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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

  • #57,601
  • Mar 8, 2010 8:15pm Mar 8, 2010 8:15pm
Quoting KissFan
The previous bar is a Sunday bar which was formed in only a few hrs. We generally disregard these which would make your "outside bar" formed today not a genuine outside bar as we define it here. I hope that this helps.

K.I.S.S.
I missed the info on the Sunday bar in the thread but that does make sense. I'm gonna keep looking and learning.

Thanks for the reply...much appreciated.
  • #57,602
  • Mar 8, 2010 8:19pm Mar 8, 2010 8:19pm
Quoting kiwi_trader
Now I trade hsi on 1m and eu on 5m so I'm not against short timeframes but I think there are some benefits to longer timeframes Ryan. The obvious one is if you get more tradable formations on the longer timeframe but the issue I've seen impact on newbies more often is the effect of short timeframes on their actions and emotions. With a short timeframe everything happens faster so you:
- don't have as long to make a decision
- don't have as long after that before closing actions become important
- don't have as long to cool down after making a mistake....

Does it take people 30min to see if a trade works or not? If so they need to fix that, takes me about 3-6 seconds and that is just getting into my seat not watching it. No I am not some market master, what I have is a system that works and has for me for 1000s of trades so I don't have to think, I just have to act.

Also to get better at trading you have to do it more, What if you work out 1 time every week? What about trying to get good at ANY skill in life if you only do it once in a while you think you will get good? If you can not trade the 5min or 1min it's you and then it's time to re-think what you are doing. Are the longer times easier? Not for me at all, I would rather do anything then sit into a trade for 3 weeks because I know that it's not that hard. Also what if the way you trade and you have a nice run and a few losses and you are winning 40% with a 1:1 RR? Going to take a LONG time to see if what you are doing works, maybe a few years, then you have to rethink what you are doing again right?


I know this is not the normal way to think but I am not a normal person, I am just being a REAL person and tell it like it is. What if you wanted to learn to play blackjack and only played 1 hand a day with $5 a week risk? yep that would take a long time to see. The ONLY diff to me on the 5min is news can spike it or any events but you sure do see if you AND your style of trading is solid.
Keep taking CT trades, I need more money
  • #57,603
  • Mar 8, 2010 8:22pm Mar 8, 2010 8:22pm
Quoting KissFan
Nathan is correct. I apologize for the misunderstanding. I trade by pulling fibs from theweekly and monthly and I look for PA in the areas.

K.I.S.S.
Hi KISS,

On the weekly chart you posted, it seems that you draw the Fibs on only the last bar.
This is new to me as I thought one has to identify the last significant swing and locate the low and high of that swing to get the Fib levels.
Is drawing Fib levels on just a bar to anticipate retracement part of the J16 method?

I tried to do the same as you on my Ibfx MT4 and could not get it displayed as yours ( yours had the word "buysell" on certain levels and your Fib has the line extended to the right whereas mine has just numbers only and the lines just doesn't appear at all). See attached picture: left is yours and right is mine. Is there some settings that need to be set in the Fib feature to get it displayed like yours?
Thanks again.

CY
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  • #57,604
  • Mar 8, 2010 8:44pm Mar 8, 2010 8:44pm
How low can you go? Shorts today...




Song to play when getting short:

Inserted Video
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Keep taking CT trades, I need more money
  • #57,605
  • Mar 8, 2010 9:21pm Mar 8, 2010 9:21pm
You are right about the good points you make ryan. Although replay and rehearsal can help with the frequency issue.

But you don't seem to get the issues I raised. Which possibly just means they never affected you. My opinion is that if I was to try to teach someone trading I'd slow their timeframe down - yours is different.

As someone who makes his living from trading other peoples mistakes I should probably shut up now and hope that all the newbies are listening to you. Cheers
  • #57,606
  • Mar 8, 2010 9:26pm Mar 8, 2010 9:26pm
Quoting kiwi_trader
You are right about the good points you make ryan. Although replay and rehearsal can help with the frequency issue.

But you don't seem to get the issues I raised. Which possibly just means they never affected you. My opinion is that if I was to try to teach someone trading I'd slow their timeframe down - yours is different.

As someone who makes his living from trading other peoples mistakes I should probably shut up now and hope that all the newbies are listening to you. Cheers

Sure I get what you are saying 100%. If your plan is not solid at 1st the higher times give you more "study" time and then you have less losses because you have less trades for the most part.

But I will also say this, I bet I hit CLOSE the same winning % as people that play the 4hr with PB's as when I play the trend with the 5min, say they hit 80% and I hit 70 or even 60%, the rub on that is I get 1-5 trades a day and I can deal with losing for days and it not throw my game off, a new trader can not, They can say that they can but I have yet to see anyone pull it off with real money.

