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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

  • #101,681
  • Sep 14, 2011 10:32am Sep 14, 2011 10:32am
Quoting teemo
Supply & Demand - ha? That's what you also told me when you posted this one

I think I see a pinbar in there !
  • #101,682
  • Sep 14, 2011 10:33am Sep 14, 2011 10:33am
Quoting Kalbar
Hows your trading going? Have not spoken in a while man how r u?...
Hello Sir Kal,
not much trading these days as we are in the midst of a possible takeover... i mean we might relocate our house.
btw, im a wannabe too, u know
Quoting teemo
Supply & Demand - ha? That's what you also told me when you posted this one
finally, a chart that is messier than mine!
i love a chart that has lots of confluence!
  • #101,683
  • Sep 14, 2011 10:36am Sep 14, 2011 10:36am
Quoting mbqb11
Hey F

I generally put my Stop loss below(on bullish bar) or above (on a bearish bar). This gives me room to use to reduce my risk and manage the trade. Another thing to remember is a bar is not invalidated until the low(on bullish bar) or high (on bearish bar) gets taken out. Just like a bar is not valid till it breaks. There are various other ways to place stop loses. For example sometimes I use the left eye of a pinbar, or a minor PPZ or BRN etc to start my stop at. This allows for a bigger position size. That's a good thing to track...
I have tried all ways but i don't know what is best. If I put a stop all the way behind the bullish/bearish bar, a break and subsequent failure of the bar will take away alot of money. I concentrate on playing mainly pinbars and engulfing patterns (BOVB as in j16's terminology)

I recently tried as what one of the J16's videos said, putting the SL several pips away from the break so if it breaks and retraces back you are out. And i was promptly stopped out frequently, but it had a good R:R ratio.

Need some advice on this last problem. Does RR have any effect on your trades or do you take trades based not on RR but on their probability of success (huge pin bars)?

I have been at this for more than a year and can confidently know how to trade and where to place my TP levels and watch for support/resistance levels but am afraid poor trade management might kill my account.
  • #101,684
  • Sep 14, 2011 10:38am Sep 14, 2011 10:38am
Supremo! What's up Brother?
Hey, don't be selling my secrets on Ebay


Quoting supremeChaos
Hello Sir Kal,
not much trading these days as we are in the midst of a possible takeover... i mean we might relocate our house.
btw, im a wannabe too, u know

finally, a chart that is messier than mine!
i love a chart that has lots of confluence!
"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #101,685
  • Sep 14, 2011 10:43am Sep 14, 2011 10:43am
Quoting fascist
I have tried all ways but i don't know what is best. If I put a stop all the way behind the bullish/bearish bar, a break and subsequent failure of the bar will take away alot of money. I concentrate on playing mainly pinbars and engulfing patterns (BOVB as in j16's terminology)

I recently tried as what one of the J16's videos said, putting the SL several pips away from the break so if it breaks and retraces back you are out. And i was promptly stopped out frequently, but it had a good R:R ratio.

Need some advice on this last problem. Does RR have...
Hey F

R:R to me doesn't really play a factor the way most people learn about R:R. Such as I need to have 2R multiple for every 1R risk. I look at a trade in terms of a good setup, and how to best manage that setup. My R:R is built into my trading in the long run as a whole, not on an individual trade. I take trades where my R:R is horrible based on the outcome. That is I might risk 2% and end up with a .5R win. But that's not the story. I may have also reduced my stop loss immediately on that trade and my effective risk was less then 2%. Each setup makes me go into how should I best manage this trade. The more "reward" I believe is available the more lenient I am with my stops. The less "reward" I believe is available the more strict I am with my stops. It's not a one or all scenario(meaning it doesn't have to be either X happens or Y happens). It's the variables in between that make up my mgmt.

Here is also other posts on R:R that you may find useful
http://www.forexfactory.com/showthre...46#post3909546
http://www.forexfactory.com/showthre...88#post3909588

It's going to come back to your comfort zone. There is always going to be a trade off b/w the different approaches(no matter how you trade j16 or not)

Best
Mike
  • #101,686
  • Sep 14, 2011 10:46am Sep 14, 2011 10:46am
Quoting mbqb11
the G man what's up buddy

I posted some IPB in the PF for you, you never saw it
where?

I am sorry I have been out of the scene for quite a bit...

g.
I believe . . .
  • #101,687
  • Sep 14, 2011 10:57am Sep 14, 2011 10:57am
Quoting mbqb11
Hey F

R:R to me doesn't really play a factor the way most people learn about R:R. Such as I need to have 2R multiple for every 1R risk. I look at a trade in terms of a good setup, and how to best manage that setup. My R:R is built into my trading in the long run as a whole, not on an individual trade. I take trades where my R:R is horrible based on the outcome. That is I might risk 2% and end up with a .5R win. But that's not the story. I may have also reduced my stop loss immediately on that trade and my effective risk was less then 2%....
Hey thanks dude. I think I need to think carefully on this.
  • #101,688
  • Sep 14, 2011 10:58am Sep 14, 2011 10:58am
Quoting ghous
where?

