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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

  • #72,561
  • Aug 23, 2010 10:47am Aug 23, 2010 10:47am
Quoting ghous
Mike is one of those few blessed people who can put anything in the most simplistic way possible, but since you are still wondering about entries and exits and how to choose your trades, here's a quick video I did for you.

Let me know if this was worth anything,

Doing charts obviously takes less time but I understand your willingness to let visuals help you as you not at home with English.

Language sure shouldn't come in between you and your learning of the J16 stuff.

EDIT: and there comes Mike again with a simple chart with 2 lines that...

Thanks for doing that G
  • #72,562
  • Aug 23, 2010 10:47am Aug 23, 2010 10:47am
Quoting ghous
Language sure shouldn't come in between you and your learning of the J16 stuff.

EDIT: and there comes Mike again with a simple chart with 2 lines that should do the trick, but I'll post the video anyway

video

g.
Hey good video Ghous.
  • #72,563
  • Aug 23, 2010 10:52am Aug 23, 2010 10:52am
Quoting Ace284
Both positions just hit their target.

MT4 account:

Risk = 28 pips
Reward = 107 pips

Risk:Reward = 1:4

Second account:

Risk = 45 pips
Reward = 233 pips

Risk:Reward = 1:5.2

(I didn't take the trades solely because of the good ratio, the setup was A+ in my books and the ratio just made it a solid trade)

My AUDCAD position got stopped out at BE at 0.9350...expected more but the massive gap caused a few problems.



Update (Chart Below)
Eur/Jpy . . . Support turning into Resistance. Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #72,564
  • Aug 23, 2010 10:58am Aug 23, 2010 10:58am
Quoting mbqb11
Thanks for doing that G
ditto

Man . . I love Pinnish looking Outside Bars.
Indicators show the past. Price Action "Indicates" the future.
  • #72,565
  • Aug 23, 2010 11:10am Aug 23, 2010 11:10am
mike what book on psychology of trading did you enjoy most. what state of mind a good trader should have?
  • #72,566
  • Aug 23, 2010 11:14am Aug 23, 2010 11:14am
Quoting deltatrade
mike what book on psychology of trading did you enjoy most. what state of mind a good trader should have?
Hey Delta

I think the only book I would recommend would be Mark Douglas book trading in the zone. I have to admit coming from a poker background I didn't find any of it too ground breaking as it is all obvious stuff(which is most of what trading is , but being able to see the obvious for what it is). I would say check that out first, some people find it very eye opening. I personally feel the more open you are about yourself and your methods and are able to put ones ego aside the easier the psych side of things get and you deal with the issues as they come and face them. So while some of what is in the boko is good, I don't believe we have to get ourselves mentally prepared each day to trade. I think you just learn to always be in the right frame of mind. I don't psyche myself up each day as I approach the charts, I just try to stay as level headed and make logical decisions from there.

Hope this helps a bit
Mike
  • #72,567
  • Aug 23, 2010 11:44am Aug 23, 2010 11:44am
Hiya Mike,
I joined the PF and am reading through your posts which i find really informative....I have been reading you posts on exit strat & ideas and am now going to try and implment these ideas with out losing my nerve when there is going to be a ret or bounce!!!!

I am attaching couple of charts.....
Rev
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  • #72,568
  • Aug 23, 2010 11:46am Aug 23, 2010 11:46am
Quoting Revstar
Hiya Mike,
I joined the PF and am reading through your posts which i find really informative....I have been reading you posts on exit strat & ideas and am now going to try and implment these ideas with out losing my nerve when there is going to be a ret or bounce!!!!

I am attaching couple of charts.....
Rev
Thank you rev very nice of you to say

It becomes easier as you grow with your methods. You know what situations work best in the long run for certain mgmt styles etc. I try to evaluate each trade as its own, decide best course of action before and during and just take it from there. Sometimes I am right and sometimes I am less right

Mike
  • #72,569
  • Edited 12:05pm Aug 23, 2010 11:52am | Edited 12:05pm
Quoting Ace284
Point of interest. Going to watch price at 1.6140 (red arrow)
Mike, Jaroo, ghous and anyone else, let me know what you think.
caught it short

loss 20 pp by now
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Don't give up
  • #72,570
  • Aug 23, 2010 12:02pm Aug 23, 2010 12:02pm
Quoting jarroo
Hey Ace . . .I enjoyed your video.

You analysis of pointing out a great level of a strong confluence was very good, the .9350ish. The potential of a possible shorting opportunity was clearly there. The opening of this week clearly showed your analysis was correct, (Hourly chart showing the gap down). This is where some solid bearish PA would add additional confirmation for one to take a short at the .9350ish level.

Since no obvious bearish PA was present and Price broke through that level fairly easily, showed me that the uptrend...
Thanks Jim, I appreciate your insights. You definitely right, the bullish pressure is clearly there and has been there since the open for the week. As for the area acting as support, I'm going to wait for a while and analyze PA. I'm waiting for a retest. Will only take the trade is there is a break of bullish PA at the support.

Quoting ghous
Mike is one of those few blessed people who can put anything in the most simplistic way possible, but since you are still wondering about entries and exits and how to choose your trades, here's a quick video I did for you.
video

g.
I enjoyed that video! Good explanation man.

