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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

  • #98,541
  • Jul 14, 2011 5:24pm Jul 14, 2011 5:24pm
Quoting mbqb11
lolololol

lol
Indicators show the past. Price Action "Indicates" the future.
  • #98,542
  • Jul 14, 2011 5:26pm Jul 14, 2011 5:26pm
POST FLOOD!

Quoting Adilius07
So I thought. If we really can achieve a high win rate, and the only obstacle to it is the trader himself doing overtrading, so maybe the solution could be to make my position size say 5%-6% or more? The loss WILL hurt, so knowing this I will be super careful and super picky, knowing that just one trade per month will translate into something like +2% which is really good...and enough for me really.
Maybe the solution is to not take shitty trades. If you know they suck and you take them anyways... well, the problem isnt with your risk %.

Quoting Adilius07
Just a thought. Anyone trades with position size of 5% and more?
I read that Darkstar goes with 12,5% but I am nowhere near his experience of course, but just for the example sake.
Anyone who increases their position size as a % of their account without knowing the EV, mean and variance of their methodology and following that up with a risk of ruin calculation and plotting some equity curves needs to take their laptop and throw it in the ocean. Because you are effectively taking risk management principles with a sound, proven basis and throwing them away in exchange for 'it totally seems like a good idea, based on...uh...shut up!'

If DS actually does trade 12.5% positions, I am going to assume he has a very, very solid reason for doing so. Do you?
When you have to shoot, shoot. Dont talk.
  • #98,543
  • Jul 14, 2011 5:28pm Jul 14, 2011 5:28pm
Quoting Bemac
Congrats to Floppy. I'm Olde enough to understand 5.25...

B
Good to know (Not to be mistaken for Yarroo's daily post average!)

Quoting jarroo
That's sweet . . 5.25 . .

Very Nice.

Jim
When I'm posting charts that are similar to yours, I know I'm on the right road:

http://www.forexfactory.com/showthre...31#post4774731
http://www.forexfactory.com/showthre...45#post4777745

Tomek (Floppy)
  • #98,544
  • Jul 14, 2011 5:31pm Jul 14, 2011 5:31pm
Quoting Bemac
Congrats to Floppy. I'm Olde enough to understand 5.25...
pfft, 5.25" was a massive upgrade for me and my Commodore 64. It was all about the cassette tapes
When you have to shoot, shoot. Dont talk.
  • #98,545
  • Jul 14, 2011 5:32pm Jul 14, 2011 5:32pm
Quoting joelcf
This isn't directed at you, more a general comment on something I see a lot (here and elsewhere). People love thinking that the only thing holding them back is 'psychology', and if they just work on 'the mental game' then they would suddenly be bathing in money.

Unfortunately, that just aint the case.

While it works for Tony Robbins (ie, get rich selling seminars), in the real world... well. Having a -EV trading system is a losing proposition. You cant use your mind's subconscious power to magically turn your losing system into...
Another Joel Classic . . . I'm going to read this a few more times just for the sheer enjoyment of it.


"The Sercet " . . that one got me to laugh out loud . . . lol.

Trading drunk off your ass is not a good thing to do .. .trust me on that one ..





Jim
Indicators show the past. Price Action "Indicates" the future.
  • #98,546
  • Jul 14, 2011 5:34pm Jul 14, 2011 5:34pm
Quoting jarroo

Trading drunk off your ass is not a good thing to do .. .trust me on that one ..
haha. I feel like slightly less of a degen now that I know I'm in good company
When you have to shoot, shoot. Dont talk.
  • #98,547
  • Jul 14, 2011 5:37pm Jul 14, 2011 5:37pm
Quoting joelcf
haha. I feel like slightly less of a degen now that I know I'm in good company

lol . . . at least being drunk off my ass I still remembered to use a stop loss placement . .thank God . . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #98,548
  • Jul 14, 2011 6:28pm Jul 14, 2011 6:28pm
Hi, I have been having problems with breakout trades for awhile now, I see good opportunties but don't know how to trade it.

currently there is a good opportunity I see brewing up on AUDUSD, how would you guys play the trade?

I have listed out my thought process and question on the picture below please click on it to get a closer view.

mike? jaroo? snowly? gungriffin? the list goes on and on, but so far I only remember these names, feel free guys
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  • #98,549
  • Jul 14, 2011 7:01pm Jul 14, 2011 7:01pm
Quoting halfstep
Hi, I have been having problems with breakout trades for awhile now, I see good opportunties but don't know how to trade it.

currently there is a good opportunity I see brewing up on AUDUSD, how would you guys play the trade?

