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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

  • #136,241
  • Aug 4, 2015 3:32am Aug 4, 2015 3:32am
GBP/CAD H4. A rare Trans Siberian flying beetle formation set up on the H4 otherwise known as IB breakout. Counter trend so small profit locked in if it reverses. Space to fall.

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CAD/JPY H4 IB.

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'Fail to plan, plan to fail'
  • #136,242
  • Aug 4, 2015 4:39am Aug 4, 2015 4:39am
Quoting incognito517
Oi! What the hell is going on in here? Not a single post today where am I going to get free trade ideas from if you're not going to post setups? Is everyone still hung over from the weekend? Wakey wakey... It's MONDAY! Time to make some money. EDIT: Scalped USDCAD BUOB for 60 pips.
As James said, I'm waiting with a rifle under cover for a good setup)
  • #136,243
  • Aug 4, 2015 6:23am Aug 4, 2015 6:23am
Quoting Guitarbloke
GBP/CAD H4. A rare Trans Siberian flying beetle formation set up on the H4 otherwise known as IB breakout. Counter trend so small profit locked in if it reverses. Space to fall. {image} CAD/JPY H4 IB. {image}
Hi GB,
Just curious but what is a flying beetle formation?
Red.
  • #136,244
  • Aug 4, 2015 8:01am Aug 4, 2015 8:01am
Quoting reddle28
{quote} Hi GB, Just curious but what is a flying beetle formation? Red.
Hey Red. It's a secret system that will cost you $47.00. Just joking friend. I'm poking fun at some of the strategy names we see in trading. We've got flying ducks, hunchback crow system, condors, doves, hawks, swans.........Good trading to you this week.
'Fail to plan, plan to fail'
  • #136,245
  • Aug 4, 2015 8:03am Aug 4, 2015 8:03am
  • #136,246
  • Aug 4, 2015 8:15am Aug 4, 2015 8:15am
Quoting antisystem
{quote} As James said, I'm waiting with a rifle under cover for a good setup)
Hey Anti, the hunter with a rifle hiding in the bush analogy is, I suppose, the best and most businesslike way to trade.

But it can be such a bore at times, particularly for a relative newbie like me. I want some action machine gun style.
  • #136,247
  • Aug 4, 2015 8:30am Aug 4, 2015 8:30am
Quoting incognito517
{quote} Hey Anti, the hunter with a rifle hiding in the bush analogy is, I suppose, the best and most businesslike way to trade. But it can be such a bore at times, particularly for a relative newbie like me. I want some action machine gun style.
Yep that's probably the biggest struggle of aspiring traders. The only successful traders I know have that rifle shot approach. The first thing I always teach and get struggling traders to do is cut back on the amount of trades they take.

Here is what I hear weekly. Mike I take more trades so I can learn more I figure the more trades I take for better or worse the more experience I will get. Trading is the most backwards thing i've ever learned when the more you do can actually hurt you more.

Be picky out their folks protect your account and money

Mike
  • #136,248
  • Aug 4, 2015 8:51am Aug 4, 2015 8:51am
Quoting mbqb11
{quote} Yep that's probably the biggest struggle of aspiring traders. The only successful traders I know have that rifle shot approach. The first thing I always teach and get struggling traders to do is cut back on the amount of trades they take. Here is what I hear weekly. Mike I take more trades so I can learn more I figure the more trades I take for better or worse the more experience I will get. Trading is the most backwards thing i've ever learned when the more you do can actually hurt you more. Be picky out their folks protect your account...
You're right, and all experienced traders say the same thing. Be selective and patient. Sigh! I'm trying.
  • #136,249
  • Aug 4, 2015 8:57am Aug 4, 2015 8:57am
Quoting mbqb11
{quote} Yep that's probably the biggest struggle of aspiring traders. The only successful traders I know have that rifle shot approach. The first thing I always teach and get struggling traders to do is cut back on the amount of trades they take. Here is what I hear weekly. Mike I take more trades so I can learn more I figure the more trades I take for better or worse the more experience I will get. Trading is the most backwards thing i've ever learned when the more you do can actually hurt you more. Be picky out their folks protect your account...
yep i already thought i am getting blind but no there is not much going on at the moment.
  • #136,250
  • Aug 4, 2015 8:57am Aug 4, 2015 8:57am
Quoting incognito517
{quote} You're right, and all experienced traders say the same thing. Be selective and patient. Sigh! I'm trying.
you don't just wake up and do that one day. It's a process. I remember having to literally be like dont take that trade Mike, don't do it. Ok good now stop thinking about it, on to the next one. Then do that slightly less each time. The problem if you don't do that you don't really set guidelines for good and bad. You are just really using some skill and a lot of emotion. When you set that emotion aside you are focused on the chart more cleanly and more logically from start to finish.

