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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

  • #83,321
  • Dec 21, 2010 6:47pm Dec 21, 2010 6:47pm
Quoting torontobboy2
hey pinbar, you asked for my account snap shot which I can not.
Actually, I asked you to show some of the tickets for the trades you claimed to have made, so that I could work out how it is possible to make %150 on $1000 account, in 4 weeks, without over leveraging as you also claimed to have not over leveraged. I did not ask for your account details.

Obviously it is impossible to make %150 in 4 weeks without over leveraging so you can say, I am wary of the claims made.
  • #83,322
  • Edited 8:02pm Dec 21, 2010 7:08pm | Edited 8:02pm
Quoting torontobboy2
I do not think this was over leveraging as my overall loss was limited to 50 pips.
...
This probably means I was over trading, or 10k/20k lots with $1000 are considered over leveraging regardless of risk/reward ratio.
Ignoring the specific currencies for simplicity, 50 pips @ 2 mini contracts = $100 risk on a single trade. Which is 10% of your $1000 account.

Saying your loss is 'limited to 50 pips' doesnt really mean anything. I could be trading 10 full contracts with a 50 pip stop, and I daresay I would be massively overtrading.

The worrying part here is
a) you are picking an arbitary number of pips for a stop loss, which doesnt make much sense
b) you are calculating your risk based on your stop distance, rather than your position size, which also doesnt make much sense.

For someone that said they blew up 7 accounts and lost six figures in the process (presumably, I dont know what a Canadian house is worth)... I'd probably spend twenty bucks on that Van Tharp book or join the pf and read through Fiji's really straightforward risk management and %R pages. This is pretty simple stuff, and if you were really trading and losing that much money without even getting the very basics of position sizing and risk management down...

Also, if I hit on the same girl seven times and she kept throwing drinks in my face... well. You are persistent. I will give you that.


Quoting 4X=0
if you were to go to antarcita today, you are one of very few humans to ever do so. You know Christoher Columbas sailled in 1492, well you can sail in 2010 and be no less important.
I've been looking at making an Antarctica trip for a little while now. Works out around $10k for a couple of weeks, including flights to Argentina and a couple of overland treks on the continent... pretty cheap for somewhere so unique and picturesque. Plus, I hate the heat - gimme cold weather any day.

*edit* although, right now I could live without god damn blizards.


Quoting geniusztc
study engineering or study forex??? LOL, that is a question.
And a pretty easy one to answer.
When you have to shoot, shoot. Dont talk.
  • #83,323
  • Dec 21, 2010 7:18pm Dec 21, 2010 7:18pm
please look at aud-cad daily candle

my prediction:
1. if closes below 1.0120 I would consider it a pin bar.
2. PinBar formed at upper trend line
3. PinBar close to all time high 1.02
4. Weekly horinzontol resistance at 1.0140


I am posting here for learning purposes as I am not able to fully comprehend the following:

1. Is this a A+ pin bar
2. Please comment on traffic/space around it
3. Please comment on round numbers around it.

Thank you.
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  • #83,324
  • Dec 21, 2010 7:51pm Dec 21, 2010 7:51pm
Quoting jarroo
Did I nail that or what . . .


Later gotta go .


Jim
You ALWAYS Nail it, right to the wall, Jarroo. LoL
Attached Image
  • #83,325
  • Dec 21, 2010 8:52pm Dec 21, 2010 8:52pm
Quoting Pinbar
Took two thirds off and moved the SL so that I am break even even though, I am not at the point of entry yet. I forget what we call that.
Was that an inverted PinBar for you?

Or did you see the BEOB on the H4 chart?
  • #83,326
  • Dec 21, 2010 9:07pm Dec 21, 2010 9:07pm
I believe you live in Japan , mate if you are ( even if you are not ) best thing you could do for your bad back is to go and have a Shiatsu message.

Maybe 3 sessions should improve and help you cease your agony ..Just experience and background I have ...

Regards

V
  • #83,327
  • Dec 21, 2010 9:23pm Dec 21, 2010 9:23pm
Quoting forex0908
Was that an inverted PinBar for you?

Or did you see the BEOB on the H4 chart?

Actually it was the IB on the H1 TF.
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  • #83,328
  • Dec 21, 2010 9:24pm Dec 21, 2010 9:24pm
Quoting menomoo
I believe you live in Japan , mate if you are ( even if you are not ) best thing you could do for your bad back is to go and have a Shiatsu message.

Maybe 3 sessions should improve and help you cease your agony ..Just experience and background I have ...

Regards

V

Thanks...Yeah, I went and had a massage but it made it worse.

It is a lot better today. Just hanging out.

