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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

  • #98,361
  • Jul 13, 2011 1:12pm Jul 13, 2011 1:12pm
Quoting Greenhaze
"Trading in the zone" by Mark Douglas
This is a DEFINITE +1. Great book to make yourself more aware of why we are the way we are. As GI Joe says, "And knowing is half the battle!"
  • #98,362
  • Jul 13, 2011 1:18pm Jul 13, 2011 1:18pm
Quoting thermobee
Kinda in the same boat. It just affects my life outside of trading. Its doesnt really effect my trading, I actually surprise myself how level headed I am after a loss and I can analyze and play a winner immediately after.

I like you dont like to be wrong and I am very critical of myself when I make mistakes that should be avoided. Its a learning process and hopefully we can get better at it, I would just really like it if it didnt effect my life outside of trading and ruin my mood for hours on end.

see if it's not simply a matter of character.

Personally, I'm generally quite uncompetitive with other ppl.(and I truly get bored very fast when doing better than them to the point of losing interest) and unbelievably(or, at least, not very expected, given the above) fiercely competitive in relation with myself. I'm pissed when I'm wrong regardless of what I do; consequently I'm pissed when I'm wrong when trading too.

Also, I seldom care about stuff; so I've learnt to stress myself in order to become more efficient and combat "laziness"/built in indifference. That's how I manage to stay competitive in relation with other ppl. when I think it really matters - by getting myself pissed.

if you stress out when wrong no matter the field, guess it's built in, it's not related to trading.

If you stress out only when trading, then, no clue... I'm no more pissed when trading poorly then when doing other things I have interest in poorly so I don't have an solid idea.

obviously, I try to smooth those personal losses/competitions with myself in relations to others, but the degree of success varies(and it's not exactly brilliant)
  • #98,363
  • Jul 13, 2011 1:18pm Jul 13, 2011 1:18pm
As for NFP. I trade it like any other day for the most part E. I have winning NFPs off trades and losing ones. I really ignore that stuff for the most part. Another message that people will probably scream at me about

Hope it helps!
Mike[/quote]

Mike about the NPF. IMHO . The market gose threw cycels , it dose this no matter what happens . Thing like the NFP earth quakes they just help it get thare a little faster Thats what i see, so i don't pay attention to it mutch eather.
  • #98,364
  • Jul 13, 2011 1:20pm Jul 13, 2011 1:20pm
Jim , thank you for creating this thread and initiating all that comes with it!
-don't let a little bit of ugly weather bring you down!
@ Mike: Don't you feel like a complete loser, not doubling your account in a month? )
And you are so right, R:R is meaningless without the other numbers! thx for the statement.
  • #98,365
  • Jul 13, 2011 1:27pm Jul 13, 2011 1:27pm
Quoting Rockie
As for NFP. I trade it like any other day for the most part E. I have winning NFPs off trades and losing ones. I really ignore that stuff for the most part. Another message that people will probably scream at me about

Hope it helps!
Mike
Mike about the NPF. IMHO . The market gose threw cycels , it dose this no matter what happens . Thing like the NFP earth quakes they just help it get thare a little faster Thats what i see, so i don't pay attention to it mutch eather.[/quote]


rock on, the smart money is already
  • #98,366
  • Jul 13, 2011 1:40pm Jul 13, 2011 1:40pm
Quoting chartlaie
Jim , thank you for creating this thread and initiating all that comes with it!
-don't let a little bit of ugly weather bring you down!
@ Mike: Don't you feel like a complete loser, not doubling your account in a month? )
And you are so right, R:R is meaningless without the other numbers! thx for the statement.


and welcome although I've seen the name before
  • #98,367
  • Jul 13, 2011 1:55pm Jul 13, 2011 1:55pm
Quoting gungriffin
My friend that is life... Ha ha I have gotten substantially better at it, but still have some issues with exactly what you are speaking about. The best thing that I have found to help with this is remembering my long term goals and knowing that while today may be a bit rocky, in the long run I will obtain all of my goals. It is actually quite funny because I was running into this issue today. I believe that is why your post is speaking to me so much. Had a few trades that I did WIPG on and they were all winners. Closed out a live trade on USDCHF...
I cant thank you enough for this answer. I will try those techniques and I have already order a copy of Trading in the zone. Good luck to you and I hope you receive everything in return of what you have given.
  • #98,368
  • Jul 13, 2011 2:00pm Jul 13, 2011 2:00pm
Quoting snowly
see if it's not simply a matter of character.

Personally, I'm generally quite uncompetitive with other ppl.(and I truly get bored very fast when doing better than them to the point of losing interest) and unbelievably(or, at least, not very expected, given the above) fiercely competitive in relation with myself. I'm pissed when I'm wrong regardless of what I do; consequently I'm pissed when I'm wrong when trading too.

