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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

  • #74,461
  • Sep 9, 2010 12:25pm Sep 9, 2010 12:25pm
Quoting Jonnyislost
Been keeping an eye on stocks lately, I see an interesting looking Price Action setup on Daily HUBG (Hub Group Inc)
Some more stock charts (hope no-one minds) showing Price action at key areas


Includes an update to HUBG - Price has been repleatedly rejected by that PPZ and still looks heavy
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  • #74,462
  • Sep 9, 2010 12:43pm Sep 9, 2010 12:43pm
Quoting ghous
Hey Spookie,

You end up hitting the wrong road the moment you decide to alter trade/money management strategies for a "small account".
I'll add my two cents to this....

Make a very very small initial deposit. James says to deposit half of what you eventually plan to trade AFTER you are profitable for 3 consecutive months on demo.

The way I see it, my reward for being patient, is the ability to devote more money to trading.

You should have your money lined up, but you can not trade it until you can prove to yourself that you are capable.

If you just keep depositing and losing, don't expect a very good experience from trading.

If I finish up this month in profit, I will have the ability to add to my account, and trade larger positions.

If this month comes out red for me, I can't.

This exercise of self-reward has made me so damn patient because I really badly want to increase my trading equity, and the only way I can do so, is by not losing.... In other words, I'm barely taking any trades these days ....

A few years ago I started playing online poker, and the only way I could get real money onto the site, was by selling my "play money" to a website who then transferred real dollars to my poker account.... I was forced to start with the equivalent of one penny and after I built it up to the equivalent of 10 dollars, i would sell it and get my cash, then I would lose that cash, and start over, until I was able to build my account with the real cash.... I eventually built it well into the 4 figure range (I was 19 at the time and it was a good amount of money for me) before I stopped playing and found forexfactory . The point is, I was FORCED to learn for free because of the deposit laws in the USA.

Now in trading, I have to do the same thing, except it's all self-discipline that makes me approach it the way I do...
Many choose unhappiness over uncertainty.
  • #74,463
  • Sep 9, 2010 1:44pm Sep 9, 2010 1:44pm
Quoting Jonnyislost
Some more stock charts (hope no-one minds) showing Price action at key areas


Includes an update to HUBG - Price has been repleatedly rejected by that PPZ and still looks heavy
how do you find stocks like this? i know that there are 17000 of public companies... do you search through all of them?
  • #74,464
  • Edited 2:20pm Sep 9, 2010 1:48pm | Edited 2:20pm
Today my quick 48 pips

If anyone would pass this Trade say it to me to learn why ;-)
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  • #74,465
  • Sep 9, 2010 1:52pm Sep 9, 2010 1:52pm
Quoting deltatrade
how do you find stocks like this? i know that there are 17000 of public companies... do you search through all of them?
Hey Delta

J made a few posts about this

http://www.forexfactory.com/showthre...57#post4008857

http://www.forexfactory.com/showthre...52#post4009052


Mike
  • #74,466
  • Sep 9, 2010 2:07pm Sep 9, 2010 2:07pm
What does everybody think of this pb thats forming on the eur/chf h4 attached chart?

I have a few questions about it hopefully some of the senior members on her might be able to hep me with.

Does this still qualify as a pb with its nose being within the range of the bar 2 bars earlier? If so, does this make it a bad pb?

Is the retest of the ppz for the third time a good sign? would this tell you it is likely to drop, or end up breaking through and shooting up?

I think imho it is a decent shape atm, albeit with 1 hour left. I also like the fact that it comes of a PPZ on 1.2920ish, and the 38.2 fib level. I think it could be ok for 20 pips, with a sell at 1.2870, and an fta at 1.2850, the low of the two prior bars. Although there is no clear space behind it, and quite a bit of traffic, so i dont think ill take it (on my demo). What does everyone else think?

Any answers to the questions would be much appreciated. Cheers.
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Whether you think that you can, or that you can't, you are usually right.
  • #74,467
  • Sep 9, 2010 2:13pm Sep 9, 2010 2:13pm
Quoting DTaylor
What does everybody think of this pb thats forming on the eur/chf h4 attached chart?

I have a few questions about it hopefully some of the senior members on her might be able to hep me with.

Does this still qualify as a pb with its nose being within the range of the bar 2 bars earlier? If so, does this make it a bad pb?

Is the retest of the ppz for the third time a good sign? would this tell you it is likely to drop, or end up breaking through and shooting up?

