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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

  • #66,561
  • Jun 17, 2010 12:26am Jun 17, 2010 12:26am
Quoting spookie94
I can send as attachment for now. I'm using XP, so I don't have the snipping tool. I know it can be done, I've seen GFT charts here before. I'll figure out eventually.

Anywho, which bar on this chart would you look at for a break and an entry on this I4B?
Those bars are in an compressing consoldation wedge type formation. In other words: a mess. I wouldn't take any of them. A good old Mike breakout pullback could be at hand.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,562
  • Jun 17, 2010 12:27am Jun 17, 2010 12:27am
Quoting spookie94
Attachment

I can send as attachment for now. I'm using XP, so I don't have the snipping tool. I know it can be done, I've seen GFT charts here before. I'll figure out eventually.

Anywho, which bar on this chart would you look at for a break and an entry on this I4B?
Hey Spookie

you can grab a program like snagit. It is free


Mike
  • #66,563
  • Jun 17, 2010 12:51am Jun 17, 2010 12:51am
Quoting jarroo
Hey ghous.

A lot of little IPBs tonight. Poor in size but interesting to watch them move as they do.
Quoting jarroo
Hey ghous. This Bearish IPB's nose just wasn't long enough, (darn it). Trust me, I was looking for a feed that had a longer nose. lol

Dropped right at the close, 50 pips with no draw down. (ok maybe 2 pips)
I am watching them as well, none of them were obviously A+ shapewise but given their locations certainly worth watching!

g.
I believe . . .
  • #66,564
  • Jun 17, 2010 12:55am Jun 17, 2010 12:55am
Quoting ghous
I am watching them as well, none of them were obviously A+ shapewise but given their locations certainly worth watching!

g.

I haven't see many IPBs (good ones) as of late.

I think the Big Dogs have been studying your posts on IPBs and messing with them. lol
Indicators show the past. Price Action "Indicates" the future.
  • #66,565
  • Jun 17, 2010 1:00am Jun 17, 2010 1:00am
Quoting jarroo
I haven't see many IPBs (good ones) as of late.

I think the Big Dogs have been studying your posts on IPBs and messing with them. lol
Here's one that's pretty close,

It sort of happens with IPBs...they tend to come by in packages of a dozen or so and then are no where to be found for some time. lol.

g.
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I believe . . .
  • #66,566
  • Jun 17, 2010 1:02am Jun 17, 2010 1:02am
Quoting ghous
Here's one that's pretty close,

It sort of happens with IPBs...they tend to come by in packages of a dozen or so lol.

g.
Its another reason way I like them g, they trade well in consolidation.
Indicators show the past. Price Action "Indicates" the future.
  • #66,567
  • Jun 17, 2010 3:14am Jun 17, 2010 3:14am
First of all: Happy birthday to the thread! And thanks to Jim and all the great, helpful traders here on board.

Quoting Dan-FX
Hey guys,

I know I'm new to this thread but just wanted to share. I've lost half my account over the last 12 months and that's with most of my strategies breaking even and every now then doing something stupid out of frustration and losing a decent %.
Jim said something very enlightening in one of his guest videos: Most traders don't know what it means to trade a system constantly at break even. I thought about this a lot. I'm sure he is right: Trading @ break even is a tremendous success most traders will never be able to do. So you seem to be on a good way. Just cut out those "stupid" trades out of frustration and you'll soon be in the black. I wish you all the best!

