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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

  • #65,781
  • Jun 9, 2010 1:45am Jun 9, 2010 1:45am
And I keep wondering if Jim is from Western US, coz I heard him speaking in the videos, and the accent is like Lost's Sawyer... He might even give us some nicknames...
  • #65,782
  • Jun 9, 2010 1:53am Jun 9, 2010 1:53am
Quoting fxeturn
And I keep wondering if Jim is from Western US, coz I heard him speaking in the videos, and the accent is like Lost's Sawyer... He might even give us some nicknames...
Someone said that he sounds like Dr. Phil . . I've been chuckling about that one ever since. lol
Indicators show the past. Price Action "Indicates" the future.
  • #65,783
  • Jun 9, 2010 2:09am Jun 9, 2010 2:09am
Quoting jarroo
If a PB look like this one it would have been an A+ setup. So you can see the differences and similarities.

So elizo's PB was not the best but tradable. The 1.4500 PPZ played an important role.

(Yes, the PB is actual suze. lol)
Hmmm, now this gets very confusing.

I originally was of the opinion that that PB was at a Swing Low and not an A+ setup. TD did a good job of convincing me it was an A+ setup.
His logic seemed to outweigh my knowledge and I decided it may be an A+ setup. Now Jarroo opens another can of worms.

I guess it was the swing low and relative size of the PB that determined this was not an A+ setup, then?

Still, I think TD's logic was sound & I learned from this discussion, I learned that, I should be looking at higher TF PA setups and try to find a confirming lower TF PA setup in the direction of the larger TF PA setup and trend.

Jarroo has been pointing me in this direction, I think. Maybe the discussion of that PB was quite valuable despite our differences of opinions.
  • #65,784
  • Jun 9, 2010 2:28am Jun 9, 2010 2:28am
Quoting Pinbar
Hmmm, now this gets very confusing.

I originally was of the opinion that that PB was at a Swing Low and not an A+ setup. TD did a good job of convincing me it was an A+ setup.
His logic seemed to outweigh my knowledge and I decided it may be an A+ setup. Now Jarroo opens another can of worms.

I guess it was the swing low and relative size of the PB that determined this was not an A+ setup, then?

Still, I think TD's logic was sound & I learned from this discussion, I learned that, I should be looking at higher TF PA setups and try to...
Yes, Pb. The PB was at a swing low and the size was "OK" but not great . . .not A+. One could say there was a minor swing high but it wasn't very deep in the retrace of the current move down. But the key to the setup was the 1.4500 PPZ level. Isn't that aways the case? Location.

TD made some valid points of how he trades to give him more confluence to take that setup. Which is great. You will find your own criteria over time and practise.

If there are many opinions about a setup being A+ or B-, etc . . most of the time its not an A+ setup. The PB I drew is A+, not too many people here would say otherwise.
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Indicators show the past. Price Action "Indicates" the future.
  • #65,785
  • Jun 9, 2010 2:37am Jun 9, 2010 2:37am
Quoting jarroo
Yes, Pb
...
The PB I drew is A+, not too many people here would say otherwise.
on the contrary.....
...
i agree. lol

Quote
If there are many [varying] opinions about a setup being A+ or B-, etc . . most of the time its not an A+ setup.
this is a simple way to classify a particular setup (being debated on).
  • #65,786
  • Jun 9, 2010 2:37am Jun 9, 2010 2:37am
Quoting novice198
Hi Jonny,

I took this trade based on the weekly PB. Closed partially at 1.6640 and balance at 1.6605 for a result of +0.4R. Once again no sweat while the Trade played out even though it was in DD also. Someone said if the loss or win has perceptible effect on the traders mood then he / she is risking too much on the Trade. I have dropped down from 2 to 1% per Trade (on Demo) and I am a changed man. I don't want Trading to take over my life style but want to Master Trading.
The irony is that I saw this thread about six months back but the...
Great job Novice

As far as Money Management goes I (reluctantly) stepped down to 1% after studying J16. And now after 6 months I find it unthinkable that I used to trade with 5% or more in the early days. I was delighted to make 5% one day and then devastated to lose 10-15% the next.
I think this style of tading had a negative effect on my life expectancy, let alone my account balance

Even 2% I consider to be somewhat high, even with total confidence in a strategy. 5 full bar losses in a row might be unlikely, but they are certainly possible due to probability alone. Therefore is a 10% drawdown in account balance (in a short space of time) really acceptable?

