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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

  • #73,781
  • Sep 2, 2010 10:47am Sep 2, 2010 10:47am
Quoting raczekfx
Too much is always good for those in the know...
Here's another one I was in an out before it exhausted itself (for now)

Love these charts...
and it worked out great post raczek, as always
  • #73,782
  • Sep 2, 2010 1:22pm Sep 2, 2010 1:22pm
Quoting judith
what do you consider a winner?
Winner - is a trade that hit my FTA or BE.
  • #73,783
  • Sep 2, 2010 1:47pm Sep 2, 2010 1:47pm
Quoting Adilius07
Winner - is a trade that hit my FTA or BE.
that's well
I ask you this because, when I look at charts I have a tendency to fool myself into all the great trades I would have taken but when I move to the right side of the screen it gets difficult again, my profit targets get too big or to short.
but I guess you're somehow different.

good luck!
  • #73,784
  • Sep 2, 2010 1:49pm Sep 2, 2010 1:49pm
"To help speed up that investigation process I created a script to flag all historical setups on a chart. You drag it on the chart, tell it which setups you are looking for, and it runs once." quote jdl Post 73746

thanks for the script jdl, have you seen these scripts also?
chow
Attached File(s)
File Type: ex4 Candle Identifier.ex4   43 KB | 562 downloads
File Type: ex4 Pattern_Recognition_Master_v3.ex4   24 KB | 518 downloads
  • #73,785
  • Sep 2, 2010 1:51pm Sep 2, 2010 1:51pm
Quoting judith
that's well
I ask you this because, when I look at charts I have a tendency to fool myself into all the great trades I would have taken but when I move to the right side of the screen it gets difficult again, my profit targets get too big or to short.
but I guess you're somehow different.

good luck!
That would always happen if you don't jump at BE quick.
Have you seen those guest videos, where James is talking about not letting your profit turn into looser? Good examples. Just imagine that your 30 pips of profit worth 50K and you will have no problems of moving your SL to BE
  • #73,786
  • Sep 2, 2010 1:51pm Sep 2, 2010 1:51pm
Quoting premierpip
alright. i think i'm trying to be too clever here. i tried to do what Jim does after watching one of the video on PPZ, and got myself into a real mess.

i tried to follow him, which obviously failed.. BIG TIME!

i pop up a chart. started from monthly(red line), got all the PPZ i can find.
then down to weekly(orange line), do the same thing.
goes down to the daily(yellow), and repeat it.
finally to the 4 hour(white), and did like before.

i went back to the daily chart and BOOM! i get this. really messy stuff. although the white lines(4H) shows...
Hey PP

I think you are trying to have too much on at once. While those all might be PPZ. They are PPZ from very minor to very major. Trying marking JUST the major ones and using those to find and located additional confluence. Then once in a trade go and look for the minor PPZs to help you manage your trades too. This is how I work off them. Major for trading and minor for managing(along with major). Eventually you won't even need to mark much more then the major b/c the minor areas are going to jump out at you while in a trade.

Best
Mike
  • #73,787
  • Sep 2, 2010 2:11pm Sep 2, 2010 2:11pm
Im still trying to take in everything step by step. Still going over the first 20 pages or so of this thread again and again.

Will anyone care to shed some thoughts on the highlighted area, just by looking at it. Describe it if you so will.......i have a few thoughts on this that i cant really put down as im such a novice so would like to see if whats in my head matches anything from the experts or experienced traders.

Thanks
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  • #73,788
  • Sep 2, 2010 2:34pm Sep 2, 2010 2:34pm
Quoting aserbfx
eur/cad buob on h4.
G'day Aserfx,
If you take a look at the weekly TF, you'll notice a DBHLC (the highs are 9 pips off) at a swing high, double top and a 50 fib level, price broke the low of the DBHLC and is now retracing. I would keep an eye on the high of the bar previous to the DBHLC pattern and watch for PA there to go short. Also notice the very big BEOB prior to your much smaller BUOB. Viel gluck !

May the force be with you.
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Pipcrawler
  • #73,789
  • Sep 2, 2010 2:37pm Sep 2, 2010 2:37pm
Quoting Adilius07
Have you seen those guest videos, where James is talking about not letting your profit turn into looser? ...
I believe that's in trainingvideo.wmv and memorable quotes are:

Even a single bar can create support or resistance.

(14:00) My losses are virtually nothing. Because when a bar breaks for me and it comes back on me I kill it.

