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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

  • #58,681
  • Mar 19, 2010 10:33am Mar 19, 2010 10:33am
Quoting KissFan
The inverse is AUDUSD and I see signs of topping there.

Long term trendlines. Gotta love it!

I saw this daily I4b bouncing off the trendline but was busy watching youtube as the hard break occured

excuses, excuses
Attached Image
Many choose unhappiness over uncertainty.
  • #58,682
  • Mar 19, 2010 10:39am Mar 19, 2010 10:39am
Quoting Nawry
If I may, price went exactly where was supposed to go, PPZ at 1.535 and turned back, at this stage in my opinion some action should have place (b/e, moving stops..).

P.S. On my live account it was b/e for me, so winning trade :]
Perfect!

http://www.forexfactory.com/showpost...ostcount=58423

Once we know these areas we won't ever be caught off guard by the market. This doesn't mean no losses, it means we develop our mgmt style around this.

My favorite posts are these Nawry b/c it shows you understand what James has taught

Mike
  • #58,683
  • Mar 19, 2010 10:40am Mar 19, 2010 10:40am
Quoting Dan Gilbert
Long term trendlines. Gotta love it!

I saw this daily I4b bouncing off the trendline but was busy watching youtube as the hard break occured

excuses, excuses
I think that this one will run a while bro! I'll be looking for lower highs to add on to my position throughout the coming days.

K.I.S.S.
  • #58,684
  • Mar 19, 2010 10:41am Mar 19, 2010 10:41am
Quoting Brb-Fraudin
I am seeing many people recommend this thread. Can anyone please help me and tell me how to use this thread to my advantage??
Hey Brb

Welcome, definitely grab some coffee and start from pg 1. There are many useful links on page 1 including a "summary" of sorts from Josh. This won't help replace reading a lot of this thread(or at least James and the other seniors posts) but it will help introduce to you Price action, S/R and how James and others here have used it.

Best
Mike
  • #58,685
  • Mar 19, 2010 10:43am Mar 19, 2010 10:43am
Actually, why are all the majors vs USD pairs dropping like bricks all of a sudden? Any important news/event happened?

And will I be able to better prepare for such similar events from PA?

Again, apologies if my questions are stupid. Pls excuse the newbie here.
Dreams are hard to follow, but don't let anyone, tear them away...
  • #58,686
  • Mar 19, 2010 10:43am Mar 19, 2010 10:43am
Quoting benji533
Just in case not everyone knows this. The size of the bar in terms of pips doesn't mean anything. You just position size your risk accordingly when you choose how much "LOTS" or units to risk.


Just a few things to note.
Trading the James16's principals doesn't mean trading any possible PA bar. James always says be picky and look for great bars at great locations. For me I am trading mostly the daily and weekly with some guide lines of what I'm looking for.

Ben
Excellent post Benji.

Notice how benji analyzed the story around each bar. The bars themselves are such a very tiny part of what we do. Size of bars, location, what is going on around, where is price likely to go? What am I going to do when it gets there? This is the thick of it.

Mike
  • #58,687
  • Mar 19, 2010 10:44am Mar 19, 2010 10:44am
Quoting s005606
Actually, why are all the majors vs USD pairs dropping like bricks all of a sudden? Any important news/event happened?

And will I be able to better prepare for such similar events from PA?

Again, apologies if my questions are stupid. Pls excuse the newbie here.
Hey Kris

The good thing is who cares!

It really doesn't matter to be honest. IMO it is getting late on a friday, markets thin out and you get profitt taking closing up for weekend etc. As for news? What is that

Mike
  • #58,688
  • Mar 19, 2010 10:47am Mar 19, 2010 10:47am
Quoting KissFan
I think that this one will run a while bro! I'll be looking for lower highs to add on to my position throughout the coming days.

K.I.S.S.
The upcoming month is going to be pretty trading-intense for me... I'll keep you posted
Many choose unhappiness over uncertainty.
  • #58,689
  • Edited 10:52am Mar 19, 2010 10:51am | Edited 10:52am
Hi Benji,
Thanks for enlightening with your pointers.

