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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

  • #58,801
  • Mar 22, 2010 7:00am Mar 22, 2010 7:00am
ciao everybody!

maybe Mike Nasir SupremeChaos Jaroo ...

and some others of you cannot remember me, I am a newbie, I asked for some advice weeks ago and got answered from you about how to start this "business" as Mr James says...

just finished two Pring books on TA and price patterns, read other books on MM and psychology, read the first 100pages of this thread, for sure must have a second "low passage" on almost everything but want to start looking at charts and demo according to Mr James MINIMUM REQUIREMENTS...

I know it is absolutely personal and must fit different needs etc etc but...

would like to ask you advices about the computer system you use, I must buy a new one cause I am getting crazy with my 13'' laptop maybe too small for charts analysis of MT4 etc etc

a mac or pc system? is mac more reliable the the crashing windows os?
and what about the monitor? one or two monitor, size? 18'' 21'' 24'' 27''

appreciate each and everyone of your comments on this

many thanks in advance

Andrea
  • #58,802
  • Mar 22, 2010 7:00am Mar 22, 2010 7:00am
Quoting lovejoy80
Had exactly the same chart...currently demoing FX pairs correlated with gold, oil, equities etc...so played the CAD pairs on the break of the BEOB on oil.
Nice.

Now see if we could get some retracements back to 80.00 and 1.0190 and then KABOOM at Newyork open.
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  • #58,803
  • Mar 22, 2010 7:03am Mar 22, 2010 7:03am
Quoting benji533
An Outside bar is simply an engulfing bar with it's low lower than the previous bar's low, and high higher than the previous bar's high. Closing withing the 3/4 of the bar's upper/lower range.
I like this specific bar because of the size. You can see it is relativity quite big. The biggest among 14 last bars. It fully engulfs the range of the two last bars, and the close is well above the prior bars. Swing low where I would like it. Now just let it do it job and do not let your mind mess it up. Set alerts, walk away (who has a good sound alert BTW?...
Thanks Ben! (I'll know next time.. was put off by the other take on it.)
  • #58,804
  • Mar 22, 2010 7:05am Mar 22, 2010 7:05am
Quoting printer69
ciao everybody!

maybe Mike Nasir SupremeChaos Jaroo ...

and some others of you cannot remember me, I am a newbie, I asked for some advice weeks ago and got answered from you about how to start this "business" as Mr James says...

just finished two Pring books on TA and price patterns, read other books on MM and psychology, read the first 100pages of this thread, for sure must have a second "low passage" on almost everything but want to start looking at charts and demo according to Mr James MINIMUM REQUIREMENTS...

I know it is absolutely...
Yep i remember you Printer.

Waiting for you to post some charts buddy.

I think anything above 15" is enough. I think MAC does't support MT4. Just get what suit's you.

Good Luck.
.
  • #58,805
  • Mar 22, 2010 7:07am Mar 22, 2010 7:07am
Quoting printer69
ciao everybody!

maybe Mike Nasir SupremeChaos Jaroo ...

and some others of you cannot remember me, I am a newbie, I asked for some advice weeks ago and got answered from you about how to start this "business" as Mr James says...

just finished two Pring books on TA and price patterns, read other books on MM and psychology, read the first 100pages of this thread, for sure must have a second "low passage" on almost everything but want to start looking at charts and demo according to Mr James MINIMUM REQUIREMENTS...

I know it is absolutely personal...

Umm..I'm doing good with a single 3 years old 19" LCD
All you need is a good head between those ears lol. The rest will take care of itself...
  • #58,806
  • Mar 22, 2010 7:17am Mar 22, 2010 7:17am
Quoting nasir.khan
Yep i remember you Printer.

Waiting for you to post some charts buddy.

I think anything above 15" is enough. I think MAC does't support MT4. Just get what suit's you.

