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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

  • #98,321
  • Jul 13, 2011 4:37am Jul 13, 2011 4:37am
Quoting james16
not really a beginner trade but the reality is its an easy thing to learn.

stack the odds in your favor, pull the trigger and be prepared to take some profit and move your stop to breakeven when you know its time.

could someone hang on here and wait for a bigger move? sure they could but since i know there are more coming and a "runner" will eventually happen my personal thought process is to refuse to lose.

This could still be a runner with my remaining position but one thing is certain.

i cant lose. ive removed that possibility.
A classic class of BE, another fishing skill.
----------------------------- Discipline makes the difference.
  • #98,322
  • Jul 13, 2011 4:47am Jul 13, 2011 4:47am
Quoting james16
not really a beginner trade but the reality is its an easy thing to learn.

stack the odds in your favor, pull the trigger and be prepared to take some profit and move your stop to breakeven when you know its time.

could someone hang on here and wait for a bigger move? sure they could but since i know there are more coming and a "runner" will eventually happen my personal thought process is to refuse to lose.

This could still be a runner with my remaining position but one thing is certain.

i cant lose. ive removed that possibility.
You know the more I looked at this trade, the more I liked it.

I think this was a very clever trade.

Thank you for explaining the fact that the pin bar closed above 1.39 - an important factor in your trade physchology I think. That and the size of the bar and the support.

I'm trading too much. I know this, but as I mentioned before, I take longer term trades, medium and shorter timescales. These shorter ones are the hardest to trade, unless you have perfect skills.

I'm not there yet with these methods.

KR
  • #98,323
  • Jul 13, 2011 5:03am Jul 13, 2011 5:03am
Quoting Donkey
Hey KR. Thought I might try to weigh in...I'm no teacher and no Sr either.....

I think the point most are trying to make is that you have to define your own A+ setup - it usually consist of location, bar (pin, IB, outside, whatever), and factors of confluence you're comfortable with (Round numbers, divergence, ppz's, moving averages). I definitely don't think anyone was trying to question your work ethic at all.

One think that jumps out quickly to me is that you are correct - many people have taken the J16 basics and adapted to their own style...
No, don't apologise Donkey, I am grateful for your genuine imput.

Thanks Donkey (and others).

Perhaps, you are all right. I need to go through everything again. I'm probably jumping a number of steps.

Bloody hell!
  • #98,324
  • Jul 13, 2011 9:19am Jul 13, 2011 9:19am
Quoting 5.25
Theres too much for things to go wrong in a short space of time imho. Pass.

Silver on the other hand...?


dont know about you guys but i am still having problems managing too many pairs. I am jumping from one to another chart without any guidance in it, i try but every day its the same and as a result i miss opportunity's. Any suggestions ? Thanks (looking at 2 screens)
  • #98,325
  • Jul 13, 2011 9:22am Jul 13, 2011 9:22am
Quoting huskyboy


dont know about you guys but i am still having problems managing too many pairs. I am jumping from one to another chart without any guidance in it, i try but every day its the same and as a result i miss opportunity's. Any suggestions ? Thanks (looking at 2 screens)
Do you have a watch list? I like to update mine on the weekend when going over weekly charts then during the week I look mainly at the levels and pairs that are on my list.

KInd of like waiting for setups to form at certain areas instead of spotting bars and then 'looking for confluence'.
Anything can happen.
  • #98,326
  • Jul 13, 2011 9:38am Jul 13, 2011 9:38am
Quoting Greenhaze
Who's in the GU pb?
That worked out very well...out on the sunday gap close. Now lets break this weekly beob on usdcad.
  • #98,327
  • Jul 13, 2011 9:41am Jul 13, 2011 9:41am
Quoting Greenhaze
That worked out very well...out on the sunday gap close. Now lets break this weekly beob on usdcad.
im in on cable long and also in on usdcad short from both pinbars

looking nice and sweet now
  • #98,328
  • Jul 13, 2011 10:00am Jul 13, 2011 10:00am
I am relatively new to trading (about a year) and I find it very easy to motivate myself, learn more and just in general educate myself when things are going great with my trades. The exact opposite is true when trades are not going my way and I have trouble even looking at charts. Can anyone recommend a thread or perhaps a book that deals with the psychology of trading and how I can become a little better at not letting the trades affect me? It would be greatly appreciated.
  • #98,329
  • Jul 13, 2011 10:03am Jul 13, 2011 10:03am
Quoting deankenny21
im in on cable long and also in on usdcad short from both pinbars

looking nice and sweet now
Nice and sweet it is. Statistically one could short dollar on every Bernanke speach and be in nice profit.
  • #98,330
  • Jul 13, 2011 10:19am Jul 13, 2011 10:19am
Quoting Greenhaze
That worked out very well...out on the sunday gap close. Now lets break this weekly beob on usdcad.
Nice I justified an entry on eurusd based on the Sunday Gap. Not the best looking PB but other factors made it a legitimate trade in my book.

Stayed out of gbpusd, short on usdcad (as you posted).
  • #98,331
  • Jul 13, 2011 10:27am Jul 13, 2011 10:27am
Hey Jim,

why did you enter before the break?

Quoting james16
not really a beginner trade but the reality is its an easy thing to learn.

stack the odds in your favor, pull the trigger and be prepared to take some profit and move your stop to breakeven when you know its time.

could someone hang on here and wait for a bigger move? sure they could but since i know there are more coming and a "runner" will eventually happen my personal thought process is to refuse to lose.