So to sum it up, 4hr = less trades = less losses = more time to plan it out, but if your method sucks you will still lose and it may takes years to find that out not weeks such as the 5min deal
Keep taking CT trades, I need more money
  • #57,607
  • Mar 8, 2010 9:33pm Mar 8, 2010 9:33pm
Quoting Ryanmcd
Sure I get what you are saying 100%. If your plan is not solid at 1st the higher times give you more "study" time and then you have less losses because you have less trades for the most part.

But I will also say this, I bet I hit CLOSE the same winning % as people that play the 4hr with PB's as when I play the trend with the 5min, say they hit 80% and I hit 70 or even 60%, the rub on that is I get 1-5 trades a day and I can deal with losing for days and it not throw my game off, a new trader can not, They can say that they can but I have yet...
Yep a lot of what you say is true, but can be flipped for all the negatives too. Such is with EVERYTHING in trading. The real problem is most start on the 5min and aren't here 5-10 years from now to get to the point you are at . I will say I truly believe that trading must fit in tune with your beliefs, and your personality. When you say you can find out in seconds to minutes about your trades, I really hate watching the 5min charts, b/c you have to be glued to your screen. I prefer trading in total very few actual combined time. Advantages and disadvantages run deep in trading. I will say the combined skills of patience and discipline are crucial to making ANY of the ways work.

Mike
  • #57,608
  • Mar 8, 2010 9:43pm Mar 8, 2010 9:43pm
There are advantages to starting on both longer and shorter time frames I suppose, but which advantage is better for the individual?

If you are learning from scratch, have a job to support yourself, where does that leave you? Are you able to not go to work to lose a dozen trades in one day to speed up the learning process before bad things happen to your life because you now have no money and no job?

Or does the advantage of needing only a half an hour or so at the screen per day with the dailies make it possible for you to learn and continue running your life?

It seems to boil down to time and money. If you already have enough of both, starting with a shorter time frame may pay off. If you don't have time during the day because you are earning money at a job - then longer time frames make more sense.

my 2 cents
  • #57,609
  • Mar 8, 2010 9:44pm Mar 8, 2010 9:44pm
Quoting Ryanmcd
The better I get the more I look into understanding how we think because that is truly what has to change,
I've had quite a time with this since October. (those in the PF will know about it) Often I read peoples commentary on this forum, my crap included, and know that they haven't a freaking clue. It is not what people expect. The ability to string words together coherently does not mean it makes any sense.

Quote
you can make money off of ANY MA or any simple system, but if your mind screws things up well no system or setup will work.

I think it was you who posted a note here a while back about flipping a coin for entry, and if you MM was solid, you'd make money. Everyone should try this.

Quote
The thing that I had to do was not worry about it, to me again that was the hardest thing to get over. Look at eveyone who posts here, they are all winners seems everyone is making millions of $$$$ right? Well that's ego and I bet you they are not and getting up for work tomorrow to try to play the market at a later day. I lose almost daily and I will tell people that, getting over the fact if it's a win or loss = 2 shits, looks at the long run and look to see if what you are doing is solid.

You are right - it is hard to get there. I am still working on it. What has changed for me recently is that is if I lose a trade, and I followed my process, it does not seem to bug me. This is new, and I am sure fragile. I bet it would only take a few dumb-ass trades to set me back.

I still look at it as money too much though. Way too much. Something still has not clicked into place.

BTW - I think the longer timeframes may actually breed over trading by its very nature in many people.
I'm pretty much done with all this ...
  • #57,610
  • Mar 8, 2010 9:45pm Mar 8, 2010 9:45pm
Quoting mbqb11
Yep a lot of what you say is true, but can be flipped for all the negatives too. Such is with EVERYTHING in trading. The real problem is most start on the 5min and aren't here 5-10 years from now to get to the point you are at . I will say I truly believe that trading must fit in tune with your beliefs, and your personality. When you say you can find out in seconds to minutes about your trades, I really hate watching the 5min charts, b/c you have to be glued to your screen. I prefer trading in total very few actual combined time. Advantages and...

Yep and you kick my ass on the longer stuff because I hate it lol I suck at COD so 5min is perfect for me, now FF13 coming out tonight I may have to get back to that 4hr stuff
Keep taking CT trades, I need more money
  • #57,611
  • Mar 8, 2010 9:49pm Mar 8, 2010 9:49pm
Quoting Ryanmcd
Yep and you kick my ass on the longer stuff because I hate it lol I suck at COD so 5min is perfect for me, now FF13 coming out tonight I may have to get back to that 4hr stuff
LOL my xbox has been broken since I beat up on Tiaforex
  • #57,612
  • Mar 8, 2010 9:51pm Mar 8, 2010 9:51pm
Quoting mbqb11
I really hate watching the 5min charts, b/c you have to be glued to your screen.

