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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

  • #133,861
  • Feb 21, 2015 11:36pm Feb 21, 2015 11:36pm
on my watchlist for next days: hamburger hafen hhla
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meine augen sind die sterne
  • #133,862
  • Feb 22, 2015 9:23am Feb 22, 2015 9:23am
Quoting pwnstars
Mike, what concerns me the most is the potential drawdown... If i have a strategy which has a max drawdown that i can psychology handle then the profit should take care of itself... I have a very longterm view in sight... I dont need to withdraw any profit the first 20 years... Actually i plan adding to my account every month untill the impact is very little, this way i can accelerate the compounding tremendously. Again my only concern is potential drawdown. For obvious reason i dont know what i can grasp, so i would prefer a low percentages drawdown...
Hey pwn

I'm so glad to hear you thinking about drawdown. This is 100% the main thing I think about first before I EVER take a trade as well as constantly during a trade. It's important to know your risk tolerances. You'll have a lot of opinions on this because the fact is there is no one size fits all. One topic you'll see me touch on is what i call dynamic risk:reward. The reason this is such an important part of my trading is because it focuses on the ability to reduce your risk during a trade(cut your losses) but maintain the integrity of your trade. This is crucial for me and why i'm willing to risk 3% on most my trades. Because I go in knowing that while my initial risk is 3% i rarely take even bigger than a half bar loss and usually much less. This is done specifically with the notion of not wanting to sustain long periods of large drwadowns. Drawdown is inevitable be it MAX or on initial deposit but i think it's crucial to our psychological and our equity curve to make this as small as possible or in a way that we can get out of the hole without having to hit homeruns.

Now what YOUR max dradown is with a method depends on your trading. It's something you'll likely learn and get better at. It's also why I do NOT recommend new traders risking high percentages per trade. Most people do not have the skill set or experience to handle that when the losses come. I'd recommend starting yourself off at a small percentage like .5% per trade and see how you are as a trader. From there you will likely make small tweaks as you get to know you drawdowns and the way your trades tend to go over time. Always start small and build from there. My risk per trade grew over time as my ability to manage my risk got better. For example I can't even remember my last full bar loss that's how active I am in finding the best trades and the trades that allow me to properly manage my risk.

The biggest mistake new traders make is say things like "i made 3% last month risking 2% per trade. If i raise my risk to 6% per trade I can make 9% per month."

That's simply a huge mistake and not enough information to make that decision in the long term. You have to understand your personal method better to know when to raise risk based on how you tend to string together wins/losses and the size of those.

Hope this gives you some insight on how I view risk mgmt

Mike
  • #133,863
  • Feb 22, 2015 12:59pm Feb 22, 2015 12:59pm
Not a great setup but I am watching this one. Very bad winter in NJ this year and I am like sick of this weather. I was down with a migraine because of dehydration.
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  • #133,864
  • Feb 23, 2015 12:27pm Feb 23, 2015 12:27pm
Long EUR/NZD At the break out of the Pin Bar. Love to hear other's take on this as well.
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  • #133,865
  • Feb 23, 2015 12:41pm Feb 23, 2015 12:41pm
Quoting halfstep
Long EUR/NZD At the break out of the Pin Bar. Love to hear other's take on this as well. {image}
Hi halfstep

The pin bar location is not A plus in my opinion and then you have to watch the trade to FTA at 5236. I would be cautious on this one as I am not sure if this FTA allows for a break even trade.
  • #133,866
  • Feb 23, 2015 3:24pm Feb 23, 2015 3:24pm
Quoting prasad99
{quote} Hi halfstep The pin bar location is not A plus in my opinion and then you have to watch the trade to FTA at 5236. I would be cautious on this one as I am not sure if this FTA allows for a break even trade.
I'm in agreement here....you are trading right into a ppz.

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Compare that PB to this one on USDCHF.

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  • #133,867
  • Feb 23, 2015 3:34pm Feb 23, 2015 3:34pm
type of areas new traders should be watching for PA

simple PPZ and boxing at work
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  • #133,868
  • Feb 23, 2015 10:34pm Feb 23, 2015 10:34pm
I'm new here.... i saw many pictures using SD zones with support and resistance...
it's exactly what i'm looking for... from where i begin study???
any explanation? videos? PDFs?

Kind Regards
  • #133,869
  • Feb 23, 2015 11:07pm Feb 23, 2015 11:07pm
Hello everyone.... I have been trading for three years now.... Trading have been a mix bag for me.... I have learned all there is to and tried to apply them all ...... By my own method and experience i discovered that price action was the way to go n i even created some patterns of my own n given them the name..... Yes because of all those hard works now i can have some profitable trades n most of them to break evens..... But it feels i m not getting the results i want..... I really never took signal or suggestions from anyone in trading n even from my broker...... N after these three years for the first time i think i have found that James private forum may be the one to polish my trading.......

So , i do want help from you guys...... Is James still giving these training in 2015 as well???.... I m from Nepal so will there be any difficulties providing me these training online?? I mean payments can be made through online rt but what about one to one training? I really wanna take this course so help me n show me the way guys.....