Again everyone is different some people have no problem passing. I know people I deal with that are so afraid to take a trade they can spend months taking nothing. And while that's good to be picky it's clearly an issue the other way around where they have a fear of losing or taking on any risk

It's certainly a very interesting thing to trade cause you can't hide. I like that though

Mike
  • #136,251
  • Aug 4, 2015 9:19am Aug 4, 2015 9:19am
RBA Statement today. Some good moves on AUD pairs. I really need to change my broker.

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  • #136,252
  • Aug 4, 2015 9:27am Aug 4, 2015 9:27am
Quoting zamfir
RBA Statement today. Some good moves on AUD pairs. I really need to change my broker. {image} {image} {image} {image}
Hi Z,

Could u share ur experience with all these 'exotic' pairs? I mean do u find it reacting well to S/R from ur experience?
I tent to trade mainly majors but on the days like today i might to take a look at anything to make myself accupied.
  • #136,253
  • Aug 4, 2015 9:30am Aug 4, 2015 9:30am
Quoting ziven78
{quote} Hi Z, Could u share ur experience with all these 'exotic' pairs? I mean do u find it reacting well to S/R from ur experience? I tent to trade mainly majors but on the days like today i might to take a look at anything to make myself accupied.
Don't believe me. find it out for yourself. I will only post charts.

If the charts don't convince you , nothing will.
  • #136,254
  • Aug 4, 2015 9:33am Aug 4, 2015 9:33am
Quoting incognito517
{quote} Hey Anti, the hunter with a rifle hiding in the bush analogy is, I suppose, the best and most businesslike way to trade. But it can be such a bore at times, particularly for a relative newbie like me. I want some action machine gun style.
After loosing two accounts and trading for several months on demo (as James advice), I realized that there is no profit or good experience in taking every setup and maximizing amount of trades you take. I prefer to trade setups, that raise doubts, on my separate demo account. And if I was right/I got demo money, I become more confident in my trading system/my view of market. Anyway it's more useful than random profit or random loss) I think, the most difficult thing is cope with your greed and desire for quick money and getting excited with opening trades.

When there are no setups and you can't make money, I think about future) About future setups, that no doubt will appear on my charts, about money that I can spend on this A setups instead of playing some random trades. Also I always force myself to treat trading as a business, that will bring me money in future, if I follow some simple rules, when few profit trades will completely satisfy my needs)
  • #136,255
  • Aug 4, 2015 9:41am Aug 4, 2015 9:41am
Hello Zamfir,
I have a question: As I have another broker my Candles look different. Here the picture for AUDCHF Daily. The inside Bar is red (close below open). That means with your Strategie you would not have taken the trade you took if you had the same broker as me, or the color of the inside Bar doesn't matter? I know you said that for the Pin Bar it matters. Thanks for an answer. Greetings Michel
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  • #136,256
  • Aug 4, 2015 9:44am Aug 4, 2015 9:44am
Quoting zamfir
{quote} Don't believe me. find it out for yourself. I will only post charts. If the charts don't convince you , nothing will.
Nothing to do with a belief here, i just asked for ur experience with exotics as i don't have much experience myself with them,simple as that.
I'll watch them from now on, time will tell.
  • #136,257
  • Aug 4, 2015 10:09am Aug 4, 2015 10:09am
Quoting ziven78
{quote} Nothing to do with a belief here, i just asked for ur experience with exotics as i don't have much experience myself with them,simple as that. I'll watch them from now on, time will tell.
Well , in that case why do you think S/R won't work or work differently on exotic pairs. I trade Stocks/Commodities/Forex and PA , S/R in particular works the same on all of them. However i don't trade exotics as PA is not as smooth i would like it be. But Majors and Minors are more than enough.

