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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

  • #99,041
  • Jul 21, 2011 9:41am Jul 21, 2011 9:41am
Quoting supremeChaos
Hello atztek,
that one turned out well. it had momentum on its side.
but preferably, generally, u want the Pinbar much bigger & protruding more (as opposed to this one which is almost engulfed inside the prior bar)

Thank you for the comment, supremeChaos!
  • #99,042
  • Jul 21, 2011 10:19am Jul 21, 2011 10:19am
Hi guys, could you please help me out?
I can not figure out why this trade did not work?
Did I miss something? I saw it as a very good setup....and thought will go till my FTA!
Thanks
Monika
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  • #99,043
  • Jul 21, 2011 10:21am Jul 21, 2011 10:21am
Quoting Kalin Tsenko
Hey, everybody,

I added an indicator to my Mt4 platform. I didn't like the signals that it gave me, so I removed it. But with removing this indicator, somehow my levels were deleted also. These were a year and a half worth of work to put these levels on. My backup file is no longer available, so I'm in pretty big trouble right now. Is there any other way to Undo that? Thank you.
I recently did this as well, only I accidentally applied a new template instead when I was trying to add an indicator. Because I hadn't recently saved the template I had, it was just gone. I wish there was an "undo template" button, but alas there is not. If you did not apply a new template, as someone else mentioned Ctrl+Z or in the menu, Charts -> Objects -> Undo Deleted might work.

I learned the hard way to save my templates often. And also to not take my anger out on my computer as that can get expensive
Fail to plan, plan to fail.
  • #99,044
  • Jul 21, 2011 10:49am Jul 21, 2011 10:49am
Quoting Panthera
Hi guys, could you please help me out?
I can not figure out why this trade did not work?
Did I miss something? I saw it as a very good setup....and thought will go till my FTA!
Thanks
Monika

Hello Panthera,
I just draw a trendline on H4 and noted that those Bars are still above it. Maybe you need to wait until they will touch the trendline.

Regards
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  • #99,045
  • Jul 21, 2011 10:51am Jul 21, 2011 10:51am
Quoting Panthera
Hi guys, could you please help me out?
I can not figure out why this trade did not work?
Did I miss something?
Hello Monika,
here are possible reasons:
- BUOB was relatively average in size.
- remember, FTAs are PPZs too --- they are zones/areas. in my case, i would draw the FTA as 96.35 - 96.50 area. (try also to extend your FTA line all the way to the left to see more S/R flips)
if u take this into account, then u either didn't take this trade because FTA is too near, or u exited quickly. (check the 4th to 6th bars prior your BUBO... u were headed straight into this traffic)
- perhaps it's a day of consolidation/ranging on this pair & other pairs.... or it's ranging on chfjpy, while trending on other currency pairs. (important to check trend always)
- do u see the consolidation around July6 to July10? it's in the same area where your BUOB is located
- do u always trade chfjpy? if u dont, there are a lot of more better pairs to trade, the majors (eur$, gbp$ ,etc) which 'move' much better.
  • #99,046
  • Jul 21, 2011 11:02am Jul 21, 2011 11:02am
Quoting Adilius07
Hi Mike, well yes I honestly think A LOT about this, in details, with examples, backtest etc. Different trade management variations etc.

And I just can't come up with one solid way to do things, all are good and bad at the same time.... so I keep on thinking, I don't know.

thanks for your advice, maybe it just takes some more time..
Adi, when i read your posts, I feel like as if I have typed it(at times )

I have to make myself believe that there is no one solid way of doing things on every trade. We just have to wait for good opportunities as per our trading plan. Execute the trade when it fits our criteria.
Once the trade fits your criteria – you must think about your entry and stop loss. Next look at the FTA…If there is strong levels nearby you need to decide what you are going to do as per Jim’s this is critical list.

If you do decide to proceed with the trade and you know what you are going to do FTA – that’s one part of the management.

Now you need to think what you are going to do if the price goes against you or stalls. This will depend on your risk-aptitude and trading plan. Obviously in the ideal world you want to cut your losses so if it is going against you – you don’t want to wait until it hits your stop loss – but that again you may if that’s what your plan is. If the price is stalling again you need to decide what you are going to do as per your plan.

Now let’s say you called the market right and price is going as you thought it would. You have few options. take full profit at pre-determined level or scale out of trade at different levels or trail the price with some formula – i.e previous low/high, 20 sma, 21 ema etc..

As Mike always says there will always be trade-offs whichever way you go. You will never be able to squeeze out every last pip out of market. The decisions that you make at various stages of your trade will improve as you get more experienced as you build memory/keep records of past trades.

If you take good trades – your FTA will be far enough to give you options in the first place – so that you don’t need to worry about loosing it all after one full bar loss.