Also, I seldom care about stuff; so I've learnt to stress myself in order to become more efficient and combat "laziness"/built...
I guess we do differ a little bit me and you friend. I am extremely competitive with both myself, my peers and anyone I meet/see/know of. I've always been active and played every sport known to mankind so I think it has carried over into trading. I expect nothing but excellence from myself and sometimes its very hard for me accept that even though my criteria was met and entered a trade at the right time, it went against me. I know its a great journey, but I've been fighting the thoughts that the market sometimes just doesn't like me
  • #98,369
  • Jul 13, 2011 2:04pm Jul 13, 2011 2:04pm
Any thoughts on this outside bullish bar. It seems to be heading into strong resistance, but the bar itself looks pretty good. I dont see how I can play this when only for 100 pips it has to fight through so much traffic.
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  • #98,370
  • Jul 13, 2011 2:11pm Jul 13, 2011 2:11pm
your right but most people talk oranges when im talking apples.

example.

i have daytraded the mini dow for years. started out with ES and ER.

I usually do this on a 2000 or a 4000 tic chart. Tic charts are based on trading activity (trades) and not time.

a 4000 tic bar might print every 2 minutes or 30 minutes but the point is this.

daytrading to most people means you trade and if your not trading then you must be doing something wrong.

sheep to slaughter is all it is and its all it will ever be.

when i decide to spend a week full time "daytrading" it is very common for me to sit and watch a ym chart for 30 to 40 hours and take 5 trades for a whole week, maybe less.

so when im talking my "bit" its apples in a sea of oranges.

i know i can wait for near certain set ups 2 or 3 times a month and make money. great money so the question will always be for any trader....

why trade unless your virtually certain its going to make you money?

people that over trade get killed and people that over trade comprise about 99 percent of every trader on the planet..

all of this is just my personal humble opinion of course.



Quoting Razorman
jim explain how the math is different for your approach?

averages work on all time frames and in all kinds of trading.
  • #98,371
  • Jul 13, 2011 2:19pm Jul 13, 2011 2:19pm
another good point. you know maybe this is my fault and ive thought about it a lot over the years. its tough to teach decades of experience and when this started out my goal was to get people to wait for the best set ups and put there stop behind the bar. i knew if i could get pewople to be ultra picky it would be fine but people are not picky. i rarely if ever take full bar losses and if you stay with us long enough how to do that is taught but it really still comes down to being picky and practiced.

how many people actually follow the outline in post one do you think razor?

i dont know but i would bet its a very low percentage.

that being said what else can i do for people that wont do what i tell them?

if people will i have a great track record of succesful students.

most dont though and those students fail.

thats just life and comes down to personal will, desire and commitment.

jim

Quoting Razorman
Mike, how many of your trades are full bar losses?

if you are taking half and quarter bar losses then that is a whole different story.

what u described sounds very differently from what is being taught when placing the stop behind the pin or outside bar. that changes the whole picture.
  • #98,372
  • Edited 2:46pm Jul 13, 2011 2:31pm | Edited 2:46pm
Quoting thermobee
Any thoughts on this outside bullish bar. It seems to be heading into strong resistance, but the bar itself looks pretty good. I dont see how I can play this when only for 100 pips it has to fight through so much traffic.
took a long yesterday at(averaged) 1.024 - dropped at 1.033.

No clue what'll happen in that box and market is totally atrocious. Yesterday the stop hunt, today bernanke, now moody's which killed my peaceful off hours eur/usd scalping... damn idiots, screwed my win string.

from memory - 1.0312-15, 1.0332-35, 1.0353-57, 1.0384-1.039(traded it a ton last month). But don't see how that could help(it's 4 levels I've noticed in... 80 pips). Added and subtracted from positions non stop for couple of weeks - but more like a bank eating the spread. Pin point accuracy(entry at x, tp at y, sl at z) in that mess... good luck.

technically I saw a h&s(that if you really want to find something in that puzzle) on daily when took the trade(hence why I've dropped fast - considered it countertrend and gave myself till friday's stress test results to get out).

But now... beats me... today totally blurred my picture, so no clue... anyway, roughly those are the levels. I'd do somethin' if it reaches ~1.035x(move at be, partial profit, no clue) - but that's just my 2 cents.

ps. - I went last months on something like aud -> eur -> cad(risk on -> off). And on aud corelated with eur more than cad. Cad abit more corelated with usd(but less than aud with eur).

