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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

  • #84,821
  • Jan 7, 2011 1:51am Jan 7, 2011 1:51am
Quoting Adilius07
Oh man, the stop is about to be hit (eur/usd that weekly bullish PB setup).
Will be 9th loss in a row. Have not seen a winning trade since Sept 30, 2010.

Too bad I'm a grown up man, otherwise I would be just sitting and crying out loud...

Do you guys have those "miracle women" who list their adds in a local newspaper for services like "clearing the curse", "changing destiny", "opening the way to abundance", "clearing the way to success", "programming for money".... should I go see one of those women??? ...
Hi Adi,

I know the feeling of losing. I make good trades but i made also bad, stupid trades. Why? i have no idea! I know what we are looking for with the method, but the main reason for me is the low account size, i think.
Need more experience. More charttime. More confidence. And bigger account.

But he, how many years cost it James, the big man, to trade succesful?!
  • #84,822
  • Jan 7, 2011 1:53am Jan 7, 2011 1:53am
Quoting Tedge UK
[ATTACH[/ATTACH]
Thanks Jarroo for getting back to me,the
reason I like this set up is because of the test back into the support area,coming off t/l and I have put my order in at 86.51 above MA DAILY 20 and also to break the low to the left on 17/12.Please advise if I am wrong or on the right track.Many thanks again .T

Looks good to me, trade from the lower extreme of the box. So Space is not an issue (I saw Mike take something like this too).

So if I like the setup that means this will most likely be a loss
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  • #84,823
  • Jan 7, 2011 1:53am Jan 7, 2011 1:53am
Quoting jarroo
You mean this 4 Hour BEOB (in white) in the middle of consolidation?

Not the best location we want to see our BEOB. Your mind is right. Sure there is a BRN, 1.5500, and I'm sure Mike would not be too excited about this one.

If that 4 hour BEOB was on top of this Daily consolidation then now your talking and I would look for a touch trade on a retrace of the BEOB.

My TTs are mainly based on PA in one form or another, like at a retracement level within the PA.
Thanks a lot Jarroo and Mike for the explenation, great analyses. Hope to make these in a few years too
That was the beob i mean. I know the location was not that good. Maybe it's better for me to start with the basics. Just trade PA bars at the break.
  • #84,824
  • Jan 7, 2011 1:54am Jan 7, 2011 1:54am
Quoting Thierry
Hi Adi,

I know the feeling of losing. I make good trades but i made also bad, stupid trades. Why? i have no idea! I know what we are looking for with the method, but the main reason for me is the low account size, i think.
Need more experience. More charttime. More confidence. And bigger account.

But he, how many years cost it James, the big man, to trade succesful?!
He said it took him 8.
I'm here 4 and I don't think I'm a half way there at all... FML.
  • #84,825
  • Jan 7, 2011 2:17am Jan 7, 2011 2:17am
Quoting Adilius07
Do you guys have those "miracle women" who list their adds in a local newspaper for services like "clearing the curse", "changing destiny", "opening the way to abundance", "clearing the way to success", "programming for money".... should I go see one of those women???
I'll sell you my good luck, uh...*looks around*... empty beer bottle! Guaranteed to realign your aura with the combined power of magnetic topography and organic feng shui. Bank more pips than you have ever dreamed of!

Only 5 easy payments of $99.95.

(in all seriousness, and way too serious for friday afternoon, this is the reason we have money management. not to minimise the loss from shitty trades, but to counteract variance and stop us going broke when we have a long chain of negative outcomes)
When you have to shoot, shoot. Dont talk.
  • #84,826
  • Jan 7, 2011 2:19am Jan 7, 2011 2:19am
Quoting Tedge UK
Thanks Jarroo for getting back to me,the
reason I like this set up is because of the test back into the support area,coming off t/l and I have put my order in at 86.51 above MA DAILY 20 and also to break the low to the left on 17/12.Please advise if I am wrong or on the right track.Many thanks again .T
I like the confluences that you have that support the setup.

Also the PPZ level at the 86.00-85.75 is acting as good Support. . .nice transformation on the Weekly.

Price likes to consolidate . .good chance that Price can reach the top.

The PB could have had a longer nose but the story looks good.