Many thanks.
  • #83,329
  • Dec 21, 2010 9:38pm Dec 21, 2010 9:38pm
Quoting james16
YES YOU DID SIR. go baby go.

hope my outside bar stays intact till close.

I have a great teacher. .what can I say.

Looks like your .3150 has a better chance to hold.


Thanks Jim.
Indicators show the past. Price Action "Indicates" the future.
  • #83,330
  • Dec 21, 2010 9:39pm Dec 21, 2010 9:39pm
Quoting Pinbar
Actually it was the IB on the H1 TF.
Can you be more specific ?

Like whether the IB being @ 1.55 added some confluence to your decision ? Anything else that you saw?

I don't think you would place buy stop above the high of the H1 IB, right? Only a sell stop below the low.

Thanks
0908
  • #83,331
  • Dec 21, 2010 9:43pm Dec 21, 2010 9:43pm
Quoting JoshDance
Hi jarroo, if the daily bar closes below 5500, would you trade on that close, or wait for a retrace to 5500?

I would wait for the retrace, never on the close.
Indicators show the past. Price Action "Indicates" the future.
  • #83,332
  • Dec 21, 2010 9:49pm Dec 21, 2010 9:49pm
Quoting forex0908
Can you be more specific ?

Like whether the IB being @ 1.55 added some confluence to your decision ? Anything else that you saw?

I don't think you would place buy stop above the high of the H1 IB, right? Only a sell stop below the low.

Thanks
0908
Well, I figured the IB had its back to the wall with the weak close above the RN.

It had a small stop and had potential to move, maybe it will now stop me out but I have already taken some off the table and the remaining stop will be less than the profit taken as the position is now smaller.
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  • #83,333
  • Dec 21, 2010 9:54pm Dec 21, 2010 9:54pm
Quoting torontobboy2
please look at aud-cad daily candle

my prediction:
1. if closes below 1.0120 I would consider it a pin bar.
2. PinBar formed at upper trend line
3. PinBar close to all time high 1.02
4. Weekly horinzontol resistance at 1.0140


I am posting here for learning purposes as I am not able to fully comprehend the following:

1. Is this a A+ pin bar
2. Please comment on traffic/space around it
3. Please comment on round numbers around it.

Thank you.
Hey Toronto

I would be cautious trading such a small bar back into such a bullish bar. My charts don't look close to that so it was hard for me to post. Notice the high of the previous pinbar high a few days back. That would be a key area to watch as a first trouble area

Best
Mike
  • #83,334
  • Dec 21, 2010 10:08pm Dec 21, 2010 10:08pm
Quoting Dan Gilbert
Initial S/L @ 86.66
first target @ rectangle with check mark next to it (stop moved to B/E)
T/P @ second rectangle with "X" mark next to it
trade completed.

Risk:Reward = 1:2
Many choose unhappiness over uncertainty.
  • #83,335
  • Dec 21, 2010 10:11pm Dec 21, 2010 10:11pm
Quoting Pinbar
Took two thirds off and moved the SL so that I am break even even though, I am not at the point of entry yet. I forget what we call that.
id call it reducing risk. erwait you have taken profit, but still have the risk of making nothing. not sure what you call that
  • #83,336
  • Dec 21, 2010 10:15pm Dec 21, 2010 10:15pm
Quoting Dan Gilbert
trade completed.

Risk:Reward = 1:2

Nicely done, Dano.
Indicators show the past. Price Action "Indicates" the future.
  • #83,337
  • Edited 10:26pm Dec 21, 2010 10:16pm | Edited 10:26pm
Quoting 4X=0
id call it reducing risk. erwait you have taken profit, but still have the risk of making nothing. not sure what you call that

Well, there is the risk of making very little, not nothing & there is the chance of this moving a long way. Sounds like a win situation to me.

We shall see.
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  • #83,338
  • Dec 21, 2010 10:17pm Dec 21, 2010 10:17pm
Quoting Pinbar
You ALWAYS Nail it, right to the wall, Jarroo. LoL
WTF!!

lol
Indicators show the past. Price Action "Indicates" the future.
  • #83,339
  • Dec 21, 2010 10:18pm Dec 21, 2010 10:18pm
Quoting 4X=0
id call it reducing risk.

Yup. It's called being flat - your net risk is reduced to zero.

Essentially, it's a free trade.
When you have to shoot, shoot. Dont talk.
  • #83,340
  • Dec 21, 2010 10:23pm Dec 21, 2010 10:23pm
Quoting joelcf
Yup. It's called being flat - your risk is reduced to zero.

Essentially, it's a free trade.

I think there was a different terminology Mike used for this sort of risk reduction.
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