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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

  • #64,861
  • May 26, 2010 2:34pm May 26, 2010 2:34pm
Quoting nuclear62
Hey everyone

I have noticed my losses are about 70% made on Daily. I´m feeling stupid. Daily should be easier to trade than lower timeframes?

Scenario is that when buffer limit stop has been triggered, price retraces immediatelly and hits stoploss. Though it may be hard to answer but is there any other reason than just bad PA-bars?

I use often 100pip stoploss, thats my max..

Trading doesn´t taste good today.. Hope someone can give me some ideas.

Nuc

Hey Nuc

It would be easier if you could post some losses for us to analyze. Also I have a feeling just having a set 100 pip stop loss may be part of the problem. I think most people should be starting by placing their stop on the other side of the setup and minimizing as it goes.

Post some charts up and we can help see what it may be

Mike
  • #64,862
  • May 26, 2010 3:02pm May 26, 2010 3:02pm
Quoting nuclear62
Hey everyone

I have noticed my losses are about 70% made on Daily. I´m feeling stupid. Daily should be easier to trade than lower timeframes?

Scenario is that when buffer limit stop has been triggered, price retraces immediatelly and hits stoploss. Though it may be hard to answer but is there any other reason than just bad PA-bars?

I use often 100pip stoploss, thats my max..

Trading doesn´t taste good today.. Hope someone can give me some ideas.

Nuc
I assume it doesn't taste good TODAY, because you took anti-trend pins during an obvious strong trend.

better off to stay out, or trade a different pair/commodity in the direction of the trend.
Many choose unhappiness over uncertainty.
  • #64,863
  • May 26, 2010 3:04pm May 26, 2010 3:04pm
Quoting mbqb11
Hey Nuc

It would be easier if you could post some losses for us to analyze. Also I have a feeling just having a set 100 pip stop loss may be part of the problem. I think most people should be starting by placing their stop on the other side of the setup and minimizing as it goes.

Post some charts up and we can help see what it may be

Mike
Hey Mike

Thanks for your quick response

I should place my stoploss like you said but I´m worrying my risk. I have a small account so I can´t make my lotsize smaller. It would be better to use a bigger stop anyway?

Heres my recent loss with NZDUSD. Entry at magenta line. All other losses are also something like this

Edit: And thanks Dan, I´ve learned my lesson
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  • #64,864
  • May 26, 2010 3:35pm May 26, 2010 3:35pm
Quoting nuclear62
Hey Mike

Thanks for your quick response

I should place my stoploss like you said but I´m worrying my risk. I have a small account so I can´t make my lotsize smaller. It would be better to use a bigger stop anyway?

Heres my recent loss with NZDUSD. Entry at magenta line. All other losses are also something like this

Edit: And thanks Dan, I´ve learned my lesson
Hey Nuc

First and foremost you need to move to demo and to a broker that allows you to properly position size. Period. Paragraph. There is no excuse for that in the forex market and at the demo stage. That is as harsh as you will hear my tone :-P

As for NZD/USD. I see it as this, and with all the pins yesterday. Smaller pin countertrend very very strong markets. I don't want to pick bottoms with those size pins. And also see how the nose is barely protruding away from the prior lows. We want a much more clear nose penetrating through which would in turn have given us a bigger bar. Now if you see all this and it still does not bother you then you must accept your trade for better or worse. Now if you also choose to not place your stop at the bottom of the pin(and it should NOT be b/c you can't position size properly), then you must accept that you may get taken out before the bar goes to the underside of the pin.

Hopefully this helps a bit and believe me I am not scolding in anyway, I just don't want to see others make some very simple mistakes that can make a world of difference

Mike
  • #64,865
  • May 26, 2010 4:25pm May 26, 2010 4:25pm
NZD/USD Daily


i aslo took your the PB you took

>>why?

1>because its at strong PPZ
2>nice looking bar the way i saw it anyways

>>how did i trade it?
Down Trend line break and then it broke the bar's high , now what I
always do is wait for a retrace to happen. in this case i waited for a retrace to the broken trendline which happened and i was in the market

when we re approached the PB's high my stoploss was at the breakeven
and when it reversed i was out +1

hope this helps
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  • #64,866
  • May 26, 2010 4:36pm May 26, 2010 4:36pm
Great explanation ...it's great to see how others enter and move stops


Quoting ezz
NZD/USD Daily


i aslo took your the PB you took

>>why?

1>because its at strong PPZ
2>nice looking bar the way i saw it anyways

>>how did i trade it?
Down Trend line break and then it broke the bar's high , now what I
always do is wait for a retrace to happen. in this case i waited for a retrace to the broken trendline which happened and i was in the market

when we re approached the PB's high my stoploss was at the breakeven
and when it reversed i was out +1

hope this helps
  • #64,867
  • May 26, 2010 4:46pm May 26, 2010 4:46pm
Any thoughts which way this will break 1.45 RN above, but serious support below with pins showing upward move.

Are we looking at a short to visit 140 area?

Any thoughts appreciated
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  • #64,868
  • May 26, 2010 4:59pm May 26, 2010 4:59pm
Hi, what do you think about this one?
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  • #64,869
  • May 26, 2010 5:12pm May 26, 2010 5:12pm
Quoting emiliolopez
Hi, what do you think about this one?
Attachment
Hey E

We are at an important PPZ but there are no signs of anything yet in my book. Time to wait and see if we get some PA to unfold

Best
Mike
  • #64,870
  • May 26, 2010 5:22pm May 26, 2010 5:22pm
Quoting Atc
Any thoughts which way this will break 1.45 RN above, but serious support below with pins showing upward move.

