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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

  • #129,021
  • Nov 30, 2013 8:14pm Nov 30, 2013 8:14pm
Quoting dan89
Results are in !! Well after 3 months of live trading (after many months backtesting ) the results are in: Sept: 6% (1 trade) Oct: 8% (2 trades) Nov: 4% (1 trade) One thing I have noticed aftere going back through the charts is that I did miss a few really decent setups simply because I wasnt looking at the charts much. I have a full time job and when I get home after work cant really be bothered to load up the charts (not good I know - need to fix that ASAP). Live results are not as good as backtest results...
Nice Dan, proving that you don't need many trades to be profitable. Take what the market gives you, don't force trades. I am not at the point of achieving
consistently profitable trading yet. But, I am well on my way, thanks to the J16 group. James says that the people who are trading less are far and away the winners. If I could consistently get 2-3% a month with my current account. Wow, I would be making more than the vast majority of people when I decide to fund my full account in years to come. I could have a job I like that doesn't have to pay large, but enough to pay my living expenses and just keep growing my account till its BIG. Trading to me is just an investment vehicle, and seems like a stressful way to pay your bills especially if you have a family to support.
  • #129,022
  • Dec 1, 2013 12:18am Dec 1, 2013 12:18am
Quoting ProsteJa
{quote} I have been trading for 5 years and I thought I know enough about trading. Thank you for showing me that I have to study hard.... I want to learn everything you know about trading!
That's what we have gathered here for. To learn and share.

g.
I believe . . .
  • #129,023
  • Dec 1, 2013 12:24am Dec 1, 2013 12:24am
Quoting zohaib
Ghous what should be the minimum amount of pips difference to have a valid fake out?And what is your views on below chart if it closed below Round number of 1.4900 and 1st blue rectangle? It has only 1 pip difference from previous high. And also comments about 2nd chart if closed like this? Both trades didn't close as we have wanted. {image} {image}
Hey Zohaib,

There is no "X" number of pip difference to validate the fake outs. The best measure for me has always been the "visuals". Meaning that if I draw a horizontal line at the HHR/LLS I need to see the fake out bar poking beyond the line.

In this case, we do have a 1 pip difference but drawing my line there I see the fake out bar has just about made it to the HHR line but couldn't quite penetrate it. Since the markets don't work on exact pips using using the visual aid is always the best and the most logical option for me.

About the setup in general it has some merits being at a swing high as well as off the 1.5 BRN. Not a totally poor setup but I would have obviously preferred to see a deeper penetration of the HHR. THis would have also lengthened the wick on the pin bar which would have made it a more appealing setup even as a simple bearish pin bar trade. (AUD/DKK same story)

hope this is clear.

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g.
I believe . . .
  • #129,024
  • Dec 1, 2013 12:26am Dec 1, 2013 12:26am
Quoting dan89
Results are in !! Well after 3 months of live trading (after many months backtesting ) the results are in: Sept: 6% (1 trade) Oct: 8% (2 trades) Nov: 4% (1 trade) One thing I have noticed aftere going back through the charts is that I did miss a few really decent setups simply because I wasnt looking at the charts much. I have a full time job and when I get home after work cant really be bothered to load up the charts (not good I know - need to fix that ASAP). Live results are not as good as backtest results...
Super results Dan.

Love the frequency numbers there. Should be a real eye opener to those wondering how being picky makes them money. Being picky is the only sure way to make money in this business.

g.
I believe . . .
  • #129,025
  • Dec 1, 2013 12:44am Dec 1, 2013 12:44am
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  • #129,026
  • Dec 1, 2013 1:15am Dec 1, 2013 1:15am
ATO UPDATE
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  • #129,027
  • Dec 1, 2013 3:12am Dec 1, 2013 3:12am
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  • #129,028
  • Dec 1, 2013 3:39am Dec 1, 2013 3:39am
Quoting dan89
Results are in !! Well after 3 months of live trading (after many months backtesting ) the results are in: Sept: 6% (1 trade) Oct: 8% (2 trades) Nov: 4% (1 trade) One thing I have noticed aftere going back through the charts is that I did miss a few really decent setups simply because I wasnt looking at the charts much. I have a full time job and when I get home after work cant really be bothered to load up the charts (not good I know - need to fix that ASAP). Live results are not as good as backtest results...

