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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

  • #63,061
  • May 6, 2010 10:56pm May 6, 2010 10:56pm
Quoting Dan Gilbert
I wouldn't touch anything until next week sometime. Tommorow is NFP, so you wouldn't typically want to trade that day anyways.

With the gains we got from the markets this past week (commodities and currency combined, nearly 9% for me on 2% risks. Only 1.8% on live account ), I will proudly sit out for a while.

Good work guys.
The fact that you (and I and I guess most of the guys here) didn't jump into the markets for quick restless, uneasy, stressful bucks ignoring any sense of reason and their own methods is a true testament that this thread has thought us well. You've accomplished your weekly task (though you should trade the charts not your P&L) and I guess most of us here did just that with 1 or to 2 trades.
  • #63,062
  • May 6, 2010 10:59pm May 6, 2010 10:59pm
Quoting neutro
The fact that you (and I and I guess most of the guys here) didn't jump into the markets for quick restless, uneasy, stressful bucks ignoring any sense of reason and their own methods is a true testament that this thread has thought us well. You've accomplished your weekly task (though you should trade the charts not your P&L) and I guess most of us here did just that with 1 or to 2 trades.
My wheat future trade was the least volatility-based trade and gave me my biggest win for the week at a 1:2.69 R:R
Many choose unhappiness over uncertainty.
  • #63,063
  • May 6, 2010 11:04pm May 6, 2010 11:04pm
Quoting neutro
You've accomplished your weekly task (though you should trade the charts not your P&L)
I want to stress something here, very badly.

1% isn't necessarily a "task".... it is a number I keep handily in my head to prevent me from shotgun trading. It is nothing more than a psychological tool to keep me patient, and to set realistic profit taking targets on each individual trade, without setting some pipe dream goal on a trade and only watching it turn into a loss.

with that said, I have kept that in my head, and have been doing so much better with my trades. It's like a reverse-result effect on my trading
Many choose unhappiness over uncertainty.
  • #63,064
  • May 6, 2010 11:08pm May 6, 2010 11:08pm
Quoting joelcf
Good work guys? Screw that. Good work Dan! That's awesome.

hrm...

Yeah, this is gonna work out well

Be reasonable Joel this post is from 31 March.

It's been 37 days now,.... he could've gone betterrrrrr. duhh

Now don't tell me 37 days are not enough to play FX.
.
  • #63,065
  • May 6, 2010 11:16pm May 6, 2010 11:16pm
Quoting beebolbod
hi,

I've not come accross ipb's before - what are they and how do they fit into the J16 PA method please?

Cheers
Hi Bee,

IPB stands for inverted pin bar, and it is not a traditional j16 PA bar. Ghous did some research on them and shared his findings with us. I'm not sure if it was either mike or jarroo who recently posted a link from ghous explaining the IPB, maybe someone can find it for you.

Check the posts from ghous on them, but keep in mind like any PA bar, the location is the most important factor. In fact, with IPB's, most like to be even stricter with location and bar form..more so than other PA bars.

Hope that helps.

Scott
  • #63,066
  • May 6, 2010 11:18pm May 6, 2010 11:18pm
Quoting nasir.khan
Be reasonable Joel this post is from 31 March.

It's been 37 days now,.... he could've gone betterrrrrr. duhh

Now don't tell me 37 days are not enough to play FX.
.
Oh boy... I'm waiting for someone to rain on Fly's parade lol.

To his defense, myself and many others would be lying if we said we didn't go through that phase when we were new to trading
  • #63,067
  • May 6, 2010 11:20pm May 6, 2010 11:20pm
Quoting jarroo
lol..

That's the beauty on the IPB, inherent small stops.
Which is why I cannot resist an IPB at a perfect location
  • #63,068
  • May 6, 2010 11:26pm May 6, 2010 11:26pm
Quoting scott087
Oh boy... I'm waiting for someone to rain on the parade. Myself and many others would be lying if we said we didn't go through that phase when we were new to trading
At first yes. Then you come in here and get your parade rained on, then you study more, and realize how much potential there truly is in "taking it slow" and just going day by day learning more and more. It's just experience, and if you love the markets, you won't care about how long it takes to become a good trader.
Many choose unhappiness over uncertainty.
  • #63,069
  • May 6, 2010 11:30pm May 6, 2010 11:30pm
Quoting scott087
Which is why I cannot resist an IPB at a perfect location
I've seen similar PBs fail the same way, maybe the size was not big enough inrelation to the move down . . .but then again today was a bit different. lol
Indicators show the past. Price Action "Indicates" the future.
  • #63,070
  • May 6, 2010 11:31pm May 6, 2010 11:31pm
Quoting Dan Gilbert
At first yes. Then you come in here and get your parade rained on, then you study more, and realize how much potential there truly is in "taking it slow" and just going day by day learning more and more. It's just experience, and if you love the markets, you won't care about how long it takes to become a good trader.
+1 on this...

