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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

  • #85,301
  • Jan 12, 2011 3:30am Jan 12, 2011 3:30am
To the people who read this post, What I want to show you in this post is just one thought among many of people`s thought.
I don`t have a intention to recommend or teach my trading style,, I also still have a lot to learn and there are ton of great traders better than me in this j16 thread. I just want to share my thought with one who is struggling with to pick up PA right now, because I myself struggled to do it for a very long time. And I post this because I want to digest my thought for myself,education for myself,
so if I write something wrong or not enough , please correct me. and I`m sorry in advance for my bad English.

I mostly take a trade based Daily and 4h timeframes. I don`t go to the Lower time frames than 4hTF,simply because Timeframes which is lower than 4hTF are not suited for me. Im not confortable with and I don`t think myself capable of to play in LTFs too. There are Too many things to think about before taking a trade and then,too much pressure, it makes me exhausted.
of courseI tried to go to the LTF many times like some people are doing , and after so many failures I`ve come to a conclution that I am not capable to play in LTFs at last and since then I stick to mostly Daily&4hTFs.

And I don`t do a counter trading too.
This is just a one of my rules(I don`t mean I recommend of this) and I think this rules suited for my personality.
As I wrote in my previous post, I tend to do overtrading. and this rule(not to take counter trade) keeps myself from that my bad tendency.
By sticking to only taking a trade with trend, I sometimes miss good setups of counter PA, though, I m confortble with this rule and that is the most important things for me.

EURUSD daily Charts(FXDD)

In my 1st chart I want to show you which PA I will take and I won`t take.,

BEOB(2010.11.22)
I will take this one.
It is off from SR(weekly/about 1.3700) , the size of the PA is not so great but I like 2EMAs angles, so I surely take this BEOB.

Bullish 2dayPin(2010.12.1)
I won`t take this one.
IT is off from BRN(1.3000),the size of the PA is also nice.I really think this is a great PA(++A).
However I won`t take it. Because my rule says to me [never take a counter trade!]

Bearish Pinbar(2010.12.14)
I won`t take this one.
This PA is off from BRN(1.3500) and along with 2EMAs(10-25/Trend(I difine a trend with those 2EMAs for myself) too , but I don`t like the size of the PA and don`t like the previous bar(strong bullish bar(candle)
so I won`t take it.

On this EURUSD dailychart(2010.9.13~2011.1.11)
If I limit myself only to take PA , I would take only one PA(BEOB(2010.11.22) during about 4 months.

Actually I take not only PA but also authorized bars(candles) if it is along with trend(EMAs).
2nd chart is about my authorized bar trading with trend(EMAs)
In this chart(EURUSD daily 2010.9.13~2011.1.11) I would take 5 bars(I marked them with lime rectangle) by using authorized bar trading.
※I think james16 Chart Thread is maily about PA & PPZ, so that I won`t go into details about 2nd chart.
however, if someone are interested in what authorized bar is , I think ghous`s [Trading "The Constrictor"] is great. I learn a lot from his posts.
Btw,at this oppotunity I want to say thank you, ghous. I think I`ve started reading this thread(j16 thread) almost same time you`ve started posting in the thread.
I think I`ve read most of your post since then.I haven`t met you though, you(your posts)`ve helped me alot ,and sometimes your posts(I was really impressed with one of your post which you wrote about your losing experience with PA Trading for the beginning) gave me a courage to continue to learn about trading when I was disheartend by my stupid trades ,,great thanks to you.

Those are the a few of my rules of my trading, and I am confotable with it.
And here this is my point.
I think it`s really important for me to feel confortable with a trade when I take it.
Because I think this way,, if I feel comfortable with my trade, which means I have a confidence with it too.
In the process to make my own rules one by one and day by day, I think, I could have built a confidence on my trading style little by little.

hope I made my point clear.
Thanks for reading all.

Ken
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 112 eu daily.gif Size: 32 KB
Click to Enlarge Name: 112 eu daily2.gif Size: 30 KB
  • #85,302
  • Jan 12, 2011 3:46am Jan 12, 2011 3:46am
Quoting kancha1115
To the people who read this post, What I want to show you in this post is just one thought among many of people`s thought.
I don`t have a intention to recommend or teach my trading style,, I also still have a lot to learn and there are ton of great traders better than me in this j16 thread. I just want to share my thought with one who is struggling with to pick up PA right now, because I myself struggled to do it for a very long time. And I post this because I want to digest my thought for myself,education for myself,
so if I write something wrong...
Hello Ken, very interesting post, thank you. May I ask. Do you trade same kind of style live too or only demo for now?
  • #85,303
  • Jan 12, 2011 3:47am Jan 12, 2011 3:47am
Kancha,

it looks like you're really getting the right mentality.

Since finding this thread, I have begun to relax immeasurably.

This week so far has been a massive success for me: No trades at all!

Some may say that's a failure to make a profit, but I don't think so. I'm really happy about it.

I see it as going into my third consecutive day of big wins!