Another thing I can suggest not try to learn too many set ups at one time. It’s easy to get seduced by looking at sexy charts from all the seniors but they have put in work and now its our time. Hopefully in good time we will see more setups – and better entries/exits.

Sorry for the long post which probally says everything you already know. but i thought i would get my thoughts out to help you and me.
Trading is a test match not a Twenty20.
  • #99,047
  • Jul 21, 2011 11:11am Jul 21, 2011 11:11am
Thank you guys...you gave me things to think on it....

I took it on a real account...and probably should have exit or draw my trendline better ...
did not get richer but maybe wiser

It was my 3th trade in this month and the first 2 was winning...so not a big deal....maybe was a little unpatient and greedy this time...(last month had around 15 trade and was 0 profit at the end soI thought I should be more picky)
So praticing patient....and faild this time...but compare to the last month getting better....and still in profit so far for this period.
Thanks again...feel good to know a place like this..
M
  • #99,048
  • Jul 21, 2011 11:38am Jul 21, 2011 11:38am
Quoting Panthera
Thank you guys...you gave me things to think on it....

I took it on a real account...and probably should have exit or draw my trendline better ...
did not get richer but maybe wiser

It was my 3th trade in this month and the first 2 was winning...so not a big deal....maybe was a little unpatient and greedy this time...(last month had around 15 trade and was 0 profit at the end soI thought I should be more picky)
So praticing patient....and faild this time...but compare to the last month getting better....and still in profit so far...
Also, If you are new to this material, James advices to stick to Daily or higher. This will autotmatically limit your entries and increse your patience.
Trading is a test match not a Twenty20.
  • #99,049
  • Jul 21, 2011 11:48am Jul 21, 2011 11:48am
Quoting decentchap
Adi, when i read your posts, I feel like as if I have typed it(at times )

I have to make myself believe that there is no one solid way of doing things on every trade. We just have to wait for good opportunities as per our trading plan. Execute the trade when it fits our criteria.
Once the trade fits your criteria – you must think about your entry and stop loss. Next look at the FTA…If there is strong levels nearby you need to decide what you are going to do as per Jim’s this is critical list.

If you do decide to proceed with the trade...
this is a great post bud
  • #99,050
  • Jul 21, 2011 12:11pm Jul 21, 2011 12:11pm
Quoting mbqb11
this is a great post bud
Thanks Mike, it helps to know that my thinking process is on the right track.
Trading is a test match not a Twenty20.
  • #99,051
  • Jul 21, 2011 12:23pm Jul 21, 2011 12:23pm
Is there anywhere in this thread that explains what Jim does once the trade is executed and it goes our way? For example do we move the stop loss? When do we plan on exiting?
  • #99,052
  • Jul 21, 2011 1:00pm Jul 21, 2011 1:00pm
Quoting supremeChaos
hello Sohail,
u can also view it as a BUOB, engulfing prior 4 bars.
potential move toward 1.1950 area.
Hi buddy,
just a question. Why do you think about 1.1950?
1.1800 looks as a significant level to me.
I'm very attracted to enter short now, but probably will wait for reaction.
Thanks.
J.
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  • #99,053
  • Jul 21, 2011 1:32pm Jul 21, 2011 1:32pm
Quoting Pumlitch
just a question. Why do you think about 1.1950?
1.1800 looks as a significant level to me.
I'm very attracted to enter short now, but probably will wait for reaction.
...
i think u already shorted it at 1.18
well, i see 1.18 too but i think sooner or later it will break & give way towards 1.19, 1.1950 - 1.20.
if u plot a line at 1.18 & 1.1950 area, u will see a difference.
just my view
Quoting thermobee
Is there anywhere in this thread that explains what Jim does once the trade is executed and it goes our way? For example do we move the stop loss? When do we plan on exiting?
im not sure there is one exactly...
but from what i saw, generally, he usually takes some profit along the way (at FTAs, PPZs, S/R), & leaves some position at BE.
  • #99,054
  • Jul 21, 2011 2:07pm Jul 21, 2011 2:07pm
Quoting supremeChaos
i think u already shorted it at 1.18
well, i see 1.18 too but i think sooner or later it will break & give way towards 1.19, 1.1950 - 1.20.
if u plot a line at 1.18 & 1.1950 area, u will see a difference.
just my view
Hehe, no I didn't short it
I trade "Wow!" setups only
I know the 1.1950 area was touched more times than 1.18, but still 1.18 looks more ultimately to me.
Anyway, the market probably doesn't care about what we think
Let's see.
Follow my trading on Twitter and FB: @pumlitch
  • #99,055
  • Jul 21, 2011 2:29pm Jul 21, 2011 2:29pm
Quoting Pumlitch
Hehe, no I didn't short it
I trade "Wow!" setups only
I know the 1.1950 area was touched more times than 1.18, but still 1.18 looks more ultimately to me.
Anyway, the market probably doesn't care about what we think
Let's see.
i think it was great place to take a TT @ 1.18
there was a huge swing before as its seen(marked by arrow)
n the price was appearing this level for the first time..
a quick profit lets say 40-50pip profit wuld hv been nice..where we find 'some' resistance(yellow mark)..
i really liked the location..still learning so i was js watching this level..
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  • #99,056
  • Jul 21, 2011 2:35pm Jul 21, 2011 2:35pm
Quoting AvanishDemo
i think it was great place to take a TT @ 1.18
there was a huge swing before as its seen(marked by arrow)
n the price was appearing this level for the first time..
a quick profit lets say 40-50pip profit wuld hv been nice..where we find 'some' resistance(yellow mark)..
i really liked the location..still learning so i was js watching this level..
Absolutely spot on Avanish!

