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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

  • #61,761
  • Apr 24, 2010 12:33pm Apr 24, 2010 12:33pm
Quoting triggerju
Nas, I found one thing which really really helps - apathy. I believe it's the missing link for most people. Just simply don't care about the money, the potential profit, the dream of being a financially successful trader, etc, it all means nothing. Just shrug your shoulders and be grateful you aren't suffering like some real poor people in this world. If you win, great. If you lose, great. How dare any of us expect to win anyway? We dont have a God given right to win at trading or in life in general. Tough. We think the market owes us some money??!...
I dint get your point here. You say don't expect to win from an A+ setup cause we have no right to win?
Or are you saying that don't get bother about the outcome,.. then yea I agree.
Dreams, Motivation and Goals is the stuff that keeps me coming back. When I fail I think about my Dreams and get up. when I win I think about my next Goals and keep on learning more and improving. All I have in my life is my dreams and my goals and they keep me motivated all the time, nothing else.
I don't think about money but success,........ and money follows the success. and success comes with hardwork, motivation, devotion to your goals and I believe in honestly also. You have to be honest with people around you and yourself it helps me a lot. I felt very bad when I came to know yesterday that people were thinking me as someone who hit big time after I admitted that I was breaking even. I can't live with the fact that people are think me of somthing that I am really not.
But now everyone knows how actually I am doing and I know that too, much clearly now. So I have to move on now with a positive mindset and with a good feeling of being honest with myself and others.
I know that am very close now,.... I just know that.
  • #61,762
  • Apr 24, 2010 12:40pm Apr 24, 2010 12:40pm
Also, last week, I only took 2 trades on my live account - USDCAD bearish daily pin: out at breakeven, and also a touch trade on EURAUD.

my touch trade on EURAUD was yesterday (sell limit @ 1.4485, 15 pips below the 1.4500 VBRN for safety, initial S/L of 50 pips, trade closed 15 minutes before weekend close on IBFX), RIGHT AS A BUOB WAS FORMING, I WENT SHORT.

location/trend is 10x more important than PA. PA is just a reason to get in on a pair in my honest opinion.

I know many (dare I say, most) of the people trading PA are ignoring the most important elements of why to take a trade.

anti-trend trades are a hassle, you need to get in and get out super fast. Ranging markets are similar (but not half as bad).

Every once in a while we get these very nice bars at a "dip" in the trend, and those are the best setups in the world. (just like the USDCAD pin we had last week).

I just feel like a lot of the people in this thread may be just a bit out of touch with seeing the BIG PICTURE, and are too busy just trying to find PA.
Many choose unhappiness over uncertainty.
  • #61,763
  • Apr 24, 2010 12:55pm Apr 24, 2010 12:55pm
Quoting nasir.khan
I dint get your point here. You say don't expect to win from an A+ setup cause we have no right to win?
Or are you saying that don't get bother about the outcome,.. then yea I agree.
Hey
Yes I'm saying both. We have no "right" to win at this trading game even if we put in 30 years of hard work. I'm confident YOU will win Nas as you are dedicated and honest with yourself and probably think about charts day & night! But once you realise this, it takes pressure off as you wont think of failure as a bad thing as you have no right to win anyway.

Then, there's apathy. Yes, just set your orders, walk away, don't care, check later. The more you care the more you overthink and react badly. Just don't care, enter, and leave it be. That's what I am now practicing. I will prob win more trades by letting them just run to the end!!!!
  • #61,764
  • Apr 24, 2010 1:05pm Apr 24, 2010 1:05pm
Quoting Dan Gilbert
Also, last week, I only took 2 trades on my live account - USDCAD bearish daily pin: out at breakeven, and also a touch trade on EURAUD.

my touch trade on EURAUD was yesterday (sell limit @ 1.4485, 15 pips below the 1.4500 VBRN for safety, initial S/L of 50 pips, trade closed 15 minutes before weekend close on IBFX), RIGHT AS A BUOB WAS FORMING, I WENT SHORT.

location/trend is 10x more important than PA. PA is just a reason to get in on a pair in my honest opinion.

I know many (dare I say, most) of the people trading PA are ignoring the most...

I get what you mean but Jim never talks of trend. Trend is objective and pins try to catch reversals no? As long as you know where FTA is then it prob doesn't matter bout trend IMHO as, like you suggested, the FTA is pretty much always hit anyway so just go to B/E no matter how quick you must be with that.