The realization when it smacks you in the face is probably one of the most valuable lessons and stepping stones in the journey. IMO..the sooner others help you see the truth the better. Less money lost, accounts blown, pain felt, etc. I think we owe James a big thanks for that one.
  • #63,071
  • May 6, 2010 11:37pm May 6, 2010 11:37pm
Quoting joelcf
Good work guys? Screw that. Good work Dan! That's awesome.



hrm...





Yeah, this is gonna work out well
  • #63,072
  • May 6, 2010 11:37pm May 6, 2010 11:37pm
Quoting scott087
+1 on this...

The realization when it smacks you in the face is probably one of the most valuable lessons and stepping stones in the journey. IMO..the sooner others help you see the truth the better. Less money lost, accounts blown, pain felt, etc. I think we owe James a big thanks for that one.
Also I'll add, that I think most people still need to experience some of the BS with being new, and just traveling the rough road for a little while. I mean, there's no way I would have learned the things I know now without making errors, even though it has been said in here before, you still need to practice and see it for yourself.

Although I have not blown an account......... yet
Many choose unhappiness over uncertainty.
  • #63,073
  • May 7, 2010 12:01am May 7, 2010 12:01am
Ok, I just read an article about how there needs to be regulation on high frequency trading ran by computers because it caused a big swing in the action today... My opinion: If you don't want to expose yourself to the risks of the market, then stick your money in a CD. I don't tell the CEO of Harrah's that he needs to regulate his slot machines because I took a hit. I simply don't play slots.


*fuming*
Many choose unhappiness over uncertainty.
  • #63,074
  • May 7, 2010 12:04am May 7, 2010 12:04am
Hello guys.
I feel that more eur / aud there is an opportunity to enter long.
What do you think?
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  • #63,075
  • May 7, 2010 12:08am May 7, 2010 12:08am
Quoting extraneo
Hello guys.
I feel that more eur / aud there is an opportunity to enter long.
What do you think?
buy euros?
Many choose unhappiness over uncertainty.
  • #63,076
  • May 7, 2010 12:11am May 7, 2010 12:11am
Quoting joelcf
Easy.
(Accenture chart)
..

Ahhhhhhhhh.... almost $0
  • #63,077
  • May 7, 2010 12:12am May 7, 2010 12:12am
Quoting Dan Gilbert
buy euros?

yes, buy euro ...
there is a dblhc ...
risky?
  • #63,078
  • May 7, 2010 12:17am May 7, 2010 12:17am
Quoting Dan Gilbert
Ok, I just read an article about how there needs to be regulation on high frequency trading ran by computers because it caused a big swing in the action today... My opinion: If you don't want to expose yourself to the risks of the market, then stick your money in a CD. I don't tell the CEO of Harrah's that he needs to regulate his slot machines because I took a hit. I simply don't play slots.


*fuming*

High Frequency Trading is just a fancy way of front running trades. Normally it would be criminal, but criminals run the financial system, so it is okay.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #63,079
  • May 7, 2010 12:18am May 7, 2010 12:18am
Quoting extraneo
yes, buy euro ...
there is a dblhc ...
risky?
tomorrow is NFP

the euro is dumping harder still

that dbhlc was the result of a.... historic day on the market....

so no.
Many choose unhappiness over uncertainty.
  • #63,080
  • May 7, 2010 12:21am May 7, 2010 12:21am
Quoting extraneo
Hello guys.
I feel that more eur / aud there is an opportunity to enter long.
What do you think?
Not wise considering you are jumping in half way through a daily bar, you are counter trend, etc, etc

Patience my friend....make a trading business plan with your entry criteria and slap it on the wall above your monitor.....

You don't have to be in the market all the time....let the market come to you on your terms and when it ticks all the boxes enter the trade as per your trading plan, with correct money management and relax....this stuff is high probability trading if you follow all the rules....the only thing that can trip is your internal makeup.
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