Dang man! You're nailing those tts or what?!

Those clear swing points rarely hurt.

g.
I believe . . .
  • #99,057
  • Jul 21, 2011 2:47pm Jul 21, 2011 2:47pm
Quoting ghous
Absolutely spot on Avanish!

Dang man! You're nailing those tts or what?!

Those clear swing points rarely hurt.

g.
lol,yeah..i was predicting the same for EURCAD..reading the price bars n its behaviour..i liked dat as well..i 'almost' entered at 61.8 Fib..nw look at dat it created a BUOB wch wil now get 'passed'
but i thought watching will be good...
i see many times..61.8 is always a bounce..but yeah not all 61.8 will work..
bt dt ws one great one to watch..where we see some PPZ in the Past..
actually i hav started practicing Rac methods..i hv opened separate demo account for it..
js trying to increase trading opportunities bt yeah by being picky..
its better to go for eye-catching setups..setups wch strikes our brain cord to go for it..

Thanks for comments.
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  • #99,058
  • Jul 21, 2011 3:05pm Jul 21, 2011 3:05pm
Quoting AvanishDemo
lol,yeah..i was predicting the same for EURCAD..reading the price bars n its behaviour..i liked dat as well..i 'almost' entered at 61.8 Fib..nw look at dat it created a BUOB wch wil now get 'passed'
but i thought watching will be good...
i see many times..61.8 is always a bounce..but yeah not all 61.8 will work..
bt dt ws one great one to watch..where we see some PPZ in the Past..
actually i hav started practicing Rac methods..i hv opened separate demo account for it..
js trying to increase trading opportunities bt yeah by being picky..
its better...
Being picky will always be the key. The 61.8 sure is the most important of the fibs in my opinion. But just like you shouldn't blindly sell/buy at the 61.8 you shouldn't be after adding too many things into the pie either. Take it nicely and slowly mate. Mastering one little baby step at a time.

To be frankly honest, Rac's method isn't one you can get around in a couple of weeks or months. A highly genius of a method for people willing to put in some real effort. Just make sure you're not draining yourself by getting entangled in too many things all for the sake of 'more setups'

Would you believe me if I tell you that at this point in your career there is something more important than making all the money you can? That consistency should be prioritized more than the amount of money being made?

I truly like the progress you've made in your touch trading so far and I know you've been doing good with the basic stuff as well. I was right at this stage once myself until it crash landed for me. Mike knows it, he rescued me from the brink of doom. I just don't want you to fall into the same pitfalls.

It always helps to go slow in this business. It's a long sprint and those eager to run fast right from the gunshot are unlikely to make it to the finish line ahead of others (if you know what I mean)

Just a brotherly advice

g.
I believe . . .
  • #99,059
  • Edited 3:48pm Jul 21, 2011 3:13pm | Edited 3:48pm
Quoting ghous
Being picky will always be the key. The 61.8 sure is the most important of the fibs in my opinion. But just like you shouldn't blindly sell/buy at the 61.8 you shouldn't be after adding too many things into the pie either. Take it nicely and slowly mate. Mastering one little baby step at a time.

To be frankly honest, Rac's method isn't one you can get around in a couple of weeks or months. A highly genius of a method for people willing to put in some real effort. Just make sure you're not draining yourself by getting entangled in too many things...
Yeah..i got it..
i understood wt u mean..n makes perfect sense..
ur appreciation n critics always a welcome with garlands man..hw can i doubt u ?
i have always been following ur advices n u knw it with the no. of PMs i sent lol..
Jarroo,Mike has been a great inspiration..i could now achieve the perfection of plotting the PPZs n all other stuffs..
Thanks for kind words..
Good to see u "un"switched from lurker-mode ..
will follow slowly n i take that as a trading tool
  • #99,060
  • Jul 21, 2011 3:36pm Jul 21, 2011 3:36pm
Hi Ghous,

What setup would you recommend to learn first off, trading off pinbars?

Regards
Steve
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