I am not yet at a stage where my trading is totally "clinical". I still feel elated after a win and dissapointed/angry after a loss. But I do think I have reached a level where my emotions do not affect my ability to trade efficiently and correctly, whether it's a win or loss. Which (I hope) is the first step (coupled with this great method) to becoming a consistantly profitable trader
  • #65,787
  • Jun 9, 2010 2:42am Jun 9, 2010 2:42am
Quoting supremeChaos
on the contrary.....
...
i agree. lol


this is a simple way to classify a particular setup (being debated on).

Yes sChaos . .also one man's C trade can be another man's A. This is also true. but a clear, obvious, standing out A+ setup is every man's A+ setup.
Indicators show the past. Price Action "Indicates" the future.
  • #65,788
  • Jun 9, 2010 3:53am Jun 9, 2010 3:53am
Will this range hold or break?

There is some Divg and 150EMA nearby.

Lets see.....


.
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  • #65,789
  • Jun 9, 2010 4:20am Jun 9, 2010 4:20am
Quoting Jonnyislost
Great job Novice

As far as Money Management goes I (reluctantly) stepped down to 1% after studying J16. And now after 6 months I find it unthinkable that I used to trade with 5% or more in the early days. I was delighted to make 5% one day and then devastated to lose 10-15% the next.
I think this style of tading had a negative effect on my life expectancy, let alone my account balance

Even 2% I consider to be somewhat high, even with total confidence in a strategy. 5 full bar losses in a row might be unlikely, but they are certainly...
Emotions are good.

You ought to feel elated when you get hold of a slam dunk, and you got to curse yourself when you hit the buy button instead of the sell button on your live account.

Emotions help the learning process and are that much important to achieve success and to enjoy it.

the trick is to not let them interfere with your trading decisions. The task gets difficult when you don't have rules set in stone and leave it to discretion early on, and gets easier when you know exactly what you need to pull the entry trigger. Let experience drag these rules into your subconscious so it all becomes instinct...the fun begins then.

g.
I believe . . .
  • #65,790
  • Jun 9, 2010 4:21am Jun 9, 2010 4:21am
Quoting nasir.khan
Will this range hold or break?

There is some Divg and 150EMA nearby.

Lets see.....


.
We don't have our rac-man to blow us away, you got to fill in Nasir, O'course you are more than capable of doing it.

g.
I believe . . .
  • #65,791
  • Jun 9, 2010 4:39am Jun 9, 2010 4:39am
Quoting ghous
We don't have our rac-man to blow us away, you got to fill in Nasir, O'course you are more than capable of doing it.

g.
Thanks.

but that space is too big for someone like me to fill in Ghous.

But i'll be posting what i know.
.
  • #65,792
  • Jun 9, 2010 4:53am Jun 9, 2010 4:53am
Quoting ghous
Emotions are good.

You ought to feel elated when you get hold of a slam dunk, and you got to curse yourself when you hit the buy button instead of the sell button on your live account.

Emotions help the learning process and are that much important to achieve success and to enjoy it.

the trick is to not let them interfere with your trading decisions. The task gets difficult when you don't have rules set in stone and leave it to discretion early on, and gets easier when you know exactly what you need to pull the entry trigger. Let experience drag...
Agree g, I think it's totally acceptable to be "mad" at ourselves for making trading errors, as it helps us ensure we don't make them again.

But to simply get mad at the market when setups don't work out (even though we do everything right according to our strategy) I think is a bad mindset. I'm sure most people here have experienced the "everything is against me" type paranoias that I went through in the beginning
  • #65,793
  • Jun 9, 2010 5:29am Jun 9, 2010 5:29am
Quoting jarroo
Yes, Pb. The PB was at a swing low and the size was "OK" but not great...
Hi Jarroo,

Pls give a call here on the forum if you see the above PB in any currency or futures. Lets make some money (demo or real) doesn't matter.

