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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

  • #128,441
  • Oct 29, 2013 7:04am Oct 29, 2013 7:04am
Quoting dan89
{quote} Hey Prasad, Your right, Im not saying that I dont trade with the same core MBQB method as tought here and in the PF, What im saying is that you, I and everyone else will adapt that core method and tweak it, usually without noticing, to suite their own style or trading and comfort level. Everything I know I have learnt here and in the PF. Its just something that I have noticed in regards to my own trading - 90% is still the same as tought on the first 100 ish pages Take care bud Dan
Dan

You are right. We adapt it according to our style and personality. We can respect any method or system that makes money in the market "consistently"
  • #128,442
  • Oct 29, 2013 7:09am Oct 29, 2013 7:09am
Quoting dan89
{quote} Hey Prasad, Your right, Im not saying that I dont trade with the same core MBQB method as tought here and in the PF, What im saying is that you, I and everyone else will adapt that core method and tweak it, usually without noticing, to suite their own style or trading and comfort level. Everything I know I have learnt here and in the PF. Its just something that I have noticed in regards to my own trading - 90% is still the same as tought on the first 100 ish pages Take care bud Dan
Part of this happens because the stuff that you intially consciously focus and work hard to drill inside of you, over time, just becomes part of your instincts. You are then capitalizing on this knowledge base, without even being consciously aware of it which can give you the impression that you're trading on an ad hoc basis. This is the time when a trader starts to step outside the domains of a system and use the very content and knowledge contained within a system as part of a larger construct. Sort of being able to see the bigger picture. Realizing that less is in the charts and more inside the head.

Apart from all the clutter, it simply means you're moving ahead very nicely Dan.

g.
I believe . . .
  • #128,443
  • Oct 29, 2013 8:05am Oct 29, 2013 8:05am
Quoting Winston Reed
{quote} Ghous and P, Your posts are full of inspiration and wisdom. I am fortunate to have a J-O-B that I actually love and compensates me very well but it does demand time that I would rather use differently. Not unlike many I had visions of riches when I initially encountered the world of trading through a less-than-honest trader who took 10K of my money and lost 7.5K in 36 hours during the 2008-2009 crash. Now I am nearing retirement and my trading aspirations are much more humble. I merely want to supplement my retirement income. I wished I...
I can empathise with some of your post content in that being retired I supplement my pension with trading to supply treats such as holidays, new cars and wifey comforts etc :-)
every Saint has a past. Every Sinner has a Future
  • #128,444
  • Oct 29, 2013 8:17am Oct 29, 2013 8:17am
Quoting ghous
{quote} Part of this happens because the stuff that you intially consciously focus and work hard to drill inside of you, over time, just becomes part of your instincts. You are then capitalizing on this knowledge base, without even being consciously aware of it which can give you the impression that you're trading on an ad hoc basis. This is the time when a trader starts to step outside the domains of a system and use the very content and knowledge contained within a system as part of a larger construct. Sort of being able to see the bigger picture....

hmm... that's the reflexiveness of a trader. What i call 'seeing in flashes through your method' and going with the plan as it comes.

I AM REALLY HAPPY FOR YOU DAN


Jibson
Still trying to get to meet myself...
  • #128,445
  • Oct 29, 2013 8:55am Oct 29, 2013 8:55am
Touched my TP but didn't take it out while sleeping. Moving SL down.
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  • #128,446
  • Oct 29, 2013 10:43am Oct 29, 2013 10:43am
Quoting Magestic
{quote} Mike, greetings! A question to you, mate. Did you enter the trade? I found no classic PA here, and had lot of uncertainty if I should put a sell stop order based on insidebars that formed before the break. Please, can you bring some light for me and the others, what can be a trigger here for future trades like that. Its preatty frustrating to see the train left the station and you are not on the board. {image}
Hey M

Their certainly were entries in on this one. I think the daily beob although it was small made sense based on location. I talked myself out of it because I was and am currently short the aud/usd and figured based on locations and how they were moving it would pull me down any way so it made it easier to pass. You could have shorted the DBHLC on the 4hr once it broke(after those inside bars) as well. Those were all valid entries but agreed not quite right so I am just nursing my aud/usd

Best
Mike
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  • #128,447
  • Oct 29, 2013 11:20am Oct 29, 2013 11:20am
Quoting mbqb11
{quote} Hey M Their certainly were entries in on this one. I think the daily beob although it was small made sense based on location. I talked myself out of it because I was and am currently short the aud/usd and figured based on locations and how they were moving it would pull me down any way so it made it easier to pass. You could have shorted the DBHLC on the 4hr once it broke(after those inside bars) as well. Those were all valid entries but agreed not quite right so I am just nursing my aud/usd Best Mike {image}

Hi Magestic, that happens sometimes. you can take a look at the Lite Forex chart i attached below. I try to compare this feeds.


