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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

  • #71,121
  • Aug 10, 2010 9:50am Aug 10, 2010 9:50am
Hey JDL

I think this is just normal business as usual from over the years. Markets consolidated/range breakout/swing etc. It just is the same stuff over and over again. We have periods of high volatility then low volatility and the months they happen vary. August is general or summer months used to be dead as anything, then we have had summer months that were insane with risk aversion etc. So I would just say it is what it is, and the markets are the markets. Not to be vague in that regards but I get this question in my inbox often. One option is to always expand the markets you watch.

As for 4hr, I personally watch one for each 4hr close. I can not say with any consistency that one is better then the other or I have noticed 1 feed give more signals then another. The only reason one might give more is b/c some feeds I am able to watch more pairs then others

For that reason if I had to choose one it would be one where I could watch the most pairs again to have the most opportunities. Again though location location location. But b/c 4hrs is a large amount of time each one falls where they are getting roughly 2 great closes per the main London/US sessions. Then of course closes that occur late NY into Asia are notoriously going to give less or not great signals due to the market time.

Hope that helps
Mike

Quoting jdl
Two questions if you have time...

Q1. Do you who have done this for years feel the last two months have been low, average, or high in terms of the number of quality daily PA setups forming? I know it fluctuates over the months and years. I'm just curious because I have no experience with which to judge. I know it's subjective and not precisely quantifiable, what does your gut say? I'm curious if there is some general consensus that it is one way or the other.

Q2. Also, if you are trading 4 hour charts, are there bar close times when good setups...
  • #71,122
  • Aug 10, 2010 9:53am Aug 10, 2010 9:53am
Quoting ghous
You're not being rude at all Adilius,

Talking abt knowing successful people like you want me to - I know absolutely no one who even trades, let alone try and trade and fail.

I don't understand why other people failing at this should keep you from trying and doing this. It's like you've submitted to the fact that you are no different than any of them, and that you're in some way bound to make the mistakes they made. Why don't you gather your courage and use all these examples you talk about as stepping stones. Why not be very clear as to what these...
Thank you Ghous. Let me work with my setups for a few months, I would update you on the state of my mind )) Seriously, I also notice I have a wrong thinking sometimes, this is a patience problem maybe, is like when you want something to happen very very much you begin to be nervous of this not happening Cool, thanks for your advice and help.
  • #71,123
  • Aug 10, 2010 10:07am Aug 10, 2010 10:07am
Quoting Albatross
I am a member (lifetime member now) and I can honestly say that it's worth every penny and then some.

You can always try it out for a month and see how you get on, but I doubt you'll want to cancel. There is so much information to get through and the advice, help and support from Mike and other members is excellent.

Highly recommended.

Robert
Thanks Robert!
  • #71,124
  • Aug 10, 2010 10:13am Aug 10, 2010 10:13am
Quoting Adilius07
... I have never in my life saw a successful trader. Never. But I have seen how miserable many people have fallen and quit...
It is kinda hard to know that all people I know traded lost everything... So this attitude I have is just because of this experience.
....
Of course it would be easy for me just to say " I can do it whatever it takes" and stupidly blow account after account... but it is hard to think, analyze, compare and think again...
no need to blow many accounts...if u do this right, right from the start.

i never met any trader myself.
i do not belong to a trading family either.
we basically have the same background, same age.
but actually u are superior since u have an IB brokerage experience.

IMHO,
never let your past experience/s dictate your future.
others (positive or negative) experience definitely has NO bearing in your life, unless u let their experience affect u (negatively/positively). since u have never met a successful trader (a negative thought/experience), it does NOT mean u are guaranteed to fail too.
take an opposite case. if u have met/seen/known/been taught by a millionaire/billionaire trader, does it necessarily mean that u will become successful guaranteed? same answer, NO.
think about that.

i apologize if u feel i'm intruding &/or offensive.
i just love posts like yours/discussions like this.

u admitted that u notice wrong thinking sometimes...
that's a good start: admission/recognition/awareness.
i think next steps would be:
-change your perception, change your mindset, change your perspective , change your paradigm
-Believe.
-Have faith &confidence in yourself.
if u do, u will notice a big difference sooner or later.

give us a chance to see u succeed.... & let us succeed together!
  • #71,125
  • Edited 10:37am Aug 10, 2010 10:21am | Edited 10:37am
Quoting supremeChaos
no need to blow many accounts...if u do this right, right from the start.

i never met any trader myself.
i do not belong to a trading family either.
we basically have the same background, same age.
but actually u are superior since u have an IB brokerage experience.

