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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

  • #83,941
  • Dec 28, 2010 9:22pm Dec 28, 2010 9:22pm
the 365ema,the resistance ,the 150 ema is the key to go short.
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A chart helps those who can read it.
  • #83,942
  • Dec 28, 2010 9:33pm Dec 28, 2010 9:33pm
If I may give my 2 cents(in a general way )

Been busy with family/friends since xmas but will be back in full force in 2011

Quoting unlv_tj

I think the secrets to success (and I don't know, because I am not there) are...

#1) Patience. Patience to let it come to you. Patience to wait for the right trade. Patience to learn about yourself, your trading and your charts.
Agreed here so much. I see it day in and out. Most people lack many qualities and most stem from patience and you could have a tree of what that leads too. Overtrading etc. A lot of this does stem from these types of questions. Not that they are bad. Believe me they aren't. But most don't understand what that means to trade for a living. And how many people use trading as ANOTHER source of income. Why? Well you need a crap ton of money for most of us to live and not have to worry about your day to day trading. Owning another business I know the expenses that go into it alone and having to make x% to live (and that isn't even having to do with growing as financially).

Quote
#2) A large account. If you have a $50,000 account and making a massive 30% in one year, that is only $15,000. If you have a $1,000,000 account and make 30% in one year, that is $300,000 and that is a TON of money.
This is where it is such a personal thing. 300k to me is not insane amount of wealth(this is not to offend like I said, to some 40k a year is a crap ton of money). So many huge variables. Again spring boarding off my last statement it comes back to each individual for sure. But after taxes, living expenses, etc etc it's not a whole lot of money from where I am from. So to say a million account +30%(what if you have a year where you make 5, or 10%?) and you can change these numbers. But their are lots of variables that I think most discount b/c they just want OUT from their current situation. Good motivation, but misplaced is just my view(coming from the emails I get daily). So yes I agree a large account is HUGELY important for someone who wants to ONLY trade for a living. But the factors go beyond just the account size is really all I am blabbing about here.

My real point is that questions like this are usually b/c of motivations. Motivations are good but most are misguided and lead to bad habits. I think learning to trade right and seeing how that applies to YOU(the individual) is a smarter progression. Most people i know that make money consistently year in and out from trading are not "full time" traders. They are people that use trading as yet another mean to grow and create wealth.

Again these are my views but the idea to just trade for a living is a VERY large area to cover. My point? Learn to trade right(it reminds me of those spreadsheet dreams we all start with "oh if I make X% a day/month/year and we fiddle with those numbers. It shows us the power of compounding but misplaces a lot of where our attention needs to be) and the rest will in form take care of itself - whatever ones individual goals/aspirations for their trading are. It may not be what you thought trading would be for you today/tomorrow but it's the long run in my opinion. For me trading is another aspect of my life to take me where I look to end up far down the line.


Please all be very safe for new years, and a healthy 2011
Mike
  • #83,943
  • Dec 28, 2010 11:03pm Dec 28, 2010 11:03pm
Quoting Adilius07
Hello Pinbar, fantastic results really!!!
You took all those that you marked with a blue box?

EDIT: I see your first trade gave you 15% profit. You don't show the position size. I can only guess that you risk about 10-15% of your account? (that is if the results are for the USDCAD chart you show. It is in a range, so making that much requires same risk)

Yeah, it was a good trade but too much risk even so.

Still, just wanted to leverage the hell out of the good ones and kill the losers quickly.

I shall not be trading my live account quite like that, well only on the A+++ trades.

Position size was 0.5-0.6 and 0.2 on the non A setups.

The 0.5 and 0.6 lots were with price with its back to the wall.
  • #83,944
  • Dec 28, 2010 11:05pm Dec 28, 2010 11:05pm
Quoting Pinbar
Yeah, it was a good trade but too much risk even so.

Still, just wanted to leverage the hell out of the good ones and kill the losers quickly.

I shall not be trading my live account quite like that, well only on the A+++ trades.
I don't know... as long as account is growing who cares if it is A+++ or C--- all that matters is PROFIT. imho.... Plus, no one really knows what is A+, it is different for everyone....

R% is little too high I think. Setups are fine if you know you can manage them..
Just my 2 cents.
  • #83,945
  • Dec 28, 2010 11:16pm Dec 28, 2010 11:16pm
Quoting Adilius07
I don't know... as long as account is growing who cares if it is A+++ or C--- all that matters is PROFIT. imho.... Plus, no one really knows what is A+, it is different for everyone....

R% is little too high I think. Setups are fine if you know you can manage them..
Just my 2 cents.

I agree....There seem to be two camps of thought on this, one is risk only 1% on any trade, the other is leverage the hell out of A+++ trades, till you can get to a point where 1% means something. Risky if we are wrong.


I am still working on this.


