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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

  • #88,421
  • Feb 8, 2011 10:42pm Feb 8, 2011 10:42pm
Thanks for the support Ghous, I am sure you can tell I don't really need it though.

You are right though, I learn something and post about it, it may annoy some people like this guy, but it helps me to confirm the thing I have learned and if it can help just one other person, stuck in the turmoil of learning to trade, it is worth it. We are all on the same path, it can be frustrating and I can understand to some extent what edge was on about but, the manner in which he went about expressing it was out of order, seriously.
  • #88,422
  • Feb 8, 2011 10:45pm Feb 8, 2011 10:45pm
Quoting supremeChaos
dont be, Steve.
take it as a constructive comment, whether or not it is.

everybody learns differently
everybody forms an affinity with/towards certain trading styles.

i believe your trading style/preference is forming, so i guess u should continue to embrace it.
if u feel it is for u, if u feel it 'talks to u', if u feel it's beneficial for u, then embrace it continually, regardless of what other people say.

u might be overanalyzing some stuff, but that doesnt mean that everything Sir edge said is true of u. actually, i believe u know...

I hear you SC.
  • #88,423
  • Feb 8, 2011 10:48pm Feb 8, 2011 10:48pm
Quoting bluetrader
I'll wait weeks for setups like these.

-- Danny
Hey Danny,

Nice trade but I have a question, was your only trigger the double bottom? I was still short from the close below the BRN so I didn't take this.

Poncho
" I can read the left side of the chart, the right side's a Bitch!
  • #88,424
  • Feb 8, 2011 10:55pm Feb 8, 2011 10:55pm
Quoting Pinbar
I hear you SC.
keep at it Pinbar, that post certainly helped me along with your previous posts. I love getting other people's perspective.
  • #88,425
  • Edited 11:29pm Feb 8, 2011 11:16pm | Edited 11:29pm
Quoting DBallerz
keep at it Pinbar, that post certainly helped me along with your previous posts. I love getting other people's perspective.
Glad to hear it DB.
It is a terribly hard business and it helps to hear other people's opinions, even if they are right or wrong.

At least we can see other people's weak and strong points and identify with them and prevent us falling into the same hole. I am still digging myself out of the hole I dug, little by little. As they say, if you find yourself in a hole, stop digging and climb out.
  • #88,426
  • Feb 8, 2011 11:55pm Feb 8, 2011 11:55pm
Quoting bluetrader
Hey Pin, I'm a fan of your posts and although I understand edge's point, everyone learns PA differently... and we all communicate differently.

I much prefer your detailed posts over someone who never posts and doesn't share their findings (not referring to edge). I truly believe this is part of your learning curve and we all learn differently. How many newbies (including myself) learn from your posts? How many newbies learn from those that don't post at all? Think about that next time you feel you don't want to post.

I vote that you keep...

I hear you BT and you are right, I am working on getting it together.
Perhaps, a little over zealous.

Thanks
  • #88,427
  • Feb 9, 2011 12:19am Feb 9, 2011 12:19am
EU 4H bearish Head and Shoulder pattern + weekly bearish pinbar + USDX bullish pinbar on monthly TF, we should see large demand for USD sooner or later.
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  • #88,428
  • Feb 9, 2011 1:30am Feb 9, 2011 1:30am
Quoting Greenhaze
I know this chart was beaten to death but there is a ton of confluence at the 82 area and simple touch trade with 40 pips sl might work in this case. I will watch m5 >> h1 if we get there.
Those high probability patterns work most of the time giving pretty good R:R.
That was a no brainer: Strong support / Weekly PB / daily BOUB / 82 RN area.
Price triggered some breakout orders above the 82.46 resistance (look H4) and is heading back to where the breakout players stops are. Interesting
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  • #88,429
  • Feb 9, 2011 1:35am Feb 9, 2011 1:35am
Quoting Greenhaze
Those high probability patterns work most of the time giving pretty good R:R.
That was a no brainer: Strong support / Weekly PB / daily BOUB / 82 RN area.
Price triggered some breakout orders above the 82.46 resistance (look H4) and is heading back to where the breakout players stops are. Interesting

nice one.
Hero calls followed by margin calls...
  • #88,430
  • Feb 9, 2011 2:18am Feb 9, 2011 2:18am
Hi, its me again... man I am going crazy..never in my life I have not had such a hard time making a choice!!! I'm about RR again and how to manage trades.

