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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

  • #113,661
  • Jun 25, 2012 2:14pm Jun 25, 2012 2:14pm
Quoting sg_1988
Hi V,

If I was to give my view, for what it's worth I think we will see a push down to the 1.5500 level (blue area), I think the PPZ at a RN which has held as resistance numerous times when you look to the left of the chart and with 38 fib and 150ema as added confluence, I feel it will hold at least in the short term.

I could be completely wrong, but it's what my instinct is. Lets see what happens.

Kind Regards
Sanil
Sure thing Sg,

I wasn't suggesting that GBP/USD could easily shoot up withno resistance at all

But either way, there are a lot better setups. I was pointing out the possibility just in case....
  • #113,662
  • Jun 25, 2012 2:24pm Jun 25, 2012 2:24pm
Interesting for me
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  • #113,663
  • Jun 25, 2012 2:33pm Jun 25, 2012 2:33pm
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting Variance
Sure thing Sg,

I wasn't suggesting that GBP/USD could easily shoot up withno resistance at all

But either way, there are a lot better setups. I was pointing out the possibility just in case....
Hi V,

Yeah there is certainly a possibility of what you showed on your chart happening for sure, no question.

I may look over chart patterns again, I see a lot of people use them, i'm more of a side to side PPZ kind of guy, however it wouldn't hurt me to become accustomed to these chart patterns as I see breakouts from these patterns can be powerful and to also understand the charts people post up a bit better.

Haha i've been waiting for a set up to form for over a week now I guess i'm in the best possible position, 0% risk i'll force myself to wait until I find a suitable entry. Although I missed out on AUD/CAD damn hindsight haha, well done to everyone who's done/doing well on it.

Kind Regards
Sanil
  • #113,664
  • Jun 25, 2012 2:35pm Jun 25, 2012 2:35pm
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Quoting brzvadeg
Interesting for me...
Hey B,

Nice
  • #113,665
  • Jun 25, 2012 3:23pm Jun 25, 2012 3:23pm
Quoting Rust
Hey guys, where do you enable these arrows showing entry and exit from ?
Attachment
thanks
Hey Rusty,

just check your Account History, choose one certain tread then drag and drop it on your chart...easy
  • #113,666
  • Jun 25, 2012 3:42pm Jun 25, 2012 3:42pm
Quoting brzvadeg
Interesting for meAttachment
Where to set SL? thanks
  • #113,667
  • Jun 25, 2012 5:39pm Jun 25, 2012 5:39pm
Quoting mbqb11
i'll be watching this channel, I generally only trade breakouts with the trend on lower timeframes unless the pattern is suggestive of a possible breakout both ways

let's see what PA shows
Hey MBQB!
I really like the free videos form you on the PF and also your screenshots/analysis in here. What kind of return you average monthly/yearly if thats not too much to ask . I really like your style.
GL!
I don't need easy. I just need possible.
  • #113,668
  • Jun 25, 2012 5:48pm Jun 25, 2012 5:48pm
Quoting DaGrizlyBull
Hey MBQB!
I really like the free videos form you on the PF and also your screenshots/analysis in here. What kind of return you average monthly/yearly if thats not too much to ask . I really like your style.
GL!
Hey DGB

Glad they are helpful

I don't really talk about my personal returns for a bunch of reasons including others wanting to benchmark on what I do. That's a slippery slope.

I will say my goals are 20%+ per year which I beat. I keep my goals realistic so that I always remind myself what a return in the double digits can do for me in the long run which keeps me picky and patient(most of the time)

Thanks again for the nice words
Mike
  • #113,669
  • Jun 25, 2012 6:02pm Jun 25, 2012 6:02pm
That's nice. I only asked about the returns cause i just read one link from the PF Guest Area, more precisely this one:

http://www.james16group.us/Guests/gu...0to%20avg.html

This is what caught my eye:
"Getting 10% to 20% average monthly gains is not hard. It only takes a plan, and attention to detail"

What im aiming longterm for is: 10%-15% monthly, which after compounding is like 300%-500% per year. Anything over 6%/month is good actually.

I know that it s a matter of personal preference and once you have a bigger account which you are happy with, you'll probably just lower the risk and be happy with that.

But are these returns really achievable with something like 2% or 3% tops risk/trade?

GL

Quoting mbqb11
Hey DGB

Glad they are helpful

I don't really talk about my personal returns for a bunch of reasons including others wanting to benchmark on what I do. That's a slippery slope.

I will say my goals are 20%+ per year which I beat. I keep my goals realistic so that I always remind myself what a return in the double digits can do for me in the long run which keeps me picky and patient(most of the time)

Thanks again for the nice words
Mike
I don't need easy. I just need possible.
  • #113,670
  • Jun 25, 2012 6:06pm Jun 25, 2012 6:06pm
Quoting DaGrizlyBull
That's nice. I only asked about the returns cause i just read one link from the PF Guest Area, more precisely this one:

http://www.james16group.us/Guests/gu...0to%20avg.html

This is what caught my eye:
"Getting 10% to 20% average monthly gains is not hard. It only takes a plan, and attention to detail"

What im aiming longterm for is: 10%-15% monthly, which after compounding is like 300%-500% per year. Anything over 6%/month is good actually.

