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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

  • #72,781
  • Aug 25, 2010 8:10am Aug 25, 2010 8:10am
Quoting spookie94
Exactly! Missed it though, still trying to figure out how to get an alarm to go to my cell phone using MT4 platform. If I just turn up the volume on my computer it scares my wife when it goes off at 3:00 am
I think it was someone from seniors who said something about this service:
http://www.alertfx.com/. I have no idea how it works, it it will probable would not work where I live.
  • #72,782
  • Aug 25, 2010 8:14am Aug 25, 2010 8:14am
Quoting Adilius07
I think it was someone from seniors who said something about this service:
http://www.alertfx.com/. I have no idea how it works, it it will probable would not work where I live.
thanks Adilius, I'll give it a look.
  • #72,783
  • Aug 25, 2010 8:17am Aug 25, 2010 8:17am
Quoting spookie94
Exactly! Missed it though, still trying to figure out how to get an alarm to go to my cell phone using MT4 platform. If I just turn up the volume on my computer it scares my wife when it goes off at 3:00 am
loll

I know that you can somehow do it with the j16Manager: link (#5)
  • #72,784
  • Aug 25, 2010 8:24am Aug 25, 2010 8:24am
Hi all,
Another (more basic) system to get alarms to your mobile: set MT4 to trigger the alarm (and choose "email" as type), configure MT4 to send emails (Tools->Options->Email) to a Windows Live mail account, then configure that mailaccount to send alerts to your mobile. But check the possible delays depending on the operator used. Hope this helps,
Ludo
  • #72,785
  • Aug 25, 2010 8:41am Aug 25, 2010 8:41am
Anybody watching this pair?

Seems to be resistance developing at the 1.59 level.

Any thoughts folks?

I can't upload my chart from FXCM
  • #72,786
  • Aug 25, 2010 8:42am Aug 25, 2010 8:42am
Quoting anderou
Hi all!

I was hoping one of you regulars could point me to some posts regarding exit strategies for the different trade setups? This thread is so large it is difficult to search for it..

regards.
Hey Anderou

I talk about some exit mgmt stuff here. I am highly situational to each trade so it varies greatly for me, but this may help if you are interested in my style

http://www.forexfactory.com/showpost...ostcount=36491

hope it helps a bit
Mike
  • #72,787
  • Aug 25, 2010 8:52am Aug 25, 2010 8:52am
Quoting pocrel
this eur/jpy chart has caught my eye, we have had a major breakout yesterday now we have price coming back up to test support on the daily time frame

now i am looking for an entry and the 1 hour looks interesting

let me know what you guys think

Attachment

Nicely done pocrel. Something as simple as waiting for pullbacks in a strong trend + a little confluence and PA is more deadly then 99.8% of stuff out there.

I wish the close was better but I am very picky with those little things


Nice post

Mike
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  • #72,788
  • Aug 25, 2010 8:53am Aug 25, 2010 8:53am
Quoting xmzhang
On the 1H-TF price generated a (small) PB off the all time low at 10730-ish, you could take this PB trade for a short ride towards the FTA at the 10700 and manage your trade accordingly when price gets there.
dang dude nice

I didn't read this before I posted. Simple and logical!

Nice zhang
  • #72,789
  • Aug 25, 2010 8:57am Aug 25, 2010 8:57am
Quoting mbqb11
Hey Anderou

I talk about some exit mgmt stuff here. I am highly situational to each trade so it varies greatly for me, but this may help if you are interested in my style

http://www.forexfactory.com/showpost...ostcount=36491

hope it helps a bit
Mike

Thank you mike, I have just stumbled on J16 thread yesterday, I was astounded at how similar it is to the way I have been using candle formations etc. I will definately be a regular here from now on. Thanks in advance for any help.

regards,
Thank you j16!
  • #72,790
  • Aug 25, 2010 8:57am Aug 25, 2010 8:57am
Quoting anderou
Thank you mike, I have just stumbled on J16 thread yesterday, I was astounded at how similar it is to the way I have been using candle formations etc. I will definately be a regular here from now on. Thanks in advance for any help.

regards,
Terrific ander I am sure we can all learn something from you too!

