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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

  • #108,181
  • Feb 29, 2012 8:29am Feb 29, 2012 8:29am
Quoting Pinbar
Jarroo, takes M15 entries frequently.
We shouldn't think of them as trading M15, we are trading the Monthly & Weekly pivots, on the M15 TF.
It is a totally different game than just trading an M15 chart alone.
High time frame levels, lower time frame PA =

Low time frame level, low time frame PA =

Totally agree Pinbar
  • #108,182
  • Edited 8:53am Feb 29, 2012 8:36am | Edited 8:53am
Yeah, seems to be a crowd thing.

Anyway, it took out my SL for -10 pips which is ok as I had already taken off half the position at roughly +25 pips. This was still BE+ even though the SL was minus 10 pips.

This did have the potential to run. The point is, the logic was in it.

Just did not work out, in the sense of the bigger picture, like this M15 bar turning into an H1PB, 4H PB & maybe a daily bearish bar. No big deal, there will be plenty more.

EDIT: This is the bar progression, I was watching.
At H4 completion, it started to look like it was not going to play out.
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  • #108,183
  • Feb 29, 2012 8:51am Feb 29, 2012 8:51am
Quoting Pinbar
Jarroo, takes M15 entries frequently.
We shouldn't think of them as trading M15, we are trading the Monthly & Weekly pivots, on the M15 TF.
It is a totally different game than just trading an M15 chart alone.
Yup, I agree.
My experience just says "do not do it" So I don't do it anymore.
Follow my trading on Twitter and FB: @pumlitch
  • #108,184
  • Feb 29, 2012 8:56am Feb 29, 2012 8:56am
Quoting Pumlitch
Yup, I agree.
My experience just says "do not do it" So I don't do it anymore.
Just for the record here, nobody has asked anybody to do it, in the first place. So, I really have no idea what these people's problem is.
  • #108,185
  • Feb 29, 2012 9:06am Feb 29, 2012 9:06am
Quoting Pinbar
Just for the record here, nobody has asked anybody to do it, in the first place. So, I really have no idea what these people's problem is.
??? Just discussion. I don't see any problem of these people. Do you?
Follow my trading on Twitter and FB: @pumlitch
  • #108,186
  • Feb 29, 2012 9:15am Feb 29, 2012 9:15am
Quoting Pumlitch
??? Just discussion. I don't see any problem of these people. Do you?
I don't see any problem P, I think pinbar is just misunderstanding

Most people who use higher timeframe levels and drop down timeframes will get crushed. This is why James focus was to teach new traders(and old) to stick to the higher timeframes while learning. Both for simplicity sake and also to prevent the lower timeframe madness.

Pinbar is saying he uses higher timeframes and locates PA on lower timeframes. THIS IS FINE. Like most things. But understand if you are new, you should be following the first post and that their is a lot of other methods and ideas shared in here that should all be properly tested and demo. When some of us share lower timeframes, or more advanced stuff it's in the nature of helping give more to this thread. But the outline in post 1 is the point anyone struggling should be following. Period.


The short answer? Stick to the daily/weekly ONLY till you can accomplish 3+ months of profitability. This is a fantastic starting point(and many will never want to drop down).

Best
Mike
  • #108,187
  • Feb 29, 2012 9:17am Feb 29, 2012 9:17am
Quoting mbqb11
I don't see any problem P, I think pinbar is just misunderstanding

Most people who use higher timeframe levels and drop down timeframes will get crushed. This is why James focus was to teach new traders(and old) to stick to the higher timeframes while learning. Both for simplicity sake and also to prevent the lower timeframe madness.

Pinbar is saying he uses higher timeframes and locates PA on lower timeframes. THIS IS FINE. Like most things. But understand if you are new, you should be following the first post and that their is a lot of...
Mike is absolutely right. there are not many pips on lower TF and you will surely have to overtrade in lower TF to make pips. This in my opinion is gambling..

lower TF + over trading + small account size = gambling

higher TF + big account = trading
  • #108,188
  • Feb 29, 2012 9:24am Feb 29, 2012 9:24am
Quoting zamfir
Mike is absolutely right. there are not many pips on lower TF and you will surely have to overtrade in lower TF to make pips. This in my opinion is gambling..

lower TF + over trading + small account size = gambling

higher TF + big account = trading
Hey Z

This is the basics of it, but it's all relative in terms of pips available etc. Your formula above is what I was getting at though.

Once you become picky it really doesn't matter what timeframe. I trade from the monthly down to the 5min(mostly not lower then the hour cause I hate being glued to a chart).

If you are new it's nearly impossible to digest, process, and stay disciplined on the lower timeframes. It's why so many fail every day. Right now someone is reading this who just got chewed out on the 5min timeframe. Guarantee. It's not because 5min(insert number here) timeframe is bad. It's because that person doesn't have the skill set yet to properly and consistently trade it. . I see it every day, and will continue to see it every day.

Just be honest with yourselves, if you are struggling why not follow the advice of James in post 1? I have seen people spend years at the lower timeframes getting killed and then finally going back to the basics on the higher timeframes and find success.

Where you end up will vary greatly. That's ok. The point is to build your foundation properly. Learn the concepts properly. There is nothing bad or evil about a lower timeframe, it's how people treat lower timeframes that gets them into trouble.

