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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

  • #57,261
  • Mar 4, 2010 6:30pm Mar 4, 2010 6:30pm
Quoting joelcf
I rambled some junk about this a few weeks ago, i think.




Damn you, FF. Always cutting off my quotes
Pull the number out of the 'quote' code .... "{quote=joelcf;3523475}"
Bundy's status today: "Waiting..."
  • #57,262
  • Mar 4, 2010 6:42pm Mar 4, 2010 6:42pm
Quoting Cbh123
Hi Scott, I hope I can give some advice to you, that will save you a lot of time and frustration.

If you don't personally think a bar is A++ (or whatever your best rating is), don't take it. Period. Ever. It doesn't matter if someone else on the forum says "Oh check this sweet pinbar out!" It shouldn't matter, because you are in control of your own money, not someone else. So if you knew this wasn't an A++ setup, (EVEN ON DEMO) don't take it. If you can teach yourself to be ultra patient, and wait for only setups you deem to be A++, you can...

Very nice post Cory.

I didn't find it condescending at all. I found it to be great.
Indicators show the past. Price Action "Indicates" the future.
  • #57,263
  • Mar 4, 2010 6:48pm Mar 4, 2010 6:48pm
Quoting simjas
Man- Short is the word. I will never touch this pair again or the eur/cad which I thought I would get the double whammy on. Gread or double stupidity. But yet a great pin at the lowest swing low since Gorden Brown was tickeling Blairs %*&*& . I am not in ANY trade for a bit until I can replenish the massive losses I have taken today. I am now on my third large 'hard liquer; (third small vodka as we say in England) and will respond in the mornig when I am capable of repsonding hdsfhvsdhvcjdbvdb cxzncbjscfdsuhf
xxxxx
Hey Sim

You seem to be thrown for a bit of a loop. You are going to have a lot of losers while you are new to this and learning(and what you think you see now vs what you will see 6 months, 1year, 2 years from now is going to be VERY different). I must remind you and hope that surely you are learning on demo since you are learning. Please do re-read James16 first post about the J16 minimum requirements of course and money mgmt.

If you have questions regarding either please let me know

Best
Mike
  • #57,264
  • Mar 4, 2010 6:52pm Mar 4, 2010 6:52pm
Quoting Cbh123
Hi Scott, I hope I can give some advice to you, that will save you a lot of time and frustration....
YEP YEP!

And to add to this this bar NEVER broke thus the pinbar is NOT valid. I think that all those new to this material should be waiting for breaks. OF course others might disagree with me, but I think learning to play the retracement or other ways should come after the basics. Again just my view on that aspect. But none the less, this bar was never validated(even though IMO I told many that these aren't worth a second look in my book).

It takes time and experience and just keep pushing through your losses and learn from them

Mike
  • #57,265
  • Mar 4, 2010 6:59pm Mar 4, 2010 6:59pm
Quoting jarroo
Very nice post Cory.

I didn't find it condescending at all. I found it to be great.
Let me quote you. I've read a lot of stuff in this thread about being very very picky, and in my consciousness I'm pointing towards that... but then i find myself taking 3 trades in 2 days and I say to my self "What the... geez..."

Like when you say "Alright, I'm on diet since today" and then after a day of sacrifice you find yourself eating cookies in bed...

But oh well, I'm on my way... I had some studies on forex a year ago (very basic stuff) for a month then i left, now i got back on forex, got back on this thread, price action, pinbars and all this awesome stuff, so I'm like a newborn trader (hahaha trader, that makes me laugh, let's say... trading student) and I'm proud of myself because I see that this is the thing I put all my willness into, and that almost never happened in my life.

Thanks Cbh123 (let me call you Cory ) and joelcf for your feedbacks =)

See you later guys
  • #57,266
  • Edited 7:08pm Mar 4, 2010 7:03pm | Edited 7:08pm
Quoting mbqb11
YEP YEP!

And to add to this this bar NEVER broke thus the pinbar is NOT valid. I think that all those new to this material should be waiting for breaks. OF course others might disagree with me, but I think learning to play the retracement or other ways should come after the basics. Again just my view on that aspect. But none the less, this bar was never validated(even though IMO I told many that these aren't worth a second look in my book).

