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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

  • #88,481
  • Feb 9, 2011 8:38am Feb 9, 2011 8:38am
Quoting Kalbar
Mike

Spot on - have posted on this 3 times today. The best traders on here like J16, Jarroo and yourself all have one thing in common - simplicity!
It is what I am striving for but as you say it takes time. There is so much 'noise' to listen to that it takes a while to realise that simple is best.

I believe that anyone can succeeed at this if they apply simplicity and consistency.........but easier said than done of course!

Kal

For sure Kal. One does still have to go through it(at least most do, cause we have to untrain so much bad habits too). Part of the learning curve. Even now I am still learning and trying to be better. The funny thing is every year I just keep saying , be more picky, be more picky. Seems to help a lot

Best
Mike
  • #88,482
  • Feb 9, 2011 8:44am Feb 9, 2011 8:44am
Quoting mbqb11
For sure Kal. One does still have to go through it(at least most do, cause we have to untrain so much bad habits too). Part of the learning curve. Even now I am still learning and trying to be better. The funny thing is every year I just keep saying , be more picky, be more picky. Seems to help a lot
...
ok let me try that. word for the day for me:
get... picky picky picky picky picky picky picky picky
stay... picky picky picky picky picky picky picky picky

until the subconscious mind imbibes it..
  • #88,483
  • Feb 9, 2011 8:47am Feb 9, 2011 8:47am
Quoting mbqb11
For sure Kal. One does still have to go through it(at least most do, cause we have to untrain so much bad habits too). Part of the learning curve. Even now I am still learning and trying to be better. The funny thing is every year I just keep saying , be more picky, be more picky. Seems to help a lot

Best
Mike

Mike

Your advice and wisdom on trading is much appreciated by all of us here I am sure. This learner for one wishes that you would write a book on trading as you (and I must also say Jarroo) are very good at teaching the subject to us guys!

Kal
  • #88,484
  • Feb 9, 2011 8:48am Feb 9, 2011 8:48am
Quoting supremeChaos
ok let me try that. word for the day for me:
get... picky picky picky picky picky picky picky picky
stay... picky picky picky picky picky picky picky picky

until the subconscious mind imbibes it..
I think it will take my entire life to always be picky. I have had only one losing trade( little under half bar) this entire year. Of course the one trade was one I pushed it on, over thought, and broke a few rules. This gave me a little slap on the wrist. Of course no matter how picky losers will happen, but when you know you should have done a few things better you learn, but also say, dang why did i do that again LOL

Best
Mike
  • #88,485
  • Feb 9, 2011 8:53am Feb 9, 2011 8:53am
Quoting bluetrader
Hey Poncho, what's up.

Yes, the double bottom was my trigger.

-- Danny
Thanks Danny, nice job and I'll watch for those more often.
" I can read the left side of the chart, the right side's a Bitch!
  • #88,486
  • Feb 9, 2011 8:58am Feb 9, 2011 8:58am
Quoting mbqb11
I think it will take my entire life to always be picky. I have had only one losing trade( little under half bar) this entire year. Of course the one trade was one I pushed it on, over thought, and broke a few rules. This gave me a little slap on the wrist. Of course no matter how picky losers will happen, but when you know you should have done a few things better you learn, but also say, dang why did i do that again LOL

Best
Mike
I think Van Tharp speaks about "trader efficiency" where he measures success by how much a trader minimizes mistakes.

As newbies we tend to make many mistakes and make profitable methods unprofitable. As Mike says, we start minimizing mistakes little by little and if we stick with a single method, we turn profitable. In most cases this takes years.

Then after years, we still make mistakes but professionals like Mike don't beat themselves up like newbies do. It's no surprise this business is tough.

-- Danny
  • #88,487
  • Feb 9, 2011 8:58am Feb 9, 2011 8:58am
Quoting mbqb11
Hey Adi

I think you should just simply check multiple types of exits for an entire year. On demo with all your trades in a spreadsheet. After one year take a look at that data, it will be real data you tracked yourself, and proven to yourself. Then work off that. Don't just think about what you want to do, start doing it and prove it one way or the other. You shouldn't take anyone's word for it, but prove to yourself what will work for you

Take care
Mike
Thank you Mike. Yes the only way is to try all kinds of approaches. I think too now. I will do my backtests and demo with this.
Thanks!
  • #88,488
  • Feb 9, 2011 10:14am Feb 9, 2011 10:14am
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 also think...
Yes, Jim's charts are easier to read. But his posts are done mainly after a setup has occured and either won or loss. The only marking of the chart is basically to show why price acted the way it did.


Pb's charts are pre-setup. There are many factors that can influence price. I think Pb gives a great effort in laying out what areas can cause trouble. He's kept a newbie like myself out of trouble many times.
  • #88,489
  • Feb 9, 2011 10:19am Feb 9, 2011 10:19am
Lessons learned so far!
----------------------

Dont be greedy with the market

Dont fear the market

Stick to the rules

Manage the trade in the time-frame it was taken

Analyse the trade before putting it on - NOT AFTER! Analysis done before putting the trade are far more likely to be accurate than one done after putting the trade on.

Don’t be happy after win and don't be sad after a loss. If you feel either stop trading...

Only trade when there is a setup, not because you have lost money or you are bored!

Protect your capital above anything else! It’s your lifeline in this business

Follow the path of least resistance.

