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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

  • #97,021
  • Jun 21, 2011 12:59pm Jun 21, 2011 12:59pm
Quoting supremeChaos
Excellent thermobee!
Thanks Chaos. Its amazing what a great system, discipline and execution can bring you over the long run. Before I started my $50 account I blew a $2000 one trying to catch crossing EMAs with poor money management, while trading too large. I was bitter about it for about a month, but now I realize its the best thing that couldve happened to me. It thought me what not to do and led me to this forum.
  • #97,022
  • Jun 21, 2011 1:07pm Jun 21, 2011 1:07pm
Quoting thermobee
I started with a $50 account about 2 months ago and I just surpassed the $520 mark...

Good for you, man. That's really cool. Blows your mind as an annual percentage return!
When the going gets weird, the weird turn pro.
  • #97,023
  • Jun 21, 2011 1:11pm Jun 21, 2011 1:11pm
Quoting thermobee
You guys are great support. I know I dont post much, lurking most of the time really but I have learned so much from you guys that I had to say thanks. I started with a $50 account about 2 months ago and I just surpassed the $520 mark when I closed my Eur/Usd trade on the latest pinbar. I dont like talking about money but I just wanted to show people that with discipline you can succeed in this business.

Thanks again, James16 and all the supporting pro members.
Awesome!!!
Thanks for showing!
  • #97,024
  • Jun 21, 2011 1:17pm Jun 21, 2011 1:17pm
Quoting thermobee
You guys are great support. I know I dont post much, lurking most of the time really but I have learned so much from you guys that I had to say thanks. I started with a $50 account about 2 months ago and I just surpassed the $520 mark when I closed my Eur/Usd trade on the latest pinbar. I dont like talking about money but I just wanted to show people that with discipline you can succeed in this business.

Thanks again, James16 and all the supporting pro members.
yikes.... I think you should go back and thoroughly read the first post in this thread.....
Many choose unhappiness over uncertainty.
  • #97,025
  • Jun 21, 2011 1:34pm Jun 21, 2011 1:34pm
Hi

My first post on FF, so be gentle. I am currently reading and learning through this monster of a thread. I have couple of months to finish it i guess, so don't take it against me if this question was many times answered already:

What is the main difference between minute/hour charts, and volume/tick charts? As I could gather, you guys look at 15min the shortest time frame, 4h is advised, but mostly you look daily one.

I prefer volume charts, e.g i look at CL on small as 500 volume, which would i think be equivalent of 2min charts, and up to 20,000, which is around 1h graphs. I also practiced with tick charts, but i prefer volume.
  • #97,026
  • Jun 21, 2011 1:44pm Jun 21, 2011 1:44pm
Quoting thermobee
You guys are great support. I know I dont post much, lurking most of the time really but I have learned so much from you guys that I had to say thanks. I started with a $50 account about 2 months ago and I just surpassed the $520 mark when I closed my Eur/Usd trade on the latest pinbar. I dont like talking about money but I just wanted to show people that with discipline you can succeed in this business.

Thanks again, James16 and all the supporting pro members.
That is really great to hear that you are doing so well. This all really does work.

The only thing thatI would caution is to be careful with your money management. Seems like you may be putting a bit more than 2-3% on the line. I don't want to sound negative (I am doing a bit more as well), but just be sure that you understand that with higher % risk comes much higher failure fates. Again I just want to stress that I am not doing anything more than a word of caution, and if higher risk trading is what you are seeking to do then keep rocking on my friend!
  • #97,027
  • Jun 21, 2011 2:03pm Jun 21, 2011 2:03pm
Hello to all that are on here today. Just had a quick question directed at people who play more continuation/breakout style plays with their accounts. I am looking at the GBPCHF chart right now and it is getting a bit more interesting. I have a trade plan in place for this one, but I was wondering if others were watching. If so what are your thoughts on this one?