I think imho it is a decent shape atm, albeit with 1 hour left. I also like the...

Hey DT

Yes technically this would still be a pin, but yes the fact that nose didn't test above that prior high 2 bars before is a warning sign for me. Notice also 2 bars before was a bigger pin compared to this smaller one. Price may want to test above that high before moving down as it often does when it "knocks up" on an area multiple times. The trend is strong down, so that would be the only thing I can really say for this one.

Notice if we zoom out how less appealing this bar looks. It really doesn't give us a whole bunch of info. Yes it could give a few pips, but waiting for the good ones will pay off far greater from my experience. Look up towards the 1.3 area + 61.8 fib + ppz, this would be more appealing to me regardless if price goes lower.

Of course just my opinion though

best
Mike
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  • #74,468
  • Sep 9, 2010 2:14pm Sep 9, 2010 2:14pm
Quoting mbqb11
Hey Delta

J made a few posts about this

http://www.forexfactory.com/showthre...57#post4008857

http://www.forexfactory.com/showthre...52#post4009052


Mike
thanks.
  • #74,469
  • Sep 9, 2010 2:22pm Sep 9, 2010 2:22pm
Quoting mbqb11
Hey DT

Yes technically this would still be a pin, but yes the fact that nose didn't test above that prior high 2 bars before is a warning sign for me. Notice also 2 bars before was a bigger pin compared to this smaller one. Price may want to test above that high before moving down as it often does when it "knocks up" on an area multiple times. The trend is strong down, so that would be the only thing I can really say for this one.

Notice if we zoom out how less appealing this bar looks. It really doesn't give us a whole bunch of info. Yes...

Thanks Mike, definately a good opinion to have from what ive read so far on here, which is quite a lot, just havent said too much yet.

Wasnt too sure about the retest of the ppz 3 times to be honest, i wouldnt of took it. I have a really bad habit of being bored, and making reasons to take a trade which im not sure about. I am getting better at it slowly, need to teach myself to just wait for the A+ trades.

Really glad i came across this thread anyway,learnt loads in the last 2 months or so. Thanks again mike.

DT
Whether you think that you can, or that you can't, you are usually right.
  • #74,470
  • Sep 9, 2010 2:26pm Sep 9, 2010 2:26pm
Quoting DTaylor
Thanks Mike, definately a good opinion to have from what ive read so far on here, which is quite a lot, just havent said too much yet.

Wasnt too sure about the retest of the ppz 3 times to be honest, i wouldnt of took it. I have a really bad habit of being bored, and making reasons to take a trade which im not sure about. I am getting better at it slowly, need to teach myself to just wait for the A+ trades.

Really glad i came across this thread anyway,learnt loads in the last 2 months or so. Thanks again mike.

DT
You are quite welcome DT hope you post more

Patience is nearly everything. It is hard to just gain it over night, but each time you resist a trade that is SO-SO and wait for one where you say, yeah this is good no doubt. Your results can only get better. As cliche as saying being patient and discipline is key, it sure is.

The thing with PA S/R etc is that there are a lot of different ways to skin a cat. Think about all the different locations we define throughout this thread. Certain types and feels will resonate you then we have to be patient for when everything lines up. This will put the odds in our favor in the long run.

Keep at it
Mike
  • #74,471
  • Sep 9, 2010 3:47pm Sep 9, 2010 3:47pm
Quoting aserbfx
yes, you are right.
Hey Guys, I'm totally in , However the AUSSIE seems very bullish and trending firmly , but has good congestion area supllying a good resistance , this trade has potential but with aggressive MM.
Hope it works for you and me
  • #74,472
  • Sep 9, 2010 4:45pm Sep 9, 2010 4:45pm
Quoting deltatrade
how do you find stocks like this? i know that there are 17000 of public companies... do you search through all of them?
Quoting mbqb11
Hey Delta

J made a few posts about this

http://www.forexfactory.com/showthre...57#post4008857

http://www.forexfactory.com/showthre...52#post4009052


Mike

Thanks Mike

With so many markets/stocks out there you don't have to be scanning for long before something interesting shows up.
And I do feel it's important not to limit the number of markets watched as it's easy to end up "forcing" trades after a particularly quite spell. Stocks are strictly demo for now they're new for me. But as far as I can see the same J16 principles can be applied effectively

Jonny
  • #74,473
  • Edited 6:26pm Sep 9, 2010 6:23pm | Edited 6:26pm
Quoting ghous
Hey Spookie,

You end up hitting the wrong road the moment you decide to alter trade/money management strategies for a "small account".