I just saw this great video by Ghous, thank you very much, very strong point!
Inserted Video


However, on my backtest I see that "average" FTA is usually 2-3 times smaller than my Initial Risk. So, if I always take my full profit at FTA is this really ok having 1 loss ( which will happen for sure) wipe out 3 wins!!!! OMG!

And all my effort in trying to improve RR really don't improve anything as I see from my backtests.... I was doint all possible variations, like take half at FTA move to BE, or to NET BE, or NO BE at ll etc...or as the one I liked the most at first is moving to BE quickly and waiting for 1:1 (but this way I see that for some pairs I could be BE for a whole year, is like BE,BE,BE,BE,BE,SL,BE,BE....)

So the point is, maybe it is really the best way to exit full position at FTA?
If so, how can it be advantageous to have SL 3 times bigger than TP?
Just a paradox!!! This drives me crazy really. (and let's be realistic 90% win rate, that's too high, we are humans - me for sure, so like 70% is super nice I think...but 90% seems impossible....)

I know I should find "my way" - but I will make it mine (any kind of way) if it could give me hope that I will have profits in the long run....

Is there a way to make trading profitable?
  • #88,431
  • Feb 9, 2011 2:27am Feb 9, 2011 2:27am
Hi Steve,

that was really rough treatment you got. You should be honoured. After all, a man ridiculed is a man envied!

Without your insistance on gaining a full and academic understanding of the theory, I would have glossed over it without understanding just how powerful it is.

Edge, you've really lowered the tone of this thread.

Just the other day I had a rant at people on another thread who were acting as carelessly as you. I alluded to a place I go where you'd never read such disrespectful flat minded rot. You've made a liar out of me.
The internet has loads of ways to vent your frustrations. I believe you chose the wrong one.

On a side note; hi PhAnTi mate, do you come around here often?
  • #88,432
  • Feb 9, 2011 3:06am Feb 9, 2011 3:06am
Quoting Adilius07
Is there a way to make trading profitable?
Almost 4 years of watching charts day by day , countless amount of questions , doubts , moments of resignation and small donations to the market. I am not a good student and i broke all of the J16 rules but i am close of being consistent these days.
  • #88,433
  • Feb 9, 2011 3:20am Feb 9, 2011 3:20am
Hi Guys

Re the recent critical post of Pinbar: it was a bit harsh because PB obviously puts a heck of a lot of effort in with all those posts, esp the ones on SR. However we should draw a line under it and get back to what this thread does now: learning about charts and PA!

Kal
  • #88,434
  • Feb 9, 2011 3:22am Feb 9, 2011 3:22am
Quoting edge540
You are a prolific poster pinbar and you seem to have gotten the forex jargon down pat but how does all this help you trade and make money?You seem to state the obvious with all this PBT&CA stuff but I see no real evidence that it is of any value.In my humble opinion you are dramatically over analysing everything and ultimately this hinders simple trading of PA.I frequently refer to Jim's videos and the simplicity of his method is what it's all about in my book.Just look at how he draws a PPZ, it doesn't require a degree in architecture... .
I DO have a degree in architecture and am a practicing architect too. Pin Bar along with Jarroo and others have been great mentors and critics in this field of PA forex trading. If anything, they have taught me not to enter a trade blind with their 'over analysis'. That in itself is worth something isn't it!?