Follow the big guys advice in post 1 if you are new, you can't go wrong

Mike
  • #108,189
  • Feb 29, 2012 9:28am Feb 29, 2012 9:28am
Mike,

It just not the lower TF, it's also the account size.

Most people want to convert few hundred dollars into a million in couple of month. This is where they get in to trouble. they get slaughtered with those micro accounts.

Hence a big account is a must to trade systematically.

Took me a long time to realize this..
  • #108,190
  • Feb 29, 2012 9:31am Feb 29, 2012 9:31am
Quoting zamfir
Mike,

It just not the lower TF, it's also the account size.

Most people want to convert few hundred dollars into a million in couple of month. This is where they get in to trouble. they get slaughtered with those micro accounts.

Hence a big account is a must to trade systematically.

Took me a long time to realize this..
Yep, don't disagree Z. James says it all the time.

When a few good trades a month = a lot of money why would one want to over trade.

But I will say I see people over trade the dailies/weekly just as much if the mentality is little to a lot in a quick time. That mentality will always be a killer of accounts.

It all seems so logical in words, yet something as humans we prevent ourselves from DOing with those words .

I always say you can only beat yourself so much before you change or give up.

Step 1- Get on Demo
Step 2 - post 1

That's the best place to start change in my eyes


Best
Mike
  • #108,191
  • Feb 29, 2012 9:36am Feb 29, 2012 9:36am
Yes Mike..eventually it comes down to human psychology. Fiji's stuff really helped me , not just with my trading, but in other aspects of my life as well.
  • #108,192
  • Feb 29, 2012 9:38am Feb 29, 2012 9:38am
Quoting zamfir
Yes Mike..eventually it comes down to human psychology. Fiji's stuff really helped me , not just with my trading, but in other aspects of my life as well.
Isn't it funny Z, how really a lot of what we do with our trading is a reflection of what and how we are in our life as well. I have found the overlap is very closely.

Trading is a good window to ourselves. After all like James says it's EGO we deal with. Our ego is us so they should go hand in hand.

I love this stuff just as much as a I love charts , if not more

Best
Mike
  • #108,193
  • Feb 29, 2012 9:53am Feb 29, 2012 9:53am
Quoting mbqb11
I don't see any problem P, I think pinbar is just misunderstanding

Most people who use higher timeframe levels and drop down timeframes will get crushed. This is why James focus was to teach new traders(and old) to stick to the higher timeframes while learning. Both for simplicity sake and also to prevent the lower timeframe madness.

Pinbar is saying he uses higher timeframes and locates PA on lower timeframes. THIS IS FINE. Like most things. But understand if you are new, you should be following the first post and that their is a lot of...
I agree with you Mike. I was just surprised by the reaction.
Don't worry I've already been profitable on real account for couple of months. I spent one and half a year on demo. First year fighting on M15, then I switched to H4 and daily and found the way. I'm not new here I just don't post much.

Thanks for your time.
Follow my trading on Twitter and FB: @pumlitch
  • #108,194
  • Feb 29, 2012 10:43am Feb 29, 2012 10:43am
Quoting Pumlitch
I agree with you Mike. I was just surprised by the reaction.
Don't worry I've already been profitable on real account for couple of months. I spent one and half a year on demo. First year fighting on M15, then I switched to H4 and daily and found the way. I'm not new here I just don't post much.

Thanks for your time.
awesome P you are a great example for people


Thanks for sharing
Mike
  • #108,195
  • Feb 29, 2012 12:08pm Feb 29, 2012 12:08pm
Quoting Pumlitch
Hi Jim,
My view is slightly diferent, but almost the same as yours. The level 1.4376 doesn't look bad at all.
Jarda

Attachment
First touch. Will see if it holds.
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Follow my trading on Twitter and FB: @pumlitch
  • #108,196
  • Feb 29, 2012 12:09pm Feb 29, 2012 12:09pm
Quoting mbqb11
awesome P you are a great example for people


Thanks for sharing
Mike
Thanks for the compliment Mike
Follow my trading on Twitter and FB: @pumlitch
  • #108,197
  • Feb 29, 2012 1:10pm Feb 29, 2012 1:10pm
Quoting Pumlitch
??? Just discussion. I don't see any problem of these people. Do you?
watch out for the pitbull!!
  • #108,198
  • Feb 29, 2012 1:28pm Feb 29, 2012 1:28pm
This is going huge
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all is eternal - this is good news for people who loves bad news
  • #108,199
  • Feb 29, 2012 1:43pm Feb 29, 2012 1:43pm
dream of bear
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all is eternal - this is good news for people who loves bad news
  • #108,200
  • Feb 29, 2012 1:48pm Feb 29, 2012 1:48pm
Quoting deankenny21
same here, anything below 4hr im either breakeven or lose money...
Quoting Pumlitch
M15? I remember anytime I switched to minutes time frames i lost everything I earned on H4...
Quoting beebolbod
watch out for the pitbull!!
One man's drink is another man's poison.

Dismissing new ways of thinking only limits our progression and evolution, both in trading and in life. The J16 teachings can be interpreted in more ways than one to suite our own personalities, such is the beauty of it.

Charts: Daily levels defined the story, the 30min PB was the signal to enter. The story never changed. Daily level for entry... daily level for targets... 30min PB the signal.

The story for me overrides many PA signals, irrelevant of time frame.

For discussion purposes only

T
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