Your post has made me realised abt the relationship between %winning trades and the R:R placed on each trade. I've never really made any calculation abt it until your post. Now I know if we decide R:R to be say X:1, then we need at least a winning percentage of W= 100/(1+X)% to be positive in gains.

Putting in some figures,
if RR = 1.5:1, W= 40%
if RR = 1:1, W=50%
if RR = 0.5:1, W = 66.7%
if RR = 0.3:1, W = 76.9%

So, yeah a couple of full bar losses will not necessary means negative gains if we have high enough of winning rates AND keeping a certain/reasonable RR intact. Of course the winning rates will be directly proportional to selecting good setups according to the principals of J16!

CY

Quoting benji533
Just in case not everyone knows this. The size of the bar in terms of pips doesn't mean anything. You just position size your risk accordingly when you choose how much "LOTS" or units to risk.


Just a few things to note.
Trading the James16's principals doesn't mean trading any possible PA bar. James always says be picky and look for great bars at great locations. For me I am trading mostly the daily and weekly with some guide lines of what I'm looking for.

Great bars for me are:
Pin bars - close withing the left eye. Long nose is important...
  • #58,690
  • Mar 19, 2010 10:54am Mar 19, 2010 10:54am
Quoting mbqb11
Hey Kris

The good thing is who cares!

It really doesn't matter to be honest. IMO it is getting late on a friday, markets thin out and you get profitt taking closing up for weekend etc. As for news? What is that

Mike
Hey Mike,

How are u? Always good to see you around!

Yeah, you're right, that's why you have always reminded us to be more careful during CRAZY FRIDAYs....BTW, I couldn't have agreed more with you and some other seniors here about "news" and the "analysis" by the so-called analysts.....this morning (asian am time) they wrote and recommended to look for longs on the pairs, now that they are dropping like bricks, they wrote again like yeah, the market is correcting, you should look for shorts now....

Come on, even a kid who can read ups and downs could have written such analysis.....
Dreams are hard to follow, but don't let anyone, tear them away...
  • #58,691
  • Mar 19, 2010 11:21am Mar 19, 2010 11:21am
Quoting Dan Gilbert
The upcoming month is going to be pretty trading-intense for me... I'll keep you posted
yeah thx man. I'll be here early every morning. have a good weekend.

K.I.S.S.
  • #58,692
  • Mar 19, 2010 11:26am Mar 19, 2010 11:26am
Quoting TitiX
Who are the one loosing money?

Once I find an answer, I should be able to progress further, for the moment it is still blocking my actions.
Have you peered over to the public side of forex factory and then times that by a huge number

Most people even with a good method won't follow it b/c they can't control their emotions(this is what translates into the fear and greed of the marketplaces). Look at the biggest failing funds of the world. Find something you are good at and confident at and exploit it.



Mike
  • #58,693
  • Edited 11:52am Mar 19, 2010 11:37am | Edited 11:52am
Quoting Max Profit
Hi there

I'm sorry but you're wrong, if your only income is spreadbetting the markets (any market) you will be taxed....
its always "i know a trader" and i bet his name is bob. This information is published by chartered accountants and it is a paid service. here you are telling me "i know a trader" when i am showing you published data from experts that deal with this type of thing. your "friend" wouldn't need to disclose his profit to the tax man and if asked he would only need to present evidence that this comes from spread betting which has been officially classed "gambling" since it started in the late 70's. you need to do your homework before you come out with assumptions.
  • #58,694
  • Mar 19, 2010 11:45am Mar 19, 2010 11:45am
Guys

Been away for awhile/lurking in the thread, but getting organised and hope to play a fuller part from next week. Great posts as usual from mike!!
wish you all a good weekend!

berti
PA is where its at!!
  • #58,695
  • Edited 12:04pm Mar 19, 2010 11:53am | Edited 12:04pm
Quoting ertorque
Hi Benji,
Thanks for enlightening with your pointers.