Quoting jarroo
The small gaps I don't really pay any attention to them. The recent one on the EJ was less then 20 pips. The big gaps are hard to ignore. So just like PA, the gap size is important to me.
Thanks, jarroo. This clears it up for me.
Thanks J16, Sam Seiden, Udine and Jacko
  • #66,568
  • Jun 17, 2010 4:57am Jun 17, 2010 4:57am
Attached Image


I looked at Ghous chart and something was missing...
so I made my version as a big thank you to this thread and distinguished members, and to it's founder!
Cheers!
  • #66,569
  • Jun 17, 2010 5:11am Jun 17, 2010 5:11am
"cut your losses short and let your winners run"

I have battled with this statement for the past 2 years. Every bit of advise on the web says this somewhere as though it is easy to do. In my manual I have written the following for this:-

1. Always plan each trade and have a mandatory StopLoss.
2. Scale your position out of a trade and leave the last one to run - the runner. The runner should be a free trade such that if it hit its StopLoss then overall you have not lost any money and banked a few pips.
3. When you get a runner trail the StopLoss using any of the following techniques:-

i) Trailing StopLoss
ii) Manual trail StopLoss behind last S&R


Do you think I am on the right path? Any recommendations?

Many thanks.
  • #66,570
  • Jun 17, 2010 6:47am Jun 17, 2010 6:47am
Remember when Jim said one should approach trading as a business? Well, it's all very well, but for some people (that's me) it takes time to realize what it really means. Furthermore, there is a gap between reading someone else's advice and implementing it (it takes time to seep in). In the last couple of weeks, I've been taking this as a business. I'm trading full time. No, I haven't quit my job, I'm a student who is on summer vacation.

So. One of the things that I've been doing is keeping writing down all the important events and information on paper each morning.

On the top left corner, I put the date. On the top right corner, I put the closing prices for whatever I am keeping a keen eye on. Below that, I fill in the calendar using FF's proprietary calendar. I mark the 'red' events with a red start.

I also write down the starting balance each day. After the day is finished, I write down the result in dollars and %. I don't write down particular trades, though. There is another place for that - the journal.

In addition, when I see something interesting develop on the charts, I put it down on paper, under 'watch list'. Closely followed by that is the occasional 'shopping list'. For example, when something is really popping out from the watch list, I move it to the shopping list with a target price (pairs that are listed in the shopping list overgo an analysis before ending up there). I place an alert on MT4 and when my target price is hit, I take a position.

My question is - is anyone else doing the same? What would you add to the list? Appreciate your help.

Chris.
If you don't risk, you don't ever have to lose.
  • #66,571
  • Jun 17, 2010 7:01am Jun 17, 2010 7:01am
What you should have is a proforma for trades.

On this you put the usual stuff, the pair, the date blah blah.
The pairs range and any characteristics you know of that are important.
Then what it is on the chart that is making you think about the trade.
Say a pin bar.
Then you write down the time frame.
The size, the position, the trend, fibs, ppz.
Just about everything you can think of that would influence the outcome.

Then you need to look at where will price have trouble?
Where are my take profits
Where can I place a s/l which is protected.
How big is the stop loss and so how much can I put on in my money management scheme.

If at the end of it there are a stack of pros for the trade.
The cons are manageable and you know what you will do if the cons happen.
If you have clear take profits, sensible s/l and it is all in place you go ahead with the trade.

This is why James says go for the daily charts because for a start it will take time to decide.
Maybe you will build up a ranking system that places certain features ahead of others - you can give the formation a grade.

Then you will document the trade progression - print off the chart
There is quite a lot really.
This why you do not go into a trade on impulse.
This is how I have lost money because it was not a planned trade.

This is what I would suggest and the more you do it the easier it will become.
Plus you may well become more picky because you can see the pit falls where before you did not know them.
  • #66,572
  • Jun 17, 2010 7:12am Jun 17, 2010 7:12am
Six gun,
thanks!
Your advice will be put to good use.

Quoting six gun
This why you do not go into a trade on impulse.
This is how I have lost money because it was not a planned trade.
Yup. Same here. That's why I'm writing it all down. I've cut back the number of stupid, emotion-driven trades so much that I'm actually turning a profit now. This has given me new energy and enthusiasm.
If you don't risk, you don't ever have to lose.
  • #66,573
  • Edited 7:39am Jun 17, 2010 7:13am | Edited 7:39am
Quoting forexben
Thanks Pinbar. Makes sense now. Hey I didn't say it was Jacko's blog!!! Oh - and I had my daily chart zoomed in too close....