It takes time and experience and just keep pushing through your losses and learn from them

Mike
I did put a buy stop 10 pips above the pin bar, the price touched it and went back XD
My fault anyway, I agree with you this definitely wasn't a setup to take.
But let me be a newbie and make all the mistakes. =P
I will try to be more picky (after all, it's all about it, isn't it?).

P.S.
Quoting mbqb11
Hey Sim

Please do re-read James16 first post about the J16 minimum requirements of course and money mgmt.

If you have questions regarding either please let me know

Best
Mike
Actually, to me 3 months of demo before going live seems too short... I would never risk my money before knowing FOR SURE that i'm not gonna lose those money. Ok, I know we have to accept losses, but money is money, i won't jump in before i actually know why i do take that Pin Bar and why i do not take that other one.
  • #57,267
  • Mar 4, 2010 7:06pm Mar 4, 2010 7:06pm
Quoting simjas
Man- Short is the word. I will never touch this pair again or the eur/cad which I thought I would get the double whammy on. Gread or double stupidity. But yet a great pin at the lowest swing low since Gorden Brown was tickeling Blairs %*&*& . I am not in ANY trade for a bit until I can replenish the massive losses I have taken today. I am now on my third large 'hard liquer; (third small vodka as we say in England) and will respond in the mornig when I am capable of repsonding hdsfhvsdhvcjdbvdb cxzncbjscfdsuhf
xxxxx
Can you post a picture of the chart. On my GU daily I see no pin bar but maybe our timezones or timeframes are different?
  • #57,268
  • Mar 4, 2010 7:39pm Mar 4, 2010 7:39pm
[quote=joelcf;3523475]I rambled some junk about this a few weeks ago, i think.

[quote=bundyraider;3523467]

Perfect. Thanks for the feedback.
  • #57,269
  • Mar 4, 2010 8:35pm Mar 4, 2010 8:35pm
Quoting joelcf
I think you might have this a bit twisted

Falling equity markets decrease risk appetite, and so people close carry positions (ie, short yen/francs and long aussie/nzd...sometimes cad or zar, but thats a bit different), which involves buying yen.

Conversely, rising equity markets indicate underlying economic strength and stability (ie, decreasing volatility), which increases risk appetite, which leads to carry positions for the interest rate differential.

[size=1](its actually a fair bit more complex than this, once you start...
Hey Joel,

I think USD has been the key carry currency lately. We have been seeing shifts to JPY as US economic data improves. Amongsts G3, they're the strongest... however, I have this feeling that alot of big boys (read: funds) are still using USD as carry despite the massive uptrend that it's been in.

Asian equity indices which were the prime outperformers last year when the USD was tanking are not flat lining like crazy despite a pretty strong rally in China and the S&P 500 as well.

I actually think this is Emerging Market - US carry unwind... why they hell they're long when USD is trending up? IMO, the same reason so many busted out during 2007 - 2008. Not changing with the market.

But you know what! Whatever all these theories/news/info is, at the end of the day, WE MAKE MONEY ON PRICE ACTION. Everything people do, ultimately has to find it's expression in PRICE ACTION!
One Mind, Any Market
  • #57,270
  • Mar 4, 2010 8:38pm Mar 4, 2010 8:38pm
Quoting bundyraider
Too bloody right. LOL
For christs sake, A++ is just a way of saying ....A REALLLLY REALLLY GOOD SET UP IN A REALLY REALLY AWESOME LOCATION. That's where this all started.
Classing trades down to B- verses C+ etc is just ridiculous.
No one's ever going to see the same grading. ...
LOL.. precisely why i shy away from 'grading' setups as A+, or A-, C+ etc
better to say 'huge PB, off BRN, with div, tons of space, etc etc'


Quoting StoragePro
These are A+ comments...
I prefer a more black and white approach. It is either a bar I want, or not.....
something like this Sir?
Quoting Forex007
Why would you....SCPB is like being "almost pregnant" - you are either pregnant.. or you are not.
  • #57,271
  • Mar 4, 2010 8:45pm Mar 4, 2010 8:45pm
I love this stuff guys. I'm born to entrepreneu' and this is a great way to do it! I have been looking into other areas of self-employment and to me, it's a rush to try and build something up. starting small and going up and up and up from there. It's fascinating to me when I read stories about people who had an idea (or some that didn't have an idea) but just kept on it, and over the years they had success because they were dedicated to what they were building. Many of the self-made millionaires I have met are just stubborn people willing to lose everything in order to become great.