Glad to have you here

Mike
  • #72,791
  • Aug 25, 2010 9:19am Aug 25, 2010 9:19am
Quoting Hitchhiker
Anybody watching this pair?

Seems to be resistance developing at the 1.59 level.

Any thoughts folks?

I can't upload my chart from FXCM
Hey Hitchhiker, looks like a great area to watch for PA. Price has been reacting pretty strongly to it since Jan '09.

Great eye.

-- Danny
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  • #72,792
  • Aug 25, 2010 10:10am Aug 25, 2010 10:10am
Quoting Adilius07
Another thought crossed my mind today. If we learn to be SUPER PICKY. I mean like picky to the point we only take just one setup per month or so. The one that meets all our criteria.... then, why don't we trade say 5-7% of total account? Even if RR is 1:1 or little less, that trade would make a very, very nice monthly % growth. And knowing all we need is just 1 trade, it is easier to become and stay picky...

I think that being picky just comes with experience.

Yesterday we had a bunch of 4hr PA bars that I completely disregarded because they weren't good enough for me. Not that long ago, I probably would have traded at least a couple of them.

This week I have taken 1 trade so far, and added 0.5% to my account on it. I know this doesn't align with the the big pipe dream that people have of making 10%/day, but it got me up to 2.4% for the month of August thus far.

If you start to record every trade you take, you will have an excellent set of information to review at the end of the month. you can tear that information down and test different entry/exit/risk strategies on each trade that you already took (kind of like a back-test). You can also note what time the trade occurred, what news may have formed the price action that you chose to trade, or even how quickly the trade was executed to a profit or loss.

Just with the trades I have recorded this past month I'm seeing incredible ways to improve further for September. A lot of it just has to do with being more consistent and simplifying my trading even further.

In other words, no, you should not risk more to become more picky, you just need to keep practicing forever and ever and ever.... Even Mike has said he has become more picky in just the last year, and that is coming from someone who has been doing this for quite a while.

The truth is, you will never stop improving yourself. there is no destination, just a big long path of improvement.
Many choose unhappiness over uncertainty.
  • #72,793
  • Aug 25, 2010 10:23am Aug 25, 2010 10:23am
Quoting Dan Gilbert
I think that being picky just comes with experience.

Yesterday we had a bunch of 4hr PA bars that I completely disregarded because they weren't good enough for me....
Thank you Dan for yor input. That is my goal now to become a really picky trader. I will stay only with Daily now. I have realized that I made 16 trades (using J16) within about a month.
So that is just exactly what I must NOT do!

This is almost as 1 trade per day (main charts were dailies too) - so I am really just taking whatever setup.... I will work on this problem.

I will keep my very detailed journal a little later. You know I had such a terrible experience with a journal. I have a detailed journal, of each and every trade I made, with notes, thoughts etc. for the last year, I sat to analyze it and understood that all this thing I was doing for a year was just a random gambling thing...(almost quit at that point). Of course I was trading whatever other methods but not J16. But still I want to first gain some confidence in myself that it is, you know, doable at all and then from there I would ever improve just like you said. Thank you.
  • #72,794
  • Aug 25, 2010 10:33am Aug 25, 2010 10:33am
Quoting Adilius07
I will keep my very detailed journal a little later. You know I had such a terrible experience with a journal. I have a detailed journal, of each and every trade I made, with notes, thoughts etc. for the last year, I sat to analyze it and understood that all this thing I was doing for a year was just a random gambling thing...

If you get annoyed by being "too analytical", just record the most important information. If you don't want to be concerned about news, or if you only trade a certain TF, you won't need that info either.