Cheers
Novice 198
  • #65,794
  • Jun 9, 2010 5:59am Jun 9, 2010 5:59am
Quoting Jonnyislost
Agree g, I think it's totally acceptable to be "mad" at ourselves for making trading errors, as it helps us ensure we don't make them again.

But to simply get mad at the market when setups don't work out (even though we do everything right according to our strategy) I think is a bad mindset. I'm sure most people here have experienced the "everything is against me" type paranoias that I went through in the beginning
You bet,

There was a time when I went mad at "how everything on the J16 thread was so pleasantly wrapped in shiny paper by people claiming to be gurus" I still have that piece of writing with me on a torn parchment and blotted ink where my tears fell.

For some reason today it is the biggest source of inspiration for me.

g.
I believe . . .
  • #65,795
  • Jun 9, 2010 6:17am Jun 9, 2010 6:17am
Quoting Jonnyislost
Agree g, I think it's totally acceptable to be "mad" at ourselves for making trading errors, as it helps us ensure we don't make them again.

But to simply get mad at the market when setups don't work out (even though we do everything right according to our strategy) I think is a bad mindset. I'm sure most people here have experienced the "everything is against me" type paranoias that I went through in the beginning
The beginning phase gets over pretty early/easily, i mean it takes only 3-9 months to learn Pin Bars @ PPZ's and also those little mistakes like putting wrong orders get corrected automatically.

and then psychology kicks in, like FEAR, GREED, REVENGE TRADING etc.

And this part could take years to get over and it takes out more than 95% people out of the game. ( there are some lucky people who does't even taste these things).

and i am struggling through that one atm.

so for me it's 10% technicals/charts and 90% Psychology.
.
  • #65,796
  • Jun 9, 2010 6:18am Jun 9, 2010 6:18am
Quoting Dan Gilbert
buy @ 1224.30
why?
  • #65,797
  • Jun 9, 2010 6:36am Jun 9, 2010 6:36am
Quoting Dan Gilbert
buy @ 1224.30
Quoting emiliolopez
why?
I wonder if this was a mistake and he means sell, well at least sell now.

The more I learn about gold and silver the more I gasp at the market manipulation.
The anticipated move for gold will be down, albeit briefly, until it continues its parabolic rise.

Just look at the monthly chart for gold - silver should follow gold but this market is rigged.

I will be following both these markets very closely and I will be long on the day gold and especially silver explodes upwards.
  • #65,798
  • Jun 9, 2010 6:44am Jun 9, 2010 6:44am
Hi!

Quoting mbqb11
Hey V

Yep it takes time, a lot of time usually....
But as you can see the first chart is giving a lot more potential trade set-ups, i only find that broker 8 days ago , and the demo goes off every 30 days i think. Butt for now iŽam gone stick with them to see if things get a lit better.
But as you said my problem is probably find the best locations to enter the trade.
I will continue my learning process, and if i have more questions i will make them.
Thanks.
Regards
  • #65,799
  • Jun 9, 2010 6:51am Jun 9, 2010 6:51am
Hello,


I am reading this thread since some months and try to win against myself, only taking the best setups.
Not easy I can tell you!

But I have a question please.
Could someone please explain, how to draw the fibolines correct?
Where do I start and in which direktion.
I try to figure it out some time now, with mixed results.

Thanks to all who contribute to the very helpful and interesting thread!

Chris
  • #65,800
  • Jun 9, 2010 6:53am Jun 9, 2010 6:53am
Hi,

so this deal finally came back. Good that I took profit with 2/3 of the load around 1.4415. Now, I would like to submit to the experts and senior members a question: Once I realised, in the bearish journey, that 1.4435 was acting as a new PPZ, I set my remaining 1/3 SL at 1.4445, where the red line is. Market came and I took that profit as well. The thing is that I realised this in the 30m / 1h chart. I only looked at them once my first profit was already cashed and after noticing some struggling to go further down.

So how do you see this, appropiate or not? Is it bad to trail the remaining position taking a look at lower timeframes, once the bulk of the trade is finished?

Thanks

P.S.: By the way, PA back to the 4530 area... mmm, let's see what happens
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