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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

  • #93,201
  • Apr 7, 2011 6:14pm Apr 7, 2011 6:14pm
amen brother.

lol

Quoting Ifmyante
Let that chart be the cover of the book 'How to Trade'
  • #93,202
  • Apr 7, 2011 6:24pm Apr 7, 2011 6:24pm
Cant ever remember posting something from the pf here but this was just too good.

this is from a trader in our member journal forum. he stays anonymous unless he chooses otherwise.

Do you have to join the pf to achieve this? no you dont. simple as that.

many of you that are not members will appreciate this exchange.

first up is his post and then mine.

-----------------------------------------------------------------------

So March update – a little late as I have been waiting for my last March trade to close out.

SO high level

Jan 8R
Feb 5.5R
March 7.9R

Q1 21.4R,

Q1 Av per month 7.1R – not bad – room for improvement.

March
What a game of 2 halves March was !!! Although my trading went to the undesirable pattern of losses in the first 2 weeks, recovery in the 2nd 2 and I was expecting this my losses in the first half were enough to make me want to cry. This trading lark requires such self discipline and control. I’m sure I’ve read somewhere that the trading part is easy – it’s the psychology that’s the hard part – this month certainly put that to the test.

I seriously need to address the repeating pattern of lose first half / gain 2nd half.. a week into this month and I have a BIG grin across my face – through simply being more diligent, more picky I have stayed out of trades that with hindsight were all losers, these I would have taken previously and have been weeping into my bowl presently. (a review of trades to date saw too many post analysis comments such as “sideways market”, “not at a swing point”, “small bar” etc) lets not get ahead of myself here a week a career does not make BUT I’ve identified a problem and am taking steps to address it so that make me happy (not as happy as coming out BE or better this month !!)

So here’s my issue with this months trading
23/3/11 gbpcad short – this move down to the 1.54 netted me 11.2R
28/3/11 aud/jpy long - 7.5R
29/3/11 nzd/jpy long - 9 R

27.7R from 3 trades and yet I ONLY posted a 7.9R return for the month (note all these were in the latter half of the month !!!) to me this is shocking reading (as in BAD).

As each profitable month goes by ( I think this is 5 on the trot) I can’t help feeling consistent profitability is on the horizon;. HOWEVER with each profitable month, in my minds eye, the probability of my inevitable loosing month looms larger.

Mike – as always my thanks – I simply would not be here (and as far as I am concerned ‘here’ is a good place) without you

Oh and I was privileged enough to talk to Jim last week, he does exist, his time is limited – everyone wants a piece of him http://www.james16group.us/forums/im...lies/smile.png
Jim – thanks for taking the time.

----------------------------------------------------------------------

my response -

lets be honest.

5 to 7 percent a month is EVERYONES dream. Heck 2 or 3 percent if handled correctly can change your life very quickly. if it can be sustained then "those dreams" that get us into this business are very much possible. One of the things im most proud of is the number of people that reach this point but i have to say the following and its for you to think about and anyone else that reads this.

Most people overtrade and that usually includes those of you that are doing this well or even better.

The inevitable tough month or two comes along and destroys the gains and more importantly the confidence and its almost always due to overtrading both as a cause to begin with and as a "remedie" in trying to recover. read that over and over and over. that comes from personal experience.

the way to keep this evil out of your trading is simply to refine refine refine until your trades are virtual "locks" as far as being at the worst breakeven. THIS "ABILITY" IS EARNED AND NOT GIVEN and can often be a multi year journey. in my case it was 8.

usually this will mean 3 to 5 trades a month OR LESS from my personal experience.

food for thought and to say that your doing great would be an understatement.

your doing better than 99 percent of anyone that ever attempts this. your job is to sustain it thru common sense, hard work and a brute force refusal to fall into the traps that you know await you from a psychological standpoint.

jim
  • #93,203
  • Edited 8:09pm Apr 7, 2011 6:28pm | Edited 8:09pm
Hey guys...i know most dont know me here but i have a thread and i use PA but i look at PA with HA to confirm that the setup was vaild. Yes it gets me in alil later but it is confirmed. I am posting this indicator here in case anyone is new and they are still new to PA..i think it will help alot of newbies see PA better or atleast learn PA...if a DBHLC, DBLHC,break of a pinbar...etc happens the candle will show it on close and it has a sound/popup alert

What the indicator does is draws regular candles but it colors them the color that an Heiken Ashi candle would be so it combines the best of both candles..Please let me know if this helps anyone, If the thread starter wishes me to delete my post and the indicator please just PM me and let me know and i will do so.