Good Luck.
.

ciao Nasir how are you?
glad you remember about me
I always follow your posts and must say very helpful, many many thanks!
will check about MT4 on mac if it runs or not...will let you know
many thanks for your advice
Andrea

PS I posted one chart some weeks ago and I burned myself up just like that, after studying Fibonacci was so excited because (in my mind) I saw a confluence...and got a zero mark out of ten from a great reply from an always very kind and gentle MIKE MBQB11 because my confluence was a very personalized one...I wrongly used opposite Fibs one from an uptrend and another from a downtrend...
so I think I wont post a chart anytime soon unless I demo and test something more accurately...

maybe MIKE will reply to this saying something like...better study more and more before wasting money in buying bigger screen new computers )
  • #58,807
  • Mar 22, 2010 7:22am Mar 22, 2010 7:22am
Quoting benji533
Umm..I'm doing good with a single 3 years old 19" LCD
All you need is a good head between those ears lol. The rest will take care of itself...

hey Benji many thanks your reply...!

yeahhhhh lol so true!!
you can have a ferrari but if unable to go faster then 60kmh...

much appreciated your info on the screen size
thanks again
Andrea
  • #58,808
  • Mar 22, 2010 7:24am Mar 22, 2010 7:24am
Quoting nasir.khan
Yep i remember you Printer.

Waiting for you to post some charts buddy.

I think anything above 15" is enough. I think MAC does't support MT4. Just get what suit's you.

Good Luck.
.

Nasir

I do confirm MT4 platform doesnt run on mac os
you need parallels with windows to run MT4 on a mac

thanks ciao
Andrea
  • #58,809
  • Edited 8:13am Mar 22, 2010 7:26am | Edited 8:13am
Well That was fast. Went exactly were it should.
This was before the fact. If it was a loser I would take it again.
The outcome matters nothing because my job is doing my part only - which is picking and managing the right setups, much earlier then the outcome of the trade.
My part begins and ends before I know the outcome. Therefore, I know if it's a real "winner" or "loser" before my order even triggered. Cause no matter how much I would hope/pray/wan/stare at my chart - it won't matter a dime.
I rather take a lose while following my method than taking a huge win by being breaking it, feeling a hero and fool myself.

I admit I did care about the trade after I placed my order. I'm not carefree yet. But that's my target.
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  • #58,810
  • Mar 22, 2010 7:40am Mar 22, 2010 7:40am
Quoting printer69
Nasir

I do confirm MT4 platform doesnt run on mac os
you need parallels with windows to run MT4 on a mac

thanks ciao
Andrea
You don't have to worry about anything like PC's or Windows or MAC. Just put all your energy into charts.

I sometimes trade from this, especially when i am on vacations. lol
.
  • #58,811
  • Mar 22, 2010 7:45am Mar 22, 2010 7:45am
Quoting nasir.khan


How did ya know dat.
.
well actually you showed me that i looked at my bar chart and then i looked at the line chart and i saw that the trend was still up i would take it at 1.01000 and not at 1.00600 ... only raczekfx knows how to enter at 1.00600!

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  • #58,812
  • Mar 22, 2010 7:48am Mar 22, 2010 7:48am
Quoting benji533
Well That was fast. Went exactly were it should.
This was before the fact. If it was a loser I would take it again.
The outcome matters nothing because my job is doing my part only - which is picking and managing the right setups, much earlier then the outcome of the trade.
My part begins and ends before I know the outcome. Therefore, I know if it's a real "winner" or "loser" before my order even triggered. Cause no matter how much I would hope/pray/wan/stare at my chart - it won't matter a dime.
I rather take a lose while following my method...
good going benji.
A question if you will (and for others) - how would you manage your stops/be/tp in such a scenario? I had been demo'ing well and trying to figure out a good exit strategy. I am quick to move my stop to b/e and take half of the table. However, more often than not, my stop is triggered and then it runs. I wonder if i'm too quick to move to b/e? I should be glad i'm not losing !!
  • #58,813
  • Mar 22, 2010 7:48am Mar 22, 2010 7:48am
Quoting nasir.khan
You don't have to worry about anything like PC's or Windows or MAC. Just put all your energy into charts.