Learn to cut your losses first and than learn to ride your profits..
Trading is a test match not a Twenty20.
  • #88,490
  • Feb 9, 2011 10:26am Feb 9, 2011 10:26am
Quoting decentchap
Lessons learned so far!
----------------------

Dont be greedy with the market

Dont fear the market

Stick to the rules

Manage the trade in the time-frame it was taken

Analyse the trade before putting it on - NOT AFTER! Analysis done before putting the trade are far more likely to be accurate than one done after putting the trade on.

Don’t be happy after win and don't be sad after a loss. If you feel either stop trading...

Only trade when there is a setup, not because you have lost money or you are bored!

Protect your capital above anything...
i like that.
and also like to put a quote from billyrayvalentine (ff-member, no brainer trades-thread) here: "only take the A-setups, and in the meantime do nothing".
meine augen sind die sterne
  • #88,491
  • Feb 9, 2011 10:36am Feb 9, 2011 10:36am
Quoting aserbfx
i like that.
and also like to put a quote from billyrayvalentine (ff-member, no brainer trades-thread) here: "only take the A-setups, and in the meantime do nothing".
definitely worth noting.. I am prone to finding setups rather than waiting for them if you know what i mean
Trading is a test match not a Twenty20.
  • #88,492
  • Feb 9, 2011 10:46am Feb 9, 2011 10:46am
Quoting Adilius07
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...
Both are the same really. Its just about finding good PA in a great location. Jarroo trys to teach how to find those locations and be ready for PA to show itself. Example VBRN.

Before I joined this website I frequented another that stressed the importance of S/R levels too. For the life of me I couldn't figure it out. I could see the areas but had no idea how to trade them. Will it break will it hold?
When I came here PPZs made more sense. Some times its just the difference in the explination that helps. When it came to figuring out how S/R levels work I like to think of it like this. Think of price as a ball, and an S/R level as a bathtub. Now when you bounce the ball off the tub it will bounce away. The farther you are from the tub the better chances it has to bounce far away. The closer you are to the tub before you drop the ball the more likely it is to have smaller bounces (consolidation) and fall through the drain hole. Yes, some large bounces do go right through the hole as well.

Point is, recognizing PPZs will help you with trade management and R:R.
Jim and Jarroo are trying to show which way price may go and to where. Its up to all of us how we decide to trade. I'm still trying to figure my style out as well.
  • #88,493
  • Feb 9, 2011 11:02am Feb 9, 2011 11:02am
Quoting spookie94
Both are the same really....
Hi Spookie, thanks for the nice example.
Got you point!
  • #88,494
  • Feb 9, 2011 11:05am Feb 9, 2011 11:05am
Quoting stewrigh
Thanks for the replies folks

I got in anyway - I'll post a chart later explaining why.
This is what I was looking at earlier and to cap it all there were some really bad no's out for UK this morning.

BTW - does anyone know why pound spiked up earlier?

Yeah I know it's not an A* but worth the RR I think.

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  • #88,495
  • Feb 9, 2011 12:11pm Feb 9, 2011 12:11pm
Quoting Adilius07
Hi Spookie, thanks for the nice example.
Got you point!
Adilius, in reference to your R:R. What has helped me is mastering my entries. If you see a nice pin on the 4h developing, go down an hr and see whats going on, if no PA, go down to 30min charts, if PA there, then go down to 15min charts. Play around with Fibonacci and find out where price is likely to bounce. This has helped me get the BEST entries and the only time I'm in the red is to cover the spread. As James said, PA is good at any TF, if you have confluencing PA at 4h and lower timeframes, the probability of price going your way sky rockets!
  • #88,496
  • Feb 9, 2011 12:14pm Feb 9, 2011 12:14pm
Quoting decentchap
definitely worth noting.. I am prone to finding setups rather than waiting for them if you know what i mean
I think you misunderstood that quote. I notice that a lot of forum members draw conclusions a little to quickly without further digesting. BRV deserved all the respect he got and his articles are always a good read. In this case doing nothing means simply sitting on your hands when nothing on the charts is screaming at you.
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  • #88,497
  • Feb 9, 2011 12:47pm Feb 9, 2011 12:47pm
I'm harping on about this again!

The situation would be screaming 'SHORT' at me had price touched the 50% exactly.
We have a PB on the H1 which hasn't triggered yet.
A PB on the H4 wouldn't be too convincing a bar, but surely the trading world sees the possibility and should make it a probability.

Any comments?
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  • #88,498
  • Feb 9, 2011 12:49pm Feb 9, 2011 12:49pm
Quoting Ifmyante
I'm harping on about this again!

The situation would be screaming 'SHORT' at me had price touched the 50% exactly.
We have a PB on the H1 which hasn't triggered yet.
A PB on the H4 wouldn't be too convincing a bar, but surely the trading world sees the possibility and should make it a probability.

Any comments?
any more confluence besides 50%?

no VBRN, price is heading right to 1.35 if you short it.
Many choose unhappiness over uncertainty.
  • #88,499
  • Feb 9, 2011 12:52pm Feb 9, 2011 12:52pm
Here's confluence.
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Many choose unhappiness over uncertainty.
  • #88,500
  • Feb 9, 2011 12:53pm Feb 9, 2011 12:53pm
Quoting Ifmyante
I'm harping on about this again!

The situation would be screaming 'SHORT' at me had price touched the 50% exactly.
We have a PB on the H1 which hasn't triggered yet.
A PB on the H4 wouldn't be too convincing a bar, but surely the trading world sees the possibility and should make it a probability.

Any comments?
Problem I have with this is I am long EU so can't really short this.

Don't understand the Euro strength but ATM it is very strong so I'm relucant to go short..
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