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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

  • #85,121
  • Jan 10, 2011 8:26am Jan 10, 2011 8:26am
Quoting Kalbar
I also am very interested in how Jarroo trades.......so successfully! He is one of the best....yet the analysis is based on simplicity!!

Yeah K..

Note how many times he has told me to keep it simple.

We can't though, till we bang our heads on the wall long enough.

I think it is human nature to want to complicate things, add indicators simply to avoid taking responsibility for our own decisions.

It's the Human cop-out factor.
  • #85,122
  • Jan 10, 2011 8:30am Jan 10, 2011 8:30am
Here is what the knife system looks like for those that are interested.

Please don't ask me to explain it though as it is rather a lengthy affair and I am only really familiar with the basics of this system.
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  • #85,123
  • Jan 10, 2011 8:33am Jan 10, 2011 8:33am
trying to get back in businesss saw this ...thought i would share ...nice fib confluences, MA, and PA signals(bars) ....been out with computer problems...and sickness....triying to catch up on thread
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  • #85,124
  • Jan 10, 2011 8:52am Jan 10, 2011 8:52am
Hello ATC,

I took this trade at the break of 85.63, moved to BE at the 85.31. Looking for 85 as my target.

Liked the BEOB off the 150 ema/86.00 ppz.



Quoting Atc
trying to get back in businesss saw this ...thought i would share ...nice fib confluences, MA, and PA signals(bars) ....been out with computer problems...and sickness....triying to catch up on thread
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  • #85,125
  • Jan 10, 2011 9:03am Jan 10, 2011 9:03am
Come on Jarroo only one post left and you have 10.000 post xD
  • #85,126
  • Jan 10, 2011 9:03am Jan 10, 2011 9:03am
Quoting xmzhang
My other trade is working out quite nicely, last night I faded that daily BUOB via a 30m-PB, I was anticipating support @ previous daily bar highs but I didn't perceive any clear buy PA, so my fade_trade is still open on my remaining position........
I'am still in my A-N trade of last week on my remaining position, price has at the moment invalidated a so called bottom tweezer on the weekly (one of my other favourite setup bars next to outside bars which are my favourite ) Next obvious target would be BRN @ 13000, I've moved my SL a few pips above RNB @ 13100, profit at the moment on my remaining position is about 140 pips.
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Pipcrawler
  • #85,127
  • Jan 10, 2011 9:08am Jan 10, 2011 9:08am
Quoting Ifmyante
Hi all, and happy Monday

I haven't posted on this thread before. I've been absorbing it lately and am now on page 50. Long way to go.

But I thought I'd skip to the last page and see if anybody was still around, and am happy to see it's still busy.

I'd just like to take this opportunity to say hi, and thank Jim, and all of you, his friends, for all the important work that you have done and still appear to be doing.

I've so far been getting to grips with fibs and divergence, and have seen with great clarity into the past (!), how price has...
Welcome Bud, you are already off to a great start with a name like that
  • #85,128
  • Jan 10, 2011 9:09am Jan 10, 2011 9:09am
Quoting john225
Come on Jarroo only one post left and you have 10.000 post xD
I am sure he is waiting for the right moment. Sniper post. Like trading
  • #85,129
  • Jan 10, 2011 9:10am Jan 10, 2011 9:10am
Quoting chriskins
Regarding exits it seems there is a dichotomy over the importance of not taking a loss over losing out on a big move.

I feel that you could end up a break-even trader if you are too quick to take profit of move you stop loss to BE. To me its better to move stops (if at all) at the end of each day based on the price movement using S/R to hide stops and locking in profit on sharp moves, while allowing slower moves to play out.

What are the thoughts on this?
Hey Chriskins

There are tradeoffs all around us in trading. Exits are just another piece to the puzzle and depending on your style you always give up something else somewhere else. The biggest thing is applying a style that you have proven to work and that you will be consistent with. I have seen and tested and proved many styles, and the one I use is the one that is most comfortable for me. Over time you will mold something that fits YOU the best. That is the biggest hurdle for most.

Take care
mIke
  • #85,130
  • Jan 10, 2011 9:19am Jan 10, 2011 9:19am
Quoting mbqb11
Hey Chriskins

There are tradeoffs all around us in trading. Exits are just another piece to the puzzle and depending on your style you always give up something else somewhere else. The biggest thing is applying a style that you have proven to work and that you will be consistent with. I have seen and tested and proved many styles, and the one I use is the one that is most comfortable for me. Over time you will mold something that fits YOU the best. That is the biggest hurdle for most.

Take care
mIke
I guess my backtesting and demoing will help to do this.

Thanks Mike
Kind Regards Chris
  • #85,131
  • Jan 10, 2011 9:35am Jan 10, 2011 9:35am
Quoting chriskins
I guess my backtesting and demoing will help to do this.

