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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

  • #113,701
  • Jun 26, 2012 7:38pm Jun 26, 2012 7:38pm
Quoting DanielT
Hi Pinbar,

I'm not sure what to make out of your answer but maybe you can give me some ideas to put it into a context I can understand.

In other words how long have you been trading this approach now and how are your results?

Take care,

Dany

Hi, well, I think it is worth putting in the effort, of course.
Personally, I have traded a small live account alongside a demo account for the last 3 years, while holding down a full time job, moving continents etc.
My live account has been overall about 0.5% in the red, mainly due to not sitting on my hands and waiting for the best setups.
Recently it is back in the Black by about 2% as I have learned to wait for the better setups.
The thing is, we can have the best methodology in the world but, if we do not plan the trade & trade the plan, the methodology goes out the window and along with it, our profits.

Hope this helps
  • #113,702
  • Jun 26, 2012 8:13pm Jun 26, 2012 8:13pm
Quoting Pinbar
The thing is, we can have the best methodology in the world but, if we do not plan the trade & trade the plan, the methodology goes out the window and along with it, our profits.
I agree 100% with you here Pinbar, and let me tell you things will change again if you start trading a live-account that is serious money (money you'd need to work for a couple of years) for you

Of course my interest is with results of traders who're at a level where they execute their trading plan for a couple of years without struggling (for example when a couple of losing trades/weeks/months say hello) using the stuff presented here. Now of course this could also be a demo-account if the demo-account simulated order-fills are close to the real world.
  • #113,703
  • Jun 26, 2012 8:35pm Jun 26, 2012 8:35pm
Quoting DanielT
I agree 100% with you here Pinbar, and let me tell you things will change again if you start trading a live-account that is serious money (money you'd need to work for a couple of years) for you

Of course my interest is with results of traders who're at a level where they execute their trading plan for a couple of years without struggling (for example when a couple of losing trades/weeks/months say hello) using the stuff presented here. Now of course this could also be a demo-account if the demo-account simulated order-fills are close to the...
Indeed, that is the way the cookie crumbles.
Still, where there is perseverance, there is progress.

Just thought, I would input my honest opinion.


All the best.

Steve
  • #113,704
  • Jun 26, 2012 8:38pm Jun 26, 2012 8:38pm
Quoting mbqb11
here was my chart on this one


Mike
Mike, can you please explain what a buffer is?
  • #113,705
  • Jun 26, 2012 8:47pm Jun 26, 2012 8:47pm
Quoting ricosta
Mike, can you please explain what a buffer is?
Hey Rico

A buffer is just some amount of pips b/w the bar and an order

For example if we have a pinbar to go short and we want to trade a break of the bar instead of sticking out order a pip below the bar low I like to use a decent amount of "buffer" or room b/w the bar low and my trade order depending on the pair and timeframe

Hope that makes sense
Mike
  • #113,706
  • Jun 26, 2012 8:47pm Jun 26, 2012 8:47pm
Quoting sg_1988
Hi Mav,

I have provided you with thread summaries of the important posts you would probably need to look at for the first 3500 pages of this thread.

I recommend saving the charts so you can look through them in your own time also.

I didn't create these summaries, but whoever did certainly saved me a lot of time and they deserve the credit! i just hope it helps you like it helped me.

I would probably go through them summaries and then follow the newest posts and any questions just ask
Thanks SG, that will help a lot :-)
  • #113,707
  • Jun 26, 2012 11:38pm Jun 26, 2012 11:38pm
Quoting DanielT
Hi Pinbar,

I'm not sure what to make out of your answer but maybe you can give me some ideas to put it into a context I can understand.

In other words how long have you been trading this approach now and how are your results?

Take care,

Dany
Hi Dany,

I'm still a newbie in trading, but even I understand that there is no average answer to what you were asking. Results are different by trader, because every trader is different. Bear in mind this is just a method and not a system.

And in this thread this method is meant to be kept as simple as possible so newbies like me can understand it and learn from it.

