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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

  • #99,721
  • Aug 3, 2011 3:21am Aug 3, 2011 3:21am
what about R:R?
What does this acronym mean?
Why does someone else's chart look different?
How do I post a chart?

I swear, this thread would be like ten pages long if people just read it.
When you have to shoot, shoot. Dont talk.
  • #99,722
  • Aug 3, 2011 3:36am Aug 3, 2011 3:36am
Quoting J-r
... I can't help but wonder about the wisdom of taking counter-trend trades (such as the ones you posted below) when the risk-reward ratio seems much less than 1:1. How do you justify this?..
R:R ratio is not the ultimate metric.

let me give u 2 analogies:
u have a task to reach destination 'x'. your goal is to reach it as fast as u can.
which route will u take?
a. short, but rough road. almost guaranteed to give u a quick trip to your destination
b. smooth road but 2x longer than a.

u asked a lady to go out with u on a date. u really like her. u know there's a good chance she'd say 'yes'... but before she does, there's a greater chance that she'd spank u or kick your butt, wrestle u or whatever. will u go through it & try to date her, regardless?


my point is, the reward is (almost) guaranteed, but it comes with risk.
if the end goal is guaranteed to be achieved, then whatever happens in between, u take it on the chin..
Focus on the end goal.
at least, that's how i operate (mainly in life).

trading-wise, if u are unfamiliar/uncomfortable with such setups, then dont trade it, or at least take tons of practice first.

Quoting joelcf
what about R:R?
Quote
What does this acronym mean?
ask.
Quote
Why does someone else's chart look different?
because we are all unique
Quote
How do I post a chart?
go ahead, ask me.
Quote
I swear, this thread would be like ten pages long if people just read it.
ah, u are being conservative with that estimate.
btw, is that on 15 posts per page or max 40posts per page setting? hihihi
  • #99,723
  • Aug 3, 2011 3:50am Aug 3, 2011 3:50am
Quoting supremeChaos
R:R ratio is not the ultimate metric.

let me give u 2 analogies:
u have a task to reach destination 'x'. your goal is to reach it as fast as u can.
which route will u take?...
I love your posts, man.
When the going gets weird, the weird turn pro.
  • #99,724
  • Aug 3, 2011 3:56am Aug 3, 2011 3:56am
Quoting supremeChaos
R:R ratio is not the ultimate metric.

let me give u 2 analogies:
u have a task to reach destination 'x'. your goal is to reach it as fast as u can.
which route will u take?
a. short, but rough road. almost guaranteed to give u a quick trip to your destination
b. smooth road but 2x longer than a.

u asked a lady to go out with u on a date. u really like her. u know there's a good chance she'd say 'yes'... but before she does, there's a greater chance that she'd spank u or kick your butt, wrestle u or whatever. will u go through it & try...
..

Attached Image (click to enlarge)
Click to Enlarge Name: hmmm.jpg Size: 36 KB
Hero calls followed by margin calls...
  • #99,725
  • Aug 3, 2011 3:59am Aug 3, 2011 3:59am
Quoting PhAnTi'
..

Attachment
He knows I'm kidding
When you have to shoot, shoot. Dont talk.
  • #99,726
  • Aug 3, 2011 4:00am Aug 3, 2011 4:00am
Quoting joelcf
He knows I'm kidding
was curious about his long reply

Hero calls followed by margin calls...
  • #99,727
  • Aug 3, 2011 4:00am Aug 3, 2011 4:00am
Thanks Sir stark1


Quoting PhAnTi'
....
hey Jonas,
was just kidding with Joel.
i dont care if he's 10v+. what i care about is that his only 31 (quite soon , 32 ) but eons brighter than me

Quoting PhAnTi'
was curious about his long reply
my fingers are numb right now, cant type a longer reply


i didnt get wrestled by 'that lady', btw. lolololol
  • #99,728
  • Aug 3, 2011 4:01am Aug 3, 2011 4:01am
Quoting supremeChaos
Thanks Sir stark1



hey Jonas,
was just kidding with Joel.
i dont care if his 10v+. what i care about is that his only 31 (quite soon , 32 ) but eons brighter than me
Hero calls followed by margin calls...
  • #99,729
  • Aug 3, 2011 4:02am Aug 3, 2011 4:02am
Quoting supremeChaos
Thanks Sir stark1



hey Jonas,
was just kidding with Joel.
i dont care if his 10v+. what i care about is that his only 31 (quite soon , 32 ) but eons brighter than me
when you gonna turn 30 btw? this year?
Hero calls followed by margin calls...
  • #99,730
  • Aug 3, 2011 4:05am Aug 3, 2011 4:05am
mentioning ages, what are peoples ages in this thread ive always wandered the average age im talking to, im 26
  • #99,731
  • Aug 3, 2011 4:08am Aug 3, 2011 4:08am
Quoting PhAnTi'
when you gonna turn 30 btw? this year?
PLEASE dont ask.