A trend runner is just a bonus I think.
  • #61,765
  • Apr 24, 2010 1:10pm Apr 24, 2010 1:10pm
Quoting triggerju
I get what you mean but Jim never talks of trend. Trend is objective and pins try to catch reversals no? As long as you know where FTA is then it prob doesn't matter bout trend IMHO as, like you suggested, the FTA is pretty much always hit anyway so just go to B/E no matter how quick you must be with that.

A trend runner is just a bonus I think.
Jim does talk of trend. Go back and read this thread, you will see many times he has pointed to the importance of going with the flow on his charts. I am not going to find the example I currently have in my memory banks, but one chart he posted was in a serious down trend and he highlighted all the bullish PA bars that FAILED during that strong trend.
Many choose unhappiness over uncertainty.
  • #61,766
  • Apr 24, 2010 2:12pm Apr 24, 2010 2:12pm
Quoting Dan Gilbert
Jim does talk of trend. Go back and read this thread, you will see many times he has pointed to the importance of going with the flow on his charts. I am not going to find the example I currently have in my memory banks, but one chart he posted was in a serious down trend and he highlighted all the bullish PA bars that FAILED during that strong trend.
A lot of it depends on your trade style. If you are a stop loss to break even type of trader and let it run it is essential to trade with the trend. If you are trading A+ bars at great areas to FTA it is less important but still preferable
  • #61,767
  • Apr 24, 2010 4:19pm Apr 24, 2010 4:19pm
Quoting Dan Gilbert
You guys posting all these anti-trend trades leaves me feeling very scared for you!

Anybody thinking that going long on EURAUD/EURCAD, c'mon now! zoom out and see what you're doing.

Go with the flow.
Gee thanks Dan.

Now you are messing with my liquidity pool....
I'm pretty much done with all this ...
  • #61,768
  • Apr 24, 2010 4:25pm Apr 24, 2010 4:25pm
Quoting fxprocessor
A lot of it depends on your trade style. If you are a stop loss to break even type of trader and let it run it is essential to trade with the trend. If you are trading A+ bars at great areas to FTA it is less important but still preferable
If it's a tool to prevent me from taking more losses, I'm all in.
Many choose unhappiness over uncertainty.
  • #61,769
  • Apr 24, 2010 4:28pm Apr 24, 2010 4:28pm
Quoting StoragePro
Gee thanks Dan.

Now you are messing with my liquidity pool....
oops..... I can delete my post for a small fee
Many choose unhappiness over uncertainty.
  • #61,770
  • Apr 24, 2010 9:01pm Apr 24, 2010 9:01pm
Quoting ghous

Most of what you asked has to be discretionary and hence will vary from trader to trader. This variance however has nothing to do with how successful or unsuccessful the trader is.






[left]Mike (mbqb11) e.g would never take many of the setups Jarroo takes, because he's always on the look out for the ones that really stand out. Jarroo on the other hand will fiddle around (lucratively) with even the pretty ordinary bars because he knows how to handle them

.

In other words what's A+ for jarroo may not be...

Good post ghous.

I'll tell ya, it's true what's A+ for me may not be A+ for Mike but what's A+ for Mike is definitely A+ for me. lol
Indicators show the past. Price Action "Indicates" the future.
  • #61,771
  • Apr 24, 2010 9:33pm Apr 24, 2010 9:33pm
Quoting zakariawaiz
Anybody tell me how to take jarroo hard break trade.
A hard and fast break isn't really a trade or setup. It is a confirmation of a setup that tells me it is correct and has good momemtun. If a setup breaks softly by a few pips and then retrace back into the setup it tells me that something else is wrong. Hence, a good buffer for an entry to confirm the hard break. If a setup doesn't break hard it maybe due to the traffic and/or the quality is not A+, (which is usually the case).

Examples of A+ setups on the Daily Cad in late 2008. BEOB (or 2 day bearish PB) and a bearish PB.

Great locations at swing High, off of a BRN, 1.3000 and closing below a RN 1.2700.

Notice how hard price broke on these two trades. The hourly shows this more clearly. Also on the BEOB, notice how Price retraced and retested the break, another good confirmation that the setup is correct.

So, the hard break is more of a confirming Price behavior. A true characteristic of an A+ trade.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,772
  • Apr 25, 2010 12:34am Apr 25, 2010 12:34am
Quoting nasir.khan
Yea but no one knows about this reversal IPB project except Ghous. How did you find out?


Quoting ghous
Jarroo being the experienced trader that he is, understood the potential of this PA bar the first time I mentioned it, he's been since watching them and was demoing them parallel to my experimentation.

smart A$$



g.
Yeah, it was G-money . . . I mean . . . ghous . . .that did all the leg work and testing on IPBs. I just jumped on his band wagon and ran with it.