I think that results depend on what is traders approach. If trader A trades only one type of setups, results are what they are. If trader B trades every possible setup and takes good care of MM, results can be very different from trader A. And what comes to senior traders they are very different what comes to their approaches so possibly their results are different too.

So to give you some kind of idea. The results can vary from anything to anything. Some say 1R is easy some say it is impossible to get BE, no matter what is the method they are using.

Someone might have a "target" ( which mean that it is not a real target, that someone must meet, but is something to set for you) e.g. to have 2R in a month and when he gets that he might stop trading for that month, because that is just enough for him. The other one might get a "target" to have 10R in a month and he might keep on going if he meets his targets, because he has a different plan in mind.

The results are dependent on so much what is traders approach and plan in mind so there is no good answer to your question. I can give you a hind that newbie can take easily more than 1R in a month with this method. Trader just must understand PA, and after that anything is possible.

-> ->
  • #113,708
  • Jun 27, 2012 3:06am Jun 27, 2012 3:06am
AUD/NZD

my buy stop was triggered...

- nice bullish pinbar on daily after a strong downtrend
- PPZ
- BRN 1.2700

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  • #113,709
  • Jun 27, 2012 3:12am Jun 27, 2012 3:12am
GOLD on my WL

we have a very strong support zone on weekly, but this one could not hold forever...i will watch this closely for a possible breakdown

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  • #113,710
  • Jun 27, 2012 3:36am Jun 27, 2012 3:36am
Quoting bullzeye
GOLD on my WL

we have a very strong support zone on weekly, but this one could not hold forever...i will watch this closely for a possible breakdown

Attachment
I'm with you on that one. I think if it broke it will be hard
If not up, then down, otherwise sideways :-)
  • #113,711
  • Jun 27, 2012 5:30am Jun 27, 2012 5:30am
Quoting rami_8
Hi Dany,

I'm still a newbie in trading, but even I understand that there is no average answer to what you were asking. Results are different by trader, because every trader is different. Bear in mind this is just a method and not a system.

The results are dependent on so much what is traders approach and plan in mind so there is no good answer to your question. I can give you a hind that newbie can take easily more than 1R in a month with this method. Trader just must understand PA, and after that anything is possible.

-> ...
Hi Rami,

yes sure. No two traders will have exactly the same results, even when trading a fixed system due to different fills/brokers/etc.

My question was more like: Are there traders who are following this methods for years and are making money? And if so maybe they can share some rudimentary results that might allow me some conclusion to what's possible compared to my current trading.

Doesn't mean I'll do as well with the method of course and I certainly wouldn't expect it. I guess like with any method this one also somehow has better and worse times.

But if let's say 20 people here tell me that they're trading this method for years now and still losing money or breaking even than that would tell me something.

I've searched the thread already to find some numbers, also on J16-page but all I've found are very nice charts of past "possible" trades. From other methods in the futures etc. usually traders discuss and compare their real-trading results regulary. Which just helps everyone to get an idea where they are, what the potential may be, if they're missing something etc. And of course if it's worth putting time into that stuff. How do you evaluate that, I mean you need to have some reason why you're trusting that this stuff is a winning strategy that has the potential to make you money. Some reason besides nice charts...I hope?! So it kinda puzzles me that this seems to be something that isn't talked about here...

Dany
  • #113,712
  • Jun 27, 2012 5:55am Jun 27, 2012 5:55am
Quoting bullzeye
AUD/NZD

my buy stop was triggered...

- nice bullish pinbar on daily after a strong downtrend
- PPZ
- BRN 1.2700

Attachment
Not sure I'd be holding onto this one for too long.
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  • #113,713
  • Jun 27, 2012 6:46am Jun 27, 2012 6:46am
Quoting DanielT
Hi Rami,

But if let's say 20 people here tell me that they're trading this method for years now and still losing money or breaking even than that would tell me something.

Dany
You can find easily 20 people here who are still BE or worse, but if they actually some day understand PA and MM then they will leave that phase for good. That will take some time (anything from months to years), but believe me it is worth it. On the other hand for some PA is not the thing, so they might not get it or don't find it comfortable and for that reason will change to some other method.