next year

Quoting deankenny21
...what are peoples ages in this thread ive always wandered the average age im talking to, im 26
  • #99,732
  • Aug 3, 2011 4:13am Aug 3, 2011 4:13am
Quoting supremeChaos
PLEASE dont ask.




next year


im sry,

my bad^^
Hero calls followed by margin calls...
  • #99,733
  • Aug 3, 2011 4:14am Aug 3, 2011 4:14am
Quoting supremeChaos
PLEASE dont ask.




next year


Oh, gimme a break. I turn 40 next year!
When the going gets weird, the weird turn pro.
  • #99,734
  • Aug 3, 2011 4:16am Aug 3, 2011 4:16am
Quoting stark1
Oh, gimme a break. I turn 40 next year!
i turned 20 this year ^^
Hero calls followed by margin calls...
  • #99,735
  • Aug 3, 2011 4:19am Aug 3, 2011 4:19am
Quoting stark1
Oh, gimme a break. I turn 40 next year!
i hate it.
anyone turning 10 next year?
  • #99,736
  • Aug 3, 2011 4:21am Aug 3, 2011 4:21am
Quoting supremeChaos
i hate it.
anyone turning 10 next year?
When the going gets weird, the weird turn pro.
  • #99,737
  • Aug 3, 2011 4:22am Aug 3, 2011 4:22am
Quoting PhAnTi'
i turned 20 this year ^^
When the going gets weird, the weird turn pro.
  • #99,738
  • Aug 3, 2011 4:36am Aug 3, 2011 4:36am
Quoting J.W. Holmes
They are different because these two brokers have different closing times. You can either pick one broker and trade that closing time or pick several brokers with different closing times. I know quite a few traders on this forum monitor feeds from 4 separate brokers each with a close time one hour apart. this gives them a new 4 hour candle every hour of the day.
Quoting mbqb11
This is just a difference in broker close times.

I personally watch a 5pm est close time. I am a believer in this close as the NY close and unofficial close of the FX markets. The FX markets are 24/7. With that said many people use various closes, the difference is not price it is the aggregation of price. For example I watch 4 brokers for 4 different 4 hour closes. I do this simply to get a different perspective and aggregation of the bars. Just cause your broker candle closes at a certain time does NOT mean you have to only trade...
Thank you both for your replies, I really appreciate it. That's very interesting about watching 4 brokers like that. Very cool.

I just want to watch one broker right now and really can't decide between MB Trading and IBFX. But here is the question I can't seem to get resolution on:

MB Trading posts their new day at midnight EST. I can't check the charts until the morning at about 7:00 am to 8:00 pm EST. Have I waited too long after the update and the possible signal?

Sorry if this is a really noobish question or I'm just not "getting it".

While I'm typing I might as well share one other concern. Way back in the old days (a few weeks ago) when I had no clue about reading price action (I barely have a clue now) and I was using a bunch of indicators, I was trading every day and making pips, but it felt more like gambling than anything else.

This week, using plain bars with no indicators, I've not taken any trades as I'm just not seeing any setups (actually I confess, I scalped on the M1 charts for 11 pips just for something to do).

Is it normal to go days without taking a trade?

Thank you to everyone for your help and patience. Everyone here is so great. I am amazed daily by the generosity of James and others to share and help.

Wow, this turned out to be long.
  • #99,739
  • Aug 3, 2011 4:42am Aug 3, 2011 4:42am
Quoting Adilius07
Have anyone figured out the best way to follow H8 TF with multi charts on, and price in real time?
Hello Adilius,
I think I can help You with this (not sure if its the best way, but it works ).
Be right back in 1 hour, then I can write this here so anyone whos intrested in this, can do it.

Cheers.
  • #99,740
  • Aug 3, 2011 4:46am Aug 3, 2011 4:46am
Quoting supremeChaos
i hate it.
anyone turning 10 next year?
Hero calls followed by margin calls...
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