** the indicator does redraw candles in the past about a day later, but the current candles are correct when forming and closed. You can see in the picture i have attached where it is circled before i adjusted the indicator for the next day**

Thanks
Dredding82
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Attached File(s)
File Type: mq4 #OHLC - HA.mq4   4 KB | 719 downloads
  • #93,204
  • Apr 7, 2011 6:54pm Apr 7, 2011 6:54pm
im glad to see this worked out. both of you are great for this thread.

im a mod/admin but i never use it so i cant really speak to that but i can tell you this.

FF WAS SCREWING UP REAL BAD A WHILE BACK. it happened years ago also. what happened is the line between showing numbers to adverisers and the money it generates began the slide of allowing people to be here that were so nasty that it was actually driving people away.

I THINK THEY WERE SHOCKED INTO REALITY. i screamed about it in 05/06 and Merlin fixed it and i screamed about it last year along with many many others.

I think this has caused the pendulum to swing back too far which is just human nature.

It is not hard to be misconstrued or interpreted right now and find yourself banned.

My personality lends itself to "getting in trouble" but my tenure saves me. lol.

If any of you ever find yourself in that situation just let me know and i can usually get someone at least one "get out of jail" free card.

if i cant i know mike can.

twee likes mike a lot more than me. ive stirred the pot with twee once too many times i think.



jim





Quoting Adilius07
Ahh you mean my reaction to this nice post by XXX

Originally Posted by XXX
[i]-Show some respect to senior members and you might learn a thing or two. I am not looking for e-stalkers like you if you want to get a friend get a dog. For that silly boy I don't know perhaps I would break one of your legs if not two. Talk is cheap these days and we are here to make money. Anyway I see you have anger problems kid so better back da fuck up before you get smacked da fuck up. All these years I had no peeps in my ignore list so your the first...
  • #93,205
  • Apr 7, 2011 7:08pm Apr 7, 2011 7:08pm
Quoting james16
im glad to see this worked out. both of you are great for this thread.

im a mod/admin but i never use it so i cant really speak to that but i can tell you this.

FF WAS SCREWING UP REAL BAD A WHILE BACK. it happened years ago also. what happened is the line between showing numbers to adverisers and the money it generates began the slide of allowing people to be here that were so nasty that it was actually driving people away.

I THINK THEY WERE SHOCKED INTO REALITY. i screamed about it in 05/06 and Merlin fixed it and i screamed about...
I have been to other threads on FF and there are some real fights break out. Stupid stand offs and that is the problem. People can be very nasty over the internet, far worse than they would ever be face-to-face. Misunderstandings can so easily arise and then neither side are man (or woman) enough to admit they got it wrong.

The good thing about this thread is, this happens much less frequently than on other threads where there is no help each other family spirit. It is knock the other guy down and kick the Hell out of him. There are some threads that simply exist to denigrate J16 or others I won't mention. I wonder what drives these people, it certainly isn't a desire to learn how to trade more effectively.

There are sad cases everywhere I suppose.
  • #93,206
  • Apr 7, 2011 7:11pm Apr 7, 2011 7:11pm
Quoting six gun

The good thing about this thread is, this happens much less frequently than on other threads where there is no help each other family spirit.

We are damn lucky it was set from day one by James himself

It's like no other environment I know of
  • #93,207
  • Apr 7, 2011 7:32pm Apr 7, 2011 7:32pm
I would like to get some feedback from the seniors regarding how to handle news releases as it relates to trading the daily charts only. As background, I can only trade from 8pm to 11pm EST-New York (I can modify my stop losses at around 7am EST but can't access my platform until 8pm). So I trade only the daily charts with this schedule in mind.


I find myself triggering my trades with great set-ups only to have price go against me as I sleep due to a news event. So what’s a good approach. For example:

 

  1. Should I never enter before major news releases? It seems that since A+ set-ups don’t come around that often taking this approach would drastically decrease the A+ set-ups.
  2. Should I follow the philosophy that a great set-up is a great set-up and ignore news releases entirely?
  3. Or should I combine an A+ set-up with the upcoming news release? In other words if the A+ set-up is long and I think the news will support a long entry then I will trigger.

Have their been previous posts about this? Anything in the pf? Need advice.

PS. Keep posting everyone!

  • #93,208
  • Apr 7, 2011 7:40pm Apr 7, 2011 7:40pm
this is what drives those people.

there are many websites that follow this material. this is just one.

buy power vs force and then all his books.

ive been on this inner path since i was a kid but this guy changed my life forever.

http://celestinechua.com/blog/map-of-consciousness/

Quoting six gun
I have been to other threads on FF and there are some real fights break out. Stupid stand offs and that is the problem. People can be very nasty over the internet, far worse than they would ever be face-to-face. Misunderstandings can so easily arise and then neither side are man (or woman) enough to admit they got it wrong.