If I have understood correctly many traders have left this thread and are still losing traders and many have left this thread and trade professionally. Some seniors may stop by here, but they are not here to proof anything. Traders don't have to proof to anyone weather they are profitable or not. They only have to be satisfied to their own results, weather it is getting profitable or being that. And some say there is traders who just want to gamble.

Just a note that PA is universal and many trade PA with success. And this thread is not the only PA thread in FF. Some might find other PA threads methods better for them, but I think that this is rather simple approach to PA.

What if trader has traded only one trade this month and traded the EUR/AUD bearish flag that was posted in this thread and now trader has gained e.g. 2R with that 8-13 hour trade. The only difficult thing in PA trading is waiting for the good trades to appear, and if that is the difficult part... you should be able to estimate how difficult it is to make results. So in other words the difficult thing is not to take bad trades, where trader wish that price will do something and when it don't trader will lose the whole position.
  • #113,714
  • Jun 27, 2012 8:01am Jun 27, 2012 8:01am
Quoting rami_8
You can find easily 20 people here who are still BE or worse, but if they actually some day understand PA and MM then they will leave that phase for good.
Sure, but will I also find 20 people here who are doing well? And if not shouldn't that tell something?

That's the question, "if they actually some day understand PA and MM then they will leave that phase for good."...will they? If so they'll hopefully let us know here

You will always find a lot of reasons why traders don't share results...but if you look behind them things often get a bit...uhm weird at least
  • #113,715
  • Jun 27, 2012 8:05am Jun 27, 2012 8:05am
Quoting don perry
crystal clear. thanks
See Don how price is sort of just drifting back higher into the wick of the bar? That bounce absorbs that selling(that is weak which we can tell by the structure of the pinbar). Then price finds it easier to move higher again


Mike
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  • #113,716
  • Jun 27, 2012 8:06am Jun 27, 2012 8:06am
well... it seems that nobody have anything to show You Daniel
all are in red here. best ones are BE or have little not impressive profit.
all is eternal - this is good news for people who loves bad news
  • #113,717
  • Jun 27, 2012 8:19am Jun 27, 2012 8:19am
This thread is intended to help new traders see the light with PA and get out of the hell which most people are out there. It has done that since James started this thread years ago.

I have thousands of free posts doing just that if one wants to go through

So I prefer charts but that's just me
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  • #113,718
  • Jun 27, 2012 8:25am Jun 27, 2012 8:25am
Quoting mbqb11
So I prefer charts but that's just me
here is how I bring in some of the overall picture too to strengthen and understand what may be taking place
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  • #113,719
  • Jun 27, 2012 9:26am Jun 27, 2012 9:26am
Quoting mbqb11
here is how I bring in some of the overall picture too to strengthen and understand what may be taking place
hey mike,

I just realized I've been waiting 4 months for it to come back to this level. I never would have been able to that before. Thanks for instilling patience.

Are you monitoring PA on all times frames? Eg. would you consider a nice sized pin bar or BUOB on the 4HR chart at the swing low?
  • #113,720
  • Jun 27, 2012 9:37am Jun 27, 2012 9:37am
Quoting Mebius
hey mike,

I just realized I've been waiting 4 months for it to come back to this level. I never would have been able to that before. Thanks for instilling patience.

Are you monitoring PA on all times frames? Eg. would you consider a nice sized pin bar or BUOB on the 4HR chart at the swing low?
Hey Mebius

Patience is everything

I will be watching from the perspective that things make the most sense. This to me is largely how I view a chart. For example right now that TL in respect to the trend and everything looks very nice on the 4hr. This is the main chart I would be watching this TL on. If for example we go to the 1hr the trendline is the same but the perspective of price can change. BUT with that said I will generally watch a timeframe lower (so in this case also the 1hr) for triggers. To me the story is most important but you also want to get good PA in relationship to what you are looking at. This is a more unique case then say just a breakout pattern(like the eur/aud I posted). So in this case really a lot of timeframes can come into play(mostly 1hr to daily).

As you can see we are continuing to ride this trendline down and I LOVE that. Because it's continuing to validate something that market considers very important.


Best
Mike
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