Quoting geomink
caught it short

loss 20 pp by now
It hasn't confirmed anything yet. I'm still waiting for the low of the 4H bar to break like I said on the chart.
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  • #72,571
  • Aug 23, 2010 12:05pm Aug 23, 2010 12:05pm
Im thinking maybe a retrace and then PA moving away from pivot zone.
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  • #72,572
  • Aug 23, 2010 12:42pm Aug 23, 2010 12:42pm
Quoting ghous
Mike is one of those few blessed people who can put anything in the most simplistic way possible, but since you are still wondering about entries and exits and how to choose your trades, here's a quick video I did for you.

Let me know if this was worth anything,

Doing charts obviously takes less time but I understand your willingness to let visuals help you as you not at home with English.

Language sure shouldn't come in between you and your learning of the J16 stuff.

EDIT: and there comes Mike again with a simple chart with 2 lines...
Really liked this video. Thanks for posting it
  • #72,573
  • Aug 23, 2010 1:23pm Aug 23, 2010 1:23pm
You know... even when you take a PB in some weak location , but as a PB it is still nice looking - most of the time it WILL STILL BE A WINNER.
I went through so many charts. (Daily) Looks so!!!

So, ahhh location seems as a secondary aspect of importance....
  • #72,574
  • Aug 23, 2010 1:25pm Aug 23, 2010 1:25pm
Quoting Adilius07
You know... even when you take a PB in some weak location , but as a PB it is still nice looking - most of the time it WILL STILL BE A WINNER.
I went through so many charts. (Daily) Looks so!!!

So, ahhh location seems as a secondary aspect of importance....
you are correct in the sense that these bars can be VERY powerful. Even by themselves they are better then most things out there. But you will also learn how location trumps and dictates all about these bars. Both in entry and more importantly your exit(mgmt) of a trade.

Then when you can see the two work together it feels great

Mike
  • #72,575
  • Aug 23, 2010 1:33pm Aug 23, 2010 1:33pm
Quoting Adilius07
You know... even when you take a PB in some weak location , but as a PB it is still nice looking - most of the time it WILL STILL BE A WINNER.
I went through so many charts. (Daily) Looks so!!!

So, ahhh location seems as a secondary aspect of importance....
Depends on how you are looking at the whole thing Ad,

A great looking pin bar like you discovered is normally very good to the FTA, but then a whole bunch of folks here want to to be taking trades that they expect will turn out to be big runners because the bar looks sooo strong...and that's where the catch is, if you're not only interested in seeing the FTA hit location and spatial concerns get into the equation big time.

Ever wondered why James suggests that ranging markets rock? It's not because you can take a pin bar and ride it for 6R but because you get many opportunities where things look great for a clear shot to nearby FTA .

good observation Ad. And then you want to say you are getting nowhere with this stuff?

g.
I believe . . .
  • #72,576
  • Aug 23, 2010 1:45pm Aug 23, 2010 1:45pm
Anyone know a good broker, preferable metatrader based. I have an account on oanda but i dont like that fact that its webbased and also oanda have some other stuff i dont like.
  • #72,577
  • Aug 23, 2010 2:23pm Aug 23, 2010 2:23pm
Quoting ekling
Anyone know a good broker, preferable metatrader based. I have an account on oanda but i dont like that fact that its webbased and also oanda have some other stuff i dont like.
Interbank FX or FX Pro. It depends on account size. IB FX offers micro lots while FX Pro offers only standard and mini lots.
  • #72,578
  • Aug 23, 2010 2:45pm Aug 23, 2010 2:45pm
Quoting aserbfx
is this beob a good setup?

divergence. engulfing some bars, new low...
It seems good to me. If you look at the 1h chart you'll see that it broke the consolidation box and then retraced to it to test it and went back down.

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  • #72,579
  • Aug 23, 2010 5:08pm Aug 23, 2010 5:08pm
  •  kk21
  • | Joined Sep 2009 | Status: ...the innocent bystander | 45 Posts
...........trumps and dictates all about these bars. Both in entry and more importantly your exit(mgmt) of a trade........


Mike[/quote]

speaking of exits, i just found out exiting a trade can sometimes be the hardest part of trading.

my last trade(chart below) is turning out to be the latest in a string of trades i exited shoddily.

i was targeting the 7150 area, but look at what it has printed; a pin(though not yet closed) to the downside. i've taken partial profit already but still feel i should have taken full prof at the 7100.

i know i shouldn't be having this kind of regrets in my trading but this is a repetition-or a variation-of what happened in my last six trades in a row; when i aim high, i get taken out early with little or nothing, when i have modest take profit targets, it blasts through it to multiples of my projected target

having sudden reversals or missing ones targets, sure, will happen once in a while in a game of probability like trading but for it to do so several times in a row makes it feel like someone out there is watching my every move

does this happen to others too or is it just me?
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  • #72,580
  • Aug 23, 2010 5:35pm Aug 23, 2010 5:35pm
It's 4:30 am here so should go to sleep. Just wanted to say thanks to Mike and Ghous on there replies! Will be more careful next time LOCATION MATTERS I WAS DUMB...

And as I promised to Jdl, this NZDJPY I got stopped out In my system I move my SL to "behind right-eye" backtesting it seems as it can really help me out in long term. So was a stop.

Should've listened to Jarroo on this. All 3 (AUDUSD, NZDUSD, NZDJPY) had way too much traffic and all were weak.... so size, location, traffic ALL MATTERS and this daytrading thing in my head also matters (must get rid of it)

Ok, gonna nail the next one.... sometime in future.. will WAIT!!
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