRN=80, additionally counfluenced with 38 fibo line. I had a sell stop order waiting 10 pips under BEOB, price hit it, went down 4 more pips and reversed.
What things in your opinion should stop me before taking this setup?
regards
Hey O

The reason I would pass on this one is the size of the bar. Jarroo correctly pointed out your trouble area you are trading right into, but for me this is an easy pass. Bar size and engulfing just one prior bar is enough to disqualify a setup. Like Jarroo pointed out with the USD/CAD

here is a trade I am in today as a continuation bar and watching now to close out depending what happens down here


Best
Mike
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  • #56,683
  • Mar 1, 2010 12:21pm Mar 1, 2010 12:21pm
Quoting jarroo
Besides that the setups was far from being an A+ setup, I see no other critcism to how you saw and managed this trade. The PB had supporting confluences, although very small. A clear strong target, 1.0500 BRN at a PPZ level.

Once the target was hit, you can see what the aftermath that would have been if the tight management was not applied. Well done, sir.
Others, I'm sure, would have been slaughtered.

The higher quality A trades are so much easier.


Jim

Help!!
I started demo trading about 9 months ago using J16 price action and after 3 months profitable trading finally opened a a spread betting account and went live last week.
Because it’s not possible to split a position within a single trade and take some money off the table my rules specify that when appropriate I take two separate equal sized spread trades on each position with the same entry and stop loss. This allows me to set an early target at first PPZ with one trade and when appropriate allow the second trade to run.
I only took one trade last week on the bearish outside bar on the CAD / JPY which did really well. I opened both trades on 23 Feb. The first trade closed taking profit at first PPZ (60 pips) the second I allowed to run and managed live on the 1M chart finally closing for 187 pips, so on the face not bad. However I did break my rules in closing the second position when I did because I should have tailed my stop using Mikes 2 bar method and had I done this I would have caught the further drop on 25th Feb ( my original target for the second position was 8400. I guess I did the typical newby thing and closed it out too early because it had achieved a large number of pips – according to my rules I should have let it run!
This weekend I spent a lot of chart time identifying my trades for this week and came up with 2 setups:
CAD / CHF Daily PB after pull back to 10200 (round number), daily PPZ and PB piercing 50% Fib from previous high. My trading plan for this was to buy at break of PB (8715) taking profit at first minor resistance (8655) with half my position and letting the other half run.
EUR / CAD Daily PB touching trend line at daily and monthly PPZ piercing 50% Fib of previous swing high. Trading plan was to sell at break of PB (14313) take profit at first minor resistance (14241) with half position and letting the other half run.
I was happy with that these setups met my criteria, but the problem came in placing the orders. I found myself making excuses about why I shouldn’t enter these trades and simply could not bring myself to “pull the trigger”. I do work 9 – 5 and usually place my trades before going to work in the morning. I don’t think I am over trading – or am I? I am more than comfortable with my risk. My position size is only 50p for each trade with an account of £8000 so well within my 2-3% risk limit. ( I will only go as far as 3% for A++ setups which these were not. I thought the CAD / CHF was a B+ and the EUR / CAD about the same.)
I know this is all down to psychology and I am a member at James16 pay site so I guess I need to post this there and consult Fiji for his advice too.
Of course both these trades are well into profit and have made approaching 400 pips as I write this (18.00 GMT). I have to say the feeling is pretty awful. If I had stuck to my plan and entered these trades .......... well you can imagine the rest. Just writing this down has made me feel better and I will use this as a learning point. I would be interested in any advice or hearing from anyone who has had similar experiences.
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  • #56,684
  • Mar 1, 2010 12:26pm Mar 1, 2010 12:26pm
Quoting mbqb11
Hey O

The reason I would pass on this one is the size of the bar. Jarroo correctly pointed out your trouble area you are trading right into, but for me this is an easy pass. Bar size and engulfing just one prior bar is enough to disqualify a setup. Like Jarroo pointed out with the USD/CAD

here is a trade I am in today as a continuation bar and watching now to close out depending what happens down here