Mike
??? And you are not already ???

Who is that guy always ready at the post? A Mike Bot?
I'm pretty much done with all this ...
  • #57,613
  • Mar 8, 2010 9:52pm Mar 8, 2010 9:52pm
Quoting StoragePro
I've had quite a time with this since October. (those in the PF will know about it) Often I read peoples commentary on this forum, my crap included, and know that they haven't a freaking clue. It is not what people expect. The ability to string words together coherently does not mean it makes any sense.



I think it was you who posted a note here a while back about flipping a coin for entry, and if you MM was solid, you'd make money. Everyone should try this.



You are right - it is hard to get there. I am still working on it. What has...


I watched that when someone at avidtrader posted a system that worked great he posted about 5-6 of them, prob was as soon as he has 3-4 losses it was on to the next. I used a few of them and made money too.

What is the diff looking at 40 pairs, on 4 different "4 hours" times on 4 different brokers = 1hr bars SO. 40 1 hour bars x8 hours a day = 320 bars, 5min x 60/5 = 12. So 12 5min bars per hour 12x8 = 96 gggg. So I have less bars woot
Keep taking CT trades, I need more money
  • #57,614
  • Mar 8, 2010 9:52pm Mar 8, 2010 9:52pm
Quoting mbqb11
LOL my xbox has been broken since I beat up on Tiaforex
lol, red ring? my brothers just died too. Get that shit working and you can kick my ass around because I suck at it.
Keep taking CT trades, I need more money
  • #57,615
  • Mar 8, 2010 9:54pm Mar 8, 2010 9:54pm
Quoting 4X=0
There are advantages to starting on both longer and shorter time frames I suppose, but which advantage is better for the individual?

If you are learning from scratch, have a job to support yourself, where does that leave you? Are you able to not go to work to lose a dozen trades in one day to speed up the learning process before bad things happen to your life because you now have no money and no job?

Or does the advantage of needing only a half an hour or so at the screen per day with the dailies make it possible for you to learn and continue...
Save up like I did, bust your ass at your job so you make good $$$$ so you can quit and see if you can cut it. 6 months you will know. Worst case is you get a new job, too much risk then don't trade work hard retire and enjoy life like 99.9% of the people. Don't spend 20+ years on something 1/2 assed because it's just a total waste and un-needed pain.
Keep taking CT trades, I need more money
  • #57,616
  • Mar 8, 2010 10:03pm Mar 8, 2010 10:03pm
Quoting Ryanmcd
Save up like I did, bust your ass at your job so you make good $$$$ so you can quit and see if you can cut it. 6 months you will know. Worst case is you get a new job, too much risk then don't trade work hard retire and enjoy life like 99.9% of the people.
hehe been there and done that. more like 18 - 24 months. i dont believe that i dont cut it but i know that it takes more time than i have and have had to do that. i know i will need a job one way or another. its to the point of what kind of job, day times and trading dailies or 2nd shift evening times to continue the shorter stuff during NY. which brings me all the way back around to the dailies.

thinking about risk. what is better to fall back on if things dont work? a day job you have worked (hard) at and have been or can move up. or an evening job to go back to after you have busted out.

this is why im looking at dailies now.
  • #57,617
  • Mar 8, 2010 10:09pm Mar 8, 2010 10:09pm
Quoting StoragePro
??? And you are not already ???

Who is that guy always ready at the post? A Mike Bot?
an EA
  • #57,618
  • Mar 8, 2010 10:10pm Mar 8, 2010 10:10pm
Quoting Ryanmcd
lol, red ring? my brothers just died too. Get that shit working and you can kick my ass around because I suck at it.
yep red ring, apparently I can just send it in for free to be fixed but I have been to lazy to even check lol
  • #57,619
  • Mar 8, 2010 10:18pm Mar 8, 2010 10:18pm
Quoting g_j_hook@yah
hi cherry, the short answer is "no" but they are sometimes taken to mean the same thing.In these cases it is very inportant to have some good confluences to make the setup worth the risk.the most important thing to concider(as allways)is LOCATION. from my experience they are more likely to fail than PBs that close inside the previous bar.
hope this helps.

jon
Thanks!
  • #57,620
  • Mar 8, 2010 10:34pm Mar 8, 2010 10:34pm
Quoting mbqb11
yep red ring, apparently I can just send it in for free to be fixed but I have been to lazy to even check lol
You have to call tech support so they can 'diagnose' it. They'll confirm you have the red rings of death and send you a box to ship it up. Total turn around time for me was about 3 weeks. Also threw in a 3 month xbox live subscription for my troubles.
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