If it does break I will be looking for it to go the the next BRN of 1.3500. As such I will place a TP of somewhere around 1.3520. I am also looking to place a stop a bit higher than I would prefer, but see the 1.3710 area as a good place. Entry would be on the break of the lowest bar at 1.3614 and I would be looking for a fairly quick move of the SL on this one.
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  • #97,028
  • Jun 21, 2011 2:43pm Jun 21, 2011 2:43pm
Quoting gungriffin
Hello to all that are on here today. Just had a quick question directed at people who play more continuation/breakout style plays with their accounts. I am looking at the GBPCHF chart right now and it is getting a bit more interesting. I have a trade plan in place for this one, but I was wondering if others were watching. If so what are your thoughts on this one?

If it does break I will be looking for it to go the the next BRN of 1.3500. As such I will place a TP of somewhere around 1.3520. I am also looking to place a stop a bit higher than...
I'm sure there are people much more qualified than me to answer this question, but if you "studied" Gann (How to profit .... commodities) and I mean studied Gann, I think you would be richly rewarded.

Just follow some of his rules.
  • #97,029
  • Jun 21, 2011 2:56pm Jun 21, 2011 2:56pm
Quoting Knight Rider
I'm sure there are people much more qualified than me to answer this question, but if you "studied" Gann (How to profit .... commodities) and I mean studied Gann, I think you would be richly rewarded.

Just follow some of his rules.
by the way....dibs (and other price actions) works well with donchian channels.

You want to be buying or selling only the strongest or weakest markets.

KR
  • #97,030
  • Jun 21, 2011 3:01pm Jun 21, 2011 3:01pm
Quoting Knight Rider
I'm sure there are people much more qualified than me to answer this question, but if you "studied" Gann (How to profit .... commodities) and I mean studied Gann, I think you would be richly rewarded.

Just follow some of his rules.

..by the way, dibs (and other types of price action) works really well with donchian channels.

As I am sure you are aware, you only want to be buying or selling the strongest or weakest markets.

KR
  • #97,031
  • Jun 21, 2011 3:02pm Jun 21, 2011 3:02pm
damn i love it when this happens to someone.

if someone can do it starting with 50 bucks then by god anyone can do it.

jim

Quoting thermobee
You guys are great support. I know I dont post much, lurking most of the time really but I have learned so much from you guys that I had to say thanks. I started with a $50 account about 2 months ago and I just surpassed the $520 mark when I closed my Eur/Usd trade on the latest pinbar. I dont like talking about money but I just wanted to show people that with discipline you can succeed in this business.

Thanks again, James16 and all the supporting pro members.
  • #97,032
  • Jun 21, 2011 3:19pm Jun 21, 2011 3:19pm
Quoting james16
damn i love it when this happens to someone.

if someone can do it starting with 50 bucks then by god anyone can do it.

jim
Thats kind of the reason why I posted it Jim. I read everything that goes on in this thread but Im not much of a poster myself. I find it hard to explain my thoughts. $50 is not a lot of money ( actually its $53.34 Ill never forget this number) and its even better when you think about how as your account grows, you grow as a trader as well. Now I know I wasnt ready to take on the pressures of having a bigger account, but with time ill get used to it.
  • #97,033
  • Jun 21, 2011 4:26pm Jun 21, 2011 4:26pm
Quoting thermobee
Thats kind of the reason why I posted it Jim. I read everything that goes on in this thread but Im not much of a poster myself. I find it hard to explain my thoughts. $50 is not a lot of money ( actually its $53.34 Ill never forget this number) and its even better when you think about how as your account grows, you grow as a trader as well. Now I know I wasnt ready to take on the pressures of having a bigger account, but with time ill get used to it.
Ha ha nicely done. That is sort of what I am doing. I am scaling into my account so as to deal with any mental issues that may arise as I go live for the first time.
  • #97,034
  • Jun 21, 2011 4:51pm Jun 21, 2011 4:51pm
Quoting thermobee
Thats kind of the reason why I posted it Jim. I read everything that goes on in this thread but Im not much of a poster myself. I find it hard to explain my thoughts. $50 is not a lot of money ( actually its $53.34 Ill never forget this number) and its even better when you think about how as your account grows, you grow as a trader as well. Now I know I wasnt ready to take on the pressures of having a bigger account, but with time ill get used to it.
maybe start reducing your risk now? my 2 cents.

at 50$, fully agree it doesn't make much sense to operate with 2% risk, but as you start to grow, maybe you should scale down the risk too.

and be careful if you plan to withdraw; at this sum, commissions are pretty relevant. And congratulations, respectable %.
  • #97,035
  • Jun 21, 2011 5:33pm Jun 21, 2011 5:33pm
Quoting Dan Gilbert
Hopped on this one last night. First trade initiated in June... S/L initially over the high of the I4B, already moved it down after price found resistance off the 8500, I'm doubting it will have the steam to get below the red trendline.
Only trade initiated this month so far.... Price got below the PPZ @8450, so I find it safe to move the S/L to break even.