Best
Mike
Big bars at Bold Round Numbers. Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #56,685
  • Mar 1, 2010 12:46pm Mar 1, 2010 12:46pm
Quoting mbqb11
Hey O

The reason I would pass on this one is the size of the bar. Jarroo correctly pointed out your trouble area you are trading right into, but for me this is an easy pass. Bar size and engulfing just one prior bar is enough to disqualify a setup. Like Jarroo pointed out with the USD/CAD

here is a trade I am in today as a continuation bar and watching now to close out depending what happens down here


Best
Mike
very similar chart to Mike...cool
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Simplicity is the key to success
  • #56,686
  • Mar 1, 2010 12:50pm Mar 1, 2010 12:50pm
Quoting nasir.khan
So some of you will be curios why i am not in the contest list.

Well EG have blown me.

From the past 2 months i was having a huge success and i was gaining confidence. But i didn't knew when this confidence was developed into
overconfidence.

So i saw the EG pin got in and was stoped out. When it reached .9000 i went short again and it kept on going up. Then i shorted again at 9024 and 9060. It kept on going up and up i was adding to my shorts. When it reached 9100 i said ok thats enough and i added a bit more and then it hit 9150. I made...
As I said before, your other side of the brain gets sick of you winning and wants you to use it, it's true too. self sabotage is huge and that is why when I said that trading changed my way of life, this of it like office space when he was put under that spell and he does not care anymore, that is me 100%. I am always happy and have a smile on my face because I can now control what I want to do and not just in the market. This is the area I got stick in for a while, I was losing a lot with bad stops or whatever then said screw it if I lose so much I will just do the opposite, well I lose some more lol. You think it's hard in demo try it with a large account, it can be done and is done everyday but you just have to know 100% that you are NOT going to trade off of emotion and that is what you did. If I even have a bad day or something is off and I say screw it I am just going to take this trade, I stop myself and call it a day because I know if I start going in like that it will be a VERY bad day.


Now when I trade I don't hope for money I know I am going to make money and I know I deserve it and me and this market "the rabbit" are going to have a damn good time doing it.
Keep taking CT trades, I need more money
  • #56,687
  • Mar 1, 2010 1:04pm Mar 1, 2010 1:04pm
Quoting Ryanmcd
As I said before, your other side of the brain gets sick of you winning and wants you to use it, it's true too. self sabotage is huge and that is why when I said that trading changed my way of life, this of it like office space when he was put under that spell and he does not care anymore, that is me 100%. I am always happy and have a smile on my face because I can now control what I want to do and not just in the market. This is the area I got stick in for a while, I was losing a lot with bad stops or whatever then said screw it if I lose so much...
Ah, this guy understands the law of attraction.
I dream, therefore I become.
  • #56,688
  • Mar 1, 2010 1:05pm Mar 1, 2010 1:05pm
Quoting mbqb11
Hey O

The reason I would pass on this one is the size of the bar. Jarroo correctly pointed out your trouble area you are trading right into, but for me this is an easy pass. Bar size and engulfing just one prior bar is enough to disqualify a setup. Like Jarroo pointed out with the USD/CAD

here is a trade I am in today as a continuation bar and watching now to close out depending what happens down here


Best
Mike
many things to learn before me
thanks
  • #56,689
  • Mar 1, 2010 1:07pm Mar 1, 2010 1:07pm
Quoting Ryanmcd
As I said before, your other side of the brain gets sick of you winning and wants you to use it, it's true too. self sabotage is huge and that is why when I said that trading changed my way of life, this of it like office space when he was put under that spell and he does not care anymore, that is me 100%.
Ryan,

You do know we are putting a new coversheet on the TPS report, right?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,690
  • Mar 1, 2010 1:08pm Mar 1, 2010 1:08pm
Quoting mike w
Ah, this guy understands the law of attraction.