You look to be on the right path T.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,827
  • Jan 7, 2011 2:24am Jan 7, 2011 2:24am
Quoting joelcf
I'll sell you my good luck, uh...*looks around*... empty beer bottle! Guaranteed to realign your aura with the combined power of magnetic topography and organic feng shui. Bank more pips than you have ever dreamed of!

Only 5 easy payments of $99.95.

(in all seriousness, and way too serious for friday afternoon, this is the reason we have money management. not to minimise the loss from shitty trades, but to counteract variance and stop us going broke when we have a long chain of negative outcomes)
Wow, looks like a good deal!!! Will you accept money order?

Yes, MM is one nice thing. I still have my account and I still CAN think and hope I will get it all back and then some.

On my previous accounts 9-10 bad trades meant I was out for good...
  • #84,828
  • Jan 7, 2011 2:24am Jan 7, 2011 2:24am
Quoting Thierry
Thanks a lot Jarroo and Mike for the explenation, great analyses. Hope to make these in a few years too
That was the beob i mean. I know the location was not that good. Maybe it's better for me to start with the basics. Just trade PA bars at the break.

You did say in the your post , " . . but for my mind this was a bad trade."
Stay with that mindset . .it tells me you're getting it. . .
Indicators show the past. Price Action "Indicates" the future.
  • #84,829
  • Jan 7, 2011 2:30am Jan 7, 2011 2:30am
Quoting Adilius07
Wow, looks like a good deal!!! Will you accept money order?
Not directly, but if you email my friend, the King of Nigeria...
When you have to shoot, shoot. Dont talk.
  • #84,830
  • Jan 7, 2011 2:36am Jan 7, 2011 2:36am
Quoting joelcf
Not directly, but if you email my friend, the King of Nigeria...
  • #84,831
  • Jan 7, 2011 2:36am Jan 7, 2011 2:36am
Quoting Adilius07
Oh man, the stop is about to be hit (eur/usd that weekly bullish PB setup).
Will be 9th loss in a row. Have not seen a winning trade since Sept 30, 2010.

Too bad I'm a grown up man, otherwise I would be just sitting and crying out loud...

Do you guys have those "miracle women" who list their adds in a local newspaper for services like "clearing the curse", "changing destiny", "opening the way to abundance", "clearing the way to success", "programming for money".... should I go see one of those women???...
Hi Adilius

Do you have a clear trading plan for each setup type? Do you stick to those rules? Have you demoed/microlot traded your plan on longer timeframes until profitable for 3months?

I know I am new to this thread but not new to trading. I think the rules Jim gave for treating this like a business are as if not more important than the setup rules. I intend to master just one setup until I can trade it in my sleep, then add others through the backtest/demo/small live/live process. If each one takes me years then so be it the market isnt going anywhere.

If you have been through this I apologise and maybe you can show us some failed trades for the more experienced to analyse.
Kind Regards Chris
  • #84,832
  • Jan 7, 2011 2:39am Jan 7, 2011 2:39am
Today NFP.
Nothing personal,just business
  • #84,833
  • Jan 7, 2011 2:46am Jan 7, 2011 2:46am
Quoting chriskins
Hi Adilius

Do you have a clear trading plan for each setup type? Do you stick to those rules? Have you demoed/microlot traded your plan on longer timeframes until profitable for 3months?

I know I am new to this thread but not new to trading....
Hello Chris,

Yes of course I am trying to do this with as much discipline as I possible can. I have a trading plan of course, then I have a Flash Cards that lay in front of my eyes all the time (where I have some most important rules to follow in short, this is like my cheat sheet.)

I also have a trading journal (in my signature) where I record everytrade I make. I also have excel file that second every trade from that journal - that is where I keep my thoughts for each trade.

I don't have overtrading or MM problems. The only problem I have is this:

- When I see a setup (and I skip a lot believe me) I think it is an A+ I take it, I get a loss, then I look again and at it and it doesn't look that good anymore. Now, when I look back (backtesting) all the setups look good, clear, all those concepts like space, structure, location etc. align nicely... I know precisely what I'm looking for.... however the setup forming in real time is very much different to those in backtest, for one simple reason - the outcome is unknown.... unfortunately...
  • #84,834
  • Jan 7, 2011 2:58am Jan 7, 2011 2:58am
here is a weekly breakout trade, entered with the retest and the pin on the daily
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  • #84,835
  • Jan 7, 2011 3:07am Jan 7, 2011 3:07am
Quoting Adilius07
Hello Chris,

Yes of course I am trying to do this with as much discipline as I possible can. I have a trading plan of course, then I have a Flash Cards that lay in front of my eyes all the time (where I have some most important rules to follow in short, this is like my cheat sheet.)