I have listed out my thought process and question on the picture below please click on it to get a closer view.

mike? jaroo? snowly? gungriffin? the list goes on and on, but so far I only remember these names, feel free guys
I think you can play them both ways. I played this breakout last month and later played the retest of the breakout. Worked out pretty well in both instances.
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  • #98,550
  • Jul 14, 2011 7:20pm Jul 14, 2011 7:20pm
Quoting joelcf
People love thinking that the only thing holding them back is 'psychology', and if they just work on 'the mental game' then they would suddenly be bathing in money.

Unfortunately,...

Can trading psych help some people improve their results? Sure. But it's like a pair of new golf gloves - if you cant hit the damn ball, new gloves aren't going to magically make you Tiger Woods (or get you the money and women )
Cogs & Wheels. Both are as important as each other.
Nice reminder Joel.



B
  • #98,551
  • Jul 14, 2011 7:27pm Jul 14, 2011 7:27pm
How does this look?

http://www.hotstockmarket.com/image/...t/500/flags/LL
  • #98,552
  • Jul 14, 2011 7:29pm Jul 14, 2011 7:29pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting 5.25
As of June 21 after 6months of following, practicing and demoing, I decided to start afresh on a 500GBP DEMO account. In little over 3.5 weeks, that 500GBP stands at 1,011.88GBP. Double the original amount.
Well done 5.25! Can I ask you, were you trading strictly PA setups (pin bars, outside bars, etc?) What was your risk % per trade? Keep up the good work and report back again, it is inspiring.
  • #98,553
  • Jul 14, 2011 7:46pm Jul 14, 2011 7:46pm
Quoting biDc
How does this look?

http://www.hotstockmarket.com/image/...t/500/flags/LL
...................................Blank......................................

B
  • #98,554
  • Jul 14, 2011 9:05pm Jul 14, 2011 9:05pm
Quoting 5.25
Not sure if my post is entirely moral and I don't want to fill anyone here with false hope but... As of June 21 after 6months of following, practicing and demoing, I decided to start afresh on a 500GBP DEMO account. In little over 3.5 weeks, that 500GBP stands at 1,011.88GBP. Double the original amount.

Will I be trading the same % on my live account. No.

I checked my charts twice daily, and only followed the daily timeframe.

I have nothing more to say other than a big thank you to Jim, his band of merry men and all those asking questions....
YOU ARE THE MAN!!! Thank you very much for this post!!! That is a great motivation for many, many traders. I do post mine regularly as you know, but there is nothing to show yet

Hope to see some more updates on this and wish you luck!

P.S. How many seconds does it take to make a screen shot, hide order numbers and post it here? Like 20 second, right?
  • #98,555
  • Jul 14, 2011 9:05pm Jul 14, 2011 9:05pm
Quoting 5.25
Not sure if my post is entirely moral and I don't want to fill anyone here with false hope but... As of June 21 after 6months of following, practicing and demoing, I decided to start afresh on a 500GBP DEMO account. In little over 3.5 weeks, that 500GBP stands at 1,011.88GBP. Double the original amount.

Will I be trading the same % on my live account. No.

I checked my charts twice daily, and only followed the daily timeframe.

I have nothing more to say other than a big thank you to Jim, his band of merry men and all those asking questions....
YOU ARE THE MAN!!! Thank you very much for this post!!! That is a great motivation for many, many traders. I do post mine regularly as you know, but there is nothing to show yet

Hope to see some more updates on this and wish you luck!

P.S. How many seconds does it take to make a screen shot, hide order numbers and post it here? Like 20 seconds, right?
  • #98,556
  • Jul 14, 2011 9:27pm Jul 14, 2011 9:27pm
Quoting Adilius07
YOU ARE THE MAN!!! Thank you very much for this post!!! That is a great motivation for many, many traders. I do post mine regularly as you know, but there is nothing to show yet

Hope to see some more updates on this and wish you luck!