The good thing about this thread is, this happens much less frequently than on other threads where there is no help each other family spirit. It is knock the other guy down and kick the Hell out of him. There are some threads...
  • #93,209
  • Apr 7, 2011 7:50pm Apr 7, 2011 7:50pm
I'm short on USD_CHF... After the daily close.
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How bad do you want it? That's the attitude!
  • #93,210
  • Edited 9:20pm Apr 7, 2011 8:06pm | Edited 9:20pm
Quoting Adilius07
Ahh you mean my reaction to this nice post by XXX

I was painfully thinking who could that be maybe Pinbar, as we are many times have conversations and discussion.....
How did I manage to get in on this while being in bed, asleep. LOL

Must be those Pinbar vibes working overtime.

Seriously though Adi, I think your suggestion about working on WIPG, is the way to go. Same medicine for me and at this very moment, I was doing this in the simulator software as I read this.

I know exactly how you feel, one moment we seem to be able to get it down and then the doubt creeps in. This is why the demo experience J16 & others talk about is so valuable.

I just took a look at the chart Mike posted and it appears to me it is pure WIPG-WDPG. This is the big guys gift to us all, and what a great one it is.

A big hug for ADI, GH & SC...that is what we need, more hugs.

PS: After pulling all my PC parts out of the desktop pc before evacuating Japan, yesterday I bought a case, 400w power supply, speakers, keyboard, mouse, camera and a 23 inch wide 2cm thick Samsung LED monitor all brand new for less than $150 US. The monitor alone would have cost me twice that in Japan. Had to have a friend go with me and look inside the monitor though to make sure it was not a fake.

I must say these LED monitors are great for your eyes compared to the LCD type monitors.
I can even handle a black charts with this one, which I couldn't with the old one.
  • #93,211
  • Apr 7, 2011 9:36pm Apr 7, 2011 9:36pm
Any thoughts on the EurCad, seems to have some confluence with the 3700, maybe bouncing on the trendline and I don't have it on the chart at the moment but it is also kind of sitting right above the 23 fib also. I am thinking a potential entry at roughly 3800 with fta about 3850. I would particularly like concerns about it. and yes I am only demoing
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  • #93,212
  • Apr 7, 2011 11:17pm Apr 7, 2011 11:17pm
Quoting dfred
Any thoughts on the EurCad, seems to have some confluence with the 3700, maybe bouncing on the trendline and I don't have it on the chart at the moment but it is also kind of sitting right above the 23 fib also. I am thinking a potential entry at roughly 3800 with fta about 3850. I would particularly like concerns about it. and yes I am only demoing
Hi,

Can't understand why you are talking about a potential entry at any price.
We wait for a price action setup to show us an entry not just taking a blind entry. Unless it is a breakout and pullback blind entry at a former resistance or support area.
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  • #93,213
  • Edited Apr 8, 2011 4:15am Apr 7, 2011 11:25pm | Edited Apr 8, 2011 4:15am
only the shapes look better,would hav been better if the wick was long a bit more..89.00 not really looking a PPZ..so passed it..just my thoughts

EDIT:88.00 looks better than 89.00
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  • #93,214
  • Apr 8, 2011 12:26am Apr 8, 2011 12:26am
Quoting aserbfx
anyone considering this inverted pinbar on d1 nzd/usd?
i have no big experience about ibp, so would love to read your thoughts...
i am happy to say that i prefered to go to bed instead of taking this trade.
**************

take a look at copper.
break of the triangle. no setup so far (or only for the brave). wait for a break of the 450 usd. daily close above 450 should do the trick.
opinions -as always- appreciated.
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meine augen sind die sterne
  • #93,215
  • Apr 8, 2011 12:29am Apr 8, 2011 12:29am
Quoting Pinbar
...
PS: After pulling all my PC parts out of the desktop pc before evacuating Japan, yesterday I bought a case, 400w power supply, speakers, keyboard, mouse, camera and a 23 inch wide 2cm thick Samsung LED monitor all brand new for less than $150 US. The monitor alone would have cost me twice that in Japan. Had to have a friend go with me and look inside the monitor though to make sure it was not a fake.....
oh wow, a cheap 22" lcd monitor here cost me $160+.

wow. manufacture locally, buy locally, get BIG savings. that's 1 of the great perks in/of China
  • #93,216
  • Apr 8, 2011 12:33am Apr 8, 2011 12:33am
Quoting mbqb11
Hey BC