I sometimes trade from this, especially when i am on vacations. lol
.
I was staring like a complete noob on my Light Crude H4 chart and I didn't know why everytime I looked, nothing happened. That PB was sitting there with no action after it. Then I realized that contract's changed, from April to May...
  • #58,814
  • Mar 22, 2010 7:56am Mar 22, 2010 7:56am
Quoting nasir.khan
You don't have to worry about anything like PC's or Windows or MAC. Just put all your energy into charts.

I sometimes trade from this, especially when i am on vacations. lol
.
btw what happened to marcelnyo? i didnt saw him for quite some time
  • #58,815
  • Mar 22, 2010 8:09am Mar 22, 2010 8:09am
Quoting nasir.khan
Nice.

Now see if we could get some retracements back to 80.00 and 1.0190 and then KABOOM at Newyork open.
.
Damn...the retrace fell a tad short of my pending orders
  • #58,816
  • Mar 22, 2010 8:11am Mar 22, 2010 8:11am
Quoting neutro
I was staring like a complete noob on my Light Crude H4 chart and I didn't know why everytime I looked, nothing happened. That PB was sitting there with no action after it. Then I realized that contract's changed, from April to May...


Happens to me also.
.
  • #58,817
  • Mar 22, 2010 8:11am Mar 22, 2010 8:11am
Quoting ppfx
btw what happened to marcelnyo? i didnt saw him for quite some time
Yep and Ghous too.

Hope every thing is fine.
.
  • #58,818
  • Edited 8:22am Mar 22, 2010 8:12am | Edited 8:22am
Quoting GotPips
good going benji.
A question if you will (and for others) - how would you manage your stops/be/tp in such a scenario? I had been demo'ing well and trying to figure out a good exit strategy. I am quick to move my stop to b/e and take half of the table. However, more often than not, my stop is triggered and then it runs. I wonder if i'm too quick to move to b/e? I should be glad i'm not losing !!
welcome to the club ...
This is maybe the hardest question I can personally answer, cause it's probably the only thing you must put some thinking in. To be honest ppfx's post of that random equity curve generator is keeping me quite busy.
Each trade is unique and different, but I still believe you need some kind of further guideline than just counting on an high win rate and taking half profit very fast. It's not very effective long term, even with a huge account I would say.
Put ryan's way of going for 2R and wining only 50% of the times. It is way much more effective than a 95% win rate for 0.3R. But it doesn't fit the way I trade, and my comfort zone. I will need to dig it a bit more, but my guess is that each trade is unique and different and there is no strict formula.

In the meantime I just come up with a different plan each time before I pull the trigger, based on the circumstances. This time I moved my stops to BE without taking any profit, and I will try to trail as much as I can (or take half off soon if there is no momentum). I also used a reduced stop so my over all position size and potential profit is relativity quite big already.

Ben
  • #58,819
  • Mar 22, 2010 8:31am Mar 22, 2010 8:31am
well this one turned out nicely. B setups do work most of the time as well.
I'm not on the train, but do not regret it either
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  • #58,820
  • Mar 22, 2010 8:46am Mar 22, 2010 8:46am
Quoting ertorque
I am wondering if any of these potential PB setup is better than the others in terms of confluence strength...
Is there an order we can rank them in terms of quality of setup or are they equally good?
...
all 4 setups are playable, but not all four are equally good.
i believe C & D are the best among the 4.
they are not equally good simply because each one differ in their location.

i'll give u an example.
think of your favorite shopping mall/grocery/supermarket.
take that shopping mall/grocery/supermarket & put it in 4 different locations:
one is inside a business district/famous city.
another is located 5miles/kilometer from that first one.
another is located 10miles/kilometer away.
the last one is located 20miles/kilometer further away from the city/business district.
Question: which of the 4 malls/supermarket/grocery will attract the MOST patrons/visitors/clients? are they all equally good?


just my view
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