The thing is, no one gets there overnight, it takes a LONG time. If you have ever been dedicated to a hobby or career, you know when you started you had that pie in the sky dream of "making it". Then before you even can realize your success, you are acutally IN the position where you used to dream of being. All it took was years and years of pain and failure to get there. Jim is trying like hell to prevent his flock from going through this pain, but I believe that EVERYONE, even if they re-read Jim's material 4x over, will experience it. It's part of learning.


The real trick is to understand the fact that you are learning, and never hit the panic button over a failure. Smile on your failure and absorb the lessons you learned from it - - - you're one step closer to that pie in the sky.


I have been through this process twice in my life now, and it's really funny the way it works. You fall on your face, you get up and try again, you fall on your face again, you get back up and try again. You just keep going. I took a class in college where a guest speaker talked about busting his ass to make it as a self-employed person. This man dropped out of school in the 6th grade, and by the time he was 22, he was nearly bankrupt before he finally started to turn a profit. Now he is a millionaire.


Be happy that you aren't like the millions of people who just accept the average process of life that everyone is encouraging them to take. Misery loves company and if you listen to those people, you will become them. Follow your dreams people - at all costs.


Inserted Video
Many choose unhappiness over uncertainty.
  • #57,272
  • Mar 4, 2010 8:49pm Mar 4, 2010 8:49pm
Quoting Dan Gilbert
I love this stuff guys....
The importance of mentorship and why we are grateful to Jim, Mike & the other seniors here arn't we Dan? =)
One Mind, Any Market
  • #57,273
  • Mar 4, 2010 8:53pm Mar 4, 2010 8:53pm
Quoting Cyrus
The importance of mentorship and why we are grateful to Jim, Mike & the other seniors here arn't we Dan? =)
oh god yes. I'd still be in the systems forum had it not been for these guys
Many choose unhappiness over uncertainty.
  • #57,274
  • Mar 4, 2010 9:06pm Mar 4, 2010 9:06pm
Quoting ehrek
Enjoyed reading those summaries

Hey Rac-attack, are you there??

I never knew you are into gliding - Every been to the Flamborough gliding club on HWY 8??
Yes, many times.
nice grassy airfield.
  • #57,275
  • Mar 4, 2010 9:13pm Mar 4, 2010 9:13pm
Quoting simjas
Man- Short is the word. I will never touch this pair again or the eur/cad which I thought I would get the double whammy on. Gread or double stupidity. But yet a great pin at the lowest swing low since Gorden Brown was tickeling Blairs %*&*& . I am not in ANY trade for a bit until I can replenish the massive losses I have taken today. I am now on my third large 'hard liquer; (third small vodka as we say in England) and will respond in the mornig when I am capable of repsonding hdsfhvsdhvcjdbvdb cxzncbjscfdsuhf
xxxxx
hi mate, i was gonna reply to this but Mike did allready. i only want to say that you dont have to take these trades personally, it is a good thing that you have learned that bit more and have that bit more experience! taking these trades to heart is a sure sign of the ego interfering in your trading and in your learning process, and that you dont want...dont trust me on this this is an issue ALL us budding traders have investigate very seriously. Ever noticed how hard it is to close a winning possition and take the opposite trade in the other direction at the same time, rather than just closing the trade??
cheers
jon

p.s. i hope you dont me using your post to highlight this!?!?
PATIENCE... DISCIPLINE
  • #57,276
  • Mar 4, 2010 9:23pm Mar 4, 2010 9:23pm
Quoting joelcf
Looks like a bunch of people got stung on the franc crosses. I have like a dozen charts from when I started on Jim's material that tell the exact same story. I'd be so excited at finally finding a pin bar that I couldnt hit the 'submit order' button fast enough!

Unfortunately, little things like location, confluence, trouble areas, momentum and so on.. well, who cares about that crap, THERE IS A PINBAR ON MY CHART!#$%^

These f#%^ckers got me a bunch of times before I figured it out.

