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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

  • #71,141
  • Aug 10, 2010 1:43pm Aug 10, 2010 1:43pm
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...
Totally true. People usually end up losing beacuse they just dont stick to the plan. If you follow what J16 teaches you will succeed. I saw it by myself. Im not yet profitable on live, but when i stick to the plan the worst case scenario is a breakeven, but if i want to much from a trade i usually end up losing :/
  • #71,142
  • Aug 10, 2010 1:46pm Aug 10, 2010 1:46pm
Quoting ts63
Lovely pinbar on EU 4H TF.
Small pinbar that worked very well because the price was rejected by BRN (1.3100)
  • #71,143
  • Aug 10, 2010 1:49pm Aug 10, 2010 1:49pm
Quoting dmc
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!
Yea i was a little unsure about it too. But then i draw the blue S&R line and since the pinbar has a nice shape and the trend on the 4h hour is down i thought i'd give it a try . I was risking only 1% though.
  • #71,144
  • Aug 10, 2010 2:02pm Aug 10, 2010 2:02pm
Quoting Adilius07
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.
Yea, but you could just dollar cost average into an index fund and average 8% a year or so.

So if you can't do better than that, no need to put so much time, energy, and really go through hell to get there.

With that said, I don't know anyone who trades for a living either. I believe it is possible, but it takes a rare combination of a large trading account (lots of money), years of hard work, years of self pyschological analysis, and the will to stay with it all.

It is a long journy, no doubt. I will either get there, or will have enough invested in other things (stocks, farm land, rental properties) that I will not have to trade to make enough to live upon. I would rather trade for a living, but if I can't get it, I just can't get it.

I really don't know how many here even make consistent 10%+ per year. I would guess very few. With that said, if they can't make 10%+ per year, they either are still learning and have a long ways to go, or they have passed that point and need to through it into long term investments.

How do you know when you have passed "the point". IMO, if you have a million dollars, and cannot make more than 10% a year, why fight it, learn to live off $80,000 a year to do nothing. That would be a damn nice life.
  • #71,145
  • Edited 2:26pm Aug 10, 2010 2:11pm | Edited 2:26pm
Quoting unlv_tj
Yea, but you could just dollar cost average into an index fund and average 8% a year or so.

So if you can't do better than that, no need to put so much time, energy, and really go through hell to get there.

With that said, I don't know anyone who trades for a living either....
Ha, yes I would have to completely agree with you! Well here my bank savings account is 10% a year. If I make less then that why would I trade.

Good logic. However, the other thing is well it is not easy to make 1% year, most likely the account would be blown away lol (for newbies). So why would even bother trading? I do not think in this way. If I make 2-3% year, oh I will be so happy and I will go and go and will never quit!!! Yes I would not be able to live off it, but at least I would know I can make a little gain (not losing) so all I have to do is improve!!! From that point on the Timeline would mean no difference to me really.

Have you been able to maintain your account for a year? As I said before I have not met that kind of person yet. Only the Investor-Types who don't care if they have -20% because it is a long term
investment lol

Also

Quote
How do you know when you have passed "the point". IMO, if you have a million dollars, and cannot make more than 10% a year, why fight it, learn to live off $80,000 a year to do nothing. That would be a damn nice life.
I think I would not put this money into trading. I would live as you say of 80K and a year and trade my small account untill I see I can make more than 10% or so and slowly depositing some money into the account, never touching 1mln. Well this would be a dream life for sure.

I have re-read you post. Yes, really difficult actually...not just making money but making it WORTH doing it.... Just thinking about this could demotivate.... so I would stay with the believe that IF I ABLE TO MAKE ANYTHING ABOVE ZERO over substantial # of trades then I AM IMPROVING. As All my previous experiences were a complete loss...
  • #71,146
  • Aug 10, 2010 2:14pm Aug 10, 2010 2:14pm
Nice PB to keep an eye on:

 

  1. With the trend
  2. BRN
  3. Monthly Pivot
  4. Nice PB

Any thoughts?

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"Fail to prepare, prepare to fail."
  • #71,147
  • Aug 10, 2010 2:19pm Aug 10, 2010 2:19pm
Quoting Pinbar
Indeed, it is a cracker of a post.

Makes things click in my head. Lol
I rembember a few days ago when i was rereading part of the post #1 and all seemed a lot more logical that the first time when, if im honest, i didnt have a clue what i was reading loll
When i was rereading some of those links posted in the post #1, i was like wow, yeah thats right, how is that i didnt figured it out back then

Its interesting to see how much one can learn in a short time, if it has such a wonderful thread like this at disposition and of course seniors who unselfishly help and guide the newbies
  • #71,148
  • Aug 10, 2010 2:22pm Aug 10, 2010 2:22pm
Quoting Adilius07
Ha, yes I would have to completely agree with you! Well here my bank savings account is 10% a year. If I make less then that why would I trade.