P.S. How many seconds does it take to make a screen shot, hide order numbers and post it here? Like 20 second, right?
Ha ha Adilius. You double posting now to get to 3000 posts
  • #98,557
  • Jul 14, 2011 9:59pm Jul 14, 2011 9:59pm
Quoting jarroo
Who am I kidding . .I have a pretty deep Man-crush on you Mike .. . .
Hey boys and girls, don't take Mike & Jarroo too seriously, they are not
Liberace fans.
Phew, this thread is quickly moving into the other realm after those two, J16 & Bemac, instigated this infection. LOL
  • #98,558
  • Jul 14, 2011 10:01pm Jul 14, 2011 10:01pm
Quoting joelcf
This isn't directed at you, more a general comment on something I see a lot (here and elsewhere). People love thinking that the only thing holding them back is 'psychology', and if they just work on 'the mental game' then they would suddenly be bathing in money.

Unfortunately, that just aint the case.

While it works for Tony Robbins (ie, get rich selling seminars), in the real world... well. Having a -EV trading system is a losing proposition. You cant use your mind's subconscious power to magically turn your losing system into...
You definitely raise an interesting point. While I would out and out agree with you if this were a random thread, this is not a random thread. It is the J16 method and IT IS PROFITABLE. If the answer is so simple, don't make bad/stupid/miscelanious trades, then why are people having trouble grasping at this. I could see people who are new to trading having issues, but that does not explain the people who have persisted with it for a while. Most of the people these posts are directed what I have said to have at least a few hundred to a few thousand posts. They have been here for a while. What is it that they aren't grasping?

To me, I have a hard time believing that it is solely that they still make a CONCIOUS decision to place trades that are counterproductive to their goal.

That having been said, THERE IS NO REPLACEMENT FOR PRACTICE!!!!!!! I will not lie, I have been constantly learning one trade methodology or another for about 6 years now and would say that I have averaged about 1.5-2 hours a day learning something to do with trading and looking at charts. There were days that were 0 and benders that went 20-30 hours over a few days. You have to earn your keep. It was not until recently that I was able to grasp profitable trading though, and it WAS my mindset that was holding me back from the final step. If you just say 1.5 hrs a day X 365 X 6 that comes out to about 3300 hours that I have put into this so far. Period. I have heard that to master a craft/trade takes about 10,000 hours. I could easily see this. I have come a great distance from where I started, but still have multiples of what I have learned so far before I would start to consider myself a master of trading.

One thing that I will say is that I am probably pushing mindset right now because for ME it was the tipping point. I still have very far to go and an not perfectly balanced with my trading yet, but this mindset speaks very strongly to me right now. This is why I think I look to it as being what is missing for others who have put in time and forward testing when things are not clicking. We like to see our own qualities in others. So I do

For those that are new. I will repeat what I believe to be true. The markets carry no feelings for anyone. This includes Mike, Jim, other Jim (jarroo), and ME. It doesn't care in the slightest if I live, die, blow up my account or make 100 million dollars. It is just a flow of information. Like a snake charmer knows, the moment you let your guard down the cobra will take you out. Don't blame a cobra for following it's instinct. Would you ever become a snake charmer without first an incredible amount of practicing and mastering your own mind? If you would you are doomed to fail. Trading is no different. Treat it with too little respect and you will find out how painful the bite can be.

Oh and thanks for tossing out that post joelcf. I would be telling a lie if I said that I did not take offense when I first read it. I had to read it about 10 times over several hours in order to take in what you are saying. I could easily see how my posts in the past few weeks were directed at psychology being the answer. For some it may be the case, but for others it could easily be a lack of practice or over confidence in one's abilities where they currently stand.

Ryan
  • #98,559
  • Edited 10:20pm Jul 14, 2011 10:02pm | Edited 10:20pm
Quoting Adilius07
YOU ARE THE MAN!!! Thank you very much for this post!!! That is a great motivation for many, many traders. I do post mine regularly as you know, but there is nothing to show yet

Hope to see some more updates on this and wish you luck!

P.S. How many seconds does it take to make a screen shot, hide order numbers and post it here? Like 20 seconds, right?

yeah, its great.

We have to work on why we can't do that.
Funny, recently I feel like I am banging my head on the wall.
Maybe I need to bang a little harder.

Have a day off today so, I am going to spend it trading EU from 1970 to today on this trade simulator on the daily chart, with the same account size as my live account, and same lot size as I would trade live.
Only the Crem del la creme in trades.
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  • #98,560
  • Jul 14, 2011 10:12pm Jul 14, 2011 10:12pm
mike~ did you get out around 128 before getting stoped out...i wish i could hold a trade lilke that without getting anxious first i have a tendency to get out early nice trade...
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