I wonder what Ghous, SC and Jarroo did originally, the 1% or leverage the hell out of the A+++ trades?
  • #83,946
  • Dec 28, 2010 11:19pm Dec 28, 2010 11:19pm
Quoting Pinbar
I agree....There seem to be two camps of thought on this, one is risk only 1% on any trade, the other is leverage the hell out of A+++ trades, till you can get to a point where 1% means something. Risky if we are wrong.


I am still working on this.
I was also thinking about this. Well, just from eye balling my charts it feels as those setups with trend are less risky then same against one... then it is just common sense to risk less on the counter trend trades... Just like you say (I mean different risk for different setups).

However, I just don't like my own trading no matter with or counter trend... lol. Need to gain some kind of consistency in my trades first.... I guess.
  • #83,947
  • Dec 28, 2010 11:36pm Dec 28, 2010 11:36pm
Quoting Pinbar
I agree....There seem to be two camps of thought on this, one is risk only 1% on any trade, the other is leverage the hell out of A+++ trades, till you can get to a point where 1% means something. Risky if we are wrong.


I am still working on this.


I wonder what Ghous, SC and Jarroo did originally, the 1% or leverage the hell out of the A+++ trades?
For me its always a fixed risk % on every trade I take and that is because when I analyze my charts for setups I don't put them into A+, A, B+ etc categories. For me a setup is either tradable or untradable. If its worth going for I will my risk my 3% on it. If it isn't worth going for...I won't risk a single dime.

But well, what abt the setups that "may be good enough minus a few deficiencies" as per my rule book? They simply end up being passed. This method for me at least has helped tremendously in avoiding over trading and getting involved with anything less than a sure thing out there.

But that's just one part of how I do things. A setup that's headed into vacant space will be given more room to run and do its thing than say a Nice PA bar which is headed into traffic. But as far as %risk is concerned it has always been a fixed %age. I started off with 1 and gradually moved to 3.

Just the way I do it, and obviously not the only way of going about it,

g.
I believe . . .
  • #83,948
  • Dec 29, 2010 12:05am Dec 29, 2010 12:05am
Thanks Ghous...It clarifies a great deal.

And as you say, the ones that are not worth taking, are simply not worth taking.
  • #83,949
  • Dec 29, 2010 12:06am Dec 29, 2010 12:06am
Attention Pinbar:

Here is a rewritten version of the SweetSpotsGold indicator for MT 5. I found it easier to just rewrite it and make some of my own changes than to try updating it from the MT 4 version. I find it looks best if you shift your chart over (otherwise it overlaps a bit with recent bars).

Let me know if there are any issues and I'll try to fix them.

Hope some people find this useful!
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  • #83,950
  • Dec 29, 2010 12:33am Dec 29, 2010 12:33am
Quoting Widget
Attention Pinbar:

Here is a rewritten version of the SweetSpotsGold indicator for MT 5. I found it easier to just rewrite it and make some of my own changes than to try updating it from the MT 4 version. I find it looks best if you shift your chart over (otherwise it overlaps a bit with recent bars).

Let me know if there are any issues and I'll try to fix them.

Hope some people find this useful!

I am sure they will, many thanks.

Can't try it out as it only seems to work with MT5, which I am currently not using for either live or demo accounts.
  • #83,951
  • Dec 29, 2010 12:48am Dec 29, 2010 12:48am
I risk 3% on most trades. I do not recommend risking that much until you have proven to yourself that you only take the good setups and can determine the FTA consistently.

Scott

Quoting Pinbar
I agree....There seem to be two camps of thought on this, one is risk only 1% on any trade, the other is leverage the hell out of A+++ trades, till you can get to a point where 1% means something. Risky if we are wrong.


I am still working on this.


I wonder what Ghous, SC and Jarroo did originally, the 1% or leverage the hell out of the A+++ trades?
  • #83,952
  • Dec 29, 2010 1:04am Dec 29, 2010 1:04am
Quoting phpscott
I risk 3% on most trades. I do not recommend risking that much until you have proven to yourself that you only take the good setups and can determine the FTA consistently.

Scott

Thanks Scott...Good advice.
  • #83,953
  • Dec 29, 2010 4:22am Dec 29, 2010 4:22am
Quoting Pinbar
I agree...
I wonder what Ghous, SC and Jarroo did originally, the 1% or leverage the hell out of the A+++ trades?
originally?
well, i was overleveraged & very aggressive (overtraded & risked big).

i hate to admit it that sometimes, slow is fast
i believe the market is fair, & i submitted to the fact that participants like us should undergo a natural progression (crawl before we walk/run etc).
Luck will play a small role when we are new traders; luck increases as we gain experience.

im sure u & others will find the 'sweet spot' %risk & trading style as u go along the trading path. btw, im still learning like most here
  • #83,954
  • Dec 29, 2010 4:33am Dec 29, 2010 4:33am
I have a question.