IMHO,
never let your past experience/s dictate your future.
others (positive or negative) experience definitely has NO bearing in your life, unless u let their experience affect u (negatively/positively). since u have never met a successful trader (a negative thought/experience),...
No of course I am not offended. And I like to talk about this too, this is to boost my motivation. I need to hear positive things, positive experience!!!

This is not that I not believe in myself and this past negative experience weights on me....no!... this is more that this experience serves as a prove to those friends/family members/colleauge (you had them too around you Im sure) who say this is just a casino.... That's it. Period. The only way to win is to own a Casino - so own a brokerage and execute orders....(those in the brokerage say the same thing... they laugh at those 2K accounts)

This really piss me off, I want to prove this is NOT a Casino, but I cannot.... not to myself not to anyone else.... and sometimes this scary thought like "man maybe it is a casino..." comes to me but I fight it With PF I hope I could completely get rid of this scary thoughts that sometime come to me...

And lets be honest. One can become a true believer by 1) Done it himself 2) Know someone who done it
Until then it is just hope and effort... That's what I have I hope and I work...
  • #71,126
  • Aug 10, 2010 10:23am Aug 10, 2010 10:23am
Good posts from Ghous and Supreme, a huge amount of truth in what you're saying.

It's a long walk from buying that off-the-shelf indicator system to realising success or failure come, as in any endeavour, from within.

Robert
  • #71,127
  • Aug 10, 2010 10:35am Aug 10, 2010 10:35am
Quoting The Lord
This is a great link to see the seasonal pattern...
thanks, looks interesting!
  • #71,128
  • Aug 10, 2010 10:47am Aug 10, 2010 10:47am
Quoting Adilius07
... With PF I hope I could completely get rid of this scary thoughts that sometime come to me...
yes, i think u believe in yourself BUT not enough confidence to counter your mentioned concerns/anxieties.... it is very obvious to me just by reading your posts.

again, u dont need this thread or the PF or a billionaire trader to tell/teach u to get rid of negative thoughts or to even teach u how to succeed. YOU have to tell YOURSELF to avoid negative thoughts & instead entertain only positive thoughts.

i know it may take time for u to internalize what we're saying... i got a little extra time so it doesnt matter if i repeat myself if that's what it takes for this to get cemented in your & other people's minds
  • #71,129
  • Aug 10, 2010 11:56am Aug 10, 2010 11:56am
Here is an interesting setup.

Bouncing off all times low support, BRN, and engulfing 4 prior bars with a good close.
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  • #71,130
  • Edited 1:05pm Aug 10, 2010 12:16pm | Edited 1:05pm
Comments on this setup on the 4hr chart. Pinbar followed by what appears to be a possible IPB.. (Maybe)

Thanks!

Edit: Updated Chart. It worked out for me. Still, comments appreciated.
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  • #71,131
  • Aug 10, 2010 12:42pm Aug 10, 2010 12:42pm
Not spotted any trades in a while but these 2 look ok.
GBP/USD: Bullish outside bar(just) at what looks like a retracement in the overall uptrend. Not much in the way of confluence though apart from the 1.57 number.

USD/JPY: Last 2 candles combined make a bearish pinbar at what lookss like a retracement in the downtrend.

If they close like that they i'll probably go long on G/U and leave U/J

Any thoughts?
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  • #71,132
  • Aug 10, 2010 1:02pm Aug 10, 2010 1:02pm
Quoting Adilius07
to those friends/family members/colleauge (you had them too around you Im sure) who say this is just a casino.... That's it. Period....
Aha! especially from my wife
She is waiting for the time that I will come out of this game on my own admission that it will never work........