Are we looking at a short to visit 140 area?

Any thoughts appreciated
I'm never ever correct on which side the I4B's are going to break....


Knowing that^^^, a break down is the path of least traffic, and with trend.... Having said that, expect it to break upward.
Many choose unhappiness over uncertainty.
  • #64,871
  • May 26, 2010 5:34pm May 26, 2010 5:34pm
Quoting Dan Gilbert
I'm never ever correct on which side the I4B's are going to break....


Knowing that^^^, a break down is the path of least traffic, and with trend.... Having said that, expect it to break upward.
Thanks for the input...I would like to have that bar tighter...and I don't have confidence in this...so I'm watching...I don't want to start using your input as a contrarian indicator...I have enough of those people where I work....but thanks.
  • #64,872
  • May 26, 2010 5:43pm May 26, 2010 5:43pm
Quoting Atc
Thanks for the input...I would like to have that bar tighter...and I don't have confidence in this...so I'm watching...I don't want to start using your input as a contrarian indicator...I have enough of those people where I work....but thanks.
Honestly if you used me as a contrarian on i4b's, you would be hitting about 80% accuracy
Many choose unhappiness over uncertainty.
  • #64,873
  • May 26, 2010 5:45pm May 26, 2010 5:45pm
Quoting Pinbar
Why would you consider taking a Long trade after the candle you called an IB?
To me, whatever the outcome, that candle is more like a DOJI showing signs of indecision as to which forces are going to take control of price, ie the buyers or sellers. I may be wrong and that is ok but i think that is pretty dangerous candle to base a trade on.
I mean, we don't want price to reverse on us or even if it goes our direction, it may linger for days.
sorry for the delay i was doing something else.

yes it was showing indesition, thats why i would only enter the trade after the price broke the larger candle and move sl to be fast, price is also exhausting, as you said before, but we are also in a big trend. But it almost hit 1.17 (106 pips), i was there when price hit 1.1695 with the finger on the mouse over the yellow close trade button, but instead of that i moved my sl to 30+ pips wich got trigered later. The weekly chart told me that price was going to go to 1.1741 though.

to end this, i think that i was a little wrong, sometimes i will be very wrong, sometimes very right, and many times little wrong, and the remaining times, litle right. i hope that with time ill learn more and improve my chances to be right, or reduce my chances to be wrong
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  • #64,874
  • May 26, 2010 5:52pm May 26, 2010 5:52pm
Quoting emiliolopez
The weekly chart told me that price was going to go to 1.1741 though.
Not really, the chart told me i was entering a trouble area, i just didnt want to see it.
  • #64,875
  • May 26, 2010 6:01pm May 26, 2010 6:01pm
i just compared the weekly to the monthly, my mind projects the price going to 0.82, i just dont see a tradeable Price Action yet.

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  • #64,876
  • May 26, 2010 6:05pm May 26, 2010 6:05pm
Quoting mbqb11
Hey E

We are at an important PPZ but there are no signs of anything yet in my book. Time to wait and see if we get some PA to unfold

Best
Mike
ill sit on my hands then

thanks
  • #64,877
  • May 26, 2010 7:47pm May 26, 2010 7:47pm
Would it benefit a complete newbie to sign up for the membership site?

I've been playing online poker professionally for seven years now and I'm growing tired of it and would like to start transitioning into a different way of making a living.

I've been going through babypips and reading various articles and lurking here for a few days. Would the site be too advanced?
  • #64,878
  • May 26, 2010 8:10pm May 26, 2010 8:10pm
Quoting joshk
Would it benefit a complete newbie to sign up for the membership site?

I've been playing online poker professionally for seven years now and I'm growing tired of it and would like to start transitioning into a different way of making a living.

I've been going through babypips and reading various articles and lurking here for a few days. Would the site be too advanced?
Poker burned me out so bad man lol

I highly recommend sticking and going through this thread for a few months. THere is a ton to learn before you make a decision to come to the PF. It's all there too, but stick around here start going through this thread. It is a great way to get started(plus a ton more) and nice to see how everything came together too.

Best
Mike

PS I have seen an influx of poker burnouts recently! The games got so hard a few years ago, back when I played it was a joke compared to the grind now
  • #64,879
  • May 26, 2010 8:11pm May 26, 2010 8:11pm
Quoting msmarple
I have been reading this thread since 3 weeks ( more than 8 hrs daily ) and it is definitely extremely valuable. I´d like to thank Jarroo especially, his clear and concise charts have turned my trading around 100%.

One of the " real eyeopeners " for me is the gradual understanding of the word confluence -

a) used in Jim`s sense of PPZ, PA bars/candles, Fibs, Space....etc., all of them lining up to qualify for a setup.

b) additionally as I see it in SeekingLight´s ( or raczek`s ) charts, the " progression " of price. What happens...

wow. ..you're welcome msmarple . . . what a very kind post.

There are many many people here who do a wonderful job at helping and showing the J16 way of trading and all of its many other variations. Many of who you mentioned.

It's a great thread with great people. And I am a product of this thread ( and the PF). I wasn't born knowing this stuff. lol

So by thanking me your actually thanking many other people on this thread.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #64,880
  • May 26, 2010 8:11pm May 26, 2010 8:11pm
Quoting emiliolopez
ill sit on my hands then

thanks
The toughest part
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