Jibson

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Still trying to get to meet myself...
  • #128,448
  • Oct 29, 2013 11:22am Oct 29, 2013 11:22am
Closed it out +30. May go lower but so far momentum is lacking.
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  • #128,449
  • Oct 29, 2013 3:10pm Oct 29, 2013 3:10pm
Mike, Jibson, thanks for the replies. Frustrating, but life goes on.
If not up, then down, otherwise sideways :-)
  • #128,450
  • Oct 29, 2013 5:03pm Oct 29, 2013 5:03pm
Quick question to fellow futures traders.

I can't seem to understand the dates associated with futures.
ie Nikkei has Z/H/M/U periods, during which you have a "start trading" date, a "Start trading only for closing open positions" date, and an expiration date ("Forced closing of all open positions").

I can't remember what I exactly did, but I woke up one morning to realize that a trade I had seemingly arrived at expiration since I found it closed. No big deal, just trying to figure this out.
How do you people deal with that?
If you can, you place your trade on the "longer term" contract?
But if you can't? you place your trade, then transfer it before the contract expires, by re-entering a similar position on the most recent one?

don't even know if I make myself clear
Slow & steady
  • #128,451
  • Oct 29, 2013 11:30pm Oct 29, 2013 11:30pm
Dear Mike, Ghous...

Any thoughts on GBPJPY pull back from Trend Line + Pivot.....

157.000BRN, Good PPZ, PB breaks one end and closes inside the mother bar, last 5 days price is unable to close below the 5 day low EMA. But I am worrying about the large Bearish Bar on 23.10.2013. Entry would be at the break of PB.
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  • #128,452
  • Oct 30, 2013 1:23am Oct 30, 2013 1:23am
Quoting whynotnaveen
Dear Mike, Ghous... Any thoughts on GBPJPY pull back from Trend Line + Pivot..... 157.000BRN, Good PPZ, PB breaks one end and closes inside the mother bar, last 5 days price is unable to close below the 5 day low EMA. But I am worrying about the large Bearish Bar on 23.10.2013. Entry would be at the break of PB. {image}
Hey Naveen,

First off that's not a pin bar as it didn't close within the prior bar. For a long shot that's a pin bar by proxy as it kinda popped under that big bearish bar and closed back above. Nice trend line there also.

I wouldn't be impressed though, based simply off the fact that we're still caught up inside the consolidation box and with the choppy movement triggered via the minor PPZs inside the box, this makes it a very tricky play, if for a moment you want to ignore that this isn't a pin bar to begin with.

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Even more importantly, the fact that price got rejected from under that big bearish bar is going to be really as important as if you had the rejection off of a major PPZ or a swing point?

In our attempt to be picky, the first thing we need to do every time is pick out the best locations on a price chart. Looking at the chart below, which region do you think will generate more order flow by virtue of plain muscle?

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Now if price does decide to break the high of the proxy pin bar, is it going to still necessarily fail? Perhaps not. But it does mean, that in a sideways market it will have some pretty close by trouble areas to battle its way through. It may do that, but not without making the whole trade management so much more stressful for you. In the end, the real quest in the beginning is to simply nail those few no brainers for the month leaving these advance plays for later when experience matures you off.