I also have a trading journal (in my signature) where I record everytrade I make. I also have excel file that second every trade from that journal - that is where I keep my thoughts for each trade.

I don't have overtrading or MM problems. The only problem I...
Hi Adilius,

This is how I see it as a newbie:
As long as you learn something from each failed trade, then I believe that is one point to add to your experience bar.

Best of pips to you,
  • #84,836
  • Jan 7, 2011 3:17am Jan 7, 2011 3:17am
Quoting jarroo
You did say in the your post , " . . but for my mind this was a bad trade."
Stay with that mindset . .it tells me you're getting it. . .
Thanks for your kind words Jarroo.
  • #84,837
  • Jan 7, 2011 3:21am Jan 7, 2011 3:21am
Quoting jarroo
I like the confluences that you have that support the setup.

Also the PPZ level at the 86.00-85.75 is acting as good Support. . .nice transformation on the Weekly.

Price likes to consolidate . .good chance that Price can reach the top.

The PB could have had a longer nose but the story looks good.

You look to be on the right path T.
I like this so much! do you trade most of the time like this? Looking at weekly and daily if the story we are looking for is good? and than you look at lower TF's like 4h for a nice PA bar? Like this example?

Mike is trading different if i'm right. He trade only from one TF, if the story is good en and we have a nice PA bar he jumps in on that TF, hope i understand this right.

P.s. sorry my english is not that good
  • #84,838
  • Jan 7, 2011 3:33am Jan 7, 2011 3:33am
Hi Adi,


For what it's worth I will give you some feedback on the weekly EURUSD.

I took a quick look now and see it was a bar where the wick was not much bigger than the body. I would have not traded it for this reason alone. It also is trading into a big round number which on EURUSD would worry me.

With regards to your 9 losses. Did you ever do a backtest on all pairs with your rules? I don't have time to check your journal right now but do you go for big wins or lots of small wins? I know that personally I trade better taking small bites out of the Market rather than shooting for big wins. Maybe try demo trading with smaller/larger profit targets until you find your comfort zone.

Just trying to help

Fxp



Quoting Adilius07
Oh man, the stop is about to be hit (eur/usd that weekly bullish PB setup).
Will be 9th loss in a row. Have not seen a winning trade since Sept 30, 2010.

Too bad I'm a grown up man, otherwise I would be just sitting and crying out loud...

Do you guys have those "miracle women" who list their adds in a local newspaper for services like "clearing the curse", "changing destiny", "opening the way to abundance", "clearing the way to success", "programming for money".... should I go see one of those women???...
  • #84,839
  • Jan 7, 2011 3:49am Jan 7, 2011 3:49am
Quoting jarroo
I like the confluences that you have that support the setup.

Also the PPZ level at the 86.00-85.75 is acting as good Support. . .nice transformation on the Weekly.

Price likes to consolidate . .good chance that Price can reach the top.

The PB could have had a longer nose but the story looks good.

You look to be on the right path T.
Hi Jarroo,

Thank you for the charts and your detailed explanation, as always.

Now that the whole story is clear, however, I am still a bit lost on this setup, it is the 86.50 daily PPZ (which you have also highlighted in your chart) right above, wouldn't the trade be heading right back into this PPZ (with very little space)? And how about the whole yellow box area that you have highlighted as well? (which would mean trading back into a consolidation area with a lot of traffic?)

I am not taking this trade anyway, but would like to learn from your great analysis again. Many thanks.

Regards,
Kristopher
Dreams are hard to follow, but don't let anyone, tear them away...
  • #84,840
  • Jan 7, 2011 3:59am Jan 7, 2011 3:59am
Quoting joelcf
Not directly, but if you email my friend, the King of Nigeria...
Trade Smart
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