Michael
  • #85,304
  • Jan 12, 2011 3:51am Jan 12, 2011 3:51am
It seems as overtrading is a huge problem for many. Was the same for myself. However, when overtrading finally ends, that absolutely does not mean profitability would begin.... Unfortunately

In some way it is even harder. You wait for two weeks then a loss, wait for two more weeks then another loss, wait 3 more weeks and another loss, lol...

Ok, I'll be quiet now, sorry...
  • #85,305
  • Jan 12, 2011 3:56am Jan 12, 2011 3:56am
Quoting Adilius07
It seems as overtrading is a huge problem for many. Was the same for myself. However, when overtrading finally ends, that absolutely does not mean profitability would begin.... Unfortunately

In some way it is even harder. You wait for two weeks then a loss, wait for two more weeks then another loss, wait 3 more weeks and another loss, lol...

Ok, I'll be quiet now, sorry...
True

But there's no shame in losing a fight you felt totally justified in entering, and got yourself into shape for.
It's losing stupid little scraps that makes you feel an idiot.
  • #85,306
  • Jan 12, 2011 4:13am Jan 12, 2011 4:13am
Quoting KissFan
I envision Euro to the mid 1.31 ish then down and down some more by spingtime.

K.I.S.S.
hey KissFan, i cant see a rise above 131.00 personally but wotever upside comes next i dont think it will last. i see 126 as the next target, and probably sooner rather than later??

jon
PATIENCE... DISCIPLINE
  • #85,307
  • Edited 4:52am Jan 12, 2011 4:35am | Edited 4:52am
Quoting Adilius07
It seems as overtrading is a huge problem for many. Was the same for myself. However, when overtrading finally ends, that absolutely does not mean profitability would begin.... Unfortunately
In some way it is even harder. You wait for two weeks then a loss, wait for two more weeks then another loss, wait 3 more weeks and another loss, lol... ...
ok, let me ask u:
if the above circumstance happens to u for several months, would you quit?
if u kept on losing for a few years (overall annual result is a loss), would u quit?
if u breakeven/barely breakeven for several years, would u quit?

to be honest (depending on your experience & psychology), either or all the mentioned circumstance/s happen/s.
you guys have to assess/reassess your passion, psychology, goals, expectations, commitments, etc.
trading is a tough & serious business with a 'get-rich-quick' cloak.

Quoting g_j_hook@yah
hey KissFan, i cant see a rise above 131.00 personally but wotever upside comes next i dont think it will last. i see 126 as the next target, and probably sooner rather than later??
hey jon,
i think Sir Roger/KissFan is squeezing pips on up & down moves.
  • #85,308
  • Jan 12, 2011 4:45am Jan 12, 2011 4:45am
[quote]
Quoting supremeChaos
ok, let me ask u:
if the above circumstance happens for u for several months, would you quit?
if u kept on losing for a few years (overall annual result is a loss), would u quit?
if u brekeven/barely breakeven for several years, would u quit?

to be honest (depending on your experience & psychology), either or all the mentioned circumstance/s happen/s.
you guys have to assess/reassess your passion, psychology, goals, expectations, commitments, etc.
[size=3]trading is a tough & serious business with a 'get-rich-quick'...
Hey SC.

Well I will never quit unless I will make enough money to support myself in my other life's advetures (or with j16). If I make enough (enough for me maybe very different from what you think is enough, and it is not the bulk sum, it is measured with monthly income).

To make it simple: If I hade a sum of 1 million dollars () ready in my pocket I would not even be here. I would choose other ways to make money out of that money (more secure and certain).

I am here not for fun, not for excitement, not to post and gain some reputation for my cool avatar () I am here because I believe I would be able to make money with this. I only here for money. And I always remember this

So still not made any, not here not with my other businesses, so how can I quit now, nope... and not in near future I afraid with that kind of performance that I have now....

Hope I answered, your questions were vague and more rhetorical I guess?
  • #85,309
  • Jan 12, 2011 4:46am Jan 12, 2011 4:46am
Quoting g_j_hook@yah
hey KissFan, i cant see a rise above 131.00 personally but wotever upside comes next i dont think it will last. i see 126 as the next target, and probably sooner rather than later??

jon
Ive got the rifle waiting at 1.31-1.3150
Os.
Trade Smart
  • #85,310
  • Jan 12, 2011 4:49am Jan 12, 2011 4:49am
Quoting Ifmyante
True
But there's no shame in losing a fight you felt totally justified in entering, and got yourself into shape for.
It's losing stupid little scraps that makes you feel an idiot.
as u know, losing is a part of what we do.

anyway, based on that perspective, im an idiot at least a thousand times.
  • #85,311
  • Jan 12, 2011 4:49am Jan 12, 2011 4:49am
Quoting supremeChaos


hey jon,
i think Sir Roger/KissFan is squeezing pips on up & down moves.
yeah that wouldnt surprise me! im short eu/us and eu/jpy from about an hour ago. lets see what happens??? im lookin to see how price reacts at todays open...

jon
PATIENCE... DISCIPLINE
  • #85,312
  • Jan 12, 2011 4:56am Jan 12, 2011 4:56am
Quoting Osman
Ive got the rifle waiting at 1.31-1.3150
Os.
im watching how this last 4h bar is gonna close on my chart, a BEOB would be nice, ill be adding to my position if it does and breaks?? im lookin for a close below 130.00

jon
PATIENCE... DISCIPLINE
  • #85,313
  • Jan 12, 2011 5:01am Jan 12, 2011 5:01am
Quoting Adilius07
I am here..
Hope I answered, your questions were vague and more rhetorical I guess?
the questions were rhetorical & more importantly, serious.