Your post has made me realised abt the relationship between %winning trades and the R:R placed on each trade. I've never really made any calculation abt it until your post. Now I know if we decide R:R to be say X:1, then we need at least a winning percentage of W= 100/(1+X)% to be positive in gains.

Putting in some figures,
if RR = 1.5:1, W= 40%
if RR = 1:1, W=50%
if RR = 0.5:1, W = 66.7%
if RR = 0.3:1, W = 76.9%

So, yeah a couple of full bar losses will not necessary...
Well yea defining a profitable technical method always boils down to WR and RR relation. That's why they can be million different variations of theoretical easy ways to make money from the market. No only one holy grail.

But once you completed the stage of finding yourself a technical method that fits your comfort zone, the hard part just starts.
Can you stick to your method during drawdowns? take true responsibility of your trades? not try to find excuses? not blame the market? not hesitate, not fear, not hope, not become greedy, not get into euphoria? remain a carefree mind whatever will be the outcome of the next trade? be able to truly accept risk? change the way of thinking about what trading is really about? Understand that trading is freaking boring?

All those brilliant analysts out there are changing systems like socks every Monday during the last 30 years instead of shifting what really matters.

Just my opinion of course..

Ben
  • #58,696
  • Mar 19, 2010 11:58am Mar 19, 2010 11:58am
Hi Guys

I have been lurking on this forum for a while, so I thought let's come out of the bushes and keep on trying and learning while sitting on the back bench from all the sincere people who are helping each and everyone on this forum regardless who they are and consider everyone on this fourm as a part of a big family.
  • #58,697
  • Mar 19, 2010 12:01pm Mar 19, 2010 12:01pm
one of the things that has taken me by surprise with this material is that i dont look or worry about RR any more. my focus is on the quality of the setup and the available room for profit. Also using Jim's 30 pip stop has saved me from larger losses. the way i see it, if your focused on the best setups (with the occasional B or C grade) you end up with a very good win rate and the losers are really insignificant.. my 2 cents anyways
  • #58,698
  • Mar 19, 2010 12:09pm Mar 19, 2010 12:09pm
Quoting sakrani
Hi Guys

I have been lurking on this forum for a while, so I thought let's come out of the bushes and keep on trying and learning while sitting on the back bench from all the sincere people who are helping each and everyone on this forum regardless who they are and consider everyone on this fourm as a part of a big family.
Welcome Sak,

Posting and getting involved helps the learning process in my opinion

Best of luck and post away
Mike
  • #58,699
  • Mar 19, 2010 12:50pm Mar 19, 2010 12:50pm
Quoting Bollocks
its always "i know a trader" and i bet his name is bob....
I'm not going to name a friend on a free bb, I know it's true and so does he, nothing to prove. Ok then pal, call the tax office, then get the tax back for my friend, he will buy you a new car, he's been taxed the last 3 years since he was classified as a professional trader. Professional deems you taxable at sourceIm not on about a 5 or 10pp gambler, I'm on about the real deal DA trader.
Oh ye, the website you mention is dead, they must have gone bankrupt for not paying their taxes....:O
  • #58,700
  • Mar 19, 2010 3:26pm Mar 19, 2010 3:26pm
Quoting benji533
Just in case not everyone knows this. The size of the bar in terms of pips doesn't mean anything. You just position size your risk accordingly when you choose how much "LOTS" or units to risk.


Just a few things to note.
Trading the James16's principals doesn't mean trading any possible PA bar. James always says be picky and look for great bars at great locations. For me I am trading mostly the daily and weekly with some guide lines of what I'm looking for.

Great bars for me are:
Pin bars - close withing the left eye. Long nose is important...
Fantastic post again, Benji - have been just looking at identifying setups for several months and now looking at the money management - risk/reward issues. You mention .1R and .3R - assume this refers to risk/reward ratio - most grateful if you could expand on that.

Took a demo trade on break of Daily BEOB on 17 March (high just off 14000) - would that be in line with your/J16 approach?

Thanks

J
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