Yep just like the "I want to lose 10 pounds" deal, everyone knows to eat less, 3500 cals = 1 pound right? They start out good then they slip a little then say screw it and hit the all you can eat place LOL. Trading is the SAME way, it's sticking to the plan and not hitting that buffet.
Keep taking CT trades, I need more money
  • #56,691
  • Mar 1, 2010 1:10pm Mar 1, 2010 1:10pm
Quoting Ryanmcd
you just have to know 100% that you are NOT going to trade off of emotion and that is what you did. If I even have a bad day or something is off and I say screw it I am just going to take this trade, I stop myself and call it a day because I know if I start going in like that it will be a VERY bad day.

Now when I trade I don't hope for money I know I am going to make money and I know I deserve it and me and this market "the rabbit" are going to have a damn good time doing it.
The first would have saved many a blown account, the latter is basically a must to enable people to..well, anything in life, really.




And a small personal note on gaps - not touching them with a 1000 ft pole anymore until PA shows pointing towards them(in EG's case, the mentioned 2h PB would be a valid example of how trading PA pays out vs just chucking money into the market).

I can tell you that gaps have cost many people more than you would think and accordingly are just not worth it.
They represent "easy money" and "free lunch" situations / temptations to many and the result as you can see is "Turn 10k into 100k, then one bad one, boom, gone". (No disrespect nasir - is it okay to use that as an example? If not, I'll just paraphrase or generalize it.. it just showed the dimensions of x days/weeks of hard work vs one "temptation gone wrong" really well)

There is no free lunch. Learning takes time and effort.
Do not pass go, do not get to skip past everyone to the end of the line, do not get to take the shortcut..
Trust price. Know yourself.
  • #56,692
  • Mar 1, 2010 1:10pm Mar 1, 2010 1:10pm
Quoting LasVahGoose
Ryan,

You do know we are putting a new coversheet on the TPS report, right?

Be like that guy in office space and enjoy your millions. I have good friends that tell me I am just like that guy before that movie even came out. The only downfall to it is with the females, sometimes they feel your don't have enough emotion because if you don't go crazy when they do they feel you don't care LOL
Keep taking CT trades, I need more money
  • #56,693
  • Mar 1, 2010 1:11pm Mar 1, 2010 1:11pm
It seems that there is a triple-top on AUD/USD, time to short, let me ckeck the holy grail

http://i50.tinypic.com/mu8qz4.gif
  • #56,694
  • Mar 1, 2010 1:14pm Mar 1, 2010 1:14pm
Quoting Ryanmcd
Be like that guy in office space and enjoy your millions. I have good friends that tell me I am just like that guy before that movie even came out. The only downfall to it is with the females, sometimes they feel your don't have enough emotion because if you don't go crazy when they do they feel you don't care LOL
You are very lucky that you've never ran into a woman that made you want to drive your car into a wall.

Mike Judge made another movie recently "Extract" that is pretty good too, nothing beats office space though.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,695
  • Mar 1, 2010 1:20pm Mar 1, 2010 1:20pm
Quoting LasVahGoose
You are very lucky that you've never ran into a woman that made you want to drive your car into a wall.

Mike Judge made another movie recently "Extract" that is pretty good too, nothing beats office space though.