You are not too far off. My chart explains your area is actually the 7200 mark for meand in the short term is the most important area leading into the trade FOR ME.
Yes 7200 looks good,but i still dont understand why 7275 is of no concern to you as potential trouble area.I always have problem with very near PPZ-make me missed a lot of trades.But the ones that i took more often resulted in losses.Please advise.Thank you
  • #93,217
  • Apr 8, 2011 12:40am Apr 8, 2011 12:40am
Possible stop hunt above 1.6405.
Let's watch if a quick range breakout happens.
Have a nice day everyone.
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  • #93,218
  • Apr 8, 2011 1:00am Apr 8, 2011 1:00am
Quoting Be Cool
Yes 7200 looks good,but i still dont understand why 7275 is of no concern to you as potential trouble area.I always have problem with very near PPZ-make me missed a lot of trades.But the ones that i took more often resulted in losses.Please advise.Thank you
Hey BC

To me it is simply understanding the shorterm term situation at hand. The most logical level to be aware of is 7200 round number. Trying to nit pick it to 7225 or something b/c of a few past highs and lows is being a bit to picky. We want to understand the areas we are at in the larger term(your PPZ) and then hone it into the shorter term to get a better feel(the round number, or seeing the two bar high and realizing an entry above that should give us a solid move higher and if not watch 7200 for clues to cut out). I think you might just be being to rigid here '

Best
Mike
  • #93,219
  • Apr 8, 2011 1:10am Apr 8, 2011 1:10am
Quoting supremeChaos
oh wow, a cheap 22" lcd monitor here cost me $160+.

wow. manufacture locally, buy locally, get BIG savings. that's 1 of the great perks in/of China
Yeah SC...Without my friend I would have been burned with a fake copy of this monitor.
My previous monitor was 22 and I was going to get a 27 but my friend reckons they are not so good for your eyes, sitting up close.

I must say, even 23 seems great compared to the old 22 I had but this LED monitor is really good on the eyes.
I recommend anyone with not so good eyes to try an LED over of the LCD.

8 frames that are reasonably sized and easy to see PA on.
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  • #93,220
  • Apr 8, 2011 1:11am Apr 8, 2011 1:11am
Quoting james16
this is what drives those people.
....
http://celestinechua.com/blog/map-of-consciousness/
thanks for the link, Sir!

Quoting Dredding82
Hey guys...i know most dont know me here but i have a thread and i use PA but i look at PA with HA to confirm that the setup was vaild.....
Hello Dredding82,
i think that indicator does a calculation similar to/based on HA... since the candles look different(colored green&red).
sound/pop up alert is beneficial.

maybe u can try this next time:
use a raw candlestick or bar chart (side by side with a chart with that indicator, if u want)
use any indicator u want but one that doesnt obstruct the view of the candles/bars.
if u trade PA, it is best for a trader to clearly see the candles/bars. HA is a derivative of price, so u are just duplicating info which is already on your charts.

u have to avoid minimize (indicator) sychophancy & information overload when analyzing charts.

hope this helps

Quoting Reset_JL
I would like to get some feedback from the seniors regarding how to handle news releases as it relates to trading the daily charts only....I find myself triggering my trades with great set-ups only to have price go against me as I sleep due to a news event. So what’s a good approach. For example:

 

  1. Should I never....
  2. Should I follow the philosophy that a great set-up is a great set-up and ignore news releases entirely?
  3. Or should I combine an A+ set-up with the upcoming news release?

hello Reset_JL,
not a senior, but i think u have a very restricted trading schedule, which is in a way, unfortunate.

can u not find other time period to trade? or at least look at charts for a few minutes?
if u need to take a nap, or wake up at a certain time, do it.
use a mobile phone or laptop, etc to go peek at your trades &/or potential setups.
IMHO, best times are 2am-10am EST (+/- 1-2hours)

all your 3 bullet points mentioned above have merits, IMHO. u have to find a balance, something that suits YOU well.
1 more thing u can do is get more picky with the trades that u take. usually very good setups dont get bothered &/or do piggypack on news releases (whether u are aware of these news or not).

hope this helps

Quoting AvanishDemo
only the shapes look better,would hav been better if the wick was long a bit more..89.00 not really looking a PPZ..so passed it..just my thoughts
hahah. uptrend won in this case.
not surprising at all
Quoting aserbfx
i am happy to say that i prefered to go to bed instead of taking this trade.
*************ake a look at copper.
break of the triangle. no setup so far (or only for the brave). wait for a break of the 450 usd. daily close above 450 should do the trick.
opinions -as always- appreciated.

sleep is good
yeah, only for the brave. i think there's a good chance 450 will get broken (as oppose to stall). let's see
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