(1:24:40)Break-evens are wins folks, don't kid yourself. Put your break-evens in your win column, that's where they belong.

CRITICAL:
(1:37)You don't make it in this business by watching price reaches support and resistance area and leaving your stop loss at a loss. And hoping. You don't do it that way. It will not work. It will crush you mentally. Why will it crush you mentally? Because most of the time price is coming back.Most of the time you gonna watch your $500 profit, or your $50 profit or your $5000 profit turn into negative 500 and you gonna sit there and say "Why the heck did I not get out? When I was staring at all that profit." I'm saying to you, trade smart. Be picky with your setups. Don't let that happen. When you understand support and resistance, when it gets there I don't give a @#^$%& if it's 20 o 30 pips or it's 200 pips. Get your stinking stop to break even!
  • #73,790
  • Sep 2, 2010 2:54pm Sep 2, 2010 2:54pm
Quoting michal7
I believe that's in trainingvideo.wmv and memorable quotes are:

Even a single bar can create support or resistance.

(14:00) My losses are virtually nothing. Because when a bar breaks for me and it comes back on me I kill it.

(1:24:40)Break-evens are wins folks, don't kid yourself. Put your break-evens in your win column, that's where they belong.

CRITICAL:
(1:37)You don't make it in this business by watching price reaches support and resistance area and leaving your stop loss at a loss. And hoping. You don't do it that way. It will not work....
Michal, wow thanks!!! You know, thanks to you I think I just finally understood how I make my RR to 1:1 or better!!!!!

Here it is:

(14:00) My losses are virtually nothing. Because when a bar breaks for me and it comes back on me I kill it.

Waaa what a day today! Definitely so much stuff just clicked! I hope it clicked for real this time!!!!
  • #73,791
  • Sep 2, 2010 2:58pm Sep 2, 2010 2:58pm
Hey guys,
Jim quotes I've just posted made me think a bit about my losses. So far I have always taken full loss(I mean, I risk 3% of an account and that's what my loss is).

I do move my SL to BE at FTA usually and I have had some BE or profit close to zero trades. I'm trying to be picky. In 6 months I have taken 17 trades (watching about 25 pairs) so I thought maybe it's the fact that I wait quite a long time for a setup so when I'm finally in a trade I really want to give it a chance to play out. Any tips on how to move SL even before price reaches FTA? Maybe below the low of previous bar or something. I'm not really sure if I should do it, I have had some trades where I was in big loss(2-2,5%) and it turned out to be a big winner. But I know Jim is killing trades very soon if they go to loss, maybe just because for him few pips is thousand of dollars. How do yo do it guys?

(I know Mike, there is no one answer, but maybe guidlines, ideas? )
Many thanks in advance,

Cheers,
Mikey
  • #73,792
  • Sep 2, 2010 4:26pm Sep 2, 2010 4:26pm
Quoting Atc
reference daily PB's....I thought you have said or inferred that you don't necessarily trade asian session or you trade 11pm-1pm est due to the lack of liquidity and personally I am very hesitant to trade the asian session due to liquidity but often I do...with that said if you see a daily PB which would start at 5PM est....

Hey Bill

With daily/weekly bars after the close I place my order. It is the one time when I don't care where it initiates. I am sure others may not place their orders till after but I think that is taking the simplicity out of it and through all my testing it was always based on the bar just purely breaking whenever it happened.

Best
Mike
  • #73,793
  • Sep 2, 2010 4:29pm Sep 2, 2010 4:29pm
Quoting Ahmed_UK
Im still trying to take in everything step by step. Still going over the first 20 pages or so of this thread again and again.

Will anyone care to shed some thoughts on the highlighted area, just by looking at it. Describe it if you so will.......i have a few thoughts on this that i cant really put down as im such a novice so would like to see if whats in my head matches anything from the experts or experienced traders.

Thanks
Hey Ahmed,

From the looks of your chart it looks like you are trying to buy based off a small pinbar which is also in traffic. Now price may be getting oversold here, so it could be a good area, but that bar lacks any real standout power or confluence. A more ideal situation would be a big pinbar creating a new swing low, where as your bar is just right in the middle and could just be a small reactionary bar as opposed to true buying.

Welcome to the thread ahmed
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  • #73,794
  • Sep 2, 2010 4:32pm Sep 2, 2010 4:32pm
Quoting michal7
Hey guys,
Jim quotes I've just posted made me think a bit about my losses. So far I have always taken full loss(I mean, I risk 3% of an account and that's what my loss is).