Thanks Mike
Yeah it does help gives you direction to start somewhere. Surely it will evolve for most over time. It did for me. Something that helps is tracking this type of info(be it for entries/exits what have you) along side in a spreadsheet. You accumulate a lot of data over time. instead where most people shoot from the hip, track nothing, change what they do every month. Need some consistency or it becomes a large tail chasing session

Best
Mike
  • #85,132
  • Jan 10, 2011 9:43am Jan 10, 2011 9:43am
Mike,

I know you've posted the list of brokers you use for your 4hr closes. I've tried searching, but haven't come across the post yet. I'm sorry, but could you tell me which one you use for an 8:00am EST close?

Thanks,

Slade
  • #85,133
  • Jan 10, 2011 9:44am Jan 10, 2011 9:44am
what do you think ? i took this trade because the inside bar ,50 fibo and resistance, i will move the stop to brake even before 128
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  • #85,134
  • Jan 10, 2011 9:47am Jan 10, 2011 9:47am
Quoting slade1986
Mike,

I know you've posted the list of brokers you use for your 4hr closes. I've tried searching, but haven't come across the post yet. I'm sorry, but could you tell me which one you use for an 8:00am EST close?

Thanks,

Slade
Hey Slade


FXpro - 5pm est
Alpari UK - 6pm est
IBFX 7pm
MB trading 8pm est

Best
Mike
  • #85,135
  • Jan 10, 2011 9:48am Jan 10, 2011 9:48am
Quoting mbqb11
Yeah it does help gives you direction to start somewhere. Surely it will evolve for most over time. It did for me. Something that helps is tracking this type of info(be it for entries/exits what have you) along side in a spreadsheet. You accumulate a lot of data over time. instead where most people shoot from the hip, track nothing, change what they do every month. Need some consistency or it becomes a large tail chasing session

Best
Mike
I agree, to be able to look back over a number of trades and calculate various statistic on the results will allow you to keep track of progress and tweak the trading plan. Just to know simple things like win/loss ratio, expectation etc is an absolute must in my opinion.
Kind Regards Chris
  • #85,136
  • Edited 10:19am Jan 10, 2011 10:15am | Edited 10:19am
How much data should I analyze to draw ppz on 4h charts, 1 hr charts, 15 min charts and daily? The reason I'm asking this is because currently I'm drawing this on weekly/daily and it is not giving me a good return for my time spent watching the market. These ppz zones are way far from each other and need to wait days for a single trade to execute based on PA around that ppz zone. Considering that my account size is not that large I dont think it is adding any value for the immediate time.

I am thinking of using the 1-2 weeks charts and look at 1hr/4h time frame to draw the ppz. This can give me a few trades, perhaps not 100 pip move but 20-40 pip move is enough for me as long as i'm getting this on daily basis. This is just to build up the account.


What is your advice on this?
  • #85,137
  • Jan 10, 2011 10:23am Jan 10, 2011 10:23am
Hi Dan,

Post for You !

If GU closes as an I4B, how would you trade this ?? I know the daily candle is not over yet. It's 4.30 PM London Time.

1. Today's range (so far) has been 101 pips. Smaller than the earlier candles. It was 115 pips last Thursday.

2. 1.55 BRN

3. Consolidation since 7-10 days.

Is this a fine set-up for an I4B trade? How would you trade it, if at all ?

0908

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  • #85,138
  • Jan 10, 2011 10:30am Jan 10, 2011 10:30am
Anyone else watching the 1.29 level?
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"Whether you think you can or can't, you're right." Henry Ford
  • #85,139
  • Jan 10, 2011 10:34am Jan 10, 2011 10:34am
Quoting torontobboy2
How much data should I analyze to draw ppz on 4h charts, 1 hr charts, 15 min charts and daily? The reason I'm asking this is because currently I'm drawing this on weekly/daily and it is not giving me a good return for my time spent watching the market. These ppz zones are way far from each other and need to wait...
Hi

I am not a senior but I can guess the advice will be similar to what I would advise. You should only trade weekly/daily time frame and expect to make a handful of trades a month depending on the range of instruments you watch. Of course this is assuming you have demoed/micro traded successfully on said time-frames for 3 months in a row.

I know you are eager to build an account but you also don't want to blow it before you have gained the skills necessary to build it.
Kind Regards Chris
  • #85,140
  • Jan 10, 2011 10:41am Jan 10, 2011 10:41am
Quoting torontobboy2
How much data should I analyze to draw ppz on 4h charts, 1 hr charts, 15 min charts and daily? The reason I'm asking this is because currently I'm drawing this on weekly/daily and it is not giving me a good return for my time spent watching the market. These ppz zones are way far from each other and need to wait...

To be honest you shouldn't need to wait if you trade daily bars. You can check in the evening for 30 mins or so then get on with your life. There is a minimal interaction with the market.

cheers

FXP
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