We having been sharing info on IPBs here on the thread. Cool stuff.

I see the multibillon dollar Global Ghous IPB Hedge Fund Plus in his near future.
Indicators show the past. Price Action "Indicates" the future.
  • #61,773
  • Apr 25, 2010 1:10am Apr 25, 2010 1:10am
Quoting jarroo
Yeah, it was G-money . . . I mean . . . ghous . . .that did all the leg work and testing on IPBs. I just jumped on his band wagon and ran with it.

We having been sharing info on IPBs here on the thread. Cool stuff.

I see the multibillon dollar Global Ghous IPB Hedge Fund Plus in his near future.
one on futures at VBRN, also, area looks SOLID on a daily chart. I'm thinking price will first creep up to the 500, then make it's way down to the FTA.

EDIT: very similar to how GBPJPY acted recently!
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Many choose unhappiness over uncertainty.
  • #61,774
  • Apr 25, 2010 1:47am Apr 25, 2010 1:47am
Dan Gilbert,
there are subtle differences though.
-gbpjpy's IPB close is bearish, WK0 (wheat?) IPB close is bullish
-gbpjpy IPB's upper wick is shorter, WK0 IPB's upper wick is much longer
-in connection to the above, gbpjpy's IPB has a high fairly near the prior bar's high. WK0's IPB has its high relatively farther compared to it's prior bar high.

Let's see how it moves.
  • #61,775
  • Apr 25, 2010 1:56am Apr 25, 2010 1:56am
Quoting Dan Gilbert
one on futures at VBRN, also, area looks SOLID on a daily chart. I'm thinking price will first creep up to the 500, then make it's way down to the FTA.

EDIT: very similar to how GBPJPY acted recently!
Will be hawking this Dan,

thnx

g.
I believe . . .
  • #61,776
  • Apr 25, 2010 2:12am Apr 25, 2010 2:12am
Quoting supremeChaos
Dan Gilbert,
there are subtle differences though.
-gbpjpy's IPB close is bearish, WK0 (wheat?) IPB close is bullish
-gbpjpy IPB's upper wick is shorter, WK0 IPB's upper wick is much longer
-in connection to the above, gbpjpy's IPB has a high fairly near the prior bar's high. WK0's IPB has its high relatively farther compared to it's prior bar high.

Let's see how it moves.
all true, but the location here is #1, trend #2, how "clean" the PA is #3.

Just how I see things these days
Many choose unhappiness over uncertainty.
  • #61,777
  • Apr 25, 2010 3:27am Apr 25, 2010 3:27am
that's a good way to look at things, Dan.
  • #61,778
  • Apr 25, 2010 5:19am Apr 25, 2010 5:19am
[quote=jarroo;3667837]Sounds like a bit of over trading my friend. Not sure why you went short on the Euro at 1.33, got a chart?



Thanks for the feedback, I think the biggest reason I shorted the euro was greed/ fear of missing out. there was a 1hr bearish PB but it should have been baby sat.
same thing for the cotton trade,
your right about the over trading, your not making money unless your trading right....wrong. not losing money is almost as good as making money right?
just have to look for a+ trades that suit the time I have available.

thanks again for taking the time to respond
  • #61,779
  • Apr 25, 2010 5:39am Apr 25, 2010 5:39am
For those who havent seen it yet, here is one of Sam Seiden's videos.
http://transcripts.fxstreet.com/2008...le-low-ri.html

u will notice the similarity with james16 method & videos.... after all, we are talking about the same thing: support & resistance.
  • #61,780
  • Apr 25, 2010 6:10am Apr 25, 2010 6:10am
I see a lot of signals for a weaker dollar for next week.

2 day Bullish PB on EU. Look what that mini pin did 2 weeks ago...

Bullish PB on GU with close above major PPZ (heading into traffic, but still a valid signal)

Failed break on USDCHF. We may get another go at 1 rather that 1.1-1.12. (well, it all depends on that pesky SNB)

Bullish PB on AUDUSD off trendline and minor PPZ, with trend, good close etc. (Not A+, because of space and traffic, but still a valid signal).

Bearish PB on USDCAD.

Is NZDUSD ready for a break up?

Very big BUOB on EG right on major confluence area. (wish I had a better stop for my long at 0.8660) Bullish EUR, bearish USD next week?

Moves on DJ, Oil and gold.

If the USD is going to continue it's move up, there are going be a lot of broken hearts..

So mark your FTA on all your charts.
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