I do move my SL to BE at FTA usually and I have had some BE or profit close to zero trades. I'm trying to be picky. In 6 months I have taken 17 trades (watching about 25 pairs) so I thought maybe it's the fact that I wait quite a long time for a setup so when I'm finally in a trade I really want to give it a chance to play out. Any tips on how to move SL even before price reaches...
Hey Mikey

I think a good starting point would be to track multiple exit plans. So for the next 6-8 months as you demo, track a few different exits along with your current. So you may look to reducing your stop immediately upon the break under the closest bar low. Or maybe you put a fixed stop loss limit. I could keep going with a long list but you have to see where you are most comfortable. If you hate taking losses and are also moving to b/e very quickly then you need to be pretty aggressive with cutting your losses too. So track a few and then see 4-5 months down the road where it takes you and build off there. That would be my suggestion

Take care
Mike
  • #73,795
  • Sep 2, 2010 4:35pm Sep 2, 2010 4:35pm
Quote
good stuff Adi, this is all the kinds of research EVERYONE should do. Prove everything in every way to yourself. That is the only way to get it to work

Taking 10 A++ trades a year (9 of which winners) looks so good...


... until you realize your $1000 account becomes something like $1300.


Is this whole system reserved for people starting with $100k in their account? I don't see how someone with a $1000-$5000 account could make a living even after some years of trading.
  • #73,796
  • Sep 2, 2010 4:41pm Sep 2, 2010 4:41pm
Quoting dfumagalli
Taking 10 A++ trades a year (9 of which winners) looks so good...


... until you realize your $1000 account becomes something like $1300.


Is this whole system reserved for people starting with $100k in their account? I don't see how someone with a $1000-$5000 account could make a living even after some years of trading.

Yes, you are right. At one point James even states that the only traders he has seen succeed are those with 6 figures+.
  • #73,797
  • Sep 2, 2010 4:46pm Sep 2, 2010 4:46pm
Quoting mbqb11
Hey Ahmed,

From the looks of your chart it looks like you are trying to buy based off a small pinbar which is also in traffic. Now price may be getting oversold here, so it could be a good area, but that bar lacks any real standout power or confluence. A more ideal situation would be a big pinbar creating a new swing low, where as your bar is just right in the middle and could just be a small reactionary bar as opposed to true buying.

Welcome to the thread ahmed
Thanks a lot Mike. Slowly but surely i think its sinking in. Need to study study study.
  • #73,798
  • Sep 2, 2010 4:47pm Sep 2, 2010 4:47pm
Quoting mbqb11
Hey PP

I think you are trying to have too much on at once....
okay. i get the picture. look for PA on major PPZ, and find confluence there.

once in the trade, identify those minor PPZ that is in the way and beware of those levels.
  • #73,799
  • Sep 2, 2010 5:06pm Sep 2, 2010 5:06pm
Quoting fxterrapin
Yes, you are right. At one point James even states that the only traders he has seen succeed are those with 6 figures+.
small rant coming

This isn't really the point of his meaning you need a big account. You need a big account mentality or a mentality that what you are doing matters. If you could take 2-3 trades a month and make a nice return why would you waste your time with crappy trades. This is a really important thing. Most people know when they are taking the good ones, but can't help themselves on the bad ones. Or they see their up 50$ and say who cares its 50$ maybe I can hold it till its 500. Then they are down another loss. If you have that large account mentality even if your account is small you can still grow that account and add to it. I think most people want forex to be their way out NOW(not saying you this is just a rant post) instead of letting it be another way to grow themselves. Most people have some money saved to invest and if they grew and built that imagine where they could be over 10-15 years time. The problem is everyone wants that big account, trading for a living NOW. I mean that's why most of us got into it at least. Or they want X% per month and forget about being smart instead. Most people don't realize the impact of a solid 2-3% a month(and many land much higher then that, but once you can realize that you won't trade the same and that makes the possibility for higher % possible). They are looking at the $ amounts instead of extrapolating what those % mean over a long period of time. So if someone can realize how powerful 2-3+% a month is trades are not shotgunned they are snipering for those few trades that will continue to grow their account. Now again as you get past this many take more then those trades a month b/c they see how their edge plays out. But they build to that point conservatively.

At least this is my opinion (end rant ) Start weekend

Mike
  • #73,800
  • Sep 2, 2010 5:16pm Sep 2, 2010 5:16pm
Great comments Mike...thankyou for your time and efforts

Bill
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