I actually enjoy looking back at my trades and seeing how a different entry/exit strategy would have increased my profits. I have had losing weeks (-0.25%) that would have been incredible winning weeks (+3%) had I consistently used a completely different trade management strategy. Then if I continue to look back at older trades, I may find that method would not have worked as well on those, or perhaps continued to work even better.
Many choose unhappiness over uncertainty.
  • #72,795
  • Aug 25, 2010 10:35am Aug 25, 2010 10:35am
Quoting Pirabuji
Hi Ace,

why did you initally take a short trade at 110? was this a touch trade? I can't see any PA action confirmation at that level.
In this case it was a touch trade. I do pay attention to bars but I place much more importance in Trendlines, Round numbers and price patterns. This trade setups was one of those extremely appealing ones. If you notice the bearish pole on the EURJPY was 450 pips (see image). Technically what you'd expect is another 450 pip drop (I don't pay too much attention to the exact numbers and didn't target the maximum projected low for this trade). At the time, I saw that this trade has a LOT of room to develop so my reward will be extrememly high. I was also aiming for half the move at about 280 pips.

My initial stop was at the prior higher low at about 110.50.
Risk = 39 pips
Reward = 280 pips

Risk:Reward = 1:7

I saw the setup, I saw my probabilities. I know the trade is not conventional James16 stuff but it is one of the ways I trade.

Keep in mind that when I make these particular trades, my win percentage is less than 50%. But over time, it hasn't harmed me because the winners are quite big.
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  • #72,796
  • Aug 25, 2010 10:37am Aug 25, 2010 10:37am
Quoting Dan Gilbert
If you get annoyed by being "too analytical", just record the most important information....
Yes I am making a screen shot of a trade before/after
I think for now this is just the best way for me. Yes I can see some really dumb entries (like it was not a PB at all etc.). This helps I think.

I would go much more careful with my trades for the next month, also making screenshots. Then I would give it a look and see if I learnead/improved on being picky.
  • #72,797
  • Aug 25, 2010 10:38am Aug 25, 2010 10:38am
Quoting kk21
tnx for the input mike.

i get ur point, but what is most disheartening is that the market keeps showing me its bad side without letup on the live account, on the other hand, everything(almost) is sweet and dandy on the demo side.

there are no differences between live/demo feeds and execution process, right? so prob must be from me then. got to find a way round this prob
see KK this happens to me too. It is just part of the world we play in. Came within a handful of pips of my take profit. I turned my head for a few minutes and price shot up quick and I got stopped out at b/e. Just have to go on to the next one
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  • #72,798
  • Aug 25, 2010 10:41am Aug 25, 2010 10:41am
Quoting Adilius07
Yes I am making a screen shot of a trade before/after
I think for now this is just the best way for me. Yes I can see some really dumb entries (like it was not a PB at all etc.). This helps I think.

I would go much more careful with my trades for the next month, also making screenshots. Then I would give it a look and see if I learnead/improved on being picky.
Yes, screenshots is a great way. Easy and quick, and up for nice review at the end of the week/month.

I personally use a physical pen and paper.... Each trade gets recorded on a separate post-it note, then the post-it note gets stuck onto the day the trade was executed in a weekly planner .

I guess I'm old school....
Many choose unhappiness over uncertainty.
  • #72,799
  • Aug 25, 2010 10:43am Aug 25, 2010 10:43am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Jim says a BE is a winner in his books.
Better than a full bar loss anyday.
I have seen the enemy, and it is me.
  • #72,800
  • Aug 25, 2010 10:44am Aug 25, 2010 10:44am
Quoting Dan Gilbert
Yes, screenshots is a great way. Easy and quick, and up for nice review at the end of the week/month.

I personally use a physical pen and paper.... Each trade gets recorded on a separate post-it note, then the post-it note gets stuck onto the day the trade was executed in a weekly planner .

I guess I'm old school....
your not old school unless your keeping your notes in this Dan
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