Quote
And lets be honest. One can become a true believer by 1) Done it himself 2) Know someone who done it
Until then it is just hope and effort... That's what I have I hope and I work

For 2), how would you judge if someone has done it? For me it is a growing equity of at least 20% per year for 3 consecutive years and not so much of having a high winning percentage because one could lose more than win but if his risk:reward is small enough he would still profit.
And this 20% must be achieved without risking more than 0.5% of his equity per trade (of course if that person risks more per trade then his equity must grow more than 20% per year).
These are how I think a 'succesful' traders' accomplishment should be.

Good to hear your heartfelt emotions and feelings.......

CY
  • #71,133
  • Aug 10, 2010 1:06pm Aug 10, 2010 1:06pm
Quoting ertorque
Aha! especially from my wife
She is waiting for the time that I will come out of this game on my own admission that it will never work........





For 2), how would you judge if someone has done it? For me it is a growing equity of at least 20% per year for 3 consecutive years and not so much of having a high winning percentage because one could lose more than win but if his risk:reward is small enough he would still profit.
And this 20% must be achieved without risking more than 0.5% of his equity per trade (of course if that person risks...
CY thanks for reply, lol I need to get this before I get married!!!

for 2) I think the best way to judge someone's performance (based on how I judge myself) is to take about 50+ trades and to see how is he going with it.
Because I think judging by time is not correct. What if he is a position trader and takes just a few trades per quater. He could have 5-6 trades per year all would be winners. Can we say he is a good trader? Well when I just started I was lucky to have 7-8 and more winners in a row - I thought I got it but that was just random luck...
  • #71,134
  • Aug 10, 2010 1:13pm Aug 10, 2010 1:13pm
Lovely pinbar on EU 4H TF.
  • #71,135
  • Edited 2:04pm Aug 10, 2010 1:18pm | Edited 2:04pm
Wow 50 pips in less than 5 minutes.
Hope you took that pinbar as well guys.
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  • #71,136
  • Aug 10, 2010 1:22pm Aug 10, 2010 1:22pm
Quoting Adilius07
for 2) I think the best way to judge someone's performance (based on how I judge myself) is to take about 50+ trades and to see how is he going with it.
Because I think judging by time is not correct. What if he is a position trader and takes just a few trades per quater. He could have 5-6 trades per year all would be winners. Can we say he is a good trader? Well when I just started I was lucky to have 7-8 and more winners in a row - I thought I got it but that was just random luck...
Actually it is judging by time AND equity growth.
I did say 20% for 3 consecutive years, didn't I?.

Again winning 7 or 8 trades in a row is nothing to shout about if the TP:SL ratio is set to a small number, is there? That is why my criteria would be equity growth consistently.
  • #71,137
  • Aug 10, 2010 1:26pm Aug 10, 2010 1:26pm
Quoting ertorque
Actually it is judging by time AND equity growth.
I did say 20% for 3 consecutive years, didn't I?.

Again winning 7 or 8 trades in a row is nothing to shout about if the TP:SL ratio is set to a small number, is there? That is why my criteria would be equity growth consistently.
Cool
My criteria would be consistent equity growth over substantial number of trades. 50+ or so. Actual % grow does not concern me that much. If one can maintain positive flow, controlling risk, he would eventually grow his % returns through compounding.
  • #71,138
  • Aug 10, 2010 1:29pm Aug 10, 2010 1:29pm
Quoting Jonnyislost
NZDUSD
1 Hour chart
Pinbar
Countertrend (short term)
0.7200 RN - not a BRN but zooming out shows it's very significant level
Well, Nailed the target, but I had already closed it for a 0.1R loss during that chop before the FOMC
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  • #71,139
  • Aug 10, 2010 1:29pm Aug 10, 2010 1:29pm
wow that was quick

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  • #71,140
  • Aug 10, 2010 1:36pm Aug 10, 2010 1:36pm
Great trade. Was looking ast this just didnt take because wasnt at a BRN.

Otherwise I would have been all over this. Off great resistance level.

Nice one!

Quoting ppfx
wow that was quick

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