I could go on but my conclusion would remain the same: Please don't stop posting PB, your thinking is truly valued.
  • #88,435
  • Feb 9, 2011 3:35am Feb 9, 2011 3:35am
Quoting Greenhaze
Almost 4 years of watching charts day by day , countless amount of questions , doubts , moments of resignation and small donations to the market. I am not a good student and i broke all of the J16 rules but i am close of being consistent these days.
Thanks for reply. Me too 5 years already. I even worked on the Stock Exchange for 1.5 years in top management. Worked for Brokerage for almost 2 years also as a head of trading department. I have never seen 1 profitable person there, no one trades their own money... and of course I'm on my own 24/7... nothing works so far..
  • #88,436
  • Feb 9, 2011 3:46am Feb 9, 2011 3:46am
Quoting Adilius07
Hi, its me again... man I am going crazy..never in my life I have not had such a hard time making a choice!!!...
Hi Adi, I hear you mate

that RR paralysis kept me out of the cable PB the other day. I KNEW (we all knew) it was going to hit its FTA. I stayed behind and wished everyone else luck on their trade, knowing they wouldn't need it. http://www.forexfactory.com/showpost...ostcount=87935

I had been through James16's very simple 'where is price going/where did price go?' and don't remember making one bad call, but when my realtime opportunity arose, I froze.

It's embarrassment like that that I learn from. I hoped my post would publicly embarrass me enough to fix my mind. I'll know if it worked the next time a bar like that arrives.

What I have learned though is

Good R:R gives you an edge over fear
Probability gives you an edge over the market
  • #88,437
  • Feb 9, 2011 3:47am Feb 9, 2011 3:47am
Quoting Adilius07
Thanks for reply. Me too 5 years already. I even worked on the Stock Exchange for 1.5 years in top management. Worked for Brokerage for almost 2 years also as a head of trading department. I have never seen 1 profitable person there, no one trades their own money... and of course I'm on my own 24/7... nothing works so far..
I think many of us have been at it for years.........it seems to be a kind of natural way! But I suppose we can take comfort from the fact that people like J16 himself and Jarroo were at it for a while before success came.

What I like about these 2 guys is that their success is based on simplicity. Maybe some of us, self included, overcomplicate/analyse things and simplicity is the answer! Just my 2 cents,

Kal
  • #88,438
  • Feb 9, 2011 4:00am Feb 9, 2011 4:00am
Quoting Ifmyante
Hi Adi, I hear you mate

that RR paralysis kept me out of the cable PB the other day. I KNEW (we all knew) it was going to hit its FTA. I stayed behind and wished everyone else luck on their trade, knowing they wouldn't need it. http://www.forexfactory.com/showpost...ostcount=87935

I had been through James16's very simple 'where is price going/where did price go?' and don't remember making one bad call, but when my realtime opportunity arose, I froze.

It's embarrassment like that that I learn from. I hoped my post would...
Hi Ifmy, thanks for reply. Where was your FTA can you clarify please?

EDIT: Oh sorry!!! I was looking at the other open tab the totally different chart lol! I got it!!!
Yes it hit its FTA, but sometimes even this kind of setups will fail, and that will happen for sure. And that will erase a some 2-3 previous winners...
  • #88,439
  • Feb 9, 2011 4:01am Feb 9, 2011 4:01am
Quoting Kalbar
I think many of us have been at it for years.........it seems to be a kind of natural way! But I suppose we can take comfort from the fact that people like J16 himself and Jarroo were at it for a while before success came.

What I like about these 2 guys is that their success is based on simplicity. Maybe some of us, self included, overcomplicate/analyse things and simplicity is the answer! Just my 2 cents,

Kal
Hey Kal, I agree for James (in regards to simplicity) but not for Jarroo's method. Do you really find Jarroo's mehod simple? I think it is the hardest one to master really...
  • #88,440
  • Feb 9, 2011 4:05am Feb 9, 2011 4:05am
Hey, Twee.

If you are going to delete my posts without even first requesting me to remove them with a valid reason, or informing me after the fact, you guys are getting to be as bad as China in the censorship area.

I think it is improper of you to do this and this is a COMPLAINT!
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