Good logic. However, the other thing is well it is not easy to make 1% year, most likely the account would be blown away lol (for newbies). So why would even bother trading? I do not think in this way. If I make 2-3% year, oh I will be so happy and I will go and go and will never quit!!! Yes I would not be able to live off it, but at least I would know I can make a little gain (not losing) so all I have...
I trade through Oanda and have a $5,000 account.

The largest trade I have made had a stop loss of $10 and that was almost 3 years ago. I have not traded with a stop loss larger than $3 in well over 2 years. Add to it, Oanda daily pays interest.

So in about 3 years with Oanda, I now have an account of $5,056 or so. So I guess I have made .33%, LOL, which is nothing compared to what I can make by just dollar cost averaging into my Edward Jones and JP Morgan accounts (about 8% per year).

But, I also am no where close to having a million dollars, so I will keep going to bed at 9:30 PM and getting up by at least 4:30 AM, and spending my free time working and learning.

Either I will learn to trade and enjoy life, or in 10 years I should have a million dollars, probably give up, and then enjoy life. I will be 42 by that time, so if I do live that long, I better start to enjoy it. But I will not give up until one or the other happens.
  • #71,149
  • Aug 10, 2010 2:27pm Aug 10, 2010 2:27pm
Quoting packhorse
Nice PB to keep an eye on:

 

  1. With the trend
  2. BRN
  3. Monthly Pivot
  4. Nice PB

Any thoughts?

Hey pack, it is a nice looking pin in a bad location in my opinion. Ideally, it should be at a swing high. I wouldn't trade it but the odds of it hitting FTA looks good to me.

-- Danny
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  • #71,150
  • Aug 10, 2010 2:30pm Aug 10, 2010 2:30pm
Quoting unlv_tj
I trade through Oanda and have a $5,000 account.

The largest trade I have made had a stop loss of $10 and that was almost 3 years ago....
Well in about 3 years I have lost two accounts. Options and Futures Accounts. 4K and 3K. And I consider this EDUCATION. So you were lucky to get this education for FREE

I also you know demotraded for half a year, had some kind of concistency as I thought... opend one account - blowed it... then demotraded for another 6 months then another account blown... and here I am again demoing lol
  • #71,151
  • Aug 10, 2010 2:33pm Aug 10, 2010 2:33pm
Quoting Adilius07
Ha, yes I would have to completely agree with you! Well here my bank savings account is 10% a year. If I make less then that why would I trade.

Good logic. However, the other thing is well it is not easy to make 1% year, most likely the account would be blown away lol (for newbies)....
If i may. On september it will pass one year since i opened my live account. I had some good months when i've got 5-10%/month and some bad when i lost 5% of my account. Now im at breakeven, if i may use this term. Im not very proud that after one year i didnt get a dime, but hey im still here. And whats most important i didnt blow off my first live account after 1 year!

And if you think about it, its also kind of hard to lose your account if you follow your plan and you dont risk more than 2-3% per trade. I mean you need to have 50+ consequtive losing trades with 2% risk, if you want to end up blowing your account. IMHO is hard to have 50+ consequtive losing trades even if you toss a coin to show you when and how to enter a trade. What i wanted to say is that with a good money management its pretty hard to blow your account. And you must always follow your plan!

Hope this makes sense.

ppfx
  • #71,152
  • Aug 10, 2010 2:36pm Aug 10, 2010 2:36pm
Quoting ppfx
If i may. On september it will pass one year since i opened my live account. I had some good months when i've got 5-10%/month and some bad when i lost 5% of my account. Now im at breakeven, if i may use this term. Im not very proud that after one year i didnt get a dime, but hey im still here. And whats most important i didnt blow off my first live account after 1 year!

And if you think about it, its also kind of hard to lose your account if you follow your plan and you dont risk more than 2-3% per trade. I mean you need to have 50+ consequtive...
very true pp

unfortunately most people it goes like this.

Open real account(or open demo )
Win one trade
Riches are coming(then open real account)
Lose one trade (no big deal)
Lose two trades(wtf I hate you forex)
Double up next trade lose that trade
Triple up next trade
.... cont'd
Account blown

rinse and repeat until either it is time to do it right, or forex becomes a distant memory along with beating blackjack and how to break slots in vegas
  • #71,153
  • Aug 10, 2010 2:40pm Aug 10, 2010 2:40pm
Quoting ppfx
If i may. On september it will pass one year since i opened my live account. I had some good months when i've got 5-10%/month and some bad when i lost 5% of my account. Now im at breakeven, if i may use this term. Im not very proud that after one year i didnt get a dime, but hey im still here. And whats most important i didnt blow off my first live account after 1 year!