I am sorry I have been out of the scene for quite a bit...

g.
usd/nok thread
  • #101,689
  • Sep 14, 2011 11:02am Sep 14, 2011 11:02am
Quoting supremeChaos
1000hours is an inadequate gauge of experience/consistency.

i think it's different for everyone. some need 10,000 hours, some 100,000hours, or more.

i think it would be better if u look (objectively) at your experience/consistency/performance rather than the hours u've spent.
to be honest, i havent counted how many hours i've spent on trading in the last 3-5years.

i think it's called passion (i actually see trading as a lifelong challenge... & a key to my financial freedom)
[size=3]"Find something u love to do & u'll never have to work...
Absolutly SC,
the 1000 hours is just a number. I think i need another couple of 1000s of hours, i don't car This is my passion, i really love trading and see this also as something for the rest of my live (hope fulltime, if not, than parttime) I will not give up till i figurerd this stuff out.
  • #101,690
  • Sep 14, 2011 11:04am Sep 14, 2011 11:04am
Quoting mbqb11
Hey F

...Another thing to remember is a bar is not invalidated until the low(on bullish bar) or high (on bearish bar) gets taken out......
Hope that helps
Mike
Hi Mike, so if i understand you right, the pin bar arrowed in the chart below is still in play?

Cheers
NTW
Attached Image (click to enlarge)
Click to Enlarge Name: 20110914 EURJPY.PNG Size: 61 KB
No more DOH! trades
  • #101,691
  • Sep 14, 2011 11:06am Sep 14, 2011 11:06am
Quoting supremeChaos
"Find something u love to do & u'll never have to work a day in your life"
Provided it pays you and not you paying it on monthly basis

P.S. I love drinking very much, sometimes I think I am an alcoholic, lol, loving it so much but still have to work..
  • #101,692
  • Sep 14, 2011 11:09am Sep 14, 2011 11:09am
Quoting mbqb11
usd/nok thread
Geez. You don't get them any sweeter

You got three solid factors going for it

1) Tonnes of support

2) Back against the 5.33 support PPZ

3) Bullish close


g.
Attached Image (click to enlarge)
Click to Enlarge Name: usdnok.gif Size: 21 KB
I believe . . .
  • #101,693
  • Sep 14, 2011 11:11am Sep 14, 2011 11:11am
Quoting Thierry
Hi folks,

I need some help, after spending 1000 of hours learning to trade, i can still not trade consitency.

I know how to trade this method, i now PA, i know SR, i know we look for PPZ, divergence, BRN, fibo etc etc...
but after spending so much hours i understand the method or system you trade is relevant for only a (small) part of trading.

I trade a small account on the 4h. Daily is a problem because of sleeping time (europe), and i have only fxpro what closes at 11 pm, but thats a little too late for me. Maybe other people in...
I almost give you a guaranty that you are absolutely correct when you say that you overtrade + no patients which causes you to overtrade. For me those were the hardest things to overcome and took almost 3 years. How I overcame this problem? By quitting. I know it doesn’t give you a concrete solution immediately but stoping to trade for some time made me think of what I can do with trading and not what I think I should be able to do.
  • #101,694
  • Sep 14, 2011 11:14am Sep 14, 2011 11:14am
Once you have a trading system or strategy that works for you, its all psychological from that point on.
  • #101,695
  • Sep 14, 2011 11:16am Sep 14, 2011 11:16am
Quoting Thierry
Absolutly SC,
the 1000 hours is just a number. I think i need another couple of 1000s of hours, i don't car This is my passion, i really love trading and see this also as something for the rest of my live (hope fulltime, if not, than parttime) I will not give up till i figurerd this stuff out.
Having a passion for trading mainly for reasons not involving the money potential will take you very very far. That innate urge to master the art just for the sake of it is an incredibly rare quality, and lucky are those who posses it.

g.
I believe . . .
  • #101,696
  • Sep 14, 2011 11:23am Sep 14, 2011 11:23am
Quoting Adilius07
Provided it pays you and not you paying it on monthly basis
well, a business has expenses/costs, right?

btw, the thing u love should nurture u, IMHO.
does alcohol nurture u? i think u should consult your liver & brain for the true answer.
  • #101,697
  • Sep 14, 2011 11:38am Sep 14, 2011 11:38am
Quoting supremeChaos
well, a business has expenses/costs, right?

btw, the thing u love should nurture u, IMHO.
does alcohol nurture u? i think u should consult your liver & brain for the true answer.
SC, can you NOT trade for a month?
Yup... if that really "nurture" I don't know...

HOWEVER, with alcohol you know you will get sick and die some day if you do it everyday... here you believe you can become "financially independent" some day. So this is a big difference

Too early to speak about 'BUSINESS' one can PRETEND it's business, act alike, think a like (like myself), but untill this thing gives me money, is not a business but a game, like X-Box (man I still didn't get one, can you imagine.... )

Now I shut up...
  • #101,698
  • Sep 14, 2011 11:39am Sep 14, 2011 11:39am
Quoting ashag28
Once you have a trading system or strategy that works for you, its all psychological from that point on.
I'm having those problems now.

Trading while thinking at the back of your head the bills and payment you need to make just ain't good. I guess that is the real skill and one of the last hurdles I face.
  • #101,699
  • Sep 14, 2011 11:47am Sep 14, 2011 11:47am
Quoting mbqb11
we may need a breather, but I am holding for a move higher still myself too


Best
Mike
hey Mike..u got a nice boost on this trade...congrats
i did not trade this PB as i was not sure the story behind it...as to from where it came off..

anyways Q is..y u did not put ur trade at BE or lock profit..?i see that on ur chart u hv stil kept half of the risk open..
  • #101,700
  • Sep 14, 2011 11:48am Sep 14, 2011 11:48am
[quote=supremeChaos;4954727]Hello Sir Kal,
not much trading these days as we are in the midst of a possible takeover... i mean we might relocate our house.
btw, im a wannabe too, u know

Hey Supremo

My very best wishes to you and your family - peace be with you wherever you may go my friend. Keep posting your words of wisdom and advice here because I, and many other traders I am sure, enjoy them immensely!

All the best

Kal
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