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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

  • #78,201
  • Oct 23, 2010 10:24am Oct 23, 2010 10:24am
Quoting mbqb11
Hey Art

Nope I look and evaluate each trade and determine from there what I believe is the best course of action for my exits. Sometimes that is trailing out, sometimes a quick take profit, sometimes breakeven and try to run.

Best
Mike
hope i'm not stepping on your toes with all these questions

whats you max consecutive losses? wins?

all the best,
Art
  • #78,202
  • Oct 23, 2010 10:38am Oct 23, 2010 10:38am
Quoting arsa
hope i'm not stepping on your toes with all these questions

whats you max consecutive losses? wins?

all the best,
Art
Not stepping on my toes at all, but sort of a loaded question as I trade a variety of methods and there are times I may cut out for a very very tiny loss. So technically speaking it might be a loss of 1/4r or less but technically speaking a loss. It isn't all or none. But I have had 10+ winners in a row(like wise a winner might be very small winner) and also have had 6+ losers in a row.

But from a more general standpoint it isn't uncommon for me to have 2-3 full bar losers in a row, and also 4-5 solid wins in a row

Best
Mike
  • #78,203
  • Oct 23, 2010 10:45am Oct 23, 2010 10:45am
Quoting mbqb11
Not stepping on my toes at all, but sort of a loaded question as I trade a variety of methods and there are times I may cut out for a very very tiny loss. So technically speaking it might be a loss of 1/4r or less but technically speaking a loss. It isn't all or none. But I have had 10+ winners in a row(like wise a winner might be very small winner) and also have had 6+ losers in a row.

But from a more general standpoint it isn't uncommon for me to have 2-3 full bar losers in a row, and also 4-5 solid wins in a row

Best
Mike
thanks for your input Mike!

all the best,
Art
  • #78,204
  • Oct 23, 2010 11:15am Oct 23, 2010 11:15am
Quoting ghous
Jarroo, I just read Ghous' explanation on the psychology behind IPB but still I don't fully understand. Would you mind explaining it to me?

If I may...

Actually Mike was kind enough to do a video for me at the PF where I asked him why big bars have a tendency to hold back on breaking hard and sustaining breaks and that got him going on order flow concepts including the logic behind IPBs.

What happens is, when a strong, say up trend...
Thanks for your kind explanation, ghous. I'll demo them extensively before trading them with real $$$.
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,205
  • Oct 23, 2010 11:24am Oct 23, 2010 11:24am
Hey Mike, in case of a strong close, I have noticed the potential for at least some kind of correction either after breaking the setup or before it breaks. Some use this for their benefit such as MikeW who is known for using the 50 fib entry on PA bars.

Quoting mbqb11
Also to add to what Ghous said.

Think about it from a very simple terms. About WHERE that close is into relation of where price has been.

Say price is stuck in a range and it hasn't been able to close under that range in X amount of bars(time). Then finally it is now able to close below that range. Price has now shown some sort of shift in power b/w the bears and bulls.

Closes are extremely important to me and my trading

Hope everyone is having a nice weekend
Mike
  • #78,206
  • Oct 23, 2010 1:42pm Oct 23, 2010 1:42pm
Quoting arsa
you just called me a retard mate though i make money with RR.

Just wanted to get another point of view here.

Art
I didn't...or at least...didn't mean to.

All I am saying is the potential probability factor is a lot more important than risk reward, which directly answers your question.

RR in itself has no meaning if you don't combine it with "chances of success" or what you call "probability" and it turns out sniping for 50 solid pips at 0.5R instead of 200 lucky ones at 3R is a good way to ensure you would still be trading 5 years from now.

I was (and am) kinda tired after my exam today, and hurried into that post a bit.



g.
I believe . . .
  • #78,207
  • Oct 23, 2010 3:13pm Oct 23, 2010 3:13pm
Quoting ghous
I was (and am) kinda tired after my exam today, and hurried into that post a bit.

g.
What are you studying Ghous ?
  • #78,208
  • Oct 23, 2010 3:16pm Oct 23, 2010 3:16pm
I have a little off topic question. If you don't mind please.

This thread is 5 years old. Has anyone made a journal, demo or live with at least 50 trades to make sure he can arrive to 90% win rate, or any rate?

I see this 90% win rate comments all the time.
Anyone has proved that to himself?

Thanks.
  • #78,209
  • Oct 23, 2010 4:04pm Oct 23, 2010 4:04pm
Hey Ghous,

Where is the video you mention in the PF? Is it a weekly webinar. I watch / attend most webinars ..just making sure i didn't miss this one.


Quoting ghous
Jarroo, I just read Ghous' explanation on the psychology behind IPB but still I don't fully understand. Would you mind explaining it to me?

If I may...

Actually Mike was kind enough to do a video for me at the PF where I asked him why big bars have a tendency to hold back on breaking hard and sustaining breaks and that got him going on order flow concepts including the logic behind IPBs.

What happens is, when a strong, say up trend...
  • #78,210
  • Oct 23, 2010 4:24pm Oct 23, 2010 4:24pm
Quoting dmc
Hey Ghous,

Where is the video you mention in the PF? Is it a weekly webinar. I watch / attend most webinars ..just making sure i didn't miss this one.