Great buddy
Slow & steady
  • #129,029
  • Dec 1, 2013 5:24am Dec 1, 2013 5:24am
Quoting dan89
Results are in !! Well after 3 months of live trading (after many months backtesting ) the results are in: Sept: 6% (1 trade) Oct: 8% (2 trades) Nov: 4% (1 trade) One thing I have noticed aftere going back through the charts is that I did miss a few really decent setups simply because I wasnt looking at the charts much. I have a full time job and when I get home after work cant really be bothered to load up the charts (not good I know - need to fix that ASAP). Live results are not as good as backtest results...
Perfect results, Dan! Congratulation.
Lose small, win BIG
  • #129,030
  • Dec 1, 2013 9:00am Dec 1, 2013 9:00am
Hello everyone and ask for opinions.
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my dream Australia.....
  • #129,031
  • Dec 1, 2013 11:00am Dec 1, 2013 11:00am
Quoting dan89
Results are in !! Well after 3 months of live trading (after many months backtesting ) the results are in: Sept: 6% (1 trade) Oct: 8% (2 trades) Nov: 4% (1 trade) One thing I have noticed aftere going back through the charts is that I did miss a few really decent setups simply because I wasnt looking at the charts much. I have a full time job and when I get home after work cant really be bothered to load up the charts (not good I know - need to fix that ASAP). Live results are not as good as backtest results...
Fantastic Dan, how far you have come!

Great example to set for the new folks who are killing themselves

Keep it up bud
Mike
  • #129,032
  • Dec 1, 2013 11:02am Dec 1, 2013 11:02am
Quoting SeanyTsunami
{quote} Nice Dan, proving that you don't need many trades to be profitable. Take what the market gives you, don't force trades. I am not at the point of achieving consistently profitable trading yet. But, I am well on my way, thanks to the J16 group. James says that the people who are trading less are far and away the winners. If I could consistently get 2-3% a month with my current account. Wow, I would be making more than the vast majority of people when I decide to fund my full account in years to come. I could have a job I like that doesn't...
This is what it is ALL about Sean. This is the exact mindset I believe someone needs to have to be successful. In my view most people are doomed from the start because of their mindset. It's just what James says about treating it as a business. People might read that but it's about putting it into action

Good stuff

Mike
  • #129,033
  • Dec 1, 2013 2:42pm Dec 1, 2013 2:42pm
hello Ghous
Concerning the fakeout setup below. did it do what it was suppposed to do or would it have been a pass because of the wick not able to pass through the RN 102 just after the HHR level along with the FTA close by. Thanks

Al
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  • #129,034
  • Dec 1, 2013 7:46pm Dec 1, 2013 7:46pm
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  • #129,035
  • Dec 2, 2013 3:21am Dec 2, 2013 3:21am
Congrats Dan. Good luck going forward.
A question for you, what did you use for your backtests?
All the best!
  • #129,036
  • Dec 2, 2013 4:25am Dec 2, 2013 4:25am
Quoting Neytiri
{image}
I do like this one. The round number + MACD divergence + fake out is a good combination.

g.
I believe . . .
  • #129,037
  • Dec 2, 2013 4:27am Dec 2, 2013 4:27am
Quoting Neytiri
ATO UPDATE {image}
Price pulling back to the HHR/LLS after getting rejected back into these levels is a fairly common phenomena. In fact that's where my pending orders go when I am looking for that pull back. However I do prefer a quick immediate pull back. A delayed pull back in some cases can possess a story of its own, the ignorance of which can hurt.

g.
I believe . . .
  • #129,038
  • Dec 2, 2013 4:33am Dec 2, 2013 4:33am
Quoting albus999
hello Ghous Concerning the fakeout setup below. did it do what it was suppposed to do or would it have been a pass because of the wick not able to pass through the RN 102 just after the HHR level along with the FTA close by. Thanks Al {image}
Hey Albus,

I don't have that single bar fake out setup on my chart. However, I see that that bearish setup followed a major wedge breakout to the upside. Its always a tough shot trying to head against that kind of order flow specially off of a single bar fake out. You need a lot of information on your side to be shorting right into a major breakout.

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g.
I believe . . .
  • #129,039
  • Dec 2, 2013 10:25am Dec 2, 2013 10:25am
Quoting PhAnTi'
This aint any signal etc... this is my very objective view on eurnzd... this is my line and ill take it short to 1.5900 lvl as target. {image} greetz, Jonas
Hi Phanti,
I respectfully suggest that you do not need that MACD since the RSI (especially Divergence spotting) is doing a very satisfactory job :-)
every Saint has a past. Every Sinner has a Future
  • #129,040
  • Dec 2, 2013 11:24am Dec 2, 2013 11:24am
Quoting ghous
{quote} Hey Albus, I don't have that single bar fake out setup on my chart. However, I see that that bearish setup followed a major wedge breakout to the upside. Its always a tough shot trying to head against that kind of order flow specially off of a single bar fake out. You need a lot of information on your side to be shorting right into a major breakout. {image} g.
And loooks like a dblhc next to the top arrow ?
every Saint has a past. Every Sinner has a Future
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