This could still be a runner with my remaining position but one thing is certain.

i cant lose. ive removed that possibility.
  • #98,332
  • Jul 13, 2011 10:27am Jul 13, 2011 10:27am
Quoting james16
not really a beginner trade but the reality is its an easy thing to learn.

stack the odds in your favor, pull the trigger and be prepared to take some profit and move your stop to breakeven when you know its time.

could someone hang on here and wait for a bigger move? sure they could but since i know there are more coming and a "runner" will eventually happen my personal thought process is to refuse to lose.

This could still be a runner with my remaining position but one thing is certain.

i cant lose. ive removed that possibility.
wow this made my day. i had the same trade except in the pound futures. i only had one contract so all profit was taken at the 365ema. glad to see you back here with charts again!
  • #98,333
  • Jul 13, 2011 10:28am Jul 13, 2011 10:28am
Quoting james16
not really a beginner trade but the reality is its an easy thing to learn.

stack the odds in your favor, pull the trigger and be prepared to take some profit and move your stop to breakeven when you know its time.

could someone hang on here and wait for a bigger move? sure they could but since i know there are more coming and a "runner" will eventually happen my personal thought process is to refuse to lose.

This could still be a runner with my remaining position but one thing is certain.

i cant lose. ive removed that possibility.
What made you enter there instead of at the break of the bar? And why did you place your stop loss there?
  • #98,334
  • Jul 13, 2011 10:28am Jul 13, 2011 10:28am
Hi guys, I am a long time follower of this thread, but seldom post.

But after reading Adillius recent post about articles by Austin Passamonte really raise some questions, particularly this following statement:

"You cannot and absolutely will not create lasting, sustained success from a core foundation where average losses in relative $ size exceed average wins. You cannot sustain a win rate of +70%, +80% or +90% of your trades over a long period of time. It is a statistical impossibility that no one has ever accomplished, and no one ever will."

I was wondering how true is the above statement and how does it relates to what we are learning here? Perhaps there are seniors here who have been trading long enough (based on the material in this thread) could
comment about the statement? Or perhaps James himself could shed some lights, since I assume he has been trading for 20+ years now?

I am really concern about this topic since this is exactly how I build my own system (high win rate, with no regards to R:R). Really appreciate for some comments here.
Thanks

P.S: On another topic, does anyone has a record how well does the PA works during NFP day?
  • #98,335
  • Jul 13, 2011 10:54am Jul 13, 2011 10:54am
Quoting Maverick69
What made you enter there instead of at the break of the bar? And why did you place your stop loss there?
yes im wondering too, because i entered at around 5950, when a clear brok of previous day high had occured, we look forward to your reply Jim
  • #98,336
  • Jul 13, 2011 10:57am Jul 13, 2011 10:57am
Quoting Pinbar
I guess Jim doesn't listen to Mike's Space thingy too much.

Scared the hell out of me though.
Hey Pin

He actually did listen to it, just calls it getting to B/E at the trouble are. Look right where Jim went to b/e

It's a thing of beauty, something I talked about extensively in yesterdays webinar. It's knowing where the significant areas are and then deciding as a trader how you want to use that information

Best
Mike
  • #98,337
  • Jul 13, 2011 11:00am Jul 13, 2011 11:00am
Quoting mbqb11
Hey Pin

He actually did listen to it, just calls it getting to B/E at the trouble are. Look right where Jim went to b/e

It's a thing of beauty, something I talked about extensively in yesterdays webinar. It's knowing where the significant areas are and then deciding as a trader how you want to use that information

Best
Mike
here is a chart to show what I mean.

This is why James calls it day trading a daily chart. It's understanding these concepts and putting them into a smart logical plan. Everyone's won't be the same. Anyone who is looking for a checklist and then expects it to work is out of luck. It's time and experience and practice.

Hope that helps Pin

Mike
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  • #98,338
  • Jul 13, 2011 11:02am Jul 13, 2011 11:02am
Quoting deankenny21
yes im wondering too, because i entered at around 5950, when a clear brok of previous day high had occured, we look forward to your reply Jim
Won't put words into Jim's mouth. But he enters on the close of the bar quite often with a tight stop.

There are a large variety of ways to enter and exit and place stop losses. Do what's comfortable and works

Best
Mike
  • #98,339
  • Jul 13, 2011 11:04am Jul 13, 2011 11:04am
Quoting esbatu
Hi guys, I am a long time follower of this thread, but seldom post.

But after reading Adillius recent post about articles by Austin Passamonte really raise some questions, particularly this following statement:

[b]"You cannot and absolutely will not create lasting, sustained success from a core foundation where average losses in relative $ size exceed average wins. You cannot sustain a win rate of +70%, +80% or +90% of your trades over a long period of time. It is a statistical impossibility that no one has ever accomplished, and no one ever...

Hey E

See if some of these posts put things into perspective(warning, it's probably against 90% of the stuff out there)

http://www.forexfactory.com/showthre...46#post3909546

http://www.forexfactory.com/showthre...88#post3909588

PS it's the biggest I ever saw James bold a statement

Best of luck
Mike
  • #98,340
  • Jul 13, 2011 11:18am Jul 13, 2011 11:18am
Hi Mike, thanks again for this reminder (your post and James' regarding R:R). Actually based on my very limited experience, I would have to agree r:r is irrelevant. Really glad that I am on right track. Many thanks again.

Btw Mike, do u have any record about NFP day? (I know u keep a proper record )
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