And if you think about it, its also kind of hard to lose your account if you follow your plan and you dont risk more than 2-3% per trade. I mean you need to have 50+ consequtive...
Ppfx, I wish I knew this concept before. I read this hundred times risk no more than 2% bla-bla-bla I usually skipped this borring stuff LOL... Now I pay attention to this things! You are in much better position than me, because you can be CONFIDENT and this confidence is not just some stupid " I can do it" it is what you have proved to yourself over time, effort, your trades etc.

So this what I only hope for at this moment...
  • #71,154
  • Aug 10, 2010 2:40pm Aug 10, 2010 2:40pm
Quoting Adilius07
Well in about 3 years I have lost two accounts. Options and Futures Accounts. 4K and 3K. And I consider this EDUCATION. So you were lucky to get this education for FREE

I also you know demotraded for half a year, had some kind of concistency as I thought... opend one account - blowed it... then demotraded for another 6 months then another account blown... and here I am again demoing lol
Sorry to hear this. I guess i was lucky to learn something about money management before i opened my live account. Beacuse i remember i usually lost my demos (and i lost quite a few of them) because i entered in a trade with a too big position. And it also happened that i didnt place a SL and the next thing i saw was a message 'Margin call' ...loll
  • #71,155
  • Aug 10, 2010 2:42pm Aug 10, 2010 2:42pm
Quoting mbqb11
very true pp

unfortunately most people it goes like this.

Open real account(or open demo )
Win one trade
Riches are coming(then open real account)
Lose one trade (no big deal)
Lose two trades(wtf I hate you forex)
Double up next trade lose that trade
Triple up next trade
.... cont'd
Account blown

rinse and repeat until either it is time to do it right, or forex becomes a distant memory along with beating blackjack and how to break slots in vegas
Haha exactly what happend to me on my e-mini account. Wow that was so fast I could not even believe in that.. ehhh
  • #71,156
  • Aug 10, 2010 3:05pm Aug 10, 2010 3:05pm
Thanks to Jim and all the senior traders/contributors to this thread. PA signals springing up everywhere tonight.
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SNR with Price Action...
BitCrossNG Return Today: na
  • #71,157
  • Aug 10, 2010 3:34pm Aug 10, 2010 3:34pm
Evening everyone, I noticed alot of people taking alot of similar PA. Me to I wanted to share my fiber trade. I am now thinking should i hold /TP or trail stop. wonder what dji/asia/europe will do.....?
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  • #71,158
  • Aug 10, 2010 3:36pm Aug 10, 2010 3:36pm
Interesting debate about money management here

On thing I was discussing with my friend today. When is the right time to change the lot size (from micro to mini lot for example)?

I spotted a potential decent sized PB on the NZD/USD daily chart. What do you guys think about it? It's been nicely touching the 38,2% Fibonacci line, but there might be a TA just a bit above the candle.

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I'd also like a feedback on my MACD plotting. I don't feel really confident plotting them and therefore I'd like your feedback (whether it's plotted right, if not what to change, etc.). Thanks
  • #71,159
  • Aug 10, 2010 3:40pm Aug 10, 2010 3:40pm
Quoting mihazupan1
Interesting debate about money management here

On thing I was discussing with my friend today. When is the right time to change the lot size (from micro to mini lot for example)?

I spotted a potential decent sized PB on the NZD/USD daily chart. What do you guys think about it? It's been nicely touching the 38,2% Fibonacci line, but there might be a TA just a bit above the candle.

Attachment

I'd also like a feedback on my MACD plotting. I don't feel really confident plotting them and therefore I'd like your feedback (whether...
You should only change if it doesn't effect your granularity. That is every time you risk 2% of your account you should be able to get as close to that 2% as possible. not 1.8% or 2.2% but 2%. Generally 50k+ before minis(even more really). But if you have the ability to use micro lots and it helps with your granularity then stick with it. The more flexible you can be the better, and these days there is no excuse not to be with the way brokers are set up.


As for your setup, be careful remember for a pinbar the open and close must be within the prior bar.

And MACD would not be relevant as you want to use the peaks under the Zero line for price points that we are looking to go long on. So when you are using the lows of price you want MACD mounds under the zero line to spot divergence. When MACD is above the zero line you would be using it for HIGHS. Basically connect lows to mound lows.

best
Mike
  • #71,160
  • Aug 10, 2010 3:53pm Aug 10, 2010 3:53pm
Quoting mbqb11
You should only change if it doesn't effect your granularity....
Mike, I know you told me this before - it is important to stay as close to 2% as possible. I understand that not more than 2% protects my account, but why do I have to be that precise? Why 1.8% would have less advantages?
I thought about this, cannot understand this.. would you recommend some reading about this? Thank you.
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