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g.
I believe . . .
  • #128,453
  • Oct 30, 2013 1:53am Oct 30, 2013 1:53am
Quoting dan89
{quote} Hi mate, Most of my trades are posted here in the tread. Some of the entries are not exactly how james16 teaches, but I learnt them and adapted them from the PF. I will try to do into more detail in regards to position sizing, MM, trailing stops etc in a later post. Need to find some time to write it all up Take care Dan
Thanks.
  • #128,454
  • Oct 30, 2013 2:21am Oct 30, 2013 2:21am
Quoting dan89
{quote} Well looks like this month will be another profitable month (a little over 8% from 2 trades) - My second real live profitable month Just one more month to go Take care Dan
Great Dan! Happy for you
  • #128,455
  • Oct 30, 2013 2:47am Oct 30, 2013 2:47am
Quoting ghous
{quote} When shorting into major swing points you've got to be extremely careful. Notice how price accelerated into that major swing low. It just sets up such a reliable trap for the bears. The point to note here is that you're shorting right into the bearish momentum when really the best entry is always at the start of the momentum buildup such as the kind of action you get through a breakout play. Now if price had started to consolidate and squeeze as well as drag its way to the swing low, then that's a sign that price is taking a breather before...


Hey Ghous,

I closed the order immediately when you brought to my attention that the IPB had not closed below the bar low on the daily charts. Amazing, soon afterwards there is a perfect example of the squeeze play that you referred to.

Price closes below the brn80 & lcs followed by rounded retest. After that price tests the bar low several times and each time price closes above the bar low. Finally, price breaks out and closes below the bar low. Time to enter short.

Neytiri
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  • #128,456
  • Oct 30, 2013 2:47am Oct 30, 2013 2:47am
Quoting ghous
{quote} Hey Naveen, First off that's not a pin bar as it didn't close within the prior bar. For a long shot that's a pin bar by proxy as it kinda popped under that big bearish bar and closed back above. Nice trend line there also. I wouldn't be impressed though, based simply off the fact that we're still caught up inside the consolidation box and with the choppy movement triggered via the minor PPZs inside the box, this makes it a very tricky play, if for a moment you want to ignore that this isn't a pin bar to begin with. {image} Even more importantly,...
ghous thanks, your comments are really helpfull!
  • #128,457
  • Oct 30, 2013 2:57am Oct 30, 2013 2:57am
Quoting mbqb11
{quote} Hey M Their certainly were entries in on this one. I think the daily beob although it was small made sense based on location. I talked myself out of it because I was and am currently short the aud/usd and figured based on locations and how they were moving it would pull me down any way so it made it easier to pass. You could have shorted the DBHLC on the 4hr once it broke(after those inside bars) as well. Those were all valid entries but agreed not quite right so I am just nursing my aud/usd Best Mike {image}
Mike, I took this one too. I'm planning to take profit above major PPZ around 0.9350. Would you take profit or move stops, until your stopped out ?
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  • #128,458
  • Oct 30, 2013 5:23am Oct 30, 2013 5:23am
Hey Mike,
could you show me an example with chart when the price is prepare for a BO and you will keep consideration and when it is discarding?
  • #128,459
  • Oct 30, 2013 9:00am Oct 30, 2013 9:00am
Quoting ghous
{quote} Hey Naveen, First off that's not a pin bar as it didn't close within the prior bar. For a long shot that's a pin bar by proxy as it kinda popped under that big bearish bar and closed back above. Nice trend line there also. g.

Thank you Ghous for taking time and reply in very detail. I know the PB is not formed well but I considered the setup because of pull back from the TL+PPZ with other confluences. But I did not see the bigger picture. This is what the difference from beginner and experienced trader.


I spent hundreds of hours in back testing my strategy and freezed my Edge. But often I fail to take the trades based on my edge. I am unknowingly taking trades out of my Edge. Over trading is not an issue to me. Last month I took 3 trades and this month I have so far taken 4 trades. I usually wait for weeks without any trades but suddenly I am somehow taking lower grade trades.

Thank you once again.
  • #128,460
  • Oct 30, 2013 10:01am Oct 30, 2013 10:01am
Quoting whynotnaveen
{quote} Thank you Ghous for taking time and reply in very detail. I know the PB is not formed well but I considered the setup because of pull back from the TL+PPZ with other confluences. But I did not see the bigger picture. This is what the difference from beginner and experienced trader. I spent hundreds of hours in back testing my strategy and freezed my Edge. But often I fail to take the trades based on my edge. I am unknowingly taking trades out of my Edge. Over trading is not an issue to me. Last month I took 3 trades and this month I have...
Hey N,

The real deal about being picky is to be able to take the best few setups out of the many that show up. Takes time of course for the discipline to kick in and for the mindset to adjust. Learning the lessons from the mistakes puts you on a fast track to that goal.

Youre doing really well N

g.
I believe . . .
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