Thx
  • #133,870
  • Feb 24, 2015 6:51am Feb 24, 2015 6:51am
Quoting Ashutosh717
Hello everyone.... I have been trading for three years now.... Trading have been a mix bag for me.... I have learned all there is to and tried to apply them all ...... By my own method and experience i discovered that price action was the way to go n i even created some patterns of my own n given them the name..... Yes because of all those hard works now i can have some profitable trades n most of them to break evens..... But it feels i m not getting the results i want..... I really never took signal or suggestions from anyone in trading n even...
Hey Ash

Welcome to the thread

We are going to be upgrading our site soon so i'd look out for that. Of course if you want to join us now we would be glad to have you but the new site will be an upgrade to how we are able to teach now. This includes tutorials that are now streamlined/instructor daily updated blogs/forums with ongoing discussions/live webinars/archived webinars. Our group is big so we try to give as much one on one interaction as we can through email and discussions. Of course one on one time outside of these provided services can be difficult in order to maximize our time. It's not that we don't spend time, many will tell you I bend over backwards to give as individualized an experience that I can. We may add later on premium services in this way in order to compensate the additional time.

What I recommend is hanging around this thread for a few months, checking out our free youtube videos and waiting till the new site launches where you will get a better view on who and what we are(which will also be the return of James)

Hope this helps and best of luck!
Mike
  • #133,871
  • Feb 24, 2015 7:32am Feb 24, 2015 7:32am
GJ 1hr - Some areas to watch if price does move down.

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  • #133,872
  • Feb 24, 2015 8:02am Feb 24, 2015 8:02am
Quoting alphac
GJ 1hr - Some areas to watch if price does move down. {image}

Good job Alphac

Notice the beob closed above the resistance area. For me this is a big No. Here was my post I just made in the PF(this was on the boxed area that I was watching for breakouts long and short)

Quoting mbqb11;
perfect example of a bar that I will avoid. The beob closed ABOVE the zone or right on it. That makes me nervous. you CAN however choose to sell a break of a bar like this and look for the zone to hold. I would much rather wait to see if the 4hr close give us a better idea and take a retrace entry or sell on a close of a bar that closes under the zone.
I get paid for being picky and being patient. Period.
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  • #133,873
  • Feb 24, 2015 9:07am Feb 24, 2015 9:07am
Quoting mbqb11
{quote} Good job Alphac Notice the beob closed above the resistance area. For me this is a big No. Here was my post I just made in the PF(this was on the boxed area that I was watching for breakouts long and short) {quote} {image}
now that price has CLOSED under the PPZ i'm in as a 2hr beob or 4hr beob(however you want to view it). Again you want these PPZs to your back because it's going to help cut those losses. We know the area that needs to hold and we just manage it accordingly now
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  • #133,874
  • Feb 24, 2015 10:18am Feb 24, 2015 10:18am
Quoting mbqb11
{quote} now that price has CLOSED under the PPZ i'm in as a 2hr beob or 4hr beob(however you want to view it). Again you want these PPZs to your back because it's going to help cut those losses. We know the area that needs to hold and we just manage it accordingly now {image}
Beautiful....I've been watching GBPJPY like a hawk for a while now. Really wanting to see a bearish pin bar on daily....only 3 hrs and 42 minutes to go before the day closes.
  • #133,875
  • Feb 24, 2015 10:27am Feb 24, 2015 10:27am
Quoting Ashutosh717
Hello everyone.... I have been trading for three years now.... Trading have been a mix bag for me.... I have learned all there is to and tried to apply them all ...... By my own method and experience i discovered that price action was the way to go n i even created some patterns of my own n given them the name..... Yes because of all those hard works now i can have some profitable trades n most of them to break evens..... But it feels i m not getting the results i want..... I really never took signal or suggestions from anyone in trading n even...
Mike and James16 are the best resource you can find online. One way to get more winning trades is to diversify and trade stocks, futures and currencies and select only the best setups.

Good luck with your trading.
  • #133,876
  • Feb 24, 2015 10:37am Feb 24, 2015 10:37am
GJ 5min shows the support flipping to resistance at the first trouble area clearly.

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  • #133,877
  • Feb 24, 2015 2:29pm Feb 24, 2015 2:29pm
I don't normally trade 4Hr, especially late in day, but this one just stands out to me as pretty high probability. Huge BEOB engulfing several bars, closing below nice PPZ with very obvious points to reduce risk.

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  • #133,878
  • Feb 24, 2015 3:11pm Feb 24, 2015 3:11pm
Am also watching the same, as the beob isn't at the top of price I''m waiting for a retrace and then price action at the S&R zone you have marked. There's also an S&R zone at the top of the beob where your SL is.
  • #133,879
  • Feb 24, 2015 4:55pm Feb 24, 2015 4:55pm
Quoting alphac
Am also watching the same, as the beob isn't at the top of price I''m waiting for a retrace and then price action at the S&R zone you have marked. There's also an S&R zone at the top of the beob where your SL is.
I considered a retrace entry at that area, and am not surprised to see price currently testing. Was looking for a hard break so I decided on market entry. You're right about the S/R at the top of the BEOB....that's what I love about BEOBs engulfing a lot of bars, very logical place for stop placement. My stop will be moved very quickly to the area above the three lows that are currently being tested.

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  • #133,880
  • Feb 24, 2015 6:05pm Feb 24, 2015 6:05pm
Quoting mbqb11
{quote} Hey Ash Welcome to the thread We are going to be upgrading our site soon so i'd look out for that. Of course if you want to join us now we would be glad to have you but the new site will be an upgrade to how we are able to teach now. This includes tutorials that are now streamlined/instructor daily updated blogs/forums with ongoing discussions/live webinars/archived webinars. Our group is big so we try to give as much one on one interaction as we can through email and discussions. Of course one on one time outside of these provided services...
Thanx for the info ..... so till then i will be going through this forum from the beginning and will collect as much information as i can.......I hope i wont be going mental after going through 6694 pages of information .........N yes finally can you plz inform me once your new website kicks and running so that will catch up with you guys as soon as possible
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