I know that it s a matter...
I would always say it depends on the trader and person. Everyone has different goals/methods and that's where you will see serious discrepancies trader to trader. The one thing I never do myself is benchmark myself on anyone but myself. That's a real slippery slope in my eyes. Double digit monthly returns are certainly achievable but for most with larger MAX DD as well. Which then comes back to trader tolerance. I enjoy a more smooth curve if possible to keep my emotions in check

Hope that helps
Mike
  • #113,671
  • Jun 25, 2012 6:19pm Jun 25, 2012 6:19pm
Quoting bullzeye
Hey Rusty,

just check your Account History, choose one certain tread then drag and drop it on your chart...easy
Yey it works !
Thanks bulls
  • #113,672
  • Jun 25, 2012 6:32pm Jun 25, 2012 6:32pm
Quoting mbqb11
I would always say it depends on the trader and person. Everyone has different goals/methods and that's where you will see serious discrepancies trader to trader. The one thing I never do myself is benchmark myself on anyone but myself. That's a real slippery slope in my eyes. Double digit monthly returns are certainly achievable but for most with larger MAX DD as well. Which then comes back to trader tolerance. I enjoy a more smooth curve if possible to keep my emotions in check

Hope that helps
Mike
Really appreciate the answers You the man.
And since i caught u here, can you tell me if i drew my pivot zones correctly? I draw them as areas. Did i miss any obvious ones? I'm practicing to spot these better and better.

Daily PPZ are orange and H4 ones are blue ish. Also, is that a good place to trail my stop? I thought it made a swing high, above thar H4 PPZ, it should provide enough resistance for a while. I m now waiting to see if price breaks below that blue area.

D1

http://imageshack.us/photo/my-images/849/audusd1.jpg/http://img856.imageshack.us/img856/5374/audusd1.jpg




H4

http://img829.imageshack.us/img829/3274/audusdh4.jpg



http://imageshack.us/photo/my-images/832/audusdh4.jpg/
I don't need easy. I just need possible.
  • #113,673
  • Jun 25, 2012 6:59pm Jun 25, 2012 6:59pm
Quoting mbqb11
i'll be watching this channel, I generally only trade breakouts with the trend on lower timeframes unless the pattern is suggestive of a possible breakout both ways

let's see what PA shows

you got a daily I4B on that same pattern.
Many choose unhappiness over uncertainty.
  • #113,674
  • Jun 25, 2012 7:21pm Jun 25, 2012 7:21pm
Quoting DaGrizlyBull
Really appreciate the answers You the man.
And since i caught u here, can you tell me if i drew my pivot zones correctly? I draw them as areas. Did i miss any obvious ones? I'm practicing to spot these better and better.

Daily PPZ are orange and H4 ones are blue ish. Also, is that a good place to trail my stop? I thought it made a swing high, above thar H4 PPZ, it should provide enough resistance for a while. I m now waiting to see if price breaks below that blue area.

D1

http://imageshack.us/photo/my-images/849/audusd1.jpg/http://img856.imageshack.us/img856/5374/audusd1.jpg




H4...
Your PPZs look good

As for trailing or not it would be really how much you want to lock in. I think where we are now is a more major PPZ on your charts if that holds that's also a good area to lock in. But I see nothing wrong with what you have done so far. Looks like you caught a nice runner. No harm locking some of that in as it moves through your PPZs.

Best
Mike
  • #113,675
  • Jun 25, 2012 7:22pm Jun 25, 2012 7:22pm
Quoting Dan Gilbert
you got a daily I4B on that same pattern.
the wind up before the breakout?


Mike
  • #113,676
  • Jun 25, 2012 7:45pm Jun 25, 2012 7:45pm
Quoting mbqb11
Your PPZs look good

As for trailing or not it would be really how much you want to lock in. I think where we are now is a more major PPZ on your charts if that holds that's also a good area to lock in. But I see nothing wrong with what you have done so far. Looks like you caught a nice runner. No harm locking some of that in as it moves through your PPZs.

Best
Mike
I'm trying to teach myself to only close my trades by my SL being hit (BE or locked profits) or my ultimate TP being hit. I dont want to close without a reason, or just because "this is enough money for this week/month".

I want the market to tell me when to close, thats why I'm trailing my SL as the move progresses. I think this is the application of that saying "Cut your losses short, let your profits run" , and this what i'm trying to learn.

I think there's a balance of experience + math:
- how far is the next trouble area?
- what's the probability of the price reaching that area?

If these 2 variables combined provide an additional profit that outsets the profits you gave up when you're wrong, i think it's worth to leave it open. ( positive EV - expected value)

But that's way easier in theory. If anyone is already doing this I'd love to talk about this approach more.

GL
I don't need easy. I just need possible.
  • #113,677
  • Jun 25, 2012 10:48pm Jun 25, 2012 10:48pm
Love this thread. Learning a lot.
  • #113,678
  • Jun 26, 2012 1:59am Jun 26, 2012 1:59am
Do u watch here?
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  • #113,679
  • Jun 26, 2012 2:07am Jun 26, 2012 2:07am
Hi,
anyone looking at the gbp/jpy daily chart...?
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  • #113,680
  • Jun 26, 2012 2:28am Jun 26, 2012 2:28am
Quoting geomink
This is my favourite

Short @ 0.79004
First target FTA half position @ 0.78150
Second half riding
SL @ 0.80250

Good trading and good week to all

:-)
chosen the worst
Don't give up
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