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Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
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james16 Chart Thread

Hello, Everyone

As I said before, I'm also learning James trading method, but now I found myself in dilemma and thinking of changing my rules.

When I jumped from demo to live (after more than 3 profitable months) I was trading quite often. Like 2-5 trades per week (4h-monthly).

There where bad trades, good trades, but all in all a minus in profit space.
I was looking at my looses as normal thing, because I knew they where cause of uncontrolled emotions. Also, I can say I used most conservative way.

But the more trades I lost, I was feeling bad and making my rules more strict. Only great formation and the best space to get me in...

So what happened next? Well, now it's more than 2 months how I haven't opened a position. And I check my charts every day.

It's not like there weren't any setups that would suite me. There where like 2 or 3. But I was not on PC when they formed.

So, I think I need to change my style, because I became so strict that I don't even trade. And I'm getting convinced to do it not so conservatively. Etc. to take setups with less confluence, but to put SL not above/below the pattern, but under confluence level (as I saw some of you do).

For example (chart attached) in similar situation I would put SL not below the DBLHC of U/C, but under the BRN 1.0000.

Well, that’s experience I wanted to share. Would be glad if someone could add anything

Thank you for your time,
And here goes a joke:

Guy comes back home. His father – trader asks sitting in front of computer:
- Where have you been, son?
- In the Army, dad.
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Hey, been reading this thread for years now, like a lot of other people i imagine.

Would have pmed people or started a thread but I cant. Anyway I want to record trades over a few months and see how they would have worked out given different techniques.

I know at least some people here do that and I was just wondering how, just to see if they have any tips or use anything more sophisticated than a flat spreadsheet.

Thanks
Quoting albinas
Hello, Everyone

And here goes a joke:

Guy comes back home. His father – trader asks sitting in front of computer:
- Where have you been, son?
- In the Army, dad.
Good One.
Any comment about this pair for the next week??........
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  • #77,585
  • Quote
  • Edited 3:32pm Oct 16, 2010 2:45pm | Edited 3:32pm
Quoting Arnaldo
Any comment about this pair for the next week??........
I'll take a stab at this. First, look at the gaps on your chart, wow, that would scare me.

I don't have enough data on my brokers feed but just looking at your chart it looks like downtrend on weekly is still there but price entered consolidation and reacted to range low creating weekly PB. I would put entry above PB (in which case allow for that huge SL, 400 pips plus) or wait for a retest of the PB low and see confirmation to go long. Personally I would not take this trade because I see other with better set up.

Am I going in the right direction with this analysis?

Edit: Similar example on EJ a few weeks ago. Nice PB closed within the last week but closed below PPZ. Long EJ made most sense after the break of PPZ. You could apply this to your pair I think.
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Quote:
Originally Posted by albinas http://cdn.forexfactory.com/images/buttons/viewpost.gif
Hello, Everyone

And here goes a joke:

Guy comes back home. His father – trader asks sitting in front of computer:
- Where have you been, son?
- In the Army, dad.

Quoting cprao
Good One.
Good one if he trades a live account by then... otherwise a sad one
Quoting fxamerica
I'll take a stab at this. First, look at the gaps on your chart, wow, that would scare me.

I don't have enough data on my brokers feed but just looking at your chart it looks like downtrend on weekly is still there but price entered consolidation and reacted to range low creating weekly PB. I would put entry above PB (in which case allow for that huge SL, 400 pips plus) or wait for a retest of the PB low and see confirmation to go long. Personally I would not take this trade because I see other with better set up.

Am I going in the right direction...
With my EJ chart, to go along with the break, retest, confirm, re-break post from Pinbar. If PB is broken, I will favor price to retest my former PPZ (blue) at 109.6. If 140.00 is broken again then I will favor upside because of weekly PPZ being broken. What do you guys think?
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Hi all I have been on this forum reading the great stuff in here jim really change
my style of trading

[/IMG]
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after some hours

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finally reach my target
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Thanks to jim
If you don't control your emotion it will control you.
Cotton ETF - looks nice, however, besides the bar I cannot find any other strong confluences...so I might have to skip... what do you think?
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I was in the same position as you in the past. I can now change my entry criteria and remain profitable. The trick is the exit strategy must be changed when the frequency of trading changes. When I am in the mood to be less picky, my SL is moved to break-even quickly and do not go for big moves. Many of my daily timeframe trades had the SL moved to break-even when in profit by only 30-50 pips. I suggest focusing on your exits if you wish to become less picky in selecting trades to take.

I am currently on the down-swing -- trading less often for now.

Scott

Quoting albinas
Hello, Everyone

As I said before, I'm also learning James trading method, but now I found myself in dilemma and thinking of changing my rules.

When I jumped from demo to live (after more than 3 profitable months) I was trading quite often. Like 2-5 trades per week (4h-monthly).

There where bad trades, good trades, but all in all a minus in profit space.
I was looking at my looses as normal thing, because I knew they where cause of uncontrolled emotions. Also, I can say I used most conservative way.

But the more trades I lost, I was...
interesting pin bar I>m going to short it on sunday night.
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Quoting Bridge
interesting pin bar I>m going to short it on sunday night.
I would check your S & R levels in conjunction with the pin bar to confirm this.
Pip Goes The Weasel
1.6000 level has act has support but I think it has now become a resistance...I hope it will work out
Quoting adrazz
I would check your S & R levels in conjunction with the pin bar to confirm this.
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I'm always a bit wary of Friday pin bars counter trend - could just be closed out trades profit taking. That's just my point of view, though.
Gone to a better place
  • #77,595
  • Quote
  • Edited 9:41pm Oct 16, 2010 9:18pm | Edited 9:41pm
Yeah, I am wary of that Friday PB.

Possibly it may retrace to the 1.59304 area before it pushes through the 1.6000 area and tests the 1.62000 monthly PPZ.


EDIT: Also we still have this massive Cup & handle in play on H4.
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Quoting emmy01
Hi all I have been on this forum reading the great stuff in here jim really change
my style of trading

[/IMG]Attachment

after some hours

Attachment


finally reach my target
Attachment

Thanks to jim
Simple isn't it?

g.
I believe . . .
Quoting Adilius07
Cotton ETF - looks nice, however, besides the bar I cannot find any other strong confluences...so I might have to skip... what do you think?
there is some cofluence, but it is not included in the james16-style:
the volume.
see the last three bars before the bar of this week. price is rising but voulme is declining. if the big players didn't participate in the upmove, price is not likely going much further. this is warning signal. the last week-bar indicates selling. price is falling on high volume. indicates selling of the smart money.
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meine augen sind die sterne
  • #77,598
  • Quote
  • Edited 3:24am Oct 17, 2010 2:56am | Edited 3:24am
I think the randomness is starting to fade a little.

Pick a pair and work on the story folks, it is great self help.

EDIT: And to think on the Monthly it is just this little range.
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Quoting aserbfx
there is some cofluence, but it is not included in the james16-style:
the volume.
see the last three bars before the bar of this week. price is rising but voulme is declining. if the big players didn't participate in the upmove, price is not likely going much further. this is warning signal. the last week-bar indicates selling. price is falling on high volume. indicates selling of the smart money.
Hello Aserbfx, this is very interesting. Is this a VSA analysis? Would you recommend any good book or website about volume? Thanks.
If anyone trades futures: daily soybean chart looks quite promising. PB (a Friday bar though ) right off the BRN.

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Though that FTA seems to be quite persistent on the weekly chart.

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Still worth watching in my opinion
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