Waiting for final target.
Attached Image
Many choose unhappiness over uncertainty.
  • #97,036
  • Edited 7:45pm Jun 21, 2011 7:26pm | Edited 7:45pm
Quoting Donkey
Nice chart PB...I was a little PO'd at myself for not taking that bar after it took off. I looked at it again a couple of days later and realized that was the right decision for my trading style...

Now if it had pulled all the way back to the 1.4000 BRN and the 150 ema.....
Yeah, that would make it a not so tiny PB.

I know what you mean but, as they say, there will Always be another train!
  • #97,037
  • Jun 21, 2011 7:29pm Jun 21, 2011 7:29pm
Quoting huskyboy
What do you mean by that last sentence : " It just not add up to a setup in my mind these days. It would have not so long ago".
Do you mean that pinbar isn't a valid one according to the long bearish previous bar ?
Thanks, great thread, great people in here!
I mean, exactly that.
It did not add up to a setup I would take, given my own personal criteria.
Others may take it, each has to find what they are comfortable with.

If you were in a store looking for a vase, you find there are three left on the shelves.
One has a small chip in it, another has poor design markings, the third one has no defects.
Which one are you going to buy?
  • #97,038
  • Jun 21, 2011 9:45pm Jun 21, 2011 9:45pm
Hey James16,

I love your work mate. I have read up on quite a few posts now from yours through to DANUK's posts and have just finished working through the "No Brainer Trades" .pdf.

All fantastic stuff.

I've always been great at looking at shapes and working out puzzles, so the Forex was relatively simple for me. Read a few books on trend trading the stocks and quickly moved and fell in love with the forex.

Have now gone (In a Demo MT4 acc) from making about 15-20% per month at a 10/1 ratio to now 25/30% per month and last month took a staggering 40%!
I focus completely on the EUR/USD as I find I need to master things and then move on and I also think this tends really easy and things are easy to spot for me here too.

BUT!!

The stuff you guys have spent hours on writting and offering support has tweaked my understanding and outlook when entering and also most importantly given me great insight into an exit also, which is hugely important and under-valued by many Authors and "Teachers" around I think. Just the advice to go from a 15m to 4 hour/daily improved my trading out of sight. I simply used the 15m/30m to find a good entry and/or exit.
Then there's S/R levels omg, the list goes on!

Now, I'm trying to use all that knowledge passed on by your efforts to find my own way.

Can't thank you guys enough, really well done. Hopefully I can do the same down the track.

Matt
  • #97,039
  • Jun 21, 2011 10:17pm Jun 21, 2011 10:17pm
Quoting gungriffin
Hello to all that are on here today. Just had a quick question directed at people who play more continuation/breakout style plays with their accounts. I am looking at the GBPCHF chart right now and it is getting a bit more interesting. I have a trade plan in place for this one, but I was wondering if others were watching. If so what are your thoughts on this one?
Hi, I have seen that, too, but I would not feel too comfortable at selling at a BRN (1.36). Isn't it better to place a sell stop at 1.3590 or wait for a breakout and a retest of 1.3600? I am new here, so maybe I am wrong.... Also looking at the monthly chart price is at an all time low, which means it has never been this low since 1990 (if you ignore that strange huge pin bar)! Also watch out for MACD divergence (price ranging, MACD going up), more evident on 4H chart....Hope it helps. Thanks for posting your chart. Cheers. Matt
  • #97,040
  • Jun 21, 2011 11:51pm Jun 21, 2011 11:51pm
Quoting Dan Gilbert
Only trade initiated this month so far.... Price got below the PPZ @8450, so I find it safe to move the S/L to break even.

Waiting for final target.
That was a clever trade. Respect.
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