You might as well have after the description you gave. LOL

So, what is your opinion of the blog?

PM me , if you wish.
  • #66,574
  • Edited 7:48am Jun 17, 2010 7:30am | Edited 7:48am
Happy 5th James16 and I must say, the seniors on this site are the most friendly and unselfish, non egotistic people I have ever had cause to stumble over.

They must indeed make you a Very Proud individual and no doubt you are partly to blame for this! LoL

Except that Jarroo chap....He promised us all some Hookers, which have yet to arrive. LOL

Only Joking Jarroo.........I fully appreciate all the kind help despite the lack of Hookers.



Being in Asia this is the best I can do for beer....I shall drink many more of these tonight in celebration and an attempt to forget the Hookers.

Edit: Jarrroooooooooo we did get some action at that area we discussed earlier today. However it was this tiny IB. I wonder how many would have taken that PA?
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  • #66,575
  • Jun 17, 2010 7:53am Jun 17, 2010 7:53am
Today is my 10th anniversary of moving to Kansas City (post college). I don't like Kansas City, but I am hear until I make enough money to leave. But a neat accomplishment to last in this city for 10 years.

And of course the 5th anniversary of James16 thread. Happy birthday to the thread, I believe it is my key to getting out of KC.

T.J.
  • #66,576
  • Jun 17, 2010 8:16am Jun 17, 2010 8:16am
The Good:
Thank you James and all the Seniors for providing an amazing public trading forum with positive people.

Quoting bluetrader
Like the location of this Pin Bar...
The Bad: Took a loss on this trade after moving my stop up just above resistance.

The trade ran +30 pips, but I really liked the location so I kept my stop above resistance(not BE). My trade management skills are a bit weak, but I'm happy I followed my plan.

Comments welcome.

-- Danny
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  • #66,577
  • Edited 8:45am Jun 17, 2010 8:28am | Edited 8:45am
Quoting bluetrader
The Good:
Thank you James and all the Seniors for providing an amazing public trading forum with positive people.



The Bad: Took a loss on this trade after moving my stop up just above resistance.

The trade ran +30 pips, but I really liked the location so I kept my stop above resistance(not BE). My trade management skills are a bit weak, but I'm happy I followed my plan.

Comments welcome.


-- Danny
On my FXDD feed I have a BEOB not a hammer.
On the weekly we can see a significant RN just below the rebound area and a PPZ area, that would have made go BE real quick.
Bounced right off the 25 EMA.


Not that I know anything, just a thought.

Love you chart colors, very clear chart.
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  • #66,578
  • Jun 17, 2010 8:29am Jun 17, 2010 8:29am
Happy anniversary Jim.

I wish if could have some how visited this thread 5 years ago and had spent time with old seniors.

Anyways i found it a little late But i am thankful to God and happy that i am here now with all good people, all talented with different skills.

Thanks every One.
.
  • #66,579
  • Jun 17, 2010 8:36am Jun 17, 2010 8:36am
nice BUOB on the eurousd 4 hour
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  • #66,580
  • Jun 17, 2010 8:37am Jun 17, 2010 8:37am
Quoting unlv_tj
Today is my 10th anniversary of moving to Kansas City (post college). I don't like Kansas City, but I am hear until I make enough money to leave. But a neat accomplishment to last in this city for 10 years.

And of course the 5th anniversary of James16 thread. Happy birthday to the thread, I believe it is my key to getting out of KC.

T.J.
Why not move to Argentina, or Chile, or one of the cheaper european countries maybe? I think living in the Us can be pretty overrated when looking at the costs, compared to what you get. Don't get me wrong though, I love this country, not one of those loony anti US types

Happy 5th anni j16 thread. Really thankful to all who have helped me a long the way. I remember trading back in the day... I'd watch bloomberg, and wait for "breaking news". Haha, still not an amazing trader, but man I used to get whooped on back in the day.
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