Quoting g_j_hook@yah
yeah that wouldnt surprise me! im short eu/us and eu/jpy from about an hour ago. lets see what happens??? im lookin to see how price reacts at todays open...
hmmm.. eurjpy 107.80 - 108.00 area is critical, imho & must break with momentum soon.
if it holds as support.. i think your stops will fuel the upmove, so be alert
  • #85,314
  • Jan 12, 2011 5:05am Jan 12, 2011 5:05am
Quoting supremeChaos
the questions were rhetorical & more importantly, serious.
I really think I'm gonna make it even though the reality is that I have never had a winning trade since last Fall

But one thing for sure I am not overtrading anymore!
  • #85,315
  • Jan 12, 2011 5:10am Jan 12, 2011 5:10am
Quoting Adilius07
Hello Ken, very interesting post, thank you. May I ask. Do you trade same kind of style live too or only demo for now?
Hello Adilius, thanks for your comment.
I have 4 different trading styles now , 3 systems for daily, and 1 for 4hTF.
and for your question , my answer is yes, I ve used 2 systems on live about 6 months now(another 2 systems are still on demo)
For live trading, I use PA&authorized bar with trend system ,which I introduced a little in my last post.
My main system is 4h PA&authorized bar trading system, and I use daily PA&authorized bar trading system for the next(because as you see in my EURUSD chart in my last post, there are not so many oppotunities to take a trade if I limit myself only to take a trade along with trend(EMAs), so I use 4hTF for my main battle field
btw, I think I `d better say this , how to pick a PA (or authorized bar) or to find PPZ ,,etc is that (I think)I`m using what I ve learned in this james16 thread, as I wrote once, what are taught in the thread is my backbone of my trading style. what I learned is mostly came from this thread.
however I added my thought in what I ve learned here ,,for example , I don`t do PA Breakout entry, I entry with different ways.
so,,I`m not pure j16 style player but I`m one of learner here and I really love this place ^^

sorry about my bad English ,Adilius. hope I could answer for your question enough, and thanks for reading.

Ken
  • #85,316
  • Jan 12, 2011 5:11am Jan 12, 2011 5:11am
Quoting supremeChaos


hmmm.. eurjpy 107.80 - 108.00 area is critical, imho & must break with momentum soon.
if it holds as support.. i think your stops will fuel the upmove, so be alert
ye i agree, that level is the one to watch here. thats the beauty of small TF entries, they allow me to get some off the table with profits very quickly. i have banked 1% and have 1% running free. same with eu/us
that level is in play now and giving a good fight..lets see wot happens
thanx for the heads up bro

jon

EDIT: added chart
Attached Image (click to enlarge)
Click to Enlarge Name: 15 min.gif Size: 29 KB
PATIENCE... DISCIPLINE
  • #85,317
  • Jan 12, 2011 5:20am Jan 12, 2011 5:20am
Quoting Adilius07
I really think I'm gonna make it even though the reality is that I have never had a winning trade since last Fall
But one thing for sure I am not overtrading anymore!
hey Sir,
please dont get me wrong, im not talking about your personal trading success or failure, or whether u will make it or not.
my only point is to make the 'truth'* known (just in case u or others are unaware of it)

*truth, seen in my initial response to u, regarding this
Quote
You wait for two weeks then a loss, wait for two more weeks then another loss, wait 3 more weeks and another loss, lol
  • #85,318
  • Jan 12, 2011 5:21am Jan 12, 2011 5:21am
Quoting Adilius07
It seems as overtrading is a huge problem for many. Was the same for myself. However, when overtrading finally ends, that absolutely does not mean profitability would begin.... Unfortunately

In some way it is even harder. You wait for two weeks then a loss, wait for two more weeks then another loss, wait 3 more weeks and another loss, lol...

Ok, I'll be quiet now, sorry...
Btw, Adilius,I am also a fun of your thread . It`s very interesting. really thanks for your comment on my post, it`s my honor
  • #85,319
  • Jan 12, 2011 5:28am Jan 12, 2011 5:28am
Quoting g_j_hook@yah
ye...
EDIT: added chart
nice trade & thanks for the chart.
no chart... but that trendline has clean touches unlike in IBFX demo.
  • #85,320
  • Jan 12, 2011 5:30am Jan 12, 2011 5:30am
Quoting supremeChaos
nice trade & thanks for the chart.
no chart... but that trendline has clean touches unlike in IBFX demo.
On EU we have a BEOB @ 1.30

I just see a BEOB with Div.. but no more confluence..

Os.
Trade Smart
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