I'am looking for a broker with mt4 with daily bar closes at 9 or 10 pm in my time area (Europe, holland, +1 gmt). Now i use fxpro for charting and the close of the daily bar is here 11 pm. Would like to see a close a little earlier.

I can't find it anywhere, has someone an solution for this?

Thanks a lot!
  • #83,955
  • Dec 29, 2010 5:25am Dec 29, 2010 5:25am
Quoting Thierry
I have a question.

I'am looking for a broker with mt4 with daily bar closes at 9 or 10 pm in my time area (Europe, holland, +1 gmt). Now i use fxpro for charting and the close of the daily bar is here 11 pm. Would like to see a close a little earlier.

I can't find it anywhere, has someone an solution for this?

Thanks a lot!
Alpari UK close +1 hour after Fxpro.
IBFX close +2 hour after Fxpro.

Those 3 are "decent" as I heard here.. So don't even know if there is any other decent MT4 broker... FxPro would be the best for you. Btw, FXPro close 04:00 my local time, and I have to cope with it, as I believe many others here too
  • #83,956
  • Dec 29, 2010 5:53am Dec 29, 2010 5:53am
You are right Adi. MB trading is closing here at 6 o clock in the morming. So i can trade at evening 11 and in the morning 6 of daily closes. Not to much sleep anymore
  • #83,957
  • Dec 29, 2010 6:07am Dec 29, 2010 6:07am
Quoting ghous
I was not binning the use of fibs Bill, nor do I think they are a useless set of lines that tell nothing. I also know many people use them regularly. Some have actually gone on to experiment with them using innovative ways. Bemac and KISS FAN are good examples.

What I was merely saying was that the high that you chose to draw your fibs from wasn't a true swing point. The 12th Dec high was a better swing high to be drawing them from...because thing is I can get a 61.8 fib ret literally on any bar I want if I draw them from the correct bar high...
I say the following in sincerity to Ghous, and to open some thoughts and some of my perceptions.

Yes, I agree that the swing high you pointed out was more defined or a better swing high. However, I believe there are others within the charts.

First, previously, I understood that you weren't binning me nor do you feel the Fibs are useless.

Secondly, I have seen many others outside of this thread, as well as those who contribute here utilize this tool in various ways. For example, Kiss may use a fib on a single bar, while someone else may not consider it valid unless it was used on a montlhy, weekly, or a daily bar. Further, we would then enter into the discussion as to time and if time matters, and to follow this discussion we would ask if bars are just aggregations of price. Then, we get into the discussion as to what constitutes a swing high or a swing low. Then, when we could ask when do we move the Fib...after it hits a target or becomes invalid. What constitutes an invalid Fib when it breaks the 61.8% retracement or the 100% ? On the other hand, can we also say that there are opposing fibs working against one another ? And, can we say as there are daily Fibs, that there exists intraday Fibs or minor Fibs, as there are minor ppz's?

My point is this tool is highly debateable. The use of it is discretionary or subjective. I believe it is useful if it lines up with the ppz's(location) paritcularly the 61.8% and other contributing confluential factors. Most importantly, if it is represented on a chart, it should be clearly shown and most easy to see. For example, if that 61.8 lines up with a RN and a PPZ and a FTB and a MA then I would consider it a high probability trade.

Are we trading what we see and what everyone else is seeing which creates order flow, i.e. supply/demand?

Respectfully,

Bill
  • #83,958
  • Dec 29, 2010 6:14am Dec 29, 2010 6:14am
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  • #83,959
  • Dec 29, 2010 6:37am Dec 29, 2010 6:37am
Quoting novice198
Hi G,
How can I vote if I don't have a facebook account. Informatively, I don't intend to have facebook account.
BTW someone pointed my to this Sufi song.
http://www.youtube.com/watch?v=gjaH2iuoYWE

Arif Lohar and Meesha combination is JUST AWESOME. A must watch for Music lovers.

Season's Greetings with a happy, healthy and a prosperous 2011 to all members here.
Cheers
Novice
Freekin' beautiful! What a groove. Wish I understood the language - but it really doesn't matter - music is universal. Thanks for sharing this!

--Dave
  • #83,960
  • Dec 29, 2010 6:37am Dec 29, 2010 6:37am
Quoting supremeChaos
originally?
well, i was overleveraged & very aggressive (overtraded & risked big).

i hate to admit it that sometimes, slow is fast
i believe the market is fair, & i submitted to the fact that participants like us should undergo a natural progression (crawl before we walk/run etc).
Luck will play a small role when we are new traders; luck increases as we gain experience.

im sure u & others will find the 'sweet spot' %risk & trading style as u go along the trading path. btw, im still learning like most here

Thanks SC...Yeah, it is a trade off and understanding PA is first and foremost to using leverage to our advantage.

Thanks for your Honest input.
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