But what i can tell you is that the reliability of PA bars and strength of S/Rs goes down drastically the lower the timeframe you go.

The main issue for most traders with this material is that they have small accounts and hence are forced to trade lower TF(4h and lower) and as a result they have a very hard time with it.

just to give you a number , if you traded just majors and minors forget exotics on daily in the month of july. you would have easily made approx 2000 pips.
  • #136,258
  • Aug 4, 2015 10:14am Aug 4, 2015 10:14am
Quoting antisystem
{quote} After loosing two accounts and trading for several months on demo (as James advice), I realized that there is no profit or good experience in taking every setup and maximizing amount of trades you take. I prefer to trade setups, that raise doubts, on my separate demo account. And if I was right/I got demo money, I become more confident in my trading system/my view of market. Anyway it's more useful than random profit or random loss) I think, the most difficult thing is cope with your greed and desire for quick money and getting excited with...

good for you anti, treating this as a business is the only way to succeed.

The account killers are unrealistic expectations, and wanting everything NOW. It's a true test of ones ability to put everything aside emotionally and focus on just high quality setups.

Keep it up
Mike
  • #136,259
  • Aug 4, 2015 10:15am Aug 4, 2015 10:15am
Quoting michelrio
Hello Zamfir, I have a question: As I have another broker my Candles look different. Here the picture for AUDCHF Daily. The inside Bar is red (close below open). That means with your Strategie you would not have taken the trade you took if you had the same broker as me, or the color of the inside Bar doesn't matter? I know you said that for the Pin Bar it matters. Thanks for an answer. Greetings Michel {image}
Correct , i would not have taken the trade. For me I want to a proper IB , not just any IB. There will be plenty of bars like this one which fits the criteria of a IB ,but most of them don't work out so well. Yes the color of the IB matters as it depends on the close.
  • #136,260
  • Aug 4, 2015 10:23am Aug 4, 2015 10:23am
Quoting ziven78
{quote} yep i already thought i am getting blind but no there is not much going on at the moment.
some people like to specialize in a few things but I think it's SO much easier to watch a LOT of things and just wait. Somewhere you'll always be forming nice consolidation, hitting a nice PPZ, coming near a great area etc. Then we just wait for the story to make sense

Those that are over trading all timeframes taking trades left and right generally are going around circles. They are likely b/e traders at best. You have a good month, then a bad month rinse and repeat. One could take just a couple great trades a month and be beating most returns given out there anywhere. Think about a couple good trades at 2-3% risk. That's the thing I always repeat to myself. Now that doesn't mean I take 2 trades a month far from it. But the mentality is important.

I've taught and been around at this point tens of thousands of traders. Every time I see someone trading a lot they almost always end up being on the losing side in the long run. That should tell everyone a LOT. Start from the ground up. Learn to take a couple great trades doing a few great things. As you grow your toolbox will grow too.

Of course that's what worked for me and I like to teach cause that's all I have to share is my experience. But new traders be cautious when you are going around forums or listening to people saying they are winning left and right. It will likely take you off course.

Here is a great PPZ we are coming up on. Now we want to watch for what story begins to unfold with PA around this area.
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