Stop placement is more of a discretionary thing than a rule set in stone but conventionally you want your stops to be at the opposite end of the trigger bar. If you are thinking about reducing your stop on a 150 pip pin bar just cuz you are on a small account and that you want every pip you make to be well worth it, then that's really going to get you in a hole because before you know it you're jumping in with...
Hey Ghous,
Where is this thread? never seen it but would love to check it out

edit : Your constrictor thread. Can't see my highlights.
  • #74,474
  • Sep 9, 2010 6:49pm Sep 9, 2010 6:49pm
I dont know how to communicate well over the net, but newbie helping out newbies, I just want to say that you just cant be spoon fed PASR. SC was right about me needing to go back and read and reread. I actually feel like an idiot asking some of the questions I did now.

Honestly, I dont know how to say this without offending anyone or sound contradictory to the above, but the info on this thread just overloads my brain, it seems the more I read the less I know how to act. The videos on the PF is awesome, james16 and Mike rock!!!! All my questions were answered there, was a lazy bum and didnt do my homework ... bad student! And yet still lots to go through, you guys have so much patience. Thank you.

Having said that, reading recent posts as the market unfold is real valuable, guess my goldfish brain can follow that So thank you regular posters!

Ive gone from losing for the past 9 months to a small profit so far this month. Yay!! As for funny people still trying to find their way through FX, you have to let them go through it themselves, it was only a short while ago when I thought indicators was the answers to my prayers. All of you are so kind, and here to welcome them with opening arms. Good karma and pips to you.

Kim
  • #74,475
  • Sep 9, 2010 7:17pm Sep 9, 2010 7:17pm
Quoting tubguy
Hey Ghous,
Where is this thread? never seen it but would love to check it out

edit : Your constrictor thread. Can't see my highlights.
It's in the journal section T.
I believe . . .
  • #74,476
  • Edited 8:11pm Sep 9, 2010 7:50pm | Edited 8:11pm
Quoting ghous
It's in the journal section T.

Thanks Ghous, gonna head over and take a peek.

Took a look. I like it!!
  • #74,477
  • Sep 9, 2010 8:34pm Sep 9, 2010 8:34pm
Quoting ghous
Hey Spookie,

You end up hitting the wrong road the moment you decide to alter trade/money management strategies for a "small account".

Stop placement is more of a discretionary thing than a rule set in stone but conventionally you want your stops to be at the opposite end of the trigger bar. If you are thinking about reducing your stop on a 150 pip pin bar just cuz you are on a small account and that you want every pip you make to be well worth it, then that's really going to get you in a hole because before you know it you're jumping in with...

Ghous, then again I have heard James16 say he does not take full bar losses.
Is this not the same as reducing the SL for a small account only in reverse as obviously a large account trade means much greater pip value?
  • #74,478
  • Sep 9, 2010 8:44pm Sep 9, 2010 8:44pm
Quoting Pinbar
Ghous, then again I have heard James16 say he does not take full bar losses.
Is this not the same as reducing the SL for a small account only in reverse as obviously a large account trade means much greater pip value?
If I may,

They are almost the same. Only difference will be the psychological ones.

Bigger a/c, bigger pip value due to bigger lot size and samll a/c, small pip value and small lot size. But the feeling while trading a bigger pip value is quite different.

But yes, if you consider your small a/c as a big a/c mentally, then there is absolutely no difference.

Just sharing my opinion..
  • #74,479
  • Sep 9, 2010 8:48pm Sep 9, 2010 8:48pm
Quoting The Lord
If I may,

They are almost the same. Only difference will be the psychological ones.

Bigger a/c, bigger pip value due to bigger lot size and samll a/c, small pip value and small lot size. But the feeling while trading a bigger pip value is quite different.

But yes, if you consider your small a/c as a big a/c mentally, then there is absolutely no difference.

Just sharing my opinion..

That is my point.

Ghous seem to be of the opinion that if we do not make a full bar SL, we are on the road to ruin. Yet, J16 is obviously not using the full bar as the SL and is not on the road to ruin.

Maybe, ghous is talking more about experience?
  • #74,480
  • Sep 9, 2010 8:53pm Sep 9, 2010 8:53pm
I agree there is a pin as well in the weekly chart, but I took this off the daily only. There is a clear double high that was broken. Once that broke, it hit the FTA like a rocket. The break was confirmed by one of the 4-h bar closing above that high. Fairly easy trade!

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