Heyas dmc,

the vid is located in the video Q&A thread over there, you can find a link to it in the first post of that thread. it's second from the bottom, currently.
  • #78,211
  • Oct 23, 2010 4:24pm Oct 23, 2010 4:24pm
Risk:Reward and Winrate are both pretty pointless in isolation

When you combine them though you can calculate expected value which is meaningful.
  • #78,212
  • Oct 23, 2010 4:49pm Oct 23, 2010 4:49pm
Hey Ghous!

This IPB on weekly (FXCM feed) E/U has BRN and FIB retrace,

do we need more PA on daily or just enter Monday at close of the bar with stop above the high and target at low of IPB ?
Thank you!
Attached Image (click to enlarge)
Click to Enlarge Name: IPB eur usd weekly.jpg Size: 135 KB
Anything can happen - You never know
  • #78,213
  • Oct 23, 2010 6:39pm Oct 23, 2010 6:39pm
Hello,
I have been trading for about two years. I have used multiple scalping strategies with pretty much break even results. I do not neccessarily believe it is because of the short term methods as the problem is usually somewhere between the keyboard and the chair.

Any way I have become so invested in short term methods I got in trouble at my day job. SO I have found it neccessary to budget less time to trading. I started searching for some daily trading methods and the trail of breadcrumbs has lead me here as well as another thread on a different forum. Knowing the fastest way to learn something is to follow someone else I humble myself. I do not have the time to be scalping at 2am anymore or taking london breakouts and what not. I ask for help as this is foreign territory for me. I have never traded above the one hour.

As I try to absorb this I will ask a question or two for clarification and hopefully keep an bruised ego in check. I want to do this full time so badly. Get out of the rat race and walk in to my work one day with mistletoe pinned to MY BUTT to tell the corpratocracy where to kiss it.

Thank you for sharing your knowledge. I do not know many of you but I plan on being here a while.
  • #78,214
  • Oct 23, 2010 7:03pm Oct 23, 2010 7:03pm
Quoting kwikwis
...
This IPB on weekly (FXCM feed) E/U has BRN and FIB retrace,
do we need more PA on daily or just enter Monday at close of the bar with stop above the high and target at low of IPB ?
...
hello kwikwis,
IPBs are pretty advanced...
if u are new to James16 method, i highly suggest u trade PBs, BEOBs. they are easier to trade. IPBs operate slightly similar to (regular) PBs.
if u are new, know that im not discouraging u to trade IPBs, just telling u to walk the 'progression path', an advice which u'll appreciate sooner or later.

Quoting ^eagle^
Hello,
I have been trading for about two years.. I want to do this full time so badly. Get out of the rat race and walk in to my work one day with mistletoe pinned to MY BUTT to tell the corpratocracy where to kiss it.
...
if u want this so badly, then as much as possible do it right from the onset.
read this thread, re-read posts, watch the free videos before u ask questions.
why ask questions later? because most likely, your questions have been asked many times, & the answers are gold glitters found in this thread.
it takes time & there is no shortcut.
Good luck!
(eagle, 1 of my favorite birds!)
  • #78,215
  • Oct 23, 2010 8:22pm Oct 23, 2010 8:22pm
Quoting supremeChaos
hello kwikwis,
IPBs are pretty advanced...
if u are new to James16 method, i highly suggest u trade PBs, BEOBs. they are easier to trade. IPBs operate slightly similar to (regular) PBs.
if u are new, know that im not discouraging u to trade IPBs, just telling u to walk the 'progression path', an advice which u'll appreciate sooner or later.
Thank you for your kind advice!
After reading about 1000 pages of this great thread, IMHO psychology behind PB and IPB are almost the same compared to BEOB/BUOB.
Is that right?
Anything can happen - You never know
  • #78,216
  • Oct 23, 2010 8:43pm Oct 23, 2010 8:43pm
Quoting Atc
Great Job PB...man you are attacking this stuff and should be congratulated on your progress...I just wanted to thank you for posting your charts and your input to this thread.

Bill

Thanks for the encouragement ATC.

I am just trying to get this down so that hopefully, one day, it will be like riding a bicycle. I am sure we all remember how hard that was to learn and how we soon forgot about how hard it was.

Despite the obstacles ahead of us, the biggest one is ourselves.
But we shouldn't let that deter us.
  • #78,217
  • Oct 23, 2010 9:20pm Oct 23, 2010 9:20pm
Quoting kwikwis
..IMHO psychology behind PB and IPB are almost the same compared to BEOB/BUOB.
Is that right?
depending on your perspective...
they are all pretty much the same
remember u can view a PB as a (2-bar formation) BEOB/BUOB or vice versa (a BEOB/BUOB, a 2-bar formation/setup is a 1-bar PB)
  • #78,218
  • Oct 23, 2010 9:31pm Oct 23, 2010 9:31pm
How many different currency pairs do most of the members focus on?

Thanks.
  • #78,219
  • Oct 23, 2010 9:48pm Oct 23, 2010 9:48pm
Quoting cprao
What are you studying Ghous ?
nothing big...as yet.

just a first degree in business administration.

g.
I believe . . .
  • #78,220
  • Oct 23, 2010 9:51pm Oct 23, 2010 9:51pm
Quoting fap103
How many different currency pairs do most of the members focus on?
to be honest, that question is immaterial because everybody trades differently.
fact is, there is no statistic on how many pairs 'most members focus on'.
u should focus on how u trade, your comfort zone, & what YOU want to/do trade.
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