So... vaguely eur/usd proxy, but with the noise in both... correlations don't really hold; they hold somehow when pure economic data is released, but not on panic/default rumors every 5 mins.
  • #98,373
  • Jul 13, 2011 2:37pm Jul 13, 2011 2:37pm
Quoting snowly
took a long yesterday at(averaged) 1.024 - dropped at 1.033.

No clue what'll happen in that box and market is totally atrocious. Yesterday the stop hunt, today bernanke, now moody's which killed my peaceful off hours eur/usd scalping... damn idiots, screwed my win string.

from memory - 1.0312-15, 1.0332-35, 1.0353-57, 1.0384-1.039(traded it a ton last month). But don't see how that could help(it's 4 levels I've noticed in... 80 pips). Added and subtracted from positions non stop for couple of weeks - but more like a bank eating the spread....
Appreciate your 2 cents
  • #98,374
  • Jul 13, 2011 2:47pm Jul 13, 2011 2:47pm
You got to like those Daily/Weekly PPZ levels off the lower time frames . . .I really don't know how you trade the lower time frames without knowing these higher time frame levels.

Check out this 4 Hour Silver PB off a strong, higher time frame PPZ level . .

How does James16 say it . .oh yeah . ."simple stuff, folks" . . .

PA Rules


Jim
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #98,375
  • Jul 13, 2011 3:12pm Jul 13, 2011 3:12pm
Not sure about all this yet, but I can already tell you I view the market through a different lens the last few weeks.

See attached usdcad 4h chart.

Solid downtrend on both weekly and daily chart. 4h retraced quite a bit, and formed an 8hr PB (fuse the two together in your mind), and notice the bar with green arrow engulfs the previous bar. I'd like to see the body of candle 2 bigger than candle 1, but the true hi and low still engulf candle 1. Joe Ross calls these "gimme bars". "gimme the money".

Just curious what others think.
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  • #98,376
  • Jul 13, 2011 3:13pm Jul 13, 2011 3:13pm
Mike i hope you got out atleast where i did that gbp/jpy h4 pb played out quick and nicely. I was not counting on it going above 128 so im happy with exiting @127.80 even if it goes higher...
  • #98,377
  • Edited 3:46pm Jul 13, 2011 3:33pm | Edited 3:46pm
Quoting james16
another good point. you know maybe this is my fault and ive thought about it a lot over the years. its tough to teach decades of experience and when this started out my goal was to get people to wait for the best set ups and put there stop behind the bar. i knew if i could get people to be ultra picky it would be fine but people are not picky. i rarely if ever take full bar losses and if you stay with us long enough how to do that is taught but it really still comes down to being picky and practiced.

how many people actually follow the outline...
I can relate to that Jim . .There has been many a time where I have knowingly ventured away from the 1st post . .only to return to it with my head down, empty live account and a shiny new demo account.

I think some people understand this . .one way or another . ... there's a hard way and a smart way of learning this business. And the 1st post is best way I know of making it happen.

Once they figure that out . .there really is no looking back .. .

Jim

James16 Student
Indicators show the past. Price Action "Indicates" the future.
  • #98,378
  • Jul 13, 2011 4:01pm Jul 13, 2011 4:01pm
Quoting jarroo
You got to like those Daily/Weekly PPZ levels off the lower time frames . . .I really don't know how you trade the lower time frames without knowing these higher time frame levels.

Check out this 4 Hour Silver PB off a strong, higher time frame PPZ level . .

How does James16 say it . .oh yeah . ."simple stuff, folks" . . .

PA Rules


Jim
Thank you for the chart! I have no access to it at work....good to know my long off the break of that daily pinbar is doing well!
  • #98,379
  • Jul 13, 2011 4:07pm Jul 13, 2011 4:07pm
Quoting james16
your right but most people talk oranges when im talking apples.

example.

i have daytraded the mini dow for years. started out with ES and ER.

I usually do this on a 2000 or a 4000 tic chart. Tic charts are based on trading activity (trades) and not time.

a 4000 tic bar might print every 2 minutes or 30 minutes but the point is this.

daytrading to most people means you trade and if your not trading then you must be doing something wrong.

sheep to slaughter is all it is and its all it will ever be.

when i decide to spend a week full...
jim if i may ask...do you daytrade the mini-dow any differently than the daily timeframe on forex?
  • #98,380
  • Jul 13, 2011 4:13pm Jul 13, 2011 4:13pm
Quoting biDc
Thank you for the chart! I have no access to it at work....good to know my long off the break of that daily pinbar is doing well!

Nice one biDc. . .

Some good targets got hit on this one. . .let's see if they hold . .meaning if Price can keep their closes above them on the Daily.
Attached Image (click to enlarge)
Click to Enlarge Name: silvedd44dd.jpg Size: 76 KB
Indicators show the past. Price Action "Indicates" the future.
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