I'd be willing to bet that most of the other...
....except that its not funny !! lol. i remember the same,hehe sometimes i would be a trade and wondering why i hadnt bagged 65 pips allready when i suddenly realized i knew nothing about the trade or the PA appart from the fact it showed a pin bar!!
well we live n learn, allegedly.
jon
PATIENCE... DISCIPLINE
  • #57,277
  • Mar 4, 2010 9:27pm Mar 4, 2010 9:27pm
Quoting kiwi_trader
Can you post a picture of the chart. On my GU daily I see no pin bar but maybe our timezones or timeframes are different?
i believe it was this cad/chf pin he was refering to.

jon
Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 27 KB
PATIENCE... DISCIPLINE
  • #57,278
  • Mar 4, 2010 9:58pm Mar 4, 2010 9:58pm
Quoting raczekfx
Yes, many times.
nice grassy airfield.

Rac-attack! Just thinking about you buddy - Got back from Starsky's in Mississauga, and bought a bunch of 'RACZKI' sweets.. my teeth hurt.

Perhaps I have ran into you at the flamborough gliding club, my father started his flying there, and took me many times.

The plane on the left is his, We were the distributors in all of North America. Polish built.
Attached Image (click to enlarge)
Click to Enlarge Name: DSC00990.jpg Size: 46 KB
lowest draw down possible please.
  • #57,279
  • Mar 4, 2010 10:02pm Mar 4, 2010 10:02pm
Quoting Cyrus
I think USD has been the key carry currency lately. We have been seeing shifts to JPY as US economic data improves. Amongsts G3, they're the strongest... however, I have this feeling that alot of big boys (read: funds) are still using USD as carry despite the massive uptrend that it's been in.
...
I actually think this is Emerging Market - US carry unwind... why they hell they're long when USD is trending up? IMO, the same reason so many busted out during 2007 - 2008. Not changing with the market.
There has been talk of the US 'carry' as a huge factor, but I dont buy it. I see the uptrend as just a return of a safe haven flow, now that people have realised that the US isnt going to implode.... but Europe might. Explains why its relatively flat against the yen this year - you have rebalancing between yen and usd, rather than everyone shoving their money into tokyo everytime they see a banker with the flu. Obviously, looking at JGBs, we can expect more us->jp in the future, as you said. Well, thats how it read to me anyways

The biggest risk I see is to the downside with all the funds unwinding big short euro/sterling positions, since no matter which way Greece or Spain goes, its going to mean a rising euro...

Quoting Cyrus
But you know what! Whatever all these theories/news/info is, at the end of the day, WE MAKE MONEY ON PRICE ACTION. Everything people do, ultimately has to find it's expression in PRICE ACTION!
Very true, but I dont think the two are mutually exclusive. Find a probable future longterm path, get a cheap short term entry, buy Aston Martin Vanquish.

And regardless, its fun to talk about
When you have to shoot, shoot. Dont talk.
  • #57,280
  • Edited 10:34pm Mar 4, 2010 10:18pm | Edited 10:34pm
Quoting simjas
Man- Short is the word. I will never touch this pair again or the eur/cad which I thought I would get the double whammy on. Gread or double stupidity.
Hey chill... you've probably gone off already, but I got taken in as well, at 1.0330 (13 pips buffer) on FXCM while the trade didn't even trigger on FxPro (same entry point). I was wary of going counter to this massive uptrend, hence the original plan was to move to BE after 30 pips or so (the 1.0300 trouble area). HOWEVER, because I was watching FxPro instead of FXCM (easier to toggle between charts), I didn't realize that my entry was triggered, price moved to where I thought it would go, and reversed badly. And here I was congratulating myself that setting a sensible buffer saved my neck (on FxPro).

But no hard feelings on FXCM as well, because at least I know I would have at least gotten out at BE had I been watching the right broker. More importantly, I learnt to cancel the order if the hard break doesn't come within the very next day.

Goes to show that sometimes, broker differences can screw you. And this is also part of learning. (Charts as attached)

*edit* oh, and another point, the same thing happened on the eurcad with a 20 pip buffer (long entry at 1.4155) but in reverse - FxPro triggered but FXCM didn't. Broker spreads the probably cause.
Attached Images
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