lol, think about this. If something is going to happen that you can not control, why worry about it? But just like the market, I dont' ever have a bull / bear tone and most times I don't even know what the dow or eur/usd are at and I trade them daily, all I care about is what way that chart is going because everything else is just fluff to me.
Keep taking CT trades, I need more money
  • #56,696
  • Mar 1, 2010 1:24pm Mar 1, 2010 1:24pm
Quoting Ryanmcd
As I said before, your other side of the brain gets sick of you winning and wants you to use it, it's true too. self sabotage is huge and that is why when I said that trading changed my way of life, this of it like office space when he was put under that spell and he does not care anymore, that is me 100%. I am always happy and have a smile on my face because I can now control what I want to do and not just in the market. This is the area I got stick in for a while, I was losing a lot with bad stops or whatever then said screw it if I lose so much...
Yep Ryan you know this more then I do.
from the last 15 days I was not able to justify my success. I was thinking like " why have I stoped loosing why??? how come I have became so good in just 6 weeks from a being a sucker".
So actually that side of my brain was preparing me to do a silly thing and I ended up doing the same.
I was just sitting in front of my screen watching that 100,000 going down the drain, but I wasn't being able to stop myself .
I was thinking like, ok this is how it should be, I have to loose somewhere.

But whenever I screw up I love telling people about it. It gives me strength of truth and peace for my soul.
If I keep on yelling about my big winners I should also tell people when I blow up.Cause it would be unfair to other people who look at my wins and think ohhhh why can't I............
  • #56,697
  • Mar 1, 2010 1:28pm Mar 1, 2010 1:28pm
[quote=SeekingLight;3509614

There is no free lunch. Learning takes time and effort.
Do not pass go, do not get to skip past everyone to the end of the line, do not get to take the shortcut..[/QUOTE]

True, true.

What surprised me about it all is that it takes time to recognize 'issues'. Reading a book is great, but until that 'moment' happens, nothing is really clear.

What I am ready to learn today, is today's thing. I am not ready for tomorrow until that time.
I'm pretty much done with all this ...
  • #56,698
  • Mar 1, 2010 1:30pm Mar 1, 2010 1:30pm
Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money. ---Source: Schwager, Jack D. (Editor), Market Wizards, HarperCollins (1989), page 172

For more Ed Seykota quotes:
http://en.wikiquote.org/wiki/Ed_Seykota
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,699
  • Mar 1, 2010 1:35pm Mar 1, 2010 1:35pm
Quoting StoragePro
True, true.

What surprised me about it all is that it takes time to recognize 'issues'. Reading a book is great, but until that 'moment' happens, nothing is really clear.

What I am ready to learn today, is today's thing. I am not ready for tomorrow until that time.

Yep that is true, I bet 90% of the people think in yesterday or tomorrow and what they are going to do but not many people think in the NOW what is going on and what they are doing. As I said this changed my life and they way I think about everything and it's fun talking about it because I am sure other are at some of the stages I was at in the past so they can relate. Not many people I know can talk about this kinda stuff without being the "strange" guy
Keep taking CT trades, I need more money
  • #56,700
  • Edited 1:51pm Mar 1, 2010 1:36pm | Edited 1:51pm
Quoting shauns1966
Help!!
I started demo trading about 9 months ago using J16 price action and after 3 months profitable trading finally opened a a spread betting account and went live last week.
[size=3][font=Calibri]Because it’s not possible to split a position within a single trade and take some money off the table my rules specify that when appropriate I take two separate equal sized spread trades on each position with the same entry and stop loss. This allows me to set an early target...
Shuans your doing great.

Never feel bad about taking a full profit or 2nd half profit at a predetermined logical target. Even if its before the target. Sure you will find that letting them run will yield a potential higher gain but that will come over time when you feel more confidence in your trade management style.

Your risk looks fine. Maybe reducing your risk to 1% or lower, would that help your "pull the trigger" problem? Try taking it on demo instead of live if you can't pull the trigger on a setup. What was making you feel that you couldn't pull the trigger? The setups wasn't A+ or was it the risk amount?

You seem to understand what was an A+ trade and which one were not by your post. Nothing wrong with continuing to demo while still having a live account. I do it all the time.

Time and repetition is on your side. It will build your confidence.

Your on the right path, just get pickier and pickier in your setup selections. And don't get cocky. lol

Good job. Post some charts, after the fact, from time to time. It will be great to see how your doing.

Jim
Indicators show the past. Price Action "Indicates" the future.
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